Document:

EX-10.2

 Exhibit 10.2 

Execution Version 

EQUAL PRIORITY INTERCREDITOR AGREEMENT 

among 
 WW INTERNATIONAL, INC.,

 THE OTHER GRANTORS PARTY HERETO, 

BANK OF AMERICA, N.A., 
 as Senior
Credit Facilities Collateral Agent for the Senior Credit Facilities Secured Parties, 
 THE BANK OF NEW YORK MELLON, 

as the Notes Collateral Agent for the Indenture Secured Parties, 

and 
 each Additional Agent from
time to time party hereto 
 dated as of April 13, 2021 

 TABLE OF CONTENTS 
  

							
	 ARTICLE I DEFINITIONS
	  	 	1	
			
	 SECTION 1.01.
	 	 Certain Defined Terms
	  	 	1	
	 SECTION 1.02.
	 	 Terms Generally
	  	 	7	
	 SECTION 1.03.
	 	 Impairments
	  	 	8	
		
	 ARTICLE II PRIORITIES AND AGREEMENTS WITH RESPECT TO SHARED COLLATERAL
	  	 	9	
			
	 SECTION 2.01.
	 	 Priority of Claims
	  	 	9	
	 SECTION 2.02.
	 	 Actions with Respect to Shared Collateral; Prohibition on Contesting Liens
	  	 	9	
	 SECTION 2.03.
	 	 No Interference; Payment Over
	  	 	11	
	 SECTION 2.04.
	 	 Automatic Release of Liens; Amendments to Equal Priority Security Documents
	  	 	11	 
	 SECTION 2.05.
	 	 Certain Agreements with Respect to Bankruptcy or Insolvency Proceedings
	  	 	12	
	 SECTION 2.06.
	 	 Reinstatement
	  	 	13	
	 SECTION 2.07.
	 	 Insurance
	  	 	13	
	 SECTION 2.08.
	 	 Refinancings
	  	 	13	
	 SECTION 2.09.
	 	 Possessory Collateral Agent as Gratuitous Bailee for Perfection
	  	 	13	
		
	 ARTICLE III EXISTENCE AND AMOUNTS OF LIENS AND OBLIGATIONS
	  	 	14	
			
	 SECTION 3.01.
	 	 Determinations with Respect to Amounts of Liens and Obligations
	  	 	14	
		
	 ARTICLE IV THE CONTROLLING COLLATERAL AGENT
	  	 	15	
			
	 SECTION 4.01.
	 	 Appointment and Authority
	  	 	15	
	 SECTION 4.02.
	 	 Rights as an Equal Priority Secured Party
	  	 	16	
	 SECTION 4.03.
	 	 Exculpatory Provisions
	  	 	17	
	 SECTION 4.04.
	 	 Collateral and Guaranty Matters
	  	 	17	
		
	 ARTICLE V MISCELLANEOUS
	  	 	18	
			
	 SECTION 5.01.
	 	 Notices
	  	 	18	
	 SECTION 5.02.
	 	 Waivers; Amendment; Joinder Agreements
	  	 	19	
	 SECTION 5.03.
	 	 Parties in Interest
	  	 	20	
	 SECTION 5.04.
	 	 Survival of Agreement
	  	 	20	
	 SECTION 5.05.
	 	 Counterparts
	  	 	20	
	 SECTION 5.06.
	 	 Severability
	  	 	20	
	 SECTION 5.07.
	 	 Authorization
	  	 	21	
	 SECTION 5.08.
	 	 Submission to Jurisdiction Waivers; Consent to Service of Process
	  	 	21	
	 SECTION 5.09.
	 	 GOVERNING LAW; WAIVER OF JURY TRIAL
	  	 	21	
	 SECTION 5.10.
	 	 Headings
	  	 	22	
	 SECTION 5.11.
	 	 Conflicts
	  	 	22	
	 SECTION 5.12.
	 	 Provisions Solely to Define Relative Rights
	  	 	22	
	 SECTION 5.13.
	 	 Additional Equal Priority Obligations
	  	 	22	
	 SECTION 5.14.
	 	 Integration
	  	 	23	
	 SECTION 5.15.
	 	 [Reserved]
	  	 	23	
	 SECTION 5.16.
	 	 Information Concerning Financial Condition of the Borrower and the other Grantors
	  	 	23	
	 SECTION 5.17.
	 	 Additional Grantors
	  	 	24	
	 SECTION 5.18.
	 	 Further Assurances
	  	 	24	
	 SECTION 5.19.
	 	 Senior Credit Facilities Collateral Agent and Notes Collateral Agent
	  	 	24	

  
 i 

 EQUAL PRIORITY INTERCREDITOR AGREEMENT, dated as of April 13, 2021 (as amended,
restated, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”), among WW International, Inc., a Virginia corporation (the “Borrower”), the other Grantors (as defined below)
party hereto, Bank of America, N.A., as collateral agent for the Senior Credit Facilities Secured Parties (as defined below) (in such capacity and together with its successors in such capacity, the “Senior Credit Facilities Collateral
Agent”), The Bank of New York Mellon, as collateral agent for the Indenture Secured Parties (as defined below) (in such capacity and together with its successors in such capacity, the “Notes Collateral Agent”), and each
Additional Agent from time to time party hereto for the Additional Equal Priority Secured Parties of the Series with respect to which it is acting in such capacity. 

In consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Senior Credit Facilities Collateral Agent (for itself and on behalf of the Senior Credit Facilities Secured Parties), the Notes Collateral Agent (for itself and on behalf of the Indenture Secured Parties) and each Additional
Agent (for itself and on behalf of the Additional Equal Priority Secured Parties of the applicable Series) agree as follows: 
 ARTICLE I

 Definitions 

SECTION 1.01. Certain Defined Terms. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Senior
Credit Agreement and the Indenture, as applicable, with the Senior Credit Agreement controlling in the event of discrepancies, or, if defined in the New York UCC, the meanings specified therein. As used in this Agreement, the following terms have
the meanings specified below: 
 “Additional Agent” means the collateral agent and the administrative agent and/or trustee
(as applicable) or any other similar agent or Person under any Additional Equal Priority Documents, in each case, together with its successors in such capacity. 

“Additional Equal Priority Debt Facility” means one or more debt facilities, commercial paper facilities or indentures with
respect to which the requirements of Section 5.13 of this Agreement have been satisfied, in each case with banks, other lenders or trustees providing for revolving credit loans, term loans, letters of credit, notes or other borrowings, in each
case, as amended, restated, supplemented or otherwise modified, refinanced or replaced from time to time; provided that neither the Senior Credit Agreement nor the Indenture shall constitute an Additional Equal Priority Debt Facility at any
time. 
 “Additional Equal Priority Documents” means, with respect to any Series of Additional Equal Priority Obligations,
the notes, credit agreements, indentures, security documents and other operative agreements evidencing or governing such indebtedness, and each other agreement entered into for the purpose of securing any Series of Additional Equal Priority
Obligations. 

 “Additional Equal Priority Obligations” means, with respect to any
Additional Equal Priority Debt Facility, (a) all principal of, and interest (including, without limitation, any interest, fees and other amounts that accrue after the commencement of any Bankruptcy Case, whether or not allowed or allowable as a
claim in any such proceeding) payable with respect to, such Additional Equal Priority Debt Facility, (b) all other amounts payable to the related Additional Equal Priority Secured Parties under the related Additional Equal Priority Documents
and (c) any Refinancing of the foregoing. 
 “Additional Equal Priority Secured Party” means, with respect to any
Series of Additional Equal Priority Obligations, the holders of such Additional Equal Priority Obligations, the Additional Agent with respect thereto, any trustee or agent or any other similar agent or Person therefor under any related Additional
Equal Priority Documents and the beneficiaries of each indemnification obligation undertaken by the Borrower or any guarantor under any related Additional Equal Priority Documents. 

“Agreement” has the meaning assigned to such term in the preamble hereto. 

“Bankruptcy Case” has the meaning assigned to such term in Section 2.05(b). 

“Bankruptcy Code” means Title 11 of the United States Code (11 U.S.C. § 101 et seq.). 

