Document:

EX-10.1

 Exhibit 10.1 
  

 
  

INVESTOR RIGHTS AGREEMENT 

by and between 

AVANTOR, INC. 
 AND

 NEW MOUNTAIN PARTNERS III, L.P. 
  

 
 Dated as of May
21, 2019 
  
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	3	 
			
	 Section 1.1
	 	Certain Definitions	  	 	3	 
	 Section 1.2
	 	Terms Defined Elsewhere in this Agreement	  	 	4	 
	 Section 1.3
	 	Interpretive Provisions	  	 	4	 
		
	 ARTICLE II CORPORATE GOVERNANCE
	  	 	5	 
			
	 Section 2.1
	 	Board of Directors	  	 	5	 
		
	 ARTICLE III OTHER COVENANTS AND AGREEMENTS
	  	 	6	 
			
	 Section 3.1
	 	Conflicting Organizational Document Provisions	  	 	6	 
	 Section 3.2
	 	Competition and Corporate Opportunities	  	 	7	 
		
	 ARTICLE IV GENERAL
	  	 	8	 
			
	 Section 4.1
	 	Assignment	  	 	8	 
	 Section 4.2
	 	Term and Effectiveness	  	 	8	 
	 Section 4.3
	 	Severability	  	 	8	 
	 Section 4.4
	 	Entire Agreement; Amendment	  	 	8	 
	 Section 4.5
	 	Counterparts	  	 	9	 
	 Section 4.6
	 	Governing Law	  	 	9	 
	 Section 4.7
	 	Waiver of Jury Trial; Consent to Jurisdiction	  	 	9	 
	 Section 4.8
	 	Specific Enforcement	  	 	9	 
	 Section 4.9
	 	Notices	  	 	10	 
	 Section 4.10
	 	Binding Effect; Third Party Beneficiaries	  	 	10	 
	 Section 4.11
	 	Further Assurances	  	 	10	 
	 Section 4.12
	 	Table of Contents, Headings and Captions	  	 	11	 
	 Section 4.13
	 	No Recourse	  	 	11	 

  
 i 

 Exhibits and Annexes 

 

					
			
	Exhibit I	  	–	  	Company Charter
			
	Exhibit II	  	–	  	Company Bylaws

  
 ii 

 INVESTOR RIGHTS AGREEMENT 

This INVESTOR RIGHTS AGREEMENT ( “Agreement”) is entered into as of May 21, 2019, by and between Avantor, Inc., a Delaware
corporation (the “Company”) and New Mountain Partners III, L.P., a Delaware limited partnership (“New Mountain”). 

In consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereby agree as follows: 
 ARTICLE I

 DEFINITIONS 

Section 1.1    Certain Definitions. As used in this Agreement, the following definitions shall apply: 

“Affiliate” means, when used with reference to any Person, any Person that directly or indirectly, through one or more
intermediaries, controls, is controlled by or is under common control with such specified Person; provided that, limited partners, non-managing members or other similar direct or indirect investors in a
Person (in their capacities as such) shall not be deemed to be Affiliates of such Person; provided further, that, for the avoidance of doubt, for purposes of Section 3.2, the definition of “Affiliate” shall
include (a) in respect of New Mountain, any principal, member, director, partner, officer, employee or other representative of any of the foregoing (other than the Company and any Person that is controlled by the Company) and (b) in
respect of the Company, any Person that, directly or indirectly is controlled by the Company. 
 “Aggregate New Mountain
Ownership” means the total number of Shares owned, in the aggregate and without duplication, by New Mountain as of the date of such calculation. 

“Board” means the board of directors of the Company. 

“Business Day” means a day other than a Saturday, Sunday or other day on which banks located in New York City, New York are
authorized or required by law to close. 
 “Common Stock” means common stock, $0.01 par value per share, of the Company (or
any successor of the Company by combination of shares, recapitalization, merger, consolidation or other reorganization) and any stock into which any such common stock shall have been changed or any stock resulting from any reclassification of any
such common stock. 
 “Company Bylaws” means the Second Amended and Restated Bylaws of the Company, a copy of which is
attached hereto as Exhibit II. 
 “Company Charter” means the Second Amended
and Restated Certificate of Incorporation of the Company, a copy of which is attached hereto as Exhibit I. 

“Director” means any of the individuals elected or appointed to serve on the Board. 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the Securities and Exchange Commission promulgated thereunder. 
 “IPO” means the initial
public offering of Common Stock. 
 “IPO Date” means the date on which the IPO is consummated. 

“Organizational Documents” means the Company Bylaws and the Company Charter, each as amended from time to time. 

“Person” means an individual, a corporation, a partnership, a limited liability company, a trust, an incorporated or
unincorporated association, a joint venture, a joint stock company or any other entity or body. 
 “Shares” means shares of
Common Stock, including shares of Common Stock issued upon any conversion of warrants or convertible securities. 
 “Stock
Exchange” means the New York Stock Exchange or other national securities exchange or interdealer quotation system on which the Common Stock is at any time listed or quoted. 

“Stock Exchange Independent Director” means a Director who qualifies, as of the date of such Director’s election or
appointment to the Board (or any committee thereof) and as of any other date on which the determination is being made, as an “Independent Director” under the applicable rules of the Stock Exchange, as determined by the Board. 

Section 1.2     Terms Defined Elsewhere in this Agreement. Each of the following terms is defined in
the Section set forth opposite such term: 
  

					
	 Term
	  	Section	 
	Agreement	  	 	Preamble	 
	Audit Committee	  	 	Section 2.1(b)	 
	Company	  	 	Preamble	 
	Compensation Committee	  	 	Section 2.1(b)	 
	First-Time Director Nominee	  	 	Section 2.1(a)(iii)	 
	Identified Persons	  	 	Section 3.2(b)	 
	New Mountain	  	 	Preamble	 
	New Mountain Director	  	 	Section 2.1(a)	 
	Nominating Committee	  	 	Section 2.1(b)	 

 Section 1.3    Interpretive Provisions. The words “hereof”,
“herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of
reference only and shall be ignored in the construction or interpretation hereof. References to Articles and Sections are to Articles and Sections of this Agreement unless otherwise specified. Any singular term in this Agreement shall be deemed to
include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in this 

  
 4 

 
Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”,
“written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any statute shall be deemed to refer to such statute as amended from time to time
and to any rules or regulations promulgated thereunder. References to any agreement or contract are to that agreement or contract as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof and
thereof. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. References in this
Agreement to a number or percentage of shares, units or other equity interests shall take into account and give effect to any split, combination, dividend or recapitalization of such shares, units or other equity interests, as applicable. 

ARTICLE II 

CORPORATE GOVERNANCE 

Section 2.1    Board of Directors. 

(a)    Nomination. On and after the IPO Date, New Mountain shall have the right to nominate Directors to serve on
the Board. Each Director so nominated by New Mountain may be referred to as a “New Mountain Director.” Such nomination rights shall be as follows: 

(i)    So long as the Aggregate New Mountain Ownership continues to be (A) at least 50% of the Shares
New Mountain owned immediately following the consummation of the IPO, New Mountain shall be entitled to nominate three Directors, (B) less than 50% but at least 25% of the Shares New Mountain owned immediately following the consummation of the
IPO, New Mountain shall be entitled to nominate two Directors and (C) less than 25% but at least 10% of the Shares New Mountain owned immediately following the consummation of the IPO, New Mountain shall be entitled to nominate one Director;

 (ii)    The Company hereby agrees (A) to include the nominees of New Mountain nominated pursuant
to this Section 2.1(a) as the nominees to the Board on each slate of nominees for election of the Board included in the Company’s annual meeting proxy statement (or consent solicitation or similar document),
(B) to recommend the election of such nominees to the stockholders of the Company and (C) without limiting the foregoing, to otherwise use its reasonable best efforts to cause such nominees to be elected to the Board, including providing
at least as high a level of support for the election of such nominees as it provides to any other individual standing for election as a director. For so long as the Directors on the Board are divided into three classes, such New Mountain Directors
shall be apportioned among such classes so as to maintain the number of New Mountain Directors in each class as nearly equal as possible; and 

(iii)    With respect to any person that will be nominated or designated to be a Director for the first
time at an annual meeting (each person, a “First-Time Director Nominee”) by New Mountain, New Mountain shall nominate its First-Time Director 

  
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Nominee by (A) delivering to the Company its written statement at least 90 days prior to the one-year anniversary of the preceding annual meeting
nominating such First-Time Director Nominee and (B) setting forth such First-Time Director Nominee’s business address, telephone number, facsimile number and e-mail address; provided, that if
New Mountain shall fail to deliver such written notice, New Mountain shall be deemed to have nominated the Director(s) previously nominated (or designated pursuant to this Section 2.1(a)(iii)) by New Mountain who is/are
currently serving on the Board. 
 (b)    Committees. The Company shall establish and maintain an audit and
finance committee of the Board (the “Audit Committee”), a compensation and human resources committee of the Board (the “Compensation Committee”), a nominating and governance committee of the Board (the
“Nominating Committee”), and such other Board committees as the Board deems appropriate from time to time or as may be required by applicable law or the Stock Exchange rules. For so long as the Company maintains a Compensation
Committee or Nominating Committee, such committees shall each include at least one New Mountain Director (but only if New Mountain is then entitled to nominate at least one New Mountain Director and, to the extent then required under the applicable
rules of the Stock Exchange, such Director is a Stock Exchange Independent Director). 
 (c)    Removal.
Directors shall serve until their resignation or removal or until their successors are nominated; provided, that if the number of Directors that New Mountain is entitled to nominate pursuant to Section 2.1(a) is
reduced by one or more Directors, then New Mountain, shall, to the extent requested by the Stock Exchange Independent Directors then serving on the Nominating Committee, promptly cause such number of Directors equal to the number by which the number
of Directors has been so reduced as aforesaid to resign from service on the Board (and all committees thereof). In addition, New Mountain shall cause any Director nominated by it to promptly resign from service on any committee of the Board if such
Director is not a Stock Exchange Independent Director to the extent then required under the applicable rules of the Stock Exchange. 

(d)    Vacancies. If any Director previously nominated by New Mountain dies or is unwilling or unable to serve as
such or is otherwise removed or resigns from office (other than pursuant to the proviso to the first sentence of Section 2.1(c)), then New Mountain shall promptly nominate a successor to such Director, in accordance with
this Section 2.1; provided, that if New Mountain is not entitled to fill such vacant Director position(s), then such vacant Director position(s) shall be filled by the Board, upon the recommendation of the Nominating
Committee. 
 ARTICLE III 

OTHER COVENANTS AND AGREEMENTS 

Section 3.1    Conflicting Organizational Document Provisions. The Company agrees to utilize its reasonable
best efforts to ensure that neither ambiguity nor conflicts arise between the terms of this Agreement and those of (i) its Organizational Documents and (ii) the Stockholders Agreement of the Company, dated as of November 21, 2017 (as
the same was amended on March 15, 2018, and as may be further amended, supplemented, restated or otherwise modified from time to time), by and among the Company, certain affiliates of New Mountain, Broad Street Principal Investments, L.L.C,
NuSil, LLC, NuSil 2.0 LLC, Galvaude Private Investments, Inc. and each of the other stockholders of the Company party thereto. 

  
 6 

 Section 3.2    Competition and Corporate Opportunities. 

(a)    In recognition and anticipation that (i) certain directors, principals, members, officers, associated funds,
employees and/or other representatives of New Mountain and its Affiliates may serve as Directors, officers or agents of the Company and (ii) New Mountain and its Affiliates may now engage and may continue to engage in the same or similar
activities or related lines of business as those in which the Company, directly or indirectly, may engage and/or other business activities that overlap with or compete with those in which the Company, directly or indirectly, may engage, the
provisions of this Article III are set forth to regulate and define the conduct of certain affairs of the Company with respect to certain classes or categories of business opportunities as they may involve any of New Mountain or its Affiliates and
the powers, rights, duties and liabilities of the Company and its Directors, officers and stockholders in connection therewith, subject to the provisions set out in this Agreement. 

(b)    None of New Mountain or any of its Affiliates (collectively, the Persons being referred to as “Identified
Persons” and, individually, as an “Identified Person”) shall, to the fullest extent permitted by law, have any duty to refrain from directly or indirectly (i) engaging in the same or similar business activities or
lines of business in which the Company or any of its Affiliates now engages or proposes to engage or (ii) otherwise competing with the Company or any of its Affiliates, and, to the fullest extent permitted by law, no Identified Person shall be
liable to the Company or its stockholders or to any Affiliate of the Company for breach of any fiduciary duty solely by reason of the fact that such Identified Person engages in any such activities. To the fullest extent permitted by law, the
Company hereby renounces any interest or expectancy in, or right to be offered an opportunity to participate in, any business opportunity which may be a corporate opportunity for an Identified Person and the Company or any of its Affiliates, except
as provided in Section 3.2(d). Subject to Section 3.2(d), in the event that any Identified Person acquires knowledge of a potential transaction or other matter or business opportunity which may be
a corporate opportunity for itself, herself or himself and the Company or any of its Affiliates, such Identified Person shall, to the fullest extent permitted by law, have no fiduciary duty or other duty (contractual or otherwise) to communicate,
present or offer such transaction or other business opportunity to the Company or any of its Affiliates and, to the fullest extent permitted by law, shall not be liable to the Company or its stockholders or to any Affiliate of the Company for breach
of any fiduciary duty or other duty (contractual or otherwise) as a stockholder, director or officer of the Company solely by reason of the fact that such Identified Person pursues or acquires such corporate opportunity for itself, herself or
himself, offers or directs such corporate opportunity to another Person, or does not present such corporate opportunity to the Company or any of its Affiliates. 

(c)    Subject to Section 3.2(d), the Company and its Affiliates (excluding the Identified
Persons) do not have any rights in and to the business ventures of any Identified Person, or the income or profits derived therefrom, and the Company agrees that each of the Identified Persons may do business with any potential or actual customer or
supplier of the Company or may employ or otherwise engage any officer or employee of the Company. 

  
 7 

 (d)    The Company does not renounce its interest in any corporate
opportunity offered to any New Mountain Director, and the provisions of Section 3.2(b) shall not apply to any such corporate opportunity, to the extent that such opportunity is expressly offered to such person solely in his
or her capacity as a director of the Company. 
 (e)    In addition to and notwithstanding the foregoing provisions of
this Section 3.2, a corporate opportunity shall not be deemed to be a potential corporate opportunity for the Company if it is a business opportunity that (i) the Company is neither financially or legally able, nor
contractually permitted to undertake, (ii) from its nature, is not in the line of the Company’s business or is of no practical advantage to the Company or (iii) is one in which the Company has no interest or reasonable expectancy.

 ARTICLE IV 

GENERAL 

Section 4.1    Assignment. The rights and obligations hereunder shall not be assignable without the prior
written consent of the other parties hereto; provided, however, New Mountain, without the consent of any other party, may assign, in whole or in part, any of its rights hereunder to an Affiliate. Any attempted assignment of rights or
obligations in violation of this Section 4.1 shall be null and void. 

Section 4.2    Term and Effectiveness. 

(a)    This Agreement shall become effective on the IPO Date. 

(b)    Notwithstanding anything contained herein to the contrary, this Article IV shall survive
any termination of any provisions of this Agreement. 
 (c)    The termination of any provision of this Agreement shall
not relieve any party from any liability for the breach of its obligations under this Agreement prior to such termination. 

Section 4.3    Severability. If any term or other provision of this Agreement is held to be invalid, illegal
or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not
affected in any manner materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 4.4    Entire Agreement; Amendment. 

(a)    This Agreement sets forth the entire understanding and agreement between the parties with respect to the subject
matter hereof and supersedes all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter of this Agreement. This Agreement or any provision thereof may only be amended or modified, in whole
or in part, at any time by an instrument in writing signed by all Parties. 

  
 8 

 (b)    No waiver of any breach of any of the terms of this Agreement
shall be effective unless such waiver is expressly made in writing and executed and delivered by the party against whom such waiver is claimed. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be
construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach. Except as otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power
or remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. 
 (c)    No waiver of a right under this Agreement shall
be effective unless such waiver is expressly made in writing and executed and delivered by the party against whom such waiver is claimed. The waiver of a right under this Agreement in a specified instance or in specified circumstances shall not
operate or be construed as a waiver of such right in other instances or circumstances. 

Section 4.5    Counterparts. This Agreement may be executed in one or more counterparts, and by the different
parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. 

Section 4.6    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of
the State of Delaware, without regard to principles of conflicts of law rules of such State that would result in the application of the laws of a jurisdiction other than the State of Delaware. 

Section 4.7    Waiver of Jury Trial; Consent to Jurisdiction. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. Each party hereby irrevocably submits to the
exclusive jurisdiction of the state or federal courts located in the State of Delaware for the purpose of adjudicating any dispute arising hereunder. Each party hereby irrevocably and unconditionally waives and agrees not to plead or claim in any
such court any objection to such jurisdiction, whether on the grounds of hardship, inconvenient forum or otherwise. Each party further agrees that service of any process, summons, notice or document by U.S. registered mail to such party’s
respective address set forth in Section 4.9 shall be effective service of process for any action, suit or proceeding with respect to any matters to which it has submitted to jurisdiction in this
Section 4.7. 
 Section 4.8    Specific Enforcement. The parties hereto
acknowledge that the remedies at law of the other parties for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond,

  
 9 

 
and in addition to all other remedies that may be available, shall be entitled to pursue equitable relief in the form of specific performance, a temporary restraining order, a temporary or
permanent injunction or any other equitable remedy that may then be available. 
 Section 4.9    Notices.
All notices, requests and other communications to any party hereunder shall be in writing (including facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received by non-automated response). All such notices, requests and other communications shall be delivered in person or sent by facsimile, e-mail or nationally recognized overnight courier and shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a Business Day in the place of receipt. Otherwise, any
such notice, request or communication shall be deemed to have been received on the next succeeding Business Day in the place of receipt. All such notices, requests and other communications to any party hereunder shall be given to such party as
follows: 
 If to New Mountain, addressed to it at: 

New Mountain Capital L.L.C. 
 787
Seventh Avenue, #49 New York, 
 New York 10019 

Attention: Matthew Holt; Andre Moura 

Email: mholt@newmountaincapital.com; amoura@newmountaincapital.com 

If to the Company, addressed to it at: 

c/o Avantor, Inc. 
 Radnor
Corporate Center 
 Building One, Suite 200 

100 Matsonford Road 
 Radnor, PA
19087 
 Attention: General Counsel 

Email: generalcounsel@avantorsciences.com 

or to such other address or to such other Person as any party shall have last designated by such notice to the other parties. 

Section 4.10    Binding Effect; Third Party Beneficiaries. The provisions of this Agreement shall be binding
upon and shall inure to the benefit of the parties hereto and their respective permitted successors and assigns. Except as provided in Section 4.13, no provision of this Agreement is intended to confer any rights, benefits,
remedies, obligations or liabilities hereunder upon any Person other than the parties hereto and their respective permitted successors and assigns. 

Section 4.11    Further Assurances. The parties hereto will sign such further documents, cause such meetings
to be held, resolutions passed, exercise their votes and do and perform and cause to be done such further acts and things necessary, proper or advisable in order to give full effect to this Agreement and every provision hereof. 

  
 10 

 Section 4.12    Table of Contents, Headings and Captions.
The table of contents, headings, subheadings and captions contained in this Agreement are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of any provision hereof. 

Section 4.13    No Recourse. This Agreement may only be enforced against, and any claims or cause of action
that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the entities that are expressly identified as parties hereto and no past, present or future
Affiliate, director, officer, employee, incorporator, member, manager, partner, stockholder, controlling person, fiduciary, agent, attorney or representative of any party hereto, or any past, present or future Affiliate, director, officer, employee,
incorporator, member, manager, partner, stockholder, controlling person, fiduciary, agent, attorney or representative of any of the foregoing shall have any liability for any obligations or liabilities of the parties to this Agreement or for any
claim based on, in respect of, or by reason of, the transactions contemplated hereby. 
 [Remainder of page intentionally left blank] 

  
 11 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Investor Rights
Agreement to be executed by its duly authorized officers as of the day and year first above written. 
  

			
	AVANTOR, INC.

 
			
		
	By:	 	 /s/ Justin Miller

 

			
	Name:	 	Justin Miller
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	NEW MOUNTAIN PARTNERS III, L.P.
	
	 By: NEW MOUNTAIN INVESTMENTS III,

L.L.C., Its General Partner

 
			
		
	By:	 	 /s/ Steven B. Klinsky

	Name:	 	Steven B. Klinsky
	Title:	 	Founder and Chief Executive Officer

  
 [Signature Page to
Investor Rights Agreement] 

 Exhibit I 

Company Charter 

Attached. 

 SECOND AMENDED AND RESTATED CERTIFICATE OF INCORPORATION 

OF 
 AVANTOR, INC.

 * * * * * 
 The present
name of the corporation is Avantor, Inc. (the “Corporation”). The Corporation was incorporated under the name “Vail Holdco Corp” by the filing of its original Certificate of Incorporation with the Secretary of State of the
State of Delaware on May 3, 2017, which was amended and restated on November 21, 2017 (as amended, the “First Amended and Restated Certificate of Incorporation”). The First Amended and Restated Certificate of Incorporation
was amended on February 6, 2019 to change the name of the Corporation from “Vail Holdco Corp” to “Avantor, Inc.” The First Amended and Restated Certificate of Incorporation was amended on May 16, 2019 to effect a 5-for-one stock split of the then-outstanding common stock, par value $0.01 per share, of the Corporation. This Second Amended and Restated Certificate of Incorporation of the
Corporation, which restates and integrates and also further amends the provisions of the First Amended and Restated Certificate of Incorporation, was duly adopted in accordance with the provisions of Sections 242 and 245 of the General Corporation
Law of the State of Delaware (as the same exists or may hereafter be amended from time to time, the “DGCL”) and by the written consent of its stockholders in accordance with Section 228 of the DGCL. 

The First Amended and Restated Certificate of Incorporation is hereby amended, integrated and restated to read in its entirety as follows:

 ARTICLE I 
 NAME

 The name of the Corporation is Avantor, Inc. 

ARTICLE II 

REGISTERED OFFICE AND AGENT 

The address of the registered office of the Corporation in the State of Delaware is Corporation Service Company, 251 Little Falls Drive in the
City of Wilmington, County of New Castle, Delaware 19808. The name of the registered agent of the Corporation in the State of Delaware at such address is Corporation Service Company. 

 ARTICLE III 

PURPOSE 
 The
purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under DGCL. 
 ARTICLE IV

 CAPITAL STOCK 

The total number of shares of all classes of stock that the Corporation shall have authority to issue is 825,000,000, which shall be divided
into two classes as follows: 
 750,000,000 shares of common stock, par value $0.01 per share (“Common Stock”); and 

75,000,000 shares of preferred stock, par value $0.01 per share (“Preferred Stock”). 

 

	I.	 Capital Stock. 

 A. Common Stock and Preferred Stock may be issued from time to time by the Corporation for such consideration as may be
fixed by the Board of Directors of the Corporation (the “Board of Directors”). The Board of Directors is hereby expressly authorized, by resolution or resolutions, to provide, out of the unissued shares of Preferred Stock, for one
or more series of Preferred Stock and, with respect to each such series, to fix, without further stockholder approval, the designation of such series, the powers (including voting powers), preferences and relative, participating, optional and other
special rights, and the qualifications, limitations or restrictions thereof, of such series of Preferred Stock and the number of shares of such series, which number the Board of Directors may, except where otherwise provided in the designation of
such series, increase (but not above the total number of authorized shares of Preferred Stock) or decrease (but not below the number of shares of such series then outstanding) and as may be permitted by the DGCL. The powers, preferences and
relative, participating, optional and other special rights of, and the qualifications, limitations or restrictions thereof, of each series of Preferred Stock, if any, may differ from those of any and all other series at any time outstanding. 

B. The Board of Directors has authorized the issuance of a series of Preferred Stock, the Series A mandatory convertible preferred stock, par
value $0.01 (the “Mandatory Convertible Preferred Stock”), with the powers, preferences, rights, qualifications, limitations and restrictions as set forth in the certificate of designations for the Mandatory Convertible Preferred
Stock attached hereto as Annex A. 
 C. The Corporation has previously issued a series of Preferred Stock, the Series A preferred
stock, par value $0.01 per share (the “Senior Preferred Stock”), with the powers, preferences, rights, qualifications, limitations and restrictions as set forth in the certificate of designations for the Senior Preferred Stock
attached hereto as Annex B. 

  
 2 

 D. The Corporation has previously issued a series of Preferred Stock, the junior convertible
preferred stock, par value $0.01 per share (the “Junior Convertible Preferred Stock”), with the powers, preferences, rights, qualifications, limitations and restrictions as set forth in the certificate of designations for the Junior
Convertible Preferred Stock attached hereto as Annex C. 
 E. Each holder of record of Common Stock, as such, shall have one vote for
each share of Common Stock which is outstanding in his, her or its name on the books of the Corporation on all matters on which stockholders are entitled to vote generally. Except as otherwise required by law, holders of Common Stock shall not be
entitled to vote on any amendment to this Second Amended and Restated Certificate of Incorporation (including any certificate of designation relating to any series of Preferred Stock) that relates solely to the terms of one or more outstanding
series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to this Second Amended and Restated Certificate of Incorporation
(including any certificate of designation relating to any series of Preferred Stock) or pursuant to the DGCL. 
 F. Except as otherwise
required by law, holders of any series of Preferred Stock shall be entitled to only such voting rights, if any, as shall expressly be granted thereto by this Second Amended and Restated Certificate of Incorporation (or any certificate of designation
relating to such series of Preferred Stock). 
 G. Subject to applicable law and the rights, if any, of the holders of any outstanding
series of Preferred Stock or any class or series of stock having a preference over or the right to participate with the Common Stock with respect to the payment of dividends, dividends may be declared and paid ratably on the Common Stock out of the
assets of the Corporation which are legally available for this purpose at such times and in such amounts as the Board of Directors in its discretion shall determine. 

H. Upon the dissolution, liquidation or winding up of the Corporation, after payment or provision for payment of the debts and other
liabilities of the Corporation and subject to the rights, if any, of the holders of any outstanding series of Preferred Stock or any class or series of stock having a preference over or the right to participate with the Common Stock with respect to
the distribution of assets of the Corporation upon such dissolution, liquidation or winding up of the Corporation, the holders of Common Stock shall be entitled to receive the remaining assets of the Corporation available for distribution to its
stockholders ratably in proportion to the number of shares held by them. 
 I. The number of authorized shares of Preferred Stock or Common
Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority in voting power of the stock of the Corporation entitled to vote thereon irrespective of the
provisions of Section 242(b)(2) of the DGCL (or any successor provision thereto), and no vote of the holders of any of the Common Stock or the Preferred Stock voting separately as a class shall be required therefor, unless a vote of any such
holder is required pursuant to this Second Amended and Restated Certificate of Incorporation (or any certificate of designation relating to any series of Preferred Stock). 

  
 3 

 ARTICLE V 

AMENDMENT OF THE CERTIFICATE OF INCORPORATION AND BYLAWS 

A. Notwithstanding anything contained in this Second Amended and Restated Certificate of Incorporation to the contrary, in addition to any
vote required by applicable law, the following provisions in this Second Amended and Restated Certificate of Incorporation may be amended, altered, repealed or rescinded, in whole or in part, or any provision inconsistent therewith or herewith may
be adopted, only by the affirmative vote of the holders of at least 662⁄3% in voting power of all the then-outstanding shares of stock of the Corporation entitled
to vote thereon, voting together as a single class: this Article V, Article VI, Article VII, Article VIII and Article IX. For the purposes of this Second Amended and Restated Certificate of Incorporation, beneficial ownership of shares shall be
determined in accordance with Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

B. The Board of Directors is expressly authorized to make, repeal, alter, amend and rescind, in whole or in part, the amended and restated
bylaws of the Corporation (as in effect from time to time, the “Bylaws”) without the assent or vote of the stockholders in any manner not inconsistent with the laws of the State of Delaware or this Second Amended and Restated
Certificate of Incorporation. Notwithstanding anything to the contrary contained in this Second Amended and Restated Certificate of Incorporation or any provision of law which might otherwise permit a lesser vote of the stockholders, in addition to
any vote of the holders of any class or series of capital stock of the Corporation required herein (including any certificate of designation relating to any series of Preferred Stock), by the Bylaws or applicable law, the affirmative vote of the
holders of at least 662⁄3% in voting power of all the then-outstanding shares of stock of the Corporation entitled to vote thereon, voting together as a single
class, shall be required in order for the stockholders of the Corporation to alter, amend, repeal or rescind, in whole or in part, any provision of the Bylaws or to adopt any provision inconsistent therewith. 

ARTICLE VI 
 BOARD OF
DIRECTORS 
 A. Except as otherwise provided in this Second Amended and Restated Certificate of Incorporation or the DGCL, the
business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors. Except as otherwise provided for or fixed pursuant to the provisions of Article IV (including any certificate of designation with respect
to any series of Preferred Stock) and this Article VI relating to the rights of the holders of any series of Preferred Stock to elect additional directors and except as set forth in the terms of (i) the Stockholders Agreement of the
Corporation, dated as of November 21, 2017 (as the same was amended on March 15, 2018, and as may be further amended, supplemented, restated or otherwise modified from time to time, the “Stockholders Agreement”), by and
among the Corporation, certain affiliates of New Mountain Capital, LLC (together with its affiliates and subsidiaries and its and their successors and assigns (other than the Corporation and its subsidiaries), collectively, “NMC”),
Broad Street Principal Investments, L.L.C. (“BSPI”), NuSil, LLC, NuSil 2.0 LLC, Galvaude Private Investments, Inc. and each of the other stockholders of the Corporation party thereto and (ii) the Investor Rights Agreement,
dated as of May 21, 2019 (as the same may be amended, supplemented, restated or otherwise modified from time to time, the “Investor Rights Agreement”), by and between the Corporation and New Mountain Partners III,

  
 4 

 
L.P., an affiliate of NMC, the total number of directors shall be determined from time to time exclusively by resolution adopted by the Board of Directors. The directors (other than those
directors elected by the holders of any series of Preferred Stock, voting separately as a series or together with one or more other such series, as the case may be) shall initially be divided into three classes designated Class I, Class II
and Class III. Each class shall consist, as nearly as possible, of one-third of the total number of such directors. Class I directors shall initially serve for a term expiring at the first annual
meeting of stockholders following the date the Common Stock is first publicly traded (the “IPO Date”), Class II directors shall initially serve for a term expiring at the second annual meeting of stockholders following the IPO
Date and Class III directors shall initially serve for a term expiring at the third annual meeting of stockholders following the IPO Date. At the first and second annual meetings of stockholders following the IPO Date, successors to the class
of directors whose term expires at that annual meeting shall be elected for a term expiring at the third annual meeting of stockholders following the IPO Date. From and after the third annual meeting of stockholders following the IPO Date, directors
shall constitute one class and be elected for a term expiring at the next annual meeting of stockholders. If the number of such directors is changed, any increase or decrease shall be apportioned among the classes so as to maintain the number of
directors in each class as nearly equal as possible, and any such additional director of any class elected to fill a newly created directorship resulting from an increase in such class shall hold office for a term that shall coincide with the
remaining term of that class, but in no case shall a decrease in the number of directors remove or shorten the term of any incumbent director. Subject to the terms of the Stockholders Agreement and the Investor Rights Agreement (including, without
limitation, provisions thereof relating to the rights of the parties thereto to nominate individuals for election to the Board of Directors), any such director shall hold office until the annual meeting at which his or her term expires and until his
or her successor shall be elected and qualified, or his or her death, resignation, retirement, disqualification or removal from office. The Board of Directors is authorized to assign members of the Board of Directors already in office prior to the
IPO Date to their respective class. 
 B. Any newly-created directorship on the Board of Directors that results from an increase in the
number of directors and any vacancy occurring in the Board of Directors shall, unless otherwise required by law or by resolution of the Board of Directors, be filled only by a majority of the directors then in office, even if less than a quorum, or
by a sole remaining director. Any director elected to fill a vacancy or newly created directorship shall hold office until the next election of the class for which such director shall have been chosen and until his or her successor shall be elected
and qualified, or until his or her earlier death, resignation, retirement, disqualification or removal. 
 C. Subject to rights granted to
BSPI under the Stockholders Agreement and rights granted to NMC under the Investor Rights Agreement, any or all of the directors (other than the directors elected by the holders of any series of Preferred Stock of the Corporation, voting separately
as a series or together with one or more other such series, as the case may be) may be removed at any time either with or without cause by the affirmative vote of at least 662⁄3% in voting power of all the then-outstanding shares of stock of the Corporation entitled to vote thereon, voting together as a single class. 

D. Elections of directors need not be by written ballot unless the Bylaws shall so provide. 

  
 5 

 E. During any period when the holders of any series of Preferred Stock, voting separately as
a series or together with one or more series, have the right to elect additional directors, then upon commencement and for the duration of the period during which such right continues: (i) the then otherwise total authorized number of directors
of the Corporation shall automatically be increased by such specified number of directors, and the holders of such Preferred Stock shall be entitled to elect the additional directors so provided for or fixed pursuant to said provisions, and
(ii) each such additional director shall serve until such director’s successor shall have been duly elected and qualified, or until such director’s right to hold such office terminates pursuant to said provisions, whichever occurs
earlier, subject to his or her earlier death, resignation, retirement, disqualification or removal. Except as otherwise provided by the Board of Directors in the resolution or resolutions establishing such series, whenever the holders of any series
of Preferred Stock having such right to elect additional directors are divested of such right pursuant to the provisions of such stock, the terms of office of all such additional directors elected by the holders of such stock, or elected to fill any
vacancies resulting from the death, resignation, disqualification or removal of such additional directors, shall forthwith terminate and the total authorized number of directors of the Corporation shall be reduced accordingly. 

ARTICLE VII 

LIMITATION OF DIRECTOR LIABILITY 

A. To the fullest extent permitted by the DGCL as it now exists or may hereafter be amended, a director of the Corporation shall not be
personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty owed to the Corporation or its stockholders. 

B. Neither the amendment nor repeal of this Article VII, nor the adoption of any provision of this Second Amended and Restated Certificate of
Incorporation, nor, to the fullest extent permitted by the DGCL, any modification of law shall eliminate, reduce or otherwise adversely affect any right or protection of a current or former director of the Corporation existing at the time of such
amendment, repeal, adoption or modification. 
 ARTICLE VIII 

ANNUAL AND SPECIAL MEETINGS OF STOCKHOLDERS 

A. Any action required or permitted to be taken by the stockholders of the Corporation must be effected at a duly called annual or special
meeting of such holders and may not be effected by any consent in writing by such holders; provided, however, that any action required or permitted to be taken by the holders of Preferred Stock, voting separately as a series or separately as
a class with one or more other such series, may be taken without a meeting, without prior notice and without a vote, to the extent expressly so provided by the applicable certificate of designation relating to such series of Preferred Stock. 

B. Except as otherwise required by law and subject to the rights of the holders of any series of Preferred Stock, special meetings of the
stockholders of the Corporation for any purpose or purposes may be called at any time only by or at the direction of the Board of Directors or the Chairman of the Board of Directors. 

  
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 C. An annual meeting of stockholders for the election of directors to succeed those whose
terms expire and for the transaction of such other business as may properly come before the meeting, shall be held at such place, if any, on such date, and at such time as shall be fixed exclusively by resolution of the Board of Directors or a duly
authorized committee thereof. 
 ARTICLE IX 

DGCL SECTION 203 AND BUSINESS COMBINATIONS 

A. The Corporation hereby expressly elects not to be governed by Section 203 of the DGCL. 

B. Notwithstanding the foregoing, the Corporation shall not engage in any business combination (as defined below), at any point in time at
which the Corporation’s Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, with any interested stockholder (as defined below) for a period of three (3) years following the time that such stockholder became an
interested stockholder, unless: 
  

	 	1.	 prior to such time, the Board of Directors approved either the business combination or the transaction which
resulted in the stockholder becoming an interested stockholder, or 

  

	 	2.	 upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the
interested stockholder owned at least 85% of the voting stock (as defined below) of the Corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting
stock owned by the interested stockholder) those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares
held subject to the plan will be tendered in a tender or exchange offer, or 

  

	 	3.	 at or subsequent to such time, the business combination is approved by the Board of Directors and authorized at
an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 662⁄3% of the outstanding voting stock of the
Corporation which is not owned by the interested stockholder. 

 C. The restrictions contained in this Article IX shall not
apply if a stockholder becomes an interested stockholder inadvertently and (i) as soon as practicable divests itself of ownership of sufficient shares so that the stockholder ceases to be an interested stockholder; and (ii) would not, at
any time within the three-year period immediately prior to a business combination between the Corporation and such stockholder, have been an interested stockholder but for the inadvertent acquisition of ownership. 

D. For purposes of this Article IX, references to: 

  
 7 

	 	1.	 “affiliate” means a person that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, another person. 

  

	 	2.	 “associate,” when used to indicate a relationship with any person, means: (i) any
corporation, partnership, unincorporated association or other entity of which such person is a director, officer or partner or is, directly or indirectly, the owner of 20% or more of any class of voting stock; (ii) any trust or other estate in
which such person has at least a 20% beneficial interest or as to which such person serves as trustee or in a similar fiduciary capacity; and (iii) any relative or spouse of such person, or any relative of such spouse, who has the same
residence as such person. 

  

	 	3.	 “NMC/BSPI Direct Transferee” means any person that acquires (other than in a registered public
offering or through a broker’s transaction executed on any securities exchange or other over-the-counter market) directly from any of NMC, BSPI or any of their
respective affiliates or successors or any “group,” or any member of any such group, of which such persons are a party under Rule 13d-5 of the Exchange Act beneficial ownership of 5% or more of the
then-outstanding voting stock of the Corporation. 

  

	 	4.	 “NMC/BSPI Indirect Transferee” means any person that acquires (other than in a registered
public offering or through a broker’s transaction executed on any securities exchange or other over-the-counter market) directly from any NMC/BSPI Direct Transferee
or any other NMC/BSPI Indirect Transferee beneficial ownership of 5% or more of the then-outstanding voting stock of the Corporation. 

  

	 	5.	 “business combination,” when used in reference to the Corporation and any interested
stockholder of the Corporation, means: 

  

	 	(i)	 any merger or consolidation of the Corporation or any direct or indirect majority-owned subsidiary of the
Corporation (a) with the interested stockholder, or (b) with any other corporation, partnership, unincorporated association or other entity if the merger or consolidation is caused by the interested stockholder and as a result of such
merger or consolidation Section (B) of this Article IX is not applicable to the surviving entity; 

  

	 	(ii)	 any sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of
transactions), except proportionately as a stockholder of the Corporation, to or with the interested stockholder, whether as part of a dissolution or otherwise, of assets of the Corporation or of any direct or indirect majority-owned subsidiary of
the Corporation which assets have an aggregate market value equal to 10% or more of either the aggregate market value of all the assets of the Corporation determined on a consolidated basis or the aggregate market value of all the outstanding stock
of the Corporation; 

  
 8 

	 	(iii)	 any transaction which results in the issuance or transfer by the Corporation or by any direct or indirect
majority-owned subsidiary of the Corporation of any stock of the Corporation or of such subsidiary to the interested stockholder, except: (a) pursuant to the exercise, exchange or conversion of securities exercisable for, exchangeable for or
convertible into stock of the Corporation or any such subsidiary which securities were outstanding prior to the time that the interested stockholder became such; (b) pursuant to a merger under Section 251(g) of the DGCL; (c) pursuant
to a dividend or distribution paid or made, or the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into stock of the Corporation or any such subsidiary which security is distributed, pro rata to all
holders of a class or series of stock of the Corporation subsequent to the time the interested stockholder became such; (d) pursuant to an exchange offer by the Corporation to purchase stock made on the same terms to all holders of said stock;
or (e) any issuance or transfer of stock by the Corporation; provided, however, that in no case under items (c)-(e) of this subsection (iii) shall there be an increase in the interested stockholder’s proportionate share
of the stock of any class or series of the Corporation or of the voting stock of the Corporation (except as a result of immaterial changes due to fractional share adjustments); 

 

	 	(iv)	 any transaction involving the Corporation or any direct or indirect majority-owned subsidiary of the
Corporation which has the effect, directly or indirectly, of increasing the proportionate share of the stock of any class or series, or securities convertible into the stock of any class or series, of the Corporation or of any such subsidiary which
is owned by the interested stockholder, except as a result of immaterial changes due to fractional share adjustments or as a result of any purchase or redemption of any shares of stock not caused, directly or indirectly, by the interested
stockholder; or 

  

	 	(v)	 any receipt by the interested stockholder of the benefit, directly or indirectly (except proportionately as a
stockholder of the Corporation), of any loans, advances, guarantees, pledges, or other financial benefits (other than those expressly permitted in subsections (i)-(iv) above) provided by or through the Corporation or any direct or indirect
majority-owned subsidiary. 

  

	 	6.	 “control,” including the terms “controlling,” “controlled
by” and “under common control with,” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting stock, by
contract, or otherwise. A person who is the owner of 20% or more of the outstanding 

  
 9 

 voting stock of the Corporation, partnership, unincorporated association or other entity
shall be presumed to have control of such entity, in the absence of proof by a preponderance of the evidence to the contrary. Notwithstanding the foregoing, a presumption of control shall not apply where such person holds voting stock, in good faith
and not for the purpose of circumventing this Article IX, as an agent, bank, broker, nominee, custodian or trustee for one or more owners who do not individually or as a group have control of such entity. 

 

	 	7.	 “interested stockholder” means any person (other than the Corporation or any direct or
indirect majority-owned subsidiary of the Corporation) that (i) is the owner of 15% or more of the outstanding voting stock of the Corporation, or (ii) is an affiliate or associate of the Corporation and was the owner of 15% or more of the
outstanding voting stock of the Corporation at any time within the three (3) year period immediately prior to the date on which it is sought to be determined whether such person is an interested stockholder; and the affiliates and associates of
such person; but “interested stockholder” shall not include or be deemed to include, in any case, (a) NMC, BSPI, any NMC/BSPI Direct Transferee, any NMC/BSPI Indirect Transferee or any of their respective affiliates or successors or
any “group,” or any member of any such group, to which such persons are a party under Rule 13d-5 of the Exchange Act, or (b) any person whose ownership of shares in excess of the 15% limitation
set forth herein is the result of any action taken solely by the Corporation, provided that in the case of this clause (b) such person shall be an interested stockholder if thereafter such person acquires additional shares of voting
stock of the Corporation, except as a result of further corporate action not caused, directly or indirectly, by such person. For the purpose of determining whether a person is an interested stockholder, the voting stock of the Corporation deemed to
be outstanding shall include stock deemed to be owned by the person through application of the definition of “owner” below but shall not include any other unissued stock of the Corporation which may be issuable pursuant to any agreement,
arrangement or understanding, or upon exercise of conversion rights, warrants or options, or otherwise. 

  

	 	8.	 “owner,” including the terms “own” and “owned,” when used
with respect to any stock, means a person that individually or with or through any of its affiliates or associates: 

  

	 	(i)	 beneficially owns such stock, directly or indirectly; or 

 

	 	(ii)	 has (a) the right to acquire such stock (whether such right is exercisable immediately or only after the
passage of time) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise; provided, however, that a person shall not be deemed the owner of
stock tendered pursuant to a tender or exchange offer made by such person or any of such person’s affiliates or 

  
 10 

 associates until such tendered stock is accepted for purchase or exchange; or (b) the
right to vote such stock pursuant to any agreement, arrangement or understanding; provided, however, that a person shall not be deemed the owner of any stock because of such person’s right to vote such stock if the agreement,
arrangement or understanding to vote such stock arises solely from a revocable proxy or consent given in response to a proxy or consent solicitation made to ten (10) or more persons; or 

 

	 	(iii)	 has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except voting
pursuant to a revocable proxy or consent as described in item (b) of subsection (ii) above), or disposing of such stock with any other person that beneficially owns, or whose affiliates or associates beneficially own, directly or
indirectly, such stock. 

  

	 	9.	 “person” means any individual, corporation, partnership, unincorporated association or other
entity. 

  

	 	10.	 “stock” means, with respect to any corporation, capital stock and, with respect to any other
entity, any equity interest. 

  

	 	11.	 “voting stock” means stock of any class or series entitled to vote generally in the election
of directors. 

 ARTICLE X 

MISCELLANEOUS 
 A.
If any provision or provisions of this Second Amended and Restated Certificate of Incorporation shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever: (i) the validity, legality and
enforceability of such provisions in any other circumstance and of the remaining provisions of this Second Amended and Restated Certificate of Incorporation (including, without limitation, each portion of any paragraph of this Second Amended and
Restated Certificate of Incorporation containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (ii) to
the fullest extent possible, the provisions of this Second Amended and Restated Certificate of Incorporation (including, without limitation, each such portion of any paragraph of this Second Amended and Restated Certificate of Incorporation
containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to permit the Corporation to protect its directors, officers, employees and agents from personal liability in respect of their good faith service or
for the benefit of the Corporation to the fullest extent permitted by law. 
 B. Unless the Corporation consents in writing to the selection
of an alternative forum, the state or federal courts (as appropriate) located within the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for any (i) derivative action or proceeding brought on
behalf of the Corporation, (ii) action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee or stockholder of the Corporation 

  
 11 

 
to the Corporation or the Corporation’s stockholders, creditors or other constituents, (iii) action against the Corporation or any director or officer of the Corporation involving a
claim or defense arising pursuant to any provision of the DGCL or this Second Amended and Restated Certificate of Incorporation or the Bylaws (as either may be amended and/or restated from time to time), (iv) action against the Corporation or any
director or officer of the Corporation involving a claim or defense implicating the internal affairs doctrine, or (v) action against the Corporation or any director or officer of the Corporation involving a claim or defense arising pursuant to
the Exchange Act or the Securities Act of 1933, as amended. To the fullest extent permitted by law, any person or entity purchasing or otherwise acquiring or holding any interest in shares of capital stock of the Corporation shall be deemed to have
notice of and consented to the provisions of this Article X(B). 
 [Remainder of Page Intentionally Left Blank] 

  
 12 

 IN WITNESS WHEREOF, Avantor, Inc. has caused this Second Amended and Restated
Certificate of Incorporation to be executed by its duly authorized officer on this 20th day of May, 2019. 

 

			
	Avantor, Inc.
		
	By:	 	 /s/ Justin Miller

	Name:	 	Justin Miller
	Title:	 	Executive Vice President, General Counsel and Secretary

 [Signature Page to Second Amended and Restated Certificate of Incorporation] 

 Annex A 

Certificate of Designations of Mandatory Convertible Preferred Stock 

See attached 

 CERTIFICATE OF DESIGNATIONS 

OF 
 6.250% SERIES A
MANDATORY CONVERTIBLE PREFERRED STOCK 
 OF 

AVANTOR, INC. 
 Avantor,
Inc., a Delaware corporation (the “Corporation”), hereby certifies that, pursuant to the provisions of Sections 103, 141 and 151 of the General Corporation Law of the State of Delaware, (a) on April 25, 2019, the board of
directors of the Corporation (the “Board of Directors”), pursuant to authority conferred upon the Board of Directors by the Amended and Restated Certificate of Incorporation of the Corporation (as such may be amended, modified or
restated from time to time, in each case to the extent not prohibited by Section 7(c) of this Certificate of Designations, the “Charter”), delegated to the Pricing Committee of the Board of Directors (the “Pricing
Committee”), the power to create, designate, authorize and provide for the issuance of shares of a new series of the Corporation’s undesignated preferred stock and to establish the number of shares to be included in such series, and to
fix the powers, preferences and rights of the shares of such series and the qualifications, limitations and restrictions thereof; and (b) on May 16, 2019, the Pricing Committee adopted the resolution set forth immediately below, which
resolution is now, and at all times since its date of adoption has been, in full force and effect: 
 RESOLVED, that pursuant to the
authority conferred upon the Board of Directors by the Charter, which authorizes the issuance of up to 75,000,000 shares of preferred stock, par value $0.01 per share, and delegated to the Pricing Committee, a series of preferred stock be, and
hereby is, created and designated 6.250% Series A Mandatory Convertible Preferred Stock, and that the designation and number of shares of such series, and the voting powers, designations, preferences and rights, and qualifications, limitations or
restrictions thereof, are as set forth in this certificate of designations, as it may be amended from time to time (the “Certificate of Designations”) as follows: 

Section 1. Designation and Number of Shares. Pursuant to the Charter, there is hereby created out of
the authorized and unissued shares of preferred stock of the Corporation, par value $0.01 per share (“Preferred Stock”), a series of Preferred Stock consisting of 25,000,000 shares of Preferred Stock designated as the “6.250%
Series A Mandatory Convertible Preferred Stock” (the “Mandatory Convertible Preferred Stock”). Such number of shares may be increased or decreased by resolution of the Board of Directors or any duly authorized committee
thereof, subject to the terms and conditions hereof and the requirements of applicable law; provided that (i) no increase shall cause the number of authorized shares of Mandatory Convertible Preferred Stock to exceed the total number of
authorized shares of Preferred Stock and (ii) no decrease shall reduce the number of shares of Mandatory Convertible Preferred Stock to a number less than the number of such shares then outstanding. 

Section 2. General Matters; Ranking. Each share of Mandatory Convertible Preferred Stock shall be
identical in all respects to every other share of Mandatory Convertible Preferred Stock. The Mandatory Convertible Preferred Stock, with respect to dividend rights and/or distribution rights upon the liquidation,
winding-up or dissolution, as applicable, of the Corporation, shall rank (i) senior to each class or series of Junior Stock, (ii) on parity with each class or series of Parity Stock,
(iii) junior to each class or series of Senior Stock, (iv) junior to the Existing Senior Preferred Stock and the Existing Junior Convertible Preferred Stock and (v) junior to the Corporation’s existing and future indebtedness and
other liabilities. In addition, with respect to dividend rights and distribution rights upon the liquidation, winding-up or dissolution of the Corporation, the Mandatory Convertible Preferred Stock will be
structurally subordinated to any existing and future indebtedness and other liabilities of each of its Subsidiaries. 

Section 3. Standard Definitions. As used herein with respect to Mandatory Convertible Preferred Stock:

 “Accumulated Dividend Amount” means, with respect to any Fundamental Change Conversion, the aggregate amount of
undeclared, accumulated and unpaid dividends, if any, for Dividend Periods prior to the Fundamental Change Effective Date for the relevant Fundamental Change, including for the partial Dividend Period, if any, from, and including, the Dividend
Payment Date immediately preceding such Fundamental Change Effective Date to, but excluding, such Fundamental Change Effective Date, subject to the proviso in Section 10(a). 

 “ADRs” shall have the meaning set forth in Section 15. 

“Agent Members” shall have the meaning set forth in Section 21(a).

“Applicable Market Value” means the Average VWAP per share of Common Stock over the Settlement Period. 

“Average Price” shall have the meaning set forth in Section 4(c)(iii). 

“Average VWAP” per share over a certain period means the arithmetic average of the VWAP per share for each Trading Day in the
relevant period. 
 “Averaging Period” shall have the meaning set forth in Section 14(a)(v). 

“Board of Directors” shall have the meaning set forth in the recitals. 

“Business Day” means any day other than a Saturday or Sunday or any other day on which commercial banks in New York City are
authorized or required by law or executive order to close. 
 “By-Laws” means the
Amended and Restated By-Laws of the Corporation, as they may be amended or restated from time to time. 

“Certificate of Designations” shall have the meaning set forth in the recitals. 

“Charter” shall have the meaning set forth in the recitals. 

“Clause A Distribution” shall have the meaning set forth in Section 14(a)(iii). 

“Clause B Distribution” shall have the meaning set forth in Section 14(a)(iii). 

“Clause C Distribution” shall have the meaning set forth in Section 14(a)(iii). 

“close of business” means 5:00 p.m., New York City time. 

“Common Stock” means the common stock, par value $0.01 per share, of the Corporation. 

“Conversion and Dividend Disbursing Agent” means American Stock Transfer & Trust Company, LLC, the
Corporation’s duly appointed conversion and dividend disbursing agent for Mandatory Convertible Preferred Stock, and any successor appointed under Section 16. 

“Conversion Date” shall mean the Mandatory Conversion Date, the Fundamental Change Conversion Date or the Early Conversion
Date, as applicable. 
 “Corporation” shall have the meaning set forth in the recitals. 

“Depositary” means DTC or its nominee or any successor appointed by the Corporation. 

“Dividend Payment Date” means February 15, May 15, August 15 and November 15 of each year to, and
including, May 15, 2022, commencing on August 15, 2019. 
 “Dividend Period” means the period from, and
including, a Dividend Payment Date to, but excluding, the next Dividend Payment Date, except that the initial Dividend Period shall commence on, and include, the Initial Issue Date and shall end on, and exclude, the August 15, 2019
Dividend Payment Date. 
 “Dividend Rate” shall have the meaning set for in Section 4(a). 

  
 2 

 “DTC” means The Depository Trust Company. 

“Early Conversion” shall have the meaning set forth in Section 9(a). 

“Early Conversion Additional Conversion Amount” shall have the meaning set forth in Section 9(b)(i). 

“Early Conversion Average Price” shall have the meaning set forth in Section 9(b)(ii). 

“Early Conversion Date” shall have the meaning set forth in Section 11(b). 

“Early Conversion Settlement Period” shall have the meaning set forth in Section 9(b)(ii). 

“Effective Date” means the first date on which the shares of Common Stock trade on the Relevant Stock Exchange, regular way,
reflecting the relevant share split or share combination, as applicable. 

“Ex-Date” means the first date on which the shares of Common Stock trade on the
applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Corporation or, if applicable, from the seller of the Common Stock on such exchange or market (in
the form of due bills or otherwise) as determined by such exchange or market. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations thereunder. 
 “Exchange Property” shall have the
meaning set forth in Section 15. 
 “Existing Junior Convertible Preferred Stock” means junior convertible preferred
stock, with a liquidation preference of $1,650 per share, of the Corporation. 
 “Existing Senior Preferred Stock” means
series A senior preferred stock, with a liquidation preference of $1,000 per share, of the Corporation. 
 “Expiration
Date” shall have the meaning set forth in Section 14(a)(v). 
 “Fixed Conversion Rates” means the Maximum
Conversion Rate and the Minimum Conversion Rate. 
 “Floor Price” shall have the meaning set forth in
Section 4(e)(ii). 
 A “Fundamental Change” shall be deemed to have occurred, at any time after the Initial Issue Date
of the Mandatory Convertible Preferred Stock, if any of the following occurs: 
  

	 	(i)	 the consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than
changes resulting from a subdivision or combination or change in par value) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets (including cash or a combination thereof);
(B) any consolidation, merger or other combination of the Corporation or binding share exchange pursuant to which the Common Stock will be converted into, or exchanged for, stock, other securities or other property or assets (including cash or a
combination thereof); or (C) any sale, lease or other transfer or disposition in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Corporation and its Subsidiaries taken as a whole, to any
person other than one or more of its Wholly-Owned Subsidiaries; 

  

	 	(ii)	 any “person” or “group” (as such terms are used for purposes of Sections 13(d) and 14(d) of
the Exchange Act, whether or not applicable), other than the Corporation, any of its Wholly-Owned Subsidiaries, a Permitted Holder or any of the Corporation’s or its Wholly-Owned Subsidiaries’ employee benefit plans (or any person or
entity acting solely in its capacity as trustee, agent or other fiduciary or administrator of any such plan), filing a Schedule TO or any schedule, form or report 

  
 3 

	 	
under the Exchange Act disclosing that such person or group has become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of more than 50% of the total voting power in the aggregate of all classes of capital stock then outstanding entitled to vote generally in elections of the Corporation’s directors; or 

 

	 	(iii)	 the Common Stock (or other Exchange Property) ceases to be listed or quoted for trading on any of NYSE, the
NASDAQ Global Select Market or the NASDAQ Global Market (or another U.S. national securities exchange or any of their respective successors). 

However, a transaction or transactions described in clause (i) or clause (ii) above will not constitute a Fundamental Change if at
least 90% of the consideration received or to be received by holders of the Common Stock, excluding cash payments for fractional shares or pursuant to statutory appraisal rights, in connection with such transaction or transactions consists of shares
of common stock that are listed or quoted on any of NYSE, the NASDAQ Global Select Market or the NASDAQ Global Market (or any of their respective successors) or will be so listed or quoted when issued or exchanged in connection with such transaction
or transactions and as a result of such transaction or transactions such consideration (excluding cash payments for fractional shares or pursuant to statutory appraisal rights) becomes the Exchange Property. 

“Fundamental Change Conversion” shall have the meaning set forth in Section 10(a)(i). 

“Fundamental Change Conversion Date” shall have the meaning set forth in Section 11(c). 

“Fundamental Change Conversion Period” means the period beginning on, and including, the Fundamental Change Effective Date
and ending at the close of business on, and including, the date that is 20 calendar days after the Fundamental Change Effective Date (but in no event later than May 15, 2022). If we notify Holders of a Fundamental Change later than the second
Business Day following the Fundamental Change Effective Date, the Fundamental Change Conversion Period will be extended by a number of days equal to the number of days from, and including, such Fundamental Change Effective Date to, but excluding,
the date of the notice; provided, however, that the Fundamental Change Conversion Period will not be extended beyond May 15, 2022. 

“Fundamental Change Conversion Rate” means, for any Fundamental Change Conversion, the conversion rate per share of the
Mandatory Convertible Preferred Stock set forth in the table below for the Fundamental Change Effective Date and the Fundamental Change Stock Price applicable to such Fundamental Change: 

 

																																																					
	 	  	Fundamental Change Stock Price	 
	 Fundamental
Change Effective
Date
	  	$5.00	 	  	$10.00	 	  	$12.50	 	  	$14.00	 	  	$15.25	 	  	$16.45	 	  	$18.00	 	  	$20.00	 	  	$22.50	 	  	$25.00	 	  	$30.00	 	  	$40.00	 	  	$50.00	 
	 May 21, 2019
	  	 	3.4644	 	  	 	3.1406	 	  	 	3.0266	 	  	 	2.9883	 	  	 	2.9696	 	  	 	2.9599	 	  	 	2.9552	 	  	 	2.9568	 	  	 	2.9636	 	  	 	2.9711	 	  	 	2.9825	 	  	 	2.9916	 	  	 	2.9937	 
	 May 15, 2020
	  	 	3.5234	 	  	 	3.2714	 	  	 	3.1207	 	  	 	3.0600	 	  	 	3.0268	 	  	 	3.0069	 	  	 	2.9937	 	  	 	2.9891	 	  	 	2.9919	 	  	 	2.9968	 	  	 	3.0042	 	  	 	3.0086	 	  	 	3.0092	 
	 May 15, 2021
	  	 	3.5534	 	  	 	3.4431	 	  	 	3.2674	 	  	 	3.1681	 	  	 	3.1060	 	  	 	3.0658	 	  	 	3.0366	 	  	 	3.0225	 	  	 	3.0202	 	  	 	3.0218	 	  	 	3.0238	 	  	 	3.0244	 	  	 	3.0244	 
	 May 15, 2022
	  	 	3.5714	 	  	 	3.5714	 	  	 	3.5714	 	  	 	3.5714	 	  	 	3.2787	 	  	 	3.0395	 	  	 	3.0395	 	  	 	3.0395	 	  	 	3.0395	 	  	 	3.0395	 	  	 	3.0395	 	  	 	3.0395	 	  	 	3.0395	 

 The exact Fundamental Change Stock Price and Fundamental Change Effective Date may not be set forth in the
table, in which case: 
  

	 	(i)	 if the Fundamental Change Stock Price is between two Fundamental Change Stock Price amounts in the table above
or the Fundamental Change Effective Date is between two Fundamental Change Effective Dates in the table above, the Fundamental Change Conversion Rate shall be determined by a straight-line interpolation between the Fundamental Change Conversion
Rates set forth for the higher and lower Fundamental Change Stock Price amounts and the earlier and later Fundamental Change Effective Dates, as applicable, based on a 365 or 366-day year, as applicable;

  

	 	(ii)	 if the Fundamental Change Stock Price is in excess of $50.00 per share (subject to adjustment in the same
manner as adjustments are made to the Fundamental Change Stock Prices in the column headings of the table above), then the Fundamental Change Conversion Rate shall be the Minimum Conversion Rate; and 

  
 4 

	 	(iii)	 if the Fundamental Change Stock Price is less than $5.00 per share (subject to adjustment in the same manner as
adjustments are made to the Fundamental Change Stock Prices in the column headings of the table above), then the Fundamental Change Conversion Rate shall be the Maximum Conversion Rate. 

The Fundamental Change Stock Prices in the column headings in the table above are each subject to adjustment as of any date on which the Fixed
Conversion Rates are adjusted. The adjusted Fundamental Change Stock Prices shall equal (x) the Fundamental Change Stock Prices applicable immediately prior to such adjustment, multiplied by (y) a fraction, the numerator of which is
the Minimum Conversion Rate immediately prior to the adjustment giving rise to the Fundamental Change Stock Price adjustment and the denominator of which is the Minimum Conversion Rate as so adjusted. The Fundamental Change Conversion Rates set
forth in the table above will be each subject to adjustment in the same manner and at the same time as each Fixed Conversion Rate as set forth in Section 14. 

“Fundamental Change Conversion Right” shall have the meaning set forth in Section 10(a). 

“Fundamental Change Dividend Make-Whole Amount” shall have the meaning set forth in Section 10(a)(ii). 

“Fundamental Change Effective Date” shall mean the effective date of the relevant Fundamental Change. 

“Fundamental Change Notice” shall have the meaning set forth in Section 10(b). 

“Fundamental Change Stock Price” means, for any Fundamental Change, the price paid (or deemed paid) per share of Common Stock
in the Fundamental Change, which shall equal (i) if all holders of Common Stock receive only cash in exchange for their Common Stock in such Fundamental Change, the amount of cash paid per share of Common Stock in such Fundamental Change, and
(ii) in all other cases, the Average VWAP per share of Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the relevant Fundamental Change Effective Date. 

“Global Preferred Certificate” shall have the meaning set forth in Section 21(a). 

“Global Preferred Share” shall have the meaning set forth in Section 21(a). 

“Holder” means each Person in whose name shares of Mandatory Convertible Preferred Stock are registered, who shall be treated
by the Corporation and the Registrar as the absolute owner of those shares of Mandatory Convertible Preferred Stock for the purpose of making payment and settling conversions and for all other purposes. 

“Initial Issue Date” means May 21, 2019, the first original issue date of shares of the Mandatory Convertible Preferred
Stock. 
 “Initial Price” means $50.00, divided by the Maximum Conversion Rate, which quotient is initially equal to
$14.00. 
 “Junior Stock” means (i) the Common Stock and (ii) each other class or series of capital stock of the
Corporation established after the Initial Issue Date, the terms of which do not expressly provide that such class or series ranks (x) senior to the Mandatory Convertible Preferred Stock as to dividend rights or distribution rights upon the
Corporation’s liquidation, winding-up or dissolution or (y) on parity with the Mandatory Convertible Preferred Stock as to dividend rights or distribution rights upon the Corporation’s
liquidation, winding-up or dissolution; provided that for the avoidance of doubt, the Junior Stock does not include the Existing Junior Convertible Preferred Stock. 

  
 5 

 “Liquidation Dividend Amount” shall have the meaning set forth in
Section 5(a). 
 “Liquidation Preference” means, as to Mandatory Convertible Preferred Stock, $50.00 per share. 

“Mandatory Conversion” shall have the meaning set forth in Section 8(a). 

“Mandatory Conversion Additional Conversion Amount” shall have the meaning set forth in Section 8(c)(i). 

“Mandatory Conversion Date” means the second Business Day immediately following the last Trading Day of the Settlement
Period. The Mandatory Conversion Date is expected to be May 15, 2022. If the Mandatory Conversion Date occurs after May 15, 2022 (whether because a Scheduled Trading Day during the Settlement Period is not a Trading Day due to the
occurrence of a Market Disruption Event or otherwise), no interest or other amounts will accrue as a result of such postponement. 

“Mandatory Conversion Rate” shall have the meaning set forth in Section 8(b). 

“Mandatory Convertible Preferred Stock” shall have the meaning set forth in Section 1 of this Certificate of
Designations. 
 “Market Disruption Event” means (i) a failure by the Relevant Stock Exchange to open for trading
during its regular trading session; or (ii) the occurrence or existence, prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common Stock, for more than a one half-hour period in the aggregate during regular trading
hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the Relevant Stock Exchange or otherwise) in the Common Stock. 

“Maximum Conversion Rate” shall have the meaning set forth in Section 8(b)(iii). 

“Minimum Conversion Rate” shall have the meaning set forth in Section 8(b)(i). 

“Nonpayment” shall have the meaning set forth in Section 7(b)(i). 

“Nonpayment Remedy” shall have the meaning set forth in Section 7(b)(iii). 

“NYSE” means The New York Stock Exchange. 

“Officer” means the Chief Executive Officer, the Chief Financial Officer, the President, any Executive Vice President, any
Senior Vice President, any Vice President, any Assistant Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Corporation. 

“open of business” means 9:00 a.m., New York City time. 

“Parity Stock” means any class or series of capital stock of the Corporation established after the Initial Issue Date, the
terms of which expressly provide that such class or series shall rank on parity with the Mandatory Convertible Preferred Stock as to dividend rights and distribution rights upon the Corporation’s liquidation,
winding-up or dissolution. 
 “Permitted Holder” means each of New Mountain
Capital, LLC and its affiliates (including the funds, partnerships or other co-investment vehicles managed, advised or controlled thereby but other than, in each case, any portfolio company); provided
that no such investor shall constitute a Permitted Holder if all such investors, collectively, have, directly or indirectly, beneficial ownership of more than
662⁄3% of the total voting power in the aggregate of all classes of capital stock then outstanding entitled to vote generally in elections of directors of the
Corporation. 

  
 6 

 “Person” means any individual, partnership, firm, corporation, limited
liability company, business trust, joint stock company, trust, unincorporated association, joint venture, governmental authority or other entity of whatever nature. 

“Preferred Stock” shall have the meaning set forth in Section 1 of this Certificate of Designations. 

“Preferred Stock Directors” shall have the meaning set forth in Section 7(b)(i). 

“Pricing Committee” shall have the meaning set forth in the recitals. 

“Prospectus” means the prospectus dated May 16, 2019, relating to the offering and sale of the Mandatory Convertible
Preferred Stock. 
 “Record Date” means, with respect to any dividend, distribution or other transaction or event in which
the holders of the Common Stock (or other applicable security) have the right to receive any cash, securities or other property or in which the Common Stock (or such other security) is exchanged for or converted into any combination of cash,
securities or other property, the date fixed for determination of holders of the Common Stock (or such other security) entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors or a duly
authorized committee thereof, statute, contract or otherwise). 
 “Record Holder” means, with respect to any Dividend
Payment Date, a Holder of record of the Mandatory Convertible Preferred Stock as such Holder appears on the stock register of the Corporation at the close of business on the related Regular Record Date. 

“Registrar” initially means American Stock Transfer & Trust Company, LLC, the Corporation’s duly appointed
registrar for Mandatory Convertible Preferred Stock and any successor appointed under Section 16. 
 “Regular Record
Date” means, with respect to any Dividend Payment Date, the February 1, May 1, August 1 and November 1, as the case may be, immediately preceding the relevant Dividend Payment Date. These Regular Record Dates shall apply
regardless of whether a particular Regular Record Date is a Business Day. 
 “Relevant Stock Exchange” means NYSE or, if
the Common Stock is not then listed on NYSE, on the principal other U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange,
on the principal other market on which the Common Stock is then listed or admitted for trading. 
 “Reorganization Event”
shall have the meaning set forth in Section 15. 
 “Scheduled Trading Day” means any day that is scheduled to be a
Trading Day. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
thereunder. 
 “Senior Stock” means the Existing Senior Preferred Stock, the Existing Junior Convertible Preferred Stock
and each class or series of capital stock of the Corporation established after the Initial Issue Date, the terms of which expressly provide that such class or series shall rank senior to the Mandatory Convertible Preferred Stock as to dividend
rights or distribution rights upon the Corporation’s liquidation, winding-up or dissolution. 

“Settlement Period” means the 20 consecutive Trading Day period beginning on, and including, the 21st Scheduled Trading Day
immediately preceding May 15, 2022. 
 “Share Dilution Amount” means the increase in the number of diluted shares of
Common Stock outstanding (determined in accordance with accounting principles generally accepted in the United States of America, and as measured from the Initial Issue Date) resulting from the grant, vesting or exercise of equity-based compensation
to directors, employees and agents and equitably adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction. 

  
 7 

 “Shelf Registration Statement” means a shelf registration statement filed
with the Securities and Exchange Commission in connection with the issuance of, or for resales of, shares of Common Stock issued as payment of a dividend on shares of the Mandatory Convertible Preferred Stock, including dividends paid in connection
with a conversion. 
 “Spin-Off” means a payment of a dividend or other
distribution on the Common Stock of shares of capital stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Corporation that are, or, when issued, will be, listed or admitted for
trading on a U.S. national securities exchange. 
 “Subsidiary” means, with respect to any Person, any corporation,
association, partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote
in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or
more Subsidiaries of such Person. 
 “Threshold Appreciation Price” means $50.00, divided by the Minimum Conversion
Rate, which quotient is initially equal to approximately $16.45. 
 “Trading Day” means a day on which (i) there is no
Market Disruption Event and (ii) trading in Common Stock generally occurs on the Relevant Stock Exchange; provided that if the Common Stock is not listed or admitted for trading, “Trading Day” means any Business Day.

 “Transfer Agent” shall initially mean American Stock Transfer & Trust Company, LLC, the Corporation’s duly
appointed transfer agent for Mandatory Convertible Preferred Stock and any successor appointed under Section 16. 
 “Trigger
Event” shall have the meaning set forth in Section 14(a)(iii). 
 “Unit of Exchange Property” shall have the
meaning set forth in Section 15. 
 “Valuation Period” shall have the meaning set forth in Section 14(a)(iii).

 “Voting Preferred Stock” means any other class or series of Preferred Stock, other than the Mandatory Convertible
Preferred Stock, ranking equally with the Mandatory Convertible Preferred Stock as to dividends and to the distribution of assets upon liquidation, dissolution or winding-up and upon which like voting powers
for the election of directors have been conferred and are exercisable. 
 “VWAP” per share of Common Stock on any Trading
Day means the per share volume-weighted average price as displayed on Bloomberg page “AVTR<EQUITY>AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading
until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is not available, the market value per share of Common Stock on such Trading Day as determined, using a volume-weighted
average method, by a nationally recognized independent investment banking firm retained by the Corporation for this purpose). 

“Wholly-Owned Subsidiary” means, with respect to any Person, any Subsidiary of such Person, except that, solely for purposes
of this definition, the reference to “more than 50%” in the definition of “Subsidiary” shall be deemed to be replaced by a reference to “100%”. 

Section 4. Dividends. 

(a) Rate. Subject to the rights of holders of any class or series of Senior Stock, Holders shall be entitled to receive, when, as and
if declared by the Board of Directors, or an authorized committee thereof, out of funds of the Corporation legally available for payment, in the case of dividends paid in cash, and shares of Common Stock legally permitted to be issued, in the case
of dividends paid in shares of Common Stock, cumulative dividends at the rate per annum of 6.250% of the Liquidation Preference per share of the Mandatory Convertible Preferred 

  
 8 

 
Stock (the “Dividend Rate”) (equivalent to $3.125 per annum per share), payable in cash, by delivery of shares of Common Stock or through any combination of cash and shares of
Common Stock pursuant to Section 4(c), as determined by the Corporation in its sole discretion (subject to the limitations set forth in Section 4(e)). 

If declared, dividends on the Mandatory Convertible Preferred Stock shall be payable quarterly on each Dividend Payment Date at such annual
rate, and dividends shall accumulate from the most recent date as to which dividends shall have been paid or, if no dividends have been paid, from the Initial Issue Date, whether or not in any Dividend Period or Dividend Periods there have been
funds legally available or shares of Common Stock legally permitted for the payment of such dividends. 
 If declared, dividends shall be
payable on the relevant Dividend Payment Date to Record Holders on the immediately preceding Regular Record Date, whether or not such Record Holders early convert their shares of Mandatory Convertible Preferred Stock, or such shares are
automatically converted, after a Regular Record Date and on or prior to the immediately succeeding Dividend Payment Date; provided that the Regular Record Date for any such dividend shall not precede the date on which such dividend was so
declared. If a Dividend Payment Date is not a Business Day, payment shall be made on the next succeeding Business Day, without any interest or other payment in lieu of interest accruing with respect to this delay. 

The amount of dividends payable on each share of Mandatory Convertible Preferred Stock for each full Dividend Period (subsequent to the
initial Dividend Period) shall be computed by dividing the Dividend Rate by four. Dividends payable on Mandatory Convertible Preferred Stock for the initial Dividend Period and any other partial Dividend Period shall be computed based upon the
actual number of days elapsed during such period over a 360-day year (consisting of twelve 30-day months). Accumulated dividends on shares of the Mandatory Convertible
Preferred Stock shall not bear interest, nor shall additional dividends be payable thereon, if they are paid subsequent to the applicable Dividend Payment Date. 

No dividend shall be paid unless and until the Board of Directors, or an authorized committee of the Board of Directors, declares a dividend
payable with respect to the Mandatory Convertible Preferred Stock. No dividend shall be declared or paid upon, or any sum of cash or number of shares of Common Stock set apart for the payment of dividends upon, any outstanding shares of Mandatory
Convertible Preferred Stock with respect to any Dividend Period unless all dividends for all preceding Dividend Periods have been declared and paid upon, or a sufficient sum of cash or number of shares of Common Stock has been set apart for the
payment of such dividends upon, all outstanding shares of Mandatory Convertible Preferred Stock. 
 Holders shall not be entitled to any
dividends on Mandatory Convertible Preferred Stock, whether payable in cash, property or shares of Common Stock, in excess of full cumulative dividends. 

Except as described in this Section 4(a), dividends on shares of Mandatory Convertible Preferred Stock converted to Common Stock shall
cease to accumulate, and all other rights of Holders will terminate, from and after the applicable Conversion Date. 
 (b) Priority of
Dividends. So long as any share of Mandatory Convertible Preferred Stock remains outstanding, no dividend or distribution shall be declared or paid on the Common Stock or any other class or series of Junior Stock, and no Common Stock or any
other class or series of Junior Stock shall be purchased, redeemed or otherwise acquired for consideration by the Corporation or any of its Subsidiaries unless, in each case, all accumulated and unpaid dividends for all preceding Dividend Periods
have been declared and paid in full in cash, shares of the Common Stock or a combination thereof, or a sufficient sum of cash or number of shares of the Common Stock has been set apart for the payment of such dividends, on all outstanding shares of
Mandatory Convertible Preferred Stock. The foregoing limitation shall not apply to: 
 (i) any dividend or distribution
payable in shares of Common Stock or other Junior Stock, together with cash in lieu of any fractional share; 
 (ii)
purchases, redemptions or other acquisitions of Common Stock or other Junior Stock in connection with the administration of any benefit or other incentive plan, including any employment contract, in the ordinary course of business, including,
without limitation, (x) purchases to offset the Share 

  
 9 

 
Dilution Amount pursuant to a publicly announced repurchase plan, provided that any purchases to offset the Share Dilution Amount shall in no event exceed the Share Dilution Amount,
(y) the forfeiture of unvested shares of restricted stock or share withholding or other acquisitions or surrender of shares to which the holder may otherwise be entitled upon exercise, delivery or vesting of equity awards (whether in payment of
applicable taxes, the exercise price or otherwise), and (z) the payment of cash in lieu of fractional shares; 
 (iii)
purchases or deemed purchases or acquisitions of fractional interests in shares of any of our Existing Junior Convertible Preferred Stock, Common Stock or other Junior Stock pursuant to the conversion or exchange provisions of such shares of
Existing Junior Convertible Preferred Stock, other Junior Stock or any securities exchangeable for or convertible into shares of Common Stock or other Junior Stock; 

(iv) any dividends or distributions of rights or Common Stock or other Junior Stock in connection with a stockholders’
rights plan or any redemption or repurchase of rights pursuant to any stockholders’ rights plan; 
 (v) purchases of
Common Stock or other Junior Stock pursuant to a contractually binding requirement to buy Common Stock or other Junior Stock, including under a contractually binding stock repurchase plan, in each case, existing prior to the date of the Prospectus;

 (vi) the acquisition by the Corporation or any of its Subsidiaries of record ownership in Common Stock or other Junior
Stock or Parity Stock for the beneficial ownership of any other persons (other than the Corporation or any of its Subsidiaries), including as trustees or custodians, and the payment of cash in lieu of fractional shares; and 

(vii) the exchange or conversion of Junior Stock for or into other Junior Stock or of Parity Stock for or into other Parity
Stock (with the same or lesser aggregate liquidation preference) or Junior Stock and, in each case, the payment of cash in lieu of fractional shares. 

When dividends on shares of the Mandatory Convertible Preferred Stock (i) have not been declared and paid in full on any Dividend
Payment Date, or (ii) have been declared but a sum of cash or number of shares of Common Stock sufficient for payment thereof has not been set aside for the benefit of the Holders thereof on the applicable Regular Record Date, no dividends may
be declared or paid on any shares of Parity Stock unless dividends are declared on the shares of Mandatory Convertible Preferred Stock such that the respective amounts of such dividends declared on the shares of Mandatory Convertible Preferred Stock
and such shares of Parity Stock shall be allocated pro rata among the Holders of the shares of the Mandatory Convertible Preferred Stock and the holders of any shares of Parity Stock then outstanding. For purposes of calculating the pro rata
allocation of partial dividend payments, the Corporation shall allocate those payments so that the respective amounts of those payments for the declared dividend bear the same ratio to each other as all accumulated dividends and all declared and
unpaid dividends per share on the shares of Mandatory Convertible Preferred Stock and such shares of Parity Stock bear to each other (subject to their having been declared by the Board of Directors, or an authorized committee thereof, out of legally
available funds); provided that any unpaid dividends on the Mandatory Convertible Preferred Stock will continue to accumulate, except as described in Section 4(e), 8(c), 9(b) and 10(d)(iii). For purposes of this calculation, with respect
to non-cumulative Parity Stock, the Corporation shall use the full amount of dividends that would be payable for the most recent dividend period if dividends were declared in full on such non-cumulative Parity Stock. 
 Subject to the foregoing, and not otherwise, such dividends as may be
determined by the Board of Directors, or an authorized committee thereof, may be declared and paid (payable in cash, securities or other property) on any securities, including Common Stock and other Junior Stock, from time to time out of any funds
legally available for such payment, and Holders shall not be entitled to participate in any such dividends. 
 (c) Method of Payment of
Dividends. (i) Subject to the limitations set forth in Section 4(e), the Corporation may pay any declared dividend (or any portion of any declared dividend) on the shares of Mandatory Convertible Preferred Stock (whether or not for a
current Dividend Period or any prior Dividend Period, including in connection with the payment of declared and unpaid dividends pursuant to Section 8 or Section 10), as determined in the Corporation’s sole discretion: 

  
 10 

 (A) in cash; 

(B) by delivery of shares of Common Stock; or 

(C) through any combination of cash and shares of Common Stock. 

(ii) The Corporation shall make each payment of a declared dividend on the shares of Mandatory Convertible Preferred Stock in
cash, except to the extent the Corporation elects to make all or any portion of such payment in shares of Common Stock. The Corporation shall give notice to Holders of any such election, and the portion of such payment that will be made in cash and
the portion that will be made in shares of Common Stock, no later than 10 Scheduled Trading Days prior to the Dividend Payment Date for such dividend, provided that if the Corporation does not provide timely notice of this election, the
Corporation will be deemed to have elected to pay the relevant dividend in cash. 
 (iii) All cash payments to which a Holder
is entitled in connection with a declared dividend on the shares of Mandatory Convertible Preferred Stock will be computed to the nearest cent. If the Corporation elects to make any such payment of a declared dividend, or any portion thereof, in
shares of Common Stock, such shares shall be valued for such purpose, in the case of any dividend payment or portion thereof, at 97% of the Average VWAP per share of Common Stock over the five consecutive Trading Day period beginning on, and
including, the seventh Scheduled Trading Day prior to the applicable Dividend Payment Date (such average, the “Average Price”). If the five Trading Day period to determine the Average Price ends on or after the relevant Dividend
Payment Date (whether because a Scheduled Trading Day is not a Trading Day due to the occurrence of a Market Disruption Event or otherwise), then the Dividend Payment Date will be postponed until the third Business Day after the final Trading Day of
such five Trading Day period, provided that no interest or other amounts will accrue as a result of such postponement. 
 (d) No
fractional shares of Common Stock shall be delivered to the Holders in payment or partial payment of a dividend. The Corporation shall instead, to the extent the Corporation is legally permitted to do so, pay a cash amount (computed to the nearest
cent) to each Holder that would otherwise be entitled to receive a fraction of a share of Common Stock based on the Average Price with respect to such dividend. 

(e) Notwithstanding the foregoing, in no event shall the number of shares of Common Stock delivered in connection with any declared dividend,
including any declared dividend payable in connection with a conversion, exceed a number equal to: 
 (i) the declared
dividend, divided by 
 (ii) $4.90, subject to adjustment in a manner inversely proportional to any anti-dilution
adjustment to each Fixed Conversion Rate as provided in Section 14 (such dollar amount, as adjusted, the “Floor Price”). 
 To the
extent that the amount of any declared dividend exceeds the product of (x) the number of shares of Common Stock delivered in connection with such declared dividend as limited by Section 4(e) and (y) 97% of the Average Price, the
Corporation shall, if it is legally able to do so, and to the extent permitted under the terms of the documents governing the Corporation’s indebtedness, notwithstanding any notice by the Corporation to the contrary, pay such excess amount in
cash (computed to the nearest cent). Any such payment in cash may not be permitted by the Corporation’s then existing debt instruments. To the extent that the Corporation is not able to pay such excess amount in cash under applicable law and in
compliance with its indebtedness, the Corporation shall not have any obligation to pay such amount in cash or deliver additional shares of Common Stock in respect of such amount, and such amount will not form a part of the cumulative dividends that
may be deemed to accumulate on the shares of Mandatory Convertible Preferred Stock. 

  
 11 

 (f) To the extent that a Shelf Registration Statement is required in the Corporation’s
reasonable judgment in connection with the issuance of, or for resales of, Common Stock issued as payment of a dividend on the shares of Mandatory Convertible Preferred Stock, including dividends paid in connection with a conversion, the Corporation
shall, to the extent a registration statement covering such shares is not currently filed and effective, use its commercially reasonable efforts to file and maintain the effectiveness of such a Shelf Registration Statement until the earlier of such
time as all such shares of Common Stock have been resold thereunder and such time as all such shares would be freely tradable without registration by holders thereof that are not (and were not at any time during the preceding three months)
“affiliates” of the Corporation for purposes of the Securities Act. To the extent applicable, the Corporation shall also use its commercially reasonable efforts to have such shares of the Common Stock approved for listing on NYSE (or if
the Common Stock is not listed on NYSE, on the principal other U.S. national or regional securities exchange on which the Common Stock is then listed), and qualified or registered under applicable state securities laws, if required; provided
that the Corporation will not be required to qualify as a foreign corporation or to take any action that would subject it to general service of process in any such jurisdiction where it is not presently qualified or where it is not presently subject
to taxation as a foreign corporation and such qualification or action would subject it to such taxation. 

Section 5. Liquidation, Dissolution or Winding Up. (a) In the event of any voluntary or
involuntary liquidation, winding-up or dissolution of the Corporation, each Holder shall be entitled to receive, per share of Mandatory Convertible Preferred Stock, the Liquidation Preference of $50.00 per
share of the Mandatory Convertible Preferred Stock, plus an amount (the “Liquidation Dividend Amount”) equal to accumulated and unpaid dividends on such share, whether or not declared, to, but excluding, the date fixed for
liquidation, winding-up or dissolution to be paid out of the assets of the Corporation legally available for distribution to its stockholders, after satisfaction of debt and other liabilities owed to the
Corporation’s creditors and holders of shares of any Senior Stock and before any payment or distribution is made to holders of any Junior Stock, including, without limitation, Common Stock. 

(b) If, upon the voluntary or involuntary liquidation, winding-up or dissolution of the Corporation,
the amounts payable with respect to (1) the Liquidation Preference plus the Liquidation Dividend Amount on the shares of the Mandatory Convertible Preferred Stock and (2) the liquidation preference of, and the amount of accumulated and
unpaid dividends to, but excluding, the date fixed for liquidation, dissolution or winding up, on all Parity Stock, if applicable, are not paid in full, the Holders and all holders of any such Parity Stock shall share equally and ratably in any
distribution of the Corporation’s assets in proportion to their respective liquidation preferences and amounts equal to the accumulated and unpaid dividends to which they are entitled. 

(c) After the payment to any Holder of the full amount of the Liquidation Preference and the Liquidation Dividend Amount for such
Holder’s shares of Mandatory Convertible Preferred Stock, such Holder shall have no right or claim to any of the remaining assets of the Corporation. 

(d) Neither the sale, lease nor exchange of all or substantially all of Corporation’s assets or business (other than in connection with
the liquidation, winding-up or dissolution of the Corporation), nor its merger or consolidation into or with any other Person, shall be deemed to be the voluntary or involuntary liquidation, winding-up or dissolution of the Corporation. 
 Section 6. No Redemption;
No Sinking Fund. 
 The Mandatory Convertible Preferred Stock shall not be subject to any redemption, sinking fund or other similar
provisions. However, at the Corporation’s option, it may purchase or exchange the Mandatory Convertible Preferred Stock from time to time in the open market, by tender or exchange offer or otherwise, without the consent of, or notice to,
Holders. 
 Section 7. Voting Powers. 

(a) General. Holders shall not have any voting rights or powers other than those set forth in this Section 7, except as
specifically required by Delaware law or by the Charter from time to time. 

  
 12 

 (b) Right to Elect Two Directors Upon Nonpayment. (i) Whenever dividends on any
shares of the Mandatory Convertible Preferred Stock have not been declared and paid for the equivalent of six or more Dividend Periods, whether or not for consecutive Dividend Periods (a “Nonpayment”), the authorized number of
directors on the Board of Directors shall, at the Corporation’s next annual meeting of the stockholders or at a special meeting of stockholders as provided below, automatically be increased by two and Holders, voting together as a single class
with holders of any and all other series of Voting Preferred Stock then outstanding, shall be entitled, at the Corporation’s next annual meeting of stockholders or at a special meeting of stockholders, if any, as provided below, to vote for the
election of a total of two additional members of the Board of Directors (the “Preferred Stock Directors”); provided that the election of any such Preferred Stock Directors will not cause the Corporation to violate the
corporate governance requirements of NYSE (or any other exchange or automated quotation system on which the Corporation’s securities may be listed or quoted) that requires listed or quoted companies to have a majority of independent directors;
and provided further that the Board of Directors shall, at no time, include more than two Preferred Stock Directors. 

(ii) In the event of a Nonpayment, the holders of record of at least 25% of the shares of the Mandatory Convertible Preferred
Stock and any other series of Voting Preferred Stock may request that a special meeting of stockholders be called to elect such Preferred Stock Directors (provided, however, that if the next annual or a special meeting of stockholders
is scheduled to be held within 90 days of the receipt of such request, the election of such Preferred Stock Directors, to the extent otherwise permitted by the By-Laws, shall, instead, be included in the
agenda for, and shall be held at, such scheduled annual or special meeting of stockholders). The Preferred Stock Directors shall stand for reelection annually, at each subsequent annual meeting of the stockholders, so long as the Holders continue to
have such voting powers. At any meeting at which the Holders are entitled to elect Preferred Stock Directors, the holders of record of a majority in voting power of the then outstanding shares of Mandatory Convertible Preferred Stock and all other
series of Voting Preferred Stock, present in person or represented by proxy, shall constitute a quorum and the vote of the holders of a majority in voting power of such shares of Mandatory Convertible Preferred Stock and other Voting Preferred Stock
so present or represented by proxy at any such meeting at which there shall be a quorum shall be sufficient to elect the Preferred Stock Directors. Whether a plurality, majority or other portion in voting power of Mandatory Convertible Preferred
Stock and any other Voting Preferred Stock have been voted in favor of any matter shall be determined by reference to the respective liquidation preference amounts of the Mandatory Convertible Preferred Stock and such other Voting Preferred Stock
voted. 
 (iii) If and when all accumulated and unpaid dividends on the Mandatory Convertible Preferred Stock have been paid
in full, or declared and a sum or number of shares of the Common Stock sufficient for such payment shall have been set aside for the benefit of the Holders thereof on the applicable Regular Record Date (a “Nonpayment Remedy”), the
Holders shall immediately and, without any further action by the Corporation, be divested of the voting powers described in this Section 7(b), subject to the revesting of such powers in the event of each subsequent Nonpayment. If such voting
powers for the Holders and all other holders of Voting Preferred Stock shall have terminated, each Preferred Stock Director then in office shall automatically be disqualified as a director and shall no longer be a director and the term of office of
each such Preferred Stock Director so elected shall terminate at such time and the authorized number of directors on the Board of Directors shall automatically decrease by two. 

(iv) Any Preferred Stock Director may be removed at any time, with or without cause, by the holders of record of a
majority in voting power of the outstanding shares of the Mandatory Convertible Preferred Stock and any other series of Voting Preferred Stock then outstanding (voting together as a single class), when they have the voting powers described in this
Section 7(b). In the event that a Nonpayment shall have occurred and there shall not have been a Nonpayment Remedy, any vacancy in the office of a Preferred Stock Director (other than prior to the initial election of Preferred Stock Directors
after a Nonpayment) may be filled by the written consent of the Preferred Stock Director remaining in office, except in the event that such vacancy is created as a result of such Preferred Stock Director being removed, or if no Preferred Stock
Director remains in office, such vacancy may be filled by a vote of the holders of record of a majority in voting power of the outstanding shares of the Mandatory Convertible Preferred Stock and any other series of Voting Preferred Stock then
outstanding (voting together as a single class) when they have the voting powers described in this Section 7(b); provided that the election of any such 

  
 13 

 
Preferred Stock Directors to fill such vacancy will not cause the Corporation to violate the corporate governance requirements of NYSE (or any other exchange or automated quotation system on
which the Corporation’s securities may be listed or quoted) that requires listed or quoted companies to have a majority of independent directors. The Preferred Stock Directors shall each be entitled to one vote per director on any matter that
shall come before the Board of Directors for a vote. 
 (c) Other Voting Powers. So long as any shares of the Mandatory Convertible
Preferred Stock are outstanding, the Corporation shall not, without the affirmative vote or consent of the holders of record of at least two-thirds in voting power of the outstanding shares of the Mandatory
Convertible Preferred Stock and all other series of Voting Preferred Stock at the time outstanding and entitled to vote thereon (subject to the last paragraph of this Section 7(c)), voting together as a single class, given in person or by
proxy, either in writing without a meeting or by vote at an annual or special meeting of such stockholders: 
 (i) amend or
alter the provisions of the Charter so as to authorize or create, or increase the authorized number of, any class or series of Senior Stock; 

(ii) amend, alter or repeal the provisions of the Charter or the Certificate of Designations so as to adversely affect the
special rights, preferences or voting powers of the Mandatory Convertible Preferred Stock; or 
 (iii) consummate a binding
share exchange or reclassification involving the shares of the Mandatory Convertible Preferred Stock or a merger or consolidation of the Corporation with another entity, unless in each case: (i) the shares of the Mandatory Convertible Preferred
Stock remain outstanding following the consummation of such binding share exchange, reclassification, merger or consolidation or, in the case of any such merger or consolidation with respect to which the Corporation is not the surviving or resulting
entity (or the Mandatory Convertible Preferred Stock is otherwise exchanged or reclassified), are converted or reclassified into or exchanged for preference securities of the surviving or resulting entity or its ultimate parent or the right to
receive such securities; and (ii) the shares of the Mandatory Convertible Preferred Stock that remain outstanding or such shares of preference securities, as the case may be, have such rights, preferences and voting powers that, taken as a
whole, are not materially less favorable to the holders thereof than the rights, preferences and voting powers, taken as a whole, of the Mandatory Convertible Preferred Stock immediately prior to the consummation of such transaction; 

provided, however, that in the event a transaction would trigger voting powers under clauses (ii) and (iii) above, clause
(iii) shall govern; provided, further, however, that for all purposes of this Section 7(c): 
  

	 	(1)	 any increase in the number of the Corporation’s authorized but unissued shares of Preferred Stock,

  

	 	(2)	 any increase in the number of the authorized or issued shares of Mandatory Convertible Preferred Stock, or

  

	 	(3)	 the creation and issuance, or increase in the authorized or issued number, of any class or series of Parity
Stock or Junior Stock, 

 shall be deemed not to adversely affect (or to otherwise cause to be materially less favorable) the rights,
preferences or voting powers of the Mandatory Convertible Preferred Stock and shall not require the affirmative vote or consent of Holders. 

If any amendment, alteration, repeal, share exchange, reclassification, merger or consolidation specified in this Section 7(c) would
adversely affect the rights, preferences or voting powers of one or more but not all series of Voting Preferred Stock (including the Mandatory Convertible Preferred Stock for this purpose), then only the series of Voting Preferred Stock the rights,
preferences and voting powers of which are adversely affected and entitled to vote shall vote as a class in lieu of all other series of Voting Preferred Stock. 

(d) Without the consent of the Holders, so long as such action does not adversely affect the special rights, preferences or voting powers of
the Mandatory Convertible Preferred Stock, and limitations and restrictions thereof, the Corporation may amend, alter, supplement or repeal any terms of the Mandatory Convertible Preferred Stock for the following purposes: 

  
 14 

	 	(i)	 to cure any ambiguity, omission or mistake, or to correct or supplement any provision contained in the
Certificate of Designations that may be defective or inconsistent with any other provision contained in the Certificate of Designations; 

  

	 	(ii)	 to make any provision with respect to matters or questions relating to the Mandatory Convertible Preferred
Stock that is not inconsistent with the provisions of the Charter or the Certificate of Designations; or 

  

	 	(iii)	 to make any other change that does not adversely affect the rights of any Holder (other than any Holder that
consents to such change). 

 In addition, without the consent of the Holders, the Corporation may amend, alter, supplement
or repeal any terms of the Mandatory Convertible Preferred Stock in order to (x) conform the terms thereof to the description of the terms of the Mandatory Convertible Preferred Stock set forth in the Prospectus or (y) file a certificate
of correction with respect to the Certificate of Designations to the extent permitted by Section 103(f) of the Delaware General Corporation Law. 

(e) Prior to the close of business on the applicable Conversion Date, the shares of Common Stock issuable upon conversion of any shares of the
Mandatory Convertible Preferred Stock shall not be deemed to be outstanding for any purpose and Holders shall have no rights, powers or preferences with respect to such shares of Common Stock, including voting powers (including the power to vote on
any amendment to the Charter that would adversely affect the rights, powers or preferences of the Common Stock), rights to respond to tender offers for the Common Stock and rights to receive any dividends or other distributions on the Common Stock,
by virtue of holding the Mandatory Convertible Preferred Stock. 
 (f) The number of votes that each share of Mandatory Convertible
Preferred Stock and any Voting Preferred Stock participating in the votes set forth in this Section 7 shall have and shall be in proportion to the liquidation preference of such share. 

(g) The rules and procedures for calling and conducting any meeting of the Holders (including, without limitation, the fixing of a record date
in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining of written consents and any other procedural aspect or matter with regard to such a meeting or such consents shall be governed by any rules the Board of
Directors, in its discretion, may adopt from time to time, which rules and procedures shall conform to the requirements of the Charter, the By-Laws, applicable law and the rules of any national securities
exchange or other trading facility on which the Mandatory Convertible Preferred Stock is listed or traded at the time. 

Section 8. Mandatory Conversion on the Mandatory Conversion Date. (a) Each outstanding share of
the Mandatory Convertible Preferred Stock shall automatically convert (unless previously converted in accordance with Section 9 or Section 10) on the Mandatory Conversion Date (“Mandatory Conversion”), into a number of
shares of Common Stock equal to the Mandatory Conversion Rate. 
 (b) The “Mandatory Conversion Rate” shall, subject to
adjustment in accordance with Section 8(c), be as follows: 
 (i) if the Applicable Market Value is greater than the
Threshold Appreciation Price, then the Mandatory Conversion Rate shall be equal to 3.0395 shares of Common Stock per share of the Mandatory Convertible Preferred Stock (the “Minimum Conversion Rate”); 

(ii) if the Applicable Market Value is less than or equal to the Threshold Appreciation Price but equal to or greater than the
Initial Price, then the Mandatory Conversion Rate per share of the Mandatory Convertible Preferred Stock shall be equal to $50.00 divided by the Applicable Market Value, rounded to the nearest
ten-thousandth of a share of Common Stock; or 

  
 15 

 (iii) if the Applicable Market Value is less than the Initial Price, then
the Mandatory Conversion Rate shall be equal to 3.5714 shares of Common Stock per share of the Mandatory Convertible Preferred Stock (the “Maximum Conversion Rate”); 

provided that the Fixed Conversion Rates are each subject to adjustment in accordance with the provisions of Section 14. 

(c) If the Corporation declares a dividend on the Mandatory Convertible Preferred Stock for the Dividend Period ending on, but excluding,
May 15, 2022, the Corporation shall pay such dividend to the Record Holders as of the immediately preceding Regular Record Date, in accordance with Section 4 and subject to the limitations set forth therein. If on or prior to May 15,
2022, the Corporation has not declared all or any portion of the accumulated and unpaid dividends on the Mandatory Convertible Preferred Stock, the Mandatory Conversion Rate shall be adjusted so that Holders receive an additional number of shares of
Common Stock equal to: 
 (i) the amount of such undeclared, accumulated and unpaid dividends per share of the Mandatory
Convertible Preferred Stock (the “Mandatory Conversion Additional Conversion Amount”), divided by 

(ii) the greater of (x) the Floor Price and (y) 97% of the Average Price (calculated using May 15, 2022 as the
applicable Dividend Payment Date). 
 To the extent that the Mandatory Conversion Additional Conversion Amount exceeds the product of such number of
additional shares and 97% of the Average Price, the Corporation shall, if it is legally able to do so, and to the extent permitted under the terms of the documents governing its indebtedness, declare and pay such excess amount in cash (computed to
the nearest cent) pro rata per share to the Holders. Any such payment in cash may not be permitted by the Corporation’s then existing debt instruments. To the extent that the Corporation is not able to pay such excess amount in cash
under applicable law and in compliance with its indebtedness, the Corporation shall not have any obligation to pay such amount in cash or deliver additional shares of Common Stock in respect of such amount, and such amount will not form a part of
the cumulative dividends that may be deemed to accumulate on the shares of Mandatory Convertible Preferred Stock. 

Section 9. Early Conversion at the Option of the Holder. (a) Other than during a Fundamental
Change Conversion Period, subject to satisfaction of the conversion procedures set forth in Section 11, the Holders shall have the option to convert their Mandatory Convertible Preferred Stock, in whole or in part (but in no event less than one
share of the Mandatory Convertible Preferred Stock), at any time prior to May 15, 2022 (an “Early Conversion”), into shares of Common Stock at the Minimum Conversion Rate, subject to adjustment in accordance with
Section 9(b). 
 (b) If, as of any Early Conversion Date, the Corporation has not declared all or any portion of the accumulated and
unpaid dividends for all full Dividend Periods ending on a Dividend Payment Date prior to such Early Conversion Date, the Minimum Conversion Rate shall be adjusted, with respect to the relevant Early Conversion, so that the Holders converting their
Mandatory Convertible Preferred Stock at such time receive an additional number of shares of Common Stock equal to: 
 (i)
such amount of undeclared, accumulated and unpaid dividends per share of Mandatory Convertible Preferred Stock for such prior full Dividend Periods (the “Early Conversion Additional Conversion Amount”), divided by 

(ii) the greater of (x) the Floor Price and (y) the Average VWAP per share of the Common Stock over the 20
consecutive Trading Day period (the “Early Conversion Settlement Period”) commencing on, and including, the 21st Scheduled Trading Day immediately preceding the Early Conversion Date (such average being referred to as the
“Early Conversion Average Price”). 

  
 16 

 To the extent that the Early Conversion Additional Conversion Amount exceeds the product of
such number of additional shares and the Early Conversion Average Price, the Corporation shall not have any obligation to pay the shortfall in cash or deliver shares of Common Stock in respect of such shortfall. 

Except as set forth in the first sentence of this Section 9(b), upon any Early Conversion of any shares of Mandatory Convertible
Preferred Stock, the Corporation shall make no payment or allowance for unpaid dividends on such shares of the Mandatory Convertible Preferred Stock, unless such Early Conversion Date occurs after the Regular Record Date for a declared dividend and
on or prior to the immediately succeeding Dividend Payment Date, in which case the Corporation shall pay such dividend on such Dividend Payment Date to the Record Holder of the converted shares of the Mandatory Convertible Preferred Stock as of such
Regular Record Date, in accordance with Section 4. 
 Section 10. Fundamental Change
Conversion. (a) If a Fundamental Change occurs on or prior to May 15, 2022, the Holders shall have the right (the “Fundamental Change Conversion Right”) during the Fundamental Change Conversion Period to:

 (i) convert their shares of Mandatory Convertible Preferred Stock, in whole or in part (but in no event less than one
share of the Mandatory Convertible Preferred Stock) (any such conversion pursuant to this Section 10(a) being a “Fundamental Change Conversion”) into a number of shares of Common Stock (or Units of Exchange Property in
accordance with Section 15) equal to the Fundamental Change Conversion Rate per share of Mandatory Convertible Preferred Stock; 

(ii) with respect to such converted shares of Mandatory Convertible Preferred Stock, receive an amount equal to the present
value, calculated using a discount rate of 6.250% per annum, of all dividend payments on such shares (excluding any Accumulated Dividend Amount) for (a) the partial Dividend Period, if any, from, and including, the Fundamental Change Effective
Date to, but excluding, the next Dividend Payment Date and (b) all the remaining full Dividend Periods from, and including, the Dividend Payment Date following the Fundamental Change Effective Date to, but excluding, May 15, 2022 (the
“Fundamental Change Dividend Make-Whole Amount”), payable in cash or shares of Common Stock; and 
 (iii)
with respect to such converted shares of Mandatory Convertible Preferred Stock, receive the Accumulated Dividend Amount payable in cash or shares of Common Stock, 

subject in the case of clauses (ii) and (iii) to certain limitations with respect to the number of shares of Common Stock the Corporation will be
required to deliver as set forth in Section 10(d); provided, that if the Regular Record Date for a Divided Period for which the Corporation, as of the Fundamental Change Effective Date, declared a dividend occurs before or during the
related Fundamental Change Conversion Period, then the Corporation shall pay such dividend on the relevant Dividend Payment Date to the Record Holders as of such Regular Record Date, in accordance with Section 4, and the Accumulated Dividend
Amount shall not include the amount of such dividend, and the Fundamental Change Dividend Make-Whole Amount shall not include the present value of the payment of such dividend. 

(b) To exercise the Fundamental Change Conversion Right, Holders must submit their shares of Mandatory Convertible Preferred Stock for
conversion at any time during the Fundamental Change Conversion Period. Holders who do not submit their shares for conversion during the Fundamental Change Conversion Period shall not be entitled to convert their Mandatory Convertible Preferred
Stock at the relevant Fundamental Change Conversion Rate or to receive the relevant Fundamental Change Dividend Make-Whole Amount or the relevant Accumulated Dividend Amount. 

The Corporation shall provide written notice (the “Fundamental Change Notice”) to Holders of the Fundamental Change Effective
Date no later than the second Business Day immediately following such Fundamental Change Effective Date. 
 The Fundamental Change Notice
shall state: 
 (i) the event causing the Fundamental Change; 

  
 17 

 (ii) the anticipated Fundamental Change Effective Date or actual Fundamental
Change Effective Date, as the case may be; 
 (iii) that Holders shall have the right to effect a Fundamental Change
Conversion in connection with such Fundamental Change during the Fundamental Change Conversion Period; 
 (iv) the
Fundamental Change Conversion Period; and 
 (v) the instructions a Holder must follow to effect a Fundamental Change
Conversion in connection with such Fundamental Change. 
 (c) Not later than the second Business Day following the Fundamental Change
Effective Date, the Corporation shall notify Holders of: 
 (i) the Fundamental Change Conversion Rate (if notice is provided
to Holders prior to the anticipated Fundamental Change Effective Date, specifying how the Fundamental Change Conversion Rate will be determined); 

(ii) the Fundamental Change Dividend Make-Whole Amount and whether the Corporation will pay such amount in cash, shares of
Common Stock (or to the extent applicable, Units of Exchange Property) or a combination thereof, specifying the combination, if applicable; and 

(iii) the Accumulated Dividend Amount as of the Fundamental Change Effective Date and whether the Corporation will pay such
amount in cash, shares of Common Stock (or to the extent applicable, Units of Exchange Property) or a combination thereof, specifying the combination, if applicable. 

(d) (i) For any shares of the Mandatory Convertible Preferred Stock that are converted during the Fundamental Change Conversion Period,
in addition to the Common Stock issued upon conversion at the Fundamental Change Conversion Rate, the Corporation shall at its option (subject to satisfaction of the requirements of this Section): 

(A) pay the Fundamental Change Dividend Make-Whole Amount in cash (computed to the nearest cent), to the extent the
Corporation is legally permitted to do so and to the extent permitted under the terms of the documents governing its indebtedness; 

(B) increase the number of shares of Common Stock (or Units of Exchange Property) to be issued upon conversion by a number
equal to (x) the Fundamental Change Dividend Make-Whole Amount, divided by (y) the greater of (i) the Floor Price and (ii) 97% of the Fundamental Change Stock Price; or 

(C) pay the Fundamental Change Dividend Make-Whole Amount through any combination of cash and shares of Common Stock (or Units
of Exchange Property) in accordance with the provisions of clauses (A) and (B) above. 
 (ii) In addition, to the
extent that the Accumulated Dividend Amount exists as of the Fundamental Change Effective Date, the converting Holder shall be entitled to receive such Accumulated Dividend Amount upon such Fundamental Change Conversion. The Corporation shall, at
its option, pay the Accumulated Dividend Amount (subject to satisfaction of the requirements of this Section): 
 (A) in
cash (computed to the nearest cent), to the extent the Corporation is legally permitted to do so and to the extent permitted under the terms of the documents governing its indebtedness; 

  
 18 

 (B) in an additional number of shares of Common Stock (or Units of Exchange
Property) equal to (x) the Accumulated Dividend Amount, divided by (y) the greater of (i) the Floor Price and (ii) 97% of the Fundamental Change Stock Price; or 

(C) through any combination of cash and shares of Common Stock (or Units of Exchange Property) in accordance with the
provisions of clauses (A) and (B) above. 
 (iii) The Corporation shall pay the Fundamental Change Dividend
Make-Whole Amount and the Accumulated Dividend Amount in cash, except to the extent the Corporation elects on or prior to the second Business Day following the relevant Fundamental Change Effective Date to make all or any portion of such payments in
shares of Common Stock (or Units of Exchange Property). If the Corporation elects to deliver Common Stock (or Units of Exchange Property) in respect of all or any portion of the Fundamental Change Dividend Make-Whole Amount or the Accumulated
Dividend Amount, to the extent that the Fundamental Change Dividend Make-Whole Amount or the Accumulated Dividend Amount or the dollar amount of any portion thereof paid in Common Stock (or Units of Exchange Property) exceeds the product of
(x) the number of additional shares the Corporation delivers in respect thereof and (y) 97% of the Fundamental Change Stock Price, the Corporation shall, if it is legally able to do, and to the extent permitted under the terms of the documents
governing its indebtedness, pay such excess amount in cash (computed to the nearest cent). Any such payment in cash may not be permitted by the Corporation’s then existing debt instruments, including any restricted payments covenants. To the
extent that the Corporation is not able to pay such excess amount in cash under applicable law and in compliance with its indebtedness, the Corporation shall not have any obligation to pay such amount in cash or deliver additional shares of Common
Stock in respect of such amount. 
 (iv) No fractional shares of Common Stock (or, to the extent applicable, Units of
Exchange Property) shall be delivered by the Corporation to converting Holders in respect of the Fundamental Change Dividend Make-Whole Amount or the Accumulated Dividend Amount. The Corporation shall instead pay a cash amount (computed to the
nearest cent) to each a converting Holder that would otherwise be entitled to receive a fraction of a share of Common Stock (or to the extent applicable, Units of Exchange Property) based on the Average VWAP per share of Common Stock (or to the
extent applicable, Units of Exchange Property) over the five consecutive Trading Day period beginning on, and including, the seventh Scheduled Trading Day immediately preceding the relevant Fundamental Change Conversion Date. 

(v) If the Corporation is prohibited from paying or delivering, as the case may be, the Fundamental Change Dividend Make-Whole
Amount (whether in cash or in shares of Common Stock), in whole or in part, due to limitations of applicable Delaware law, the Fundamental Change Conversion Rate will instead be increased by a number of shares of Common Stock equal to: 

(A) the cash amount of the aggregate unpaid and undelivered Fundamental Change Dividend Make-Whole Amount, divided by

 (B) the greater of (i) the Floor Price and (ii) 97% of the Fundamental Change Stock Price. 

To the extent that the cash amount of the aggregate unpaid and undelivered Fundamental Change Dividend Make-Whole Amount
exceeds the product of such number of additional shares and 97% of the Fundamental Change Stock Price, the Corporation shall not have any obligation to pay the shortfall in cash or deliver additional shares of Common Stock in respect of such amount.

 Section 11. Conversion Procedures. (a) Pursuant to Section 8, on the Mandatory
Conversion Date, any outstanding shares of Mandatory Convertible Preferred Stock shall mandatorily and automatically convert into shares of Common Stock. 

Subject to any applicable rules and procedures of the Depositary, if more than one share of the Mandatory Convertible Preferred Stock held by
the same Holder is automatically converted on the Mandatory Conversion Date, the number of full shares of Common Stock issuable upon conversion thereof shall be computed on the basis of the aggregate number of shares of Mandatory Convertible
Preferred Stock so converted. 

  
 19 

 A Holder of shares of the Mandatory Convertible Preferred Stock that are mandatorily
converted shall not be required to pay any transfer or similar taxes or duties relating to the issuance or delivery of the Common Stock, except that such Holder shall be required to pay any tax or duty that may be payable relating to any transfer
involved in the issuance or delivery of the Common Stock in a name other than the name of such Holder. 
 A certificate representing the
shares of Common Stock issuable upon conversion shall be issued and delivered to the converting Holder or, if the Mandatory Convertible Preferred Stock being converted are in book-entry form, the shares of Common Stock issuable upon conversion shall
be delivered to the converting Holder through book-entry transfer through the facilities of the Depositary, in each case, together with delivery by the Corporation to the converting Holder of any cash to which the converting Holder is entitled, only
after all applicable taxes and duties, if any, payable by such converting Holder have been paid in full, and such shares and cash will be delivered on the later of (i) the Mandatory Conversion Date and (ii) the Business Day after the
Holder has paid in full all applicable taxes and duties, if any. 
 The Person or Persons entitled to receive the shares of Common Stock
issuable upon Mandatory Conversion shall be treated for all purposes as the record holder(s) of such shares of Common Stock as of the close of business on the Mandatory Conversion Date. Except as provided under Section 14, prior to the
close of business on the Mandatory Conversion Date, the Common Stock issuable upon conversion of Mandatory Convertible Preferred Stock shall not be deemed to be outstanding for any purpose and Holders shall have no rights, powers or preferences with
respect to such Common Stock, including voting powers, rights to respond to tender offers and rights to receive any dividends or other distributions on the Common Stock, by virtue of holding the Mandatory Convertible Preferred Stock. 

(b) To effect an Early Conversion pursuant to Section 9, a Holder must: 

(i) complete and manually sign the conversion notice on the back of the Mandatory Convertible Preferred Stock certificate or a
facsimile of such conversion notice; 
 (ii) deliver the completed conversion notice and the certificated shares of Mandatory
Convertible Preferred Stock to be converted to the Conversion and Dividend Disbursing Agent; 
 (iii) if required, furnish
appropriate endorsements and transfer documents; and 
 (iv) if required, pay all transfer or similar taxes or duties, if
any. 
 Notwithstanding the foregoing, to effect an Early Conversion pursuant to Section 9 of shares of Mandatory Convertible Preferred Stock held in
global form, the Holder must, in lieu of the foregoing, comply with the applicable procedures of DTC (or any other Depositary for the shares of Mandatory Convertible Preferred Stock held in global form appointed by the Corporation). 

The Early Conversion shall be effective on the date on which a Holder has satisfied the foregoing requirements, to the extent applicable
(“Early Conversion Date”). 
 Subject to any applicable rules and procedures of the Depositary, if more than one share of
the Mandatory Convertible Preferred Stock is surrendered for conversion at one time by or for the same Holder, the number of full shares of Common Stock issuable upon conversion thereof shall be computed on the basis of the aggregate number of
shares of the Mandatory Convertible Preferred Stock so surrendered. 
 A Holder shall not be required to pay any transfer or similar taxes
or duties relating to the issuance or delivery of Common Stock upon conversion, but such Holder shall be required to pay any tax or duty that may be payable relating to any transfer involved in the issuance or delivery of Common Stock in a name
other than the name of such Holder. 

  
 20 

 A certificate representing the shares of Common Stock issuable upon conversion shall be
issued and delivered to the converting Holder or, if the Mandatory Convertible Preferred Stock being converted are in book-entry form, the shares of Common Stock issuable upon conversion shall be delivered to the converting Holder through book-entry
transfer through the facilities of the Depositary, in each case, together with delivery by the Corporation to the converting Holder of any cash to which the converting Holder is entitled, only after all applicable taxes and duties, if any, payable
by such converting Holder have been paid in full, and such shares and cash will be delivered on the latest of (i) the second Business Day immediately succeeding the Early Conversion Date, (ii) if applicable, the second Business Day
immediately succeeding the last day of the Early Conversion Settlement Period, and (iii) the Business Day after the Holder has paid in full all applicable taxes and duties, if any. 

The Person or Persons entitled to receive the shares of Common Stock issuable upon Early Conversion shall be treated for all purposes as the
record holder(s) of such shares of Common Stock as of the close of business on the applicable Early Conversion Date. Except as set forth in Section 14, prior to the close of business on such applicable Early Conversion Date, the shares of
Common Stock issuable upon conversion of any shares of Mandatory Convertible Preferred Stock shall not be deemed to be outstanding for any purpose, and Holders shall have no rights, powers or preferences with respect to such shares of Common Stock,
including voting powers, rights to respond to tender offers for the Common Stock and rights to receive any dividends or other distributions on the Common Stock, by virtue of holding shares of Mandatory Convertible Preferred Stock. 

In the event that an Early Conversion is effected with respect to shares of Mandatory Convertible Preferred Stock representing less than all
the shares of the Mandatory Convertible Preferred Stock held by a Holder, upon such Early Conversion the Corporation shall execute and instruct the Transfer Agent and Registrar to countersign and deliver to the Holder thereof, at the expense of the
Corporation, a certificate evidencing the shares of Mandatory Convertible Preferred Stock as to which Early Conversion was not effected, or, if the Mandatory Convertible Preferred Stock is held in book-entry form, the Corporation shall cause the
Transfer Agent and Registrar to reduce the number of shares of the Mandatory Convertible Preferred Stock represented by the global certificate by making a notation on Schedule I attached to the global certificate or otherwise notate such reduction
in the register maintained by such Transfer Agent and Registrar. 
 (c) To effect a Fundamental Change Conversion pursuant to
Section 10, a Holder must: 
 (i) complete and manually sign the conversion notice on the back of the Mandatory
Convertible Preferred Stock certificate or a facsimile of such conversion notice; 
 (ii) deliver the completed conversion
notice and the certificated shares of Mandatory Convertible Preferred Stock to be converted to the Conversion and Dividend Disbursing Agent; 

(iii) if required, furnish appropriate endorsements and transfer documents; and 

(iv) if required, pay all transfer or similar taxes or duties, if any. 

Notwithstanding the foregoing, to effect a Fundamental Change Conversion pursuant to Section 10 of shares of Mandatory Convertible Preferred Stock held
in global form, the Holder must, in lieu of the foregoing, comply with the applicable procedures of DTC (or any other Depositary for the shares of Mandatory Convertible Preferred Stock held in global form appointed by the Corporation). 

The Fundamental Change Conversion shall be effective on the date on which a Holder has satisfied the foregoing requirements, to the extent
applicable (the “Fundamental Change Conversion Date”). 
 Subject to any applicable rules and procedures of the
Depositary, if more than one share of the Mandatory Convertible Preferred Stock is surrendered for conversion at one time by or for the same holder, the number of full shares of Common Stock issuable upon conversion thereof shall be computed on the
basis of the aggregate number of shares of the Mandatory Convertible Preferred Stock so surrendered. 
 A Holder shall not be required to
pay any transfer or similar taxes or duties relating to the issuance or delivery of Common Stock upon conversion, but such Holder shall be required to pay any tax or duty that may be payable relating to any transfer involved in the issuance or
delivery of Common Stock in a name other than the name of such Holder. 
  

  
 21 

 A certificate representing the shares of Common Stock issuable upon conversion shall be
issued and delivered to the converting Holder or, if the Mandatory Convertible Preferred Stock being converted are in book-entry form, the shares of Common Stock issuable upon conversion shall be delivered to the converting Holder through book-entry
transfer through the facilities of the Depositary, in each case, together with delivery by the Corporation to the converting Holder of any cash to which the converting Holder is entitled, only after all applicable taxes and duties, if any, payable
by such converting Holder have been paid in full, on the later of (i) the second Business Day immediately succeeding the Fundamental Change Conversion Date and (ii) the Business Day after the Holder has paid in full all applicable taxes
and duties, if any. 
 The Person or Persons entitled to receive the shares of Common Stock issuable upon such Fundamental Change
Conversion shall be treated for all purposes as the record holder(s) of such shares of Common Stock as of the close of business on the applicable Fundamental Change Conversion Date. Except as set forth in Section 14, prior to the close of
business on such applicable Fundamental Change Conversion Date, the shares of Common Stock issuable upon conversion of any shares of the Mandatory Convertible Preferred Stock shall not be outstanding for any purpose, and Holders shall have no
rights, powers or preferences with respect to the Common Stock, including voting powers, rights to respond to tender offers for the Common Stock and rights to receive any dividends or other distributions on the Common Stock, by virtue of holding
shares of Mandatory Convertible Preferred Stock. 
 In the event that a Fundamental Change Conversion is effected with respect to shares of
Mandatory Convertible Preferred Stock representing less than all the shares of Mandatory Convertible Preferred Stock held by a Holder, upon such Fundamental Change Conversion the Corporation shall execute and instruct the Transfer Agent and
Registrar to countersign and deliver to the Holder thereof, at the expense of the Corporation, a certificate evidencing the shares of Mandatory Convertible Preferred Stock as to which Fundamental Change Conversion was not effected, or, if Mandatory
Convertible Preferred Stock is held in book-entry form, the Corporation shall cause the Transfer Agent and Registrar to reduce the number of shares of Mandatory Convertible Preferred Stock represented by the global certificate by making a notation
on Schedule I attached to the global certificate or otherwise notate such reduction in the register maintained by such Transfer Agent and Registrar. 

(d) In the event that a Holder shall not by written notice designate the name in which shares of Common Stock to be issued upon conversion of
such Mandatory Convertible Preferred Stock should be registered or, if applicable, the address to which the certificate or certificates representing such shares of Common Stock should be sent, the Corporation shall be entitled to register such
shares, and make such payment, in the name of the Holder as shown on the records of the Corporation and, if applicable, to send the certificate or certificates representing such shares of Common Stock to the address of such Holder shown on the
records of the Corporation. 
 (e) Shares of Mandatory Convertible Preferred Stock shall cease to be outstanding on the applicable
Conversion Date, subject to the right of Holders of such shares to receive shares of Common Stock issuable upon conversion of such shares of Mandatory Convertible Preferred Stock and other amounts and shares of Common Stock, if any, to which they
are entitled pursuant to Sections 8, 9 or 10, as applicable and, if the applicable Conversion Date occurs after the Regular Record Date for a declared dividend and prior to the immediately succeeding Dividend Payment Date, subject to the right of
the Record Holders of such shares of the Mandatory Convertible Preferred Stock on such Regular Record Date to receive payment of the full amount of such declared dividend on such Dividend Payment Date pursuant to Section 4. 

Section 12. Reservation of Common Stock. (a) The Corporation shall at all times reserve
and keep available out of its authorized and unissued Common Stock, solely for issuance upon the conversion of shares of Mandatory Convertible Preferred Stock as herein provided, and free from any preemptive or other similar rights, a number of
shares of Common Stock equal to the maximum number of shares of Common Stock deliverable upon conversion of all shares of Mandatory Convertible Preferred Stock (which shall initially equal a number of shares of Common Stock equal to the sum of
(x) the product of (i) 20,700,000 shares of Mandatory Convertible Preferred Stock, and (ii) the initial Maximum Conversion Rate and (y) the product of (i) 20,700,000 shares of Mandatory Convertible Preferred Stock, and (ii) the
maximum number of shares of Common Stock that would be added to the 

  
 22 

 
Mandatory Conversion Rate assuming (A) the Corporation paid no dividends on the shares of Mandatory Convertible Preferred Stock prior to the Mandatory Conversion Date and (B) the Floor
Price is greater than 97% of the relevant Average Price). For purposes of this Section 12(a), the number of shares of Common Stock that shall be deliverable upon the conversion of all outstanding shares of Mandatory Convertible Preferred Stock
shall be computed as if at the time of computation all such outstanding shares were held by a single Holder. 
 (b) Notwithstanding the
foregoing, the Corporation shall be entitled to deliver upon conversion of shares of Mandatory Convertible Preferred Stock or as payment of any dividend on such shares of Mandatory Convertible Preferred Stock, as herein provided, shares of Common
Stock reacquired and held in the treasury of the Corporation (in lieu of the issuance of authorized and unissued shares of Common Stock), so long as any such treasury shares are free and clear of all liens, charges, security interests or
encumbrances (other than liens, charges, security interests and other encumbrances created by the Holders). 
 (c) All shares of Common
Stock delivered upon conversion of, or as payment of a dividend on, the Mandatory Convertible Preferred Stock shall be duly authorized, validly issued, fully paid and non-assessable, free and clear of all
liens, claims, security interests and other encumbrances (other than liens, charges, security interests and other encumbrances created by the Holders) and free of preemptive rights. 

(d) Prior to the delivery of any securities that the Corporation shall be obligated to deliver upon conversion of Mandatory Convertible
Preferred Stock, the Corporation shall use commercially reasonable efforts to comply with all federal and state laws and regulations thereunder requiring the registration of such securities with, or any approval of or consent to the delivery thereof
by, any governmental authority. 
 (e) The Corporation hereby covenants and agrees that, if at any time the Common Stock shall be listed on
NYSE or any other national securities exchange or automated quotation system, the Corporation shall, if permitted by the rules of such exchange or automated quotation system, list and use its commercially reasonable efforts to keep listed, so
long as the Common Stock shall be so listed on such exchange or automated quotation system, all Common Stock issuable upon conversion (including, for the avoidance of doubt, with respect to the Mandatory Conversion Additional Conversion Amount or
Early Conversion Additional Conversion Amount) of, or issuable in respect of the payment of dividends, the Accumulated Dividend Amount and the Fundamental Change Dividend Make-Whole Amount on, the Mandatory Convertible Preferred Stock;
provided, however, that if the rules of such exchange or automated quotation system permit the Corporation to defer the listing of such Common Stock until the earlier of (x) the first conversion of Mandatory Convertible Preferred
Stock into Common Stock in accordance with the provisions hereof and (y) the first payment of any dividends, any Accumulated Dividend Amount or any Fundamental Change Dividend Make-Whole Amount on the Mandatory Convertible Preferred Stock, the
Corporation covenants to list such Common Stock issuable upon the earlier of (1) the first conversion of the Mandatory Convertible Preferred Stock and (2) the first payment of any dividends, any Accumulated Dividend Amount or any
Fundamental Change Dividend Make-Whole Amount on the Mandatory Convertible Preferred Stock in accordance with the requirements of such exchange or automated quotation system at such time. 

Section 13. Fractional Shares. (a) No fractional shares of Common Stock shall be issued to
Holders as a result of any conversion of shares of Mandatory Convertible Preferred Stock. 
 (b) In lieu of any fractional shares of Common
Stock otherwise issuable in respect of the aggregate number of shares of the Mandatory Convertible Preferred Stock of any Holder that are converted on the Mandatory Conversion Date pursuant to Section 8 or at the option of the Holder pursuant
to Section 9 or Section 10, such Holder shall be entitled to receive an amount in cash (computed to the nearest cent) equal to the product of (i) that same fraction and (ii) the Average VWAP of the Common Stock over the five
consecutive Trading Day period beginning on, and including, the seventh Scheduled Trading Day immediately preceding the Mandatory Conversion Date, Early Conversion Date or Fundamental Change Conversion Date, as applicable. 

Section 14. Anti-Dilution Adjustments to the Fixed Conversion Rates. (a) Each Fixed
Conversion Rate shall be adjusted as set forth in this Section 14, except that the Corporation shall not make any adjustments to the Fixed Conversion Rates if Holders participate (other than in the case of a share split or share combination),
at the same time and upon the same terms as holders of Common Stock and solely as a result of holding the Mandatory 

  
 23 

 
Convertible Preferred Stock, in any of the transactions set forth in Sections 14(a)(i)-(vi) without having to convert their Mandatory Convertible Preferred Stock as if they held a number of
shares of Common Stock equal to (i) the Maximum Conversion Rate as of the Record Date for such transaction, multiplied by (ii) the number of shares of Mandatory Convertible Preferred Stock held by such Holder. 

(i) If the Corporation exclusively issues shares of Common Stock as a dividend or distribution on shares of Common Stock, or if
the Corporation effects a share split or share combination, each Fixed Conversion Rate shall be adjusted based on the following formula: 
  

 
 where, 
  

			
	CR0 =	  	such Fixed Conversion Rate in effect immediately prior to the close of business on the Record Date of such dividend or distribution, or immediately prior to the open of business on the Effective Date of such share split or share
combination, as applicable;
		
	CR1 =	  	such Fixed Conversion Rate in effect immediately after the close of business on such Record Date or immediately after the open of business on such Effective Date, as applicable;
		
	OS0 =	  	the number of shares of Common Stock outstanding immediately prior to the close of business on such Record Date or immediately prior to the open of business on such Effective Date, as applicable, before giving effect to such
dividend, distribution, share split or share combination; and
		
	OS1 =	  	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination.

 Any adjustment made under this Section 14(a)(i) shall become effective immediately after the close of
business on the Record Date for such dividend or distribution, or immediately after the open of business on the Effective Date for such share split or share combination, as applicable. If any dividend or distribution of the type set forth in this
Section 14(a)(i) is declared but not so paid or made, each Fixed Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors or a committee thereof determines not to pay such dividend or distribution, to
such Fixed Conversion Rate that would then be in effect if such dividend or distribution had not been declared. For the purposes of this Section 14(a)(i), the number of shares of Common Stock outstanding immediately prior to the close of
business on the Record Date and the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination shall, in each case, not include shares that the Corporation holds in
treasury. The Corporation shall not pay any dividend or make any distribution on shares of Common Stock that it holds in treasury. 

(ii) If the Corporation issues to all or substantially all holders of Common Stock any rights, options or warrants entitling
them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase shares of Common Stock at a price per share that is less than the Average VWAP per share of Common Stock for the 10
consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, each Fixed Conversion Rate shall be increased based on the following formula: 

 
 

 
 where, 
  

			
	CR0 =	  	such Fixed Conversion Rate in effect immediately prior to the close of business on the Record Date for such issuance;

  
 24 

			
	CR1 =	  	such Fixed Conversion Rate in effect immediately after the close of business on such Record Date;
		
	OS0 =	  	the number of shares of Common Stock outstanding immediately prior to the close of business on such Record Date;
		
	X =	  	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
		
	Y =	  	the number of shares of Common Stock equal to (i) the aggregate price payable to exercise such rights, options or warrants, divided by (ii) the Average VWAP per share of Common Stock over the 10 consecutive Trading Day period
ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

 Any increase made under this Section 14(a)(ii) shall be made successively whenever any such rights,
options or warrants are issued and shall become effective immediately after the close of business on the Record Date for such issuance. To the extent that such rights, options or warrants are not exercised prior to their expiration or shares of
Common Stock are not delivered after the exercise of such rights, options or warrants, each Fixed Conversion Rate shall be decreased to such Fixed Conversion Rate that would then be in effect had the increase with respect to the issuance of such
rights, options or warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered, if any. If such rights, options or warrants are not so issued, each Fixed Conversion Rate shall be immediately
readjusted, effective as of the date the Board of Directors or a committee thereof determines not to pay such dividend or distribution, to such Fixed Conversion Rate that would then be in effect if such Record Date for such issuance had not
occurred. 
 For the purpose of this Section 14(a)(ii), in determining whether any rights, options or warrants entitle the holders of
Common Stock to subscribe for or purchase shares of Common Stock at less than such Average VWAP per share for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such
issuance, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration received by the Corporation for such rights, options or warrants and any amount payable on exercise or
conversion thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors or a committee thereof. 

(iii) If the Corporation distributes shares of its capital stock, evidences of the Corporation’s indebtedness, other
assets or property of the Corporation or rights, options or warrants to acquire its capital stock or other securities, to all or substantially all holders of Common Stock, excluding:

(A) dividends, distributions or issuances as to which the provisions set forth in Section 14(a)(i) or
Section 14(a)(ii) shall apply; 
 (B) dividends or distributions paid exclusively in cash as to which the provisions
set forth in Section 14(a)(iv) shall apply; 
 (C) any dividends and distributions upon conversion of, or in exchange
for, shares of Common Stock in connection with a recapitalization, reclassification, change, consolidation, merger or other combination, share exchange, or sale, lease or other transfer or disposition resulting in the change in the conversion
consideration as set forth under Section 15; 
 (D) except as otherwise set forth in Section 14(a)(vii), rights
issued pursuant to a shareholder rights plan adopted by the Corporation; and 
 (E) Spin-Offs as to which the provisions set
forth below in this Section 14(a)(iii) shall apply; 
 then each Fixed Conversion Rate shall be increased based on the following
formula: 
  
 

 

  
 25 

 where, 
  

			
	CR0 =	  	such Fixed Conversion Rate in effect immediately prior to the close of business on the Record Date for such distribution;
		
	CR1 =	  	such Fixed Conversion Rate in effect immediately after the close of business on such Record Date;
		
	SP0 =	  	the Average VWAP per share of Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Date for such distribution; and
		
	FMV =	  	the fair market value (as determined by the Board of Directors or a committee thereof in good faith) of the shares of capital stock, evidences of indebtedness, assets, property, rights, options or warrants so distributed, expressed
as an amount per share of Common Stock on the Ex-Date for such distribution.

 Any increase made under the portion of this Section 14(a)(iii) will become effective immediately after
the close of business on the Record Date for such distribution. If such distribution is not so paid or made, each Fixed Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors or a committee thereof
determines not to pay such dividend or distribution, to be such Fixed Conversion Rate that would then be in effect if such distribution had not been declared. 

Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as defined above), or if the difference is less than $1.00, in lieu of the foregoing increase, each Holder shall receive, in respect of each share of Mandatory Convertible Preferred Stock,
at the same time and upon the same terms as holders of Common Stock, the amount and kind of the Corporation’s capital stock, evidences of the Corporation’s indebtedness, other assets or property of the Corporation or rights, options or
warrants to acquire its capital stock or other securities that such Holder would have received if such Holder owned a number of shares of Common Stock equal to the Maximum Conversion Rate in effect on the Record Date for the distribution. 

With respect to an adjustment pursuant to this Section 14(a)(iii) where there has been a
Spin-Off, each Fixed Conversion Rate shall be increased based on the following formula: 
  

 
 where, 
  

			
	CR0 =	  	such Fixed Conversion Rate in effect immediately prior to the close of business on the last Trading Day of the 10 consecutive Trading Day period commencing on, and including, the Ex-Date for the Spin-Off (the “Valuation
Period”);
		
	CR1 =	  	such Fixed Conversion Rate in effect immediately after the close of business on the last Trading Day of the Valuation Period;
		
	FMV0 =	  	the Average VWAP per share of the capital stock or similar equity interest distributed to holders of Common Stock applicable to one share of Common Stock over the Valuation Period; and
		
	MP0 =	  	the Average VWAP per share of Common Stock over the Valuation Period.

 The increase to each Fixed Conversion Rate under the preceding paragraph will become effective at the close of
business on the last Trading Day of the Valuation Period. Notwithstanding the foregoing, if any date for determining the number of shares of Common Stock issuable to a Holder occurs during the Valuation Period, the reference to “10” in the
preceding paragraph shall be deemed replaced with such lesser number of Trading Days as have elapsed between the beginning of the Valuation Period and such determination date for purposes of determining such Fixed Conversion Rate. If such dividend
or distribution is not so paid, each Fixed Conversion Rate shall be decreased, effective as of the date the Board of Directors or a committee thereof determines not to make or pay such dividend or distribution, to be such Fixed Conversion Rate that
would then be in effect if such dividend or distribution had not been declared. 

  
 26 

 For purposes of this Section 14(a)(iii) (and subject in all respects to
Section 14(a)(i) and Section 14(a)(ii)): 
 (A) rights, options or warrants distributed by the Corporation to all
or substantially all holders of the Common Stock entitling them to subscribe for or purchase shares of the Corporation’s capital stock, including Common Stock (either initially or under certain conditions), which rights, options or warrants,
until the occurrence of a specified event or events (“Trigger Event”): 
 (1) are deemed to be transferred
with such shares of the Common Stock; 
 (2) are not exercisable; and 

(3) are also issued in respect of future issuances of the Common Stock, 

shall be deemed not to have been distributed for purposes of this Section 14(a)(iii) (and no adjustment to the Fixed Conversion Rates
under this Section 14(a)(iii) shall be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the
Fixed Conversion Rates shall be made under this Section 14(a)(iii). 
 (B) If any such right, option or warrant,
including any such existing rights, options or warrants distributed prior to the Initial Issue Date, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences
of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Record Date with respect to new rights, options or warrants with such rights (in which case the existing
rights, options or warrants shall be deemed to terminate and expire on such date without exercise by any of the holders thereof). 