“Bankruptcy Law” means the Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, general assignment for the
benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of the U.S. or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 

“Borrower” has the meaning assigned to such term in the preamble hereto. 

“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, New York City. 
 “Collateral” means all assets and properties subject to
Liens created pursuant to any Equal Priority Security Document to secure one or more Series of Equal Priority Obligations. 

“Collateral Agent” means (a) in the case of any Senior Credit Facilities Obligations, the Senior Credit Facilities
Collateral Agent, (b) in the case of the Indenture Obligations, the Notes Collateral Agent, and (c) in the case of any Series of Additional Equal Priority Obligations or Additional Equal Priority Secured Parties that become subject to this
Agreement after the date hereof, the Additional Agent named for such Series in the applicable Joinder Agreement. 
 “Controlling
Collateral Agent” means, with respect to any Shared Collateral, (a) until the Controlling Collateral Agent Change Date, the Senior Credit Facilities Collateral Agent and (b) from and after the Controlling Collateral Agent Change
Date, the Major Non-Controlling Collateral Agent. 

  
 2 

 “Controlling Collateral Agent Change Date” means the earlier of
(a) the Discharge of Senior Credit Facilities Obligations and (b) the Non-Controlling Collateral Agent Enforcement Date. 

“Controlling Secured Parties” means, with respect to any Shared Collateral, the Series of Equal Priority Secured Parties
whose Collateral Agent is the Controlling Collateral Agent for such Shared Collateral. 
 “DIP Financing” has the meaning
assigned to such term in Section 2.05(b). 
 “DIP Financing Liens” has the meaning assigned to such term in
Section 2.05(b). 
 “DIP Lenders” has the meaning assigned to such term in Section 2.05(b). 

“Discharge” means, with respect to any Shared Collateral and any Series of Equal Priority Obligations, the date on which such
Series of Equal Priority Obligations is no longer secured by such Shared Collateral. The term “Discharged” shall have a corresponding meaning. 

“Discharge of Equal Priority Obligations” means, with respect to any Shared Collateral, the Discharge of all Equal Priority
Obligations with respect to such Shared Collateral. 
 “Discharge of Senior Credit Facilities Obligations” means, with
respect to any Shared Collateral, the Discharge of all Senior Credit Facilities Obligations with respect to such Shared Collateral; provided that a Discharge of Senior Credit Facilities Obligations shall not be deemed to have occurred in
connection with a Refinancing of such Senior Credit Facilities Obligations with additional Equal Priority Obligations secured by such Shared Collateral under an agreement that has been designated in writing by the Senior Credit Facilities Collateral
Agent or by the Borrower, in each case, to each other Collateral Agent as the “Senior Credit Agreement” for purposes of this Agreement. 

“Electronic Means” means the following communications methods: e-mail, facsimile
transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Notes Collateral Agent, or another method or system specified by the Notes Collateral Agent as available for
use in connection with its services hereunder. 
 “Equal Priority Obligations” means, collectively, (a) the Senior
Credit Facilities Obligations, (b) the Indenture Obligations and (c) each Series of Additional Equal Priority Obligations. 

“Equal Priority Secured Parties” means (a) the Senior Credit Facilities Secured Parties, (b) the Indenture Secured
Parties and (c) the Additional Equal Priority Secured Parties with respect to each Series of Additional Equal Priority Obligations. 

“Equal Priority Security Documents” means the Senior Credit Facilities Security Agreement, the other Security Documents (as
defined in the Senior Credit Agreement), the Notes Security Agreement, the other Security Documents (as defined in the Indenture) and each other agreement entered into in favor of any Collateral Agent for the purpose of securing any Series of Equal
Priority Obligations and any Junior Priority Intercreditor Agreement. 

  
 3 

 “Event of Default” means an “Event of Default” (or any other
similarly defined term) as defined in any Secured Credit Document. 
 “Grantors” means the Borrower and each Subsidiary of
the Borrower that has granted a security interest pursuant to any Equal Priority Security Document to secure any Series of Equal Priority Obligations. The Grantors existing on the date hereof are set forth in Annex I hereto. 

“Impairment” has the meaning assigned to such term in Section 1.03. 

“Indenture” means that certain Indenture, dated as of April 13, 2021, among the Borrower, the guarantors party thereto
and The Bank of New York Mellon, as trustee and notes collateral agent, as such Indenture may be further amended, restated, supplemented, increased or otherwise modified, refinanced or replaced from time to time. 

“Indenture Obligations” means the “Secured Obligations” as defined in the Notes Security Agreement. 

“Indenture Secured Parties” means the “Secured Parties” as defined in the Notes Security Agreement. 

“Insolvency or Liquidation Proceeding” means: 

(a) any case or proceeding commenced by or against the Borrower or any other Grantor under the Bankruptcy Code or any other
Bankruptcy Law, any other case or proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of the Borrower or any other Grantor, any receivership or assignment for the benefit of creditors
relating to the Borrower or any other Grantor or any similar case or proceeding relative to the Borrower or any other Grantor or its creditors, as such, in each case whether or not voluntary; 

(b) any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to the Borrower or
any other Grantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or 
 (c) any
other case or proceeding of any type or nature in which substantially all claims of creditors of the Borrower or any other Grantor are determined and any payment or distribution is or may be made on account of such claims. 

“Intervening Creditor” shall have the meaning assigned to such term in Section 2.01(a). 

“Joinder Agreement” means a supplement to this Agreement in the form of Annex II hereof required to be delivered by an
Additional Agent to the Controlling Collateral Agent pursuant to Section 5.13 hereto in order to establish a Series of Additional Equal Priority Obligations and become Additional Equal Priority Secured Parties hereunder. 

  
 4 

 “Junior Priority Intercreditor Agreement” means (i) a “Junior
Priority Intercreditor Agreement” substantially in the form of Exhibit Q-2 to the Senior Credit Agreement and Exhibit D to the Indenture or (ii) an intercreditor agreement that constitutes both
(A) an “Acceptable Junior Priority Intercreditor Agreement” for purposes of the Indenture and (B) a “Customary Intercreditor Agreement” for purposes of the Senior Credit Agreement. 

“Major Non-Controlling Collateral Agent” means, with respect to any Shared Collateral
and at any time, the Collateral Agent (other than the Senior Credit Facilities Collateral Agent) of the Series of Equal Priority Obligations that constitutes the largest outstanding aggregate principal amount of any then outstanding Series of Equal
Priority Obligations (excluding the Series of Senior Credit Facilities Obligations) with respect to such Shared Collateral. 
 “New
York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York. 
 “Non-Controlling Collateral Agent” means, at any time with respect to any Shared Collateral, any Collateral Agent that is not the Controlling Collateral Agent at such time with respect to such Shared
Collateral. 
 “Non-Controlling Collateral Agent Enforcement Date” means, with
respect to any Non-Controlling Collateral Agent, the date that is 90 days (throughout which 90-day period such Non-Controlling
Collateral Agent was the Major Non-Controlling Collateral Agent) after the occurrence of both (a) an Event of Default under and as defined in the Secured Credit Documents for the applicable Series of
Equal Priority Obligations under which such Non-Controlling Collateral Agent is the Collateral Agent, but only for so long as such Event of Default is continuing and (b) the Controlling Collateral Agent
and each other Collateral Agent’s receipt of written notice from such Non-Controlling Collateral Agent certifying that (i) such Non-Controlling Collateral
Agent is the Major Non-Controlling Collateral Agent and that an Event of Default under and as defined in the Secured Credit Documents under which such Non-Controlling
Collateral Agent is the Collateral Agent has occurred and is continuing and (ii) the Equal Priority Obligations of the Series with respect to which such Non-Controlling Collateral Agent is the Collateral
Agent are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the applicable Secured Credit Documents for that Series of Equal Priority Obligations; provided that the Non-Controlling Collateral Agent Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred with respect to any Shared Collateral (x) at any time the Controlling Collateral
Agent has commenced and is diligently pursuing any enforcement action with respect to such Shared Collateral or (y) at any time that the Grantor that has granted a security interest in such Shared Collateral is then a debtor under or with
respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding. 