(C) In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger
Event or other event (of the type described in the immediately preceding clause (B)) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Fixed Conversion Rates under this clause
(iii) was made: 
 (1) in the case of any such rights, options or warrants that shall all have been redeemed or
repurchased without exercise by any holders thereof, upon such final redemption or repurchase (x) the Fixed Conversion Rates shall be readjusted as if such rights, options or warrants had not been issued and (y) the Fixed Conversion Rates
shall then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution pursuant to Section 14(a)(iv), equal to the per share redemption or repurchase
price received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders of Common Stock as of the date of such redemption or
repurchase; and 
 (2) in the case of such rights, options or warrants that shall have expired or been terminated without
exercise by any holders thereof, the Fixed Conversion Rates shall be readjusted as if such rights, options and warrants had not been issued; 

provided that, in each case, such rights, options or warrants are deemed to be transferred with such shares of the Common Stock and are
also issued in respect of future issuances of the Common Stock. 
 For purposes of Section 14(a)(i), Section 14(a)(ii) and this
Section 14(a)(iii), if any dividend or distribution to which this Section 14(a)(iii) is applicable includes one or both of: 

  
 27 

 (A) a dividend or distribution of shares of Common Stock to which
Section 14(a)(i) is applicable (the “Clause A Distribution”); or 
 (B) an issuance of rights, options
or warrants to which Section 14(a)(ii) is applicable (the “Clause B Distribution”), 
 then: 

(1) such dividend or distribution, other than the Clause A Distribution and the Clause B Distribution, shall be deemed to be a
dividend or distribution to which this Section 14(a)(iii) is applicable (the “Clause C Distribution”) and any Fixed Conversion Rate adjustment required by this Section 14(a)(iii) with respect to such Clause C Distribution
shall then be made; and 
 (2) the Clause A Distribution and Clause B Distribution shall be deemed to immediately follow the
Clause C Distribution and any Fixed Conversion Rate adjustment required by Section 14(a)(i) and Section 14(a)(ii) with respect thereto shall then be made, except that, if determined by the Corporation (I) the “Record Date”
of the Clause A Distribution and the Clause B Distribution shall be deemed to be the Record Date of the Clause C Distribution and (II) any shares of Common Stock included in the Clause A Distribution or Clause B Distribution shall be deemed not
to be “outstanding immediately prior to the close of business on such Record Date or immediately prior to the open of business on such Effective Date” within the meaning of Section 14(a)(i) or “outstanding immediately prior to
close of business on such Record Date” within the meaning of Section 14(a)(ii). 
 (iv) If any cash dividend or
distribution is made to all or substantially all holders of Common Stock, each Fixed Conversion Rate shall be adjusted based on the following formula: 
  

 
 where, 
  

			
	CR0 =	  	such Fixed Conversion Rate in effect immediately prior to the close of business on the Record Date for such dividend or distribution;
		
	CR1 =	  	such Fixed Conversion Rate in effect immediately after the close of business on the Record Date for such dividend or distribution;
		
	SP0 =	  	the Average VWAP per share of Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Date for such distribution;
		
	C =	  	the amount in cash per share the Corporation distributes to all or substantially all holders of Common Stock.

 Any increase made under this Section 14(a)(iv) shall become effective immediately after the close of
business on the Record Date for such dividend or distribution. If such dividend or distribution is not so paid, each Fixed Conversion Rate shall be decreased, effective as of the date the Board of Directors or a committee thereof determines not to
make or pay such dividend or distribution, to be such Fixed Conversion Rate that would then be in effect if such dividend or distribution had not been declared. 

Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0” (as defined above), or if the difference is less than $1.00, in lieu of the foregoing increase, each Holder shall receive, for each share of Mandatory Convertible Preferred Stock, at the
same time and upon the same terms as holders of shares of Common Stock, the amount of cash that such Holder would have received if such Holder owned a number of shares of Common Stock equal to the Maximum Conversion Rate on the Record Date for such
cash dividend or distribution. 

  
 28 

 (v) If the Corporation or any of its Subsidiaries make a payment in respect
of a tender or exchange offer for Common Stock, to the extent that the cash and value of any other consideration included in the payment per share of Common Stock exceeds the Average VWAP per share of Common Stock over the 10 consecutive Trading Day
period commencing on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (the “Expiration Date”), each Fixed Conversion Rate shall be
increased based on the following formula: 
  
 

 
 where, 
  

			
	CR0 =	  	such Fixed Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the Expiration Date;
		
	CR1 =	  	such Fixed Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the Expiration Date;
		
	AC =	  	the aggregate value of all cash and any other consideration (as determined by the Board of Directors or a committee thereof in good faith) paid or payable for shares purchased in such tender or exchange offer;
		
	OS0 =	  	the number of shares of Common Stock outstanding immediately prior to the Expiration Date (prior to giving effect to the purchase of all shares accepted for purchase or exchange in such tender or exchange offer);
		
	OS1 =	  	the number of shares of Common Stock outstanding immediately after the Expiration Date (after giving effect to the purchase of all shares accepted for purchase or exchange in such tender or exchange offer); and
		
	SP1 =	  	the Average VWAP of Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the Expiration Date (the “Averaging Period”).

 The increase to each Fixed Conversion Rate under the preceding paragraph will become effective at the close of
business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the Expiration Date. Notwithstanding the foregoing, if any date for determining the number of
shares of Common Stock issuable to a Holder occurs within the 10 Trading Days immediately following, and including, the Trading Day next succeeding the Expiration Date of any tender or exchange offer, the reference to “10” in the preceding
paragraph shall be deemed replaced with such lesser number of Trading Days as have elapsed between the Expiration Date of such tender or exchange offer and such determination date for purposes of determining such Fixed Conversion Rate. For the
avoidance of doubt, no adjustment under this Section 14(a)(v) will be made if such adjustment would result in a decrease in any Fixed Conversion Rate, except as set forth in the immediately succeeding sentence. 

In the event that the Corporation or one of its Subsidiaries is obligated to purchase shares of Common Stock pursuant to any such tender offer
or exchange offer, but the Corporation or such Subsidiary is permanently prevented by applicable law from effecting any such purchases, or all such purchases are rescinded, then each Fixed Conversion Rate shall again be adjusted to be such Fixed
Conversion Rate that would then be in effect if such tender offer or exchange offer had not been made. 
 (vi) If: 

(A) the record date for a dividend or distribution on shares of the Common Stock occurs after the end of the 20 consecutive
Trading Day period used for calculating the Applicable Market Value and before the Mandatory Conversion Date; and 

  
 29 

 (B) such dividend or distribution would have resulted in an adjustment of
the number of shares of Common Stock issuable to the Holders had such record date occurred on or before the last Trading Day of such 20-Trading Day period, 

then the Corporation shall deem the Holders to be holders of record, for each share of their Mandatory Convertible Preferred Stock, of a
number of shares of Common Stock equal to the Mandatory Conversion Rate for purposes of that dividend or distribution, and in such a case, the Holders would receive the dividend or distribution on Common Stock together with the number of shares of
Common Stock issuable upon mandatory conversion of Mandatory Convertible Preferred Stock. 
 (vii) If the Corporation has a
rights plan in effect upon conversion of the Mandatory Convertible Preferred Stock into Common Stock, the Holders shall receive, in addition to any shares of Common Stock received in connection with such conversion, the rights under the rights plan.
However, if, prior to any conversion, the rights have separated from the shares of Common Stock in accordance with the provisions of the applicable rights plan, each Fixed Conversion Rate will be adjusted at the time of separation as if the
Corporation distributed to all or substantially all holders of Common Stock, shares of its capital stock, evidences of indebtedness, assets, property, rights, options or warrants as set forth in Section 14(a)(iii), subject to readjustment in
the event of the expiration, termination or redemption of such rights. 
 (viii) The Corporation may (but is not required
to), to the extent permitted by law and the rules of NYSE or any other securities exchange on which the shares of Common Stock or the Mandatory Convertible Preferred Stock is then listed, increase each Fixed Conversion Rate by any amount for a
period of at least 20 Business Days if such increase is irrevocable during such 20 Business Days and the Board of Directors, or a committee thereof, determines that such increase would be in the best interest of the Corporation. The Corporation may
also (but is not required to) make such increases in each Fixed Conversion Rate as it deems advisable in order to avoid or diminish any income tax to holders of Common Stock resulting from any dividend or distribution of shares of Common Stock (or
issuance of rights or warrants to acquire shares of Common Stock) or from any event treated as such for income tax purposes or for any other reason. However, in either case, the Corporation may only make such discretionary adjustments if it makes
the same proportionate adjustment to each Fixed Conversion Rate. 
 (ix) The Corporation shall not adjust the Fixed
Conversion Rates: 
 (A) upon the issuance of shares of Common Stock pursuant to any present or future plan providing for
the reinvestment of dividends or interest payable on securities of the Corporation and the investment of additional optional amounts in Common Stock under any plan; 

(B) upon the issuance of any shares of Common Stock or rights or warrants to purchase such shares of Common Stock pursuant to
any present or future benefit or other incentive plan or program of or assumed by the Corporation or any of its Subsidiaries; 

(C) upon the issuance of any shares of Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or
convertible security not described in (B) of this Section 14(a)(ix) and outstanding as of the Initial Issue Date; 

(D) for a change in par value of the Common Stock; 

(E) for stock repurchases that are not tender offers referred to in Section 14(a)(v), including structured or derivative
transactions or pursuant to a stock repurchase program approved by the Board of Directors; 
 (F) for accumulated dividends
on the Mandatory Convertible Preferred Stock, except as described in Sections 8, 9 and 10; or 

  
 30 

 (G) for any other issuance of shares of Common Stock or any securities
convertible into or exchangeable for shares of Common Stock or the right to purchase shares of Common Stock or such convertible or exchangeable securities, except as otherwise stated herein. 

(x) Adjustments to each Fixed Conversion Rate will be calculated to the nearest 1/10,000th of a share of Common Stock. No
adjustment to any Fixed Conversion Rate will be required unless the adjustment would require an increase or decrease of at least 1% of the Fixed Conversion Rate; provided, however, that if an adjustment is not made because the
adjustment does not change the Fixed Conversion Rates by at least 1%, then such adjustment will be carried forward and taken into account in any future adjustment. Notwithstanding the foregoing, on each date for determining the number of shares of
Common Stock issuable to a Holder upon any conversion of the Mandatory Convertible Preferred Stock, the Corporation shall give effect to all adjustments that otherwise had been deferred pursuant to this clause (x), and those adjustments will no
longer be carried forward and taken into account in any future adjustment. Except as otherwise provided above, the Corporation will be responsible for making all calculations called for under the Mandatory Convertible Preferred Stock. These
calculations include, but are not limited to, determinations of the Fundamental Change Stock Price, the VWAPs, the Average VWAPs and the Fixed Conversion Rates of the Mandatory Convertible Preferred Stock and shall be made in good faith. 

(xi) For the avoidance of doubt, if an adjustment is made to the Fixed Conversion Rates, no separate inversely proportional
adjustment will be made to the Initial Price or the Threshold Appreciation Price because the Initial Price is equal to $50.00 divided by the Maximum Conversion Rate (as adjusted in the manner described herein) and the Threshold Appreciation
Price is equal to $50.00 divided by the Minimum Conversion Rate (as adjusted in the manner described herein). 
 (xii)
Whenever any provision of the Certificate of Designations requires the Corporation to calculate the VWAP per share of Common Stock over a span of multiple days, the Board of Directors, or any authorized committee thereof, shall make appropriate
adjustments in good faith (including, without limitation, to the Applicable Market Value, the Early Conversion Average Price, the Fundamental Change Stock Price and the Average Price, as the case may be) to account for any adjustments to the Fixed
Conversion Rates (as the case may be) that become effective, or any event that would require such an adjustment if the Ex-Date, Effective Date, Record Date or Expiration Date, as the case may be, of such event
occurs during the relevant period used to calculate such prices or values, as the case may be. 
 (b) Whenever the Fixed Conversion
Rates are to be adjusted, the Corporation shall: 
 (i) compute such adjusted Fixed Conversion Rates; 

(ii) within 10 Business Days after the Fixed Conversion Rates are to be adjusted, provide or cause to be provided, a written
notice to the Holders of the occurrence of such event; and 
 (iii) within 10 Business Days after the Fixed Conversion Rates
are to be adjusted, provide or cause to be provided, to the Holders, a statement setting forth in reasonable detail the method by which the adjustments to the Fixed Conversion Rates were determined and setting forth such adjusted Fixed Conversion
Rates.
 Section 15. Recapitalizations, Reclassifications and Changes of Common Stock. In the event
of: 
 (i) any consolidation or merger of the Corporation with or into another Person (other than a merger or consolidation
in which the Corporation is the surviving corporation and in which the Common Stock outstanding immediately prior to the merger or consolidation is not exchanged for cash, securities or other property of the Corporation or another Person); 

(ii) any sale, transfer, lease or conveyance to another Person of all or substantially all of the property and assets of the
Corporation;

  
 31 

 (iii) any reclassification of Common Stock into securities including
securities other than Common Stock; or 
 (iv) any statutory exchange of securities of the Corporation with another Person
(other than in connection with a merger or acquisition), 
 in each case, as a result of which the Common Stock would be converted into, or exchanged for,
stock, other securities or other property or assets (including cash or any combination thereof) (each, a “Reorganization Event”), each share of the Mandatory Convertible Preferred Stock outstanding immediately prior to such
Reorganization Event shall, without the consent of the Holders, become convertible into the kind of stock, other securities or other property or assets (including cash or any combination thereof) that such Holder would have been entitled to receive
if such Holder had converted its Mandatory Convertible Preferred Stock into Common Stock immediately prior to such Reorganization Event (such stock, other securities or other property or assets (including cash or any combination thereof), the
“Exchange Property,” with each “Unit of Exchange Property” meaning the kind and amount of such Exchange Property that a holder of one share of Common Stock is entitled to receive). 

If the transaction causes the Common Stock to be converted into, or exchanged for, the right to receive more than a single type of
consideration (determined based in part upon any form of stockholder election), the Exchange Property into which the Mandatory Convertible Preferred Stock shall be convertible shall be deemed to be: 

(i) the weighted average of the types and amounts of consideration received by the holders of Common Stock that affirmatively
make such an election; and 
 (ii) if no holders of Common Stock affirmatively make such an election, the types and amounts
of consideration actually received by the holders of the Common Stock. 
 The Corporation shall notify Holders of the weighted average
referred to in clause (i) in the preceding sentence as soon as practicable after such determination is made. 
 The number of Units of
Exchange Property the Corporation shall deliver for each share of Mandatory Convertible Preferred Stock converted following the effective date of such Reorganization Event shall be determined as if references in Section 8, Section 9 and
Section 10 to shares of Common Stock were to Units of Exchange Property (without interest thereon and without any right to dividends or distributions thereon which have a Record Date that is prior to the date such shares of Mandatory
Convertible Preferred stock are actually converted). For the purpose of determining which of clauses (i), (ii) and (iii) of Section 8(b) shall apply upon Mandatory Conversion, and for the purpose of calculating the Mandatory
Conversion Rate if clause (ii) of Section 8(b) is applicable, the value of a Unit of Exchange Property shall be determined in good faith by the Board of Directors or an authorized committee thereof (which determination will be final),
except that if a Unit of Exchange Property includes common stock or American Depositary Receipts (“ADRs”) that are traded on a U.S. national securities exchange, the value of such common stock or ADRs shall be the average over the
20 consecutive Trading Day period used for calculating the Applicable Market Value of the volume weighted Average Prices for such common stock or ADRs, as displayed on the applicable Bloomberg screen (as determined in good faith by the Board of
Directors or an authorized committee thereof (which determination will be final)); or, if such price is not available, the average market value per share of such common stock or ADRs over such period as determined, using a volume-weighted average
method, by a nationally recognized independent investment banking firm retained by the Corporation for this purpose. 
 The above provisions
of this Section 15 shall similarly apply to successive Reorganization Events, and the provisions of Section 14 shall apply to any shares of capital stock or ADRs of the Corporation (or any successor thereto) received by the holders of
Common Stock in any such Reorganization Event. 
 The Corporation (or any successor thereto) shall, as soon as reasonably practicable (but
in any event within 20 calendar days) after the occurrence of any Reorganization Event, provide written notice to the Holders of such occurrence and of the kind and amount of cash, securities or other property that constitute the Exchange Property.
Failure to deliver such notice shall not affect the operation of this Section 15. 

  
 32 

 Section 16. Transfer Agent, Registrar, and Conversion and
Dividend Disbursing Agent. The duly appointed Transfer Agent, Registrar and Conversion and Dividend Disbursing Agent for Mandatory Convertible Preferred Stock shall be American Stock Transfer & Trust Company, LLC. The Corporation
may, in its sole discretion, remove the Transfer Agent, Registrar or Conversion and Dividend Disbursing Agent in accordance with the agreement between the Corporation and the Transfer Agent, Registrar or Conversion and Dividend Disbursing Agent, as
the case may be; provided that if the Corporation removes American Stock Transfer & Trust Company, LLC, the Corporation shall appoint a successor transfer agent, registrar or conversion and dividend disbursing agent, as the case may
be, who shall accept such appointment prior to the effectiveness of such removal. Upon any such removal or appointment, the Corporation shall give notice thereof to the Holders. 

Section 17. Record Holders. To the fullest extent permitted by applicable law, the Corporation and the
Transfer Agent may deem and treat the Holder of any shares of Mandatory Convertible Preferred Stock as the true and lawful owner thereof for all purposes. 

Section 18. Notices. All notices or communications in respect of Mandatory Convertible
Preferred Stock shall be sufficiently given if given in writing and delivered by first class mail, postage prepaid, or if given in such other manner as may be permitted in this Certificate of Designations, in the Charter or the By-Laws and by applicable law. Notwithstanding the foregoing, if the shares of Mandatory Convertible Preferred Stock are represented by a Global Preferred Certificate, such notices may also be given to the Holders
in any manner permitted by DTC or any similar facility used for the settlement of transactions in Mandatory Convertible Preferred Stock. 

Section 19. No Preemptive Rights. The Holders shall have no preemptive or preferential rights to
purchase or subscribe for any stock, obligations, warrants or other securities of the Corporation of any class. 

Section 20. Other Rights. The shares of Mandatory Convertible Preferred Stock shall not have any
rights, preferences, privileges or voting powers or relative, participating, optional or other special rights, or qualifications, limitations or restrictions thereof, other than as set forth herein or in the Charter or as provided by applicable law.

 Section 21. Book-Entry Form. (a) The Mandatory Convertible Preferred Stock shall be issued
in the form of one or more permanent global shares of Mandatory Convertible Preferred Stock in definitive, fully registered form eligible for book-entry settlement with the global legend as set forth on the form of Mandatory Convertible Preferred
Stock certificate attached hereto as Exhibit A (each, a “Global Preferred Certificate” and the shares of Mandatory Convertible Preferred Stock represented by such Global Preferred Certificate, the
“Global Preferred Shares”), which is hereby incorporated in and expressly made part of this Certificate of Designations. The Global Preferred Certificates may have notations, legends or endorsements required by law, stock exchange
rules, agreements to which the Corporation is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Corporation). The Global Preferred Certificates shall be deposited on behalf of the
Holders represented thereby with the Registrar, at its New York office as custodian for the Depositary, and registered in the name of the Depositary, duly executed by the Corporation and countersigned and registered by the Registrar as hereinafter
provided. The aggregate number of shares represented by each Global Preferred Certificate may from time to time be increased or decreased by adjustments made on the records of the Registrar and the Depositary or its nominee as hereinafter provided.

 This Section 21(a) shall apply only to a Global Preferred Certificate deposited with or on behalf of the Depositary. The
Corporation shall execute and the Registrar shall, in accordance with this Section 21(a), countersign and deliver any Global Preferred Certificate that (i) shall be registered in the name of Cede & Co. or other nominee of the
Depositary and (ii) shall be delivered by the Registrar to Cede & Co. or pursuant to instructions received from Cede & Co. or held by the Registrar as custodian for the Depositary pursuant to an agreement between the
Depositary and the Registrar. Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Certificate of Designations with respect to any Global Preferred Share held on their behalf by the
Depositary or by the Registrar as the custodian of the Depositary, or under such Global Preferred Share, and the Depositary may be treated by the Corporation, the Registrar and any agent of the Corporation or the Registrar as the absolute owner of
such Global Preferred Share for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Corporation, the Registrar or any agent of the Corporation or the Registrar from giving

  
 33 

 
effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices of
the Depositary governing the exercise of the rights of a holder of a beneficial interest in any Global Preferred Share. The Holder of the Global Preferred Shares may grant proxies or otherwise authorize any Person to take any action that a Holder is
entitled to take pursuant to the Global Preferred Shares, this Certificate of Designations or the Charter. 
 Owners of beneficial interests
in Global Preferred Shares shall not be entitled to receive physical delivery of certificated shares of Mandatory Convertible Preferred Stock, unless (x) the Depositary notifies the Corporation that it is unwilling or unable to continue as
Depositary for the Global Preferred Shares and the Corporation does not appoint a qualified replacement for the Depositary within 90 days or (y) the Depositary ceases to be a “clearing agency” registered under the Exchange Act and the
Corporation does not appoint a qualified replacement for the Depositary within 90 days. In any such case, the Global Preferred Certificates shall be exchanged in whole for definitive stock certificates that are not issued in global form, with the
same terms and of an equal aggregate Liquidation Preference, and such definitive stock certificates shall be registered in the name or names of the Person or Persons specified by the Depositary in a written instrument to the Registrar. 

(b) Signature. Any two authorized Officers shall sign each Global Preferred Certificate for the Corporation, in accordance with
the Corporation’s By-Laws and applicable Delaware law, by manual or facsimile signature. If an Officer whose signature is on a Global Preferred Certificate no longer holds that office at the time the
Registrar countersigned such Global Preferred Certificate, such Global Preferred Certificate shall be valid nevertheless. A Global Preferred Certificate shall not be valid until an authorized signatory of the Registrar manually countersigns such
Global Preferred Certificate. Each Global Preferred Certificate shall be dated the date of its countersignature. The foregoing paragraph shall likewise apply to any certificate representing shares of Mandatory Convertible Preferred Stock. 

Section 22. Listing. The Corporation hereby covenants and agrees that, if its listing application for
the Mandatory Convertible Preferred Stock is approved by NYSE, upon such listing, the Corporation shall use its commercially reasonable efforts to keep the Mandatory Convertible Preferred Stock listed on NYSE. 

If the Global Preferred Share or Global Preferred Shares, as the case may be, shall be listed on NYSE or any other stock exchange, the
Depositary may, with the written approval of the Corporation, appoint a registrar (acceptable to the Corporation) for registration of such Global Preferred Share or Global Preferred Shares, as the case may be, in accordance with the requirements of
such exchange. Such registrar (which may be the Registrar if so permitted by the requirements of such exchange) may be removed and a substitute registrar appointed by the Registrar upon the request or with the written approval of the Corporation. If
the Global Preferred Share or Global Preferred Shares, as the case may be, are listed on one or more other stock exchanges, the Registrar will, at the request and expense of the Corporation, arrange such facilities for the delivery, transfer,
surrender and exchange of such Global Preferred Share or Global Preferred Shares, as the case may be, and the Global Preferred Certificate or Global Preferred Certificates representing such shares as may be required by law or applicable stock
exchange regulations. 
 Section 23. Stock Certificates. (a) Shares of Mandatory Convertible
Preferred Stock may be represented by stock certificates substantially in the form set forth as Exhibit A hereto. 

  
 34 

 (b) Stock certificates representing shares of the Mandatory Convertible Preferred Stock
shall be signed by any two authorized Officers of the Corporation, in accordance with the By-Laws and applicable Delaware law, by manual or facsimile signature. 

(c) A stock certificate representing shares of the Mandatory Convertible Preferred Stock shall not be valid until manually countersigned by an
authorized signatory of the Transfer Agent and Registrar. Each stock certificate representing shares of the Mandatory Convertible Preferred Stock shall be dated the date of its countersignature. 

(d) If any Officer of the Corporation who has signed a stock certificate no longer holds that office at the time the Transfer Agent and
Registrar countersigns the stock certificate, the stock certificate shall be valid nonetheless. 
 Section 24.
Replacement Certificates. If any Mandatory Convertible Preferred Stock certificate shall be mutilated, lost, stolen or destroyed, the Corporation shall, at the expense of the Holder, issue, in
exchange and in substitution for and upon cancellation of the mutilated Mandatory Convertible Preferred Stock certificate, or in lieu of and substitution for the Mandatory Convertible Preferred Stock certificate lost, stolen or destroyed, a new
Mandatory Convertible Preferred Stock certificate of like tenor and representing an equivalent Liquidation Preference of shares of Mandatory Convertible Preferred Stock, but only upon receipt of evidence of such loss, theft or destruction of such
Mandatory Convertible Preferred Stock certificate and indemnity, if requested, reasonably satisfactory to the Corporation and the Transfer Agent. 

[Signature page follows] 

  
 35 

 IN WITNESS WHEREOF, the Corporation has caused this Certificate of Designations to be
signed by [                    ], its
[                    ], this
[                    ] day of
[                    ], 2019. 
  

					
	AVANTOR, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 36 

 EXHIBIT A 

[FORM OF FACE OF 6.250% SERIES A MANDATORY CONVERTIBLE PREFERRED STOCK 

CERTIFICATE] 
 [INCLUDE FOR
GLOBAL PREFERRED SHARES] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE CORPORATION OR THE TRANSFER AGENT NAMED ON THE FACE OF THIS CERTIFICATE, 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
IN AS MUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE STATEMENT WITH RESPECT TO SHARES. IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE TRANSFER AGENT NAMED ON THE FACE OF THIS CERTIFICATE SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO
CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

 Certificate Number [    ] [Initial] Number of Shares of Mandatory 

Convertible Preferred Stock [    ] 

CUSIP 05352A 209 
 ISIN US05352A2096

 AVANTOR, INC. 
 6.250%
Series A Mandatory Convertible Preferred Stock 
 (par value $0.01 per share) 

(Liquidation Preference as specified below) 

Avantor, Inc., a Delaware corporation (the “Corporation”), hereby certifies that
[             ] (the “Holder”), is the registered owner of [ ] [the number shown on Schedule I hereto of] fully paid and
non-assessable shares of the Corporation’s designated 6.250% Series A Mandatory Convertible Preferred Stock, with a par value of $0.01 per share and a Liquidation Preference of $50.00 per share (the
“Mandatory Convertible Preferred Stock”). The shares of Mandatory Convertible Preferred Stock are transferable on the books and records of the Registrar, in person or by a duly authorized attorney, upon surrender of this certificate
duly endorsed and in proper form for transfer. The designations, rights, restrictions, preferences and other terms and provisions of Mandatory Convertible Preferred Stock represented hereby are and shall in all respects be subject to the provisions
of the Certificate of Designations of 6.250% Series A Mandatory Convertible Preferred Stock of Avantor, Inc. dated May 20, 2019 as the same may be amended from time to time (the “Certificate of Designations”). Capitalized
terms used herein but not defined shall have the meaning given them in the Certificate of Designations. The Corporation will provide a copy of the Certificate of Designations to the Holder without charge upon written request to the Corporation at
its principal place of business. In the case of any conflict between this Certificate and the Certificate of Designations, the provisions of the Certificate of Designations shall control and govern. 

Reference is hereby made to the provisions of Mandatory Convertible Preferred Stock set forth on the reverse hereof and in the Certificate of
Designations, which provisions shall for all purposes have the same effect as if set forth at this place. 
 Upon receipt of this executed
certificate, the Holder is bound by the Certificate of Designations and is entitled to the benefits thereunder. 
 Unless the Transfer Agent
and Registrar have properly countersigned, these shares of Mandatory Convertible Preferred Stock shall not be entitled to any benefit under the Certificate of Designations or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, this certificate has been executed on behalf of the Corporation by the
below authorized Officers of the Corporation this [    ] of [    ] [    ]. 
  

			
	AVANTOR, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	By:	 	  

		 	Name:
		 	Title:

 COUNTERSIGNATURE 

These are shares of Mandatory Convertible Preferred Stock referred to in the within-mentioned Certificate of Designations. 

Dated: [    ], [    ] 

 

			
	American Stock Transfer & Trust Company, LLC
	as Registrar and Transfer Agent
		
	By:	 	  

		 	Name:
		 	Title:

 [FORM OF REVERSE OF CERTIFICATE FOR 6.250% SERIES A MANDATORY CONVERTIBLE PREFERRED
STOCK] 
 Cumulative dividends on each share of Mandatory Convertible Preferred Stock shall be payable at the applicable rate provided
in the Certificate of Designations when, as and if declared by the Board of Directors. 
 The shares of Mandatory Convertible Preferred
Stock shall be convertible in the manner and accordance with the terms set forth in the Certificate of Designations. 
 The Corporation
shall furnish without charge to each Holder who so requests the powers, designations, limitations, preferences and relative, participating, optional or other special rights of each class or series of stock of the Corporation and the qualifications,
limitations or restrictions of such preferences and/or rights. 

 NOTICE OF CONVERSION 

(To be Executed by the Holder 
 in
order to Convert 6.250% Series A Mandatory Convertible Preferred Stock) 
 The undersigned hereby irrevocably elects to convert (the
“Conversion”) 6.250% Series A Mandatory Convertible Preferred Stock (the “Mandatory Convertible Preferred Stock”), of Avantor, Inc. (hereinafter called the “Corporation”), represented by stock
certificate No(s). [ ] (the “Mandatory Convertible Preferred Stock Certificates”), into common stock, par value $0.01 per share, of the Corporation (the “Common Stock”) according to the conditions of the Certificate
of Designations of Mandatory Convertible Preferred Stock (the “Certificate of Designations”), as of the date written below. 

If Common Stock is to be issued in the name of a Person other than the undersigned, the undersigned shall pay all transfer taxes payable with
respect thereto, if any. Each Mandatory Convertible Preferred Stock Certificate (or evidence of loss, theft or destruction thereof) is attached hereto. 

Capitalized terms used but not defined herein shall have the meanings ascribed thereto in or pursuant to the Certificate of Designations. 

 

					
	Date of Conversion:	 	  
	  	
	Applicable Conversion Rate:	 	  
	  	

					
	 Shares of Mandatory Convertible Preferred Stock

to be Converted:
                                         
                                         
                                         
                     

					
	Shares of Common Stock to be Issued:*	 	  
	  	

					
	Signature:	 	  
	  	
	Name:	 	  
	  	
	Address:**	 	  
	  	
	Fax No.:	 	  
	  	

  

	*	 The Corporation is not required to issue Common Stock until the original Mandatory Convertible Preferred Stock
Certificate(s) (or evidence of loss, theft or destruction thereof) to be converted are received by the Corporation or the Conversion and Dividend Disbursing Agent. 

	**	 Address where Common Stock and any other payments or certificates shall be sent by the Corporation.

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers the shares of 6.250% Series A Mandatory Convertible Preferred Stock evidenced hereby
to: 
 (Insert assignee’s social security or taxpayer identification number, if any) 

(Insert address and zip code of assignee) 

and irrevocably appoints: 
 as
agent to transfer the shares of 6.250% Series A Mandatory Convertible Preferred Stock evidenced hereby on the books of the Transfer Agent. The agent may substitute another to act for him or her. 

 

			
	Date:	 	
		
	Signature:	 	  

 

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

  

			
	Signature Guarantee:	 	  

 (Signature must be guaranteed by an “eligible guarantor institution” that is a bank, stockbroker,
savings and loan association or credit union meeting the requirements of the Transfer Agent, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Transfer Agent in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.) 

 SCHEDULE I 

Avantor, Inc. 
 Global Preferred
Certificate 
 6.250% Series A Mandatory Convertible Preferred Stock 

Certificate Number: 
 The number of shares of
Mandatory Convertible Preferred Stock initially represented by this Global Preferred Certificate shall be [    ]. Thereafter the Transfer Agent and Registrar shall note changes in the number of shares of Mandatory Convertible
Preferred Stock evidenced by this Global Preferred Certificate in the table set forth below: 
  

							
	
Amount of Decrease
in Number of Shares
Represented by 
this
Global Preferred Certificate
	 	
Amount of Increase in
Number of Shares
Represented by this
Global Preferred 
Certificate
	 	
Number of Shares
Represented by this
Global Preferred
Certificate following
Decrease or 
Increase
	  	
Signature of
Authorized Officer of
Transfer Agent and
Registrar

 

	(I)	 Attach Schedule I only to Global Preferred Certificate. 

 Annex B 

Certificate of Designations of Senior Preferred Stock 

See attached 

 Execution Version 

CERTIFICATE OF DESIGNATIONS 

OF 
 SERIES A PREFERRED
STOCK 
 OF 
 VAIL
HOLDCO CORP 
  
  

Pursuant to Section 151 of the General Corporation Law of the State of Delaware 

 
  

Pursuant to Section 151 of the General Corporation Law of the State of Delaware (the “DGCL”), Vail Holdco Corp, a
corporation duly organized and validly existing under the DGCL (the “Company”), in accordance with the provisions of Section 103 thereof, does hereby submit the following: 

WHEREAS, the Certificate of Incorporation of the Company (as amended, restated, supplemented or otherwise modified from time to time, in each
case, to the extent not prohibited by Sections 15 and 18 of this Certificate of Designations, the “Certificate of Incorporation”) authorizes the issuance of up to 45,000,000 shares of preferred stock, par value
$0.01 per share, of the Company (“Preferred Stock”) in one or more series, and expressly authorizes the Board of Directors of the Company (the “Board of Directors”), subject to limitations prescribed by Law and the
Series A Investors Rights Agreement, to provide, out of the unissued shares of Preferred Stock, for series of Preferred Stock, and, with respect to each such series, to establish and fix the powers, designations, preferences and relative
participating, optional or other special rights, and qualifications, limitations or restrictions thereof; and 
 WHEREAS, it is the desire
of the Board of Directors to establish and fix the number of shares to be included in a new series of Preferred Stock and the powers, designations, preferences and relative participating, optional or other special rights, and qualifications,
limitations or restrictions thereof. 
 NOW, THEREFORE, BE IT RESOLVED that the Board of Directors does hereby provide authority for the
Company to issue a series of Preferred Stock and does hereby in this Certificate of Designations (this “Certificate of Designations”) establish and fix and herein state and express the powers, designations, preferences and relative
participating, optional or other special rights, and qualifications, limitations or restrictions thereof as follows: 

1.    Definitions; Interpretation. 

(a)    As used in this Certificate of Designations, the following capitalized terms shall have the following meanings:

 “Advisers Act” has the meaning given to such term in Section 14(c). 

“Advisory Agreement” means the Amended and Restated Advisory Agreement, as amended by Amendment No. 1 thereto dated as
of the Closing Date, by and between the Company, New Mountain Capital, L.L.C., Avantor Holdings Sub, L.P., Avantor, Inc., Avantor Performance Materials Holdings S.à r.l. and the Company, as in effect as of the Closing Date. 

 “Affiliate” means, with respect to any Person, another Person that
directly, or indirectly through one or more intermediaries, Controls or is controlled by or is under common Control with the Person specified. “Affiliated” has a meaning correlative thereto. “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; provided, however that notwithstanding the foregoing, with respect to any Person that is an investment fund, an Affiliate shall also include any investment fund, vehicle
or holding company of which such Person or an Affiliate of such Person serves as the general partner, managing member or discretionary manager or advisor or sub-advisor. For the avoidance of doubt and
notwithstanding anything in the foregoing to the contrary, for purposes of the Series A Preferred Stock Documents, each of Broad Street Principal Investments, L.L.C., any affiliated investment entity or any other Affiliate of Goldman
Sachs & Co. LLC and any fund, investor, entity or account that is or may become managed, sponsored or advised by Goldman Sachs & Co. LLC or any of its Affiliates shall, in each case, be deemed not to be an Affiliate of the Sponsor
(or any Portfolio Company of the Sponsor) or the Company or any of its Subsidiaries. 
 “Aggregate Liquidation Preference”
means, as of any date of determination, the sum of the Liquidation Preference of each outstanding share of the Series A Preferred Stock as of such date of determination. 

“Alternative Exit Transaction” has the meaning given to such term in the Series A Investors Rights Agreement. 

“Applicable Issuance” has the meaning given to such term in the definition of “Qualified IPO”. 

“Applicable Treasury Rate” means, as of the relevant date, the yield to maturity at the time of computation of
U.S. Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) which has become publicly available at least two Business Days (but not more than five Business
Days) prior to such date (or, if such statistical release is not so published or available, any publicly available source of similar market data selected by the Company in good faith)) most nearly equal to the period from such date to the First Call
Date; provided that, if the period from such date to the First Call Date is not equal to the constant maturity of a U.S. Treasury security for which a weekly average yield is given, then the Applicable Treasury Rate shall be obtained by
linear interpolation (calculated to the nearest 1/12th of a year) from the weekly average yields of U.S. Treasury securities for which such yields are given; provided, further, that, if the period from such date to the First
Call Date is less than one year, then the weekly average yield on actually traded U.S. Treasury securities adjusted to a constant maturity of one year shall be used. 

“Attributable Indebtedness” means, on any date, in respect of any Capitalized Lease of any Person, the capitalized amount
thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP. 
 “Avantor”
means Avantor, Inc., a Delaware corporation, and any successor thereto. 
 “Beneficially Own” means to possess beneficial
ownership as determined pursuant to Rule 13d-3 and Rule 13d-5 of the Exchange Act as in effect on the Closing Date. 

“Board of Directors” has the meaning given to such term in the recitals hereof. 

“Borrower” means Avantor. 

  
 2 

 “Business Day” means any day other than a Saturday, Sunday or other day on
which commercial banks are authorized to close under the Laws of, or are in fact closed in, the State of New York. 
 “Capitalized
Leases” means all leases that have been or are required to be, in accordance with GAAP, recorded as capitalized leases; provided that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the
amount thereof accounted for as a liability in accordance with GAAP. 
 “Certificate of Designations” has the meaning given
to such term in the recitals hereof. 
 “Certificate of Incorporation” has the meaning given to such term in the recitals
hereof. 
 “Change of Control” shall be deemed to occur if: 

(a)    at any time prior to a Qualified IPO, any combination of Permitted Holders shall fail to
Beneficially Own, directly or indirectly, in the aggregate, Equity Interests representing at least a majority of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Company; 

(b)    at any time after a Qualified IPO, any “person” or “group” (within the meaning
of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date), but excluding (x) any employee benefit plan of such person and its
Subsidiaries and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan and (y) any combination of Permitted Holders, shall have, directly or indirectly, acquired Beneficial Ownership
of Equity Interests representing 35% or more of the aggregate voting power represented by the issued and outstanding Equity Interests of the Company and the Permitted Holders shall own, directly or indirectly, less than such “person” or
“group” of the aggregate voting power represented by the issued and outstanding Equity Interests of the Company unless the Permitted Holders have, at such time, the right or the ability by voting power, contract, or otherwise to elect or
designate for election at least a majority of the Board of Directors; 
 (c)    the Company shall cease
to own, directly or indirectly, 100% of the Equity Interests of Holdings or the Borrower; or 
 (d)    a
“change of control” or similar event shall occur under the Credit Agreement, the Senior Secured Notes, the Senior Unsecured Notes, the Junior Convertible Preferred Stock or in any other document pertaining to any Indebtedness or Preferred
Stock of the Company or any of its Subsidiaries the aggregate outstanding principal amount of which (or the aggregate liquidation preference of which) is in excess of the Threshold Amount. 

Notwithstanding the preceding or any provision of Rule 13d-3 of the Exchange Act (or any successor
provision), solely for purposes of determining whether a Change of Control has been deemed to occur, (i) a Person or group shall not be deemed to Beneficially Own securities subject to an equity or asset purchase agreement, merger agreement or
similar agreement (or voting or option or similar agreement related thereto) until the consummation of the transactions contemplated by such agreement, (ii) if any group includes one or more Permitted Holders, the issued and outstanding voting
Equity Interests of the Company Beneficially Owned, directly or indirectly, by any Permitted Holders that are part of such group shall not be treated as being Beneficially Owned by any other member of such group for purposes of determining whether a
Change of Control has occurred and (iii) a Person or group shall not be deemed to Beneficially Own the Equity Interests of another Person as a result of its ownership of the Equity Interests or other securities of such other Person’s
parent entity (or related contractual rights) unless it owns 50% or 

  
 3 

 
more of the total voting power of the Equity Interests entitled to vote for the election of directors of such parent entity having a majority of the aggregate votes on the board of directors (or
similar body) of such parent entity. 
 For the avoidance of doubt, the term “Borrower” as used in this definition includes any
successor that assumes the obligations of the Borrower under any Senior Indebtedness. 
 “Change of Control Transaction”
means any transaction that results in a Change of Control. 
 “Class B Stock” has the meaning given to
such term in the Certificate of Incorporation. 
 “Clearstream” means Clearstream Banking, société anonyme,
or any successor securities clearing agency. 
 “Closing Date” means November 21, 2017. 

“Code” has the meaning given to such term in Section 14(c). 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time,
and any successor statute. 
 “Common Stock” means the common stock, par value $0.01 per share, of the Company and any
common equity securities of the Company issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other similar
reorganization. 
 “Company” has the meaning given to such term in the introductory paragraph hereof. 

“Company Consolidated EBITDA” means, with respect to the Company and its Subsidiaries, for any period, the Company
Consolidated Net Income of the Company for such period, plus 
 (a)    without duplication and to the extent
already deducted (and not added back) in arriving at such Company Consolidated Net Income, the sum of the following amounts for such period: 

(1)    Fixed Charges of the Company for such period and, to the extent not reflected in Fixed Charges, any
losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, net of interest income and gains on such hedging obligations or such derivative instruments, and bank and letter of credit fees
and costs of surety bonds in connection with financing activities, plus items excluded from the definition of “Company Consolidated Interest Expense” pursuant to clauses (1)(a) through (f) thereof, plus, 

(2)    provision for taxes based on income, profits, revenue or capital, including, federal, foreign and
state income, franchise, excise, value added and similar taxes based on income, profits, revenue or capital and foreign withholding taxes of such Person paid or accrued during such period (including in respect of repatriated funds, including any
penalties and interest relating to such taxes or arising from any tax examinations), plus, 

(3)    the total amount of depreciation and amortization expense (including amortization of deferred
financing fees or costs, internal labor costs, debt issuance costs, 

  
 4 

 
commissions, fees and expenses, capitalized expenditures (including capitalized expenditures in respect of software), customer acquisition costs and incentive payments, conversion costs and
contract acquisition costs) of the Company and its Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP, plus, 

(4)    any other non-cash charges (other than any accrual in
respect of bonuses), including any write offs, write downs, expenses, losses or items (provided, in each case, that if any non-cash charges represent an accrual or reserve for potential cash items in
any future period, (A) the Company may elect not to add back such non-cash charges in the current period and (B) to the extent the Company elects to add back such
non-cash charges in the current period, the cash payment in respect thereof in such future period shall be subtracted from Company Consolidated EBITDA to such extent, and excluding amortization of a prepaid
cash item that was paid in a prior period), plus, 
 (5)    the amount of any non-controlling interest consisting of income attributable to non-controlling interests of third parties in any non-Wholly Owned
Subsidiary deducted (and not added back) in such period in calculating Company Consolidated Net Income, excluding cash distributions in respect thereof, plus, 

(6)    (i) the amount of management, monitoring, consulting and advisory fees, indemnities and related
expenses paid or accrued in such period to (or on behalf of) the Sponsor (including any termination fees payable in connection with the early termination of management and monitoring agreements), (ii) the amount of payments made to option, phantom
equity or profits interests holders of the Company or any of its parent entities in connection with, or as a result of, any distribution being made to shareholders of the Company or its parent entities, which payments are being made to compensate
such option, phantom equity or profits interests holders as though they were shareholders at the time of, and entitled to share in, such distribution, including any cash consideration for any repurchase of equity, in each case to the extent
permitted under this Certificate of Designations (including expenses relating to distributions made to equity holders of the Company any of its parent entities resulting from the application of FASB Accounting Standards Codification Topic
718—Compensation—Stock Compensation) and (iii) the amount of fees, expenses and indemnities paid to directors of any parent entity of the Company, plus, 

(7)    losses or discounts on sales of receivables and related assets in connection with any Qualified
Securitization Facility, plus, 
 (8)    cash receipts (or any netting arrangements resulting in
reduced cash expenditures) not included in the calculation of Company Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Company
Consolidated EBITDA pursuant to paragraph (c) below for any previous period and not added back, plus, 

(9)    any costs or expenses incurred by such Person or any of its Subsidiaries pursuant to any management
equity plan or stock option plan or phantom equity or any other management or employee benefit plan or agreement, any severance agreement or any stock subscription or shareholder agreement, to the extent that such costs or expenses are non-cash or otherwise funded with cash proceeds contributed to the capital of such Person or Net Proceeds of an issuance of Equity Interests of such Person (other than Disqualified Equity Interests), plus,

  
 5 

 (10)    any net pension or other post-employment benefit
costs representing amortization of unrecognized prior service costs, actuarial losses, including amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost) existing at the date of
initial application of FASB Accounting Standards Codification Topic 715—Compensation—Retirement Benefits, and any other items of a similar nature, plus, 

(11)    with respect to any joint venture that is not a Subsidiary, an amount equal to the proportion of
those items described in clauses (2) and (3) above relating to such joint venture corresponding to such Person and its Subsidiaries’ proportionate share of such joint venture’s consolidated net income (determined as if such joint
venture were a Subsidiary), plus 
 (b)    without duplication, the amount of “run rate”
cost savings, operating expense reductions and synergies related to the Transactions or any other Specified Event (as defined below) projected by such Person in good faith to be realized as a result of actions that have been taken or initiated or
are expected to be taken (in the good faith determination of such Person), including any cost savings, expenses and charges (including restructuring and integration charges) in connection with, or incurred by or on behalf of, any joint venture of
the Company or any of its Subsidiaries (whether accounted for on the financial statements of any such joint venture or such Person) (x) with respect to the Transactions, on or prior to the date that is 36 months after the Closing Date
(including actions initiated prior to the Closing Date) and (y) with respect to any investment, sale, transfer or other disposition of assets, incurrence or repayment of Indebtedness, restricted payment, Subsidiary designation, restructuring,
cost saving initiative or other initiative (collectively, a “Specified Event”), whether initiated, before, on or after the Closing Date, within 18 months after such Specified Event (which cost savings shall be added to Company
Consolidated EBITDA until fully realized and calculated on a pro forma basis as though such cost savings had been realized on the first day of the relevant period), net of the amount of actual benefits realized from such actions; provided
that (i) such cost savings are reasonably quantifiable and factually supportable, (ii) no cost savings, operating expense reductions or synergies shall be added pursuant to this clause (y) to the extent duplicative of any expenses or
charges relating to such cost savings, operating expense reductions or synergies that are included in clause (x) above (it being understood and agreed that “run rate” shall mean the full recurring benefit that is associated with any
action taken) and (iii) no cost savings, operating expense reductions or synergies relating to any Specified Event shall be added pursuant to this clause (b) except to the extent the cost savings, operating expense reductions and synergies
relating to the Transactions as described in the Confidential Information Memorandum have been achieved or are no longer available or permitted to be added pursuant to this clause (b), in which case an amount up to such amounts that have been
achieved or are no longer available or permitted shall be added to Company Consolidated EBITDA to the extent otherwise allowed pursuant to this clause (b); provided, further, that the aggregate amount of any adjustments made pursuant
to clauses (x) and (y) for any transactions following the Closing Date shall not exceed in the aggregate 20% of Company Consolidated EBITDA for such period (before giving effect to any such adjustments); provided, further, that
addbacks (x) made otherwise in accordance with Regulation S-X under the Securities Act or (y) reflected in the Confidential Information Memorandum and relating to the twelve month period ended
June 30, 2017 shall not be included in the foregoing cap of 20% of Company Consolidated EBITDA, less 

(c)    without duplication and to the extent included in arriving at such Company Consolidated Net Income,
the sum of the following amounts for such period: 

  
 6 

 (1)    non-cash
gains (excluding any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced Company Consolidated Net Income or Company Consolidated EBITDA in any
prior period), and 
 (2)    the amount of any non-controlling
interest consisting of loss attributable to non-controlling interests of third parties in any non-Wholly Owned subsidiary added (and not deducted) in such period from
Company Consolidated Net Income, 
 in each case, as determined on a consolidated basis for such Person and its Subsidiaries in accordance
with GAAP. 
 Notwithstanding anything to the contrary contained herein, for purposes of determining Company Consolidated EBITDA under the
Series A Preferred Stock Documents for any period that includes any of the fiscal quarters ended September 30, 2016, December 31, 2016, March 31, 2017 and June 30, 2017, Company Consolidated EBITDA for such fiscal quarters shall
be $268.5 million, $256.8 million, $242.0 million and $270.3 million, respectively, in each case as may be subject to addbacks and adjustments (without duplication) pursuant to clause (b) above and sections relating to pro
forma adjustments for the applicable Company Test Period. For the avoidance of doubt, Company Consolidated EBITDA shall be calculated, including pro forma adjustments. 

“Company Consolidated Interest Expense” means, for any period, the sum, without duplication, of: 

(1)    consolidated interest expense of the Company and its Subsidiaries for such period, to the extent such expense was
deducted (and not added back) in computing Company Consolidated Net Income (including (a) amortization of OID resulting from the issuance of Indebtedness at less than par, (b) all commissions, discounts and other fees and charges owed with
respect to letters of credit or bankers acceptances, (c) non-cash interest payments (but excluding any non-cash interest expense attributable to the movement in the
mark to market valuation of Swap Obligations or other derivative instruments pursuant to GAAP), (d) the interest component of Capitalized Leases, and (e) net payments, if any made (less net payments, if any, received), pursuant to interest rate
Swap Obligations with respect to Indebtedness, and excluding (o) annual agency fees paid to the administrative agents and collateral agents under the Credit Agreement or other credit facilities, (p) any additional interest with respect to
failure to comply with any registration rights agreement owing with respect to the Senior Notes or other securities, (q) costs associated with obtaining Swap Obligations, (r) any expense resulting from the discounting of any Indebtedness
in connection with the application of recapitalization accounting or, if applicable, purchase accounting in connection with the Transactions or any acquisition, (s) penalties and interest relating to taxes, (t) any “additional
interest” or “liquidated damages” with respect to other securities for failure to timely comply with registration rights obligations, (u) amortization or expensing of deferred financing fees, amendment and consent fees, debt
issuance costs, commissions, fees, expenses and discounted liabilities and any other amounts of non-cash interest, (v) any expensing of bridge, commitment and other financing fees and any other fees
related to the Transactions or any acquisitions after the Closing Date, (w) commissions, discounts, yield and other fees and charges (including any interest expense) related to any Qualified Securitization Facility, (x) any accretion of
accrued interest on discounted liabilities and any prepayment premium or penalty, (y) interest expense attributable to a parent entity resulting from push-down accounting, and (z) any lease, rental or other expense in connection with a non-Capitalized Lease); plus 
 (2)    consolidated capitalized interest of the
Company and its Subsidiaries for such period, whether paid or accrued; less 
 (3)    interest income of the
Company and its Subsidiaries for such period. 

  
 7 

 For purposes of this definition, interest on a Capitalized Lease shall be deemed to accrue
at an interest rate reasonably determined by the Company to be the rate of interest implicit in such Capitalized Lease in accordance with GAAP (or, if not implicit, as otherwise determined in accordance with GAAP). 

“Company Consolidated Net Income” means, for any period, the net income (loss) of the Company and its Subsidiaries for such
period determined on a consolidated basis in accordance with GAAP; provided, however, that, without duplication: 

(a)    any after-tax effect of extraordinary, unusual or non-recurring items (including gains or losses and all fees and expenses relating thereto) for such period shall be excluded, 

(b)    the cumulative effect of a change in accounting principles during such period to the extent included
in net income (loss) of the Company and its Subsidiaries shall be excluded, 
 (c)    accruals and
reserves that are established or adjusted within 12 months after the closing of any acquisition constituting an Investment that are so required to be established or adjusted as a result of such acquisition in accordance with GAAP or changes as a
result of adoption or modification of accounting policies in accordance with GAAP shall be excluded, 

(d)    any net after-tax effect of gains or losses (less all
fees, expenses and charges relating thereto) attributable to asset dispositions or abandonments or the sale or other disposition of any Equity Interests of any Person, in each case other than in the ordinary course of business, as determined in good
faith by the Company, shall be excluded, 
 (e)    the net income (loss) for such period of any Person
that is not a Subsidiary of the Company, or that is accounted for by the equity method of accounting, shall be excluded; provided that Company Consolidated Net Income of the Company shall be increased by the amount of dividends or
distributions that are actually paid in cash or cash equivalents (or to the extent subsequently converted into cash or cash equivalents) to the Company or a Subsidiary thereof in respect of such period, 

(f)    any impairment charge or asset write-off or write-down,
including impairment charges or asset write-offs or write-downs related to intangible assets, long-lived assets, investments in debt and equity securities or as a result of a change in law or regulation, in each case, pursuant to GAAP, and the
amortization of intangibles arising pursuant to GAAP shall be excluded, 
 (g)    any non-cash compensation charge or expense, including any such charge or expense arising from the grants of stock appreciation or similar rights, stock options, restricted stock or other rights or equity incentive
programs or any other equity-based compensation shall be excluded, and any cash charges associated with the rollover, acceleration or payout of Equity Interests by management of the Company or any of its direct or indirect parents in connection with
the Transactions or a Qualified IPO, shall be excluded, 
 (h)    any expenses, charges or losses that
are covered by indemnification or other reimbursement provisions in connection with any Investment, Permitted Acquisition or any sale, conveyance, transfer or other disposition of assets permitted under this Certificate of Designations, to the
extent actually reimbursed, or, so long as the Company has made a determination that a reasonable basis exists for indemnification or reimbursement and only to the extent that such amount (i) is not denied by the applicable carrier or
indemnitor in writing within 180 days of the 

  
 8 

 
occurrence of such event and (ii) is in fact indemnified or reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to
the extent not so indemnified or reimbursed within such 365-day period), shall be excluded, 

(i)    to the extent covered by insurance and actually reimbursed, or, so long as the Company has made a
determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount (i) is not denied by the applicable carrier or indemnitor in writing within 180 days of the
occurrence of such event and (ii) is in fact reimbursed within 365 days of the date of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so reimbursed within such 365 days),
expenses, charges or losses with respect to liability or casualty events or business interruption shall be excluded, 

(j)    the income (or loss) of any Person accrued prior to the date it becomes a Subsidiary of the Company
or is merged into or consolidated with the Company or any of its Subsidiaries or such Person’s assets are acquired by the Company or any of its Subsidiaries shall be excluded (except to the extent required for any calculation of Company
Consolidated EBITDA on a Company Pro Forma Basis), 
 (k)    [Reserved], 

(l)    the purchase accounting effects of adjustments in component amounts required or permitted by GAAP
(including in the inventory, property and equipment, goodwill, intangible assets, in-process research and development, deferred revenue and debt line items thereof) and related authoritative pronouncements
(including the effects of such adjustments pushed down to the Company and its Subsidiaries), as a result of the Transactions or any acquisition constituting an Investment permitted under this Certificate of Designations consummated prior to or after
the Closing Date, or the amortization or write-off of any amounts thereof shall be excluded, 

(m)    changes to accrual of revenue so long as consistent with past practices of the Company and its
Subsidiaries (regardless of treatment under GAAP) shall be excluded, 
 (n)    (i) any non-cash profits interest or non-cash compensation expense realized from employee benefit plans or other post-employment benefit plans or recorded from grants of stock
appreciation or similar rights, phantom equity, stock options, restricted stock or other rights to officers, directors, managers or employees and management compensation plans or equity incentive programs or the treatment of such options under
variable plan accounting and (ii) non-cash income (loss) attributable to deferred compensation plans or trusts, shall be excluded, and 

(o)    any amounts paid that are used to fund payments to any equity holder to pay taxes related to such
equity holder’s ownership of the Company and that, if paid by the Company would have reduced Company Consolidated Net Income, shall be included to reduce Company Consolidated Net Income. 

For the avoidance of doubt, Company Consolidated Net Income shall be calculated on a Company Pro Forma Basis. 

“Company Liquidation Material Event” has the meaning given to such term in
Section 7(b)(i). 

  
 9 

 “Company Pro Forma Basis” and “Company Pro Forma Effect”
mean, with respect to compliance with the Consolidated Total Obligations Ratio, the determination or calculation of such ratio (including in connection with Company Specified Transactions) in accordance with Section 1(d)
hereof. 
 “Company Specified Transaction” means any Investment that results in a Person becoming a Subsidiary of the
Company, any Permitted Acquisition, any sale, transfer or other Disposition of assets or property, or a sale of a business unit, line of business or division of all or substantially all of the assets of or customer lists of the Company or a
Subsidiary, any incurrence, prepayment, redemption, repurchase, defeasance, acquisition, extinguishment, retirement or repayment of Indebtedness (other than Indebtedness incurred or repaid under any existing revolving credit facility or line of
credit), any revolving credit commitment increase, any new revolving credit commitments, any incurrence of any incremental revolving credit loans, any incurrence of incremental term loans, any creation of extended term loans or extended revolving
credit commitments, any issuance of Preferred Stock or any other event that by the terms of this Certificate of Designations requires a test or covenant to be calculated on a “Company Pro Forma Basis” or after giving “Company Pro
Forma Effect.” 
 “Company Test Period” means, as of any date of determination, the four consecutive fiscal quarters
of the Company most recently ended as of such date of determination for which financial statements have been delivered or were required to be delivered pursuant to Section 1.1 of the Series A Investors Rights Agreement or, prior to the initial
date upon which the financial statements and certificates required by Section 1.1(a)(i) or (ii) of the Series A Investors Rights Agreement, as the case may be, and Section 1.1(b)(ii) of the Series A Investors Rights Agreement, are
required to be delivered, the four consecutive fiscal quarters of the Company ending September 30, 2017. 
 “Company Total
Assets” means the total assets of the Company and its Subsidiaries on a consolidated basis in accordance with GAAP, as shown on the most recent balance sheet of the Company delivered pursuant to Section 1.1(a)(i) or (ii) of the
Series A Investors Rights Agreement or, for the period prior to the time any such statements are so delivered pursuant to Section 1.1(a)(i) or (ii) of the Series A Investors Rights Agreement, the Pro Forma Balance Sheet. 

“Compounded Dividends” has the meaning given to such term in Section 5. 

“Compounded Dividends Reduction” has the meaning given to such term in Section 5. 

“Confidential Information Memorandum” shall mean the Confidential Information Memorandum of the Borrower, dated as of
September 5, 2017. 
 “Consolidated Total Obligations” means, as of any date of determination, the sum of (a) the
aggregate principal amount of Indebtedness of the Company and its Subsidiaries outstanding as of such date of determination, determined on a consolidated basis in accordance with GAAP, and (b) the aggregate liquidation preference of all
outstanding Preferred Equity Interests issued by the Company or any of its Subsidiaries (excluding the aggregate liquidation preference of any outstanding shares of the Junior Convertible Preferred Stock, but, for the avoidance of doubt, including
the Aggregate Liquidation Preference). 
 “Consolidated Total Obligations Ratio” means, as of any date of determination,
the ratio of (a) Consolidated Total Obligations as of such date of determination to (b) Company Consolidated EBITDA for the applicable Company Test Period. 

  
 10 

 “Contractual Obligation” means, as to any Person, any provision of any
security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Credit Agreement” means the Credit Agreement, dated as of the Closing Date, by and among Holdings, the Borrower, the
guarantors party thereto, Goldman Sachs Bank USA, as administrative agent, and the lenders and other parties thereto, and as in effect on and as of the Closing Date (and, for the avoidance of doubt, without giving effect to any amendment, extension,
modification, refinancing, renewal, replacement, restatement, restructuring, supplement or waiver thereof). The Credit Agreement is attached to the Series A Investors Rights Agreement as Exhibit C. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of
creditors generally. 
 “Default” means any event or condition that constitutes an Event of Default or that, with the
giving of any notice, the passage of time, or both, without cure or waiver hereunder, would be an Event of Default. 
 “Definitive
Series A Preferred Stock Certificate” means one or more certificates representing Series A Preferred Stock registered in the name of the Holder thereof and issued in accordance with Section 14(n), except that any
such Definitive Series A Preferred Stock Certificate shall not bear the Global Certificate Legend and shall not have a schedule of increases or decreases. 

“Delayed Material Event Redemption Date” has the meaning given to such term in Section 7(c)(v).

 “DGCL” has the meaning given to such term in the introductory paragraph hereof. 

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any
sale-leaseback transaction and any sale or issuance of Equity Interests (other than directors’ qualifying shares or other shares required by applicable Law)) of any property by any Person, including any sale, assignment, transfer or other
disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith. 
 “Dividend
Payment Date” means February 21, May 21, August 21 and November 21 of each year, commencing on February 21, 2018; provided that, if any Dividend Payment Date is not a Business Day, the Dividend Payment Date
shall be the immediately preceding Business Day. 
 “Dividend Period” means the period commencing on and including a
Dividend Payment Date and shall end on, but not include, the next Dividend Payment Date; provided that the initial Dividend Period shall commence on and include the Closing Date and shall end on, but not include, February 21, 2018. 

“Dividend Rate” means 12.50% per annum; provided that the Dividend Rate from and after November 21, 2022 (the
“Rate Reset Date”) means the sum of (x) the Five-Year Treasury Yield on and as of the Rate Reset Date plus (y) 11.00% per annum; provided that if the Five-Year Treasury Yield on and as of the Rate Reset Date is
less than 1.50% per annum, then the Five-Year Treasury Yield on and as of the Rate Reset Date shall be deemed to be 1.50% per annum; provided, further, that the then-current Dividend Rate shall automatically increase by an additional
1.00% per annum on each of the following dates: 

  
 11 

 
November 21, 2024, November 21, 2025, November 21, 2026, November 21, 2027, November 21, 2028, November 21, 2029 and November 21, 2030; provided,
further, that if any Event of Default occurs and is continuing, then the then-current Dividend Rate shall automatically increase by an additional 2.00% per annum. For the avoidance of doubt, (a) in no event shall there be a decrease to
the then-current Dividend Rate and (b) nothing in this definition shall limit any increase to the then-current Dividend Rate as a result of an Event of Default. 

“Dividends” has the meaning given to such term in Section 5. 

“Dollar” and “$” mean lawful money of the United States. 

“Domestic Subsidiary” means any Subsidiary of the Company that is organized under the Laws of the United States, any state
thereof or the District of Columbia. 
 “DTC” or “Depositary” means The Depository Trust Company or any
successor depositary. 
 “Equity Interests” means, with respect to any Person, any and all of the shares, interests,
rights, participations or other equivalents of or interest in (however designated) equity of such Person (including any common stock, preferred stock, any limited or general partnership interest and any limited liability company membership interest)
and all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities). 

“ERISA” has the meaning given to such term in Section 14(c). 

“ERISA Affiliate” means any trade or business (whether or not incorporated) that is under common control with the Company or
any Subsidiary or is treated as a single employer within the meaning of Section 414(b) or (c) of the Code or Section 4001 of ERISA (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412
of the Code). 
 “ERISA Event” means: (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by
the Company, any Subsidiary or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that
is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Company, any Subsidiary or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is insolvent
(within the meaning of Section 4245 of ERISA) or in “endangered”, “critical” or “critical and declining” status (within the meaning of Section 432 of the Code or Section 305 of ERISA); (d) a determination
that any Pension Plan is in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (e) the filing of a notice of intent to terminate, the treatment of a Pension Plan or Multiemployer Plan
amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (f) an event or condition which constitutes grounds under Section 4042 of
ERISA for, and that could reasonably be expected to result in, the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (g) with respect to a Pension Plan, the failure to satisfy the minimum
funding standard of Sections 412 or 430 of the Code or Sections 302 or 303 of ERISA, whether or not waived, or the filing, pursuant to Section 412(c) of the Code or Section 302(c) of ERISA, of an application for the waiver of the minimum
funding standard with respect to any Pension Plan; (h) a failure by the Company, any Subsidiary or any ERISA Affiliate to make a required contribution to a Multiemployer Plan; (i) the occurrence of a nonexempt prohibited transaction
(within the meaning of Section 4975 of the Code or Section 406 of ERISA) which could reasonably be expected to result in liability to the Company or any Subsidiary; (j) the imposition of any liability under Title IV of ERISA, other
than 

  
 12 

 
for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Company, any Subsidiary or any ERISA Affiliate; or (k) the imposition of a Lien pursuant to
Section 430(k) of the Code or pursuant to Section 303(k) of ERISA with respect to any Pension Plan. 

“Euroclear” means the Euroclear Clearance System or any successor securities clearing agency. 

“Event of Default” means any of the following: 

(a)    the Company fails to (i) declare any Dividends that have accumulated during any Dividend Period on or prior to
the record date set forth in Section 5 for such Dividend Period and such failure continues for five (5) Business Days, (ii) pay or make any Dividends with respect to any Dividend Period on the Dividend Payment
Date with respect to such Dividend Period unless such failure is due to a Significant Restriction and, within five (5) Business Days of such Dividend Payment Date, (x) the Company directs the Transfer Agent to record on its books and
records the automatic increase to the Liquidation Preference of each share of the Series A Preferred Stock that occurred in the form of Compounded Dividends on such Dividend Payment Date, (y) the Company has taken action in order for such
Compounded Dividends to accrue to the benefit of each Beneficial Owner of shares of Series A Preferred Stock through the procedures of DTC and (z) to the extent required, the CUSIP numbers and each other security identifier associated with each
share of Series A Preferred Stock reflect any such Compounded Dividends or (iii) pay or make when due any payment (including in respect of any redemption) or distribution on, or in respect of, any Preferred Stock (including the Series A
Preferred Stock) (any of (i), (ii) or (iii), a “Preferred Stock Payment Event of Default”); 

(b)    (i) the Company or any of its Subsidiaries fails to perform or observe any covenant or agreement contained in
(x) Section 9 of this Certificate of Designations or (y) solely with respect to the Company, any Holding Company or the Borrower, Section 1.8(i) of the Series A Investors Rights Agreement, (ii) the
Company or any of its Subsidiaries fails to perform or observe any covenant or agreement contained in Section 10 of this Certificate of Designations and such failure continues for at least 60 days after the earlier of
(A) receipt by the Company of written notice thereof from the Required Holders and (B) any failure to give notice as required under Section 1.1(c)(i) of the Series A Investors Rights Agreement or (iii) the Company or the Board of
Directors fails to (x) comply with the Marketing Process and Exit Transaction requirements within the time frames provided for in Section 1.2(h) and Section 1.2(i) of the Series A Investors Rights Agreement or (y) consummate the
Selected Exit Transaction (or an Alternative Exit Transaction) within 12 months of the Exit Demand as specified in Section 1.2(h) of the Series A Investors Rights Agreement; 

(c)    the Company or any of its Subsidiaries fails to perform or observe any other covenant or agreement (not specified
in clause (a), (b) or (d) of this definition) contained in this Certificate of Designations or any other Series A Preferred Stock Document and such failure continues for at least 60 days after the earlier of (i) receipt by the Company of
written notice thereof from the Required Holders and (ii) any failure to give notice as required under Section 1.1(c)(i) of the Series A Investors Rights Agreement; 

(d)    any representation, warranty, certification or statement of fact made or deemed made by the Company or any of its
Subsidiaries in the Series A Securities Purchase Agreement or in any other Series A Preferred Stock Document or in any document required to be delivered in connection with any Series A Preferred Stock Document shall be incorrect in any material
respect (or, in the case of any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, shall be incorrect in any respect) when made or deemed made; 

  
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 (e)    the Company or any of its Subsidiaries (A) fails to make any
payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise), in respect of any Indebtedness having an aggregate outstanding principal amount of not less than the Threshold Amount, and such failure
continues after the applicable grace period, if any (a “Material Indebtedness Payment Event of Default”), or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness, or any other event
occurs (other than, with respect to Indebtedness consisting of Swap Contracts, termination events or equivalent events pursuant to the terms of such Swap Contracts and not as a result of any default thereunder by the Company or any of its
Subsidiaries), the effect of which default or other event is (1) to cause such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise) or an offer to repurchase, prepay, defease or redeem such
Indebtedness to be made, prior to its stated maturity (a “Material Indebtedness Acceleration”), or (2) to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders or
beneficiary or beneficiaries) to cause (after delivery of any notice if required and after giving effect to any waiver, amendment, cure or grace period), with the giving of notice if required, such Indebtedness to become due or to be repurchased,
prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity; provided that this clause (B) shall not apply to
(i) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted under the Series A Preferred Stock Documents, (ii) any
Indebtedness if the sole remedy or option of the holder thereof in the event of the non-payment of such Indebtedness or the non-payment or
non-performance of obligations related thereto is to elect to convert such Indebtedness into Qualified Equity Interests and cash in lieu of fractional shares and (iii) in the case of Indebtedness which
the holder thereof may elect to convert into Qualified Equity Interests, such Indebtedness from and after the date, if any, on which such conversion has been effected; provided, further, that such failure is unremedied or has not been
waived by the holders of such Indebtedness at such time; 
 (f)    except with respect to any dissolution otherwise
permitted under the Series A Preferred Stock Documents, the Company, any Holding Company, the Borrower or any Material Subsidiary institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes a general assignment
for the benefit of creditors or becomes unable, admits in writing its inability or fails generally to pay its debts as they become due; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator,
rehabilitator, administrator, administrative receiver or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or
similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or
substantially all of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 consecutive calendar days, or an order for relief is entered in any such proceeding (any such event, an
“Insolvency Proceeding”); 
 (g)    there is entered against the Company or any of its Subsidiaries a
final judgment or order for the payment of money in an aggregate amount exceeding the Threshold Amount (to the extent not covered by either (i) independent third-party insurance as to which the insurer does not deny coverage or
(ii) another creditworthy (as reasonably determined by the Required Holders) indemnitor); and such judgment or order shall not have been satisfied, vacated, discharged or stayed or bonded pending an appeal for a period of 60 consecutive
days; 
 (h)    any material provision of this Certificate of Designations or any other Series A Preferred Stock
Document, at any time after its execution and delivery, and for any reason other than as expressly permitted hereunder or thereunder or as a result of the redemption in full in cash of all outstanding shares of the Series A Preferred Stock, ceases
to be in full force and effect; or the Company or any of its 

  
 14 

 
Subsidiaries contests in writing the validity or enforceability of any provision of this Certificate of Designations or any Series A Preferred Stock Document; or the Company or any of its
Subsidiaries denies in writing that it has any or further liability or obligation under this Certificate of Designations or any other Series A Preferred Stock Document (other than as a result of the redemption in full in cash of all outstanding
shares of the Series A Preferred Stock), or purports in writing to revoke or rescind this Certificate of Designations or any other Series A Preferred Stock Document (except to the extent all outstanding shares of the Series A Preferred Stock have
been redeemed in full in cash); or 
 (i)    (i) an ERISA Event occurs which has resulted or would reasonably be
expected to result in liability of the Company or any of its Subsidiaries which would reasonably be expected to result in a Material Adverse Effect, or (ii) the Company or any of its Subsidiaries or any ERISA Affiliate fails to pay when due,
after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan and a Material Adverse Effect would reasonably be expected to result.

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

“Existing Receivables Facility” means the receivables facility under that certain Amended and Restated Receivables Purchase
Agreement, dated as of the Closing Date, by and among VWR Receivables Funding, LLC, as seller, VWR International, LLC, as servicer, PNC Bank, National Association, as administrator and as issuer of letters of credit, and the other parties from time
to time party thereto, as amended, restated, supplemented, waived, renewed or otherwise modified from time to time. 
 “Exit
Demand” has the meaning given to such term in the Series A Investors Rights Agreement. 
 “Exit Transaction” has
the meaning given to such term in the Series A Investors Rights Agreement. 
 “Fiduciary Rule” has the meaning given to
such term in Section 14(c). 
 “First Call Date” means November 21, 2020, or, if a Qualified
IPO has been consummated prior to November 21, 2020, November 21, 2019. References in this Certificate of Designations to the “First Call Date” refer to the First Call Date as then in effect. 

“Five-Year Treasury Yield” means, as of the relevant date, the yield (rounded upwards if necessary to the
nearest 1/100th of 1%) on actively traded U.S. Treasury securities adjusted to a constant maturity of five years, as determined by reference to the 5-Year Constant Maturity Treasury Rate
for such date published by the U.S. Department of the Treasury (currently located under the caption “Daily Treasury Yield Curve Rates” at https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?
data=yield), or, if such information is no longer published by the U.S. Department of the Treasury, by reference to comparable information contained in any other publicly available source of similar market data as reasonably determined in good
faith by the Board of Directors. 
 “Fixed Charges” means, with respect to the Company and its Subsidiaries for any period,
the sum of (without duplication): 
 (a) Company Consolidated Interest Expense of the Company and its Subsidiaries for such period; 

  
 15 

 (b) all cash dividends or other distributions paid (excluding items eliminated in
consolidation) on any series of Preferred Stock during such period; and 
 (c) all cash dividends or other distributions paid (excluding
items eliminated in consolidation) on any series of Disqualified Equity Interests during such period. 
 “Foreign
Subsidiary” means any direct or indirect Subsidiary of the Company which is not a Domestic Subsidiary. 
 “GAAP”
means generally accepted accounting principles in the United States of America, as in effect from time to time; provided, however, that if the Company notifies the Holders that it requests an amendment to any provision hereof to
eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof (including through conforming changes made consistent with IFRS) on the operation of such provision (or if the Required Holders notify the
Company that the Required Holders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof (including through conforming changes
made consistent with IFRS), then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in
accordance herewith. 
 “Global Certificate” means one or more global certificates representing shares of the Series A
Preferred Stock registered in the name of the Holder thereof that bears the Global Certificate Legend. 
 “Global Certificate
Legend” means the global certificate legends set forth in Exhibit B hereto, which legends are required to be placed on all Global Certificates issued under this Certificate of Designations. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, any agency,
authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including
any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank). 

“Guarantee” means, as to any Person, without duplication, any obligation, contingent or otherwise, of such Person
guaranteeing or having the economic effect of guaranteeing any Indebtedness by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect,
(i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness of the
payment or performance of such Indebtedness, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to
pay such Indebtedness or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or
in part). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the
maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Holder” means the Person in whose name a Series A Preferred Stock Certificate is registered on the Transfer Agent’s
books and records. 

  
 16 

 “Holding Company” means any Person that is a Subsidiary of the Company but
that is not the Borrower or a Subsidiary of the Borrower (including, for the avoidance of doubt, Holdings). 
 “Holdings”
means Vail Holdco Sub LLC, a Delaware limited liability company and a direct Wholly Owned Subsidiary of the Company. 
 “IAI Global
Certificate” has the meaning given to such term in Section 14(g). 
 “IAI Shares” has
the meaning given to such term in Section 14(g). 
 “IFRS” means international accounting
standards as promulgated by the International Accounting Standards Board. 
 “Indebtedness” means, as to any Person at a
particular time, without duplication, all of the following: 
 (a)    all obligations of such Person for
borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 

(b)    the maximum amount (after giving effect to any prior drawings or reductions which may have been
reimbursed) of all outstanding letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds, performance bonds and similar instruments issued or created by or for the account of such Person; 

(c)    net obligations of such Person under any Swap Contract; 

(d)    all obligations of such Person to pay the deferred purchase price of property or services; 

(e)    indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being
purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial development bond and similar financings), whether or not such indebtedness shall
have been assumed by such Person or is limited in recourse; 
 (f)    all Attributable Indebtedness; 

(g)    all obligations of such Person in respect of Disqualified Equity Interests if and to the extent that
the foregoing would constitute indebtedness or a liability in accordance with GAAP; provided that Indebtedness of any direct or indirect parent of the Borrower appearing on the balance sheet of the Borrower solely by reason of push-down
accounting under GAAP shall be excluded; and 
 (h)    to the extent not otherwise included above, all
Guarantees of such Person in respect of Indebtedness described in clauses (a) through (g) in respect of any of the foregoing. 

For all purposes hereof, the Indebtedness of any Person shall (A) include the Indebtedness of any partnership or joint venture (other
than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner, except to the extent such Person’s liability for such Indebtedness is otherwise limited, (B) in the case of Holdings
and its Restricted Subsidiaries, exclude all intercompany liabilities having a term not exceeding 364 days (inclusive of any roll-over or extensions of 

  
 17 

 
terms) and made in the ordinary course of business (other than, with respect to Indebtedness of Holdings and its Restricted Subsidiaries, intercompany Indebtedness owing by Holdings or any
Restricted Subsidiary to any Unrestricted Subsidiary) and (C) exclude (i) trade accounts and accrued expenses payable in the ordinary course of business, (ii) any earn-out obligation, deferred
purchase price obligations, contingent post-closing purchase price adjustments or indemnification payments in connection with any Permitted Acquisition or permitted Investment, any acquisition or Investment consummated prior to the Closing Date or
any permitted Disposition, unless such obligation is not paid after becoming due and payable, (iii) accruals for payroll and other liabilities accrued in the ordinary course of business, (iv) obligations under any Securitization Facility
and (v) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller. The amount of any net obligation under any Swap Contract on any date shall
be deemed to be the Swap Termination Value thereof as of such date. The amount of Indebtedness of any Person for purposes of clause (e) above shall be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness
and (y) the fair market value of the property encumbered thereby as determined by such Person in good faith. 
 “Independent
Fiduciary” has the meaning given to such term in Section 14(c). 
 “Initial Date” has
the meaning given to such term in Section 6(c). 
 “Insolvency Proceeding” has the meaning given
to such term in the definition of “Event of Default”. 
 “Institutional Accredited Investors” means an
institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3), (7) or (8) under the Securities Act, who is not also a Qualified Institutional Buyer. 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of
(a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any
other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person (excluding, in the case of Holdings, the Borrower and its Restricted Subsidiaries, intercompany loans,
advances or Indebtedness (in each case owing to Holdings, the Borrower or a Restricted Subsidiary) having a term not exceeding 364 days (inclusive of any roll over or extension of terms) and made in the ordinary course of business) or (c) the
purchase or other acquisition (in one transaction or a series of transactions) of (i) all or substantially all of the assets of any Person or any business unit, line of business or division thereof or (ii) all or substantially all of the
customer lists of any Person or any business unit, line of business or division thereof (including, for the avoidance of doubt, “tuck in” acquisitions). For purposes of covenant compliance, the amount of any Investment at any time shall be
the amount actually invested (measured at the time made), without adjustment for subsequent increases or decreases in the value of such Investment. 

“Investor Representative” has the meaning given to such term in the Series A Investors Rights Agreement. 

“Investors” has the meaning given to such term in the Series A Investors Rights Agreement. 

“IP Rights” means the right to use trademarks, service marks, trade names, domain names, copyrights, patents, patent rights,
technology, software, know-how, database rights, design rights and other intellectual property rights, whether owned or licensed. 

  
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 “Junior Convertible Preferred Stock” means the Junior Convertible Preferred
Stock, par value $0.01 per share, of the Company. 
 “Junior Stock” means Common Stock, Preferred Stock (including the
Junior Convertible Preferred Stock), the Warrants, the Class B Stock and any other Equity Interests of the Company; provided that the Series A Preferred Stock does not constitute Junior Stock. 

“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, legally binding
guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the legally binding interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or
administration thereof, and all applicable administrative orders, directed duties, legally binding requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority. 

“Liquidation Preference” means, as of any date of determination and with respect to each outstanding share of the Series A
Preferred Stock, the sum of (a) $1,000 (adjusted as appropriate in the event of any stock dividend, stock split, stock distribution, recapitalization or combination with respect to the Series A Preferred Stock) and (b) the aggregate Compounded
Dividends with respect to such outstanding share of the Series A Preferred Stock as of such date of determination. 
 “Loan
Parties” means, collectively, Holdings, the Borrower and each Subsidiary Loan Party. 
 “Make-Whole Amount” means,
with respect to any share of the Series A Preferred Stock as of any Redemption Date occurring prior to the First Call Date, (I) the present value as of such Redemption Date of the Series A Preference Amount as of the First Call Date of the
share being redeemed (i.e., 102% if the First Call Date is November 21, 2020 or 104% if the First Call Date is November 21, 2019, as applicable, multiplied by the Liquidation Preference as of the First Call Date of such share being
redeemed), assuming (a) that such share were to remain outstanding through the First Call Date and then be redeemed on the First Call Date and (b) for purposes of determining the Liquidation Preference as of the First Call Date of such
share that all the Dividends that would accumulate on such share (based on the Dividend Rate as in effect on and as of such Redemption Date) from such Redemption Date through the First Call Date would compound and increase the Liquidation Preference
of such share on each Dividend Payment Date that would occur during the period from such Redemption Date through the First Call Date (instead of being paid in additional shares of the Series A Preferred Stock), with such Dividends in each case
accumulating on the Liquidation Preference of such share as it so increased, with such present value being computed using an annual discount rate (applied quarterly) equal to the Applicable Treasury Rate as of such Redemption Date
plus 50 basis points minus (II) the Liquidation Preference of the share being redeemed as of such Redemption Date. 

“Management Investors” means the officers, directors, employees and other members of the management of the Company and its
Subsidiaries who are investors in the Common Stock as of the Closing Date. 
 “Material Adverse Effect” means a
circumstance or condition that would or could reasonably be expected to materially and adversely affect (i) the business, property, financial condition or operations of the Company and its Subsidiaries, taken as a whole, (ii) the ability
of the Company and its Subsidiaries (taken as a whole) to perform their payment obligations under this Certificate of Designations and the other Series A Preferred Stock Documents or (iii) the material rights and remedies of the Holders or
Investors under this Certificate of Designations and the other Series A Preferred Stock Documents, taken as a whole, including the legality, validity, binding effect or enforceability of the Series A Preferred Stock Documents. 

  
 19 

 “Material Domestic Subsidiary” means, at any date of determination,
(a) each Domestic Subsidiary of the Company that is a direct or indirect parent of the Borrower and (b) each of the Company’s other Domestic Subsidiaries (i) whose total assets, together with its Subsidiaries, at the last day of
the most recent Company Test Period were equal to or greater than 2.5% of Company Total Assets at such date or (ii) whose gross revenues, together with its Subsidiaries, for such Company Test Period were equal to or greater than 2.5% of the
consolidated gross revenues of the Company and its Subsidiaries for such period, in each case determined in accordance with GAAP; provided that if, at any time and from time to time after the Closing Date, Domestic Subsidiaries not meeting
the thresholds set forth in clauses (i) or (ii) comprise in the aggregate (together with all other Subsidiaries that are not Material Subsidiaries) more than 7.5% of Company Total Assets as of the end of the most recently ended fiscal quarter
of the Company for which financial statements have been delivered pursuant to Section 1.1(a)(i) or (ii) of the Series A Investors Rights Agreement or more than (together with all other Subsidiaries that are not Material Subsidiaries) 7.5%
of the consolidated gross revenues of the Company and its Subsidiaries for such Company Test Period, then the Company shall, not later than 45 days after the date by which financial statements for such quarter are required to be delivered pursuant
to Section 1.1(a)(i) or (ii) of the Series A Investors Rights Agreement (or such longer period as the Required Holders may agree), designate in writing to the Holders one or more of such Domestic Subsidiaries as “Material Domestic
Subsidiaries” to the extent required such that the foregoing condition ceases to be true. 
 “Material Event” has the
meaning given to such term in Section 7(a). 
 “Material Event Exercise Date” has the meaning
given to such term in Section 7(c)(i)(D)(6). 
 “Material Event Offer” has the meaning given to
such term in Section 7(a). 
 “Material Event Offer Period” has the meaning given to such term in
Section 7(c)(i)(B). 
 “Material Event Redemption” has the meaning given to such term in
Section 7(a). 
 “Material Event Redemption Date” has the meaning given to such term in
Section 7(a). 
 “Material Event Redemption Notice” has the meaning given to such term in
Section 7(c)(i)(D). 
 “Material Foreign Subsidiary” means, at any date of determination, each of
the Company’s Foreign Subsidiaries (i) whose total assets, together with its Subsidiaries, at the last day of the most recent Company Test Period were equal to or greater than 2.5% of Company Total Assets at such date or (ii) whose
gross revenues, together with its Subsidiaries, for such Company Test Period were equal to or greater than 2.5% of the consolidated gross revenues of the Company and its Subsidiaries for such period, in each case determined in accordance with GAAP;
provided that if, at any time and from time to time after the Closing Date, Foreign Subsidiaries not meeting the thresholds set forth in clauses (i) or (ii) comprise in the aggregate (together with all other Subsidiaries that are not
Material Subsidiaries) more than 5.0% of Company Total Assets as of the end of the most recently ended fiscal quarter of the Company for which financial statements have been delivered pursuant to Section 1.1(a)(i) or (ii) of the Series A
Investors Rights Agreement or more than (together with all other Subsidiaries that are not Material Subsidiaries) 5.0% of the consolidated gross revenues of the Company and its Subsidiaries for such Company Test Period, then the Company shall, not
later than 45 days after the date by which financial statements for such quarter are 

  
 20 

 
required to be delivered pursuant to Section 1.1(a)(i) or (ii) of the Series A Investors Rights Agreement (or such longer period as the Required Holders may agree), designate in writing
to the Holders one or more of such Foreign Subsidiaries as “Material Foreign Subsidiaries” to the extent required such that the foregoing condition ceases to be true. 

“Material Indebtedness” means (a) any Senior Indebtedness and (b) any Indebtedness (other than Senior Indebtedness)
of the Company or any of its Subsidiaries in an aggregate principal amount in excess of the Threshold Amount. 
 “Material
Indebtedness Acceleration” has the meaning given to such term in the definition of “Event of Default”. 

“Material Indebtedness Payment Event of Default” has the meaning given to such term in the definition of “Event of
Default”. 
 “Material Subsidiary” means, at any date of determination, each Material Domestic Subsidiary and each
Material Foreign Subsidiary. 
 “Multiemployer Plan” means any employee benefit plan of the type described in
Section 4001(a)(3) of ERISA, to which the Company, any Subsidiary or any ERISA Affiliate makes or is obligated to make contributions or has any other liability, or during the preceding six plan years, has made or been obligated to make
contributions. 
 “Number of Significant Investor Groups” has the meaning given to such term in the Series A Investors
Rights Agreement. 
 “OID” means original issue discount. 

“OpCo Pro Forma Basis” and “OpCo Pro Forma Effect” means, with respect to compliance with any test or
covenant or calculation of any ratio hereunder, the determination or calculation of such test, covenant or ratio (including in connection with Specified Transactions) in accordance with Section 1.09 of the Credit Agreement. 

“Optional Redemption” has the meaning given to such term in Section 6(a). 

“Optional Redemption Date” has the meaning given to such term in Section 6(a). 

“Optional Redemption Notice” has the meaning given to such term in Section 6(c)(i)(A). 

“PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA),
other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Company, any Subsidiary or any ERISA Affiliate or to which the Company, any Subsidiary or any ERISA Affiliate contributes or has an
obligation to contribute or any other liability, or in the case of a plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years. 

“Permitted Acquisition” has the meaning given to such term in Section 10(a)(ix). 

  
 21 

 “Permitted Holders” means each of (i) the Sponsor; (ii) the
Management Investors; and (iii) any Permitted Transferee of the Management Investors; provided that the Management Investors and their Permitted Transferees shall not comprise more than 50% of the aggregate voting power represented by
the issued and outstanding Equity Interests held by all the “Permitted Holders” at any time. 
 “Permitted
Refinancing” means, with respect to any Person, any modification, refinancing, refunding, renewal, restructuring, replacement or extension of any Indebtedness of such Person permitted at the time of incurrence pursuant to Sections
9(a)(xiii) and 10(b); provided that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced,
restructured, refunded, renewed, replaced or extended except by an amount equal to unpaid accrued interest, fees and premium thereon plus (i) other amounts owing or paid related to such Indebtedness, and fees and expenses incurred, in
connection with such modification, refinancing, refunding, renewal, restructuring, replacement or extension and (ii) an amount equal to any existing commitments unutilized thereunder and (b) other than with respect to a Permitted
Refinancing in respect of Indebtedness permitted pursuant to Section 10(b)(v), at the time thereof, no Event of Default or event of default under the Credit Agreement or under any other Senior Indebtedness shall have
occurred and be continuing; provided, further that any Permitted Refinancing of Indebtedness that refinances, refunds or replaces Indebtedness incurred pursuant to Section 10(b) that is subject to a cap shall
continue to constitute utilization of such cap. 
 “Permitted Transferee” means, in the case of any Management Investor,
(a) his or her or its executor, administrator, testamentary trustee, legatee or beneficiaries, (b) his or her spouse, parents, siblings, members of his or her immediate family (including adopted children and step children) and/or direct
lineal descendants or (c) a trust, the beneficiaries of which, or a corporation or partnership, the equity holders or partners of which, include only such Management Investor and his or her spouse, parents, siblings, members of his or her
immediate family (including adopted children) and/or direct lineal descendants. 
 “Person” means any natural person,
corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Portfolio Company” means, with respect to any Person, a “portfolio company” (as such term is customarily used
among institutional investors), or any entity controlled by any “portfolio company”, of such Person or one of its Affiliates. 

“Preferred Equity Interest” in any Person, means any and all preferred or preference stock or other Equity Interests of any
class or classes or series thereof (however designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over stock
or other Equity Interests of any other class or series in such Person. 
 “Preferred Stock” has the meaning given to such
term in the recitals hereof. 
 “Preferred Stock Payment Event of Default” has the meaning given to such term in the
definition of “Event of Default”. 
 “Qualified IPO” means the issuance by the Company (or any direct or indirect
parent company of the Company or any Subsidiary) of its common equity in an underwritten public offering (whether in a primary offering of new shares or a secondary offering of issued and outstanding shares) (other than a public offering pursuant to
a registration statement on Form S-8) pursuant to an effective registration statement filed with the SEC in accordance with the Securities Act (any such issuance, an “Applicable Issuance”)
that results in, when taken together with each prior Applicable Issuance by any such Person, gross proceeds of at least $400.0 million. 

  
 22 

 “Qualified Institutional Buyer” has the meaning given to such term in
Section 14(a)(ii). 
 “Redemption Date” means an Optional Redemption Date or a Material Event
Redemption Date, as applicable. 
 “Redemption Percentage” means, as of the relevant date, the percentage applicable to
such date under the heading “Redemption Percentage” set forth in Table 1 below or, if a Qualified IPO has been consummated prior to November 21, 2020, Table 2 below: 

Table 1 
  

					
	 Period In Which Such Date Occurs
	  	Redemption Percentage	 
	 If such date occurs during the period from and including the First Call Date to, but not
including, November 21, 2021
	  	 	102	% 
	 If such date occurs during the period from and including November 21, 2021 to, but not
including, November 21, 2022
	  	 	101	% 
	 If such date occurs on or after November 21, 2022
	  	 	100	% 

 Table 2 
  

					
	 Period In Which Such Date Occurs
	  	Redemption Percentage	 
	 If such date occurs during the period from and including the First Call Date to, but not
including, November 21, 2020
	  	 	104	% 
	 If such date occurs during the period from and including November 21, 2020 to, but not
including, November 21, 2021
	  	 	102	% 
	 If such date occurs during the period from and including November 21, 2021 to, but not
including, November 21, 2022
	  	 	101	% 
	 If such date occurs on or after November 21, 2022
	  	 	100	% 

 “Redemption Price” has the meaning given to such term in
Section 6(b). 
 “Refinancing Indebtedness” means any Indebtedness that is incurred to refund,
refinance, replace, exchange, renew, repay, extend, prepay, redeem or retire any Indebtedness. 
 “Registration Rights
Agreement” has the meaning given to such term in the Series A Investors Rights Agreement. 

“Regulation S” means Regulation S under the Securities Act. 

“Regulation S Global Certificate” has the meaning given to such term in
Section 14(f). 

  
 23 

 “Regulation S Shares” has the meaning given to such term
in Section 14(f). 
 “Reportable Event” means any of the events set forth in Section 4043(c)
of ERISA or the regulations issued thereunder, other than events for which the otherwise applicable notice period has been waived by regulation or otherwise by the PBGC. 

“Required Holders” means, as of any date of determination, the Holders holding shares of the Series A Preferred Stock with at
least a majority of the voting power of all shares of the Series A Preferred Stock outstanding as of such date of determination. For the avoidance of doubt, pursuant to Section 4(b), no shares of Series A Preferred Stock
Beneficially Owned or held, directly or indirectly, by the Sponsor (including the Company, any of its Subsidiaries and, notwithstanding anything to the contrary in the definition of “Sponsor”, any Portfolio Companies of the Sponsor) shall
have any voting power or be included in the calculation of voting power for purposes of this definition and the Liquidation Preference of such shares shall be disregarded for the purposes of calculating voting power under this definition. 

“Resale Restriction Termination Date” has the meaning given to such term in Section 14(k). 

“Responsible Officer” means the chief executive officer, president, vice president, chief financial officer, chief
administrative officer, general counsel, deputy general counsel, secretary or assistant secretary, treasurer or assistant treasurer, controller or other similar officer of a Person. Any document delivered hereunder that is signed by a Responsible
Officer of a Person shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Person and such Responsible Officer shall be conclusively presumed to have acted on behalf of
such Person. 
 “Restricted Definitive Series A Preferred Stock Certificate” means a Definitive Series A Preferred Stock
Certificate bearing the applicable legend set forth in Exhibit A. 
 “Restricted Global Certificate” means a Global
Certificate bearing the applicable legend set forth in Exhibit A. 
 “Restricted Period” means the period beginning
on the Closing Date and ending 40 days after such date. 
 “Restricted Subsidiary” means any Subsidiary
(including the Borrower) of Holdings other than an Unrestricted Subsidiary. 
 “Returns” means, with respect to any
Investment, any dividends, distributions, interest, fees, premium, return of capital, repayment of principal, income, profits (from a Disposition or otherwise) and other amounts received or realized in respect of such Investment. 

“Rule 144A” has the meaning given to such term in Section 14(a)(ii). 

“Rule 144A Global Certificate” has the meaning given to such term in
Section 14(e). 
 “Rule 144A Shares” has the meaning given to such term in
Section 14(e). 
 “SEC” means the Securities and Exchange Commission or any Governmental
Authority succeeding to any of its principal functions. 
 “Securities Act” means the Securities Act of 1933, as
amended. 

  
 24 

 “Selected Exit Transaction” has the meaning given to such term in the
Series A Investors Rights Agreement. 
 “Senior Indebtedness” means (a) any Indebtedness incurred under the Credit
Agreement, (b) the Senior Secured Notes, (c) the Senior Unsecured Notes and (d) any Refinancing Indebtedness in respect of the Indebtedness described under the foregoing clauses (a), (b) or (c). 

“Senior Notes” means the Senior Secured Notes and the Senior Unsecured Notes. 

“Senior Notes Documents” means the Senior Secured Notes Documents and the Senior Unsecured Notes Documents. 

“Senior Secured Notes” means $1,500.0 million in aggregate principal amount of the Borrower’s 6.000% senior first
lien notes due 2024 and €500.0 million in aggregate principal amount of the Borrower’s 4.750% senior first lien notes due 2024, in each case issued pursuant to the Senior Secured Notes Indenture on the Closing Date. 

“Senior Secured Notes Documents” means the Senior Secured Notes Indenture and the other transaction documents referred to
therein (including the related guarantee, the notes and the notes purchase agreement). 
 “Senior Secured Notes Indenture”
means the indenture among the Borrower, as issuer, the guarantors listed therein and the trustee referred to therein pursuant to which the Senior Secured Notes are issued, as such indenture may be amended or supplemented from time to time. 

“Senior Unsecured Notes” means $2,000.0 million in aggregate principal amount of the Borrower’s 9.000% senior notes
due 2025 issued pursuant to the Senior Unsecured Notes Indenture on the Closing Date. 
 “Senior Unsecured Notes Documents”
means the Senior Unsecured Notes Indenture and the other transaction documents referred to therein (including the related guarantee, the notes and the notes purchase agreement). 

“Senior Unsecured Notes Indenture” means the indenture among the Borrower, as issuer, the guarantors listed therein and the
trustee referred to therein pursuant to which the Senior Unsecured Notes are issued, as such indenture may be amended or supplemented from time to time. 

“Series A Director” has the meaning given to such term in Section 12(a)(i). 

“Series A Investors Rights Agreement” means the Series A Investors Rights Agreement, dated as of the Closing
Date, by and among the Company and the Investors from time to time party thereto. 
 “Series A Preference Amount” means, as
of any date, an amount per share of the Series A Preferred Stock equal to the product of (a) the Redemption Percentage applicable as of such date and (b) the Liquidation Preference of such share as of such date. 

“Series A Preferred Stock” has the meaning given to such term in Section 2. 

“Series A Preferred Stock Certificate” means one or more certificates evidencing ownership of a share or shares of the Series
A Preferred Stock, which shall exclusively be in the form of one or more Global Certificates as of the Closing Date and may be represented by a Definitive Series A Preferred Stock Certificate as provided in Section 14(n).

  
 25 

 “Series A Preferred Stock Documents” means this Certificate of
Designations, the Certificate of Incorporation, the bylaws of the Company, the Series A Investors Rights Agreement, the Series A Securities Purchase Agreement, each Series A Preferred Stock Certificate and any other agreement or instrument relating
to the Series A Preferred Stock or delivered in connection with the foregoing. 
 “Series A Securities Purchase Agreement”
means the Series A Securities Purchase Agreement, dated as of the Closing Date, by and among the Company and the Investors party thereto. 

“Significant Restriction” means, with respect to any Dividends required to be paid on any Dividend Payment Date, that
(i) the payment of such Dividends on such Dividend Payment Date would not be permitted by Law or (ii) the payment of such Dividends on such Dividend Payment Date would, or would cause any Dividend made (or deemed made) during the two-year period beginning on the Closing Date to, in the reasonable good faith determination of the Company, constitute an Extraordinary Dividend. 

“Similar Law” has the meaning given to such term in Section 14(c). 

“Sponsor” means New Mountain Partners III Cayman (AIV-B), L.P. and any of its
Affiliates, and funds or partnerships managed or advised by any of them or any of their respective Affiliates but not including, however, any Portfolio Company of any of the foregoing. 

“Stockholders Agreement” has the meaning given to such term in the Series A Investors Rights Agreement. 

“Subsequent Optional Redemption Notice” has the meaning given to such term in Section 6(c). 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity
of which (i) a majority of the voting power of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the
happening of a contingency that has not yet happened) are at the time Beneficially Owned by such Person, (ii) more than half of the issued share capital is at the time Beneficially Owned by such Person or (iii) the management of which is
otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or
Subsidiaries of the Company. For the avoidance of doubt, any entity that is owned at a 50.0% or less level (as described above) shall not be a “Subsidiary” for any purpose under this Certificate of Designations, regardless of whether such
entity is consolidated on the Company’s or any of its Subsidiaries’ financial statements. 
 “Subsidiary Loan
Party” means each Subsidiary of the Company that is the issuer, borrower or guarantor of any Senior Indebtedness. 

“Supermajority Holders” means, as of any date of determination, the Holders holding shares of the Series A Preferred Stock
with at least 90% of the voting power of all shares of the Series A Preferred Stock outstanding as of such date of determination. For the avoidance of doubt, pursuant to Section 4(b), no shares of Series A Preferred Stock
Beneficially Owned or held, directly or indirectly, by the Sponsor (including the Company, any of its Subsidiaries and, notwithstanding anything to the contrary in the definition of “Sponsor”, any Portfolio Companies of the Sponsor) shall
have any voting power or be included in the calculation of voting power for purposes of this definition and the Liquidation Preference of such shares shall be disregarded for purposes of calculating voting power under this definition. 

  
 26 

 “Swap Obligation” means, with respect to any Person, any obligation to pay
or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 

“Threshold Amount” means $200.0 million. 

“Transactions” has the meaning given to such term in the Series A Securities Purchase Agreement. 

“Transfer Agent” means the transfer agent with respect to the Series A Preferred Stock, which, on and as of Closing Date,
shall be American Stock Transfer & Trust Company, LLC, and any successor transfer agent appointed by the Company and notified to the Holders. 

“Two-Thirds Majority Holders” means, as of any date of determination, the Holders
holding shares of the Series A Preferred Stock with at least 66 2/3% of the voting power of all shares of the Series A Preferred Stock outstanding as of such date of determination. For the avoidance of doubt, pursuant to
Section 4(b), no shares of Series A Preferred Stock Beneficially Owned or held, directly or indirectly, by the Sponsor (including the Company, any of its Subsidiaries and, notwithstanding anything to the contrary in the
definition of “Sponsor”, any Portfolio Companies of the Sponsor) shall have any voting power or be included in the calculation of voting power for purposes of this definition and the Liquidation Preference of such shares shall be
disregarded for the purposes of calculating voting power under this definition. 
 “Unrestricted Definitive Series A Preferred Stock
Certificate” means a Definitive Series A Preferred Stock Certificate that is not a Restricted Definitive Series A Stock Certificate. 

“Unrestricted Global Certificate” means a Global Certificate that is not a Restricted Global Certificate. 

“Unrestricted Subsidiary” means any Subsidiary of the Borrower designated by the board of directors of the Borrower as an
Unrestricted Subsidiary pursuant to Section 6.14 of the Credit Agreement (or, to the extent the Credit Agreement is amended, modified, refinanced or replaced after the Closing Date, in accordance with the corresponding successor provisions
thereunder, so long as such successor provisions shall not be materially less favorable to the Holders than the provisions of Section 6.14 of the Credit Agreement) subsequent to the Closing Date. 

“U.S.” means the United States of America. 

“USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, Public Law 107-56. 
 “Warrants” has the meaning
given to such term in the Series A Securities Purchase Agreement. 
 “Wholly Owned Subsidiary” means a Subsidiary all of
the Equity Interests in which are owned, directly or indirectly, by the Company. 

  
 27 

 (b)    As used in this Certificate of Designations, the following
capitalized terms shall have the meanings given to such terms in the Credit Agreement: 
  

			
	 Available Excluded Contribution Amount
	  	Net Proceeds
		
	 Cash Equivalents
	  	Obligations
		
	 Cash Management Obligations
	  	Permitted Liens
		
	 Casualty Events
	  	Pro Forma Balance Sheet
		
	 Consolidated EBITDA
	  	Qualified Equity Interests
		
	 Consolidated Interest Coverage Ratio
	  	Qualified Securitization Facilities
		
	 Consolidated Total Net Leverage Ratio
	  	Revolving Credit Commitments
		
	 Cumulative Credit
	  	Securitization Assets
		
	 Cure Amount
	  	Securitization Facility
		
	 Disqualified Equity Interest
	  	Securitization Subsidiary
		
	 L/C Issuer
	  	Specified Transaction
		
	 Lien
	  	Swap Contracts
		
	 Loan
	  	Swap Termination Value
		
	 Loan Documents
	  	Test Period

 (c)    Any of the terms defined herein may, unless the context otherwise requires, be used
in the singular or the plural, depending on the reference. The headings are for convenience only and shall not be given effect in interpreting this Certificate of Designations. References herein to any Section or Exhibit shall be to a Section or
Exhibit hereof or hereto unless otherwise specifically provided. References herein to any Law means such Law, including all rules and regulations promulgated under or implementing such Law, as amended from time to time and any successor Law unless
otherwise specifically provided. The word “will” shall be construed to have the same meaning and effect as the word “shall”. The words “hereof,” “herein” and “hereunder” and words of similar import,
when used in this Certificate of Designations, refer to this Certificate of Designations as a whole and not to any particular provision of this Certificate of Designations. All references to “$”, currency, monetary values and dollars set
forth herein shall mean U.S. dollars unless otherwise specified. All payments of cash provided for in this Certificate of Designations shall mean payments in U.S. dollars. The use of the masculine, feminine or neuter gender or the singular or plural
form of words shall not limit any provisions of this Certificate of Designations. The use herein of the word “include” or “including”, when following any general statement, term or matter, shall not be construed to limit such
statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation”
or “but not limited to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope

  
 28 

 
of such general statement, term or matter. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase
shall not mean simply “if”. In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including”; the words “to” and “until” each mean
“to but excluding”; and the word “through” means “to and including”. The terms lease and license shall include sub-lease and sub-license,
as applicable. When the terms of this Certificate of Designations refer to a specific agreement or other document or a decision by any body or Person that determines the meaning or operation of a provision hereof, the secretary of the Company shall
maintain a copy of such agreement, document or decision at the principal executive offices of the Company and a copy thereof shall be provided free of charge to any stockholder who makes a request therefor. Without limiting any requirement to pay
accumulated Dividends in cash on any Redemption Date or Delayed Material Redemption Date pursuant to Section 6 or 7, Dividends required to be paid with respect to any share of the Series A Preferred Stock on any
Dividend Payment Date pursuant to Section 5 shall be considered “paid” on such Dividend Payment Date only when the Company issues additional shares of the Series A Preferred Stock on such Dividend Payment Date to
the Holder of such share of Series A Preferred Stock as Dividends in accordance with the terms of and in the amounts required by Section 5. All references to “Redemption Price” herein shall, for the avoidance of
doubt and notwithstanding any references to separate payment amounts of Dividends in respect of any Optional Redemption or Material Event Redemption, include the accumulated and unpaid Dividends on the applicable share to, but not including, the
applicable Redemption Date. All references to Equity Interests that “rank junior” to the Series A Preferred Stock shall expressly be deemed not to include any, prior to their exchange or conversion into equity interests, convertible debt
securities. Unless expressly provided herein or the context otherwise requires, any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein). 

(d)     

(i)    Notwithstanding anything to the contrary herein, the Consolidated Total Obligations Ratio (including
measurements of Consolidated Total Obligations or Company Consolidated EBITDA) shall be calculated in the manner prescribed by this Section 1(d). 

(ii)    For purposes of calculating the Consolidated Total Obligations Ratio, Company Specified
Transactions that have been made (x) during the applicable Company Test Period and (y) subsequent to such Company Test Period and prior to or simultaneously with the event for which the calculation of the Consolidated Total Obligations
Ratio is made shall be calculated on a Company Pro Forma Basis assuming that all such Company Specified Transactions (and any increase or decrease in Company Consolidated EBITDA and the component financial definitions used therein attributable to
any Company Specified Transaction) had occurred on the first day of the applicable Company Test Period. If since the beginning of any applicable Company Test Period any Person that subsequently became a Subsidiary or was merged, amalgamated or
consolidated with or into the Company or any of its Subsidiaries since the beginning of such Company Test Period shall have made any Company Specified Transaction that would have required adjustment pursuant to this
Section 1(d), then the Consolidated Total Obligations Ratio shall be calculated to give Company Pro Forma Effect thereto in accordance with this Section 1(d). 

(iii)    Whenever Company Pro Forma Effect is to be given to a Company Specified Transaction, the pro
forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company and include, for the avoidance of doubt, the amount of “run-rate” cost savings,
operating expense reductions, other operating improvements and 

  
 29 

 
synergies projected by the Company in good faith to be realized as a result of specified actions taken, committed to be taken or expected to be taken (calculated on a pro forma basis as
though such cost savings, operating expense reductions, operating improvements and synergies had been realized on the first day of such period and as if such cost savings, operating expense reductions, operating improvements and synergies were
realized during the entirety of such period) and “run-rate” means the full recurring benefit for a period that is associated with any action taken, committed to be taken or expected to be taken
(including any savings expected to result from the elimination of a public target’s compliance costs with public company requirements) net of the amount of actual benefits realized during such period from such actions, and any such adjustments
shall be included in the initial pro forma calculations of the Consolidated Total Obligations Ratio and during any subsequent Company Test Period in which the effects thereof are expected to be realized relating to such Company Specified
Transaction; provided that (A) such amounts are factually supportable, reasonably identifiable and based on assumptions believed by the Company in good faith to be reasonable at the time made, (B) such actions are reasonably
anticipated to be realized in the good faith judgment of the Company no later than 18 months after the date of such Company Specified Transaction, (C) no amounts shall be added pursuant to this Section 1(d)(iii) to the
extent duplicative of any amounts that are otherwise added back in computing Company Consolidated EBITDA, whether through a pro forma adjustment or otherwise, with respect to such period and (D) any amount added back in computing Company
Consolidated EBITDA pursuant to this Section 1(d)(iii) shall be subject to the caps, baskets and thresholds set forth in the definition of Company Consolidated EBITDA. 

2.    Designations. A total of 25,000,000 shares of Preferred Stock shall be designated as a series known as Series
A Preferred Stock, with 2,000,000 shares issued as of the Closing Date, with each such share having an initial Liquidation Preference of $1,000 per share (the “Series A Preferred Stock”). The Series A Preferred Stock shall be
perpetual, subject to the provisions hereof. 
 3.    Ranking. With respect to (a) any payment of dividends,
(b) any distribution of assets or redemption upon, or in connection with, any Material Event, and (c) any other redemption, liquidation, winding up, dissolution, dividend and/or distribution rights, the Series A Preferred Stock shall rank
senior to all Junior Stock. 
 4.    Voting. (a) The Holders shall have no voting rights with respect to the
Series A Preferred Stock except as explicitly set forth in the Certificate of Incorporation, this Certificate of Designations, the Series A Investors Rights Agreement or as otherwise required by Law. 

(b)    At any time that any separate vote or consent of the Holders is required under this Certificate of Designations or
pursuant to the DGCL, the voting power of each share of the Series A Preferred Stock, as a percentage of the aggregate voting power of all shares of the Series A Preferred Stock, shall be the product of (i) the quotient of (x) the
Liquidation Preference of such share as of such time, divided by (y) the Aggregate Liquidation Preference of all shares of the Series A Preferred Stock as of such time, multiplied by (ii) 100; provided that in determining
whether the Holders of the requisite voting power of the Series A Preferred Stock have given any request, demand, authorization, direction, notice, consent or waiver or made any vote pursuant to the Certificate of Incorporation (including this
Certificate of Designations) or pursuant to the DGCL, any shares of the Series A Preferred Stock Beneficially Owned or held, directly or indirectly, by the Sponsor (including the Company, any of its Subsidiaries and, notwithstanding anything to the
contrary in the definition of “Sponsor”, any Portfolio Companies of the Sponsor) shall not have voting power and shall be disregarded and excluded from voting on any such matter and the Liquidation Preference of the shares of the Series A
Preferred Stock Beneficially Owned or held, directly or indirectly, by the Sponsor (including the Company, any of its Subsidiaries and, notwithstanding anything to the contrary in the definition of “Sponsor”, any Portfolio Companies of the
Sponsor) shall not be included in the calculation of the voting power of each share of the Series A Preferred Stock. For the avoidance of doubt, none of the Closing Date Investors constitute the Sponsor, as of the Closing Date. 

  
 30 

 5.    Dividends. 

(a)    The Holders of outstanding shares of the Series A Preferred Stock shall be entitled to receive to the fullest
extent permitted by Law, with respect to each Dividend Period, paid-in-kind preferential cumulative dividends by the issuance of additional shares of the Series A
Preferred Stock on each Dividend Payment Date. Notwithstanding anything to the contrary herein, from and after the date of issuance of each share of the Series A Preferred Stock,
paid-in-kind preferential cumulative dividends shall accumulate on a daily basis in arrears during each Dividend Period at the Dividend Rate in effect from time to time
on the then-current Liquidation Preference of each such share, whether or not such dividends are earned or are declared by the Board of Directors or the Company is permitted by Law to pay dividends (“Dividends”), and, if declared,
shall be due and payable in the form of additional shares of Series A Preferred Stock on the Dividend Payment Date with respect to such Dividend Period in accordance with this Section 5. On each Dividend Payment Date, each
Holder of outstanding shares of the Series A Preferred Stock shall receive a number of additional shares of the Series A Preferred Stock with an aggregate Liquidation Preference equal to the aggregate amount of Dividends accumulated on the shares of
such Holder for the applicable Dividend Period and the Company shall be required to declare such Dividends and pay such Dividends in kind on such Dividend Payment Date; provided that each such share of the Series A Preferred Stock issued as a
Dividend shall have a Liquidation Preference equal to the then-current Liquidation Preference of each existing share of the Series A Preferred Stock. Notwithstanding anything to the contrary herein, the Company may not declare or pay any Dividend or
make any other payment to the extent such Dividend or other payment is not permitted by Law. Notwithstanding anything to the contrary herein, if any Dividends with respect to any shares of the Series A Preferred Stock with respect to any Dividend
Period are not declared or are declared but not paid because such declaration or payment would not be permitted by Law, or if such Dividends are not declared (or are declared but not paid) for any other reason, then, such Dividends shall (whether or
not earned or declared) compound on the applicable Dividend Payment Date with respect to such Dividend Period and shall automatically be added (and be deemed to be added) to the Liquidation Preference of each such share of the Series A Preferred
Stock as of such Dividend Payment Date (“Compounded Dividends”). In any event, the Company shall take all actions necessary to ensure that any Compounded Dividends are accurately reflected and recorded on the books and records of
each of the Transfer Agent and DTC and otherwise accrue to the benefit of each Beneficial Owner of shares of the Series A Preferred Stock, including (i) directing the Transfer Agent to record the applicable increase in the Liquidation
Preference of each share of Series A Preferred Stock on its books and records and (ii) ensuring that the CUSIP numbers and each other security identifier associated with each share of Series A Preferred Stock reflect any Compounded Dividends,
which action shall include, to the extent necessary, procuring additional or replacement CUSIP numbers or other security identifiers. 

Solely on any Dividend Payment Date when the Liquidation Preference of any then-outstanding shares of the Series A Preferred Stock includes
any Compounded Dividends, the Company shall, immediately prior to issuing the shares issuable in respect of the accumulated and unpaid Dividends as of such Dividend Payment Date, issue to each Holder with respect to each share of the Series A
Preferred Stock of such Holder additional shares of the Series A Preferred Stock with an aggregate Liquidation Preference in an amount equal to the aggregate amount of Compounded Dividends on all such shares of the Series A Preferred Stock (if such
issuance is permitted by Law and would not cause an Extraordinary Dividend as described in Section 5(b)); provided that each such share of the Series A Preferred Stock issued for the purpose of reducing Compounded
Dividends shall have a Liquidation Preference equal to the Liquidation Preference that each share of the Series A Preferred Stock would have immediately after giving effect to such issuance of shares of the Series A Preferred Stock reducing
Compounded Dividends 

  
 31 

 
on each share of the Series A Preferred Stock to zero; provided, further that the Company shall issue such shares in respect of the Compounded Dividends only on any Dividend Payment
Date and only if such issuance of shares shall reduce the amount of aggregate Compounded Dividends on all shares of the Series A Preferred Stock to zero. The issuance of shares to reduce Compounded Dividends described in the immediately preceding
sentence is referred to in this Certificate of Designations as a “Compounded Dividends Reduction.” Upon a Compounded Dividends Reduction, the then-current Liquidation Preference of all applicable shares shall be reduced by the
amount of the corresponding Compounded Dividends with respect to which additional shares of the Series A Preferred Stock have been issued pursuant to such Compounded Dividends Reduction. For the avoidance of doubt, the aggregate amount of
accumulated Dividends required to be paid on a Dividend Payment Date on which a Compounded Dividends Reduction occurs shall not be affected by such Compounded Dividends Reduction; provided that each share of Series A Preferred Stock issued on
such Dividend Payment Date in respect of such accumulated Dividends shall have a Liquidation Preference equal to the Liquidation Preference of each share of the Series A Preferred Stock immediately following such Compounded Dividends Reduction. 

Dividends shall be calculated on the basis of actual days elapsed over a year of 360 days. The Company shall not issue any fractional shares
of the Series A Preferred Stock as part of the Dividends, but shall instead issue a number of shares of the Series A Preferred Stock that is rounded up to the nearest whole number of shares from the number of shares that would otherwise be issuable.
All accumulated Dividends shall be prior and in preference to any dividend on any Junior Stock and shall be fully declared and paid before any dividends are declared and paid, or any other distributions or redemptions are made, on any Junior Stock
(provided that nothing in this sentence shall restrict (x) the declaration, making or payment of any dividend or other distribution that is made, and expressly permitted to be made, by the proviso to
Section 9(a)(i) or (y) the purchase, repurchase, redemption, retirement or acquisition of any shares of Equity Interest that rank junior to the Series A Preferred Stock or any payment on account thereof, in each case
to the extent made, and expressly permitted to be made, by the proviso to Section 9(a)(ii)). Except as set forth in Section 7(b), Dividends shall be payable to the Holders as they appear on the
stock record of the Company on the record date for such Dividends, which shall be the date that is 15 days prior to the applicable Dividend Payment Date, and which record date and Dividend Payment Date shall be declared by the Board of Directors
during each Dividend Period on the date that is at least 20 days prior to the Dividend Payment Date and five days prior to the record date. If, as and when any such additional shares are issued hereunder, the Company shall take all action necessary
to ensure such shares shall be duly authorized, validly issued and outstanding, fully paid and nonassessable, free and clear of all taxes, liens, charges and encumbrances with respect to the issuance thereof. 

(b)    Subject to Section 5(c), the Company shall not declare or pay any Dividend (which, for
the avoidance of doubt, shall not include any deemed dividend under Section 305 of the Code) if such Dividend would, or would cause any Dividend made (or deemed made) during the two-year period beginning
on the Closing Date to, in the reasonable good faith determination of the Company, constitute an “extraordinary dividend” to any Investor under Section 1059 of the Code (an “Extraordinary Dividend”); provided
that any such undeclared or unpaid Dividends shall compound and be added to the then-current Liquidation Preference of each share of the Series A Preferred Stock on the applicable Dividend Payment Date as Compounded Dividends. 

(c)    Notwithstanding anything to the contrary contained in this Certificate of Designations or in any other Series A
Preferred Stock Document, Section 5(b) shall not prohibit or restrict (and shall not be construed to prohibit or restrict) (x) any Optional Redemption or any payment made or declared in respect of any shares of the
Series A Preferred Stock in connection with any Optional Redemption (including any payment or declaration of accumulated and unpaid Dividends in connection with any Optional Redemption) or (y) any Material Event Offer or Material Event
Redemption or any payment made or declared in respect of any shares of the Series A Preferred Stock in connection with any Material Event Offer or Material Event Redemption (including any payment or declaration of accumulated and unpaid Dividends in
connection with any Material Event Redemption). 

  
 32 

 6.    Redemption Generally. 

(a)    Optional Redemption. At any time and from time to time, from and after the Closing Date, to the extent
permitted by Law, the Company may elect to redeem any or all of the outstanding shares of the Series A Preferred Stock for an amount per share equal to the Redemption Price paid in cash on the terms and subject to the conditions set forth in this
Section 6 (such redemption, an “Optional Redemption”); provided that the shares of the Series A Preferred Stock to be redeemed shall have an aggregate Liquidation Preference of at least
$50.0 million (unless the aggregate Liquidation Preference of all of the outstanding shares of the Series A Preferred Stock is less than $50.0 million, in which case the Company shall be required to redeem all such remaining shares). Any
election by the Company pursuant to this Section 6(a) shall be made by delivery to the Holders of written notice in accordance with Section 6(c). Any redemption that is effected pursuant to this
Section 6 shall be made on a pro rata basis among the Holders in proportion to the Liquidation Preference of the shares of the Series A Preferred Stock then held by the Holders. Notwithstanding the foregoing, if any shares
of the Series A Preferred Stock are held in book-entry form through DTC, the shares of the Series A Preferred Stock to be redeemed shall be selected in accordance with the procedures of DTC and any notice of redemption may be given to the Holders at
any time and in any manner permitted by DTC. For the avoidance of doubt, the Series A Preferred Stock is not redeemable at the Company’s election except pursuant to this Section 6(a). 

(b)    Redemption Price Generally. The total amounts owed for each share of the Series A Preferred Stock redeemed
pursuant to Section 6(a) or Section 7 shall include (i) with respect to any Redemption Date occurring prior to the First Call Date, (A) the amount of accumulated and unpaid
Dividends on such share to, but not including, the applicable Redemption Date and (B) the sum of (x) 100% of the Liquidation Preference of such share as of such Redemption Date plus (y) the Make-Whole Amount as of such Redemption
Date and (ii) with respect to any Redemption Date occurring on or after the First Call Date, (A) the amount of accumulated and unpaid Dividends on such share to, but not including, the applicable Redemption Date and (B) the Series A
Preference Amount as of such Redemption Date (such aggregate price per share of the amounts described in clauses (i)(A) and (i)(B), on the one hand, and clauses (ii)(A) and (ii)(B), on the other hand, each, a “Redemption Price”).
The aggregate Redemption Price shall be due and payable, and paid in cash in immediately available funds, to the Holders on the applicable Redemption Date. 

(c)    Optional Redemption Mechanics. 

(i)    In the event that the Company elects to redeem the Series A Preferred Stock pursuant to
Section 6(a), the Company shall follow the procedures set forth in this Section 6(c) as follows: 

(A)    At least 10 Business Days prior to the elected redemption date (each such date, an “Optional
Redemption Date”), the Company shall send a notice (the “Optional Redemption Notice”) to each of the Holders, which (to the extent consistent with this Certificate of Designations) shall govern the terms of any Optional
Redemption and shall state: 
 (1)    (w) the number of shares being redeemed, the Optional Redemption
Date and the manner of and place designated for surrender (as set forth in Section 6(f)) of certificates, if any, representing the shares of the Series A Preferred Stock to be redeemed, (x) the amount of the
accumulated and unpaid 

  
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Dividends described in Section 6(b)(i)(A) or Section 6(b)(ii)(A), as applicable, to be paid and the record date for such Dividends as
determined in accordance with Section 5 and (z) the date and time for payment of accumulated but unpaid Dividends, which shall occur on the Optional Redemption Date but prior to redemption of the applicable shares of
the Series A Preferred Stock; 
 (2)    (w) the Redemption Price (including, for the avoidance of doubt,
the separate payment amount for the accumulated but unpaid Dividends), if the aggregate Redemption Price will be deposited with DTC or, if the Series A Preferred Stock is in certificated form, the bank or trust company having an office in the
City of New York, New York, with which the aggregate Redemption Price shall be deposited on or prior to the Optional Redemption Date; 

(3)    that Dividends shall continue to accumulate on any shares of the Series A Preferred Stock not
redeemed; 
 (4)    that Dividends with respect to each share of the Series A Preferred Stock to be
redeemed shall cease to accumulate as of the Optional Redemption Date unless the Company fails to pay the Redemption Price for such share (or the Redemption Price for such share is not irrevocably deposited) on or prior to the Optional Redemption
Date; 
 (5)    that shares of the Series A Preferred Stock called for redemption must be surrendered,
by book-entry transfer (including in accordance with the applicable procedures of DTC if applicable) or physical delivery of certificates representing the Series A Preferred Stock, to the Transfer Agent to collect the Redemption Price; 

(6)    if fewer than all outstanding shares of the Series A Preferred Stock are to be redeemed by the
Company, the number of shares to be redeemed; 
 (7)    the CUSIP number, if any, of the Series A
Preferred Stock; 
 (8)    any conditions to such Optional Redemption, if applicable; and 

(9)    any other information the Company wishes to present. 

If shares of the Series A Preferred Stock are held in book-entry form through DTC, any Optional Redemption Notice may be given to Holders at
such time and in any manner permitted by DTC and Holders may surrender their shares in accordance with the applicable procedures of DTC. Any Optional Redemption may be made subject, if so provided in the applicable Optional Redemption Notice, to the
satisfaction of one or more conditions precedent, including the receipt of sufficient funds. In addition, if such Optional Redemption is subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition, and
if applicable, shall state that such Optional Redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the Optional Redemption Date or such notice may be
rescinded at any time in the Company’s discretion if in the good faith judgment of the Company any or all of such conditions will not be satisfied or waived. If any Optional Redemption is subject to the satisfaction or waiver of one or more
conditions precedent and 

  
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such conditions precedent are not or will not be satisfied or waived as of the date designated as the “Optional Redemption Date” in the Optional Redemption Notice in respect of such
Optional Redemption (the “Initial Date”), the Company may, in its discretion, delay the Optional Redemption until such time as any or all such conditions shall be satisfied or waived by delivery to the Holders in the manner provided
above of a subsequent Optional Redemption Notice (a “Subsequent Optional Redemption Notice”) setting forth a newly designated Optional Redemption Date in respect of such Optional Redemption (which may not be prior to the Initial
Date but, for the avoidance of doubt, may be less than ten (10) Business Days following the delivery of such Subsequent Optional Redemption Notice). For the avoidance of doubt, in the event the Company delays an Optional Redemption by
delivering a Subsequent Optional Redemption Notice pursuant to the immediately preceding sentence, the Optional Redemption Date in respect of such Optional Redemption, for purposes of this Certificate of Designations, shall be the date specified as
the “Optional Redemption Date” in such Subsequent Optional Redemption Notice delivered pursuant to the immediately preceding sentence and not the date set forth in the prior Optional Redemption Notice. 

(ii)    Dividends with respect to each share of the Series A Preferred Stock to be redeemed
(notwithstanding that the certificate or certificates evidencing such redeemed shares shall not have been surrendered) shall cease to accumulate on and as of the Optional Redemption Date unless the Company fails to pay the Redemption Price for such
share (or the Redemption Price for such share is not irrevocably deposited) on or prior to the Optional Redemption Date. 

(iii)    On or before any Optional Redemption Date, the Company shall deposit the amount of the applicable
aggregate Redemption Price with DTC or, if the Series A Preferred Stock is in certificated form, a bank or trust company having an office in the City of New York, New York, designated in the Optional Redemption Notice, irrevocably in trust for the
benefit of the Holders of such shares and thereafter each such share shall be deemed to have been redeemed on the Optional Redemption Date so specified, whether or not the certificate for such share of the Series A Preferred Stock shall be
surrendered for redemption and canceled. 
 (iv)    Payment of the Redemption Price for any share of the
Series A Preferred Stock is conditioned upon book-entry transfer (including in accordance with the applicable procedures of DTC if applicable) or physical delivery of certificates representing such share of the Series A Preferred Stock, as
applicable, together with any necessary endorsements, to the Transfer Agent or to the Transfer Agent’s account at DTC. 

(v)    From and after the close of business on the Optional Redemption Date, all rights of Holders of
shares of the Series A Preferred Stock being so redeemed shall cease with respect to such shares on such Optional Redemption Date (excluding, for the avoidance of doubt, any rights that expressly survive such redemption and subject, in all cases, to
Sections 6(c)(ii) and 6(e)) and such shares shall not thereafter be transferred on the books of the Company or be deemed to be outstanding for any purpose whatsoever. 

(d)    Partial Redemption. In the case of any redemption of only part of the shares of the Series A Preferred
Stock, the shares of the Series A Preferred Stock to be redeemed shall be selected by the Company on a pro rata basis among the Holders in proportion to the Liquidation Preference of the Series A Preferred Stock then held by the Holders.
Notwithstanding the foregoing, if the shares of the Series A Preferred Stock are held in book-entry form through DTC, the shares of the Series A Preferred Stock to be redeemed shall be selected in accordance with the procedures of DTC. 

(e)    Rights After a Redemption Date. If any shares of the Series A Preferred Stock are not redeemed on the
applicable Redemption Date, for any reason, all such unredeemed shares shall remain outstanding and entitled to all of the powers, designations, preferences and relative participating, optional 

  
 35 

 
or other special rights, qualifications, limitations or restrictions of the shares of the Series A Preferred Stock set forth in this Certificate of Designations, including the right to accumulate
and receive any Dividends thereon as provided in Section 5 until the date on which the Company actually redeems and pays in full the Redemption Price for each such share. 

(f)    Surrender of Certificates. In the event that Definitive Series A Preferred Stock Certificates have been
issued pursuant to Section 14(n), the Holders to be redeemed pursuant to this Section 6 shall surrender the Definitive Series A Preferred Stock Certificates representing such shares to the Transfer
Agent, duly assigned or endorsed for transfer to the Company (or accompanied by duly executed stock powers relating thereto), or, in the event the Definitive Series A Preferred Stock Certificates are lost, stolen, missing, destroyed or mutilated,
shall deliver an affidavit of loss, together with any bond reasonably required by the Company or the Transfer Agent, at the principal executive office of the Transfer Agent or such other place as the Company may from time to time designate by notice
to the Holders, and each surrendered Definitive Series A Preferred Stock Certificate shall be canceled and retired and the Company shall thereafter make payment of the Redemption Price, as applicable, by certified check or wire transfer of
immediately available funds; provided that, to the extent such Definitive Series A Preferred Stock Certificates represent a greater number of shares than the shares actually redeemed, the Holders shall, in addition to receiving the payment of
the Redemption Price for each redeemed share, receive a new Definitive Series A Preferred Stock Certificate for those shares of the Series A Preferred Stock not so redeemed. Any shares of the Series A Preferred Stock redeemed in accordance with this
Section 6 shall not be reissuable by the Company, and the Company shall take all steps necessary to retire and cancel such shares. 

(g)    Redemption Preference. Any redemption under this Section 6 or
Section 7 shall be in preference to and in priority over any dividend or other distribution upon any Junior Stock. 

7.    Material Event. 

(a)    Material Event Offer. Upon any (i) bankruptcy, liquidation, dissolution or winding up of the Company,
whether voluntary or involuntary, or any Event of Default with respect to the Company under clause (f) of the definition thereof, (ii) bankruptcy, liquidation, dissolution or winding up of any Holding Company, the Borrower or any Material
Subsidiary, whether voluntary or involuntary, or any Event of Default with respect to any Holding Company, the Borrower or any Material Subsidiary of the Company under clause (f) of the definition thereof, (iii) Change of Control,
(iv) Qualified IPO, (v) Preferred Stock Payment Event of Default, (vi) Material Indebtedness Payment Event of Default or (vii) Material Indebtedness Acceleration (any event in any case of (i)-(vii), a “Material
Event”), the Company shall make an irrevocable and unconditional offer (the “Material Event Offer”) to each Holder to redeem, to the extent permitted by Law, all of such Holder’s shares of the Series A Preferred Stock
(such redemption, a “Material Event Redemption”) on the applicable redemption date determined pursuant to Section 7(c)(i)(C) (the “Material Event Redemption Date”), for cash to the extent
permitted by Law, at a price per share equal to the applicable Redemption Price and each such Holder shall have the right to accept such offer with respect to all or any portion of the shares of the Series A Preferred Stock held by such Holder. If,
on the Material Event Redemption Date, the Company is not so permitted by Law to redeem all of the outstanding shares of the Series A Preferred Stock held by Holders that have elected to have their shares redeemed, then, the Company shall redeem
such shares to the fullest extent so permitted on a pro rata basis among the Holders in proportion to the Liquidation Preference of the shares of the Series A Preferred Stock then held by the Holders or, if the shares of the Series A Preferred Stock
are held in book-entry form through DTC, in accordance with the procedures of DTC. Any shares of the Series A Preferred Stock that are not redeemed pursuant to the immediately preceding sentence shall remain outstanding and entitled to all of the
powers, designations, preferences and relative participating, optional or other special rights, and qualifications, limitations or restrictions of the shares of the Series A Preferred Stock set forth herein, including the right

  
 36 

 
to continue to accumulate and receive Dividends as set forth in Section 5 and, under such circumstances, the redemption requirements provided hereby shall be continuous,
so that at any time thereafter when the Company is permitted by Law to redeem such shares, the Company shall immediately redeem such shares at a price per share equal to the Redemption Price on and as of such Material Event Redemption Date, together
with payment of any additional accumulated and unpaid Dividends from such Material Event Redemption Date up to, but not including, such Delayed Material Event Redemption Date. 

(b)    Company Liquidation Material Event. Notwithstanding anything to the contrary in this
Section 7: 
 (i)    Upon any Material Event under clause (i) of the
definition of “Material Event” (any such event, a “Company Liquidation Material Event”), (A) the Material Event Offer for all of the then-outstanding shares of the Series A Preferred Stock shall be deemed made by the
Company prior to the occurrence of such Company Liquidation Material Event without any notice or other action on the part of the Company, (B) each Holder shall be deemed to have elected to accept such Material Event Offer with respect to all of
such Holder’s shares immediately after such Material Event Offer is made pursuant to Section 7(b)(i)(A) and prior to the occurrence of such Company Liquidation Material Event without any action on the part of any
Holder and (C) each such share shall be redeemed, to the extent permitted by law, on the date such Company Liquidation Material Event occurs immediately prior to the occurrence thereof without any action on the part of the Company or the
Holders thereof and, with respect to such redemption for purposes of this Certificate of Designations, such date shall be the Material Event Redemption Date. 

(ii)    A redemption under Section 7(b)(i) shall be (A) for cash, to the
extent permitted by Law, (B) in preference to and in priority over any dividend or other distribution upon any Junior Stock and (C) effected at a price per share equal to the Redemption Price. The Company shall pay or cause to be paid in
full the aggregate Redemption Price as promptly as practicable and in any event, before any payment, dividend or other distribution shall be made to the holders of Junior Stock by reason of their ownership thereof. Any such redemption shall occur
without the requirement of notice as set forth in Section 7(d) or adherence to the procedures set forth Section 7(c)(i), Section 7(c)(iii) or
Section 7(c)(iv). If upon any such Company Liquidation Material Event the assets of the Company available for distribution to its stockholders shall be insufficient to pay the Holders the full amount of the Redemption
Price, the Holders shall share in any distribution of the assets available for distribution on a pro rata basis among the Holders based on the proportion of the Aggregate Liquidation Preference of the shares of the Series A Preferred Stock then held
by each Holder or, if the shares of the Series A Preferred Stock are held in book-entry form through DTC, in accordance with the procedures of DTC. Any shares of the Series A Preferred Stock that are not redeemed pursuant to the immediately
preceding sentence shall remain outstanding and entitled to all of the powers, designations, preferences and relative participating, optional or other special rights, and qualifications, limitations or restrictions of the shares of the Series A
Preferred Stock set forth herein, including the right to continue to accumulate and receive Dividends as set forth in Section 5 and, under such circumstances, the redemption requirements provided hereby shall be continuous,
so that at any time thereafter when the Company is permitted or able to redeem such shares, the Company shall immediately redeem such shares at a price per share equal to the Redemption Price as of such Material Event Redemption Date, together with
payment of any additional accumulated and unpaid Dividends from such Material Event Redemption Date up to, but not including, such Delayed Material Event Redemption Date. 

  
 37 

 (c)    Material Event Offer Mechanics. 