“Non-Controlling Secured Parties” means, with respect to any Shared Collateral, the
Equal Priority Secured Parties that are not Controlling Secured Parties with respect to such Shared Collateral. 

  
 5 

 “Notes Collateral Agent” has the meaning assigned to such term in the
preamble hereto. 
 “Notes Security Agreement” means the “Security Agreement” as defined in the Indenture. 

“Possessory Collateral” means any Shared Collateral in the possession of any Collateral Agent (or its agents or bailees), to
the extent that possession thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction. Possessory Collateral includes, without limitation, any certificated Securities, Instruments and Tangible Chattel Paper, in each case,
delivered to or in the possession of the Collateral Agent under the terms of the Equal Priority Security Documents. 

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

“Refinance” means, with respect to any Indebtedness, to refinance, extend, renew, defease, amend, increase, restate, modify,
supplement, restructure, refund, replace, repay, redeem, repurchase, acquire, prepay, retire or extinguish such Indebtedness or to enter into alternative financing arrangements to exchange or replace (in whole or in part) such Indebtedness,
including by adding or replacing lenders, creditors, agents, borrowers and/or guarantors, or, after the original instrument giving rise to such Indebtedness has been terminated, by entering into any credit agreement, loan agreement, note purchase
agreement, indenture or other agreement. “Refinanced” and “Refinancing” have correlative meanings. 

“Secured Credit Document” means (a) the Senior Credit Agreement and each other Loan Document (as defined in the Senior
Credit Agreement), (b) the Indenture, the Notes (as defined in the Indenture), the Notes Security Agreement and each other Security Document (as defined in the Indenture) and (c) each Additional Equal Priority Document. 

“Senior Class Debt” shall have the meaning assigned to such term in Section 5.13. 

“Senior Class Debt Parties” shall have the meaning assigned to such term in Section 5.13. 

“Senior Class Debt Representative” shall have the meaning assigned to such term in Section 5.13. 

“Senior Collateral Agent” shall have the meaning assigned to such term in Section 4.01(a). 

“Senior Credit Agreement” means that certain Credit Agreement dated as of April 13, 2021, as amended, restated, amended
and restated, supplemented, increased or otherwise modified, refinanced or replaced from time to time, among the Borrower, the lenders from time to time party thereto and Bank of America, N.A., as administrative agent and an issuing bank. 

“Senior Credit Facilities Collateral Agent” has the meaning assigned to such term in the preamble hereto. 

  
 6 

 “Senior Credit Facilities Obligations” means the “Secured
Obligations” as defined in the Senior Credit Agreement. Notwithstanding anything to the contrary, when used in the definition of the term “Discharge of Senior Credit Facilities Obligations” in this Agreement, the term “Senior
Credit Facilities Obligations” means “Loan Document Obligations” as defined in the Senior Credit Agreement. 

“Senior Credit Facilities Secured Parties” means the “Secured Parties” as defined in the Senior Credit Agreement.

 “Senior Credit Facilities Security Agreement” means the “Security Agreement” as defined in the Senior Credit
Agreement. 
 “Senior Liens” means the Liens on the Collateral in favor of the Equal Priority Secured Parties under the
Equal Priority Security Documents. 
 “Series” means (a) with respect to the Equal Priority Secured Parties, each of
(i) the Senior Credit Facilities Secured Parties (in their capacity as such), (ii) the Indenture Secured Parties (in their capacity as such) and (iii) the Additional Equal Priority Secured Parties that become subject to this Agreement
after the date hereof that are represented by a common Collateral Agent (in its capacity as such for such Additional Equal Priority Secured Parties) and (b) with respect to any Equal Priority Obligations, each of (i) the Senior Credit
Facilities Obligations, (ii) the Indenture Obligations and (iii) the Additional Equal Priority Obligations incurred pursuant to any Additional Equal Priority Debt Facility or any related Additional Equal Priority Documents, which pursuant
to any Joinder Agreement are to be represented under this Agreement by a common Collateral Agent (in its capacity as such for such Additional Equal Priority Obligations). 

“Shared Collateral” means, at any time, Collateral in which the holders of two or more Series of Equal Priority Obligations
(or their respective Collateral Agents) hold a valid and perfected security interest at such time. If more than two Series of Equal Priority Obligations are outstanding at any time and the holders of less than all Series of Equal Priority
Obligations hold a valid and perfected security interest in any Collateral at such time, then such Collateral shall constitute Shared Collateral for those Series of Equal Priority Obligations that hold a valid security interest in such Collateral at
such time and shall not constitute Shared Collateral for any Series that does not have a valid and perfected security interest in such Collateral at such time. 

“Uniform Commercial Code” or “UCC” means the New York UCC, or the Uniform Commercial Code (or any similar or
comparable legislation) of another jurisdiction, to the extent it may be required to apply to any item or items of Collateral. 
 SECTION
1.02. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter
forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the
word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument, other document, statute or regulation herein shall be construed as referring to such agreement, instrument, other
document, statute or regulation as from time to time amended, 

  
 7 

 
supplemented or otherwise modified, (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to include the
subsidiaries of such Person unless express reference is made to such subsidiaries, (iii) the words “herein,” “hereof” and “hereunder” and words of similar import, shall be construed to refer to this Agreement in
its entirety and not to any particular provision hereof, (iv) all references herein to Articles, Sections and Annexes shall be construed to refer to Articles, Sections and Annexes of this Agreement, (v) unless otherwise expressly qualified
herein, the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights
and (vi) the term “or” is not exclusive. 
 SECTION 1.03.     Impairments. It is the intention of
the Equal Priority Secured Parties of each Series that the holders of Equal Priority Obligations of such Series (and not the Equal Priority Secured Parties of any other Series) bear the risk of (i) any determination by a court of competent
jurisdiction that (x) any of the Equal Priority Obligations of such Series are unenforceable under applicable law or are subordinated to any other obligations (other than another Series of Equal Priority Obligations), (y) any of the Equal
Priority Obligations of such Series do not have an enforceable security interest in any of the Collateral securing any other Series of Equal Priority Obligations and/or (z) any intervening security interest exists securing any other obligations
(other than another Series of Equal Priority Obligations) on a basis ranking prior to the security interest of such Series of Equal Priority Obligations but junior to the security interest of any other Series of Equal Priority Obligations or
(ii) the existence of any Collateral for any other Series of Equal Priority Obligations that is not Shared Collateral (any such condition referred to in the foregoing clauses (i) or (ii) with respect to any Series of Equal Priority
Obligations, an “Impairment” of such Series); provided that the existence of a maximum claim with respect to Mortgaged Properties (as defined in the Senior Credit Agreement) which applies to all Equal Priority Obligations
shall not be deemed to be an Impairment of any Series of Equal Priority Obligations. In the event of any Impairment with respect to any Series of Equal Priority Obligations, the results of such Impairment shall be borne solely by the holders of such
Series of Equal Priority Obligations, and the rights of the holders of such Series of Equal Priority Obligations (including, without limitation, the right to receive distributions in respect of such Series of Equal Priority Obligations pursuant to
Section 2.01) set forth herein shall be modified to the extent necessary so that the effects of such Impairment are borne solely by the holders of the Series of such Equal Priority Obligations subject to such Impairment. Additionally, in the
event the Equal Priority Obligations of any Series are modified pursuant to applicable law (including, without limitation, pursuant to Section 1129 of the Bankruptcy Code), any reference to such Equal Priority Obligations or the Secured Credit
Documents governing such Equal Priority Obligations shall refer to such obligations or such documents as so modified. 

  
 8 

 ARTICLE II 

Priorities and Agreements with Respect to Shared Collateral 

SECTION 2.01. Priority of Claims. 

(a) Anything contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to Section 1.03), if
an Event of Default has occurred and is continuing and the Controlling Collateral Agent is taking action to enforce rights in respect of any Shared Collateral, or any distribution is made in respect of any Shared Collateral in any Bankruptcy Case of
the Borrower or any other Grantor or any Equal Priority Secured Party receives any payment pursuant to any intercreditor agreement (other than this Agreement) with respect to any Shared Collateral, the proceeds of any sale, collection or other
liquidation of any such Shared Collateral by any Collateral Agent or any Equal Priority Secured Party and proceeds of any such distribution or payment (all proceeds of any sale, collection or other liquidation of any Shared Collateral and all
proceeds of any such distribution or payment being collectively referred to as “Proceeds”), shall be applied (i) FIRST, to the payment of all amounts owing to each Collateral Agent (in its capacity as such) pursuant to the
terms of any Secured Credit Document, (ii) SECOND, subject to Section 1.03, to the payment in full of the Equal Priority Obligations of each Series on a ratable basis, with such Proceeds to be applied to the Equal Priority Obligations of a
given Series in accordance with the terms of the Secured Credit Documents applicable to such Series and (iii) THIRD, after the Discharge of Equal Priority Obligations, to the Borrower and the other Grantors or their successors or assigns, as
their interests may appear, or to whomever may be lawfully entitled to receive the same pursuant to any Junior Priority Intercreditor Agreement then in effect, or otherwise, or as a court of competent jurisdiction may direct. Notwithstanding the
foregoing, with respect to any Shared Collateral for which a third party (other than an Equal Priority Secured Party) has a lien or security interest that is junior in priority to the security interest of any Series of Equal Priority Obligations,
after giving effect to any Junior Priority Intercreditor Agreement then in effect, but senior (as determined by appropriate legal proceedings in the case of any dispute) to the security interest of any other Series of Equal Priority Obligations
(such third party an “Intervening Creditor”), the value of any Shared Collateral or Proceeds that are allocated to such Intervening Creditor shall be deducted on a ratable basis solely from the Shared Collateral or Proceeds to be
distributed in respect of the Series of Equal Priority Obligations with respect to which such Impairment exists. If, despite the provisions of this Section 2.01(a), any Equal Priority Secured Party shall receive any payment or other recovery in
excess of its portion of payments on account of the Equal Priority Obligations to which it is then entitled in accordance with this Section 2.01(a), such Equal Priority Secured Party shall hold such payment or recovery in trust for the benefit
of all Equal Priority Secured Parties for distribution in accordance with this Section 2.01(a). 
 (b) Notwithstanding the date, time,
method, manner or order of grant, attachment or perfection of any Liens securing any Series of Equal Priority Obligations granted on the Shared Collateral and notwithstanding any provision of the Uniform Commercial Code of any jurisdiction, or any
other applicable law or the Secured Credit Documents or any defect or deficiencies in the Liens securing the Equal Priority Obligations of any Series or any other circumstance whatsoever (but, in each case, subject to Section 1.03), each Equal
Priority Secured Party hereby agrees that (i) the Liens securing each Series of Equal Priority Obligations on any Shared Collateral shall be of equal priority and (ii) the benefits and proceeds of the Shared Collateral shall be shared
among the Equal Priority Secured Parties as provided herein. 
 SECTION 2.02. Actions with Respect to Shared Collateral; Prohibition on
Contesting Liens. 
 (a) With respect to any Shared Collateral, (i) only the Controlling Collateral Agent shall act or refrain from
acting with respect to the Shared Collateral (including with respect to any intercreditor agreement with respect to any Shared Collateral) and (ii) no Non-Controlling Collateral Agent or other Non-Controlling Secured Party shall, or shall instruct the Controlling 

  
 9 

 
Collateral Agent to, commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt
any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its security interest in or realize upon, or take any other action available to it in respect of, any Shared Collateral
(including with respect to any intercreditor agreement with respect to any Shared Collateral), whether under any Equal Priority Security Document, applicable law or otherwise, it being agreed that only the Controlling Collateral Agent shall be
entitled to take any such actions or exercise any such remedies with respect to Shared Collateral; provided that, notwithstanding the foregoing, (i) in any Bankruptcy Case, any Collateral Agent or any other Equal Priority Secured Party
may file a proof of claim or statement of interest with respect to the Equal Priority Obligations owed to the Equal Priority Secured Parties; (ii) any Collateral Agent or any other Equal Priority Secured Party may take any action to preserve or
protect the validity and enforceability of the Liens granted in favor of the Equal Priority Secured Parties; provided that no such action is, or could reasonably be expected to be, (A) adverse to the Liens granted in favor of the
Controlling Secured Parties or the rights of the Controlling Collateral Agent or any other Controlling Secured Parties to exercise remedies in respect thereof or (B) otherwise inconsistent with the terms of this Agreement; and (iii) any
Collateral Agent or any other Equal Priority Secured Party may file any responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the
disallowance of the claims of such Equal Priority Secured Party, including any claims secured by the Shared Collateral, in each case, to the extent not inconsistent with the terms of this Agreement. Notwithstanding the equal priority of the Liens,
the Controlling Collateral Agent may deal with the Shared Collateral as if such Controlling Collateral Agent had a senior Lien on such Collateral. No Non-Controlling Collateral Agent or Non-Controlling Secured Party will, or will have the right to, contest, protest or object to any foreclosure proceeding or action brought by the Controlling Collateral Agent or any Controlling Secured Party or any
other exercise by the Controlling Collateral Agent or any Controlling Secured Party of any rights and remedies relating to the Shared Collateral. The foregoing shall not be construed to limit the rights and priorities of any Equal Priority Secured
Party or Collateral Agent with respect to any Collateral not constituting Shared Collateral. 
 (b) Each Collateral Agent and the Equal
Priority Secured Parties for which it is acting hereunder agree to be bound by the provisions of this Agreement. 
 (c) Each of the Equal
Priority Secured Parties agrees that it will not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity,
attachment or enforceability of a Lien held by or on behalf of any of the Equal Priority Secured Parties in all or any part of the Shared Collateral, or the provisions of this Agreement; provided that nothing in this Agreement shall be
construed to prevent or impair the rights of any Collateral Agent or any other Equal Priority Secured Party to enforce this Agreement. 

(d) Notwithstanding anything in this Agreement or any other Secured Credit Documents to the contrary, collateral consisting of cash and
deposit account balances pledged to secure Senior Credit Facilities Obligations consisting of reimbursement obligations in respect of Letters of Credit or otherwise held by the Senior Credit Facilities Collateral Agent pursuant to Section 2.05
of the Senior Credit Agreement (or any equivalent successor provision) shall be applied as specified in the Senior Credit Agreement and will not constitute Shared Collateral. 

  
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 SECTION 2.03. No Interference; Payment Over. 

(a) Each Equal Priority Secured Party agrees that (i) it will not challenge, or support any other Person in challenging, in any
proceeding the validity or enforceability of any Equal Priority Obligations of any Series or any Equal Priority Security Document or the validity, attachment, perfection or priority of any Lien under any Equal Priority Security Document or the
validity or enforceability of the priorities, rights or duties established by this Agreement, (ii) it will not take or cause to be taken any action the purpose or intent of which is, or could be, to interfere, hinder or delay, in any manner,
whether by judicial proceedings or otherwise, any sale, transfer or other disposition of the Shared Collateral by the Controlling Collateral Agent, (iii) it will not institute in any Bankruptcy Case or other proceeding any claim against the
Controlling Collateral Agent or any other Equal Priority Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to any Shared Collateral, and none of the Controlling Collateral Agent
or any other Equal Priority Secured Party shall be liable for any action taken or omitted to be taken by the Controlling Collateral Agent or other Equal Priority Secured Party with respect to any Shared Collateral in accordance with the provisions
of this Agreement, (iv) it will not seek, and hereby waives any right, to have any Shared Collateral or any part thereof marshaled upon any foreclosure or other disposition of such Collateral and (v) it will not attempt, directly or
indirectly, whether by judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any Collateral Agent
or any other Equal Priority Secured Party to enforce this Agreement. 
 (b) Each Equal Priority Secured Party hereby agrees that if it shall
obtain possession of any Shared Collateral or shall realize any proceeds or payment in respect of any such Shared Collateral, pursuant to any Equal Priority Security Document or by the exercise of any rights available to it under applicable law or
in any Bankruptcy Case or Insolvency or Liquidation Proceeding or through any other exercise of remedies (including pursuant to any intercreditor agreement), at any time prior to the Discharge of Equal Priority Obligations, then it shall hold such
Shared Collateral, proceeds or payment in trust for the other Equal Priority Secured Parties that have a security interest in such Shared Collateral and promptly transfer such Shared Collateral, Proceeds or payment, as the case may be, to the
Controlling Collateral Agent to be distributed in accordance with the provisions of Section 2.01 hereof. 
 SECTION 2.04. Automatic
Release of Liens; Amendments to Equal Priority Security Documents. 
 (a) If at any time the Controlling Collateral Agent forecloses
upon or otherwise exercises remedies with respect to any Shared Collateral resulting in a sale or disposition thereof, then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of each Collateral Agent
for the benefit of each Series of Equal Priority Secured Parties upon such Shared Collateral will automatically be released and discharged; provided that any proceeds of any Shared Collateral realized therefrom shall be applied pursuant to
Section 2.01 hereof. 