(i)    In the event that, pursuant to Section 7(a), the Company is required to
make a Material Event Offer, the Company shall follow the procedures set forth in this Section 7(c) as follows: 

(A)    the Material Event Offer shall be commenced within five Business Days following the Material Event;

 (B)    the Material Event Offer shall remain open for twenty Business Days following its commencement
and no longer, except to the extent that a longer period is required by Law (the “Material Event Offer Period”); 

(C)    on the fifth Business Day following the expiration of the Material Event Offer Period, the Company
shall redeem all of the shares of the Series A Preferred Stock held by the Holders that have elected prior to such expiration to have their shares redeemed at a price per share equal to the Redemption Price and, if the Company is not permitted by
Law to redeem all of the shares held by such electing Holders, then the Company shall redeem on a pro rata basis among such Holders based on the proportion of the Aggregate Liquidation Preference of the outstanding shares of the Series A Preferred
Stock then held by such Holders or, if the shares of the Series A Preferred Stock are held in book-entry form through DTC, in accordance with the procedures of DTC; 

(D)    on or before the commencement of any Material Event Offer, the Company shall send a notice (the
“Material Event Redemption Notice”) to each of the Holders, which (to the extent consistent with this Certificate of Designations) shall govern the terms of any Material Event Offer and shall state: 

(1)    that the Material Event Offer is being made pursuant to this Section 7
and that all shares of the Series A Preferred Stock held by the Holders that have elected to have their shares redeemed shall be accepted for redemption; 

(2)    (w) the Redemption Price (including, for the avoidance of doubt, the separate payment amount for
the accumulated but unpaid Dividends), (x) if the aggregate Redemption Price will be deposited with DTC or, if the Series A Preferred Stock is in certificated form, the bank or trust company having an office in the City of New York, New York,
with which the aggregate Redemption Price shall be deposited on or prior to the Material Event Redemption Date, (y) the date of the applicable Material Event and (z) the Material Event Redemption Date; 

(3)    that Dividends shall continue to accumulate on any shares of the Series A Preferred Stock not
redeemed; 
 (4)    that Dividends with respect to each share of the Series A Preferred Stock to be
redeemed shall cease to accumulate as of the Material Event Redemption Date unless the Company fails to pay the Redemption Price for such share (or the Redemption Price for such share is not irrevocably deposited) on or prior to the Material Event
Redemption Date; 

  
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 (5)    that the Holders may elect to accept the
Material Event Offer by delivering a notice of acceptance to the Company pursuant to Section 20, which notice shall provide the name of such Holder, the number of shares of the Series A Preferred Stock such Holder is
electing to have redeemed and a statement that such Holder is electing to have such shares redeemed or, if the shares of the Series A Preferred Stock are held in book-entry form through DTC, that the Holders may elect to accept the Material Event
Offer in accordance with the applicable procedures of DTC; 
 (6)    that the Holders electing to have
shares of the Series A Preferred Stock redeemed pursuant to the Material Event Offer shall be required to surrender, by book-entry transfer (including in accordance with the applicable procedures of DTC if applicable) or physical delivery of the
certificates evidencing such shares to the Company at the address specified in the Material Event Redemption Notice prior to the close of business on the Business Day immediately prior to the Material Event Redemption Date (the “Material
Event Exercise Date”); 
 (7)    that the Holders shall be entitled to withdraw their election,
in whole or in part, if any such Holder delivers notice of such withdrawal to the Company prior to the close of business on the Material Event Exercise Date setting forth the name of such Holder, the number of shares of the Series A Preferred Stock
such Holder is withdrawing and a statement that such Holder is withdrawing its election to have such shares redeemed; 

(8)    the CUSIP number, if any, of the Series A Preferred Stock; and 

(9)    a reasonably detailed description of the Material Event. 

If shares of the Series A Preferred Stock are held in book-entry form through DTC, any Material Event Redemption Notice may be given to
Holders at such time and in any manner permitted by DTC and any surrender of shares in connection with a Material Event Offer may take place through the applicable procedures of DTC. 

(ii)    Dividends with respect to each share of the Series A Preferred Stock to be redeemed
(notwithstanding that the certificate or certificates evidencing such redeemed shares shall not have been surrendered) shall cease to accumulate on and as of the Material Event Redemption Date unless the Company fails to pay the Redemption Price for
such share (or the Redemption Price for such share is not irrevocably deposited) on or prior to the Material Event Redemption Date. 

(iii)    On or before any Material Event Redemption Date, the Company shall (a) in the case of a
redemption pursuant to Section 7(a), accept for redemption shares of the Series A Preferred Stock held by the Holders that have properly elected to have such shares redeemed pursuant to the Material Event Offer and have not
withdrawn such election prior to the close of business on the Material Event Exercise Date and (b) deposit the amount of the applicable aggregate Redemption Price with DTC or, if the Series A Preferred Stock is in certificated form, a bank or
trust company having an office in the City of New York, New York, designated in the applicable Material Event Redemption Notice, irrevocably in trust for the benefit of the Holders of such shares and thereafter each such share shall be deemed to
have been redeemed on the Material Event Redemption Date so specified, whether or not the certificate for such share of the Series A Preferred Stock shall be surrendered for redemption and canceled. 

  
 39 

 (iv)    Payment of the Redemption Price for shares of
the Series A Preferred Stock is conditioned upon book-entry transfer (including in accordance with the applicable procedures of DTC if applicable) of shares or physical delivery of certificates representing the Series A Preferred Stock, together
with any necessary endorsements, to the Transfer Agent or to the Transfer Agent’s account at DTC, at any time after delivery of the Material Event Offer. 

(v)    From and after the close of business on the Material Event Redemption Date under
Section 7(a) or, if the Company does not redeem all shares of the Series A Preferred Stock required to be redeemed on such date, the date on which such shares of the Series A Preferred Stock are redeemed following the
Material Event Redemption Date, as contemplated in Section 7(a), which shares shall be deemed to be redeemed on the date on which the Company sends payment in full therefor, in cash, as provided in
Section 7(a), to the Holders of shares being so redeemed (each a “Delayed Material Event Redemption Date”), all rights of Holders of shares of the Series A Preferred Stock being so redeemed shall cease
solely with respect to such shares on such Material Event Redemption Date or Delayed Material Event Redemption Date, as applicable, and such shares shall not thereafter be transferred on the books of the Company or be deemed to be outstanding for
any purpose whatsoever. 
 (vi)    In case fewer than all the shares of the Series A Preferred Stock
represented by any certificate are redeemed in accordance with this Section 7, a new certificate or certificates shall be issued representing the unredeemed shares without cost to the Holders thereof. 

(vii)    Any shares of the Series A Preferred Stock redeemed in accordance with this
Section 7 shall not be reissuable by the Company, and the Company shall take all steps necessary to cancel and retire such shares. 

(viii)    The Company shall comply, to the extent applicable, with the requirements
of Section 14 of the Exchange Act and any other securities Laws (or rules of any exchange on which the shares of the Series A Preferred Stock are then listed) in connection with a redemption under this Section 7.
To the extent there is any conflict between the notice or other timing requirements of this Section 7(c) and the applicable requirements of Section 14 of the Exchange Act, Section 14 of the Exchange Act shall
govern. 
 (d)    Notice. In connection with any potential Material Event, in addition to any obligation to
deliver a Material Event Redemption Notice, the Company shall, (i) by the later of (A) 10 days prior to the date the Board of Directors or the board of directors or other governing body of any Holding Company, the Borrower or any Material
Subsidiary, as applicable, approves such potential Material Event and (B) the date on which the Board of Directors or the board of directors or other governing body of any Holding Company, the Borrower or any Material Subsidiary, as applicable,
receives notice of the meeting (if any) at which such potential Material Event may be approved, (ii) by the later of (A) 20 days prior to the date of any stockholders’ or other equityholders’ meeting called to approve such
potential Material Event and (B) the date on which any stockholders or other equityholders receive notice of such meeting, (iii) within two Business Days after the Company receives written notice of the commencement of any Insolvency
Event, (iv) within one Business Day after the Company receives written notice of any breach of the definitive agreements for any Material Indebtedness and (v) within one Business Day after any Material Indebtedness Acceleration, give each
Holder written notice of such potential Material Event. Such written notice shall describe the material terms and conditions of such potential Material Event, including a general description of the events or circumstances giving rise to such
Material Event. If any material change in the facts set forth in such initial notice shall occur, the Company shall promptly (but in any event within one Business Day after such material change) give written notice to each Holder of such material
change. Notwithstanding anything to the contrary in Section 6 or Section 7, if any shares of the Series A Preferred Stock are held in book-entry form through DTC, any notice of redemption or any
other notices pursuant to this Section 7 may be given to the Holders at any time and in any manner permitted by DTC. 

  
 40 

 8.    Company Efforts. The Company shall take all actions as are
necessary or appropriate to give effect to the provisions of Section 5, Section 6 and Section 7, including (x) taking any action necessary or appropriate to provide
for the payment of Dividends in the form of additional shares of the Series A Preferred Stock and (y) in the event that the Company is not permitted by Law to redeem or is otherwise unable to redeem the shares of the Series A Preferred Stock in
connection with any Material Event Redemption on the applicable Material Event Redemption Date, taking any action necessary or appropriate to remove promptly (or refraining from taking any action that would give rise to) any impediments to its
ability to redeem the shares of the Series A Preferred Stock required to be so redeemed, including (i) to the extent permitted by Law, reducing the stated capital of the Company or revaluing the assets of the Company to their fair market values
under Section 154 of the DGCL if such revaluation would create surplus sufficient to make all or any portion of such Material Event Redemption and (ii) if the Company has sufficient surplus but insufficient cash to effect such Material
Event Redemption, borrowing the cash necessary to make such Material Event Redemption to the extent it would not cause a breach, with or without notice, lapse of time or both, under the definitive documentation with respect to any outstanding
Material Indebtedness or Preferred Stock. In the event of any Change of Control Transaction in which the Company is not the continuing or surviving corporation or entity, proper provision shall be made so that such continuing or surviving
corporation or entity shall agree to carry out and observe the obligations of the Company hereunder and under the other Series A Preferred Stock Documents with respect to the Series A Preferred Stock. 

9.    Protective Voting Provisions. 

(a)    The Company shall not, and shall cause its Subsidiaries not to, in any case either directly or indirectly
(including by merger, consolidation, operation of Law, reorganization or otherwise), without the prior approval of the Two-Thirds Majority Holders: 

(i)    declare, make or pay any dividend or make any other payment or distribution on account of Junior
Stock or declare, make or pay any dividend or make any other payment or distribution on account of any other Equity Interests (other than the Series A Preferred Stock) of the Company or any of its Subsidiaries; provided that nothing in this
Section 9(a)(i) shall restrict (x) any declaration, dividend, payment or other distribution on account of any Equity Interests that rank junior to the Series A Preferred Stock to the extent made solely in shares or
units of such Equity Interest or as an increase to the stated value of such Equity Interest, in each case not involving any declaration, dividend, payment or other distribution in cash or other property, (y) the exchange or conversion of any
shares of Junior Convertible Preferred Stock issued on the Closing Date for or into Common Stock or any issuance of Common Stock issuable upon the exercise of any Warrants issued on the Closing Date or (z) the declaration, making or payment of
any dividend or other distribution by a Wholly Owned Subsidiary to the Company or another Wholly Owned Subsidiary; 

(ii)    purchase, repurchase, redeem, retire or acquire, or make any payment on account of the purchase,
repurchase, redemption, retirement, acquisition, cancellation or termination of, any shares of Junior Stock or any other Equity Interests (other than the Series A Preferred Stock) of the Company or any of the Company’s Subsidiaries;
provided that nothing in this Section 9(a)(ii) shall restrict (x) purchases or repurchases of Common Stock held by any future, present or former employees, officers, directors, managers or consultants (or any
spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of the Company or any of its Subsidiaries pursuant to an equity plan, equity option plan,

  
 41 

 
stock appreciation rights plan, benefit plan or similar agreement in an aggregate amount not to exceed $50.0 million (or $100.0 million following a Qualified IPO) in any calendar year,
with unused amounts in any calendar year being carried over to the succeeding calendar year (provided that in no event shall the aggregate amount paid in any calendar year pursuant to this clause (x) after giving effect to any carry over
exceed $100.0 million (or $200.0 million following a Qualified IPO)), (y) any purchase, repurchase, redemption, retirement or acquisition by the Company or a Wholly Owned Subsidiary of any Equity Interests in a Wholly Owned Subsidiary
held by the Company or a Wholly Owned Subsidiary or (z) the exchange or conversion of any Equity Interests that rank junior to the Series A Preferred Stock for or into other Equity Interests that rank junior to the Series A Preferred Stock or
any issuance of Equity Interests that rank junior to the Series A Preferred Stock issuable upon the exercise of any other Equity Interests that rank junior to the Series A Preferred Stock; 

(iii)    issue any new, reclassify any existing Equity Interests into, or issue or transfer to any Person
(x) Equity Interests of any Subsidiary of the Company or (y) Equity Interests, Indebtedness or debt securities in each case convertible into Equity Interests of any Subsidiary of the Company; provided that nothing in this
Section 9(a)(iii) shall restrict (A) any Wholly Owned Subsidiary from issuing its Equity Interests to the Company or any other Wholly Owned Subsidiary or (B) the transfer by the Company or any Wholly Owned
Subsidiary of Equity Interests in any Wholly Owned Subsidiary to the Company or any other Wholly Owned Subsidiary; 

(iv)    issue any new, reclassify any existing Equity Interests into, or issue any Equity Interests or
Indebtedness or debt securities in each case convertible into, shares of Series A Preferred Stock or Equity Interests that are senior or pari passu to the Series A Preferred Stock; provided that nothing in this
Section 9(a)(iv) shall restrict the Company from issuing new shares of Series A Preferred Stock as Dividends or from increasing the Liquidation Preference of any share of Series A Preferred Stock with respect to any
Compounded Dividends, in each case in accordance with Section 5 hereof; 

(v)    take any action, including forming a Subsidiary, or effect any recapitalization or reorganization,
that results in any Person (other than a Wholly Owned Subsidiary) being between the Company and Holdings; 

(vi)    enter into any transaction, agreement or arrangement with any Affiliate of the Company or any of
its Subsidiaries or any holder of at least 1.0% of the outstanding Common Stock of the Company, other than any such transaction, agreement or arrangement that is on terms that are either on an
arm’s-length basis or more favorable to the Company or such Subsidiary than it would receive in an arm’s-length transaction; provided that nothing in
this Section 9(a)(vi) shall restrict: 
 (A) the Transactions and the payment of fees and expenses
as part of or in connection with the Transactions; 
 (B) transactions in connection with a Qualified Securitization
Facility; 
 (C) any payment made, and expressly permitted to be made, pursuant to, and in accordance with, the proviso to
clause (x) or the proviso to clause (y) of the immediately following paragraph; 
 (D) any declaration or payment
of any dividend or other distribution that is made, and expressly permitted to be made, pursuant to the proviso to Section 9(a)(i) or any 

  
 42 

 
purchase, redemption, retirement or acquisition of any Equity Interests that rank junior to the Series A Preferred Stock or any payment on account thereof that is made, and expressly permitted to
be made, in each case, pursuant to the proviso to Section 9(a)(ii); 
 (E) employment and severance
arrangements between the Company and its Subsidiaries and their respective officers and employees in the ordinary course of business and transactions pursuant to stock option plans and employee benefit plans and arrangements in the ordinary course
of business; 
 (F) the payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, directors, officers, employees and consultants of the Company and its Subsidiaries in the ordinary course of business (including indemnification
or reimbursement of directors of the Company as provided for in the Certificate of Incorporation); 
 (G) accelerations of earn-out payments owed to members of management or employees of the Company or any of its Subsidiaries to the extent such member of management or employee uses the net proceeds of such payments to make an Investment
in the form of Common Stock; 
 (H) the issuance or transfer of Equity Interests of the Company that rank junior to the
Series A Preferred Stock to any Permitted Holder or to any former, current or future director, manager, officer, employee or consultant (or any spouses, former spouses, successors, executors, administrators, heirs, legatees, distributees or
Affiliate of any of the foregoing) of the Company or any of its Subsidiaries; 
 (I) transactions with customers, clients,
suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of the Series A Preferred Stock Documents that are fair to the Company and its Subsidiaries, in the
reasonable determination of the Board of Directors or the senior management of the Company, or are on terms at least as favorable (as reasonably determined by the Company) as might reasonably have been obtained at such time from an unaffiliated
party; 
 (J) transactions with joint venture partners or joint ventures, in each case in the ordinary course of business and
otherwise in compliance with the terms of the Series A Preferred Stock Documents that are approved by the majority of the disinterested members of the Board of Directors in good faith; 

(K) (x) any issuance of Equity Interests of the Company that rank junior to the Series A Preferred Stock pursuant to stock
options, stock ownership plans (including restricted stock plans), stock grants, directed share programs and other equity based incentive plans and (y) the execution, delivery and performance of any registration rights agreement to the extent
that the terms of such agreement, when taken as a whole, are not otherwise materially more disadvantageous to the Holders of Series A Preferred Stock than the Registration Rights Agreement as in effect on the Closing Date, as determined in good
faith by the Company; 
 (L) any transactions solely between or among the Company and/or its Wholly Owned Subsidiaries or
solely between or among Wholly Owned Subsidiaries of the Company; 

  
 43 

 (M) the existence of, or the performance by the Company of any of its
obligations under the terms of, (x) the Series A Preferred Stock Documents (including the payment of Dividends pursuant to and in accordance with Section 5 and any redemption pursuant to and in accordance with
Section 6 or Section 7) or (y) the Warrants, the certificate of designations relating to the Junior Convertible Preferred Stock, the Stockholders Agreement and the Registration Rights
Agreement, in each case of clause (y) as in effect on the Closing Date and, in each case of clause (y), any amendments thereto; provided, however that the existence of, or the performance by the Company of its obligations under,
any future amendment to the agreements set forth in clause (y) shall only be permitted by this Section 9(a)(vi)(M) to the extent that the terms of such existing agreement, together with all amendments thereto, taken as
a whole, are not otherwise materially more disadvantageous to the Holders of Series A Preferred Stock than the original agreement as in effect on the Closing Date, as determined in good faith by the Company; 

(N) (w) payment of interest, premium or principal on the Senior Secured Notes pursuant to and in accordance with the
Senior Secured Notes Documents as in effect on the Closing Date, (x) payment of interest, premium or principal on the Senior Unsecured Notes pursuant to and in accordance with the Senior Unsecured Notes Documents as in effect on the Closing
Date, (y) payment of interest, premium or principal on the term loans borrowed by the Borrower on the Closing Date under the Credit Agreement pursuant to and in accordance with the provisions of the Credit Agreement as in effect on the Closing
Date and (z) payment of principal and interest on loans borrowed under the revolving commitments established on the Closing Date pursuant to and in accordance with the Credit Agreement as in effect on the Closing Date; and 

(O) other than with the Sponsor (and, notwithstanding anything to the contrary in the definition of “Sponsor”, any
Portfolio Companies of the Sponsor), the entry into and/or the performance of any obligations of the Company or any of its Subsidiaries with respect to any financial advisory, financing commitment, financing, underwriting or placement services or in
respect of other investment banking activities, in each case which are entered into within the ordinary course of business or consistent with past practice. 

Notwithstanding anything in this Section 9(a)(vi) or otherwise in this Certificate of Designations or
any other Series A Preferred Stock Document to the contrary, the Company shall not, and shall cause its Subsidiaries not to, (x) pay or accrue any management, advisory, consulting, monitoring or similar fees (any such fees, “Management
Fees”) to the Sponsor (and, notwithstanding anything to the contrary in the definition of “Sponsor”, any Portfolio Companies of the Sponsor) after the Closing Date; provided that so long as no Event of Default or event of
default under the Credit Agreement or under any other Senior Indebtedness has occurred and is continuing, this clause (x) shall not restrict (I) the payment of Management Fees pursuant to the Advisory Agreement that do not exceed in the
aggregate in any calendar year $1.0 million or (II) indemnifications and the reimbursement of expenses, in each case pursuant to the Advisory Agreement; provided, further that, upon the occurrence and during the continuance
of an Event of Default or event of default under the Credit Agreement or other Senior Indebtedness, such amounts described in subclauses (I) or (II) may accrue, but not be payable in cash during such period, but all such accrued amounts may be
payable in cash upon the cure or waiver of all such Events of Default and events of default, (y) pay or accrue any transaction fee, termination fee or other fee (other than a Management Fee, any payment or accrual of which is subject to clause
(x) above) to the Sponsor (and, notwithstanding anything to the contrary in the definition of “Sponsor”, any portfolio companies of the Sponsor) after the Closing Date; provided that this clause (y) shall not restrict the
payment of a transaction fee pursuant to the Advisory Agreement in connection with a 

  
 44 

 
Change of Control Transaction, to the extent payable under the Advisory Agreement, that is payable solely in the form of shares of Common Stock upon or immediately prior to the consummation of
such Change of Control Transaction, or (z) make any loans or advances to, or otherwise provide any form of debt financing to, any direct or indirect holder of Common Stock or any of their respective Affiliates (other than any such loans or
advances to any such holders that are directors or officers to the extent such loans or advances are in the ordinary course of business and otherwise permitted under the Series A Preferred Stock Documents and under the Senior Indebtedness). 

(vii)    merge, amalgamate, consolidate with or into another Person, or Dispose of (whether in one
transaction or in a series of related transactions) all or substantially all of its assets or those of its Subsidiaries to or in favor of any Person; provided that nothing in this Section 9(a)(vii) shall restrict:

 (A) any merger, amalgamation or consolidation of a Wholly Owned Subsidiary with another Wholly Owned Subsidiary; 

(B) any change in legal form of any Subsidiary of the Borrower if the Company determines in good faith that such action is in
the best interest of the Company and its Subsidiaries and is not materially disadvantageous to the Holders; 
 (C) any
Disposition by any Subsidiary of the Borrower of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or to a Wholly Owned Subsidiary of the Borrower; 

(D) so long as no Event of Default or event of default under the Credit Agreement or under any other Senior Indebtedness has
occurred and is continuing or would result therefrom, the merger or consolidation of the Borrower with any other Person (other than the Company or any of its Subsidiaries); provided (x) that Avantor, Inc. shall be the continuing or
surviving corporation and shall continue to be a Wholly Owned Subsidiary of the Company or (y) if the Person formed by or surviving any such merger or consolidation is not Avantor, Inc., such successor company (I) shall be an entity
organized or existing under the Laws of the United States, any state thereof or the District of Columbia, (II) shall be a Wholly Owned Subsidiary of the Company and (III) shall expressly assume all the obligations of the Borrower under any
Senior Indebtedness of the Borrower; 
 (E) so long as no Event of Default or event of default under the Credit Agreement or
under any other Senior Indebtedness has occurred and is continuing or would result therefrom, any merger or consolidation of any Restricted Subsidiary of the Borrower with any other Person (other than the Company or any of its Subsidiaries) in order
to effect an Investment permitted pursuant to Section 10(a); provided that the continuing or surviving Person shall be a Wholly Owned Subsidiary that is a Restricted Subsidiary of the Borrower; 

(F) so long as no Event of Default or event of default under the Credit Agreement or under any other Senior Indebtedness has
occurred and is continuing or would result therefrom, a merger, dissolution, liquidation, consolidation or Disposition of any Restricted Subsidiary of the Borrower to any other Person (other than the Company or any of its Subsidiaries), the purpose
of which is to effect a Disposition permitted by Section 10(c); and 

  
 45 

 (G) (x) the authorization and entry into by the Company of any
agreement providing for the merger, amalgamation or consolidation of the Company with another Person so long as such agreement shall require the Company to redeem all of the outstanding shares of the Series A Preferred Stock in full in cash pursuant
to Section 6(a) at or prior to the consummation of any such merger, amalgamation or consolidation or (y) the consummation of any merger, amalgamation or consolidation of the Company with another Person so long as the
Company actually redeems all of the outstanding shares of the Series A Preferred Stock in full in cash pursuant to Section 6(a) at or prior to the consummation of any such merger, amalgamation or
consolidation.     
 (viii)    (x) with respect to the Company and any Holding
Company (other than Holdings), (A) create, incur, assume, guarantee or suffer to exist, in each case directly or indirectly, (I) any Indebtedness or (II) any other obligation or liability whatsoever other than, with respect to the
Company in the case of clause (II), any obligations or liabilities under the Series A Preferred Stock Documents or the documentation governing any Equity Interests issued by the Company that rank junior to the Series A Preferred Stock and activities
reasonably incidental thereto, (B) create or suffer to exist any Lien upon any property or assets now owned or hereafter acquired, leased or licensed by it, or (C) engage in any business or activity or own any assets other than holding
100% of the Equity Interests of any Holding Company or the Borrower and, with respect to the Company, performing its obligations and activities incidental thereto under the Series A Preferred Stock Documents or the documentation governing any Equity
Interests issued by the Company that rank junior to the Series A Preferred Stock and activities reasonably incidental thereto and (y) with respect to Holdings, engage in any activity not permitted under Section 7.14 of the Credit
Agreement; 
 (ix)    effect any voluntary, or approve or fail to contest within 30 days following the
commencement thereof any involuntary bankruptcy, liquidation, dissolution or winding up of the Company, any Holding Company, the Borrower or any Material Subsidiary; 

(x)    effect or permit the effectiveness of the occurrence of any Insolvency Proceeding with respect to
the Company, any Holding Company, the Borrower or any Material Subsidiary; 
 (xi)    settle or consent
to any judgment or award in any litigation, arbitration or other proceeding if such settlement, judgment or award involves a guilty plea or any acknowledgement of criminal wrongdoing on the part of the Company or any of its Subsidiaries that would
have a Material Adverse Effect; 
 (xii)    take any action that would cause the Company to cease to be
treated as a domestic C corporation for U.S. federal income tax purposes; 

(xiii)    notwithstanding the provisions of Section 10(b) hereof, directly or
indirectly, create, incur, assume, guarantee or suffer to exist any Indebtedness or issue any shares of Preferred Equity Interests on any date unless the Consolidated Total Obligations Ratio, determined on a Company Pro Forma Basis, would have been
less than or equal to 10.50:1.00; provided that nothing in this Section 9(a)(xiii) shall prohibit (A) the incurrence of Indebtedness (x) under revolving loan commitments in an aggregate amount not to exceed
$250.0 million at any one time outstanding, (y) under the Existing Receivables Facility in an amount not to exceed $250.0 million at any one time outstanding or (z) the incurrence of Indebtedness (other than, for the avoidance of
doubt, with respect to revolving loan commitments and the Existing Receivables Facility under clauses (x) and (y), respectively) in an amount not to exceed $550.0 million or (B) 

  
 46 

 
the Company from issuing new shares of Series A Preferred Stock as Dividends or from increasing the Liquidation Preference of any share of Series A Preferred Stock with respect to any Compounded
Dividends, in each case in accordance with Section 5 hereof; 
 (xiv)    make
any change in the Company or its Subsidiaries’ accounting practices or reporting practices, except as required by GAAP, or that would not reasonably be expected to result in a Material Adverse Effect; 

(xv)    make any amendment, restatement, supplement, waiver or other modification to the Advisory Agreement
in any manner that is adverse to the Holders of Series A Preferred Stock; or 
 (xvi)    authorize, enter
into any agreement to do or consent to any of the foregoing. 
 (b)    For the avoidance of doubt, any of the actions
prohibited by this Section 9 shall be ultra vires, null and void ab initio and of no force or effect. Further, the Company and its Subsidiaries shall not, by amendment, alteration or repeal of this Certificate of
Designations (whether by merger, consolidation, operation of Law, reorganization or otherwise) or through any Material Event, any Change of Control Transaction or any other reorganization, recapitalization, transfer of assets, amalgamation,
consolidation, merger, dissolution, Disposition, issue or sale of securities, agreement or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this Certificate of
Designations by the Company or any of its Subsidiaries. 
 10.    Covenants With Respect to Certain of the
Company’s Subsidiaries. 
 (a)    Investments. The Company shall not permit the Borrower or any of its
Restricted Subsidiaries to, directly or indirectly, make or hold any Investments without first obtaining the approval of the Two-Thirds Majority Holders; provided that nothing in this
Section 10(a) shall prohibit: 
 (i)    Investments by the Borrower or any of
its Restricted Subsidiaries in cash or Cash Equivalents or assets that were Cash Equivalents when such Investment was made; 

(ii)    loans or advances to officers, directors and employees of the Borrower (or any direct or indirect
parent thereof) or any of its Subsidiaries (A) for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes, (B) in connection with such Person’s purchase of Equity Interests
of the Borrower or any direct or indirect parent thereof or to permit the payment of taxes with respect thereto; provided that, to the extent such loans or advances are made in cash, the amount of such loans and advances used to acquire such
Equity Interests shall be contributed to the Borrower in cash as common equity and (C) for any other purposes not described in the foregoing clauses (A) and (B); provided that the aggregate principal amount outstanding at any time
under this Section 10(a)(ii)(C) shall not exceed $50.0 million. 

(iii)    Investments by the Borrower or any Restricted Subsidiary in the Borrower or any Restricted
Subsidiary; 
 (iv)    Investments consisting of extensions of credit in the nature of accounts
receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to
suppliers in the ordinary course of business; 

  
 47 

 (v)    [Reserved]; 

(vi)    Investments (A) existing or contemplated on the Closing Date or made pursuant to legally
binding written contracts in existence on the Closing Date and, with respect to each such Investment in an amount in excess of $50.0 million, in each case set forth on Schedule 10(a)(vi) of the Series A Investors Rights Agreement and any
modification, replacement, renewal, reinvestment or extension thereof that does not increase the value thereof and (B) existing on the Closing Date by Holdings or any Restricted Subsidiary in Holdings or any other Restricted Subsidiary and any
modification, renewal or extension thereof that does not increase the value thereof; 

(vii)    Investments in Swap Contracts permitted under Section 10(b)(vi); 

(viii)    promissory notes, securities and other non-cash
consideration received in connection with Dispositions permitted by Section 10(c); 

(ix)    (x) any acquisition of (A) the Equity Interests of any Person that becomes a Restricted
Subsidiary, (B) all or substantially all the assets of a Person or any business unit, division or line of business thereof or (C) all or substantially all of the customer lists of any Person or any business unit, division or line of
business thereof (including, for the avoidance of doubt, “tuck in” acquisitions) or (y) any subsequent Investment made in a Person, business unit, division, line of business or assets previously acquired in a Permitted Acquisition, in
each case of clause (x) or (y), in a single transaction or series of related transactions, if immediately after giving effect thereto: (A) no Event of Default under clause (a) or (f) of the definition thereof, no event of default
under Sections 8.01(a) or (f) of the Credit Agreement and no corresponding event of default under any other Senior Indebtedness exists at the time of the signing of a definitive acquisition agreement with respect thereto and (B) any
acquired or newly formed Restricted Subsidiary shall not be liable for any Indebtedness except for Indebtedness otherwise permitted by Section 10(b) (any such acquisition under this
Section 10(a)(ix), a “Permitted Acquisition”); 

(x)    Investments constituting a part of the Transactions; 

(xi)    Investments in the ordinary course of business consisting of UCC Article 3 endorsements for
collection or deposit and UCC Article 4 customary trade arrangements with customers consistent with past practices; 

(xii)    Investments (including debt obligations and Equity Interests) received in connection with the
bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure with respect to any secured
Investment or other transfer of title with respect to any secured Investment; 
 (xiii)    loans and
advances to the Company or any Holding Company; 
 (xiv)    Investments (including Permitted
Acquisitions) in an aggregate amount pursuant to this Section 10(a)(xiv) (valued at the time of the making thereof, and without giving effect to any write downs or write offs thereof) at any time not to exceed the greater
of $300.0 million and 30.0% of Consolidated EBITDA for the most recently completed Test Period for which financial statements have been delivered (determined on an OpCo Pro Forma Basis) (in each case, increased (without duplication) by
(A) any Returns in respect thereof and (B) the gain in any fair market value of the Investments made under this Section 10(a)(xiv) in any Unrestricted Subsidiary 

  
 48 

 
at the time of redesignation as a Restricted Subsidiary in accordance with Section 6.14 of the Credit Agreement that does not increase the Cumulative Credit, in each case not in excess of
the amount otherwise permitted under this Section 10(a)(xiv)); 

(xv)    Investments made in respect of joint ventures or other similar agreements or partnerships in an
aggregate amount (valued at the time of the making thereof, and without giving effect to any write downs or write offs thereof) at any time not to exceed the greater of $300.0 million and 30.0% of Consolidated EBITDA for the most recently
completed Test Period for which financial statements have been delivered (determined on an OpCo Pro Forma Basis) (plus the amount of any Returns in respect thereof) that does not increase the Cumulative Credit, in each case not in excess of the
amount otherwise permitted under this Section 10(a)(xv); 
 (xvi)    advances
of payroll payments to employees in the ordinary course of business; 
 (xvii)    (A) Investments made in
the ordinary course of business in connection with obtaining, maintaining or renewing client contracts and loans or advances made to distributors and suppliers in the ordinary course of business and (B) Investments to the extent that payment
for such Investments is made solely with Qualified Equity Interests of Holdings or Equity Interests of Holdings or any direct or indirect parent of Holdings; 

(xviii)    Investments of a Restricted Subsidiary acquired after the Closing Date or of a Person merged or
amalgamated or consolidated into the Borrower or Restricted Subsidiary in accordance with Section 9(a)(vii) after the Closing Date to the extent that such Investments were not made in contemplation of or in connection with
such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger or consolidation; 

(xix)    [Reserved]; 

(xx)    Investments in deposit accounts, securities accounts and commodities accounts maintained by the
Borrower or any of its Restricted Subsidiaries; 
 (xxi)    Investments constituting any part of a
reorganization and other activities related to tax planning; provided that no Event of Default hereunder or event of default under the Credit Agreement or under any other Senior Indebtedness shall have occurred and be continuing; 

(xxii)    Investments using (A) the Cumulative Credit at such time, so long as (1) no Event of
Default hereunder or event of default under the Credit Agreement or under any other Senior Indebtedness exists or would result from the making of such Investment and (2) in respect of Investments using clause (b) of the Cumulative Credit,
the Consolidated Total Net Leverage Ratio on an OpCo Pro Forma Basis would be less than or equal to 6.90:1.00 and (B) the portion, if any, of the Available Excluded Contribution Amount on such date that the Borrower elects to apply to this
Section 10(a)(xxii)(B) to the extent such Investment is made within 12 months of the date of designation of such Available Excluded Contribution Amount; 

(xxiii)    Investments in or relating to a Securitization Subsidiary that, in the good faith determination
of the Borrower are necessary or advisable to effect any Qualified Securitization Facility (including any contribution of replacement or substitute assets to such subsidiary) or any repurchase obligation in connection therewith; and 

  
 49 

 (xxiv)    so long as no Event of Default under
clause (a) or (f) of the definition thereof, no event of default under Sections 8.01(a) or (f) of the Credit Agreement and no corresponding event of default under any other Senior Indebtedness shall have occurred and be continuing or
would otherwise result therefrom, other Investments such that the Consolidated Total Net Leverage Ratio on an OpCo Pro Forma Basis would be less than or equal to 5.00:1.00. 

(b)    Indebtedness. The Company shall not permit the Borrower or any of its Restricted Subsidiaries to, directly
or indirectly, create, incur, assume, guarantee or suffer to exist any Indebtedness without first obtaining the approval of the Two-Thirds Majority Holders; provided that nothing in this
Section 10(b) shall prohibit: 
 (i)    Indebtedness of any Loan Party under (x) the Loan
Documents (including any Indebtedness incurred pursuant to Section 2.14 or 2.15 of the Credit Agreement) in an aggregate principal amount under this clause (x) at any time outstanding, including the issuance and creation of letters of
credit thereunder (with letters of credit being deemed to have a principal amount equal to the face amount thereof), not to exceed $4,000.0 million and any Permitted Refinancing thereof, (y) the Senior Secured Notes Documents in an
aggregate principal amount under this clause (y) at any time outstanding not to exceed $1,500.0 million in respect of the Dollar-denominated Senior Secured Notes and €500.0 million in respect of the euro-denominated Senior
Secured Notes and any Permitted Refinancing thereof and (z) the Senior Unsecured Notes Documents in an aggregate principal amount under this clause (z) at any time outstanding not to exceed $2,000.0 million and any Permitted
Refinancing thereof; 
 (ii)    Indebtedness outstanding on the Closing Date and listed on
Schedule 10(b)(ii) of the Series A Investors Rights Agreement and any Permitted Refinancing thereof and (y) intercompany Indebtedness outstanding on the Closing Date and any Permitted Refinancing thereof; 

(iii)    Guarantees by the Borrower and any Restricted Subsidiary in respect of Indebtedness of the
Borrower or any Restricted Subsidiary otherwise permitted hereunder; 
 (iv)    Indebtedness of the
Borrower or any Restricted Subsidiary owing to the Borrower or any Restricted Subsidiary; 

(v)    (1) Attributable Indebtedness and other Indebtedness (including Capitalized Leases) financing
an acquisition, construction, repair, replacement, lease or improvement of a fixed or capital asset incurred by the Borrower or any Restricted Subsidiary prior to or within 365 days after the acquisition, construction, repair, replacement,
lease or improvements of the applicable asset in an aggregate amount not to exceed the greater of $150.0 million and 15.0% of Consolidated EBITDA for the most recently completed Test Period for which financial statements have been delivered
(determined on an OpCo Pro Forma Basis), in each case determined at the time of incurrence, at any time outstanding and any Permitted Refinancings thereof and (2) Attributable Indebtedness arising out of sale-leaseback transactions permitted by
Section 7.05(m) of the Credit Agreement and any Permitted Refinancing of such Attributable Indebtedness; 

(vi)    Indebtedness in respect of Swap Contracts designed to hedge against the Borrower’s or any
Restricted Subsidiary’s exposure to interest rates, foreign exchange rates or commodities pricing risks incurred in the ordinary course of business and not for speculative purposes and Guarantees thereof; provided that any such
Guarantees by Loan Parties of such Indebtedness of Restricted Subsidiaries that are not Loan Parties shall only be permitted to the extent constituting an Investment permitted by Section 10(a)(iii); 

  
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 (vii)    Indebtedness of the Borrower or any Restricted
Subsidiary assumed in connection with any Permitted Acquisition or other Investment not prohibited hereunder; provided that (1) such Indebtedness is not incurred in contemplation of such Permitted Acquisition or other Investment or any
Permitted Refinancing thereof and (2) after giving OpCo Pro Forma Effect to such Permitted Acquisition and the incurrence of such Indebtedness, as applicable, the aggregate amount of such Indebtedness at any time outstanding does not exceed the
sum of (x) $150.0 million plus (y) additional indebtedness so long as the Consolidated Total Net Leverage Ratio is not greater than 6.90:1.00, in each case determined at the time of such assumption, on an OpCo Pro Forma Basis;
provided that no Event of Default shall have occurred and be continuing hereunder and no event of default under any Senior Indebtedness shall have occurred and be continuing, and (I) subject to Section 1.08 of the Credit Agreement,
no Event of Default (as defined therein) shall exist or result therefrom and (II) the aggregate principal amount at any time outstanding of such Indebtedness of Restricted Subsidiaries that are non-Loan
Parties incurred pursuant to this Section 10(b)(vii), together with the aggregate amount of Indebtedness incurred by non-Loan Parties and outstanding under
Section 10(b)(xix), shall not exceed the greater of (x) $150.0 million and (y) 15.0% of Consolidated EBITDA for the most recently completed Test Period for which financial statements have been delivered (determined on
an OpCo Pro Forma Basis), in each case determined at the time of such incurrence; 

(viii)    Indebtedness representing deferred compensation to employees of the Borrower, any of its
Restricted Subsidiaries or any direct or indirect parent of the Borrower incurred in the ordinary course of business; 

(ix)    Indebtedness consisting of promissory notes issued by the Borrower or any of its Restricted
Subsidiaries to future, current or former officers, managers, consultants, directors and employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of the Borrower or any direct or
indirect parent of the Borrower permitted by Section 9(a)(ii); 

(x)    Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in a Permitted
Acquisition, any other Investment permitted hereunder or any merger or any Disposition permitted hereunder, in each case, constituting indemnification obligations or obligations in respect of purchase price (including earn-outs) or other similar
adjustments; 
 (xi)    Indebtedness consisting of obligations of the Borrower or any of its Restricted
Subsidiaries under deferred compensation or other similar arrangements incurred by such Person in connection with Permitted Acquisitions or any other Investment permitted hereunder; 

(xii)    Cash Management Obligations and other Indebtedness in respect of netting services, automatic
clearinghouse arrangements, overdraft protections, employee credit card programs and other cash management and similar arrangements in the ordinary course of business and any Guarantees thereof or the honoring by a bank or other financial
institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business, so long as such Indebtedness is extinguished within 10 Business Days of its incurrence; 

(xiii)    Indebtedness in an aggregate principal amount that at the time of, and after giving effect to,
the incurrence thereof, would not exceed the greater of $250.0 million and 25.0% of Consolidated EBITDA for the most recently completed Test Period for which financial statements have been delivered (determined on an OpCo Pro Forma Basis); 

  
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 (xiv)    Indebtedness consisting of (i) the
financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(xv)    Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in respect of letters
of credit, bank guarantees, bankers’ acceptances, warehouse receipts or similar instruments issued or created in the ordinary course of business, including in respect of workers compensation claims, health, disability or other employee benefits
or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims; 

(xvi)    obligations in respect of performance, bid, appeal and surety bonds and performance and completion
guarantees and similar obligations provided by the Borrower or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary course of business
or consistent with past practice; 
 (xvii)    letters of credit issued in currencies not available under
the Credit Agreement in an aggregate amount at any time outstanding not to exceed $50.0 million; 

(xviii)    Indebtedness supported by a letter of credit issued under the Credit Agreement, in a principal
amount not to exceed the face amount of such letter of credit; 
 (xix)    Indebtedness incurred by a
Restricted Subsidiary that is a non-Loan Party which, when aggregated with the principal amount of all other Indebtedness incurred pursuant to this Section 10(b)(xix) and then
outstanding for all such Persons taken together does not, together with the aggregate amount of Indebtedness incurred by non-Loan Parties and outstanding under Section 10(b)(vii),
exceed the greater of $150.0 million and 15.0% of Consolidated EBITDA for the most recently completed Test Period for which financial statements have been delivered (determined on an OpCo Pro Forma Basis), in each case determined at the time of
incurrence; 
 (xx)    [Reserved]; 

(xxi)    [Reserved]; 

(xxii)    Indebtedness of the Borrower or any of its Restricted Subsidiaries that is a Loan Party, subject
to Section 1.08 of the Credit Agreement, so long as no Event of Default hereunder or event of default under the Credit Agreement or under any other Senior Indebtedness is continuing or would result from the incurrence of such Indebtedness;
provided that the aggregate principal amount of such Indebtedness shall not exceed an amount on and as of the date of such incurrence such that either (I) the Consolidated Total Net Leverage Ratio (determined on an OpCo Pro Forma Basis)
does not exceed 6.90:1.00, (II) in the case of such Indebtedness incurred to consummate any Investment permitted under Section 10(a), the Consolidated Total Net Leverage Ratio (determined on an OpCo Pro Forma Basis)
does not exceed the Consolidated Total Net Leverage Ratio prior to giving effect to such Investment or (III) the Consolidated Interest Coverage Ratio is no less than 2.00 to 1.00. 

  
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 For purposes of the calculations in this
Section 10(b)(xxii), (1) with respect to any Revolving Credit Commitments and any commitments under any revolving credit facility previously or simultaneously established under this
Section 10(b)(xxii), a borrowing of the maximum amount of loans available thereunder shall be assumed and (2) to the extent the proceeds of any Indebtedness incurred under this
Section 10(b)(xxii) are used to repay Indebtedness, OpCo Pro Forma Effect shall be given to such repayment of Indebtedness; provided that the calculations in this Section 10(b)(xxii) shall
exclude cash proceeds of any borrowing of such Indebtedness incurred under this Section 10(b)(xxii) not applied promptly for the specified transaction in connection with the incurrence upon receipt thereof. 

(xxiii)    any Permitted Refinancings of Indebtedness incurred pursuant to
Section 10(b)(xxii); 
 (xxiv)    all premiums (if any), interest (including
post-petition interest), fees, expenses, charges and additional or contingent interest on obligations described in Sections 10(b)(i) through 10(b)(xxiii); 

(xxv)    Indebtedness and Disqualified Equity Interests of the Borrower or any Restricted Subsidiary in an
aggregate principal amount up to 100% of the net cash proceeds received by the Borrower since immediately after the Closing Date from the issue or sale of Equity Interests of the Borrower or cash contributed to the capital of the Borrower (in each
case, other than the Cure Amount, any Available Excluded Contribution Amount, or sales of Equity Interests to the Borrower or any of its Subsidiaries) as determined in accordance with clauses (c) and (d) of the definition of Cumulative
Credit to the extent such net cash proceeds or cash have not been applied pursuant to such clauses after the closing date and prior to the time of such incurrence to make Investments pursuant to Section 10(a)(xxii); 

(xxvi)    [Reserved]; 

(xxvii)    Indebtedness of Securitization Subsidiaries in respect of Qualified Securitization Facilities
(other than the Existing Receivables Facility) and (ii) Indebtedness in respect of the Existing Receivables Facility in an aggregate principal amount under this clause (ii) not to exceed $250.0 million and any Permitted Refinancing
thereof; 
 (xxviii)    [Reserved]; and 

(xxix)    to the extent the L/C Issuer has resigned (and there is no additional or replacement L/C Issuer
under the Credit Agreement), additional Indebtedness in an aggregate principal amount or face amount equal to the amount of Letters of Credit no longer available to the Borrower as a result of such resignation, and in any event, at any time
outstanding not to exceed $100.0 million in respect of letters of credit, bank guaranties, surety bonds, performance bonds and similar instruments issued for general corporate purposes minus the amount of outstanding Letters of Credit
under the Credit Agreement. 
 For purposes of determining compliance with any Dollar-denominated restriction on the incurrence of
Indebtedness, the Dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt,
or first committed, in the case of revolving credit debt; provided that if such Indebtedness is incurred to extend, replace, refund, refinance, renew or defease other Indebtedness denominated in a foreign currency, and such extension,
replacement, refunding, refinancing, renewal or defeasance would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the 

  
 53 

 
relevant currency exchange rate in effect on the date of such extension, replacement, refunding, refinancing, renewal or defeasance, such Dollar-denominated restriction shall be deemed not to
have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased, plus the aggregate amount of
fees, underwriting discounts, premiums (including tender premiums) and other costs and expenses (including OID) incurred in connection with such refinancing. 

For purposes of determining compliance with this Section 10(b), in the event that any item of Indebtedness (or any
portion thereof) meets the criteria of more than one of the categories of Indebtedness specified herein, the Company may, in its sole discretion, divide and classify (and may later re-divide, classify and
reclassify) such Indebtedness (or any portion thereof) and shall only be required to include the amount and type of such Indebtedness in one or more of the above categories; provided that (i) all Indebtedness outstanding on the Closing
Date under the Loan Documents shall at all times be deemed to have been incurred pursuant to clause (i)(x) of this Section 10(b) and may not be reclassified, (ii) all Indebtedness outstanding on the Closing Date under
the Senior Secured Notes shall at all times be deemed to have been incurred pursuant to clause (i)(y) of this Section 10(b) and may not be reclassified and (iii) all Indebtedness outstanding on the Closing Date under
the Senior Unsecured Notes shall at all times be deemed to have been incurred pursuant to clause (i)(z) of this Section 10(b) and may not be reclassified. 

The accrual of interest, the accretion of accreted value and the payment of interest in the form of additional Indebtedness shall not be
deemed to be an incurrence of Indebtedness for purposes of this Section 10(b). The principal amount of any non-interest bearing Indebtedness or other discount security constituting
Indebtedness at any date shall be the principal amount thereof that would be shown on a balance sheet of the Borrower dated such date prepared in accordance with GAAP. 

(c)    Dispositions. The Company shall not permit the Borrower or any of its Restricted Subsidiaries to make any
Disposition without first obtaining the approval of the Two-Thirds Majority Holders, provided that nothing in this Section 10(c) shall restrict: 

(i)    Dispositions of obsolete, worn out, used or surplus property, whether now owned or hereafter
acquired and Dispositions of property no longer used or useful in the conduct of the business of the Borrower or any of its Restricted Subsidiaries; 

(ii)    Dispositions of inventory, goods held for sale in the ordinary course of business and immaterial
assets (other than the lapse or abandonment of IP Rights, which is governed by Section 10(c)(xviii)) and termination of leases and licenses in the ordinary course of business, including but not limited to a voluntary or
mandatory recall of any product; 
 (iii)    Dispositions of property to the extent that (A) such
property is exchanged for credit against the purchase price of similar replacement property or (B) the proceeds of such Disposition are promptly applied to the purchase price of similar replacement property; 

(iv)    Dispositions of property to the Borrower or any Restricted Subsidiary; 

(v)    [Reserved] 

(vi)    [Reserved]; 

(vii)    Dispositions of cash and Cash Equivalents; 

  
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 (viii)    (A) leases, subleases, non-exclusive licenses or sublicenses (including the provision of software under an open source license or the licensing of other IP Rights) and terminations thereof, in each case in the ordinary course of business
and which do not, in the reasonable business judgment of the Borrower, materially interfere with the business of the Borrower and its Restricted Subsidiaries (taken as a whole) and (B) Dispositions of IP Rights, and inbound and outbound
licenses to IP Rights, in each case in the ordinary course of business and that, in the reasonable business judgment of the Borrower, do not interfere in any material respect with the business of the Borrower and its Restricted Subsidiaries (taken
as a whole); 
 (ix)    transfers of property subject to Casualty Events upon receipt of the Net Proceeds of such Casualty Event; 

(x)    Dispositions of property (including sale-leaseback transactions); provided that (i) at
the time of such Disposition or, if earlier, as of the date of a definitive agreement with respect to such Disposition, no Event of Default under clause (a) or (f) of the definition thereof, no event of default under Sections 8.01(a) or
(f) of the Credit Agreement and no corresponding event of default under any corresponding provision of any Senior Indebtedness shall have occurred and been continuing or would result from such Disposition (other than any such Disposition made
pursuant to a legally binding commitment entered into at a time when no such Event of Default or event of default exists); (ii) with respect to any Disposition pursuant to this Section 10(c)(x) for a purchase price in
an aggregate amount in excess of the greater of $50.0 million and 5.0% of Consolidated EBITDA individually (and the greater of $100.0 million and 10.0% of Consolidated EBITDA in the aggregate for any fiscal year when taken with any
Dispositions that were excluded in such fiscal year) for the most recently completed Test Period for which financial statements have been delivered (determined on an OpCo Pro Forma Basis), the Borrower or any of its Restricted Subsidiaries shall
receive not less than 75% of such consideration in the form of cash or Cash Equivalents (in each case, free and clear of all Liens at the time received, other than Permitted Liens); provided, however, that for the purposes of this
clause (ii), the following shall be deemed to be cash: (A) any liabilities (as shown on the Borrower’s most recent balance sheet provided hereunder or in the footnotes thereto) of the Borrower or such Restricted Subsidiary, other than
liabilities that are by their terms subordinated to the payment in cash of the obligations under the Senior Indebtedness, that are assumed by the transferee with respect to the applicable Disposition and for which the Borrower and all of its
Restricted Subsidiaries shall have been validly released by all applicable creditors in writing, (B) any securities received by the Borrower or the applicable Restricted Subsidiary from such transferee that are converted by the Borrower or such
Restricted Subsidiary into cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received) within 180 days following the closing of the applicable Disposition and (C) aggregate
non-cash consideration received by the Borrower or the applicable Restricted Subsidiary having a fair market value (determined as of the closing of the applicable Disposition for which such non-cash consideration is received) not to exceed the greater of $200.0 million and 20.0% of Consolidated EBITDA for the most recently completed Test Period for which financial statements have been delivered
(determined on an OpCo Pro Forma Basis) at any time; and (iii) such Disposition is for fair market value as reasonably determined by the Borrower in good faith; provided, further that any proceeds of Dispositions from this
Section 10(c)(x) shall be reinvested in accordance with the definition of “Net Proceeds” in the Credit Agreement or otherwise applied to prepay Loans in accordance with Section 2.05(b)(ii) of the Credit
Agreement (or, to the extent the Credit Agreement is amended, modified, refinanced or replaced after the Closing Date, in each case in accordance with the corresponding successor provisions thereunder); 

(xi)    Dispositions of non-core assets in connection with
Permitted Acquisitions or other Investments, which assets have a fair market value of no greater than 25% of the 

  
 55 

 
Consolidated EBITDA of the acquired Restricted Subsidiary for the previous four fiscal quarters; provided that any proceeds of Dispositions from this
Section 10(c)(xi) shall be reinvested in accordance with the definition of “Net Proceeds” in the Credit Agreement or otherwise applied to prepay Loans in accordance with Section 2.05(b)(ii) of the Credit
Agreement (or, to the extent the Credit Agreement is amended, modified, refinanced or replaced after the Closing Date, in each case in accordance with the corresponding successor provisions thereunder); 

(xii)    (i) Dispositions or discounts without recourse of accounts receivable in connection with the
compromise or collection thereof in the ordinary course of business and (ii) receivables and related assets, or any disposition of the Equity Interests in a Subsidiary, all or substantially all of the assets of which are receivables and related
assets, pursuant to any Qualified Securitization Facility; 
 (xiii)    Dispositions of property pursuant
to sale-leaseback transactions; provided that to the extent the aggregate Net Proceeds from all such Dispositions since the Closing Date exceeds the greater of $50.0 million and 5.0% of Consolidated EBITDA for the most recently completed
Test Period for which financial statements have been delivered (determined on an OpCo Pro Forma Basis), such excess shall be reinvested in accordance with the definition of “Net Proceeds” in the Credit Agreement or otherwise applied to
prepay Loans in accordance with Section 2.05(b)(ii) of the Credit Agreement (or, to the extent the Credit Agreement is amended, modified, refinanced or replaced after the Closing Date, in each case in accordance with the corresponding successor
provisions thereunder); 
 (xiv)    any swap of assets in exchange for services or other assets in the
ordinary course of business of comparable or greater value or usefulness to the business of the Borrower and its Subsidiaries as a whole, as determined in good faith by the management of the Borrower; 

(xv)    [Reserved]; 

(xvi)    Dispositions of Investments in joint ventures to the extent required by, or made pursuant to
customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 

(xvii)    the unwinding or settling of any Swap Contract; 

(xviii)    the lapse or abandonment in the ordinary course of business of any registrations or applications
for registration of any IP Rights (i) in the ordinary course of business and that, in the reasonable business judgment of the Borrower, do not interfere in any material respect with the business of the Borrower and its Restricted Subsidiaries
(taken as a whole) or (ii) expiration of patents or copyrights in accordance with applicable statutory terms for which extension or renewal is not possible; and 

(xix)    other Dispositions in an aggregate amount of not more than the greater of $75.0 million and
7.5% of Consolidated EBITDA for the most recently completed Test Period for which financial statements have been delivered (determined on an OpCo Pro Forma Basis); 

provided that any Disposition of any property pursuant to this Section 10(c) (except pursuant to
Sections 10(c)(i), (iv), (viii)(B), (ix), (xii), (xvi), (xvii) and (xviii)) shall be for no less than the fair market value of such property at the time of such
Disposition as determined by the Company or the Borrower in good faith. 

  
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 (d)    Change in Lines of Business. The Company shall not,
without first obtaining the approval of the Two-Thirds Majority Holders, permit the Borrower or any of its Restricted Subsidiaries to engage in any material line of business substantially different from those
lines of business conducted by the Borrower and its Restricted Subsidiaries on the Closing Date or any business not reasonably related, complementary, corollary, synergistic or ancillary thereto (including related, complementary, synergistic or
ancillary technologies) or reasonable extensions thereof). 
 (e)    Burdensome Agreements. The Company shall
not, without first obtaining the approval of the Two-Thirds Majority Holders, permit the Borrower or any of its Restricted Subsidiaries to enter into or permit to exist any Contractual Obligation (other than
the Loan Documents) that limits the ability of any Restricted Subsidiary of the Borrower to: 

(i)    pay dividends or make any other distributions to the Borrower on its capital stock or with respect
to any other interest or participation in, or measured by, its profits, or pay any Indebtedness owed to the Borrower; 

(ii)    make loans or advances to the Borrower; or 

(iii)    sell, lease or transfer any of its properties or assets to the Borrower; provided that the
foregoing Sections 10(e)(i)-(iii) shall not apply to Contractual Obligations which: 

(A)    (x) exist on the Closing Date and (to the extent not otherwise permitted by this
Section 10(e)) are listed on Schedule 10(e)(iii)(A) of the Series A Investors Rights Agreement and (y) to the extent Contractual Obligations permitted by clause (x) are set forth in an agreement evidencing
Indebtedness, are set forth in any agreement evidencing any permitted modification, replacement, renewal, extension or refinancing of such Indebtedness so long as such modification, replacement, renewal, extension or refinancing (taken as a whole)
does not materially expand the scope of such Contractual Obligation (as reasonably determined by the Borrower); 

(B)    contractual encumbrances in effect on the Closing Date pursuant to the Credit Agreement and the
Senior Notes; 
 (C)    are binding on a Restricted Subsidiary at the time such Restricted Subsidiary
first becomes a Restricted Subsidiary of the Borrower, so long as such Contractual Obligations were not entered into in contemplation of such Person becoming a Restricted Subsidiary of the Borrower and do not extend past such Restricted Subsidiary
and its Subsidiaries; provided, further, that this clause (B) shall not apply to Contractual Obligations that are binding on a Person that becomes a Restricted Subsidiary pursuant to Section 6.14 of the Credit Agreement; 

(D)    represent Indebtedness of a Restricted Subsidiary of the Borrower which is not a Loan Party which is
permitted by Section 10(b) and which does not apply to any Loan Party; 

(E)    are customary restrictions (as reasonably determined by the Borrower) that arise in connection with
(x) any Lien permitted by Sections 7.01(a), (b), (e), (f), (i), (j), (k), (l), (o), (p), (s), (u), (v), (w), (z), (aa), (dd), (ff) and (hh) of the Credit Agreement and relate to the property subject to such Lien or (y) arise
in connection with any Disposition permitted by Section 7.04 of the Credit Agreement and Section 10(c) and relate solely to the assets or Person subject to such Disposition; 

  
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 (F)    are customary provisions in joint venture
agreements and other similar agreements applicable to joint ventures permitted under Section 10(a) and applicable solely to such joint venture and its equity entered into in the ordinary course of business; 

(G)    are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted
under Section 10(b) but solely to the extent any negative pledge relates to (i) the property financed by such Indebtedness and the proceeds, accessions and products thereof or (ii) the property secured by such
Indebtedness and the proceeds, accessions and products thereof; 
 (H)    are customary restrictions on
leases, subleases, licenses or asset sale agreements otherwise permitted hereby so long as such restrictions relate to the property interest, rights or the assets subject thereto; 

(I)    comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant
to Sections 10(b)(i), (ii), (v), (vii), (xiv)(i) and (xxii) and to the extent that such restrictions apply only to the property or assets securing such Indebtedness or, in the
case of Section 10(b)(vii), to the Restricted Subsidiaries incurring or guaranteeing such Indebtedness; 

(J)    are customary provisions restricting subletting, transfer or assignment of any lease governing a
leasehold interest of the Borrower or any Restricted Subsidiary; 
 (K)    are customary provisions
restricting assignment or transfer of any agreement entered into in the ordinary course of business; 

(L)    are restrictions on cash or other deposits imposed by customers under contracts entered into in the
ordinary course of business; 
 (M)    arise in connection with cash or other deposits permitted under
Sections 7.01 of the Credit Agreement and Section 10(a) and limited to such cash or deposit; 

(N)    comprise restrictions imposed by any agreement governing Indebtedness entered into on or after the
Closing Date and permitted under Section 10(b) that are, taken as a whole, in the good faith judgment of the Borrower, no more restrictive with respect to the Borrower or any Restricted Subsidiary than customary market
terms for Indebtedness of such type (and, in any event, are no more restrictive than the restrictions contained in the Credit Agreement), so long as the Borrower shall have determined in good faith that such restrictions shall not affect its
obligation or ability to make any payments required hereunder; 
 (O)    are restrictions on cash or
other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; 

(P)    are restrictions regarding non-exclusive licensing or
sublicensing by the Borrower and its Restricted Subsidiaries of IP Rights in the ordinary course of business; 

  
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 (Q)    are restrictions created in connection with any
Qualified Securitization Facility that in the good faith determination of the Borrower are necessary or advisable to effect such Qualified Securitization Facility and relate solely to the Securitization Assets subject thereto; 

(R)    are customary restrictions contained in any Loan Documents or Senior Notes Documents or any
Permitted Refinancing thereof; and 
 (S)    are restrictions on cash earnest money deposits in favor of
sellers in connection with acquisitions not prohibited hereunder. 
 11.    Affirmative Covenants. The Company
shall, and shall cause its Subsidiaries to, comply with the provisions set forth in Section 1.1 and Sections 1.7 to 1.20 of the Series A Investors Rights Agreement and with each other term, covenant and other provision contained in the Series A
Investors Rights Agreement.  
 12.    Right to Board Representation. 

(a)    Rights upon Certain Events of Default. 

(i)    Event of Default. If an Event of Default occurs and is continuing, (A) the number of
directors constituting the entire Board of Directors shall automatically be increased by the Number of Significant Investor Groups as provided for pursuant to Article 6(C) of the Certificate of Incorporation, (B) the Holders shall have the
right to nominate and elect each director as provided for in clause (A) and in the Certificate of Incorporation to each such newly created directorship (any individual director nominated and elected by the Holders of the Series A Preferred
Stock other than any Exit Demand Director, a “Series A Director”) and (C) the Company shall take all corporate action necessary to cause each Series A Director to be nominated and reelected by written consent or at any annual
or special meeting of the Company’s stockholders and in accordance with the Series A Investors Rights Agreement; provided that in no event shall the Board of Directors be increased by more than three (3) directors pursuant to this
Section 12(a)(i) and Article 6(C) of the Certificate of Incorporation; provided, further that the Company shall not increase the size of the Board of Directors in anticipation or contemplation of any Event of
Default (other than for the purpose of nominating and electing the Series A Directors) or at any time for the purpose of diluting the percentage of representation of any Series A Director on the Board of Directors or to establish or employ
committees with the purpose or effect of directly or indirectly circumventing the rights of the Holders established under this Section 12. If any Significant Investor Group that has caused the election of a Series A
Director pursuant to this Section 12(a)(i) and Section 1.3(b) of the Series A Investors Rights Agreement thereafter ceases to constitute a Significant Investor Group at any time prior to the cessation or withdrawal of
such Event of Default, the Series A Director nominated and elected by such Significant Investor Group pursuant to the Series A Investors Rights Agreement shall immediately cease to be qualified as a director and shall cease to be in office as a
director and the total authorized number of directors constituting the entire Board of Directors shall automatically be reduced by one director, unless and until a subsequent Significant Investor Group nominates a Series A Director, which Series A
Director may be the same Series A Director appointed by the previous Significant Investor Group. Upon the cessation or waiver of such Event of Default and provided that no other Event of Default shall have occurred and be continuing, each Series A
Director nominated and elected in connection with such Event of Default shall immediately cease to be qualified as a director and shall no longer be a director, the Holders of the Series A Preferred Stock shall no longer be entitled to nominate and
elect any Series A Directors in respect of such Event of Default and the total authorized number of directors 

  
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constituting the entire Board of Directors shall automatically be reduced by the number of directors equal to the Number of Significant Investor Groups immediately prior to the cessation or
waiver of such Event of Default; provided that upon any subsequent Event of Default, the number of directors constituting the entire Board of Directors shall be increased as set forth in this Section 12(a)(i) and the
Holders shall have full rights to nominate and elect Series A Directors pursuant to this Section 12(a)(i). 

(ii)    Exit Demand Event of Default. Upon the occurrence of any Event of Default under this
Certificate of Designations as set forth in clause (b)(ii) of the definition thereof, the Certificate of Incorporation shall provide that the members of any sale committee formed pursuant thereto shall be constituted solely of the Series A
Directors. 
 (b)    Approval of Certain Exit Transactions. From and after the failure to approve any Exit
Transaction by the Board of Directors within the time frames set forth in Section 1.2(i) of the Series A Investors Rights Agreement or the failure by the Company or the Board of Directors to comply with the Marketing Process or Exit Transaction
requirements set forth in Section 1.2(h) of the Series A Investors Rights Agreement until the redemption in full of the shares of the Series A Preferred Stock, the then-authorized total number of directors constituting the entire Board of
Directors shall be increased by one (1) and the Investor Representative, by written notice to the Company, shall have the right to nominate and elect such additional director to such newly created directorship (any such director elected
pursuant to this Section 12(b), an “Exit Demand Director”), and solely with respect to any act relating to the consummation of an Exit Transaction, the Exit Demand Director shall constitute a quorum for
such purpose at any meeting of the Board of Directors and any such act of the Board of Directors or any committees thereof shall require the affirmative vote solely of the Exit Demand Director at a meeting at which a quorum is present. 

(c)    Series A Directors and Exit Demand Directors Generally. To the extent permitted by Law and subject to
Section 1.15 of the Series A Investors Rights Agreement and Section 12(a)(i) of this Certificate of Designations, any Series A Director and any Exit Demand Director may be removed at any time as a director on the Board of Directors
(without cause) upon, and only upon, the affirmative vote or consent of the Supermajority Holders. In the event that a vacancy is created on the Board of Directors at any time due to the death, resignation, removal or otherwise of any Series A
Director or any Exit Demand Director, then the Holders shall have the right to designate an individual to fill such vacant directorship in accordance with Section 1.3(b) of the Series A Investors Rights Agreement. In the event that the Holders
fail to designate a representative to fill such vacant directorship, such vacant directorship shall continue until such time as an individual is designated to fill such vacant directorship in accordance with this Section 12
and the Series A Investors Rights Agreement. 
 (d)    Reimbursement; Indemnification. The Company shall
(i) reimburse each Series A Director and Exit Demand Director for all reasonable travel and other reasonable and documented out-of-pocket expenses related to such
Series A Director’s or Exit Demand Director’s, as applicable, role or the performance of its duties as a director, (ii) enter into customary indemnification agreements on the same or substantially similar terms as the indemnification
agreements entered into between the Company and the other members of the Board of Directors and (iii) immediately include each Series A Director and Exit Demand Director in all directors and officers liability insurance policies and
endorsements. 
 (e)    Limits on Directors. The rights to representation on the Board of Directors set forth in
this Section 12 shall be subject to the limitations set forth in Section 1.3 of the Series A Investors Rights Agreement. 

  
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 13.    Form of Series A Preferred Stock; 

The Series A Preferred Stock shall be initially issued in the form of one or more permanent Global Certificates in definitive, fully
registered form with the Global Certificate Legend set forth in Exhibit B hereto. The Series A Preferred Stock Certificates shall be in the form set forth in Exhibit C hereto, which is incorporated in and expressly made a part of this
Certificate of Designations. 
 The Global Certificates may have notations, legends or endorsements as set forth herein or as required by
law, stock exchange rules, agreements to which the Company is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). The Global Certificates shall be deposited on behalf of the
Holders represented thereby with the Transfer Agent, at its New York office, as custodian for DTC, and registered in the name of DTC or a nominee of DTC, duly executed by a Responsible Officer of the Company for the Company, in accordance with the
Company’s bylaws and applicable law, by manual or facsimile signature. If a Responsible Officer whose signature is on a Series A Preferred Stock Certificate no longer holds that office at the time the Transfer Agent countersigned the Series A
Preferred Stock Certificate, the Series A Preferred Stock Certificate shall be valid nevertheless. A Series A Preferred Stock Certificate shall not be valid until an authorized signatory of the Transfer Agent countersigns such Series A Preferred
Stock Certificate. The Transfer Agent will, upon receipt of a written order of the Company signed by a Responsible Officer of the Company (an “Authentication Order”), countersign a Series A Preferred Stock Certificate for original
issue. Each Series A Preferred Stock Certificate shall be dated the date of its countersignature. 
 The aggregate number of shares
represented by each Global Certificate may from time to time be increased or decreased by adjustments made on the records of the Transfer Agent and DTC or its nominee as hereinafter provided. At such time as all interests in a Global Preferred Share
have been canceled, repurchased or transferred, such Global Certificate shall be, upon receipt thereof, canceled by the Company in accordance with standing procedures and existing instructions between DTC and the Company. 