  
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 (b) Each Collateral Agent agrees to execute and deliver (at the sole cost and expense of the
Grantors) all such authorizations and other instruments (in form and substance reasonably satisfactory to the parties executing such instruments) as shall reasonably be requested by the Controlling Collateral Agent to evidence and confirm any
release of Shared Collateral provided for in this Section. 
 (c) Each Equal Priority Secured Party in respect of a Series agrees that each
Collateral Agent in respect of any other Series may enter into any amendment to any Equal Priority Security Document that does not violate this Agreement. 

SECTION 2.05. Certain Agreements with Respect to Bankruptcy or Insolvency Proceedings. 

(a) This Agreement shall continue in full force and effect notwithstanding the commencement of any proceeding under the Bankruptcy Code or any
other Federal, state or foreign bankruptcy, insolvency, receivership or similar law by or against the Borrower or any of its Subsidiaries. 

(b) If the Borrower and/or any other Grantor shall become subject to a case (a “Bankruptcy Case”) under the Bankruptcy Code
and shall, as debtor(s)-in-possession, move for approval of financing (“DIP Financing”) to be provided by one or more lenders (the “DIP
Lenders”) under Section 364 of the Bankruptcy Code or any equivalent provision of any other applicable Bankruptcy Law or the use of cash collateral under Section 363 of the Bankruptcy Code or any equivalent provision of any other
applicable Bankruptcy Law, each Equal Priority Secured Party agrees that it will raise no objection to any such financing or to the Liens on the Shared Collateral securing the same (“DIP Financing Liens”), or to any use of cash
collateral that constitutes Shared Collateral, unless the Controlling Collateral Agent or any Controlling Secured Party with respect to such Shared Collateral shall then oppose or object to such DIP Financing or such DIP Financing Liens or use of
cash collateral (and (i) to the extent that such DIP Financing Liens are senior to the Liens on any such Shared Collateral for the benefit of the Controlling Secured Parties, each Non-Controlling Secured
Party will subordinate its Liens with respect to such Shared Collateral on the same terms as the Liens of the Controlling Secured Parties (other than any Liens of any Equal Priority Secured Parties constituting DIP Financing Liens) are subordinated
thereto, and (ii) to the extent that such DIP Financing Liens rank equal in priority with the Liens on any such Shared Collateral granted to secure the Equal Priority Obligations of the Controlling Secured Parties, each Non-Controlling Secured Party will confirm the priorities with respect to such Shared Collateral as set forth herein), in each case so long as (A) the Equal Priority Secured Parties of each Series retain the
benefit of their security interests on all such Shared Collateral pledged to the DIP Lenders, including proceeds thereof arising after the commencement of such proceeding, with the same priority relative to each other series of Equal Priority
Secured Parties (other than any Liens of the Equal Priority Secured Parties constituting DIP Financing Liens) as existed prior to the commencement of the Bankruptcy Case, (B) the Equal Priority Secured Parties of each Series are granted
security interests on any additional collateral pledged to any Equal Priority Secured Parties as adequate protection or otherwise in connection with such DIP Financing or use of cash collateral, with the same priority relative to each other series
of Equal Priority Secured Parties as set forth in this Agreement, (C) if any amount of such DIP Financing or cash collateral is applied to repay any of the Equal Priority Obligations, such 

  
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amount is applied pursuant to Section 2.01 of this Agreement, and (D) if any Equal Priority Secured Parties are granted adequate protection with respect to Equal Priority Obligations
subject hereto, including in the form of periodic payments, in connection with such DIP Financing or use of cash collateral, the proceeds of such adequate protection are applied pursuant to Section 2.01 of this Agreement; provided that
the Equal Priority Secured Parties of each Series shall have a right to object to the grant of a security interest to secure the DIP Financing over any Collateral subject to security interests in favor of the Equal Priority Secured Parties of such
Series or its Collateral Agent that do not constitute Shared Collateral; and provided, further, that the Equal Priority Secured Parties receiving adequate protection shall not object to any other Equal Priority Secured Party receiving
adequate protection comparable to any adequate protection granted to such Equal Priority Secured Parties in connection with a DIP Financing or use of cash collateral. 

(c) For the avoidance of doubt, nothing in this Section 2.05 shall prevent an Equal Priority Secured Party from acting as a provider of
DIP Financing to the Grantor(s) in an Insolvency or Liquidation Proceeding. If an Equal Priority Secured Party is also a DIP Lender, it shall be entitled to seek DIP Financing Liens in such capacity to secure such DIP Financing in accordance with
the Bankruptcy Code. 
 SECTION 2.06. Reinstatement. In the event that any of the Equal Priority Obligations shall be paid in full
and such payment or any part thereof shall subsequently, for whatever reason (including an order or judgment for disgorgement of a preference under the Bankruptcy Code, or any similar law, or the settlement of any claim in respect thereof), be
required to be returned or repaid, the terms and conditions of this Article II shall be fully applicable thereto until all such Equal Priority Obligations shall again have been paid in full in cash. 

SECTION 2.07. Insurance. As between the Equal Priority Secured Parties, the Controlling Collateral Agent shall have the right to adjust
or settle any insurance policy or claim covering or constituting Shared Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Shared Collateral. 

SECTION 2.08. Refinancings. The Equal Priority Obligations of any Series may be Refinanced, in whole or in part, in each case, without
notice to, or the consent of any Equal Priority Secured Party of any other Series (except to the extent a consent is otherwise required to permit the Refinancing transaction under any Secured Credit Document in respect of such Series), all without
affecting the priorities provided for herein or the other provisions hereof; provided that the Collateral Agent of the holders of any such Refinancing indebtedness shall have executed a Joinder Agreement on behalf of the holders of such
Refinancing indebtedness; provided further that in the event any such Refinancing transaction results in the aggregate principal amount of the applicable Series of Equal Priority Obligations then outstanding being increased and such
increased principal amount is not permitted by any of the then extant Secured Credit Documents or Equal Priority Security Documents at the time of the incurrence thereof, then such increased principal amount (solely to the extent of such increase)
shall not constitute “Equal Priority Obligations” for purposes of this Agreement. 
 SECTION 2.09. Possessory Collateral Agent
as Gratuitous Bailee for Perfection. 

  
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 (a) The Controlling Collateral Agent agrees to hold any Shared Collateral constituting
Possessory Collateral that is part of the Shared Collateral in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for the benefit of each other Equal Priority Secured Party and any assignee
solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable Equal Priority Security Documents, in each case, subject to the terms and conditions of this Section 2.09;
provided that at any time after the Discharge of the Series of Equal Priority Obligations for which the Controlling Collateral Agent is acting, the Controlling Collateral Agent shall (at the sole cost and expense of the Grantors), promptly
deliver all Possessory Collateral to the new Controlling Collateral Agent (after giving effect to the Discharge of such Series of Equal Priority Obligations) together with any necessary endorsements reasonably requested by such new Controlling
Collateral Agent (or make such other arrangements as shall be reasonably requested by such new Controlling Collateral Agent to allow such new Controlling Collateral Agent to obtain control of such Possessory Collateral). Pending delivery to the
Controlling Collateral Agent, each other Collateral Agent agrees to hold any Shared Collateral constituting Possessory Collateral, from time to time in its possession, as gratuitous bailee for the benefit of each other Equal Priority Secured Party
and any assignee, solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable Equal Priority Security Documents, in each case, subject to the terms and conditions of this
Section 2.09. 
 (b) The duties and responsibilities of the Controlling Collateral Agent and each other Collateral Agent under this
Section 2.09 shall be limited solely to holding any Shared Collateral constituting Possessory Collateral as gratuitous bailee for the benefit of each other Equal Priority Secured Party for purposes of perfecting the Lien held by such Equal
Priority Secured Parties therein. 
 ARTICLE III 

Existence and Amounts of Liens and Obligations 

SECTION 3.01. Determinations with Respect to Amounts of Liens and Obligations. Whenever any Collateral Agent shall be required, in
connection with the exercise of its rights or the performance of its obligations hereunder, to determine the existence or amount of any Equal Priority Obligations of any Series, or the Shared Collateral subject to any Lien securing the Equal
Priority Obligations of any Series, it may request that such information be furnished to it in writing by each other Collateral Agent and shall be entitled to make such determination on the basis of the information so furnished; provided,
however, that (a) any information provided by any Collateral Agent as to the Shared Collateral subject to any Lien securing the Equal Priority Obligations of any Series may be provided to the knowledge of such Collateral Agent and
(b) if any Collateral Agent shall fail or refuse reasonably promptly to provide the requested information, the requesting Collateral Agent shall be entitled to make any such determination by such method as it may, in the exercise of its good
faith judgment, determine, including by reliance upon a certificate of the Borrower. Each Collateral Agent may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the
preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to any Grantor, any Equal Priority Secured Party or any other Person as a result of such determination. 

  
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 ARTICLE IV 

The Controlling Collateral Agent 

SECTION 4.01. Appointment and Authority. 

(a) Each of the Equal Priority Secured Parties hereby irrevocably appoints and authorizes the Controlling Collateral Agent to take such
actions on its behalf and to exercise such powers as are delegated to the Controlling Collateral Agent by the terms hereof, together with such powers and discretion as are reasonably incidental thereto. Each of the Equal Priority Secured Parties
also authorizes the Controlling Collateral Agent, at the request of the Borrower, to, if applicable, execute and deliver a Junior Priority Intercreditor Agreement in the capacity as “Designated Senior Representative” or the equivalent
agent however referred to for the Equal Priority Secured Parties under such agreement (as applicable, the “Senior Collateral Agent”) and authorizes the Controlling Collateral Agent, in accordance with the provisions of this
Agreement, to take such actions on its behalf and to exercise such powers as are delegated to, or otherwise given to, such “Designated Senior Representative” or equivalent agent by the terms of any Junior Priority Intercreditor Agreement
together with such powers and discretion as are reasonably incidental thereto and authorizes the Controlling Collateral Agent, in accordance with the provisions of this Agreement, to take such actions on its behalf and to exercise such powers as are
delegated to it hereunder and thereunder. In this connection, the Controlling Collateral Agent and any co-agents, sub-agents and attorneys-in-fact appointed by the Controlling Collateral Agent pursuant to the applicable Secured Credit Documents for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof)
granted under any of the Equal Priority Security Documents, or for exercising any rights and remedies thereunder or under any Junior Priority Intercreditor Agreement at the direction of the Controlling Collateral Agent, shall be entitled to the
benefits of all provisions of this Article IV, Article VIII of the Senior Credit Agreement, Articles Six and Fourteen of the Indenture, Article 9 of the Notes Security Agreement and the equivalent provision of any Additional Equal Priority Document
(as though such co-agents, sub-agents and attorneys-in-fact were the “Collateral
Agent” named therein) as if set forth in full herein with respect thereto. Without limiting the foregoing, each of the Equal Priority Secured Parties, and each Collateral Agent, hereby agrees, at the sole cost and expense of the Borrower, to
provide such cooperation and assistance as may be reasonably requested by the Controlling Collateral Agent to facilitate and effect actions taken or intended to be taken by the Controlling Collateral Agent pursuant to this Article IV, such
cooperation to include execution and delivery of notices, instruments and other documents as are reasonably deemed necessary by the Controlling Collateral Agent to effect such actions (and in form and substance reasonably satisfactory to the parties
executing such documents), and joining in any action, motion or proceeding initiated by the Controlling Collateral Agent for such purposes. 

(b) Each Non-Controlling Secured Party acknowledges and agrees that the Controlling Collateral Agent
shall be entitled, for the benefit of the Equal Priority Secured Parties, to sell, transfer or otherwise dispose of or deal with any Shared Collateral as provided herein and in the Equal Priority Security Documents, without regard to any rights to
which the Non-Controlling Secured Parties would otherwise be entitled pursuant to the Equal Priority Security Documents (in their respective capacities as such). Without limiting the foregoing, each Non-Controlling Secured Party agrees that none of the Controlling Collateral Agent or any other Equal 

  
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Priority Secured Party shall have any duty or obligation first to marshal or realize upon any type of Shared Collateral (or any other Collateral securing any of the Equal Priority Obligations),
or to sell, dispose of or otherwise liquidate all or any portion of such Shared Collateral (or any other Collateral securing any Equal Priority Obligations), in any manner that would maximize the return to the
Non-Controlling Secured Parties, notwithstanding that the order and timing of any such realization, sale, disposition or liquidation may affect the amount of proceeds actually received by the Non-Controlling Secured Parties from such realization, sale, disposition or liquidation. Each of the Equal Priority Secured Parties waives any claim it may now or hereafter have against the Controlling Collateral
Agent or the Collateral Agent for any other Series of Equal Priority Obligations or any other Equal Priority Secured Party of any other Series arising out of (i) any actions that do not violate this Agreement that any Collateral Agent or any
Equal Priority Secured Party takes or omits to take (including actions with respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to
realize upon, any of the Collateral and actions with respect to the collection of any claim for all or any part of the Equal Priority Obligations from any account debtor, guarantor or any other party) in accordance with the Equal Priority Security
Documents or any other agreement related thereto or to the collection of the Equal Priority Obligations or the valuation, use, protection or release of any security for the Equal Priority Obligations, (ii) any election by any Collateral Agent
or any holders of Equal Priority Obligations, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code or (iii) subject to Section 2.05, any borrowing by, or grant of a
security interest or administrative expense priority under Section 364 of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law by, any Grantor or any of its Subsidiaries, as debtor-in-possession. 
 SECTION 4.02. Rights as an Equal Priority Secured Party. 

(a) The Person serving as the Controlling Collateral Agent hereunder shall have the same rights and powers in its capacity as an Equal
Priority Secured Party under any Series of Equal Priority Obligations that it holds as any other Equal Priority Secured Party of such Series and may exercise the same as though it were not the Controlling Collateral Agent and the term “Equal
Priority Secured Party” or “Equal Priority Secured Parties” or (as applicable) “Senior Credit Facilities Secured Party,” “Senior Credit Facilities Secured Parties,” “Indenture Secured Party,”
“Indenture Secured Parties,” “Additional Equal Priority Secured Party” or “Additional Equal Priority Secured Parties” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the
Person serving as the Controlling Collateral Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage
in any kind of business with the Grantors or any Subsidiary or other Affiliate thereof as if such Person were not the Controlling Collateral Agent hereunder and without any duty to account therefor to any other Equal Priority Secured Party. 