This Section 13 shall apply only to a Global Certificate deposited with or on behalf of DTC. The Company shall
execute and deliver initially one or more Global Certificates that (i) shall be registered in the name of Cede & Co. or other nominee of DTC and (ii) shall be delivered by the Company to Cede & Co. or pursuant to
instructions received from Cede & Co. or held by the Transfer Agent as custodian for DTC. Members of, or participants in, DTC (“Agent Members”) shall have no rights under this Certificate of Designations, with respect to
any Global Certificate held on their behalf by DTC or by the Transfer Agent as the custodian of DTC, or under such Global Certificate, and DTC or its nominee may be treated by the Company, the Transfer Agent and any agent of the Company or the
Transfer Agent as the absolute owner of such Global Certificate for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Transfer Agent or any agent of the Company or the Transfer Agent from giving
effect to any written certification, proxy or other authorization furnished by DTC or impair, as between DTC and its Agent Members, the operation of customary practices of DTC governing the exercise of the rights of a holder of a beneficial interest
in any Global Certificate. 
 14.    Transfer Restrictions; Global Certificates for Stock; 

(a)    (1) In the case of Rule 144A Shares and IAI Shares, prior to the date which is one year after the later of the
Closing Date and the last date on which the Company or any Affiliate of the Company was the owner of such shares or a beneficial interest in a Series A Preferred Stock Certificate representing such shares and (2) in the case of
Regulation S Shares, prior to the date which is 40 days after the Closing Date, no Holder or Beneficial Owner of the Series A Preferred Stock may transfer any shares of the Series A Preferred Stock owned by it except: 

(i)    pursuant to an effective registration statement under the Securities Act; 

  
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 (ii)    for so long as the shares are eligible for
resale pursuant to Rule 144A under the Securities Act (“Rule 144A”), to a Person it reasonably believes is a “qualified institutional buyer” as defined in Rule 144A (a “Qualified
Institutional Buyer”) that is purchasing for its own account or for the account of another Qualified Institutional Buyer in a transaction meeting the requirements of Rule 144A; 

(iii)    pursuant to an offer, sale or other transfer to
non-U.S. Persons in an offshore transaction in accordance with Rule 903 or 904 of Regulation S under the Securities Act; 

(iv)    to an Institutional Accredited Investor that has furnished the Transfer Agent or its agent a
certificate substantially in the form set forth in Exhibit E in reliance on an exemption from the registration requirements of the Securities Act other than those listed in clauses (ii) or (iii); 

(v)    pursuant to another available exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act; or 
 (vi)    to the Company or any of its Affiliates, 

subject to the Company’s and the Transfer Agent’s right prior to any offer, sale or other transfer pursuant to clause (ii)
through (v) to require the delivery of certification and/or other information satisfactory to each of them and, in the case of any offer, sale or other transfer pursuant to clause (iv), an opinion of counsel. 

(b)     

(i)    Series A Preferred Stock Certificates representing Rule 144A Shares and IAI Shares shall bear
the applicable restrictive legend set forth in Exhibit A hereto until such legend is removed by the Company in accordance with the procedures set forth in Section 14(k) or 14(l), as applicable. 

(ii)    Series A Preferred Stock Certificates representing Regulation S Shares shall bear the
applicable restrictive legend set forth in Exhibit A hereto until the end of the Restricted Period, at which time all Regulation S Shares shall be freely tradeable by non-Affiliates in accordance
with Section 14(m). 
 (c)    Each transferee of shares of the Series A Preferred Stock shall
be deemed to have represented and agreed that either (i) the transferee is not acquiring or holding such shares of the Series A Preferred Stock or interest therein with the assets of (A) an “employee benefit plan” as defined in
Section 3(3) of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to Part 4 of Subtitle B of Title I of ERISA, (B) a “plan” as defined in and
subject to Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), (C) any entity whose underlying assets are deemed under ERISA to include “plan assets” of any of the foregoing
by reason of an employee benefit plan’s or plan’s investment in such entity (each such employee benefit plan and plan described in clauses (A) through (C) referred to herein as an “ERISA Plan”), (D) any plan, account
or other arrangement subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions of
Title I of ERISA or Section 4975 of the Code (“Similar Law”) that could cause the underlying assets of the Company to be treated as assets of such plan, account or arrangement, or (E) a governmental plan (as defined in
Section 3(32) of ERISA), a church plan (as defined in Section 3(33) of ERISA); or (ii) the acquisition, holding and disposition of such shares of the Series A Preferred Stock or interest therein by the purchaser shall not constitute
or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Laws. 

  
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 Additionally, if any transferee of shares of the Series A Preferred Stock is using assets of
any ERISA Plan to acquire or hold Series A Preferred Stock, such transferee will be deemed to have represented and agreed that (i) none of the Company or any of the Company’s Affiliates has acted as the ERISA Plan’s fiduciary, or has
been relied upon for any advice, with respect to the transferee’s decision to acquire, hold, sell, exchange, vote or provide any consent with respect to Series A Preferred Stock and none of the Company or any of the Company’s Affiliates
shall at any time be relied upon as the ERISA Plan’s fiduciary with respect to any decision to acquire, continue to hold, sell, exchange, vote or provide any consent with respect to Series A Preferred Stock and (ii) the decision to invest
in Series A Preferred Stock has been made at the recommendation or direction of an “independent fiduciary” (“Independent Fiduciary”) within the meaning of U.S. Code of Federal Regulations 29 C.F.R. Section 2510.3-21(c), as amended from time to time (the “Fiduciary Rule”), who (a) is independent of the Company; (b) is capable of evaluating investment risks independently, both in
general and with respect to particular transactions and investment strategies (within the meaning of the Fiduciary Rule); (c) is a fiduciary (under ERISA and/or Section 4975 of the Code) with respect to the transferee’s investment in
Series A Preferred Stock and is responsible for exercising independent judgment in evaluating the investment in Series A Preferred Stock; (d) is either (A) a bank as defined in Section 202 of the Investment Advisers Act of 1940, as
amended (the “Advisers Act”), or similar institution that is regulated and supervised and subject to periodic examination by a state or federal agency of the United States; (B) an insurance carrier which is qualified under the
laws of more than one state of the United States to perform the services of managing, acquiring or disposing of assets of such an ERISA Plan; (C) under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act,
is registered as an investment adviser under the laws of the state (referred to in such paragraph (1)) in which it maintains its principal office and place of business; (D) a broker dealer registered under the Exchange Act; and/or (E) an
Independent Fiduciary (not described in clauses (A) through (D) above) that holds or has under management or control total assets of at least $50.0 million, and will at all times that such transferee holds Series A Preferred Stock hold or
have under management or control total assets of at least $50.0 million; and (e) is aware of and acknowledges that (I) none of the Company and any of the Company’s Affiliates is undertaking to provide impartial investment advice,
or to give advice in a fiduciary capacity, in connection with the transferee’s investment in Series A Preferred Stock, and (II) the Company, and the Company’s Affiliates have a financial interest in the transferee’s investment in
Series A Preferred Stock on account of the fees and other remuneration the Company or they expect to receive in connection with transactions contemplated hereunder. Notwithstanding the foregoing, any ERISA Plan which is an individual retirement
account that is not represented by an Independent Fiduciary shall not be deemed to have made the representation in clause (ii)(d) above. 

(d)    The shares of the Series A Preferred Stock are freely transferable subject to
Sections 14(a), (b) and (c) and Section 3.13 of the Series A Investors Rights Agreement. 

(e)    Shares of the Series A Preferred Stock initially sold on the Closing Date to Qualified Institutional Buyers (the
“Rule 144A Shares”) (if any) shall be issued in the form of one or more permanent Global Certificates as set forth on the form of the Series A Preferred Stock certificate attached hereto as Exhibit C,
including the legend set forth in Exhibit B hereto (the “Rule 144A Global Certificate”). The Rule 144A Global Certificate shall be deposited upon issuance with, or on behalf of, the Transfer Agent as
custodian for DTC and registered in the name of Cede & Co., as nominee for DTC, for credit to the respective accounts of the Beneficial Owners of the Series A Preferred Stock represented thereby (or to such other accounts as they may
direct). The number of shares of the Series A Preferred Stock represented by the Rule 144A Global Certificate may from time to time be increased or decreased by adjustments made on the records of the Transfer Agent, as custodian for DTC or its
nominee, as hereinafter provided. 

  
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 (f)    Shares of the Series A Preferred Stock initially sold on the
Closing Date in reliance on Regulation S (the “Regulation S Shares”) shall be issued in the form of one or more permanent Global Certificates as set forth on the form of the Series A Preferred Stock
certificate attached hereto as Exhibit C, including the legend set forth in Exhibit B hereto (the “Regulation S Global Certificate”). The Regulation S Global Certificate shall be deposited upon
issuance with, or on behalf of, the Transfer Agent as custodian for DTC and registered in the name of Cede & Co., as nominee for DTC, for credit to the respective accounts of the Beneficial Owners of the Series A Preferred Stock represented
thereby (or to such other accounts as they may direct). The number of shares of the Series A Preferred Stock represented by the Regulation S Global Certificate may from time to time be increased or decreased by adjustments made on the records
of the Transfer Agent, as custodian for DTC or its nominee, as hereinafter provided. 
 (g)    Shares of the Series A
Preferred Stock initially sold on the Closing Date in reliance on an exemption from registration under the Securities Act (other than Rule 144A or Regulation S) to Institutional Accredited Investors (the “IAI Shares”) shall be
issued in the form of one or more permanent Global Certificates as set forth on the form of the Series A Preferred Stock certificate attached hereto as Exhibit C, including the legend set forth in Exhibit B hereto (the “IAI
Global Certificate”). The IAI Global Certificate shall be deposited upon issuance with, or on behalf of, the Transfer Agent as custodian for DTC and registered in the name of Cede & Co., as nominee for DTC, for credit to the
respective accounts of the Beneficial Owners of the Series A Preferred Stock represented thereby (or to such other accounts as they may direct). The number of shares of the Series A Preferred Stock represented by the IAI Global Certificate may from
time to time be increased or decreased by adjustments made on the records of the Transfer Agent, as custodian for DTC or its nominee, as hereinafter provided. 

(h)    A Holder may transfer shares of the Series A Preferred Stock to another Person or exchange a Series A Preferred
Stock Certificate for another Series A Preferred Stock Certificate by presenting to the Transfer Agent a written request therefor stating the name of the proposed transferee or requesting such an exchange, accompanied by any certification, opinion
or other document required by the Transfer Agent, except that any transfers or exchanges between the Rule 144A Global Certificate and the Regulation S Global Certificate, or vice versa, shall be made as set forth in
Section 14(j) or Section 14(m), as applicable. The Transfer Agent shall promptly register any transfer or exchange that meets the applicable requirements by noting the same in the register
maintained by the Transfer Agent for the purpose, and no transfer or exchange shall be effective until it is registered in such register. The transfer or exchange of any Series A Preferred Stock Certificate (or a beneficial interest therein) may
only be made in accordance with applicable law and this Certificate of Designations, as applicable, and, in the case of a Global Certificate (or a beneficial interest therein), the applicable rules and procedures of DTC, Euroclear and Clearstream.
The Transfer Agent shall refuse to register any requested transfer or exchange that does not comply with this Certificate of Designations. A Global Certificate may not be transferred as a whole except by DTC to a nominee of DTC or by a nominee of
DTC to DTC or another nominee of DTC or by DTC or any such nominee to a successor Depositary or a nominee of such successor Depositary. 

(i)    The transfer and exchange of beneficial interests in Global Certificates shall be effected through DTC, in
accordance with this Certificate of Designations (including restrictions on transfer set forth in this Section 14, as applicable) and the procedures of DTC therefor. 

(j)    A registration of transfer or exchange of beneficial interests in a Regulation S Global Certificate for
beneficial interests in a Rule 144A Global Certificate or an IAI Global Certificate prior to the Resale Restriction Termination Date shall be made upon the receipt by the Transfer Agent or its agent of a certificate substantially in the form
set forth in Exhibit D hereto from the proposed transferee or otherwise in accordance with the procedures of DTC. 

  
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 (k)    Following the one year anniversary of the later of the Closing
Date and the last date on which the Company or any Affiliate of the Company was the owner of such shares or a beneficial interest in a Series A Preferred Stock Certificate representing such shares, the Company may, in its sole discretion,
(i) if Rule 144A Shares (if any) are represented by one or more Rule 144A Global Certificates, comply with any applicable DTC procedures for delegending or otherwise exchanging any such Restricted Global Certificate for an
Unrestricted Global Certificate and changing the restricted CUSIP number for an unrestricted CUSIP number (including DTC’s mandatory exchange process, if applicable), and (ii) if Rule 144A Shares (if any) are represented by Restricted
Definitive Series A Preferred Stock Certificates, (1) instruct the Transfer Agent to cancel any such Restricted Definitive Series A Preferred Stock Certificates and (2) issue to the Holder thereof (or its transferee) a new Unrestricted
Definitive Series A Preferred Stock Certificate representing the same number of shares of the Series A Preferred Stock, registered in the name of the Holder thereof (or its transferee), if, in the case of both clauses (i) and (ii), the Company
determines in its sole discretion (upon the advice of counsel and such other certifications and evidence as the Company may reasonably require) that Rule 144A Shares are eligible for resale by
non-Affiliates of the Company pursuant to Rule 144 under the Securities Act (or a successor provision) without the need to satisfy certain conditions to ensure that transfers thereof are effected in
compliance with the Securities Act (the date on which the Company makes such a determination in the affirmative, the “Resale Restriction Termination Date”). 

(l)    Following the one year anniversary of the later of the Closing Date and the last date on which the Company or any
Affiliate of the Company was the owner of such shares or a beneficial interest in a Series A Preferred Stock Certificate representing such shares, the Company may, in its sole discretion, (i) if IAI Shares (if any) are represented by one or
more IAI Global Certificates, comply with any applicable DTC procedures for delegending or otherwise exchanging any such Restricted Global Certificate for an Unrestricted Global Certificate and changing the restricted CUSIP number for an
unrestricted CUSIP number (including DTC’s mandatory exchange process, if applicable), and (ii) if IAI Shares (if any) are represented by Restricted Definitive Series A Preferred Stock Certificates, (1) instruct the Transfer Agent to
cancel any such Restricted Definitive Series A Preferred Stock Certificates and (2) issue to the Holder thereof (or its transferee) a new Unrestricted Definitive Series A Preferred Stock Certificate representing the same number of shares of the
Series A Preferred Stock, registered in the name of the Holder thereof (or its transferee), if, in the case of both clauses (i) and (ii), the Company determines in its sole discretion (upon the advice of counsel and such other certifications
and evidence as the Company may reasonably require) that IAI Shares are eligible for resale by non-Affiliates of the Company pursuant to Rule 144 under the Securities Act (or a successor provision) without the
need to satisfy certain conditions to ensure that transfers thereof are effected in compliance with the Securities Act. 

(m)    During the Restricted Period, beneficial ownership of interests in the Regulation S Global Certificate may only be
sold, pledged or otherwise transferred in accordance with the applicable rules and procedures of DTC, Euroclear and Clearstream, to the extent applicable to such transaction and as in effect from time to time, or otherwise in accordance with law to
the effect that such transfer is being made to a person whom the transferor reasonably believes is a Qualified Institutional Buyer in a transaction meeting the requirements of Rule 144A. Transfers by an owner of a beneficial interest in the Rule
144A Global Certificate to a transferee who takes delivery of such interest through the Regulation S Global Certificate before the Resale Restriction Termination Date, shall be made only upon receipt by the Transfer Agent of a certification in the
form provided in Exhibit D hereto or otherwise in accordance with the procedures of DTC, and such interest transferred shall be held immediately thereafter through Euroclear or Clearstream. Regulation S Shares shall be freely tradable by non-Affiliates of the Company after the Restricted Period ends. Following the Resale Restriction Termination Date, if the Regulation S Shares are represented by one or more Regulation S Global Certificates, the
Company may follow applicable DTC procedures to change the CUSIP number for the Regulation S Shares to the unrestricted CUSIP number applicable to the Rule 144A Shares and the IAI Shares at that time, if such DTC procedures exist at such time. 

  
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 (n)     

(i)    Except as provided below, owners of beneficial interests in Global Certificates shall not be
entitled to receive Definitive Series A Preferred Stock Certificates. If required to do so pursuant to any applicable law or regulation, Beneficial Owners may obtain Definitive Series A Preferred Stock Certificates in exchange for their beneficial
interests in a Global Certificate upon written request in accordance with DTC’s and the Transfer Agent’s procedures. In addition, Definitive Series A Preferred Stock Certificates shall be transferred to all Beneficial Owners in exchange
for their beneficial interests in a Global Certificate if (A) DTC notifies the Company that it is unwilling or unable to continue as depositary for such Global Certificate or DTC ceases to be a clearing agency registered under the Exchange Act,
at a time when DTC is required to be so registered in order to act as depositary, and in each case a successor depositary is not appointed by the Company within 90 days of such notice or (B) subject to Section 1.19 of the Series
A Investors Rights Agreement, the Company in its sole discretion executes and delivers to the Transfer Agent an officer’s certificate stating that such Global Certificate shall be so exchangeable. In the event of the occurrence of any of the
events specified in the preceding two sentences, the Company shall promptly make available to the Transfer Agent a reasonable supply of Definitive Series A Preferred Stock Certificates. 

(ii)    Any Definitive Series A Preferred Stock Certificate delivered in exchange for an interest in a
Global Certificate pursuant to this Section 14(n) shall (A) bear the appropriate legend set forth in Exhibit A, (1) in the case of Rule 144A Shares and IAI Shares, if a Definitive Series A Preferred
Stock Certificate shall be issued before the Resale Restriction Termination Date and (2) in the case of Regulation S Shares, if a Definitive Series A Preferred Stock Certificate shall be issued before the last date of the Restricted
Period, and (B) be registered in the name of the Holder of the Definitive Series A Preferred Stock Certificate. 

(iii)    If a Definitive Series A Preferred Stock Certificate is transferred or exchanged for a beneficial
interest in a Global Certificate, the Transfer Agent shall (x) cancel such Definitive Series A Preferred Stock Certificate, (y) record an increase in the number of shares of the Series A Preferred Stock represented by such Global
Certificate equal to the number of shares of the Series A Preferred Stock of such transfer or exchange and (z) in the event that such transfer or exchange involves less than the entire number of shares represented by the canceled Definitive
Series A Preferred Stock Certificate, the Company shall execute and make available for delivery to the transferring Holder a new Definitive Series A Preferred Stock Certificate representing the shares of the Series A Preferred Stock not so
transferred. 
 (iv)    If a Definitive Series A Preferred Stock Certificate is transferred or exchanged
for another Definitive Series A Preferred Stock Certificate, (x) the Transfer Agent shall cancel the Definitive Series A Preferred Stock Certificate being transferred or exchanged, (y) the Company shall execute and make available for
delivery one or more new Definitive Series A Preferred Stock Certificates representing the number of shares of the Series A Preferred Stock of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled
Definitive Series A Preferred Stock Certificate (in the case of an exchange), registered in the name of such transferee or Holder, as applicable, and (z) if such transfer or exchange involves less than the entire number of shares represented by
the canceled Definitive Series A Preferred Stock Certificate, the Company shall execute and make available for delivery to the Holder thereof one or more Definitive Series A Preferred Stock Certificates representing the number of shares of the

  
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Series A Preferred Stock equal to the untransferred or unexchanged shares of the Series A Preferred Stock represented by the canceled Definitive Series A Preferred Stock Certificates, registered
in the name of the Holder thereof. 
 (v)    Prior to the Resale Restriction Termination Date, a
registration of transfer or exchange of beneficial interests in Definitive Series A Preferred Stock Certificates representing Rule 144A Shares or IAI Shares to a Qualified Institutional Buyer shall be made upon the representation of the
transferee in the form as set forth on the applicable Series A Preferred Stock Certificate that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a
Qualified Institutional Buyer and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as it has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A. 

15.    Amendments and Waivers. No amendment, modification, restatement, supplement, termination, repeal or waiver
of, or consent to any departure by the Company or any of its Subsidiaries from, (I) any of the powers, designations, preferences and relative participating, optional or other special rights, and qualifications, limitations or restrictions of
the shares of the Series A Preferred Stock, (II) any provision of the Certificate of Incorporation or the bylaws of the Company (but only if such amendment, modification, restatement, supplement, termination, repeal, waiver or consent to the
Certificate of Incorporation or bylaws of the Company alters or changes any of the powers, designations, preferences and relative participating, optional or other special rights, and qualifications, limitations or restrictions of the shares of the
Series A Preferred Stock so as to affect them adversely) or (III) this Certificate of Designations (in each case of clauses (I), (II) and (III), whether by merger, consolidation, operation of Law, reorganization or otherwise) shall be
effective without being in writing and without the Company first having provided written notice of such proposed action to each Holder and having obtained the affirmative vote or written consent of the Required Holders; provided that the
following actions (whether effected by merger, consolidation, operation of Law, reorganization or otherwise) shall not be effective without being in writing and without the Company first having provided written notice of such proposed action to each
Holder and having obtained the affirmative vote or written consent of the Supermajority Holders (or, in the case of clauses (v) and (vi) below, the Two-Thirds Majority Holders): (i) any amendment,
modification, restatement, supplement, termination, repeal, waiver of or consent to any departure from the definition of “Dividend Rate,” “Liquidation Preference,” “Compounded Dividends” or “Extraordinary
Dividends” or any Holder’s right to payment of any Dividends in the amounts, in the manner and at the times specified in Sections 5, 6 and 7, (ii) any amendment, modification, restatement,
supplement, termination, repeal, waiver of or consent to any departure from any provision with respect to the amount of, or a Holder’s right to receive, the Redemption Price, (iii) any amendment, modification, restatement, supplement,
termination, repeal, waiver of or consent to departure from this Section 15 or any voting percentages in this Certificate of Designations (including the percentages in the definitions of “Required Holders,” “Two-Thirds Majority Holders” and “Supermajority Holders”) or any provisions of Section 4 hereof, (iv) any amendment, modification, restatement, supplement,
termination, repeal, waiver of or consent to departure from Section 3 or any other provision affecting the ranking of the Series A Preferred Stock (including the creation or authorization of additional classes or shares of
Preferred Stock senior to or pari passu with the Series A Preferred Stock (including additional shares of the Series A Preferred Stock)), (v) any amendment, modification, restatement, supplement, termination, repeal, waiver of or consent
to departure from Section 9, 10, or 11 or (vi) any consummation of a binding share exchange or reclassification involving the Series A Preferred Stock or a merger, consolidation, amalgamation or other
similar transaction involving the Company and one or more other Persons; provided, further that no amendment, modification, restatement, supplement, termination, repeal or waiver of, or consent to any departure by the Company or

  
 67 

 
any of its Subsidiaries from, this Certificate of Designations that treats any Holder, by its terms (as opposed to its effect), disparately and in a materially adverse manner relative to the
other Holders may be effected without the consent of each such disparately and materially adversely affected Holder. No waiver of any Default or Event of Default or any other provision, condition or requirement of this Certificate of Designations or
other failure to comply with any provision, condition or requirement of this Certificate of Designations shall be deemed to be a continuing waiver in the future or a waiver of any subsequent Default or Event of Default or failure or a waiver of any
other provision, condition or requirement hereof, nor shall any delay or omission to exercise any right hereunder in any manner impair the exercise of any such right. 

16.    Transfer Agent and Registrar. The duly appointed Transfer Agent and Registrar (the
“Registrar”) for the Series A Preferred Stock shall be American Stock Transfer & Trust Company, LLC. The Company may, in its sole discretion, remove the Transfer Agent in accordance with the agreement between the Company
and the Transfer Agent; provided that the Company shall appoint a successor transfer agent who shall accept such appointment prior to the effectiveness of such removal. 

17.    Meetings of Holders. Notwithstanding anything to the contrary herein or in any other Series A Preferred
Stock Document, if any shares of the Series A Preferred Shares are Beneficially Owned or held, directly or indirectly, by the Sponsor (including the Company, any of its Subsidiaries and, notwithstanding anything to the contrary in the definition of
“Sponsor”, any Portfolio Companies of the Sponsor), the Sponsor (including the Company, any of its Subsidiaries and, notwithstanding anything to the contrary in the definition of “Sponsor”, any Portfolio Companies of the Sponsor)
shall not be permitted to attend any meeting of the Holders of the Series A Preferred Stock or participate in any discussion among the Holders of the Series A Preferred Stock and shall not receive any report or other document produced expressly by
or on behalf of the Holders of the Series A Preferred Stock. 
 18.    No Reissuance of the Series A Preferred
Stock. No share or shares of the Series A Preferred Stock acquired by the Company by reason of redemption, purchase or otherwise shall be reissued or held in treasury for reissuance, and the Company shall take all action to cause all such shares
to be canceled, retired and eliminated from the shares of the Series A Preferred Stock and the class of Preferred Stock which the Company shall be authorized to issue. 

19.    Rights and Remedies of Holders. 

(a)    The various provisions set forth herein are for the benefit of the Holders of the Series A Preferred Stock and
shall be enforceable by them, including by one or more actions for specific performance. The Company acknowledges that the subject matter of this Certificate of Designations is unique and that the Holders would be damaged irreparably in the event
that any of the provisions of this Certificate of Designations are not performed in accordance with their specific terms or otherwise are breached, and that remedies at law would not be adequate to compensate such other parties not in default or in
breach. Accordingly, the Company agrees that the Holders shall be entitled to an injunction or injunctions to prevent breaches of the provisions of this Certificate of Designations and to enforce specifically the terms and provisions of this
Certificate of Designations in addition to any other remedy to which they may be entitled, at law or in equity. The Company waives any defense that a remedy at law is adequate and any requirement to post bond or provide similar security in
connection with actions instituted for injunctive relief or specific performance of this Certificate of Designations. 

(b)    Except as expressly set forth herein, all remedies available under this Certificate of Designations, at law, in
equity or otherwise, shall be deemed cumulative and not alternative or exclusive of other remedies. The exercise by any Holder of the Series A Preferred Stock of a particular remedy shall not preclude the exercise of any other remedy. 

  
 68 

 20.    Notices. 

(a)    Any notice or other communication required or permitted to be delivered under this Certificate of Designations
shall be in writing and delivered by (i) email or (ii) overnight delivery via a national courier service, with respect to any Holder, at the email address or physical address on file with the Company or through the applicable procedures of
DTC and, with respect to the Company, to the following email address or physical address, as applicable: 
 Vail Holdco Corp 

Radnor Corporate Center 
 Building
One, Suite 200 
 100 Matsonford Road 

Radnor, Pennsylvania 19087 

Attention:          General Counsel 

Email:                generalcounsel@avantorinc.com 

with copies (which shall not constitute notice) to: 

New Mountain Capital, L.L.C. 

787 Seventh Avenue, #49 
 New
York, New York 10019 
 Attention:          Matthew Holt 

Email:                mholt@newmountaincapital.com 

and 
 Simpson Thacher &
Bartlett LLP 
 425 Lexington Avenue 

New York, New York 10017 

Attention:          Alan Klein 

    Elizabeth Cooper 

    Ben Schaye 

    Ryan Bekkerus 

Email:               aklein@stblaw.com 

    ecooper@stblaw.com 

    ben.schaye@stblaw.com 

    rbekkerus@stblaw.com 

(b)    Except as otherwise required by Law, notice or other communication pursuant to
Section 20(a) shall be deemed given or received when delivered, except that any notice or communication received by email transmission on a non-Business Day or on any Business Day
after 5:00 p.m. addressee’s local time or by overnight delivery on a non-Business Day shall be deemed to have been given and received at 9:00 a.m. addressee’s local time on the next Business Day.

 21.    Independence of Provisions. Each covenant and protective voting provision contained herein shall be
construed (absent express provision to the contrary) as being independent of each other covenant and protective voting provision contained herein and each covenant contained in the Series A Investors Rights Agreement, so that compliance with any one
covenant or protective voting provision shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant or protective voting provision. 

  
 69 

 22.    Renunciation under DGCL
Section 122(17). Pursuant to Section 122(17) of the DGCL, the Company renounces any interest or expectancy of the Company in, or being offered an opportunity to participate in, business opportunities as set forth in
Section 3.19 of the Series A Investors Rights Agreement. 
 23.    No Conversion Rights. The Holders have no
rights to convert the shares of the Series A Preferred Stock into any other Equity Interests of the Company. 

24.    Severability. Whenever possible, each provision hereof shall be interpreted in a manner as to be effective
and valid under applicable Law, but if any provision hereof is held to be prohibited by or invalid under applicable Law, then such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating or otherwise
adversely affecting the remaining provisions hereof, which shall remain in full force and effect, and no provision herein set forth shall be deemed dependent upon any such other provision unless so expressed herein. 

25.    Governing Law. This Certificate of Designations and all questions relating to the interpretation or
enforcement of this Certificate of Designations shall be governed by and construed in accordance with the Laws of the State of Delaware without regard to the Laws of the State of Delaware or any other jurisdiction that would call for the application
of the substantive Laws of any jurisdiction other than Delaware. 

  
 70 

 IN WITNESS WHEREOF, the Company has caused this Certificate of Designations to be duly
executed by its duly authorized officer on this 21st day of November, 2017. 
  

			
	VAIL HOLDCO CORP
		
	By:	 	          

	 Name:     

	 Title:     

 [SIGNATURE PAGE TO CERTIFICATE
OF DESIGNATIONS] 

 EXHIBIT A 

Restrictive Legend to the Series A Preferred Stock Certificate 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY SECURITIES LAWS OF ANY
OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY BENEFICIAL INTERESTS HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.
THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE THAT IS [IN THE CASE
OF RULE 144A CERTIFICATE OR IAI CERTIFICATE: ONE YEAR AFTER THE LATER OF THE DATE OF ORIGINAL ISSUE AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF SUCH SECURITY OR THE RELEVANT BENEFICIAL INTEREST
THEREIN (OR ANY PREDECESSOR THERETO)], [IN THE CASE OF REGULATION S CERTIFICATE: 40 DAYS AFTER THE DATE OF ORIGINAL ISSUE], ONLY (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (B) FOR SO LONG
AS THE SHARES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” DEFINED IN RULE 144A THAT PURCHASES FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) PURSUANT TO AN OFFER, SALE OR OTHER TRANSFER TO
NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (D) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN RELIANCE ON AN EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OTHER THAN THOSE LISTED IN CLAUSES (B) AND (C), (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, OR
(F) TO THE COMPANY OR ANY OF ITS AFFILIATES, SUBJECT TO THE COMPANY’S AND THE TRANSFER AGENT’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR OTHER TRANSFER PURSUANT TO CLAUSE (D) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE POWERS,
DESIGNATIONS, PREFERENCES AND RELATIVE PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS, AND QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS SET FORTH IN THE CERTIFICATE OF DESIGNATIONS FOR THE SERIES A PREFERRED STOCK FILED WITH THE SECRETARY OF STATE
FOR THE STATE OF DELAWARE PURSUANT TO SECTION 151 OF THE DELAWARE GENERAL CORPORATION LAW (THE “CERTIFICATE OF DESIGNATIONS”) AND THE RIGHTS, TERMS AND CONDITIONS SET FORTH IN THE SERIES A INVESTORS RIGHTS AGREEMENT BY AND AMONG VAIL
HOLDCO CORP (THE “COMPANY”) AND CERTAIN HOLDERS OF COMPANY SECURITIES PARTY THERETO (THE “INVESTORS RIGHTS AGREEMENT”). NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED BY
THIS CERTIFICATE MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THE CERTIFICATE OF DESIGNATIONS AND THE INVESTORS RIGHTS AGREEMENT. A COPY OF THE CERTIFICATE OF DESIGNATIONS AND THE INVESTORS RIGHTS AGREEMENT WILL BE FURNISHED WITHOUT
CHARGE BY THE COMPANY TO THE HOLDER UPON REQUEST. 

  
 72 

 IN ADDITION, THE HOLDER OF THIS SECURITY UNDERSTANDS THAT THE COMPANY MAY RECEIVE A LIST OF PARTICIPANTS
HOLDING POSITIONS IN THIS SECURITY. EACH PURCHASER OF THIS SECURITY OR ANY BENEFICIAL INTERESTS HEREIN WILL BE DEEMED TO REPRESENT THAT IT AGREES TO COMPLY WITH THE TRANSFER RESTRICTIONS SET FORTH HEREIN AND IN THE CERTIFICATE OF DESIGNATIONS, AND
WILL NOT TRANSFER THIS SECURITY TOR ANY BENEFICIAL INTERESTS HEREIN EXCEPT TO AN ELIGIBLE PURCHASER WHO CAN MAKE THE SAME ACKNOWLEDGMENTS, REPRESENTATIONS, WARRANTIES AND AGREEMENTS ON BEHALF OF ITSELF AND EACH ACCOUNT FOR WHICH IT IS PURCHASING.

  
 73 

 EXHIBIT B 

Global Certificate Legend 
 THIS GLOBAL
CERTIFICATE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE CERTIFICATE OF DESIGNATIONS FOR THE SERIES A PREFERRED STOCK FILED WITH THE SECRETARY OF STATE FOR THE STATE OF DELAWARE PURSUANT TO SECTION 151 OF THE DELAWARE GENERAL CORPORATION LAW (THE
“CERTIFICATE OF DESIGNATIONS”)) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRANSFER AGENT MAY MAKE SUCH NOTATIONS HEREON
AS MAY BE REQUIRED PURSUANT TO SECTION 14 OF THE CERTIFICATE OF DESIGNATIONS, (II) THIS GLOBAL CERTIFICATE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 14 OF THE CERTIFICATE OF DESIGNATIONS, (III) THIS GLOBAL CERTIFICATE
MAY BE DELIVERED TO THE TRANSFER AGENT FOR CANCELLATION PURSUANT TO SECTION 13 OF THE CERTIFICATE OF DESIGNATIONS AND (IV) THIS GLOBAL CERTIFICATE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 

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

  
 74 

 EXHIBIT C 

FACE OF SECURITY 
 [Insert the
applicable legend(s), if any, pursuant to Section 14(a), 14(e) 14(f) and 14(g) of the Certificate of Designations]      
  

			
	     Certificate Number: [●]
	  	 [●] Shares

[144A/REG S/IAI] CUSIP No.: [●]

ISIN No.: [●]

 Series A Preferred Stock (par value $0.01 per share) 

(Initial Liquidation Preference $1,000.00 per share) 

of 
 VAIL HOLDCO CORP 

Vail Holdco Corp, a corporation duly organized and existing under the General Corporation Law of the State of Delaware (the
“Company”), hereby certifies that                      (the “Holder”) is the registered owner of
                     (                    ) fully
paid and non-assessable preferred securities of the Company designated the Series A Preferred Stock (par value $0.01) (initial Liquidation Preference $1,000.00 per share) (the “Series A Preferred
Stock”). The dividend rate of the Series A Preferred Stock is set forth in the Certificate of Designations. 
 The Series A
Preferred Stock is transferable on the books and records of                     , as Transfer Agent, in person or by a duly authorized attorney, upon
surrender of this certificate duly endorsed and in proper form for transfer. 
 The designation, rights, privileges, restrictions,
preferences and other terms and provisions of the Series A Preferred Stock represented hereby are issued and shall in all respects be subject to the provisions of the Certificate of Designations of the Series A Preferred Stock adopted on November
21, 2017, as the same may be amended, supplemented, waived or otherwise modified from time to time (the “Certificate of Designations”). Capitalized terms used but not defined herein shall have the meanings given them in the
Certificate of Designations. The Company shall provide a copy of the Certificate of Designations to a Holder without charge upon written request to the Company at its principal place of business. In the event of any conflict or inconsistency between
this Certificate and the Certificate of Designations, the Certificate of Designations shall control and govern. 
 Reference is hereby made
to select provisions of the Series A Preferred Stock set forth on the reverse hereof, and to the Certificate of Designations, which select provisions and the Certificate of Designations shall for all purposes have the same effect as if set forth at
this place. 
 Upon receipt of this certificate, each Holder (and each Beneficial Owner thereof) shall be deemed, by its acceptance hereof,
to have agreed to the terms of the Series A Preferred Stock and the Series A Preferred Stock Documents and the provisions of the Series A Preferred Stock Documents shall inure to the benefit of and, solely to the extent applicable, be binding upon,
each holder of the Series A Preferred Stock. 

  
 75 

 IN WITNESS WHEREOF, the Company has executed this certificate this     
day of November, 2017. 
  

			
	VAIL HOLDCO CORP
		
	By:	 	  

		 	Name:
		 	Title:

  
 76 

 Countersigned by: 

AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, 
 as
Transfer Agent 
  

			
	By:	 	  

			
	Name:
	Title:

  

	
	
Date:                  
                        

  
 77 

 REVERSE OF SECURITY 

Dividends on the Series A Preferred Stock shall be payable as provided in the Certificate of Designations. 

The Liquidation Preference on the Series A Preferred Stock shall be adjusted as provided in the Certificate of Designations. 

The Series A Preferred Stock is entitled to the voting rights set forth in the Certificate of Designations. 

The Series A Preferred Stock shall be redeemable as provided in the Certificate of Designations. 

The Company shall be subject to the covenants set forth in the Certificate of Designations. 

  
 78 

 SHARE TRANSFER FORM 

FOR VALUE RECEIVED, the undersigned transfers the Series A Preferred Stock evidenced hereby to: 

 
  
  

(INSERT ASSIGNEE’S LEGAL NAME) 
  

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
  

	
	 Date:  
                                        

  

					
	Signature:	 	  

		 	      	 	(Sign exactly as your name appears on the other side of this Series A Preferred Stock Certificate)

 

	
	 Signature
Guarantee*:                                       
               

  

	*	 Signature must be guaranteed by an “eligible guarantor institution,” that is, a bank, stockbroker,
savings and loan association or credit union meeting the requirements of the Transfer Agent, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the registrar of the Company in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act). 

  
 79 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Series A Preferred Stock Certificate purchased by the Company pursuant to Section 7(a) of the
Certificate of Designations, check the appropriate box below: 
 ☐ Section 7(a)     

If you want to elect to have only a portion of the Series A Preferred Stock represented by this certificate purchased by the Company pursuant
to Section 7(a) of the Certificate of Designations, state the number of shares you elect to have purchased: 

$                 

 

	
	 Date:
                                        

  

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the other side of this Series A Preferred Stock Certificate)

 

			
	Tax Identification No.:	 	 

 
			
		 	

	
	 Signature Guarantee*:
                                        

  

	*	 Signature must be guaranteed by an “eligible guarantor institution,” that is, a bank, stockbroker,
savings and loan association or credit union meeting the requirements of the Transfer Agent, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the registrar of the Company in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act). 

  
 80 

 [INSERT IN EACH GLOBAL CERTIFICATE:] 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL CERTIFICATE 

The following exchanges of a part of this Global Certificate for an interest in another Global Certificate or for a Definitive Series A Preferred Stock
Certificate, or exchanges of a part of another Global Certificate or Definitive Series A Preferred Stock Certificate for an interest in this Global Certificate, have been made: 

 

															
	 Date of Exchange
	  	Amount of
decrease in number
of shares of this
Global Certificate	 	  	Amount of
increase in
number of
shares of this
Global
Certificate	 	  	Number of shares of
this Global
Certificate following
such decrease (or
increase)	 	  	 Signature of
authorized
signatory
of
Custodian

		  				  				  				  	

  
 81 

 [INSERT IN EACH GLOBAL CERTIFICATE:] 

SCHEDULE OF COMPOUNDED DIVIDENDS 
 The initial
Liquidation Preference of each share of Series A Preferred Stock represented by this Global Certificate is $1,000. The following adjustments have been made: 
  

															
	 Date
	  	Per-share increase in
Liquidation
Preference due to
Compounded
Dividends	 	  	Per-share decrease
in Liquidation
Preference due
to
Compounded
Dividend Reduction	 	  	Per-share Liquidation
Preference of each share
of Series A Preferred
Stock
following such
decrease (or increase)	 	  	 Signature of
authorized
signatory
of
Custodian

		  				  				  				  	

  
 82 

 EXHIBIT D 

FORM OF CERTIFICATE OF TRANSFER 
 Vail Holdco
Corp 
 Radnor Corporate Center 
 Building One, Suite 200 

100 Matsonford Road 
 Radnor, Pennsylvania 19087 

American Stock Transfer & Trust Company, LLC 
 6201 15th
Avenue 
 Brooklyn, NY 11219 

Re:    Series A Preferred Stock 

Reference is hereby made to the Certificate of Designations of the Series A Preferred Stock, dated as of November 21, 2017 (the
“Certificate of Designations”), of Vail Holdco Corp, as issuer (the “Company”). Capitalized terms used but not defined herein shall have the meanings given to them in the Certificate of Designations. 

(the “Transferor”) owns and proposes to transfer
                 shares of the Series A Preferred Stock in the manner specified in Annex A hereto (the “Transfer”), to
                 (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies
that: 
 [CHECK ALL THAT APPLY] 

☐ 1.    Check if Transferee shall take delivery of a beneficial interest in the Rule 144A Global Certificate or a
Definitive Series A Preferred Stock Certificate pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and,
accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Series A Preferred Stock Certificate is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or
Definitive Series A Preferred Stock Certificate for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional
buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed
Transfer in accordance with the terms of the Certificate of Designations, the transferred beneficial interest or Definitive Series A Preferred Stock Certificate shall be subject to the restrictions on transfer enumerated in the legend printed on the
Rule 144A Global Certificate and/or the Definitive Series A Preferred Stock Certificate and in the Certificate of Designations and the Securities Act. 

☐ 2.    Check if Transferee shall take delivery of a beneficial interest in the Regulation S Global Certificate
or a Definitive Series A Preferred Stock Certificate pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further
certifies that (i) the Transfer is not being made to a 

  
 83 

 
person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably
believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its
behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act,
(iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person. Upon consummation
of the proposed transfer in accordance with the terms of the Certificate of Designations, the transferred beneficial interest or Definitive Series A Preferred Stock Certificate shall be subject to the restrictions on transfer enumerated in the
legend printed on the Regulation S Global Certificate and/or the Definitive Series A Preferred Stock Certificate and in the Certificate of Designations and the Securities Act. 

☐ 3.    Check and complete if Transferee shall take delivery of the IAI Global Certificate or a Definitive Series
A Preferred Stock Certificate pursuant to any provision of the Securities Act other than Rule 144, Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in
Restricted Global Certificates and Restricted Definitive Series A Preferred Stock Certificates and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly
the Transferor hereby further certifies that (check one):  
 ☐
(a)    such Transfer is being effected to the Company or a Subsidiary thereof; or 
 ☐
(b)    such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; or 

☐ (c)    such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from
the registration requirements of the Securities Act other than Rule 144A, Rule 144 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities
Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a IAI Global Certificate or Restricted Definitive Series A Preferred Stock Certificate and the requirements of the exemption claimed, which
certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit E to the Certificate of Designations and (2) if such Transfer is in respect of a Liquidation Preference of the Series A Preferred Stock at
the time of transfer of less than $250,000, an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities
Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Series A Preferred Stock Certificate shall be subject to the restrictions on transfer enumerated in the
legend printed on the IAI Global Certificate and/or a Restricted Definitive Series A Preferred Stock Certificate and in the Certificate of Designations and the Securities Act. 

☐ 4.    Check if Transferee shall take delivery of an Unrestricted Global Certificate or of an Unrestricted
Definitive Series A Preferred Stock Certificate. The Transfer is of a beneficial interest in an Unrestricted Global Certificate or an Unrestricted Definitive Series A Preferred Stock Certificate. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

Dated:
                                        

  
 84 

 
			
	  
 [Insert
Name of Transferor]
  

	By:	 	  

		 	Name:
		 	Title:

  
 85 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	1.	 The Transferor owns and proposes to transfer the following: 

[CHECK ONE OF (a) OR (b)] 
  

	 	☐	 (a)        a beneficial interest in the: 

 

	 	(i)	 144A Global Certificate (CUSIP
                ); or 

  

	 	(ii)	 Regulation S Global Certificate (CUSIP
                ); or 

  

	 	(iii)	 IAI Global Certificate (CUSIP
                ); or 

  

	 	☐	 (b)        a Restricted Definitive Series A Preferred Stock
Certificate. 

  

	2.	 After the Transfer the Transferee shall hold: 

[CHECK ONE] 
  

	 	☐	 (a)        a beneficial interest in the: 

 

	 	(i)	 144A Global Certificate (CUSIP
                ); or 

  

	 	(ii)	 Regulation S Global Certificate (CUSIP
                ); or 

  

	 	(iii)	 IAI Global Certificate (CUSIP
                ); or 

  

	 	(iv)	 Unrestricted Global Certificate (CUSIP
                ); or 

  

	 	☐	 (b)        a Restricted Definitive Series A Preferred Stock
Certificate; or 

  

	 	☐	 (c)        an Unrestricted Definitive Series A Preferred Stock
Certificate, 

 in accordance with the terms of the Certificate of Designations. 

  
 86 

 EXHIBIT E 

FORM OF CERTIFICATE FROM 

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 
 c/o
Vail Holdco Corp 
 Radnor Corporate Center 
 Building One,
Suite 200 
 100 Matsonford Road 
 Radnor, Pennsylvania 19087

 American Stock Transfer & Trust Company, LLC 
 6201
15th Avenue 
 Brooklyn, NY 11219 

Re:    Series A Preferred Stock 

Reference is hereby made to the Certificate of Designations of the Series A Preferred Stock, dated as of November 21, 2017 (the
“Certificate of Designations”), of Vail Holdco Corp, as issuer (the “Company”). Capitalized terms used but not defined herein shall have the meanings given to them in the Certificate of Designations. 

In connection with our proposed purchase of                
shares of the Series A Preferred Stock in the form of: 
  

	 	(a)	 ☐ a beneficial interest in a Global Certificate, or 

 

	 	(b)	 ☐ a Definitive Series A Preferred Stock Certificate, 

we confirm that: 
  

	 	1.	 We understand that any subsequent transfer of the Series A Preferred Stock or any interest therein is subject
to certain restrictions and conditions set forth in the Certificate of Designations and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Series A Preferred Stock or any interest therein except in compliance
with such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”). 

  

	 	2.	 We understand that the offer and sale of the Series A Preferred Stock has not been registered under the
Securities Act, and that the Series A Preferred Stock and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter
stated, that if we should sell the Series A Preferred Stock or any interest therein, we shall do so only (A) to the Company or any affiliate thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified
institutional buyer” (as defined therein), (C) to an institutional “accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a
signed letter substantially in the form of this letter and, if such transfer is in respect of shares of Series A Preferred Stock with an aggregate Liquidation Preference at the time of transfer

  
 87 

	 	
of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance with the Securities Act, (D) outside the United
States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144 under the Securities Act or (F) pursuant to an effective registration statement under the Securities Act, and we
further agree to provide to any Person purchasing the Definitive Series A Preferred Stock Certificate or beneficial interest in a Global Certificate from us in a transaction meeting the requirements of clauses (A) through (E) of this paragraph
a notice advising such purchaser that resales thereof are restricted as stated herein. 

  

	 	3.	 We understand that, on any proposed resale of the Series A Preferred Stock or beneficial interest therein, we
may be required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further
understand that the Series A Preferred Stock Certificate purchased by us shall bear a legend to the foregoing effect. 

  

	 	4.	 We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3), (7) or
(8) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Series A Preferred Stock, and we and any
accounts for which we are acting are each able to bear the economic risk of our or its investment. 

  

	 	5.	 We are acquiring the Series A Preferred Stock or beneficial interest therein purchased by us for our own
account or for one or more accounts (each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion. You and the Company are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

	
	
Dated:                  
                        

 

			
	  
 [Insert
Name of Accredited Investor]

		
	By:	 	  

		 	Name:
		 	Title:

  
 88 

 Annex C 

Certificate of Designations of Junior Convertible Preferred Stock 

See attached 

 Execution Version 

CERTIFICATE OF DESIGNATIONS 

OF 
 JUNIOR CONVERTIBLE
PREFERRED STOCK 
 OF 

VAIL HOLDCO CORP 
  

 
 Pursuant to Section 151 of the
General Corporation Law of the State of Delaware 
  
  

Pursuant to Section 151 of the General Corporation Law of the State of Delaware (the “DGCL”), Vail Holdco Corp, a
corporation duly organized and validly existing under the DGCL (the “Company”), in accordance with the provisions of Section 103 thereof, does hereby submit the following: 

WHEREAS, the Certificate of Incorporation of the Company (as amended, restated, supplemented or otherwise modified from time to time, in each
case, to the extent not prohibited by Section 10 and 11, the “Certificate of Incorporation”) authorizes the issuance of up to 45,000,000 shares of preferred stock, par value $0.01 per share, of the
Company (“Preferred Stock”) in one or more series, and expressly authorizes the Board of Directors of the Company (the “Board of Directors”), subject to limitations prescribed by Law, to provide, out of the unissued
shares of Preferred Stock, for series of Preferred Stock, and, with respect to each such series, to establish and fix the powers, designations, preferences and relative participating, optional or other special rights and qualifications, limitations
or restrictions of the shares of such series of Preferred Stock; and 
 WHEREAS, it is the desire of the Board of Directors to establish and
fix the number of shares to be included in a new series of Preferred Stock and the powers, designations, preferences and relative participating, optional or other special rights, qualifications, and limitations or restrictions of the shares of such
new series of Preferred Stock. 
 NOW, THEREFORE, BE IT RESOLVED that the Board of Directors does hereby provide authority for the Company
to issue a series of Preferred Stock and does hereby in this Certificate of Designations (this “Certificate of Designations”) establish and fix and herein state and express the designations, rights, preferences, powers, restrictions
and limitations of such series of Preferred Stock as follows: 
 1.    Definitions; Interpretation. 

(a)    As used in this Certificate of Designations, the following capitalized terms shall have the following meanings:

 “Adjustment Event” has the meaning set forth in Section 6(f). 

“Advisory Agreement” means the Amended and Restated Advisory Agreement by and between New Mountain Capital, L.L.C., Avantor
Holdings Sub, L.P., Avantor, Avantor Performance Materials Holdings S.à r.l. and the Company, as in effect as of the Closing Date. 

“Affiliate” means, with respect to a particular Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is controlled by or is under common Control 

 
with the Person specified or, in the case of a natural Person, any other member of such Person’s Family Group. “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;
provided, however, that notwithstanding the foregoing, with respect to any Person that is an investment fund, an Affiliate shall also include any investment fund, vehicle or holding company of which such Person or an Affiliate of such
Person serves as the general partner, managing member or discretionary manager or advisor or sub-advisor. “Family Group” means, with respect to any individual, such individual’s spouse
and descendants (whether natural or adopted) and any trust, partnership, limited liability company or similar vehicle established and maintained solely for the benefit of (or the sole members or partners of which are) such individual, such
individual’s spouse and/or such individual’s descendants. For the avoidance of doubt and notwithstanding anything in the foregoing to the contrary, for purposes of the Junior Convertible Preferred Stock Documents, each of BSPI, any
affiliated investment entity or any other Affiliate of Goldman Sachs & Co. LLC and any fund, investor, entity or account that is or may become managed, sponsored or advised by Goldman Sachs & Co. LLC or any of its Affiliates shall,
in each case, be deemed not to be an Affiliate of New Mountain or the Company. 
 “Aggregate Liquidation Preference” means,
as of any date of determination, the sum of the Liquidation Preference of each outstanding share of the Junior Convertible Preferred Stock as of such date of determination. 

“Avantor” means Avantor, Inc., a Delaware corporation, and any successor thereto. 

“Beneficially Own” means to possess beneficial ownership as determined pursuant to
Rule 13d-3 and Rule 13d-5 of the Exchange Act as in effect on and as of the Closing Date. 

“Board of Directors” has the meaning assigned to such term in the recitals hereof. 

“BSPI” means Broad Street Principal Investments, L.L.C., a Delaware limited liability company. 

“BSPI Director” has the meaning assigned to such term in Section 4(b). 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close
under the Laws of, or are in fact closed in, the State of New York. 
 “Certificate of Designations” has the meaning
assigned to such term in the recitals hereof. 
 “Certificate of Incorporation” has the meaning assigned to such term in
the recitals hereof. 
 “Change of Control” means (i) the sale or disposition, in one or a series of related
transactions, of all or substantially all of the assets of the Company and its Subsidiaries, as a whole, to any Person or Group other than to New Mountain and/or any Affiliate of New Mountain or the Company or (ii) the sale (whether by sale of
Equity Securities, merger, consolidation or other business combination transaction) by or involving the Company or any of its Subsidiaries as a result of which 50% or more of the total voting power of the Equity Securities of the Company (or, in the
case of a merger or consolidation, of any surviving entity or parent holding company thereof), is owned directly or indirectly by any Person or Group other than New Mountain or its Affiliates and such Person or Group did not own more than 50% or
more of the total voting power of the Company immediately prior to such sale. 

  
 2 

 “Close of Business” means 5:00 p.m., New York City time. 

“Closing Date” means November 21, 2017. 

“Code” has the meaning assigned to such term in Section 9(b). 

“Class B Stock” means the class B stock of the Company. 

“Common Stock” means the common stock, par value $0.01 per share, of the Company and any common equity securities of the
Company issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other similar reorganization. 

“Company” has the meaning assigned to such term in the introductory paragraph hereof. 

“Contingent Payments” means consideration received or receivable by the Company, its employees, former or current Equity
Interest holders, or any other parties in connection with a Change of Control in the form of deferred performance-based payments, “earn-outs”, indemnity holdbacks, or other contingent payments based on the future performance of the Company
or any of its businesses or assets. 
 “Conversion” has the meaning assigned to such term in
Section 6(d). 
 “Conversion Multiple” means, initially, that number, which, when multiplied by
the number of shares of Convertible Preferred Stock outstanding immediately following the Closing, causes the resulting product to equal 0.4697 times the sum of (a) such resulting product and (b) the Existing Common Shares. As of
November 21, 2017, the Conversion Multiple was 14.22. The Conversion Multiple shall be subject to adjustment as provided in Section 6. 

“DGCL” has the meaning assigned to such term in the introductory paragraph hereof. 

“Effective Date” means the first date on which shares of the Common Stock trade in the applicable market reflecting the
relevant Adjustment Event. 
 “Equity Interests” means, with respect to any Person, any and all of the shares, interests,
rights, participations or other equivalents of or interests in (however designated) equity of such Person (including any common stock, preferred stock, any limited or general partnership interest and any limited liability company membership
interest) and all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities). 

“ERISA” has the meaning assigned to such term in Section 9(b). 

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

“Existing Common Shares” means the sum of (x) the number of shares of Common Stock outstanding immediately following the
Closing and (y) the number of shares of Common Stock issued in connection with the Advisory Agreement prior to or substantially concurrently with conversion of the Convertible Preferred Stock pursuant to Section 6(b). 

“Fair Market Value” (a) the fair market value as determined in good faith by a majority of the Board of Directors; provided
that, if the BSPI Director makes a bona fide objection to the fair 

  
 3 

 
market value as determined in good faith by a majority of the Board, the Fair Market Value shall be determined by a Financial Expert and such Financial Expert’s determination shall be
binding upon all parties or (b) in the case of shares of stock that are listed on a Principal Exchange and have been so listed for the thirty (30) trading days immediately preceding the day as of which Fair Market Value is being
determined, with respect to any Valuation Period, the arithmetic average of the daily volume-weighted average price of such stock as reported in composite transactions for United States exchanges and quotation systems for each Valuation Day in such
Valuation Period, as displayed under the heading “Bloomberg VWAP” on the applicable Bloomberg page for such shares in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading
session on such Valuation Day (or, if such volume-weighted average price is unavailable, the Fair Market Value of such shares as determined pursuant to clause (a) above). 

“Financial Expert” means a nationally recognized and independent investment banking or valuation firm selected in good faith
by the Board of Directors. 
 “Governmental Authority” means any nation or government, any state or other political
subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank). 

“Group” means a “group” as such term is used for purposes of Section 13(d) or 14(d) of the Exchange Act (or
any successor section thereto). 
 “Holder” means the Person in whose name a Junior Convertible Preferred Stock Certificate
is registered on the Transfer Agent’s books and records. 
 “Holdings” means Vail Holdco Sub LLC, a Delaware limited
liability company and a direct Wholly Owned Subsidiary of the Company. 
 “Junior Convertible Preferred Stock” has the
meaning assigned to such term in Section 2. 
 “Junior Convertible Preferred Stock Certificate”
means one or more certificates evidencing ownership of a share or shares of Junior Convertible Preferred Stock. 
 “Junior
Convertible Preferred Stock Documents” means this Certificate of Designations, the Certificate of Incorporation, the Stockholders Agreement, the Junior Convertible Preferred Stock Purchase Agreement, the Registration Rights Agreement
(solely with respect to those Holders party thereto) and each Junior Convertible Preferred Stock Certificate. 
 “Junior Convertible
Preferred Stock Purchase Agreement” means the Junior Convertible Preferred Stock Purchase Agreement, dated as of the Closing Date, by and among the Company and the Holders party thereto. 

“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, legally binding
guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the legally binding interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or
administration thereof, and all applicable administrative orders, directed duties, legally binding requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority. 

  
 4 

 “Liquidation Preference” means, with respect to each outstanding share of
the Junior Convertible Preferred Stock, $1,650. 
 “Management Investors” means the officers, directors, employees and
other members of the management of the Company and its Subsidiaries who are investors in the Common Stock. 
 “Mandatory Conversion
Date” has the meaning set forth in Section 6(e). 
 “Open of Business” means 9:00 a.m.,
New York City time. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity. 
 “Portfolio Company” means, with respect to
any Person, a “portfolio company” (as such term is customarily used among institutional investors), or any entity controlled by any “portfolio company”, of such Person or one of its Affiliates. 

“Preferred Stock” has the meaning assigned to such term in the recitals hereof. 

“Principal Exchange” means each of The New York Stock Exchange, The NASDAQ Global Market and The NASDAQ Global Select Market
(or any of their respective successors). 
 “Qualified IPO” means the issuance by the Company, Holdings, Avantor or any
direct or indirect parent of Holdings of its common equity in an underwritten primary public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective
registration statement filed with the SEC in accordance with the Securities Act (whether alone or in connection with a secondary public offering) that results in the Company, Holdings, Avantor or any direct or indirect parent of Holdings receiving
gross proceeds of at least $400,000,000. 
 “Registration Rights Agreement” means the Registration Rights Agreement, dated
as of the Closing Date, by and among the Company and the Holders (as defined therein) from time to time party thereto. 
 “Required
Holders” means, as of any date of determination, the Holders holding at least a majority of the Aggregate Liquidation Preference as of such date of determination. 

“Responsible Officer” means the chief executive officer, president, vice president, chief financial officer, chief
administrative officer, general counsel, deputy general counsel, secretary or assistant secretary, treasurer or assistant treasurer, controller or other similar officer of a Person. Any document delivered hereunder that is signed by a Responsible
Officer of a Person shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Person and such Responsible Officer shall be conclusively presumed to have acted on behalf of
such Person. 
 “SEC” means the Securities and Exchange Commission or any Governmental Authority succeeding to any of its
principal functions. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Series A Preferred Stock” means Series A Preferred Stock (par value $0.01) (initial liquidation preference $1,000.00 per
share) of the Company. 

  
 5 

 “Similar Laws” has the meaning assigned to such term in
Section 9 (b). 
 “Sponsor” means New Mountain Partners III Cayman
(AIV-B), L.P. and any of its Affiliates, and funds or partnerships managed or advised by any of them or any of their respective Affiliates but not including, however, any portfolio company of any of the
foregoing. 
 “Stockholders” has the meaning assigned to such term in the Stockholders Agreement. 

“Stockholders Agreement” means the Stockholders Agreement, dated as of the Closing Date, by and among the Company and
the Stockholders from time to time party thereto. 
 “Subsidiary” of a Person means a corporation, partnership, joint
venture, limited liability company or other business entity of which (i) a majority of the voting power of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities
or interests having such power only by reason of the happening of a contingency that has not yet happened) are at the time Beneficially Owned by such Person, (ii) more than half of the issued share capital is at the time Beneficially Owned by
such Person or (iii) the management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to
“Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Company. For the avoidance of doubt, any entity that is owned at a 50.0% or less level (as described above) shall not be a “Subsidiary” for any purpose under this
Agreement, regardless of whether such entity is consolidated on the Company’s or any of its Subsidiaries’ financial statements. 

“Supermajority Holders” means, as of any date of determination, the Holders holding at least 80% of the Aggregate Liquidation
Preference as of such date of determination. 
 “Transfer Agent” means the transfer agent with respect to the Junior
Convertible Preferred Stock, which, on and as of Closing Date, shall be American Stock Transfer & Trust Company, LLC, and any successor transfer agent appointed by the Company and notified to the Holders. 

“U.S.” means the United States of America. 

“Valuation Day” means, with respect to any determination of Fair Market Value pursuant to clause (i) of the definition
thereof, each trading day included in the applicable Valuation Period. 
 “Valuation Period” means, with respect to any
determination of Fair Market Value pursuant to clause (i) of the definition thereof, the thirty (30) consecutive trading days immediately preceding the day as of which Fair Market Value is being determined. 

“Wholly Owned Subsidiary” means a Subsidiary all of the Equity Interests in which are owned, directly or indirectly, by the
Company. 
 (b)    Any of the terms defined herein may, unless the context otherwise requires, be used in the singular
or the plural, depending on the reference. The headings are for convenience only and will not be given effect in interpreting this Certificate of Designations. References herein to any Section shall be to a Section hereof unless otherwise
specifically provided. References herein to any Law means such Law, including all rules and regulations promulgated under or implementing such Law, as amended from time to time and any successor Law unless otherwise specifically provided. The word
“will” shall be construed to have the same meaning and effect as the word “shall.” The words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Certificate of
Designations, refer to this Certificate of Designations as a whole and not to any particular provision of this Certificate of 

  
 6 

 
Designations. The use of the masculine, feminine or neutral gender or the singular or plural form of words will not limit any provisions of this Certificate of Designations. The use herein of the
word “include” or “including”, when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to
similar items or matters, whether or not non-limiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but rather
shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. The word “extent” in the phrase “to the extent” will mean the degree to which a
subject or other thing extends, and such phrase will not mean simply “if”. The terms lease and license shall include sub-lease and sub-license, as applicable.
All references to $, currency, monetary values and dollars set forth herein means U.S. dollars. When the terms of this Certificate of Designations refer to a specific agreement or other document or a decision by any body or Person that
determines the meaning or operation of a provision hereof, the secretary of the Company shall maintain a copy of such agreement, document or decision at the principal executive offices of the Company and a copy thereof will be provided free of
charge to any stockholder who makes a request therefor. Unless expressly provided herein or the context otherwise requires, any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein). 

2.    Designations. A total of 5,000,000 shares of Preferred Stock shall be designated as a series known as Junior
Convertible Preferred Stock, with 1,650,000 shares issued as of the date hereof, with each such share having an initial Liquidation Preference of $1,650 per share (the “Junior Convertible Preferred Stock”). The Junior Convertible
Preferred Stock shall be perpetual, subject to the provisions hereof. 
 3.    Ranking. With respect to
(a) payment of dividends and (b) distribution of assets upon, or in connection with, the voluntary or involuntary liquidation, dissolution or winding up of the Company, the Junior Convertible Preferred Stock shall rank: (x) senior to
all classes of Common Stock and all series of Preferred Stock other than Series A Preferred Stock; (y) junior to the Series A Preferred Stock; and (z) junior to all existing and future indebtedness of the Company. 

4.    Voting; Board Representation. 

(a)    Voting. Except as otherwise required by law, each Holder shall be entitled to vote with the holders of
outstanding shares of Common Stock, voting together as a single class, with respect to any and all matters presented to the holders of Common Stock for their action or consideration. In any such vote, each share of Junior Convertible Preferred Stock
shall be entitled to a number of votes equal to the number of shares of Common Stock into which such share of Junior Convertible Preferred Stock is convertible pursuant to Section 6 herein as of the record date for such vote or written consent
or, if no record date occurs, as of the date of such vote or written consent. 
 (b)    Right to Board
Representation. The Holders shall have the right to appoint five (5) members to the Board of Directors as set forth in the Stockholders Agreement. The directors designated by the Holders (the “Junior Preferred Directors”)
shall have the power to vote on all matters submitted to the Board of Directors and, for so long as BSPI, retains the right to appoint a director to the Board of Directors pursuant to Section 2.1 of the Stockholders Agreement (such director,
the “BSPI Director”), the BSPI Director shall have special voting power with respect to those matters described in Section 2.2(c) of the Stockholders Agreement. 

  
 7 

 5.    Dividends. In the event the Company declares or pays a
dividend or distribution on the Common Stock, whether such dividend or distribution is payable in cash, securities or other property, including the purchase or redemption by the Company or any of its Subsidiaries of shares of Common Stock for cash,
securities or property, but excluding (i) any dividend or distribution payable on the Common Stock in shares of Common Stock and (ii) any repurchases of Common Stock held by employees or consultants of the Company upon termination of their
employment or services pursuant to agreements providing for such repurchase, the Company shall simultaneously declare and pay a dividend on the Junior Convertible Preferred Stock on a pro rata basis with the Common Stock determined on an as-converted basis assuming all shares of Junior Convertible Preferred Stock had been converted into the number of shares of Common Stock equal to the greater of (i) the aggregate Liquidation Preference of all
outstanding shares of Junior Convertible Preferred Stock divided by (ii) the Fair Market Value of a share of Common Stock as of immediately prior to the record date of the applicable dividend (or if no record date is fixed, the
date as of which the record holders of Common Stock entitled to such dividends are to be determined) or (y) (i) the number of shares of Junior Convertible Preferred Stock outstanding as of immediately prior to the record date of the applicable
dividend (or if no record date is fixed, the date as of which the record holders of Common Stock entitled to such dividends are to be determined) multiplied by (ii) the Conversion Multiple. Notwithstanding anything to the contrary
herein, the Company may not declare or pay any dividend or make any other payment to the extent such declaration or payment of dividend or other payment is not permitted by Law. 

6.    Conversion. 

(a)    Conversion Following a Qualified IPO. Subject to the provisions of this Section 6,
on the earlier of (x) the 90th day following the closing of a Qualified IPO or (y) solely if the registration statement with respect to such Qualified IPO includes shares of Common Stock
held by the Sponsor or BSPI, the effective date such Qualified IPO, all of the outstanding shares of Junior Convertible Preferred Stock shall automatically convert into an aggregate number of shares of Common Stock equal to the greater of (i)(A) the
Aggregate Liquidation Preference divided by (B) the Fair Market Value per share of Common Stock (or the price per share of Common Stock being sold in such Qualified IPO, if the registration statement with respect to such
Qualified IPO includes shares of Common Stock held by the Sponsor) or (ii) (A) the number of shares of Junior Convertible Preferred Stock outstanding immediately prior to such conversion multiplied by (B) the Conversion
Multiple. 
 (b)    Conversion Upon a Change of Control. Subject to the provisions of this
Section 6, immediately prior to the closing of a Change of Control, all of the outstanding shares of Junior Convertible Preferred Stock shall automatically convert into an aggregate number of shares of Common Stock equal to
the greater of (i)(A) the Aggregate Liquidation Preference divided by (B) the price per share of Common Stock payable to the holders thereof in such Change of Control (including the Fair Market Value of any non-cash consideration payable in respect of each share of Common Stock) (the “Change of Control Share Price”) or (ii) (A) the number of shares of Junior Convertible Preferred Stock outstanding
as of the Closing Date multiplied by (B) the Conversion Multiple. In the event a Change of Control is consummated and consideration in connection with such Change of Control may be increased by payments related to future events,
any additional consideration to be paid in such transaction related to future events, including without limitation, payments in accordance with promissory notes delivered to the Company or any Contingent Payments, shall be included in the aggregate
consideration payable to the Holders upon the closing of such Change of Control. 
 (c)    Conversion in Connection
with Tag-Along Rights. If a Holder is participating in a transaction contemplated by Section 3.3 of the Stockholders Agreement, then, at the election of the Sponsor, the shares of Junior Convertible
Preferred Stock included in such transaction shall convert into shares of Common Stock pursuant to the terms and conditions of Section 3.3 of the Stockholders Agreement. 

  
 8 

 (d)    Procedures for Conversion. Any conversion pursuant to
clause (a), (b) or (c) above or a redemption pursuant to the last sentence of this clause (d) (each, a “Conversion”) shall occur without any further action by the Holders or the Company. As promptly as
practicable following a Conversion, but in any event within ten (10) days thereafter or such other time period required to allow the applicable Holders to fully and timely participate in the transaction giving rise to such conversion, the
Company shall send each Holder written notice of such Conversion. Upon receipt of such notice, each Holder shall surrender to the Company the certificate or certificates representing the shares of Junior Convertible Preferred Stock being converted,
duly assigned or endorsed for transfer to the Company (or accompanied by duly executed stock powers relating thereto) or, in the event the certificate or certificates are lost, stolen or missing, accompanied by an affidavit of loss executed by the
Holder. All shares of Common Stock issued hereunder by the Company shall be duly and validly issued, fully paid and nonassessable, free and clear of all taxes, liens, charges and encumbrances with respect to the issuance thereof. Notwithstanding the
foregoing, in connection with a Change of Control, in lieu of issuing shares of Common Stock in respect of each share of Junior Convertible Preferred Stock held by such Holder immediately prior to such Change of Control, the Company or its successor
shall instead deliver to each Holder in respect of each share of Junior Convertible Preferred Stock held by such Holder immediately prior to such Change of Control the maximum consideration per share of Common Stock paid to any holder of Common
Stock in such Change of Control (or, if the Change of Control comprised a sale of substantially all of the assets of the Company, the Fair Market Value of a share of Common Stock implied by such Change of Control, calculated after giving effect to
such conversion) multiplied by the number of shares of Common Stock into which such share of Junior Convertible Preferred Stock would otherwise have been converted pursuant to clause (b) above. 

(e)    Effect of Conversion. On the date of any Conversion (such date, the “Mandatory Conversion
Date”), all rights with respect to such Junior Convertible Preferred Stock shall immediately cease and terminate, other than the right of the Holder to receive shares of Common Stock issuable (or to receive consideration payable to holders
of Common Stock in connection with a Change of Control) upon conversion thereof and, if applicable, a dividend on the Mandatory Conversion Date. Any declared and unpaid dividends with respect to the Junior Convertible Preferred Stock shall be paid
to the Holders on the Mandatory Conversion Date. 
 (f)    Adjustment to Conversion Multiple. In the case of any
(i) stock split or stock recombination affecting the Common Stock, or dividend or distribution payable on the Common Stock in shares of Common Stock, (ii) recapitalization, reclassification or change in the Common Stock (other than a
change in par value, or from par value to no par value, or from no par value to par value), (iii) consolidation, merger or other combination involving the Company, (iv) statutory share exchange of the Common Stock with another Person (other
than in connection with a merger or acquisition), (v) other reorganization or restructuring involving the Common Stock, or (vi) the conversion of the Class B Stock into Common Stock subject to and in accordance with Article 4.G of the
Certificate of Incorporation (each event described in clauses (i) through (vi), an “Adjustment Event”), in each case, the Conversion Multiple shall be adjusted based on the following formula: 

(CM1/CM0) = (OS1/OS0) 
 where: 

CM0 = the Conversion Multiple in effect immediately prior to the Open of Business on
the Effective Date of Adjustment Event; 

  
 9 

 CM1 = the Conversion Multiple in
effect immediately after to the Open of Business on the Effective Date of such Adjustment Event; 
 OS0 = the number of shares of Common Stock outstanding immediately prior to the Open of Business on the Effective Date of such Adjustment Event; and 

OS1 = the number of shares of Common Stock outstanding immediately after to the Open
of Business on the Effective Date of such Adjustment Event. 
 Any adjustment made under this Section 6(f) shall
become effective immediately after the Open of Business on the Effective Date for such Adjustment Event. 

7.    Liquidation Preference. Upon any bankruptcy, liquidation, dissolution or winding up of the Company, whether
voluntary or involuntary, each Holder shall be entitled to receive in respect of each share of Junior Convertible Preferred Stock, and to be paid out of the assets of the Company legally available for distribution to its stockholders, after
satisfaction of the liabilities to the Company’s creditors and holders of shares of Series A Preferred Stock and before any payment or distribution is made to holders of Common Stock, the greater of (a) the Liquidation Preference and
(b) the amount to be distributed in respect of each share of Common Stock in such bankruptcy, liquidation, dissolution or winding up of the Company multiplied by the Conversion Multiple. 

8.    Covenants. 

(a)    Anti-Layering. The Company shall not, and shall cause its Subsidiaries not to (either directly or
indirectly), without the Company first having provided written notice of such proposed action to each Holder and having obtained the affirmative vote or written consent of the Supermajority Holders, issue any new, reclassify any existing Equity
Interests into, or issue any Equity Interests or indebtedness or debt securities in each case convertible into, Equity Interests senior or pari passu to the Junior Convertible Preferred Stock and junior to the Series A Preferred Stock. 

(b)    Reservation of Common Stock. The Company shall, at all times when any shares of Junior Convertible Preferred
Stock are outstanding, reserve and keep available out of its authorized but unissued shares of capital stock, solely for the purpose of issuance upon the conversion of the Junior Convertible Preferred Stock, such number of shares of Common Stock
issuable upon the conversion of all outstanding Junior Convertible Preferred Stock pursuant to Section 6 hereof, taking into account any adjustment to such number of shares so issuable in accordance with Section
6 hereof. The Company shall take all such actions as may be necessary to assure that all such shares of Common Stock may be so issued without violation of any applicable Law or governmental regulation or any requirements of any domestic
securities exchange upon which shares of Common Stock may be listed (except for official notice of issuance which shall be immediately delivered by the Company upon each such issuance). The Company shall not close its books against the transfer of
any of its capital stock in any manner which would prevent the timely conversion of the shares of Junior Convertible Preferred Stock. 

9.    Transfers. 

(a)    The shares of the Junior Convertible Preferred Stock are subject to the transfer restrictions contained in this
Section 9, the Stockholders Agreement and under applicable securities Laws. In connection with the transfer of any share of the Junior Convertible Preferred Stock, the Holder thereof will deliver written notice to the
Transfer Agent describing in reasonable detail the transfer or proposed transfer, which will, if so requested by the Transfer Agent in writing (and at the Company’s expense), be accompanied by an opinion of counsel that such transfer may be
effected without registration of such shares of the Junior Convertible Preferred Stock under the Securities Act. 

  
 10 

 (b)    Each transferee of shares of Junior Convertible Preferred Stock
will be deemed to have represented and agreed that either (i) the transferee is not acquiring or holding such shares of Junior Convertible Preferred Stock or interest therein with the assets of (A) an “employee benefit plan” as
defined in Section 3(3) of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to Part 4 of Subtitle B of Title I of ERISA, (B) a “plan” as defined in and subject to
Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), (C) any entity whose underlying assets are deemed under ERISA to include “plan assets” of any of the foregoing by reason of an employee
benefit plan’s or plan’s investment in such entity (each such employee benefit plan and plan described in clauses (A) through (C) referred to herein as an “ERISA Plan”), (D) any plan, account or other arrangement
subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions of Title I of ERISA or
Section 4975 of the Code (“Similar Law”) that could cause the underlying assets of the Company to be treated as assets of such plan, account or arrangement, or (E) a governmental plan (as defined in Section 3(32) of
ERISA), a church plan (as defined in Section 3(33) of ERISA); or (ii) the acquisition, holding and disposition of such shares of Junior Convertible Preferred Stock or interest therein by the purchaser shall not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Laws. 

Additionally, if any transferee of shares of Junior Convertible Preferred Stock is using assets of any ERISA Plan to acquire or hold Junior
Convertible Preferred Stock, such transferee will be deemed to have represented and agreed that (i) none of the Company, the placement agent or any of their respective Affiliates has acted as the ERISA Plan’s fiduciary, or has been relied
upon for any advice, with respect to the transferee’s decision to acquire, hold, sell, exchange, vote or provide any consent with respect to Junior Convertible Preferred Stock and none of the Company, the placement agent or any of their
respective Affiliates shall at any time be relied upon as the ERISA Plan’s fiduciary with respect to any decision to acquire, continue to hold, sell, exchange, vote or provide any consent with respect to Junior Convertible Preferred Stock and
(ii) the decision to invest in Junior Convertible Preferred Stock has been made at the recommendation or direction of an “independent fiduciary” (“Independent Fiduciary”) within the meaning of U.S. Code of Federal
Regulations 29 C.F.R. Section 2510.3-21(c), as amended from time to time (the “Fiduciary Rule”), who (a) is independent of the Company and the placement agent; (b) is capable of
evaluating investment risks independently, both in general and with respect to particular transactions and investment strategies (within the meaning of the Fiduciary Rule); (c) is a fiduciary (under ERISA and/or Section 4975 of the Code) with
respect to the transferee’s investment in Junior Convertible Preferred Stock and is responsible for exercising independent judgment in evaluating the investment in Junior Convertible Preferred Stock; (d) is either (A) a bank as
defined in Section 202 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), or similar institution that is regulated and supervised and subject to periodic examination by a state or federal agency of the
United States; (B) an insurance carrier which is qualified under the laws of more than one state of the United States to perform the services of managing, acquiring or disposing of assets of such an ERISA Plan; (C) under the Advisers Act
by reason of paragraph (1) of Section 203A of the Advisers Act, is registered as an investment adviser under the laws of the state (referred to in such paragraph (1)) in which it maintains its principal office and place of business;
(D) a broker dealer registered under the Securities Exchange Act of 1934, as amended; and/or (E) an Independent Fiduciary (not described in clauses (A) through (D) above) that holds or has under management or control total assets of
at least $50 million, and will at all times that such transferee holds Junior Convertible Preferred Stock hold or have under management or control total assets of at least $50 million; and (e) is aware of and acknowledges that
(I) none of the Company, the placement agent or any of their respective Affiliates is undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transferee’s investment in Junior

  
 11 

 
Convertible Preferred Stock, and (II) the Company, the placement agent and their respective Affiliates have a financial interest in the transferee’s investment in Junior Convertible
Preferred Stock on account of the fees and other remuneration the Company or they expect to receive in connection with transactions contemplated hereunder. Notwithstanding the foregoing, any ERISA Plan which is an individual retirement account that
is not represented by an Independent Fiduciary shall not be deemed to have made the representation in clause (ii)(d) above. 

(c)    Each transferee of such shares shall execute and deliver to the Company a joinder to the Stockholders Agreement
substantially in the form set forth in Exhibit B at the time of or prior to such transfer. Any transfer in violation of this Section 9 or the Stockholders Agreement will be null and void ab initio. 

(d)    The Transfer Agent shall keep a register for the registration of the Junior Convertible Preferred Stock. Subject to
the Stockholders Agreement and the Certificate of Incorporation or bylaws of the Company, upon the surrender of any certificate representing shares of the Junior Convertible Preferred Stock at such place, the Transfer Agent shall notify the Company
and the Company shall, upon the request of the record holder of such certificate, promptly (but in any event within five Business Days after such request) prepare, execute and deliver (at the Company’s expense) a new certificate or certificates
in exchange therefor representing the shares of the Junior Convertible Preferred Stock with an aggregate Liquidation Preference of the Junior Convertible Preferred Stock represented by the surrendered certificate. Each such new certificate shall be
registered in such name and shall represent such Liquidation Preference of the Junior Convertible Preferred Stock as is requested by the Holder of the surrendered certificate. The issuance of new certificates and of additional shares of the Junior
Convertible Preferred Stock shall be made without charge to the Holders of the Junior Convertible Preferred Stock, and the Company shall pay for any other cost incurred by the Company or the Transfer Agent in connection with such issuance, other
than any documentary, stamp and similar issuance or transfer tax in respect of the preparation, execution and delivery of such new certificates pursuant to this Section 9. All transfers and exchanges of the shares of the
Junior Convertible Preferred Stock shall be made promptly by direct registration on the books and records of the Transfer Agent and each of the Company and the Transfer Agent shall take all such other actions as may be required to reflect and
facilitate all transfers and exchanges permitted pursuant to this Section 9. 
 (e)    Upon
receipt of evidence reasonably satisfactory to the Company and the Transfer Agent (it being understood that an affidavit of the registered holder shall be satisfactory) of the ownership and the loss, theft, destruction or mutilation of any
certificate evidencing shares of the Junior Convertible Preferred Stock, and in the case of any such loss, theft or destruction, upon receipt of indemnity reasonably satisfactory to the Company and the Transfer Agent (provided that if the Holder is
a financial institution or other institutional investor its own agreement shall be satisfactory), or, in the case of any such mutilation upon surrender of such certificate, the Company shall (at its expense) execute and deliver in lieu of such
certificate a new certificate of like kind representing the shares of the Junior Convertible Preferred Stock represented by such lost, stolen, destroyed or mutilated certificate and dated the date of such lost, stolen, destroyed or mutilated
certificate. 
 (f)    Unless otherwise agreed to by the Company and the applicable Holder, each certificate
representing the shares of the Junior Convertible Preferred Stock shall bear a restrictive legend substantially in the form set forth in Exhibit A hereto, which is hereby incorporated in and expressly made a part of this Certificate of
Designations, and shall be subject to the restrictions set forth therein. In addition, each such certificate may have notations, additional legends or endorsements required by Law, stock exchange rules, agreements to which the Company and all of the
holders of shares of the Junior Convertible Preferred Stock in their capacity as Holders are subject, if any. 

  
 12 

 10.    Amendments and Waivers. No amendment, modification or
waiver of, or consent to any departure by the Company or any of its Subsidiaries from, any provision of (I) the Certificate of Incorporation (other than the certificate of designations governing the Series A Preferred Stock) or the bylaws of
the Company (but only if such amendment modification, waiver or consent to the Certificate of Incorporation or bylaws of the Company alters or changes any of the terms, designations, rights, privileges, powers or restrictions of the shares of the
Junior Convertible Preferred Stock so as to affect them adversely) or (II) this Certificate of Designations (in each case of clauses (I) and (II), by merger, consolidation, operation of Law or otherwise) will be effective without being in
writing and without the Company first having provided written notice of such proposed action to each Holder and having obtained the affirmative vote or written consent of the Required Holders; provided that, without the affirmative vote or
written consent of the Supermajority Holders, no such action will (by merger, consolidation, operation of Law or otherwise) (i) amend or waive any Holder’s right to payment of any dividends in the amounts, in the manner and at the times
specified in Section 5, (ii) amend or waive this Section 10 or any voting percentages in this Certificate of Designations (including the percentages in the definitions of “Required
Holders” and “Supermajority Holders”), (iii) amend or waive Section 3 or any other provision affecting the ranking of the Junior Convertible Preferred Stock, (iv) amend or waive
Sections 8 or 9, (v) consummate a binding stock split or stock recombination or (vi) consummate a binding share exchange or reclassification involving the Junior Convertible Preferred Stock, or a merger,
consolidation or other transaction of the Company with another Person, in each case other than a Change of Control contemplated by clause (ii) of the definition thereof, which would have the effect of amending, modifying or waiving the terms or
the designations, rights, preferences, powers, restrictions and limitations of the Junior Convertible Preferred Stock in a manner that would not be permitted by clauses (i) through (vi) of this Section 10 or which
would cause the shares of Junior Convertible Preferred Stock to be converted into cash, property, rights or securities to be cancelled; provided, further, that no amendment, modification, restatement, supplement, termination, repeal or
waiver of, or consent to any departure by the Company or any of its Subsidiaries from, this Certificate of Designations that treats any Holder, by its terms (as opposed to its effect), disparately and in a materially adverse manner relative to the
other Holders may be effected without the consent of each such disparately and materially adversely affected Holder; provided, further, that any amendment or waiver with respect to the definition of “Conversion Multiple” that
adversely affects the Holders shall require the approval of the Holders holding at least 95% of the Aggregate Liquidation Preference as of such date of determination. Notwithstanding the foregoing, amendments may be made to the definition of
“Conversion Multiple” with the consent of the Required Holders to correct any typographical or similar ministerial errors. No waiver of failure to comply with any provision, condition or requirement of this Certificate of Designations will
be deemed to be a continuing waiver in the future or a waiver of any subsequent failure or a waiver of any other provision, condition or requirement hereof, nor will any delay or omission to exercise any right hereunder in any manner impair the
exercise of any such right. 
 11.    No Reissuance of the Junior Convertible Preferred Stock. No share or shares
of the Junior Convertible Preferred Stock acquired by the Company by reason of purchase or otherwise shall be reissued or held in treasury for reissuance, and the Company shall take all action to cause all such shares to be canceled, retired and
eliminated from the shares of the Junior Convertible Preferred Stock which the Company shall be authorized to issue. 

12.    Rights and Remedies of Holders. 

(a)    The various provisions set forth herein are for the benefit of the Holders and shall be enforceable by them,
including by one or more actions for specific performance. The Company acknowledges that the subject matter of this Certificate of Designations is unique and that the Holders would be damaged irreparably in the event that any of the provisions of
this Certificate Designations are not performed in accordance with their specific terms or otherwise are breached, and that remedies at law 

  
 13 

 
would not be adequate to compensate such other parties not in default or in breach. Accordingly, the Company agrees that the Holders will be entitled to an injunction or injunctions to prevent
breaches of the provisions of this Certificate of Designations and to enforce specifically the terms and provisions of this Certificate of Designations in addition to any other remedy to which they may be entitled, at law or in equity. The Company
waives any defense that a remedy at law is adequate and any requirement to post bond or provide similar security in connection with actions instituted for injunctive relief or specific performance of this Certificate of Designations. 

(b)    Except as expressly set forth herein, all remedies available under this Certificate of Designations, at law, in
equity or otherwise, will be deemed cumulative and not alternative or exclusive of other remedies. The exercise by any Holder of a particular remedy will not preclude the exercise of any other remedy. 

13.    Notices. 

(a)    Any notice or other communication required or permitted to be delivered under this Certificate of Designations will
be in writing and delivered by (i) email or (ii) overnight delivery via a national courier service, with respect to any Holder, at the email address or physical address on file with the Company or through the applicable procedures of DTC
and, with respect to the Company, to the following email address or physical address, as applicable: 
 Vail Holdco Corp 

Radnor Corporate Center 
 Building
One, Suite 200 
 100 Matsonford Road 

Radnor, Pennsylvania 19087 

Email: generalcounsel@avantorinc.com 

with copies (which will not constitute notice) to: 

New Mountain Capital, L.L.C. 

787 Seventh Avenue, #49 
 New
York, New York 10019 
 Attention:          Matthew Holt 

Email:                mholt@newmountaincapital.com 

and 
 Simpson Thacher &
Bartlett LLP 
 425 Lexington Avenue 

New York, New York 10017 

Attention:          Alan Klein 

    Elizabeth A. Cooper 

    Benjamin P. Schaye 

    Ryan Bekkerus 

Email:               aklein@stblaw.com 

    ecooper@stblaw.com 

    ben.schaye@stblaw.com 

    rbekkerus@stblaw.com 

  
 14 

 (b)    Notice or other communication pursuant to
Section 13(a) will be deemed given or received when delivered, except that any notice or communication received by email transmission on a non-Business Day or on any Business Day
after 5:00 p.m. addressee’s local time or by overnight delivery on a non-Business Day will be deemed to have been given and received at 9:00 a.m. addressee’s local time on the next Business Day. 

14.    Severability. Whenever possible, each provision hereof shall be interpreted in a manner as to be effective
and valid under applicable Law, but if any provision hereof is held to be prohibited by or invalid under applicable Law, then such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating or otherwise
adversely affecting the remaining provisions hereof. 
 15.    Governing Law. This Certificate of Designations
and all questions relating to the interpretation or enforcement of this Certificate of Designations will be governed by and construed in accordance with the Laws of the State of Delaware without regard to the Laws of the State of Delaware or any
other jurisdiction that would call for the application of the substantive Laws of any jurisdiction other than Delaware. 

  
 15 

 IN WITNESS WHEREOF, the Company has caused this Certificate of Designations to be duly
executed by an authorized officer this 21 day of November, 2017. 
  

			
	VAIL HOLDCO CORP
		
	By:	 	          

	Name:     
	Title:     

 [SIGNATURE PAGE TO CERTIFICATE
OF DESIGNATIONS] 

 EXHIBIT A 

Restrictive Legend to the Junior Convertible Preferred Stock Certificate 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY SECURITIES LAWS OF ANY OTHER
JURISDICTION AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT. 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE DESIGNATIONS, RIGHTS, PREFERENCES, POWERS, RESTRICTIONS AND LIMITATIONS SET FORTH IN THE
CERTIFICATE OF DESIGNATIONS FOR THE JUNIOR CONVERTIBLE PREFERRED STOCK FILED WITH THE SECRETARY OF STATE FOR THE STATE OF DELAWARE PURSUANT TO SECTION 151 OF THE DELAWARE GENERAL CORPORATION LAW (THE “CERTIFICATE OF DESIGNATIONS”) AND THE
RIGHTS, TERMS AND CONDITIONS SET FORTH IN THE STOCKHOLDERS AGREEMENT BY AND AMONG VAIL HOLDCO CORP (THE “COMPANY”) AND CERTAIN OF THE STOCKHOLDERS OF COMPANY FROM TIME TO TIME PARTY THERETO (THE “STOCKHOLDERS AGREEMENT”). NO
TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THE CERTIFICATE OF DESIGNATIONS AND THE STOCKHOLDERS AGREEMENT. A COPY
OF THE CERTIFICATE OF DESIGNATIONS AND THE STOCKHOLDERS AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER UPON REQUEST. 
 IN
ADDITION, THE HOLDER OF THIS SECURITY UNDERSTANDS THAT THE ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN THIS SECURITY. EACH PURCHASER OF THIS SECURITY OR ANY BENEFICIAL INTERESTS HEREIN WILL BE DEEMED TO REPRESENT THAT IT AGREES TO
COMPLY WITH THE TRANSFER RESTRICTIONS SET FORTH HEREIN AND IN THE CERTIFICATE OF DESIGNATIONS AND THE STOCKHOLDERS AGREEMENT AND WILL NOT TRANSFER THIS SECURITY OR ANY BENEFICIAL INTERESTS HEREIN EXCEPT TO AN ELIGIBLE PURCHASER WHO CAN MAKE THE SAME
ACKNOWLEDGMENTS, REPRESENTATIONS, WARRANTIES AND AGREEMENTS ON BEHALF OF ITSELF AND EACH ACCOUNT FOR WHICH IT IS PURCHASING. 

 EXHIBIT B 

Joinder to Stockholders Agreement 

The undersigned is executing and delivering this Joinder Agreement (the “Joinder Agreement”) to the Stockholders
Agreement, dated as of November 21, 2017 (as amended, supplemented or otherwise modified in accordance with the terms thereof, the “Stockholders Agreement”), among Vail Holdco Corp, a Delaware corporation (the
“Company”), and each of the stockholders of the Company whose name appears on the signature pages listed therein (each, an “Existing Stockholder” and collectively, the “Existing
Stockholders”). 
 By executing and delivering this Joinder Agreement, the undersigned hereby agrees to become a party to, to
be bound by, and to comply with the provisions of the Stockholders Agreement in the same manner as if the undersigned were an original signatory to such agreement as an Existing Stockholder. 

IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of
                             ,
                    . 
  

	
	[NAME OF STOCKHOLDER]
	
	   

	Name:
	Title:

 Acknowledged by: 
 VAIL
HOLDCO CORP 
  

			
	By:	 	  

		 	Name:
		 	Title:

 Exhibit II 

Company Bylaws 

Attached. 

 SECOND AMENDED AND RESTATED 

BYLAWS 
 OF 

AVANTOR, INC. 
 ARTICLE
I 
 Offices 

SECTION 1.01    Registered Office. The registered office and registered agent of Avantor, Inc. (the
“Corporation”) in the State of Delaware shall be as set forth in the Second Amended and Restated Certificate of Incorporation (as defined below). The Corporation may also have offices in such other places in the United States or
elsewhere (and may change the Corporation’s registered agent) as the Board of Directors of the Corporation (the “Board of Directors”) may, from time to time, determine or as the business of the Corporation may require. 

ARTICLE II 
 Meetings of
Stockholders 
 SECTION 2.01    Annual Meetings. Annual meetings of stockholders may be held at such place,
if any, either within or without the State of Delaware, and at such time and date as the Board of Directors shall determine and state in the notice of meeting. The Board of Directors may, in its sole discretion, determine that meetings of
stockholders shall not be held at any place, but may instead be held solely by means of remote communication as described in Section 2.10 of these Bylaws in accordance with Section 211(a)(2) of the General Corporation Law of the State of
Delaware (the “DGCL”). The Board of Directors may postpone, reschedule or cancel any annual meeting of stockholders previously scheduled by the Board of Directors. 

SECTION 2.02    Special Meetings. Special meetings of the stockholders may only be called in the manner provided in
the Corporation’s amended and restated certificate of incorporation as then in effect (as the same may be amended and/or restated from time to time, the “Second Amended and Restated Certificate of Incorporation”) and may be
held at such place, if any, either within or without the State of Delaware, and at such time and date as the Board of Directors or the Chairman of the Board of Directors shall determine and state in the notice of meeting. The Board of Directors may
postpone, reschedule or cancel any special meeting of stockholders previously scheduled by the Board of Directors or the Chairman of the Board of Directors. 

SECTION 2.03    Notice of Stockholder Business and Nominations. 

(A)    Annual Meetings of Stockholders. 

(1)    Nominations of persons for election to the Board of Directors and the proposal of other business to be considered by
the stockholders may be made at an annual 

 
meeting of stockholders only (a) as provided in the Investor Rights Agreement (as defined in the Second Amended and Restated Certificate of Incorporation) (with respect to nominations of
persons for election to the Board of Directors only), (b) pursuant to the Corporation’s notice of meeting (or any supplement thereto) delivered pursuant to Section 2.04 of Article II of these Bylaws, (c) by or at the direction of the
Board of Directors or any authorized committee thereof or (d) by any stockholder of the Corporation who is entitled to vote at the meeting, who, subject to paragraph (C)(4) of this Section 2.03, complied with the notice procedures set
forth in paragraphs (A)(2) and (A)(3) of this Section 2.03 and who was a stockholder of record at the time such notice is delivered to the Secretary of the Corporation. 

(2) For nominations or other business to be properly brought before an annual meeting by a stockholder pursuant to clause (d) of
paragraph (A)(1) of this Section 2.03, the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation, and, in the case of business other than nominations of persons for election to the Board of Directors,
such other business must constitute a proper matter for stockholder action. To be timely, a stockholder’s notice shall be delivered to the Secretary of the Corporation at the principal executive offices of the Corporation not less than ninety
(90) days nor more than one hundred and twenty (120) days prior to the first anniversary of the preceding year’s annual meeting (which date shall, for purposes of the Corporation’s first annual meeting of stockholders after its
shares of Common Stock are first publicly traded, be deemed to have occurred on May 21, 2019); provided, however, that in the event that the date of the annual meeting is advanced by more than thirty (30) days or delayed by more than
thirty (30) days from the anniversary date of the previous year’s meeting, or if no annual meeting was held in the preceding year, notice by the stockholder to be timely must be so delivered not earlier than one hundred and twenty
(120) days prior to such annual meeting and not later than the close of business on the later of the ninetieth (90th) day prior to such annual meeting or the tenth (10th) day following the day on which public announcement of the date of such
meeting is first made. Public announcement of an adjournment or postponement of an annual meeting shall not commence a new time period (or extend any time period) for the giving of a stockholder’s notice. Notwithstanding anything in this
Section 2.03(A)(2) to the contrary, if the number of directors to be elected to the Board of Directors at an annual meeting is increased and there is no public announcement by the Corporation naming all of the nominees for director or
specifying the size of the increased Board of Directors at least one hundred (100) calendar days prior to the first anniversary of the prior year’s annual meeting of stockholders, then a stockholder’s notice required by this Section
shall be considered timely, but only with respect to nominees for any new positions created by such increase, if it is received by the Secretary of the Corporation not later than the close of business on the tenth (10th) calendar day following the
day on which such public announcement is first made by the Corporation. 
 (3) Such stockholder’s notice shall set forth (a) as to
each person whom the stockholder proposes to nominate for election or re-election as a director, all information relating to such person that is required to be disclosed in solicitations of proxies for
election of directors in an election contest, or is otherwise required, in each case pursuant to Section 14(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations promulgated
thereunder, including such person’s written consent to being named in the proxy statement as a nominee and to serving as a director if elected; (b) as to any other business that the stockholder proposes to bring before the meeting, a brief
description of the 

  
 2 

 
business desired to be brought before the meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration and, in the event that such business
includes a proposal to amend these Bylaws, the language of the proposed amendment), the reasons for conducting such business at the meeting and any material interest in such business of such stockholder and the beneficial owner, if any, on whose
behalf the proposal is made; (c) as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made (i) the name and address of such stockholder, as they appear on the
Corporation’s books and records, and of such beneficial owner, (ii) the class or series and number of shares of capital stock of the Corporation that are owned, directly or indirectly, beneficially and of record by such stockholder and
such beneficial owner, (iii) a representation that the stockholder is a holder of record of the stock of the Corporation at the time of the giving of the notice, will be entitled to vote at such meeting and will appear in person or by proxy at
the meeting to propose such business or nomination, (iv) a representation whether the stockholder or the beneficial owner, if any, will be or is part of a group that will (x) deliver a proxy statement and/or form of proxy to holders of at
least the percentage of the voting power of the Corporation’s outstanding capital stock required to approve or adopt the proposal or elect the nominee and/or (y) otherwise to solicit proxies or votes from stockholders in support of such
proposal or nomination, (v) a certification regarding whether such stockholder and beneficial owner, if any, have complied with all applicable federal, state and other legal requirements in connection with (x) the stockholder’s and/or
beneficial owner’s acquisition of shares of capital stock or other securities of the Corporation and/or the stockholder’s and/or (y) the beneficial owner’s acts or omissions as a stockholder of the Corporation and (vi) any
other information relating to such stockholder and beneficial owner, if any, required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for, as applicable, the proposal and/or for
the election of directors in an election contest pursuant to and in accordance with Section 14(a) of the Exchange Act and the rules and regulations promulgated thereunder; (d) a description of any agreement, arrangement or understanding
with respect to the nomination or proposal and/or the voting of shares of any class or series of stock of the Corporation between or among the stockholder giving the notice, the beneficial owner, if any, on whose behalf the nomination or proposal is
made, any of their respective affiliates or associates and/or any others acting in concert with any of the foregoing (collectively, “proponent persons”); and (e) a description of any agreement, arrangement or understanding
(including without limitation any contract to purchase or sell, acquisition or grant of any option, right or warrant to purchase or sell, swap or other instrument) to which any proponent person is a party, the intent or effect of which may be
(i) to transfer to or from any proponent person, in whole or in part, any of the economic consequences of ownership of any security of the Corporation, (ii) to increase or decrease the voting power of any proponent person with respect to
shares of any class or series of stock of the Corporation and/or (iii) to provide any proponent person, directly or indirectly, with the opportunity to profit or share in any profit derived from, or to otherwise benefit economically from, any
increase or decrease in the value of any security of the Corporation. A stockholder providing notice of a proposed nomination for election to the Board of Directors or other business proposed to be brought before a meeting (whether given pursuant to
this paragraph (A)(3) or paragraph (B) of this Section 2.03 of these Bylaws) shall update and supplement such notice from time to time to the extent necessary so that the information provided or required to be provided in such notice shall
be true and correct (x) as of the record date for determining the stockholders entitled to notice of the meeting and (y) as of the date that 

  
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is fifteen (15) days prior to the meeting or any adjournment or postponement thereof, provided that if the record date for determining the stockholders entitled to vote at the meeting
is less than fifteen (15) days prior to the meeting or any adjournment or postponement thereof, the information shall be supplemented and updated as of such later date. Any such update and supplement shall be delivered in writing to the
Secretary of the Corporation at the principal executive offices of the Corporation not later than five (5) days after the record date for determining the stockholders entitled to notice of the meeting (in the case of any update and supplement
required to be made as of the record date for determining the stockholders entitled to notice of the meeting), not later than ten (10) days prior to the date for the meeting or any adjournment or postponement thereof (in the case of any update
or supplement required to be made as of fifteen (15) days prior to the meeting or adjournment or postponement thereof) and not later than five (5) days after the record date for determining the stockholders entitled to vote at the meeting,
but no later than the date prior to the meeting or any adjournment or postponement thereof (in the case of any update and supplement required to be made as of a date less than fifteen (15) days prior the date of the meeting or any adjournment
or postponement thereof). The Corporation may require any proposed nominee to furnish such other information as it may reasonably require to determine the eligibility of such proposed nominee to serve as a director of the Corporation and to
determine the independence of such director under the Exchange Act and rules and regulations thereunder and applicable stock exchange rules. 

(B)    Special Meetings of Stockholders. Only such business shall be conducted at a special meeting of stockholders
as shall have been brought before the meeting pursuant to the Corporation’s notice of meeting. Nominations of persons for election to the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected
pursuant to the Corporation’s notice of meeting (1) by or at the direction of the Board of Directors or any committee thereof or (2) provided that the Board of Directors has determined that directors shall be elected at such meeting,
by any stockholder of the Corporation who is entitled to vote at the meeting, who (subject to paragraph (C)(4) of this Section 2.03) complies with the notice procedures set forth in this Section 2.03 and who is a stockholder of record at
the time such notice is delivered to the Secretary of the Corporation. In the event a special meeting of stockholders is called for the purpose of electing one or more directors to the Board of Directors, any such stockholder entitled to vote in
such election of directors may nominate a person or persons (as the case may be) for election to such position(s) as specified in the Corporation’s notice of meeting if the stockholder’s notice as required by paragraph (A)(2) of this
Section 2.03 shall be delivered to the Secretary at the principal executive offices of the Corporation not earlier than the close of business on the 120th day prior to such special meeting and not later than the close of business on the later
of the 90th day prior to such special meeting or the 10th day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting. In no
event shall the public announcement of an adjournment or postponement of a special meeting commence a new time period (or extend any time period) for the giving of a stockholder’s notice as described above. 

(C)    General. (1) Except as provided in paragraph (C)(4) of this Section 2.03, only such persons who
are nominated in accordance with the procedures set forth in this Section 2.03 or the Investor Rights Agreement shall be eligible to serve as directors and only such business shall be conducted at an annual or special meeting of stockholders as
shall have been 

  
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brought before the meeting in accordance with the procedures set forth in this Section. Except as otherwise provided by law, the Second Amended and Restated Certificate of Incorporation or these
Bylaws, the chairman of the meeting shall, in addition to making any other determination that may be appropriate for the conduct of the meeting, have the power and duty to determine whether a nomination or any business proposed to be brought before
the meeting was made or proposed, as the case may be, in accordance with the procedures set forth in these Bylaws and, if any proposed nomination or business is not in compliance with these Bylaws, to declare that such defective proposal or
nomination shall be disregarded. The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the chairman of the meeting. The chairman of the
meeting may adopt such rules and regulations for the conduct of the meeting of stockholders as he or she shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors, the chairman of
the meeting shall have the right and authority to convene and (for any or no reason) to recess and/or adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are
appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the chairman of the meeting, may include, without limitation, the following: (a) the
establishment of an agenda or order of business for the meeting, (b) rules and procedures for maintaining order at the meeting and the safety of those present; (c) limitations on attendance at or participation in the meeting to
stockholders entitled to vote at the meeting, their duly authorized and constituted proxies or such other persons as the chairman of the meeting shall determine; (d) restrictions on entry to the meeting after the time fixed for the commencement
thereof; and (e) limitations on the time allotted to questions or comments by participants. Notwithstanding the foregoing provisions of this Section 2.03, unless otherwise required by law, if the stockholder (or a qualified representative
of the stockholder) does not appear at the annual or special meeting of stockholders of the Corporation to present a nomination or business, such nomination shall be disregarded and such proposed business shall not be transacted, notwithstanding
that proxies in respect of such vote may have been received by the Corporation. For purposes of this Section 2.03, to be considered a qualified representative of the stockholder, a person must be a duly authorized officer, manager or partner of
such stockholder or must be authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce such
writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of stockholders. Unless and to the extent determined by the Board of Directors or the chairman of the meeting, meetings of
stockholders shall not be required to be held in accordance with the rules of parliamentary procedure. 
 (2) Whenever used in these Bylaws,
“public announcement” shall mean disclosure (a) in a press release released by the Corporation, provided such press release is released by the Corporation following its customary procedures, is reported by the Dow Jones
News Service, Associated Press, Business Wire, PR Newswire or comparable national news service, or is generally available on internet news sites, or (b) in a document publicly filed by the Corporation with the Securities and Exchange Commission
pursuant to Section 13, 14 or 15(d) of the Exchange Act and the rules and regulations promulgated thereunder. 

  
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 (3)    Notwithstanding the foregoing provisions of this
Section 2.03, a stockholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations promulgated thereunder with respect to the matters set forth in this Section 2.03; provided, however,
that, to the fullest extent permitted by law, any references in these Bylaws to the Exchange Act or the rules and regulations promulgated thereunder are not intended to and shall not limit any requirements applicable to nominations or proposals as
to any other business to be considered pursuant to these Bylaws (including paragraphs (A)(1)(d) and (B) hereof), and compliance with paragraphs (A)(1)(d) and (B) of this Section 2.03 of these Bylaws shall be the exclusive means for a
stockholder to make nominations or submit other business. Nothing in these Bylaws shall be deemed to affect any rights of the holders of any class or series of stock having a preference over the Common Stock as to dividends or upon liquidation to
elect directors under specified circumstances. 
 SECTION 2.04    Notice of Meetings. Whenever stockholders are
required or permitted to take any action at a meeting, a timely notice in writing or by electronic transmission, in the manner provided in Section 232 of the DGCL, of the meeting, which shall state the place, if any, date and time of the
meeting, the means of remote communications, if any, by which stockholders and proxyholders may be deemed to be present in person and vote at such meeting, the record date for determining the stockholders entitled to vote at the meeting, if such
date is different from the record date for determining stockholders entitled to notice of the meeting, and, in the case of a special meeting, the purposes for which the meeting is called, shall be mailed or transmitted electronically by the
Secretary of the Corporation to each stockholder of record entitled to vote thereat as of the record date for determining the stockholders entitled to notice of the meeting. Unless otherwise provided by law, the Second Amended and Restated
Certificate of Incorporation or these Bylaws, the notice of any meeting shall be given not less than ten (10) nor more than sixty (60) days before the date of the meeting to each stockholder entitled to vote at such meeting as of the
record date for determining the stockholders entitled to notice of the meeting. 
 SECTION 2.05    Quorum. Unless
otherwise required by law, the Second Amended and Restated Certificate of Incorporation or the rules of any stock exchange upon which the Corporation’s securities are listed, the holders of record of a majority of the voting power of the issued
and outstanding shares of capital stock of the Corporation entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum for the transaction of business at all meetings of stockholders. Notwithstanding the foregoing,
where a separate vote by a class or series or classes or series is required, a majority in voting power of the outstanding shares of such class or series or classes or series, present in person or represented by proxy, shall constitute a quorum
entitled to take action with respect to the vote on that matter. Once a quorum is present to organize a meeting, it shall not be broken by the subsequent withdrawal of any stockholders. If a quorum shall fail to attend any meeting, the chairman of
the meeting may adjourn the meeting to another place, date and/or time. 
 SECTION 2.06    Voting. Except as
otherwise provided by or pursuant to the provisions of the Second Amended and Restated Certificate of Incorporation, each stockholder entitled to vote at any meeting of stockholders shall be entitled to one vote for each share of stock held by such
stockholder that has voting power upon the matter in question. Each stockholder entitled to vote at a meeting of stockholders or to express consent to corporate action 

  
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in writing without a meeting may authorize another person or persons to act for such stockholder by proxy in any manner provided by applicable law, but no such proxy shall be voted or acted upon
after three (3) years from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an
irrevocable power. A stockholder may revoke any proxy that is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary of the Corporation a revocation of the proxy or a new proxy bearing a later date. Unless
required by the Second Amended and Restated Certificate of Incorporation or applicable law, or determined by the chairman of the meeting to be advisable, the vote on any question need not be by ballot. On a vote by ballot, each ballot shall be
signed by the stockholder voting, or by such stockholder’s proxy, if there be such proxy. When a quorum is present or represented at any meeting, the vote of the holders of a majority of the voting power of the shares of stock present in person
or represented by proxy and entitled to vote on the subject matter shall decide any question brought before such meeting, unless the question is one upon which, by express provision of applicable law, of the rules or regulations of any stock
exchange applicable to the Corporation, of any regulation applicable to the Corporation or its securities, of the Second Amended and Restated Certificate of Incorporation or of these Bylaws, a different vote is required, in which case such express
provision shall govern and control the decision of such question. Notwithstanding the foregoing sentence and subject to the Second Amended and Restated Certificate of Incorporation, all elections of directors shall be determined by a plurality of
the votes cast in respect of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors. 

SECTION 2.07    Chairman of Meetings. The Chairman of the Board of Directors, if one is elected, or, in his or her
absence or disability, the Chief Executive Officer of the Corporation, or in the absence of the Chairman of the Board of Directors and the Chief Executive Officer, a person designated by the Board of Directors shall be the chairman of the meeting
and, as such, preside at all meetings of the stockholders. 
 SECTION 2.08    Secretary of Meetings. The
Secretary of the Corporation shall act as secretary at all meetings of the stockholders. In the absence or disability of the Secretary, the Chairman of the Board of Directors, the Chief Executive Officer or the chairman of the meeting shall appoint
a person to act as secretary at such meetings. 
 SECTION 2.09    Adjournment. At any meeting of stockholders of
the Corporation, if less than a quorum be present, the chairman of the meeting or stockholders holding a majority in voting power of the shares of stock of the Corporation, present in person or by proxy and entitled to vote thereat, shall have the
power to adjourn the meeting from time to time without notice other than announcement at the meeting until a quorum shall be present. Any business may be transacted at the adjourned meeting that might have been transacted at the meeting originally
noticed. If the adjournment is for more than thirty (30) days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. If after the adjournment a new record date for determination of
stockholders entitled to vote is fixed for the adjourned meeting, the Board of Directors shall fix as the record date for determining stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for
determination of stockholders entitled to vote at the adjourned meeting, and shall give notice of the adjourned meeting to each stockholder of record entitled to vote at such adjourned meeting as of the record date so fixed for notice of such
adjourned meeting. 

  
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 SECTION 2.10     Remote Communication. If authorized by the Board
of Directors in its sole discretion, and subject to such guidelines and procedures as the Board of Directors may adopt, stockholders and proxy holders not physically present at a meeting of stockholders may, by means of remote communication: 

(A)    participate in a meeting of stockholders; and 

(B)    be deemed present in person and vote at a meeting of stockholders whether such meeting is to be held at a
designated place or solely by means of remote communication, provided, that 
 (1)    the Corporation shall
implement reasonable measures to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a stockholder or proxyholder; 

(2)    the Corporation shall implement reasonable measures to provide such stockholders and proxyholders a reasonable
opportunity to participate in the meeting and to vote on matters submitted to the stockholders, including an opportunity to read or hear the proceedings of the meeting substantially concurrently with such proceedings; and 

(3)    if any stockholder or proxyholder votes or takes other action at the meeting by means of remote communication, a
record of such vote or other action shall be maintained by the Corporation. 
 SECTION 2.11     Inspectors of
Election. The Corporation may, and shall if required by law, in advance of any meeting of stockholders, appoint one or more inspectors of election, who may be employees of the Corporation, to act at the meeting or any adjournment thereof and to
make a written report thereof. The Corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. In the event that no inspector so appointed or designated is able to act at a meeting of
stockholders, the chairman of the meeting shall appoint one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath to execute faithfully the duties of inspector
with strict impartiality and according to the best of his or her ability. The inspector or inspectors so appointed or designated shall (a) ascertain the number of shares of capital stock of the Corporation outstanding and the voting power of
each such share, (b) determine the shares of capital stock of the Corporation represented at the meeting and the validity of proxies and ballots, (c) count all votes and ballots, (d) determine and retain for a reasonable period a
record of the disposition of any challenges made to any determination by the inspectors, and (e) certify their determination of the number of shares of capital stock of the Corporation represented at the meeting and such inspectors’ count
of all votes and ballots. Such certification and report shall specify such other information as may be required by law. In determining the validity and counting of proxies and ballots cast at any meeting of stockholders of the Corporation, the
inspectors may consider such information as is permitted by applicable law. No person who is a candidate for an office at an election may serve as an inspector at such election. 

  
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 ARTICLE III 

Board of Directors 

SECTION 3.01    Powers. Except as otherwise provided in the Second Amended and Restated Certificate of
Incorporation or the DGCL, the business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors. The Board of Directors may exercise all such authority and powers of the Corporation and do all such lawful
acts and things as are not by the DGCL or the Second Amended and Restated Certificate of Incorporation directed or required to be exercised or done by the stockholders. 

SECTION 3.02    Number and Term; Chairman. Subject to the Second Amended and Restated Certificate of Incorporation,
the number of directors shall be fixed exclusively by resolution of the Board of Directors. Directors shall be elected by the stockholders at their annual meeting, and the term of each director so elected shall be as set forth in the Second Amended
and Restated Certificate of Incorporation. Directors need not be stockholders. The Board of Directors shall elect a Chairman of the Board of Directors, who shall have the powers and perform such duties as provided in these Bylaws and as the Board of
Directors may from time to time prescribe. The Chairman of the Board of Directors shall preside at all meetings of the Board of Directors at which he or she is present. If the Chairman of the Board of Directors is not present at a meeting of the
Board of Directors, the Chief Executive Officer (if the Chief Executive Officer is a director and is not also the Chairman of the Board of Directors) shall preside at such meeting, and, if the Chief Executive Officer is not present at such meeting
or is not a director, a majority of the directors present at such meeting shall elect one of their members to preside. 
 SECTION
3.03    Resignations. Any director may resign at any time upon notice given in writing or by electronic transmission to the Board of Directors, the Chairman of the Board of Directors, the Chief Executive Officer or the
Secretary of the Corporation. The resignation shall take effect at the time specified therein, and if no time is specified, at the time of its receipt. The acceptance of a resignation shall not be necessary to make it effective unless otherwise
expressly provided in the resignation. 
 SECTION 3.04    Removal. Directors of the Corporation may be removed in
the manner provided in the Second Amended and Restated Certificate of Incorporation, the Investor Rights Agreement and applicable law. 

SECTION 3.05    Vacancies and Newly Created Directorships. Except as otherwise provided by applicable law and
subject to the Investor Rights Agreement, vacancies occurring in any directorship (whether by death, resignation, retirement, disqualification, removal or other cause) and newly created directorships resulting from any increase in the number of
directors shall be filled in accordance with the Second Amended and Restated Certificate of Incorporation. Any director elected to fill a vacancy or newly created directorship shall hold office until the next election of the class for which such
director shall have been chosen and until his or her successor shall be elected and qualified, or until his or her earlier death, resignation, retirement, disqualification or removal. 

  
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 SECTION 3.06    Meetings. Regular meetings of the Board of
Directors may be held at such places and times as shall be determined from time to time by the Board of Directors. Special meetings of the Board of Directors may be called by the Chief Executive Officer of the Corporation or the Chairman of the
Board of Directors or as provided by the Second Amended and Restated Certificate of Incorporation, and shall be called by the Chief Executive Officer or the Secretary of the Corporation if directed by the Board of Directors and shall be at such
places and times as they or he or she shall fix. Notice need not be given of regular meetings of the Board of Directors. At least twenty four (24) hours before each special meeting of the Board of Directors, either written notice, notice by
electronic transmission or oral notice (either in person or by telephone) notice of the time, date and place of the meeting shall be given to each director. Unless otherwise indicated in the notice thereof, any and all business may be transacted at
a special meeting. 
 SECTION 3.07    Quorum, Voting and Adjournment. A majority of the total number of directors
shall constitute a quorum for the transaction of business. Except as otherwise provided by law, the Second Amended and Restated Certificate of Incorporation or these Bylaws, the act of a majority of the directors present at a meeting at which a
quorum is present shall be the act of the Board of Directors. In the absence of a quorum, a majority of the directors present thereat may adjourn such meeting to another time and place. Notice of such adjourned meeting need not be given if the time
and place of such adjourned meeting are announced at the meeting so adjourned. 
 SECTION 3.08    Committees;
Committee Rules. The Board of Directors may designate one or more committees, including but not limited to an audit and finance committee, a nominating and governance committee and a compensation and human resources committee, each such
committee to consist of one or more of the directors of the Corporation subject to the terms of the Investor Rights Agreement, the Exchange Act and rules and regulations thereunder and applicable stock exchange rules. The Board of Directors may
designate one or more directors as alternate members of any committee to replace any absent or disqualified member at any meeting of the committee. Any such committee, to the extent provided in the resolution of the Board of Directors establishing
such committee, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers that may
require it; but no such committee shall have the power or authority in reference to the following matters: (a) approving or adopting, or recommending to the stockholders, any action or matter (other than the election or removal of directors)
expressly required by the DGCL to be submitted to stockholders for approval or (b) adopting, amending or repealing any Bylaw of the Corporation. All committees of the Board of Directors shall keep minutes of their meetings and shall report
their proceedings to the Board of Directors when requested or required by the Board of Directors. Each committee of the Board of Directors may fix its own rules of procedure and shall hold its meetings as provided by such rules, except as may
otherwise be provided by a resolution of the Board of Directors designating such committee. Unless otherwise provided in such a resolution, the presence of at least a majority of the members of the committee shall be necessary to constitute a quorum
unless the committee shall consist of one or two members, in which event one member shall constitute a quorum; and all matters shall be determined by a majority vote of the members present at a meeting of the committee at which a quorum is present.
Unless otherwise provided in such a resolution, in the 

  
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event that a member and that member’s alternate, if alternates are designated by the Board of Directors, of such committee is or are absent or disqualified, the member or members thereof
present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in place of any such absent or disqualified
member. 
 SECTION 3.09    Action Without a Meeting. Unless otherwise restricted by the Second Amended and
Restated Certificate of Incorporation, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting if all members of the Board of Directors or any committee
thereof, as the case may be, consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions are filed in the minutes of proceedings of the Board of Directors. Such filing shall be in
paper form if the minutes are maintained in paper form or shall be in electronic form if the minutes are maintained in electronic form. 

SECTION 3.10    Remote Meeting. Unless otherwise restricted by the Second Amended and Restated Certificate of
Incorporation, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting by means of conference telephone or other communications equipment in which all persons participating in the
meeting can hear each other. Participation in a meeting by means of conference telephone or other communications equipment shall constitute presence in person at such meeting. 

SECTION 3.11     Compensation. The Board of Directors shall have the authority to fix the compensation,
including fees and reimbursement of expenses, of directors for services to the Corporation in any capacity. 
 SECTION 3.12
    Reliance on Books and Records. A member of the Board of Directors, or a member of any committee designated by the Board of Directors shall, in the performance of such person’s duties, be fully protected in relying
in good faith upon records of the Corporation and upon such information, opinions, reports or statements presented to the Corporation by any of the Corporation’s officers or employees, or committees of the Board of Directors, or by any other
person as to matters the member reasonably believes are within such other person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Corporation. 

ARTICLE IV 
 Officers

 SECTION 4.01    Number. The officers of the Corporation shall include a Chief Executive Officer, a
President, a principal financial officer, a principal accounting officer and a Secretary, each of whom shall be elected by the Board of Directors and who shall hold office for such terms as shall be determined by the Board of Directors and until
their successors are elected and qualify or until their earlier resignation or removal. In addition, the Board of Directors may elect one or more Vice Presidents, including one or more Executive Vice Presidents, Senior Vice Presidents, a Treasurer
and one or more Assistant Treasurers and one or more Assistant Secretaries, who shall hold their office for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board of Directors. Any
number of offices may be held by the same person. 

  
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 SECTION 4.02    Other Officers and Agents. The Board of Directors
may appoint such other officers and agents as it deems advisable, who shall hold their office for such terms and shall exercise and perform such powers and duties as shall be determined from time to time by the Board of Directors. The Board of
Directors may appoint one or more officers called a Vice Chairman, each of whom does not need to be a member of the Board of Directors. 

SECTION 4.03    Chief Executive Officer/President. The Chief Executive Officer, who may also be the President,
subject to the determination of the Board of Directors, shall have general executive charge, management, and control of the properties and operations of the Corporation in the ordinary course of its business, with all such powers with respect to
such properties and operations as may be reasonably incident to such responsibilities. If the Board of Directors has not elected a Chairman of the Board of Directors or in the absence or inability to act as the Chairman of the Board of Directors,
the Chief Executive Officer shall exercise all of the powers and discharge all of the duties of the Chairman of the Board of Directors, but only if the Chief Executive Officer is a director of the Corporation. 

SECTION 4.04    Vice Presidents. Each Vice President, if any are appointed, of whom one or more may be designated
an Executive Vice President or Senior Vice President, shall have such powers and shall perform such duties as shall be assigned to him or her by the Chief Executive Officer or the Board of Directors. 

SECTION 4.05    Treasurer. The Treasurer, if any is appointed, shall have custody of the corporate funds,
securities, evidences of indebtedness and other valuables of the Corporation and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation. The Treasurer shall deposit all moneys and other valuables in
the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors or its designees selected for such purposes. The Treasurer shall disburse the funds of the Corporation, taking proper vouchers
therefor. The Treasurer shall render to the Chief Executive Officer and the Board of Directors, upon their request, a report of the financial condition of the Corporation. If required by the Board of Directors, the Treasurer shall give the
Corporation a bond for the faithful discharge of his or her duties in such amount and with such surety as the Board of Directors shall prescribe. 

In addition, the Treasurer shall have such further powers and perform such other duties incident to the office of Treasurer as from time to
time are assigned to him or her by the Chief Executive Officer or the Board of Directors. 
 SECTION
4.06    Secretary. The Secretary shall: (a) cause minutes of all meetings of the stockholders and directors to be recorded and kept properly; (b) cause all notices required by these Bylaws or otherwise to be
given properly; (c) see that the minute books, stock books, and other nonfinancial books, records and papers of the Corporation are kept properly; and (d) cause all reports, statements, returns, certificates and other documents to be
prepared and filed when and as required. The Secretary shall have such further powers and perform such other duties as prescribed from time to time by the Chief Executive Officer or the Board of Directors. 

  
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 SECTION 4.07    Assistant Treasurers and Assistant Secretaries.
Each Assistant Treasurer and each Assistant Secretary, if any are appointed, shall be vested with all the powers and shall perform all the duties of the Treasurer and Secretary, respectively, in the absence or disability of such officer, unless or
until the Chief Executive Officer or the Board of Directors shall otherwise determine. In addition, Assistant Treasurers and Assistant Secretaries shall have such powers and shall perform such duties as shall be assigned to them by the Chief
Executive Officer or the Board of Directors. 
 SECTION 4.08    Corporate Funds and Checks. The funds of the
Corporation shall be kept in such depositories as shall from time to time be prescribed by the Board of Directors or its designees selected for such purposes. All checks or other orders for the payment of money shall be signed by the Chief Executive
Officer, a Vice President, the Treasurer or the Secretary or such other person or agent as may from time to time be authorized and with such countersignature, if any, as may be required by the Board of Directors. 

SECTION 4.09    Contracts and Other Documents. The Chief Executive Officer and the Secretary, or such other officer
or officers as may from time to time be authorized by the Board of Directors or any other committee given specific authority in the premises by the Board of Directors during the intervals between the meetings of the Board of Directors, shall have
power to sign and execute on behalf of the Corporation deeds, conveyances and contracts, and any and all other documents requiring execution by the Corporation. 

SECTION 4.10    Ownership of Stock of Another Corporation. Unless otherwise directed by the Board of Directors, the
Chief Executive Officer, a Vice President, the Treasurer or the Secretary, or such other officer or agent as shall be authorized by the Board of Directors, shall have the power and authority, on behalf of the Corporation, to attend and to vote at
any meeting of securityholders of any entity in which the Corporation holds securities or equity interests and may exercise, on behalf of the Corporation, any and all of the rights and powers incident to the ownership of such securities or equity
interests at any such meeting, including the authority to execute and deliver proxies and consents on behalf of the Corporation. 

SECTION 4.11    Delegation of Duties. In the absence, disability or refusal of any officer to exercise and
perform his or her duties, the Board of Directors may delegate to another officer such powers or duties. 

SECTION 4.12    Resignation and Removal. Any officer of the Corporation may be removed from office for or
without cause at any time by the Board of Directors. Any officer may resign at any time in the same manner prescribed under Section 3.03 of these Bylaws. 

SECTION 4.13    Vacancies. The Board of Directors shall have the power to fill vacancies occurring in any
office. 

  
 13 

 ARTICLE V 

Stock 
 SECTION
5.01    Shares With Certificates. The shares of stock of the Corporation shall be represented by certificates, provided that the Board of Directors may provide by resolution or resolutions that some or all of any or
all classes or series of the Corporation’s stock shall be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate until such certificate is surrendered to the Corporation. Every holder of stock in the
Corporation represented by certificates shall be entitled to have a certificate signed by, or in the name of the Corporation by any two authorized officers of the Corporation (it being understood that each of the Chairman of the Board of Directors,
the Vice Chairman of the Board of Directors, the Chief Executive Officer, the President, the Chief Financial Officer, a Vice President, the Treasurer, an Assistant Treasurer, the Secretary and an Assistant Secretary of the Corporation shall be an
authorized officer for such purpose). Any or all of the signatures on the certificate may be a facsimile or other electronic signature. The Board of Directors shall have the power to appoint one or more transfer agents and/or registrars for the
transfer or registration of certificates of stock of any class, and may require stock certificates to be countersigned or registered by one or more of such transfer agents and/or registrars. 

SECTION 5.02    Shares Without Certificates. If the Board of Directors chooses to issue shares of stock without
certificates, the Corporation, if required by the DGCL, shall, within a reasonable time after the issue or transfer of shares without certificates, send the stockholder a written statement of the information required by the DGCL. The Corporation may
adopt a system of issuance, recordation and transfer of its shares of stock by electronic or other means not involving the issuance of certificates, provided the use of such system by the Corporation is permitted in accordance with applicable
law. 
 SECTION 5.03    Transfer of Shares. Shares of stock of the Corporation shall be transferable upon its
books by the holders thereof, in person or by their duly authorized attorneys or legal representatives, in the manner prescribed by law, the Second Amended and Restated Certificate of Incorporation and in these Bylaws, upon surrender to the
Corporation by delivery thereof (to the extent evidenced by a physical stock certificate) to the person in charge of the stock and transfer books and ledgers. Certificates representing such shares, if any, shall be cancelled and new certificates, if
the shares are to be certificated, shall thereupon be issued. Shares of capital stock of the Corporation that are not represented by a certificate shall be transferred in accordance with applicable law. A record shall be made of each transfer.
Whenever any transfer of shares shall be made for collateral security, and not absolutely, it shall be so expressed in the entry of the transfer if, when the certificates are presented, both the transferor and transferee request the Corporation to
do so. The Board of Directors shall have power and authority to make such rules and regulations as it may deem necessary or proper concerning the issue, transfer and registration of certificates for shares of stock of the Corporation. 

SECTION 5.04    Lost, Stolen, Destroyed or Mutilated Certificates. A new certificate of stock or uncertificated
shares may be issued in the place of any certificate previously issued by the Corporation alleged to have been lost, stolen or destroyed, and the 

  
 14 

 
Corporation may, in its discretion, require the owner of such lost, stolen or destroyed certificate, or his or her legal representative, to give the Corporation a bond, in such sum as the
Corporation may direct, in order to indemnify the Corporation against any claims that may be made against it in connection therewith. A new certificate or uncertificated shares of stock may be issued in the place of any certificate previously issued
by the Corporation that has become mutilated upon the surrender by such owner of such mutilated certificate and, if required by the Corporation, the posting of a bond by such owner in an amount sufficient to indemnify the Corporation against any
claim that may be made against it in connection therewith. 
 SECTION 5.05    List of Stockholders Entitled To
Vote. The Corporation shall prepare, at least ten (10) days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting (provided, however, that if the record date for determining the
stockholders entitled to vote is less than ten (10) days before the date of the meeting, the list shall reflect the stockholders entitled to vote as of the tenth (10th) day before the meeting
date), arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the
meeting at least ten (10) days prior to the meeting (a) on a reasonably accessible electronic network, provided that the information required to gain access to such list is provided with the notice of meeting, or (b) during
ordinary business hours at the principal place of business of the Corporation. In the event that the Corporation determines to make the list available on an electronic network, the Corporation may take reasonable steps to ensure that such
information is available only to stockholders of the Corporation. If the meeting is to be held at a place, then a list of stockholders entitled to vote at the meeting shall be produced and kept at the time and place of the meeting during the whole
time thereof and may be examined by any stockholder who is present. If the meeting is to be held solely by means of remote communication, then the list shall also be open to the examination of any stockholder during the whole time of the meeting on
a reasonably accessible electronic network, and the information required to access such list shall be provided with the notice of the meeting. Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the
stockholders entitled to examine the list of stockholders required by this Section 5.05 or to vote in person or by proxy at any meeting of stockholders. 

SECTION 5.06    Fixing Date for Determination of Stockholders of Record. 

(A)    In order that the Corporation may determine the stockholders entitled to notice of any meeting of stockholders or
any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall, unless otherwise
required by law, not be more than sixty (60) nor less than ten (10) days before the date of such meeting. If the Board of Directors so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote
at such meeting unless the Board of Directors determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board of
Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close
of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice 

  
 15 

 
of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for determination of
stockholders entitled to vote at the adjourned meeting, and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders
entitled to vote in accordance herewith at the adjourned meeting. 
 (B)    In order that the Corporation may determine
the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful
action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall not be more than sixty (60) days prior to such action.
If no such record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto. 

(C)    Unless otherwise restricted by the Second Amended and Restated Certificate of Incorporation, in order that the
Corporation may determine the stockholders entitled to express consent to corporate action in writing without a meeting, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the
record date is adopted by the Board of Directors, and which record date shall not be more than ten (10) days after the date upon which the resolution fixing the record date is adopted by the Board of Directors. If no record date for determining
stockholders entitled to express consent to corporate action in writing without a meeting is fixed by the Board of Directors, (a) when no prior action of the Board of Directors is required by law, the record date for such purpose shall be the
first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Corporation in accordance with applicable law, and (b) if prior action by the Board of Directors is required by law, the
record date for such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action. 

SECTION 5.07    Registered Stockholders. Prior to the surrender to the Corporation of the certificate or
certificates for a share or shares of stock or notification to the Corporation of the transfer of uncertificated shares with a request to record the transfer of such share or shares, the Corporation may treat the registered owner of such share or
shares as the person entitled to receive dividends, to vote, to receive notifications and otherwise to exercise all the rights and powers of an owner of such share or shares. To the fullest extent permitted by law, the Corporation shall not be bound
to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof. 

ARTICLE VI 
 Notice and
Waiver of Notice 
 SECTION 6.01    Notice. If mailed, notice to stockholders shall be deemed given when
deposited in the United States mail, postage prepaid, directed to the stockholder at 

  
 16 

 
such stockholder’s address as it appears on the records of the Corporation. Without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to
stockholders may be given by electronic transmission in the manner provided in Section 232 of the DGCL. 
 SECTION
6.02    Waiver of Notice. A written waiver of any notice, signed by a stockholder or director, or waiver by electronic transmission by such person, whether given before or after the time of the event for which notice is to
be given, shall be deemed equivalent to the notice required to be given to such person. Neither the business nor the purpose of any meeting need be specified in such a waiver. Attendance at any meeting (in person or by remote communication) shall
constitute waiver of notice except attendance for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened. 

ARTICLE VII 

Indemnification 
 SECTION
7.01    Right to Indemnification. Each person who was or is made a party or is threatened to be made a party to or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or
investigative (hereinafter a “proceeding”), by reason of the fact that he or she is or was a director or an officer of the Corporation or, is or was serving at the request of the Corporation as a director, officer, employee, agent
or trustee of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan (hereinafter an “indemnitee”), whether the basis of such proceeding is
alleged action in an official capacity as a director, officer, employee, agent or trustee or in any other capacity while serving as a director, officer, employee, agent or trustee, shall be indemnified and held harmless by the Corporation to the
fullest extent permitted by Delaware law, as the same exists or may hereafter be amended (but, in the case of any such amendment, if permitted, only to the extent that such amendment permits the Corporation to provide broader indemnification rights
than such law permitted the Corporation to provide prior to such amendment), against all expense, liability and loss (including attorneys’ fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) reasonably
incurred or suffered by such indemnitee in connection therewith; provided, however, that, except as provided in Section 7.03 with respect to proceedings to enforce rights to indemnification or advancement of expenses or with
respect to any compulsory counterclaim brought by such indemnitee, the Corporation shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was
authorized by the Board of Directors. 
 SECTION 7.02    Right to Advancement of Expenses. In addition to the
right to indemnification conferred in Section 7.01, an indemnitee shall also have the right to be paid by the Corporation the expenses (including attorney’s fees) incurred in appearing at, participating in or defending any such proceeding
in advance of its final disposition or in connection with a proceeding brought to establish or enforce a right to indemnification or advancement of expenses under this Article VII (which shall be governed by Section 7.03 (hereinafter an
“advancement of expenses”); provided, however, that, if the DGCL requires or in 

  
 17 

 
the case of an advance made in a proceeding brought to establish or enforce a right to indemnification or advancement, an advancement of expenses incurred by an indemnitee in his or her capacity
as a director or officer (and not in any other capacity in which service was or is rendered by such indemnitee, including, without limitation, service to an employee benefit plan) shall be made solely upon delivery to the Corporation of an
undertaking (hereinafter an “undertaking”), by or on behalf of such indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal
(hereinafter a “final adjudication”) that such indemnitee is not entitled to be indemnified or entitled to advancement of expenses under Sections 7.01 and 7.02 or otherwise. 