  
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 SECTION 4.03. Exculpatory Provisions. The Controlling Collateral Agent shall not have
any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, the Controlling Collateral Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether an Event of Default has occurred and is continuing;

 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby; provided that the Controlling Collateral Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Controlling Collateral Agent to liability or that is
contrary to this Agreement or applicable law; 
 (c) shall not, except as expressly set forth herein, have any duty to disclose, and shall
not be liable for the failure to disclose, any information relating to a Grantor or any of its Affiliates that is communicated to or obtained by the Person serving as the Controlling Collateral Agent or any of its Affiliates in any capacity; 

(d) shall not be liable for any action taken or not taken by it (i) in the absence of its own gross negligence or willful misconduct or
(ii) in reliance on a certificate of an authorized officer of the Borrower stating that such action is permitted by the terms of this Agreement. The Controlling Collateral Agent shall be deemed not to have knowledge of any Event of Default
under any Series of Equal Priority Obligations unless and until written notice describing such Event of Default and referencing the applicable agreement is given to the Controlling Collateral Agent; 

(e) shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or
in connection with this Agreement or any other Equal Priority Security Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance
or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement,
any other Equal Priority Security Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Equal Priority Security Documents, (v) the value or the sufficiency of
any Collateral for any Series of Equal Priority Obligations, or (vi) the satisfaction of any condition set forth in any Secured Credit Document, other than to confirm receipt of items expressly required to be delivered to the Controlling
Collateral Agent; and 
 (f) need not segregate money held hereunder from other funds except to the extent required by law. The Controlling
Collateral Agent shall be under no liability for interest on any money received by it hereunder except if and to the extent it may (at its option and in its discretion) otherwise agree in writing. 

SECTION 4.04. Collateral and Guaranty Matters. Each of the Equal Priority Secured Parties irrevocably authorizes the applicable
Collateral Agent to release any Lien on any property granted to or held by the Collateral Agent under any Equal Priority Security Document in accordance with Section 2.04 or upon receipt of a written request from the Borrower stating that the
releases of such Lien is permitted by the terms of each then extant Secured Credit Document. 

  
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 ARTICLE V 

Miscellaneous 
 SECTION
5.01. Notices. All notices and other communications provided for herein (including, but not limited to, all the directions and instructions to be provided to the Controlling Collateral Agent herein by the Equal Priority Secured Parties) shall
be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail, emailed or sent by fax, as follows: 

(a) if to the Borrower or any Grantor, to the Borrower, at its address at: WW International, Inc., 675 Avenue of the Americas,
6th Floor, New York, NY 10010, Attention: General Counsel, Email: general.counsel@weightwatchers.com; 
 (b) if to the Senior
Credit Facilities Collateral Agent, to it at Bank of America, N.A., Loan, Lease and Trade Operations, Mail Code: CA5-705-04-09,
555 California Street, 4th Floor, San Francisco, CA 94104, Attention: Carol Alfonso, Email: carol.alfonso@bofa.com; 
 (c) if
to the Notes Collateral Agent, to it at The Bank of New York Mellon, 500 Ross Street, 12th Floor, Pittsburgh Pennsylvania 15262, Attention: Mindy Wrzesinski, Fax: 412-234-8377, Email: melinda.m.wrzesinski@bnymellon.com; and 
 (d) if to any other
Collateral Agent, to it at the address set forth in the applicable Joinder Agreement. 
 Any party hereto may change its address, fax number or email
address for notices and other communications hereunder by notice to the other parties hereto. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and, may be
personally served, telecopied, electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a fax or electronic mail or upon receipt via U.S.
mail (registered or certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as set forth above or, as to each party, at such other address as may be designated by such party in a
written notice to all of the other parties. As agreed to in writing among the Controlling Collateral Agent and each other Collateral Agent from time to time, notices and other communications may also be delivered by
e-mail to the e-mail address of a representative of the applicable person provided from time to time by such person. 

The Notes Collateral Agent shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”),
given pursuant to this Agreement and delivered using Electronic Means; provided, however, that the Borrower, any other Grantor, the Senior Credit Facilities Collateral Agent or any other Collateral Agent or Senior Class Debt
Representative, as applicable, shall provide to the Notes Collateral Agent an incumbency certificate listing officers or other Persons with the authority to provide such Instructions (“Authorized Officers”) and containing specimen
signatures of such Authorized Officers, which incumbency certificate shall be amended by the Borrower, such other Grantor, the Senior Credit Facilities Collateral Agent or 

  
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any other Collateral Agent or Senior Class Debt Representative, as applicable, whenever a Person is to be added or deleted from the listing. If the Borrower, any other Grantor, the
Senior Credit Facilities Collateral Agent or any other Collateral Agent or Senior Class Debt Representative, as applicable, elects to give the Notes Collateral Agent Instructions using Electronic Means and the Notes Collateral Agent in its
discretion elects to act upon such Instructions, the Notes Collateral Agent’s understanding of such Instructions shall be deemed controlling. The Borrower, each other Grantor, the Senior Credit Facilities Collateral Agent or any other
Collateral Agent or Senior Class Debt Representative understand and agree that the Notes Collateral Agent cannot determine the identity of the actual sender of such Instructions and that the Notes Collateral Agent shall conclusively presume
that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Notes Collateral Agent by any party have been sent by such Authorized Officer. The Borrower, each other Grantor, the
Senior Credit Facilities Collateral Agent or any other Collateral Agent or Senior Class Debt Representative, as applicable, shall be responsible for ensuring that only an Authorized Officer thereof transmit such Instructions to the Notes
Collateral Agent. Each of the Borrower, any other Grantor, the Senior Credit Facilities Collateral Agent and any other Collateral Agent or Senior Class Debt Representative is solely responsible to safeguard the use and confidentiality of
applicable user and authorization codes, passwords and/or authentication keys upon receipt thereof by the Borrower, such other Grantor, the Senior Credit Facilities Collateral Agent or such other Collateral Agent or Senior Class Debt
Representative, as applicable. The Notes Collateral Agent shall not be liable for any losses, costs or expenses arising directly or indirectly from the Notes Collateral Agent’s reliance upon and compliance with such Instructions
notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. Each of the Borrower, each other Grantor, the Senior Credit Facilities Collateral Agent and any other Collateral Agent or Senior Class Debt
Representative agrees: (a) to assume all risks arising out of its use of Electronic Means to submit Instructions to the Notes Collateral Agent, including, without limitation, the risk of the Notes Collateral Agent acting on unauthorized
Instructions, and the risk of interception and misuse by third parties; (b) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Notes Collateral Agent and that there may
be more secure methods of transmitting Instructions than the method(s) selected by the Borrower, such other Grantor, the Senior Credit Facilities Collateral Agent or such other Collateral Agent or Senior Class Debt Representative, as
applicable; and (c) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances. 

SECTION 5.02. Waivers; Amendment; Joinder Agreements. 

(a) No failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights
and remedies of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any party therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any party hereto in any
case shall entitle such party to any other or further notice or demand in similar or other circumstances. 

  
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 (b) Neither this Agreement nor any provision hereof may be terminated, waived, amended or
modified (other than pursuant to any Joinder Agreement) except pursuant to an agreement or agreements in writing entered into by each Collateral Agent (and with respect to any such termination, waiver, amendment or modification which by the terms of
this Agreement requires the Borrower’s consent or which increases the obligations or reduces the rights of the Borrower or any other Grantor, with the consent of the Borrower). 

(c) Notwithstanding the foregoing, without the consent of any Equal Priority Secured Party, any Additional Agent may become a party hereto by
execution and delivery of a Joinder Agreement in accordance with Section 5.13 of this Agreement and upon such execution and delivery, such Additional Agent and the Additional Equal Priority Secured Parties and Additional Equal Priority
Obligations of the Series for which such Additional Agent is acting shall be subject to the terms hereof. 
 (d) Notwithstanding the
foregoing, without the consent of any other Collateral Agent or Equal Priority Secured Party, the Controlling Collateral Agent may effect amendments and modifications to this Agreement to the extent necessary to reflect any incurrence of any
Additional Equal Priority Obligations that is permitted by the terms of each then extant Secured Credit Document. 
 SECTION 5.03.
Parties in Interest. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, as well as the other Equal Priority Secured Parties, all of whom are intended to be bound
by, and to be third party beneficiaries of, this Agreement. 
 SECTION 5.04. Survival of Agreement. All covenants, agreements,
representations and warranties made by any party in this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement. 