SECTION 7.03    Right of Indemnitee to Bring Suit. If a claim under Section 7.01 or 7.02 is not paid in full
by the Corporation within (a) 45 days after a written claim for indemnification has been received by the Corporation or (b) 20 days after a claim for an advancement of expenses has been received by the Corporation, the indemnitee may at any time
thereafter bring suit against the Corporation to recover the unpaid amount of the claim or to obtain advancement of expenses, as applicable. To the fullest extent permitted by law, if successful in whole or in part in any such suit, or in a suit
brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the indemnitee shall be entitled to be paid also the expense of prosecuting or defending such suit. In any suit brought by the indemnitee to
enforce a right to indemnification hereunder (but not in a suit brought by the indemnitee to enforce a right to an advancement of expenses) it shall be a defense that the indemnitee has not met any applicable standard for indemnification set forth
in the DGCL, and in any suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the Corporation shall be entitled to recover such expenses upon a final adjudication that the indemnitee has not
met any applicable standard for indemnification set forth in the DGCL. Neither the failure of the Corporation (including its directors who are not parties to such action, a committee of such directors, independent legal counsel, or its stockholders)
to have made a determination prior to the commencement of such suit that indemnification of the indemnitee is proper in the circumstances because the indemnitee has met the applicable standard of conduct set forth in the DGCL, nor an actual
determination by the Corporation (including its directors who are not parties to such action, a committee of such directors, independent legal counsel, or its stockholders) that the indemnitee has not met such applicable standard of conduct, shall
create a presumption that the indemnitee has not met the applicable standard of conduct or, in the case of such a suit brought by the indemnitee, be a defense to such suit. In any suit brought by the indemnitee to enforce a right to indemnification
or to an advancement of expenses hereunder, or brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the burden of proving that the indemnitee is not entitled to be indemnified, or to such
advancement of expenses, under this Article VII or otherwise shall be on the Corporation. 
 SECTION
7.04    Indemnification Not Exclusive. 
 (A)    The provision of indemnification to or the
advancement of expenses and costs to any indemnitee under this Article VII, or the entitlement of any indemnitee to indemnification or advancement of expenses and costs under this Article VII, shall not limit or restrict in any way the power of the
Corporation to indemnify or advance expenses and costs to 

  
 18 

 
such indemnitee in any other way permitted by law or be deemed exclusive of, or invalidate, any right to which any indemnitee seeking indemnification or advancement of expenses and costs may be
entitled under any law, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such indemnitee’s capacity as an officer, director, employee or agent of the Corporation and as to action in any other
capacity. 
 (B) Any person serving as a director, officer, partner, member, trustee, administrator, employee or agent of another
corporation, partnership, limited liability company, joint venture, trust or other enterprise, at least 50% of whose equity interests are owned by the Corporation (a “subsidiary” for purposes of this Article VII) shall be conclusively
presumed to be serving in such capacity at the request of the Corporation. 
 (C) Given that certain jointly indemnifiable claims (as
defined below) may arise due to the service of the indemnitee as a director and/or officer of the Corporation at the request of the indemnitee-related entities (as defined below), the Corporation shall be fully and primarily responsible for the
payment to the indemnitee in respect of indemnification or advancement of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of the Second Amended and Restated
Certificate of Incorporation or these Bylaws of the Corporation (or any other agreement between the Corporation and such persons, including the Investor Rights Agreement, as applicable) in connection with any such jointly indemnifiable claims,
pursuant to and in accordance with the terms of this Article VII, irrespective of any right of recovery the indemnitee may have from the indemnitee-related entities. Any obligation on the part of any indemnitee-related entities to indemnify or
advance expenses to any indemnitee shall be secondary to the Corporation’s obligation and shall be reduced by any amount that the indemnitee may collect as indemnification or advancement from the Corporation. The Corporation irrevocably waives,
relinquishes and releases the indemnitee-related entities from any and all claims it may have against the indemnitee-related entities for contribution, subrogation or any other recovery of any kind in respect thereof. Under no circumstance shall the
Corporation be entitled to any right of subrogation or contribution by the indemnitee-related entities and no right of advancement or recovery the indemnitee may have from the indemnitee-related entities shall reduce or otherwise alter the rights of
the indemnitee or the obligations of the Corporation hereunder. In the event that any of the indemnitee-related entities shall make any payment to the indemnitee in respect of indemnification or advancement of expenses with respect to any jointly
indemnifiable claim, the indemnitee-related entity making such payment shall be subrogated to the extent of such payment to all of the rights of recovery of the indemnitee against the Corporation, and the indemnitee shall execute all papers
reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the indemnitee-related entities effectively to bring suit to enforce such
rights. Each of the indemnitee-related entities shall be third-party beneficiaries with respect to this Section 7.04(C) of Article VII, entitled to enforce this Section 7.04(C) of Article VII. 

For purposes of this Section 7.04(C) of Article VII, the following terms shall have the following meanings: 

(1) The term “indemnitee-related entities” means any corporation, limited liability company, partnership, joint venture,
trust, employee benefit plan or other enterprise (other than 

  
 19 

 
the Corporation or any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise for which the indemnitee has agreed, on behalf of
the Corporation or at the Corporation’s request, to serve as a director, officer, employee or agent and which service is covered by the indemnity described herein) from whom an indemnitee may be entitled to indemnification or advancement of
expenses with respect to which, in whole or in part, the Corporation may also have an indemnification or advancement obligation. 
 (2) The
term “jointly indemnifiable claims” shall be broadly construed and shall include, without limitation, any action, suit or proceeding for which the indemnitee shall be entitled to indemnification or advancement of expenses from both
the indemnitee-related entities and the Corporation pursuant to Delaware law, any agreement or certificate of incorporation, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or
comparable organizational documents of the Corporation or the indemnitee-related entities, as applicable. 
 SECTION
7.05    Corporate Obligations; Reliance. The rights granted pursuant to the provisions of this Article VII shall vest at the time a person becomes a director or officer of the Corporation and shall be deemed to create a
binding contractual obligation on the part of the Corporation to the persons who from time to time are elected as officers or directors of the Corporation, and such persons in acting in their capacities as officers or directors of the Corporation or
any subsidiary shall be entitled to rely on such provisions of this Article VII without giving notice thereof to the Corporation. Such rights shall continue as to an indemnitee who has ceased to be a director or officer and shall inure to the
benefit of the indemnitee’s heirs, executors and administrators. Any amendment, alteration or repeal of this Article VII that adversely affects any right of an indemnitee or its successors shall be prospective only and shall not limit,
eliminate, or impair any such right with respect to any proceeding involving any occurrence or alleged occurrence of any action or omission to act that took place prior to such amendment or repeal. 

SECTION 7.06    Insurance. The Corporation may maintain insurance, at its expense, to protect itself and any
director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Corporation would have the power to indemnify such
person against such expense, liability or loss under the DGCL. 
 SECTION 7.07    Indemnification of Employees and
Agents of the Corporation. The Corporation may grant rights to indemnification and to the advancement of expenses to any employee or agent of the Corporation to the fullest extent of the provisions of this Article VII with respect to the
indemnification and advancement of expenses of directors and officers of the Corporation. 
 ARTICLE VIII 

Miscellaneous 
 SECTION
8.01    Electronic Transmission. For purposes of these Bylaws, “electronic transmission” means any form of communication, not directly involving the physical

  
 20 

 
transmission of paper, that creates a record that may be retained, retrieved, and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an
automated process. 
 SECTION 8.02    Corporate Seal. The Board of Directors may provide a suitable seal,
containing the name of the Corporation, which seal shall be in the charge of the Secretary. If and when so directed by the Board of Directors or a committee thereof, duplicates of the seal may be kept and used by the Treasurer or by an Assistant
Secretary or Assistant Treasurer. 
 SECTION 8.03    Fiscal Year. The fiscal year of the Corporation shall end on
the Saturday closest to December 31 of each year, or such other day as the Board of Directors may designate. 
 SECTION
8.04    Section Headings. Section headings in these Bylaws are for convenience of reference only and shall not be given any substantive effect in limiting or otherwise construing any provision herein. 

SECTION 8.05    Inconsistent Provisions. In the event that any provision of these Bylaws is or becomes inconsistent
with any provision of the Second 
 Amended and Restated Certificate of Incorporation, the DGCL or any other applicable law, such provision
of these Bylaws shall not be given any effect to the extent of such inconsistency but shall otherwise be given full force and effect. 

ARTICLE IX 
 Amendments

 SECTION 9.01    Amendments. The Board of Directors is authorized to make, repeal, alter, amend and
rescind, in whole or in part, these Bylaws without the assent or vote of the stockholders in any manner not inconsistent with the laws of the State of Delaware or the Second Amended and Restated Certificate of Incorporation. Notwithstanding any
other provisions of these Bylaws or any provision of law that might otherwise permit a lesser vote of the stockholders, the affirmative vote of the holders of at least
662⁄3% in voting power of all the then-outstanding shares of stock of the Corporation entitled to vote thereon, voting together as a single class, shall be required
in order for the stockholders of the Corporation to alter, amend, repeal or rescind, in whole or in part, any provision of these Bylaws (including, without limitation, this Section 9.01) or to adopt any provision inconsistent herewith. 

[Remainder of Page Intentionally Left Blank] 

  
 21EX-10.2

 Exhibit 10.2 

AVANTOR, INC. 
 2019
EQUITY INCENTIVE PLAN 
 1. Purpose. The purpose of the Avantor, Inc. 2019 Equity Incentive Plan is to provide a means through
which the Company and the other members of the Company Group may attract and retain key personnel, and to provide a means whereby directors, officers, employees, consultants, and advisors of the Company and the other members of the Company Group can
acquire and maintain an equity interest in the Company, or be paid incentive compensation, including incentive compensation measured by reference to the value of Common Stock, thereby strengthening their commitment to the welfare of the Company
Group and aligning their interests with those of the Company’s stockholders.  
 2. Definitions. The following definitions
shall be applicable throughout the Plan. 
  (a) “Absolute Share Limit” has the meaning given to such term in
Section 5(b) of the Plan. 
  (b) “Adjustment Event” has the meaning given to such term in
Section 11(a) of the Plan. 
  (c) “Affiliate” means any Person that directly or indirectly controls, is
controlled by, or is under common control with the Company. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any Person, means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting or other securities, by contract, or otherwise. 

 (d) “Award” means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock
Appreciation Right, Restricted Stock, Restricted Stock Unit, Other Equity-Based Award, and Other Cash-Based Award granted under the Plan. 

 (e) “Award Agreement” means the document or documents by which each Award (other than an Other Cash-Based Award)
is evidenced, which may be in written or electronic form. 
  (f) “Board” means the Board of Directors of the
Company. 
  (g) “Cause” means, as to any Participant, unless the applicable Award Agreement states otherwise,
(i) “Cause”, as defined in any employment or consulting agreement between the Participant and the Service Recipient in effect at the time of such Termination, or (ii) in the absence of any such employment or consulting agreement (or
the absence of any definition of “Cause” contained therein), the Participant’s (A) willful neglect in the performance of the Participant’s duties for the Service Recipient or willful or repeated failure or refusal to perform
such duties for any reason other than illness or incapacity (including Disability); (B) engagement in conduct in connection with the Participant’s employment or service with the Service Recipient, which results in, or could reasonably be
expected to result in, material harm to the business or reputation of the Service Recipient or any other member of the Company Group; (C) conviction of, or plea of guilty or no contest to (I) any felony or (II) any other crime

 
that results in, or could reasonably be expected to result in, material harm to the business or reputation of the Service Recipient or any other member of the Company Group; (D) material
violation of the written policies of the Service Recipient, including, but not limited to, those relating to sexual harassment or the disclosure or misuse of confidential information, or those set forth in the manuals or statements of policy of the
Service Recipient; (E) fraud or misappropriation, embezzlement, or misuse of funds or property belonging to the Service Recipient or any other member of the Company Group; (F) act of personal dishonesty that involves personal profit in
connection with the Participant’s employment or service to the Service Recipient; or (G) a breach of the Participant’s fiduciary duties with respect to the Service Recipient or any other member of the Company Group; provided,
in any case, that a Participant’s resignation after an event that would be grounds for a Termination for Cause will be treated as a Termination for Cause hereunder. 

 (h) “Change in Control” means: 

(i) the acquisition (whether by purchase, merger, consolidation, combination, or other similar transaction) by any Person of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% (on a fully diluted basis) of either (A) the then-outstanding shares of Common Stock, taking
into account as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Common Stock; or (B) the
combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, that for purposes of the Plan, the following
acquisitions shall not constitute a Change in Control: (I) any acquisition by the Company or any Affiliate; or (II) any acquisition by any employee benefit plan sponsored or maintained by the Company or any Affiliate; 

(ii) during any period of 24 months, individuals who, at the beginning of such period, constitute the Board (the
“Incumbent Directors”) cease for any reason to constitute at least a majority of the Board; provided, that any Person becoming a director subsequent to the Effective Date, whose election or nomination for election was
approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such Person is named as a nominee
for director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened
election contest, as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, with respect to directors or as a result of any other actual or threatened solicitation of proxies
or consents by or on behalf of any Person other than the Board shall be deemed to be an Incumbent Director; 
 (iii) a merger
or consolidation of the Company with any other company, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or
by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; 

  
 2 

 (iv) the sale, transfer, or other disposition of all or substantially all of
the assets of the Company Group (taken as a whole) to any Person that is not an Affiliate of the Company; or 
 (v) a
complete liquidation or dissolution of the Company. 
 (i) “Code” means the Internal Revenue Code of 1986, as
amended, and any successor thereto. Reference in the Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section,
regulations, or guidance. 
 (j) “Committee” means the Compensation and Human Resources Committee of the Board or any
properly delegated subcommittee thereof or, if no such Compensation and Human Resources Committee or subcommittee thereof exists, the Board. 

(k) “Common Stock” means the common stock of the Company, par value $0.01 per share (and any stock or other securities
into which such Common Stock may be converted or into which it may be exchanged). 
 (l) “Company” means Avantor,
Inc., a Delaware corporation, and any successor thereto. 
 (m) “Company Group” means, collectively, the Company and
its Subsidiaries. 
 (n) “Date of Grant” means the date on which the granting of an Award is authorized, or such
other date as may be specified in such authorization. 
 (o) “Detrimental Activity” means any of the following:
(i) unauthorized disclosure of any confidential or proprietary information of any member of the Company Group; (ii) any activity that would be grounds to terminate the Participant’s employment or service with the Service Recipient for
Cause; (iii) a breach by the Participant of any restrictive covenant by which such Participant is bound, including, without limitation, any covenant not to compete or not to solicit, in any agreement with any member of the Company Group, or
(iv) fraud or conduct contributing to any financial restatements or irregularities, as determined by the Committee in its sole discretion. 

(p) “Disability” means, as to any Participant, unless the applicable Award Agreement states otherwise, (i)
“Disability”, as defined in any employment or consulting agreement between the Participant and the Service Recipient in effect at the time of such Termination; or (ii) in the absence of any such employment or consulting agreement (or
the absence of any definition of “Disability” contained therein), a condition entitling the Participant to receive benefits under a long-term disability plan of the Service Recipient or other member of the Company Group in which such
Participant is eligible to participate, or, in the absence of such a plan, the complete and permanent inability of the Participant by reason of illness or accident to perform the duties of the position at which the Participant was employed or served
when such disability commenced. Any determination of whether Disability exists in the absence of a long-term disability plan shall be made by the Company (or its designee) in its sole and absolute discretion. 

  
 3 

 (q) “Effective Date” means the date on which the Company
enters into an agreement to consummate an initial public offering of the Common Stock pursuant to a registration filed with the Securities Exchange Commission pursuant to the Securities Act. 

(r) “Eligible Person” means any: (i) individual employed by any member of the Company Group; provided,
however, that no such employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the extent that such eligibility is set forth in such collective bargaining agreement or in an agreement or instrument relating
thereto; (ii) director or officer of any member of the Company Group; or (iii) consultant or advisor to any member of the Company Group who may be offered securities registrable pursuant to a registration statement on Form S-8 under the Securities Act, who, in the case of each of clauses (i) through (iii) above, has entered into an Award Agreement or who has received written notification from the Committee or its designee that
they have been selected to participate in the Plan. 
 (s) “Exchange Act” means the Securities Exchange Act of 1934,
as amended, and any successor thereto. Reference in the Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations, or other interpretative guidance under such section or rule, and any
amendments or successor provisions to such section, rules, regulations, or guidance. 
 (t) “Exercise Price” has the
meaning given to such term in Section 7(b) of the Plan. 
 (u) “Fair Market Value” means, on a given date:
(i) if the Common Stock is listed on a national securities exchange, the closing sales price of the Common Stock reported on the primary exchange on which the Common Stock is listed and traded on such date, or, if there are no such sales on
that date, then on the last preceding date on which such sales were reported; (ii) if the Common Stock is not listed on any national securities exchange but is quoted in an inter-dealer quotation system on a last-sale basis, the average between
the closing bid price and ask price reported on such date, or, if there is no such sale on that date, then on the last preceding date on which a sale was reported; or (iii) if the Common Stock is not listed on a national securities exchange or
quoted in an inter-dealer quotation system on a last-sale basis, the amount determined by the Committee in good faith to be the fair market value of the Common Stock; provided, however, as to any Awards granted on or with a Date of
Grant of the date of the pricing of the Company’s initial public offering, “Fair Market Value” shall be equal to the per share price at which the Common Stock is offered to the public in connection with such initial public offering.

 (v) “GAAP” has the meaning given to such term in Section 7(d) of the Plan. 

(w) “Immediate Family Members” has the meaning given to such term in Section 13(b) of the Plan. 

  
 4 

 (x) “Incentive Stock Option” means an Option which is designated by
the Committee as an incentive stock option as described in Section 422 of the Code and otherwise meets the requirements set forth in the Plan. 

(y) “Indemnifiable Person” has the meaning given to such term in Section 4(e) of the Plan. 

(z) “Non-Employee Director” means a member of the Board who is not an employee
of any member of the Company Group. 
 (aa) “Nonqualified Stock Option” means an Option which is not designated by
the Committee as an Incentive Stock Option. 
 (bb) “Option” means an Award granted under Section 7 of the Plan.

 (cc) “Option Period” has the meaning given to such term in Section 7(c) of the Plan. 

(dd) “Other Cash-Based Award” means an Award that is granted under Section 10 of the Plan that is denominated
and/or payable in cash. 
 (ee) “Other Equity-Based Award” means an Award that is not an Option, Stock Appreciation
Right, Restricted Stock, or Restricted Stock Unit that is granted under Section 10 of the Plan and is (i) payable by delivery of Common Stock and/or (ii) measured by reference to the value of Common Stock. 

(ff) “Participant” means an Eligible Person who has been selected by the Committee to participate in the Plan and to
receive an Award pursuant to the Plan. 
 (gg) “Performance Conditions” means specific levels of performance of the
Company (and/or one or more members of the Company Group, divisions or operational and/or business units, product lines, brands, business segments, administrative departments, or any combination of the foregoing), which may be determined in
accordance with GAAP or on a non-GAAP basis on the following measures: (i) net earnings, net income (before or after taxes), or consolidated net income; (ii) basic or diluted earnings per share
(before or after taxes); (iii) net revenue or net revenue growth; (iv) gross revenue or gross revenue growth, gross profit or gross profit growth; (v) net operating profit (before or after taxes); (vi) return measures (including, but not
limited to, return on investment, assets, capital, employed capital, invested capital, equity, or sales); (vii) cash flow measures (including, but not limited to, operating cash flow, free cash flow, or cash flow return on capital), which may be but
are not required to be measured on a per share basis; (viii) actual or adjusted earnings before or after interest, taxes, depreciation, and/or amortization (including EBIT and EBITDA); (ix) gross or net operating margins; (x) productivity
ratios; (xi) share price (including, but not limited to, growth measures and total stockholder return); (xii) expense targets or cost reduction goals, general and administrative expense savings; (xiii) operating efficiency;
(xiv) objective measures of customer/client satisfaction; (xv) working capital targets; (xvi) measures of economic value added or other ‘value creation’ metrics; (xvii) enterprise value; (xviii) sales; (xix)
stockholder return; (xx) customer/client retention; (xxi) competitive market metrics; (xxii) employee retention; (xxiii) objective measures of personal targets, goals, or completion of projects (including, but not limited to,
succession and hiring projects, completion of specific 

  
 5 

 
acquisitions, dispositions, reorganizations, or other corporate transactions or capital-raising transactions, expansions of specific business operations, and meeting divisional or project
budgets); (xxiv) comparisons of continuing operations to other operations; (xxv) market share; (xxvi) cost of capital, debt leverage, year-end cash position or book value; (xxvii) strategic
objectives; or (xxviii) any combination of the foregoing. Any one or more of the aforementioned performance criteria may be stated as a percentage of another performance criteria, or used on an absolute or relative basis to measure the
performance of one or more members of the Company Group as a whole or any divisions or operational and/or business units, product lines, brands, business segments, or administrative departments of the Company and/or one or more members of the
Company Group or any combination thereof, as the Committee may deem appropriate, or any of the above performance criteria may be compared to the performance of a selected group of comparison companies, or a published or special index that the
Committee, in its sole discretion, deems appropriate, or as compared to various stock market indices. 
 (hh) “Permitted
Transferee” has the meaning given to such term in Section 13(b) of the Plan. 
 (ii) “Person” means
any individual, entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act). 
 (jj)
“Plan” means this Avantor, Inc. 2019 Equity Incentive Plan, as it may be amended and/or restated from time to time. 

(kk) “Qualifying Director” means a Person who is, with respect to actions intended to obtain an exemption from
Section 16(b) of the Exchange Act pursuant to Rule 16b-3 under the Exchange Act, a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act. 
 (ll) “Restricted Period” means the period of time
determined by the Committee during which an Award is subject to restrictions, including vesting conditions. 
 (mm) “Restricted
Stock” means Common Stock, subject to certain specified restrictions (which may include, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time),
granted under Section 9 of the Plan. 
 (nn) “Restricted Stock Unit” means an unfunded and unsecured promise to
deliver shares of Common Stock, cash, other securities, or other property, subject to certain restrictions (which may include, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a
specified period of time), granted under Section 9 of the Plan. 
 (oo) “SAR Period” has the meaning given to
such term in Section 8(c) of the Plan. 
 (pp) “Securities Act” means the Securities Act of 1933, as amended,
and any successor thereto. Reference in the Plan to any section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations, or other interpretative guidance under such section or rule, and any amendments or
successor provisions to such section, rules, regulations, or guidance. 

  
 6 

 (qq) “Service Recipient” means, with respect to a Participant
holding a given Award, the member of the Company Group by which the original recipient of such Award is, or following a Termination was most recently, principally employed or to which such original recipient provides, or following a Termination was
most recently providing, services, as applicable. 
 (rr) “Stock Appreciation Right” or “SAR”
means an Award granted under Section 8 of the Plan. 
 (ss) “Strike Price” has the meaning given to such term in
Section 8(b) of the Plan. 
 (tt) “Subsidiary” means, with respect to any specified Person: 

(i) any corporation, association, or other business entity of which more than 50% of the total voting power of shares of such
entity’s voting securities (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) is at the time owned or controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(ii) any partnership (or any comparable foreign entity) (A) the sole general partner (or functional equivalent thereof) or
the managing general partner of which is such Person or Subsidiary of such Person or (B) the only general partners (or functional equivalents thereof) of which are that Person or one or more Subsidiaries of that Person (or any combination
thereof). 
 (uu) “Substitute Awards” has the meaning given to such term in Section 5(e) of the Plan. 

(vv) “Termination” means the termination of a Participant’s employment or service, as applicable, with the Service
Recipient for any reason (including death or Disability). 
 3. Effective Date; Duration. The Plan shall be effective as of the
Effective Date. The expiration date of the Plan, on and after which date no Awards may be granted hereunder, shall be the tenth anniversary of the Effective Date; provided, however, that such expiration shall not affect Awards then
outstanding, and the terms and conditions of the Plan shall continue to apply to such Awards. 
 4. Administration.  

(a) General. The Committee shall administer the Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under the Exchange Act (if the Board is not acting as the Committee under the Plan), it is intended that each member of the Committee shall, at the time such member takes any action with respect to
an Award under the Plan that is intended to qualify for the exemptions provided by Rule 16b-3 promulgated under the Exchange Act, be a Qualifying Director. However, the fact that a Committee member shall fail
to qualify as a Qualifying Director shall not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan. 

  
 7 

 (b) Committee Authority. Subject to the provisions of the Plan and applicable law,
the Committee shall have the sole and plenary authority, in addition to other express powers and authorizations conferred on the Committee by the Plan, to: (i) designate Participants; (ii) determine the type or types of Awards to be
granted to a Participant; (iii) determine the number of shares of Common Stock to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and
conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled in, or exercised for, cash, shares of Common Stock, other securities, other Awards, or other property, or canceled, forfeited, or
suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, shares of Common Stock, other
securities, other Awards, or other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant or of the Committee; (vii) interpret, administer, reconcile any
inconsistency in, correct any defect in, and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (viii) establish, amend, suspend, or waive any rules and regulations and appoint such
agents as the Committee shall deem appropriate for the proper administration of the Plan; and (ix) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. 

(c) Delegation. Except to the extent prohibited by applicable law or the applicable rules and regulations of any securities exchange or
inter-dealer quotation system on which the securities of the Company are listed or traded, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its
responsibilities and powers to any Person or Persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time. Without limiting the generality of the foregoing, the Committee may delegate to one or more officers
of any member of the Company Group the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election which is the responsibility of, or which is allocated to, the Committee herein, and which may be so
delegated as a matter of law, except for grants of Awards to Non-Employee Directors. Notwithstanding the foregoing in this Section 4(c), it is intended that any action under the Plan intended to qualify
for an exemption provided by Rule 16b-3 promulgated under the Exchange Act related to Persons who are subject to Section 16 of the Exchange Act will be taken only by the Board or by a committee or
subcommittee of two or more Qualifying Directors. However, the fact that any member of such committee or subcommittee shall fail to qualify as a Qualifying Director shall not invalidate any action that is otherwise valid under the Plan. 

(d) Finality of Decisions. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other
decisions under or with respect to the Plan, any Award or any Award Agreement shall be within the sole discretion of the Committee, may be made at any time, and shall be final, conclusive, and binding upon all Persons, including, without limitation,
any member of the Company Group, any Participant, any holder or beneficiary of any Award, and any stockholder of the Company. 

  
 8 

 (e) Indemnification. No member of the Board, the Committee, or any employee or agent
of any member of the Company Group (each such Person, an “Indemnifiable Person”) shall be liable for any action taken or omitted to be taken or any determination made with respect to the Plan or any Award hereunder (unless
constituting fraud or a willful criminal act or omission). Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys’ fees) that may be imposed
upon or incurred by such Indemnifiable Person in connection with or resulting from any action, suit, or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved by reason of any action taken
or omitted to be taken or determination made with respect to the Plan or any Award hereunder and against and from any and all amounts paid by such Indemnifiable Person with the Company’s approval, in settlement thereof, or paid by such
Indemnifiable Person in satisfaction of any judgment in any such action, suit, or proceeding against such Indemnifiable Person, and the Company shall advance to such Indemnifiable Person any such expenses promptly upon written request (which request
shall include an undertaking by the Indemnifiable Person to repay the amount of such advance if it shall ultimately be determined, as provided below, that the Indemnifiable Person is not entitled to be indemnified); provided, that the Company
shall have the right, at its own expense, to assume and defend any such action, suit, or proceeding and once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the
Company’s choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such
Indemnifiable Person determines that the acts, omissions, or determinations of such Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person’s fraud or willful criminal act or omission or that such
right of indemnification is otherwise prohibited by law or by the organizational documents of any member of the Company Group. The foregoing right of indemnification shall not be exclusive of or otherwise supersede any other rights of
indemnification to which such Indemnifiable Persons may be entitled under the organizational documents of any member of the Company Group, as a matter of law, under an individual indemnification agreement or contract, or otherwise, or any other
power that the Company may have to indemnify such Indemnifiable Persons or hold such Indemnifiable Persons harmless. 
 (f) Board
Authority. Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to time, grant Awards and administer the Plan with respect to such Awards. Any such actions by the Board
shall be subject to the applicable rules of the securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted. In any such case, the Board shall have all the authority granted to the Committee under the Plan.

 5. Grant of Awards; Shares Subject to the Plan; Limitations.  

(a) Grants. The Committee may, from time to time, grant Awards to one or more Eligible Persons. All Awards granted under the Plan shall
vest and become exercisable in such manner and on such date or dates or upon such event or events as determined by the Committee, including, without limitation, attainment of Performance Conditions. 

  
 9 

 (b) Share Reserve and Limits. Awards granted under the Plan shall be subject to the
following limitations: (i) subject to Section 11 of the Plan, no more than 23,500,000 shares of Common Stock (the “Absolute Share Limit”) shall be available for Awards under the Plan; provided, however,
that the Absolute Share Limit shall be automatically increased on the first day of each fiscal year following the fiscal year in which the Effective Date falls in an amount equal to the lower of (x) 1% of the total number of shares of Common Stock
outstanding on the last day of the immediately preceding fiscal year and (y) a lower number of shares of Common Stock as determined by the Board; (ii) subject to Section 11 of the Plan, no more than the number of shares of Common
Stock equal to the Absolute Share Limit may be issued in the aggregate pursuant to the exercise of Incentive Stock Options granted under the Plan; and (iii) during a single fiscal year, each Non-Employee
Director shall be granted a number of shares of Common Stock subject to Awards, taken together with any cash fees paid to such Non-Employee Director during such fiscal year, equal to (A) a total value of
$750,000 (calculating the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes) or (B) such lower amount as determined by the Board prior to the Date of Grant, either as part of the
Company’s Non-Employee Director compensation program or as otherwise determined by the Board in the event of any change to such Non-Employee Director’s
compensation program or for any particular period of service. To the extent the Board makes a determination pursuant to clause (iii)(B) above with respect to any year of service, such determination shall in no event be applicable to any subsequent
year of service without a further determination by the Board in respect of any subsequent year of service. 
 (c) Share Counting.
Other than with respect to Substitute Awards, to the extent that an Award expires or is canceled, forfeited, terminated, settled in cash, or otherwise is settled without issuance to the Participant of the full number of shares of Common Stock to
which the Award related, the unissued shares of Common Stock will again be available for grant under the Plan. Shares of Common Stock withheld in payment of the Exercise Price, or taxes relating to an Award, and shares equal to the number of shares
surrendered in payment of any Exercise Price, or taxes relating to an Award, shall be deemed to constitute shares not issued to the Participant and shall be deemed to again be available for Awards under the Plan; provided, however, that such
shares shall not become available for issuance hereunder if either: (i) the applicable shares are withheld or surrendered following the termination of the Plan; or (ii) at the time the applicable shares are withheld or surrendered, it
would constitute a material revision of the Plan subject to stockholder approval under any then-applicable rules of the national securities exchange on which the Common Stock is listed. 

(d) Source of Shares. Shares of Common Stock issued by the Company in settlement of Awards may be authorized and unissued shares, shares
of Common Stock held in the treasury of the Company, shares of Common Stock purchased on the open market or by private purchase, or a combination of the foregoing. 

  
 10 

 (e) Substitute Awards. Awards may, in the sole discretion of the Committee, be
granted under the Plan in assumption of, or in substitution for, outstanding Awards previously granted by an entity directly or indirectly acquired by the Company or with which the Company combines (“Substitute Awards”).
Substitute Awards shall not be counted against the Absolute Share Limit; provided, that Substitute Awards issued in connection with the assumption of, or in substitution for, outstanding Options intended to qualify as “incentive stock
options” within the meaning of Section 422 of the Code shall be counted against the aggregate number of shares of Common Stock available for Awards of Incentive Stock Options under the Plan. Subject to applicable stock exchange
requirements, available shares of Common Stock under a stockholder-approved plan of an entity directly or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to reflect the acquisition or combination
transaction) may be used for Awards under the Plan and shall not reduce the number of shares of Common Stock available for issuance under the Plan. 

6. Eligibility. Participation in the Plan shall be limited to Eligible Persons. 

7. Options.  

(a) General. Each Option granted under the Plan shall be evidenced by an Award Agreement, which agreement need not be the same for each
Participant. Each Option so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options granted under the
Plan shall be Nonqualified Stock Options unless the applicable Award Agreement expressly states that the Option is intended to be an Incentive Stock Option. Incentive Stock Options shall be granted only to Eligible Persons who are employees of a
member of the Company Group, and no Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an Incentive Stock Option under the Code. No Option shall be treated as an Incentive Stock Option unless the Plan has
been approved by the stockholders of the Company in a manner intended to comply with the stockholder approval requirements of Section 422(b)(1) of the Code; provided, that any Option intended to be an Incentive Stock Option shall not
fail to be effective solely on account of a failure to obtain such approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. In the case of an Incentive Stock Option, the terms and
conditions of such grant shall be subject to, and comply with, such rules as may be prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify as an
Incentive Stock Option, then, to the extent of such nonqualification, such Option or portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under the Plan. 

(b) Exercise Price. Except as otherwise provided by the Committee in the case of Substitute Awards, the exercise price
(“Exercise Price”) per share of Common Stock for each Option shall not be less than 100% of the Fair Market Value of such share (determined as of the Date of Grant); provided, however, that in the case of an Incentive
Stock Option granted to an employee who, at the time of the grant of such Option, owns stock representing more than 10% of the voting power of all classes of stock of any member of the Company Group, the Exercise Price per share shall be no less
than 110% of the Fair Market Value per share on the Date of Grant. 

  
 11 

 (c) Vesting and Expiration; Termination. 

(i) Options shall vest and become exercisable in such manner and on such date or dates or upon such event or events as
determined by the Committee including, without limitation, those set forth in Section 5(a) of the Plan; provided, however, that notwithstanding any such vesting dates or events, the Committee may in its sole discretion accelerate
the vesting of any Options at any time and for any reason. Options shall expire upon a date determined by the Committee, not to exceed ten years from the Date of Grant (the “Option Period”); provided, that if the
Option Period (other than in the case of an Incentive Stock Option) would expire at a time when trading in the shares of Common Stock is prohibited by the Company’s insider trading policy (or Company-imposed “blackout period”), then
the Option Period shall be automatically extended until the 30th day following the expiration of such prohibition. Notwithstanding the foregoing, in no event shall the Option Period exceed five
years from the Date of Grant in the case of an Incentive Stock Option granted to a Participant who on the Date of Grant owns stock representing more than 10% of the voting power of all classes of stock of any member of the Company Group. 

(ii) Unless otherwise provided by the Committee, whether in an Award Agreement or otherwise, in the event of: (A) a
Participant’s Termination by the Service Recipient for Cause, all outstanding Options granted to such Participant shall immediately terminate and expire; (B) a Participant’s Termination due to death or Disability, each outstanding
unvested Option granted to such Participant shall immediately terminate and expire, and each outstanding vested Option shall remain exercisable for one year thereafter (but in no event beyond the expiration of the Option Period); and (C) a
Participant’s Termination for any other reason, each outstanding unvested Option granted to such Participant shall immediately terminate and expire, and each outstanding vested Option shall remain exercisable for 90 days thereafter (but in no
event beyond the expiration of the Option Period). 
 (d) Method of Exercise and Form of Payment. No shares of Common Stock shall be
issued pursuant to any exercise of an Option until payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to any Federal, state, local, and
non-U.S. income, employment, and any other applicable taxes required to be withheld. Options which have become exercisable may be exercised by delivery of written or electronic notice of exercise to the
Company (or telephonic instructions to the extent provided by the Committee) in accordance with the terms of the Option accompanied by payment of the Exercise Price. The Exercise Price shall be payable: (i) in cash, check, cash equivalent,
and/or shares of Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of shares of Common Stock in
lieu of actual issuance of such shares to the Company); provided, that such shares of Common Stock are not subject to any pledge or other security interest and have been held by the Participant for at least six months (or such other period as
established from time to time by the Committee in order to avoid adverse accounting treatment applying generally accepted accounting principles (“GAAP”)); or (ii) by such other method as the Committee may permit in its
sole discretion, including, without limitation (A) in other property having a fair market value on the date of exercise equal to the Exercise Price; (B) if there is a public market for the shares of Common Stock at such time, by means of a
broker-assisted “cashless exercise” pursuant to which the 

  
 12 

 
Company is delivered (including telephonically to the extent permitted by the Committee) a copy of irrevocable instructions to a stockbroker to sell the shares of Common Stock otherwise issuable
upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price; or (C) a “net exercise” procedure effected by withholding the minimum number of shares of Common Stock otherwise issuable in
respect of an Option that is needed to pay the Exercise Price. Any fractional shares of Common Stock shall be settled in cash. 
 (e)
Notification upon Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date the Participant makes a disqualifying
disposition of any share of Common Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation, any sale) of such share of Common Stock before the later of
(i) the date that is two years after the Date of Grant of the Incentive Stock Option, or (ii) the date that is one year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in
accordance with procedures established by the Committee, retain possession, as agent for the applicable Participant, of any share of Common Stock acquired pursuant to the exercise of an Incentive Stock Option until the end of the period described in
the preceding sentence, subject to complying with any instructions from such Participant as to the sale of such share of Common Stock. 
 (f)
Compliance With Laws, etc. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner which the Committee determines would violate the Sarbanes-Oxley Act of 2002, as it may be amended from
time to time, or any other applicable law or the applicable rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities
of the Company are listed or traded. 
 8. Stock Appreciation Rights.  

(a) General. Each SAR granted under the Plan shall be evidenced by an Award Agreement. Each SAR so granted shall be subject to the
conditions set forth in this Section 8, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. Any Option granted under the Plan may include tandem SARs. The Committee also may award
SARs to Eligible Persons independent of any Option. 
 (b) Strike Price. Except as otherwise provided by the Committee in the case of
Substitute Awards, the strike price (“Strike Price”) per share of Common Stock for each SAR shall not be less than 100% of the Fair Market Value of such share (determined as of the Date of Grant). Notwithstanding the
foregoing, a SAR granted in tandem with (or in substitution for) an Option previously granted shall have a Strike Price equal to the Exercise Price of the corresponding Option. 

  
 13 

 (c) Vesting and Expiration; Termination. 

(i) A SAR granted in connection with an Option shall become exercisable and shall expire according to the same vesting schedule
and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become exercisable in such manner and on such date or dates or upon such event or events as determined by the Committee including, without
limitation, those set forth in Section 5(a) of the Plan; provided, however, that notwithstanding any such vesting dates or events, the Committee may, in its sole discretion, accelerate the vesting of any SAR at any time and for
any reason. SARs shall expire upon a date determined by the Committee, not to exceed ten years from the Date of Grant (the “SAR Period”); provided, that if the SAR Period would expire at a time when trading in the
shares of Common Stock is prohibited by the Company’s insider trading policy (or Company-imposed “blackout period”), then the SAR Period shall be automatically extended until the 30th day following the expiration of such prohibition. 
 (ii) Unless otherwise
provided by the Committee, whether in an Award Agreement or otherwise, in the event of: (A) a Participant’s Termination by the Service Recipient for Cause, all outstanding SARs granted to such Participant shall immediately terminate and
expire; (B) a Participant’s Termination due to death or Disability, each outstanding unvested SAR granted to such Participant shall immediately terminate and expire, and each outstanding vested SAR shall remain exercisable for one year
thereafter (but in no event beyond the expiration of the SAR Period); and (C) a Participant’s Termination for any other reason, each outstanding unvested SAR granted to such Participant shall immediately terminate and expire, and each
outstanding vested SAR shall remain exercisable for 90 days thereafter (but in no event beyond the expiration of the SAR Period). 
 (d)
Method of Exercise. SARs which have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and the
date on which such SARs were awarded. 
 (e) Payment. Upon the exercise of a SAR, the Company shall pay to the Participant an amount
equal to the number of shares subject to the SAR that is being exercised multiplied by the excess of the Fair Market Value of one share of Common Stock on the exercise date over the Strike Price, less an amount equal to any Federal, state, local,
and non-U.S. income, employment, and any other applicable taxes required to be withheld. The Company shall pay such amount in cash, in shares of Common Stock valued at Fair Market Value, or any combination
thereof, as determined by the Committee. Any fractional shares of Common Stock shall be settled in cash. 
 9. Restricted Stock and
Restricted Stock Units.  
 (a) General. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an
Award Agreement. Each Restricted Stock and Restricted Stock Unit so granted shall be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award
Agreement. 

  
 14 

 (b) Stock Certificates and Book-Entry Notation; Escrow or Similar Arrangement. Upon
the grant of Restricted Stock, the Committee shall cause a stock certificate registered in the name of the Participant to be issued or shall cause share(s) of Common Stock to be registered in the name of the Participant and held in book-entry form
subject to the Company’s directions and, if the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than issued to the Participant pending the release of the applicable restrictions, the Committee may
require the Participant to additionally execute and deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable, and (ii) the appropriate stock power (endorsed in blank) with respect to the Restricted Stock
covered by such agreement. If a Participant shall fail to execute and deliver (in a manner permitted under Section 13(a) of the Plan or as otherwise determined by the Committee) an agreement evidencing an Award of Restricted Stock and, if
applicable, an escrow agreement and blank stock power within the amount of time specified by the Committee, the Award shall be null and void. Subject to the restrictions set forth in this Section 9 and the applicable Award Agreement, a
Participant generally shall have the rights and privileges of a stockholder as to shares of Restricted Stock, including, without limitation, the right to vote such Restricted Stock and receive dividends in respect of such Restricted Stock, subject
to the limitations set forth in Section 13(c)(ii). To the extent shares of Restricted Stock are forfeited, any stock certificates issued to the Participant evidencing such shares shall be returned to the Company, and all rights of the
Participant to such shares and as a stockholder with respect thereto shall terminate without further obligation on the part of the Company. A Participant shall have no rights or privileges as a stockholder as to Restricted Stock Units. 

(c) Vesting; Termination. 

(i) Restricted Stock and Restricted Stock Units shall vest, and any applicable Restricted Period shall lapse, in such manner
and on such date or dates or upon such event or events as determined by the Committee including, without limitation, those set forth in Section 5(a) of the Plan; provided, however, that notwithstanding any such dates or events,
the Committee may, in its sole discretion, accelerate the vesting of any Restricted Stock or Restricted Stock Unit or the lapsing of any applicable Restricted Period at any time and for any reason. 

(ii) Unless otherwise provided by the Committee, whether in an Award Agreement or otherwise, in the event of a
Participant’s Termination for any reason prior to the time that such Participant’s Restricted Stock or Restricted Stock Units, as applicable, have vested, (A) all vesting with respect to such Participant’s Restricted Stock or
Restricted Stock Units, as applicable, shall cease and (B) unvested shares of Restricted Stock and unvested Restricted Stock Units, as applicable, shall be forfeited to the Company by the Participant for no consideration as of the date of such
Termination. 
 (d) Issuance of Restricted Stock and Settlement of Restricted Stock Units. 

(i) Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in
the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration the Company shall issue to the
Participant or the Participant’s beneficiary, without charge, the stock certificate (or, if applicable, a notice evidencing a book-entry notation) evidencing the shares of Restricted Stock which have not then been forfeited and with respect to
which the Restricted Period has expired (rounded down to the nearest full share). 

  
 15 

 (ii) Unless otherwise provided by the Committee in an Award Agreement or
otherwise, upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, the Company shall issue to the Participant or the Participant’s beneficiary, without charge, one share of Common Stock (or other
securities or other property, as applicable) for each such outstanding Restricted Stock Unit; provided, however, that the Committee may, in its sole discretion, elect to (A) pay cash or part cash and part shares of Common Stock in lieu
of issuing only shares of Common Stock in respect of such Restricted Stock Units or (B) defer the issuance of shares of Common Stock (or cash or part cash and part shares of Common Stock, as the case may be) beyond the expiration of the
Restricted Period if such extension would not cause adverse tax consequences under Section 409A of the Code. If a cash payment is made in lieu of issuing shares of Common Stock in respect of such Restricted Stock Units, the amount of such
payment shall be equal to the Fair Market Value per share of the Common Stock as of the date on which the Restricted Period lapsed with respect to such Restricted Stock Units. 

(e) Legends on Restricted Stock. Each certificate, if any, or book entry representing Restricted Stock awarded under the Plan, if any,
shall bear a legend or book entry notation substantially in the form of the following, in addition to any other information the Company deems appropriate, until the lapse of all restrictions with respect to such shares of Common Stock: 

TRANSFER OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF THE AVANTOR, INC. 2019 EQUITY INCENTIVE
PLAN AND A RESTRICTED STOCK AWARD AGREEMENT BETWEEN AVANTOR, INC. AND THE PARTICIPANT. A COPY OF SUCH PLAN AND AWARD AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF AVANTOR, INC. 

10. Other Equity-Based Awards and Other Cash-Based Awards. The Committee may grant Other Equity-Based Awards and Other Cash-Based
Awards under the Plan to Eligible Persons, alone or in tandem with other Awards, in such amounts and dependent on such conditions as the Committee shall from time to time in its sole discretion determine including, without limitation, those set
forth in Section 5(a) of the Plan. Each Other Equity-Based Award granted under the Plan shall be evidenced by an Award Agreement and each Other Cash-Based Award granted under the Plan shall be evidenced in such form as the Committee may
determine from time to time. Each Other Equity-Based Award or Other Cash-Based Award, as applicable, so granted shall be subject to such conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement or other form
evidencing such Award, including, without limitation, those set forth in Section 13(c) of the Plan. 
 11. Changes in Capital
Structure and Similar Events. Notwithstanding any other provision in this Plan to the contrary, the following provisions shall apply to all Awards granted hereunder (other than Other Cash-Based Awards): 

  
 16 

 (a) General. In the event of (i) any dividend (other than regular cash
dividends) or other distribution (whether in the form of cash, shares of Common Stock, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation,
split-up, split-off, spin-off, combination, repurchase, or exchange of shares of Common Stock or other securities of the Company,
issuance of warrants or other rights to acquire shares of Common Stock or other securities of the Company, or other similar corporate transaction or event that affects the shares of Common Stock (including a Change in Control), or (ii) unusual
or nonrecurring events affecting the Company, including changes in applicable rules, rulings, regulations, or other requirements, that the Committee determines, in its sole discretion, could result in substantial dilution or enlargement of the
rights intended to be granted to, or available for, Participants (any event in (i) or (ii), an “Adjustment Event”), the Committee shall, in respect of any such Adjustment Event, make such proportionate substitution or
adjustment, if any, as it deems equitable, to any or all of: (A) the Absolute Share Limit, or any other limit applicable under the Plan with respect to the number of Awards which may be granted hereunder; (B) the number of shares of Common
Stock or other securities of the Company (or number and kind of other securities or other property) which may be issued in respect of Awards or with respect to which Awards may be granted under the Plan; and (C) the terms of any outstanding
Award, including, without limitation, (I) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate;
(II) the Exercise Price or Strike Price with respect to any Award; or (III) any applicable performance measures; provided, that in the case of any “equity restructuring” (within the meaning of the Financial Accounting
Standards Board Accounting Standards Codification Topic 718 (or any successor pronouncement thereto)), the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect such equity restructuring. Any adjustment under
this Section 11 shall be conclusive and binding for all purposes. 
 (b) Adjustment Events. Without limiting the foregoing,
except as may otherwise be provided in an Award Agreement, in connection with any Adjustment Event, the Committee may, in its sole discretion, provide for any one or more of the following: 

(i) substitution or assumption of Awards (or awards of an acquiring company), acceleration of the exercisability of, lapse of
restrictions on, or termination of Awards, or a period of time (which shall not be required to be more than ten days) for Participants to exercise outstanding Awards prior to the occurrence of such event (and any such Award not so exercised shall
terminate upon the occurrence of such event); and 
 (ii) subject to any limitations or reductions as may be necessary to
comply with Section 409A of the Code, cancellation of any one or more outstanding Awards and payment to the holders of such Awards that are vested as of such cancellation (including, without limitation, any Awards that would vest as a result of
the occurrence of such event but for such cancellation or for which vesting is accelerated by the Committee in connection with such event) the value of such Awards, if any, as determined by the Committee (which value, if applicable, may be based
upon the price per share of Common Stock received or to be received by other stockholders of the Company in such 

  
 17 

 
event), including, without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by
the Committee) of the shares of Common Stock subject to such Option or SAR over the aggregate Exercise Price or Strike Price of such Option or SAR (it being understood that, in such event, any Option or SAR having a per share Exercise Price or
Strike Price equal to, or in excess of, the Fair Market Value of a share of Common Stock subject thereto may be canceled and terminated without any payment or consideration therefor), or, in the case of Restricted Stock, Restricted Stock Units, or
Other Equity-Based Awards that are not vested as of such cancellation, a cash payment or equity subject to deferred vesting and delivery consistent with the vesting restrictions applicable to such Restricted
Stock, Restricted Stock Units, or Other Equity-Based Awards prior to cancellation, or the underlying shares in respect thereof. 
 Payments to holders
pursuant to clause (ii) above shall be made in cash or, in the sole discretion of the Committee, in the form of such other consideration necessary for a Participant to receive property, cash, or securities (or combination thereof) as such
Participant would have been entitled to receive upon the occurrence of the transaction if the Participant had been, immediately prior to such transaction, the holder of the number of shares of Common Stock covered by the Award at such time (less any
applicable Exercise Price or Strike Price). 
 (c) Other Requirements. Prior to any payment or adjustment contemplated under this
Section 11, the Committee may require a Participant to (i) represent and warrant as to the unencumbered title to the Participant’s Awards; (ii) bear such Participant’s pro rata share of any post-closing indemnity
obligations, and be subject to the same post-closing purchase price adjustments, escrow terms, offset rights, holdback terms, and similar conditions as the other holders of Common Stock, subject to any limitations or reductions as may be necessary
to comply with Section 409A of the Code; and (iii) deliver customary transfer documentation as reasonably determined by the Committee. 

(d) Fractional Shares. Any adjustment provided under this Section 11 may provide for the elimination of any fractional share
that might otherwise become subject to an Award. 
 (e) Binding Effect. Any adjustment, substitution, determination of value or other
action taken by the Committee under this Section 11 shall be conclusive and binding for all purposes. 
 12. Amendments and
Termination.  
 (a) Amendment and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate
the Plan or any portion thereof at any time; provided, that no such amendment, alteration, suspension, discontinuance, or termination shall be made without stockholder approval if: (i) such approval is necessary to comply with any
regulatory requirement applicable to the Plan (including, without limitation, as necessary to comply with any rules or regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company may be listed or
quoted) or for changes in GAAP to new accounting standards; (ii) it would materially increase the number of securities which may be issued under the Plan (except for increases pursuant to Section 5 or 11 of the Plan), or (iii) it

  
 18 

 
would materially modify the requirements for participation in the Plan; provided, further, that any such amendment, alteration, suspension, discontinuance, or termination that would
materially and adversely affect the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder, or beneficiary.
Notwithstanding the foregoing, no amendment shall be made to the last proviso of Section 12(b) of the Plan without stockholder approval. 

(b) Amendment of Award Agreements. The Committee may, to the extent consistent with the terms of the Plan and any applicable Award
Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel, or terminate, any Award theretofore granted or the associated Award Agreement, prospectively or retroactively (including after a
Participant’s Termination); provided, that, other than pursuant to Section 11, any such waiver, amendment, alteration, suspension, discontinuance, cancellation, or termination that would materially and adversely affect the rights of
any Participant with respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant; provided, further, that without stockholder approval, except as otherwise permitted under
Section 11 of the Plan, (i) no amendment or modification may reduce the Exercise Price of any Option or the Strike Price of any SAR; (ii) the Committee may not cancel any outstanding Option or SAR and replace it with a new Option or
SAR (with a lower Exercise Price or Strike Price, as the case may be) or other Award or cash payment that is greater than the intrinsic value (if any) of the canceled Option or SAR; and (iii) the Committee may not take any other action which is
considered a “repricing” for purposes of the stockholder approval rules of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or quoted. 

13. General. 
 (a) Award
Agreements. Each Award (other than an Other Cash-Based Award) under the Plan shall be evidenced by an Award Agreement, which shall be delivered to the Participant to whom such Award was granted and shall specify the terms and conditions of the
Award and any rules applicable thereto, including, without limitation, the effect on such Award of the death, Disability, or Termination of a Participant, or of such other events as may be determined by the Committee. For purposes of the Plan, an
Award Agreement may be in any such form (written or electronic) as determined by the Committee (including, without limitation, a Board or Committee resolution, an employment agreement, a notice, a certificate, or a letter) evidencing the Award. The
Committee need not require an Award Agreement to be signed by the Participant or a duly authorized representative of the Company. 
 (b)
Nontransferability. 
 (i) Each Award shall be exercisable only by such Participant to whom such Award was granted
during the Participant’s lifetime, or, if permissible under applicable law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold, or otherwise transferred or encumbered by a
Participant (unless such transfer is specifically required pursuant to a domestic relations order or by applicable law) other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment,
sale, transfer, or encumbrance shall be void and unenforceable against any member of the Company Group; provided, that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer, or
encumbrance. 

  
 19 

 (ii) Notwithstanding the foregoing, the Committee may, in its sole
discretion, permit Awards (other than Incentive Stock Options) to be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award Agreement to preserve the purposes of the
Plan, to: (A) any Person who is a “family member” of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act or any successor form of registration
statement promulgated by the Securities and Exchange Commission (collectively, the “Immediate Family Members”); (B) a trust solely for the benefit of the Participant and the Participant’s Immediate Family Members;
(C) a partnership or limited liability company whose only partners or stockholders are the Participant and the Participant’s Immediate Family Members; or (D) a beneficiary to whom donations are eligible to be treated as
“charitable contributions” for federal income tax purposes (each transferee described in clauses (A), (B), (C), and (D) above is hereinafter referred to as a “Permitted Transferee”); provided, that the
Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan. 

(iii) The terms of any Award transferred in accordance with clause (ii) above shall apply to the Permitted Transferee and
any reference in the Plan or in any applicable Award Agreement to a Participant shall be deemed to refer to the Permitted Transferee, except that: (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the
laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration statement on an appropriate form covering the shares of Common Stock to be
acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is necessary or appropriate; (C) neither the Committee nor the Company shall be
required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise; and (D) the consequences of a Participant’s
Termination under the terms of the Plan and the applicable Award Agreement shall continue to be applied with respect to the Participant, including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the
extent, and for the periods, specified in the Plan and the applicable Award Agreement. 
 (c) Dividends and Dividend Equivalents. 

(i) The Committee may, in its sole discretion, provide a Participant as part of an Award with dividends, dividend equivalents,
or similar payments in respect of Awards, payable in cash, shares of Common Stock, other securities, other Awards or other property, on a current or deferred basis, on such terms and conditions as may be determined by the Committee in its sole
discretion, including, without limitation, payment directly to the Participant, withholding of such amounts by the Company subject to vesting of the Award or reinvestment in additional shares of Common Stock, Restricted Stock or other Awards. 

  
 20 

 (ii) Without limiting the foregoing, unless otherwise provided in the Award
Agreement, any dividend otherwise payable in respect of any share of Restricted Stock that remains subject to vesting conditions at the time of payment of such dividend shall be retained by the Company, remain subject to the same vesting conditions
as the share of Restricted Stock to which the dividend relates and shall be delivered (without interest) to the Participant within 15 days following the date on which such restrictions on such Restricted Stock lapse (and the right to any such
accumulated dividends shall be forfeited upon the forfeiture of the Restricted Stock to which such dividends relate). 

(iii) To the extent provided in an Award Agreement, the holder of outstanding Restricted Stock Units shall be entitled to be
credited with dividend equivalent payments (upon the payment by the Company of dividends on shares of Common Stock) either in cash or, in the sole discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to the amount
of such dividends (and interest may, in the sole discretion of the Committee, be credited on the amount of cash dividend equivalents at a rate and subject to such terms as determined by the Committee), which accumulated dividend equivalents (and
interest thereon, if applicable) shall be payable at the same time as the underlying Restricted Stock Units are settled following the date on which the Restricted Period lapses with respect to such Restricted Stock Units, and if such Restricted
Stock Units are forfeited, the Participant shall have no right to such dividend equivalent payments (or interest thereon, if applicable). 

(d) Tax Withholding. 

(i) A Participant shall be required to pay to the Company or one or more of its Subsidiaries, as applicable, an amount in cash
(by check or wire transfer) equal to the aggregate amount of any income, employment, and/or other applicable taxes that are statutorily required to be withheld in respect of an Award. Alternatively, the Company or any of its Subsidiaries may elect,
in its sole discretion, to satisfy this requirement by withholding such amount from any cash compensation or other cash amounts owing to a Participant. 

(ii) Without limiting the foregoing, the Committee may (but is not obligated to), in its sole discretion, permit or require a
Participant to satisfy all or any portion of the minimum income, employment, and/or other applicable taxes that are statutorily required to be withheld with respect to an Award by: (A) the delivery of shares of Common Stock (which are not
subject to any pledge or other security interest) that have been both held by the Participant and vested for at least six months (or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment
under applicable accounting standards) having an aggregate Fair Market Value equal to such minimum statutorily required withholding liability (or portion thereof); or (B) having the Company withhold from the shares of Common Stock otherwise
issuable or deliverable to, or that would otherwise be retained by, the Participant upon the grant, exercise, vesting, or settlement of the Award, as applicable, a number of shares of Common Stock with an aggregate Fair Market Value equal to an
amount, subject to clause (iii) below, not in excess of such minimum statutorily required withholding liability (or portion thereof). 

  
 21 

 (iii) The Committee, subject to its having considered the applicable
accounting impact of any such determination, has full discretion to allow Participants to satisfy, in whole or in part, any additional income, employment, and/or other applicable taxes payable by them with respect to an Award by electing to have the
Company withhold from the shares of Common Stock otherwise issuable or deliverable to, or that would otherwise be retained by, a Participant upon the grant, exercise, vesting, or settlement of the Award, as applicable, shares of Common Stock having
an aggregate Fair Market Value that is greater than the applicable minimum required statutory withholding liability (but such withholding may in no event be in excess of the maximum statutory withholding amount(s) in a Participant’s relevant
tax jurisdictions). 
 (e) Data Protection. By participating in the Plan or accepting any rights granted under it, each Participant
consents to the collection and processing of personal data relating to the Participant so that the Company and its Affiliates can fulfill their obligations and exercise their rights under the Plan and generally administer and manage the Plan. This
data will include, but may not be limited to, data about participation in the Plan and shares offered or received, purchased, or sold under the Plan from time to time and other appropriate financial and other data (such as the date on which the
Awards were granted) about the Participant and the Participant’s participation in the Plan. 
 (f) No Claim to Awards; No Rights to
Continued Employment; Waiver. No employee of any member of the Company Group, or other Person, shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of
any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not
be the same with respect to each Participant and may be made selectively among Participants, whether or not such Participants are similarly situated. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any
right to be retained in the employ or service of the Service Recipient or any other member of the Company Group, nor shall it be construed as giving any Participant any rights to continued service on the Board. The Service Recipient or any other
member of the Company Group may at any time dismiss a Participant from employment or discontinue any consulting relationship, free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or any Award
Agreement. By accepting an Award under the Plan, a Participant shall thereby be deemed to have waived any claim to continued exercise or vesting of an Award or to damages or severance entitlement related to
non-continuation of the Award beyond the period provided under the Plan or any Award Agreement, except to the extent of any provision to the contrary in any written employment contract or other agreement
between the Service Recipient and/or any member of the Company Group and the Participant, whether any such agreement is executed before, on, or after the Date of Grant. 

  
 22 

 (g) Designation and Change of Beneficiary. Each Participant may file with the
Committee a written designation of one or more Persons as the beneficiary or beneficiaries, as applicable, who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon the Participant’s death. A
Participant may, from time to time, revoke or change the Participant’s beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Committee. The last such designation received by the Committee
shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant’s death, and in no event shall it be effective as of a date prior
to such receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be the Participant’s spouse or, if the Participant is unmarried at the time of death, the Participant’s estate. 

(h) Termination. Except as otherwise provided in an Award Agreement, unless determined otherwise by the Committee at any point following
such event: (i) neither a temporary absence from employment or service due to illness, vacation, or leave of absence (including, without limitation, a call to active duty for military service through a Reserve or National Guard unit) nor a
transfer from employment or service with one Service Recipient to employment or service with another Service Recipient (or vice-versa) shall be considered a Termination; and (ii) if a Participant undergoes a Termination, but such Participant
continues to provide services to the Company Group in a non-employee capacity, such change in status shall not be considered a Termination for purposes of the Plan. Further, unless otherwise determined by the
Committee, in the event that any Service Recipient ceases to be a member of the Company Group (by reason of sale, divestiture, spin-off, or other similar transaction), unless a Participant’s employment or
service is transferred to another entity that would constitute a Service Recipient immediately following such transaction, such Participant shall be deemed to have suffered a Termination hereunder as of the date of the consummation of such
transaction. 
 (i) No Rights as a Stockholder. Except as otherwise specifically provided in the Plan or any Award Agreement, no
Person shall be entitled to the privileges of ownership in respect of shares of Common Stock which are subject to Awards hereunder until such shares have been issued or delivered to such Person. 

(j) Government and Other Regulations. 

(i) The obligation of the Company to settle Awards in shares of Common Stock or other consideration shall be subject to all
applicable laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell,
and shall be prohibited from offering to sell or selling, any shares of Common Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless
the Company has received an opinion of counsel (if the Company has requested such an opinion), satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms
and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities Act any of the shares of Common Stock to be offered or sold under the Plan. The Committee shall have
the authority to provide that all shares of Common Stock or other securities of 

  
 23 

 
any member of the Company Group issued under the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee may deem
advisable under the Plan, the applicable Award Agreement, the Federal securities laws, or the rules, regulations, and other requirements of the Securities and Exchange Commission and any securities exchange or inter-dealer quotation system on which
the securities of the Company are listed or quoted, and any other applicable Federal, state, local, or non-U.S. laws, rules, regulations, and other requirements, and, without limiting the generality of
Section 9 of the Plan, the Committee may cause a legend or legends to be put on certificates representing shares of Common Stock or other securities of any member of the Company Group issued under the Plan to make appropriate reference to such
restrictions or may cause such Common Stock or other securities of any member of the Company Group issued under the Plan in book-entry form to be held subject to the Company’s instructions or subject to appropriate stop-transfer orders.
Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to add, at any time, any additional terms or provisions to any Award granted under the Plan that the Committee, in its sole discretion, deems necessary or
advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject. 

(ii) The Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or
contractual restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of shares of Common Stock from the public markets, the Company’s issuance of Common Stock to the Participant, the
Participant’s acquisition of Common Stock from the Company, and/or the Participant’s sale of Common Stock to the public markets, illegal, impracticable, or inadvisable. If the Committee determines to cancel all or any portion of an Award
in accordance with the foregoing, the Company shall, subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code: (A) pay to the Participant an amount equal to the excess of (I) the aggregate
Fair Market Value of the shares of Common Stock subject to such Award or portion thereof canceled (determined as of the applicable exercise date, or the date that the shares would have been vested or issued, as applicable), over (II) the
aggregate Exercise Price or Strike Price (in the case of an Option or SAR, respectively) or any amount payable as a condition of issuance of shares of Common Stock (in the case of any other Award), with such amount being delivered to the Participant
as soon as practicable following the cancellation of such Award or portion thereof or (B) in the case of Restricted Stock, Restricted Stock Units, or Other Equity-Based Awards, provide the Participant with a cash payment or equity subject to
deferred vesting and delivery consistent with the vesting restrictions applicable to such Restricted Stock, Restricted Stock Units, or Other Equity-Based Awards, or the underlying shares in respect thereof. 

(k) Section 83(b) Elections. If a Participant, in connection with the acquisition of shares of Common Stock under the
Plan or otherwise, makes an election under Section 83(b) of the Code or a similar provision of law, the Participant shall notify the Company of such election within ten days of filing notice of the election with the Internal Revenue Service or
other governmental authority, in addition to any filing and notification required pursuant to Section 83(b) of the Code or other applicable provision. 

  
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 (l) Payments to Persons Other Than Participants. If the Committee shall find that any
Person to whom any amount is payable under the Plan is unable to care for the Participant’s affairs because of illness or accident, or is a minor, or has died, then any payment due to such Person or the Participant’s estate (unless a prior
claim therefor has been made by a duly appointed legal representative) may, if the Committee so directs the Company, be paid to the Participant’s spouse, child, relative, an institution maintaining or having custody of such Person, or any other
Person deemed by the Committee to be a proper recipient on behalf of such Person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor. 

(m) Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor the submission of the Plan to the stockholders of the
Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of
equity-based awards otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific cases. 

(n) No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind
or a fiduciary relationship between any member of the Company Group, on the one hand, and a Participant or other Person, on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying any
obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company be obligated to maintain separate bank accounts, books,
records, or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company, except that
insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other service providers under general law. 

(o) Reliance on Reports. Each member of the Committee and each member of the Board shall be fully justified in acting or failing to act,
as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent public accountant of any member of the Company Group and/or any other information furnished in
connection with the Plan by any agent of the Company or the Committee or the Board, other than himself or herself. 
 (p) Relationship to
Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance, or other benefit plan of the Company except as otherwise specifically provided in
such other plan or as required by applicable law. 
 (q) Governing Law. The Plan shall be governed by and construed in accordance with
the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws’ provisions thereof. EACH PARTICIPANT WHO ACCEPTS AN AWARD IRREVOCABLY
WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION, OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTICIPANT IN RESPECT OF THE PARTICIPANT’S RIGHTS OR OBLIGATIONS HEREUNDER. 

  
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 (r) Severability. If any provision of the Plan or any Award or Award Agreement is or
becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed
amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be construed or deemed stricken
as to such jurisdiction, Person, or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 
 (s)
Obligations Binding on Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation, or other reorganization of the Company, or upon any
successor corporation or organization succeeding to substantially all of the assets and business of the Company. 
 (t)
Section 409A of the Code. 
 (i) Notwithstanding any provision of the Plan to the contrary, it is
intended that the provisions of the Plan comply with Section 409A of the Code, and all provisions of the Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under
Section 409A of the Code. Each Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection with the Plan (including any taxes and penalties
under Section 409A of the Code), and neither the Service Recipient nor any other member of the Company Group shall have any obligation to indemnify or otherwise hold such Participant (or any beneficiary) harmless from any or all of such taxes
or penalties. With respect to any Award that is considered “deferred compensation” subject to Section 409A of the Code, references in the Plan to “termination of employment” (and substantially similar phrases) shall mean
“separation from service” within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that may be made in respect of any Award granted under the Plan is designated as a separate
payment. 
 (ii) Notwithstanding anything in the Plan to the contrary, if a Participant is a “specified employee”
within the meaning of Section 409A(a)(2)(B)(i) of the Code, no payments in respect of any Awards that are “deferred compensation” subject to Section 409A of the Code and which would otherwise be payable upon the
Participant’s “separation from service” (as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six months after the date of such Participant’s “separation from service”
or, if earlier, the date of the Participant’s death. Following any applicable six-month delay, all such delayed payments will be paid in a single lump sum on the earliest date permitted under
Section 409A of the Code that is also a business day. 

  
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 (iii) Unless otherwise provided by the Committee in an Award Agreement or
otherwise, in the event that the timing of payments in respect of any Award (that would otherwise be considered “deferred compensation” subject to Section 409A of the Code) are accelerated upon the occurrence of (A) a Change in
Control, no such acceleration shall be permitted unless the event giving rise to the Change in Control satisfies the definition of a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion
of the assets of a corporation pursuant to Section 409A of the Code or (B) a Disability, no such acceleration shall be permitted unless the Disability also satisfies the definition of “Disability” pursuant to Section 409A of
the Code. 
 (u) Clawback/Repayment. All Awards shall be subject to reduction, cancellation, forfeiture or recoupment to the extent
necessary to comply with (i) any clawback, forfeiture or other similar policy adopted by the Board or the Committee and as in effect from time to time; and (ii) applicable law. Further, unless otherwise determined by the Committee, to the
extent that the Participant receives any amount in excess of the amount that the Participant should otherwise have received under the terms of the Award for any reason (including, without limitation, by reason of a financial restatement, mistake in
calculations or other administrative error), the Participant shall be required to repay any such excess amount to the Company. 
 (v)
Detrimental Activity. Notwithstanding anything to the contrary contained herein, if a Participant has engaged in any Detrimental Activity, as determined by the Committee, the Committee may, in its sole discretion, provide for one or more of
the following: 
 (i) cancellation of any or all of such Participant’s outstanding Awards; or 

(ii) forfeiture by the Participant of any gain realized on the vesting or exercise of Awards, and repayment of any such gain
promptly to the Company. 
 (w) Right of Offset. The Company will have the right to offset against its obligation to deliver shares of
Common Stock (or other property or cash) under the Plan or any Award Agreement any outstanding amounts (including, without limitation, travel and entertainment or advance account balances, loans, repayment obligations under any Awards, or amounts
repayable to the Company pursuant to tax equalization, housing, automobile, or other employee programs) that the Participant then owes to any member of the Company Group and any amounts the Committee otherwise deems appropriate pursuant to any tax
equalization policy or agreement. Notwithstanding the foregoing, if an Award is “deferred compensation” subject to Section 409A of the Code, the Committee will have no right to offset against its obligation to deliver shares of Common
Stock (or other property or cash) under the Plan or any Award Agreement if such offset could subject the Participant to the additional tax imposed under Section 409A of the Code in respect of an outstanding Award. 

(x) Expenses; Titles and Headings. The expenses of administering the Plan shall be borne by the Company Group. The titles and headings
of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 

  
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