SECTION 5.05. Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original but all of which
when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or by email as a “.pdf” or “.tif” attachment or any electronic signature complying
with the U.S. Federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all
purposes to the fullest extent permitted by applicable law. 
 SECTION 5.06. Severability. Any provision of this Agreement held to be
invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

  
 20 

 SECTION 5.07. Authorization. By its signature, each Person executing this Agreement
on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement. The Senior Credit Facilities Collateral Agent represents and warrants that this Agreement is binding upon the
Senior Credit Facilities Secured Parties. The Notes Collateral Agent represents and warrants that this Agreement is binding upon the Indenture Secured Parties. 

SECTION 5.08. Submission to Jurisdiction Waivers; Consent to Service of Process. Each Collateral Agent, on behalf of itself and the
Equal Priority Secured Parties of the Series for whom it is acting, irrevocably and unconditionally: 
 (a) submits for
itself and its property in any legal action or proceeding relating to this Agreement, or for recognition and enforcement of any judgment in respect thereof, to the exclusive jurisdiction of the courts of the State of New York sitting in New York
County, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof; 

(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or
hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient forum and agrees not to plead or claim the same; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid, to such Person (or its Collateral Agent) at the address referred to in Section 5.01; 

(d) agrees that nothing herein shall affect the right of any other party hereto (or any Equal Priority Secured Party) to effect
service of process in any other manner permitted by law or shall limit the right of any party hereto (or any Equal Priority Secured Party) to sue in any other jurisdiction; and 

(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or
proceeding referred to in this Section 5.08 any special, exemplary, punitive or consequential damages (including loss of profits). 

SECTION 5.09. GOVERNING LAW; WAIVER OF JURY TRIAL. 

(A) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICTS OF LAWS, EXCEPT AS REQUIRED BY MANDATORY PROVISIONS OF LAW. 

  
 21 

 (B) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY
LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 SECTION 5.10. Headings. Article,
Section and Annex headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 5.11. Conflicts. In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of
any of the other Equal Priority Security Documents or Additional Equal Priority Documents, the provisions of this Agreement shall control. 

SECTION 5.12. Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the purpose
of defining the relative rights of the Equal Priority Secured Parties in relation to one another. None of the Borrower, any other Grantor or any other creditor thereof shall have any rights or obligations hereunder, except as expressly provided in
this Agreement (provided that nothing in this Agreement (other than Section 2.04, 2.05 or 2.09 and subject to Section 5.11) is intended to or will amend, waive or otherwise modify the provisions of the Senior Credit Agreement, the
Indenture or any Additional Equal Priority Documents), and none of the Borrower or any other Grantor may rely on the terms hereof (other than Section 2.04, 2.05 or 2.09). Nothing in this Agreement is intended to or shall impair the obligations
of any Grantor, which are absolute and unconditional, to pay the Equal Priority Obligations as and when the same shall become due and payable in accordance with their terms. 

SECTION 5.13. Additional Equal Priority Obligations. The Borrower may incur obligations that will constitute Additional Equal Priority
Obligations hereunder only if such obligations are permitted to be so incurred and treated as such hereunder by the terms of each then extant Secured Credit Document and the other requirements of this Section 5.13 are satisfied. Any such
additional class or series of Additional Equal Priority Obligations (the “Senior Class Debt”) may be secured by a Lien and may be guaranteed by the Grantors on a pari passu basis with the
Liens and guarantees in favor of the other Series of Equal Priority Obligations, if and subject to the condition that the Collateral Agent of any such Senior Class Debt (each, a “Senior Class Debt
Representative”), acting on behalf of the holders of such Senior Class Debt (such Collateral Agent and holders in respect of any Senior Class Debt being referred to as the “Senior Class Debt
Parties”), becomes a party to this Agreement by satisfying the conditions set forth in clauses (i) through (iv) of the immediately succeeding paragraph. 

In order for a Senior Class Debt Representative to become a party to this Agreement, 

(i) such Senior Class Debt Representative, the Controlling Collateral Agent and each Grantor shall have executed and
delivered an instrument substantially in the form of Annex II (with such changes as may be reasonably approved by the Controlling Collateral Agent and such Senior Class Debt Representative) pursuant to which such Senior Class Debt
Representative becomes a Collateral Agent and Additional Agent hereunder, and the Senior Class Debt in respect of which such Senior Class Debt Representative is the Collateral Agent and the related Senior Class Debt Parties become
subject hereto and bound hereby; 

  
 22 

 (ii) the Borrower shall have delivered to the Controlling Collateral Agent
true and complete copies of each of the Additional Equal Priority Documents relating to such Senior Class Debt, certified as being true and correct by a Responsible Officer of the Borrower; 

(iii) the Borrower shall have delivered to the Controlling Collateral Agent an Officer’s Certificate stating that such
Additional Equal Priority Obligations to be incurred are permitted by each then extant Secured Credit Document, or to the extent a consent is otherwise required to permit the incurrence of such Additional Equal Priority Obligations under any such
Secured Credit Document, such requisite consent has been obtained; and 
 (iv) the Additional Equal Priority Documents, as
applicable, relating to such Senior Class Debt shall provide, in a manner reasonably satisfactory to the Controlling Collateral Agent, that each Senior Class Debt Party with respect to such Senior Class Debt will be subject to and
bound by the provisions of this Agreement in its capacity as a holder of such Senior Class Debt. 
 SECTION 5.14. Integration.
This Agreement together with the other Secured Credit Documents and the Equal Priority Security Documents represents the entire agreement of each of the Grantors and the Equal Priority Secured Parties with respect to the subject matter hereof and
there are no promises, undertakings, representations or warranties by any Grantor, any Collateral Agent or any other Equal Priority Secured Party relative to the subject matter hereof not expressly set forth or referred to herein or in the other
Secured Credit Documents or the Equal Priority Security Documents. 
 SECTION 5.15. [Reserved]. 

SECTION 5.16. Information Concerning Financial Condition of the Borrower and the other Grantors. The Controlling Collateral Agent, the
other Collateral Agents and the Secured Parties shall each be responsible for keeping themselves informed of (a) the financial condition of the Borrower and the other Grantors and all endorsers or guarantors of the Equal Priority Obligations
and (b) all other circumstances bearing upon the risk of nonpayment of the Equal Priority Obligations. The Controlling Collateral Agent, the other Collateral Agents and the Secured Parties shall have no duty to advise any other party hereunder
of information known to it or them regarding such condition or any such circumstances or otherwise. In the event that the Controlling Collateral Agent, any other Collateral Agent or any Secured Party, in its sole discretion, undertakes at any time
or from time to time to provide any such information to any other party, it shall be under no obligation to (i) make, and Controlling Collateral Agent, the other Collateral Agents and the Secured Parties shall not make or be deemed to have
made, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided, (ii) provide any additional information or to provide any such
information on any subsequent occasion, (iii) undertake any investigation or (iv) disclose any information that, pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise
required to maintain confidential. 

  
 23 

 SECTION 5.17. Additional Grantors. The Borrower agrees that, if any Subsidiary of the
Borrower shall become a Grantor after the date hereof, it will promptly cause such Subsidiary to become party hereto by executing and delivering an instrument in the form of Annex III. Upon such execution and delivery, such Subsidiary will become a
Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of such instrument shall not require the consent of any other party hereunder, and will be acknowledged by the Controlling
Collateral Agent. The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement. 

SECTION 5.18. Further Assurances. Each Collateral Agent, on behalf of itself and each Equal Priority Secured Party under the applicable
Senior Credit Agreement, Indenture or Additional Equal Priority Debt Facility, agrees that it will, at the sole cost and expense of the Borrower, take such further action and shall execute and deliver such additional documents and instruments (in
recordable form, if requested and in form and substance reasonably satisfactory to the party executing the same) as the other parties hereto may reasonably request to effectuate the terms of, and the Lien priorities contemplated by, this Agreement.

 SECTION 5.19. Senior Credit Facilities Collateral Agent and Notes Collateral Agent. It is understood and agreed that (a) the
Senior Credit Facilities Collateral Agent is entering into this Agreement in its capacity as collateral agent under the Senior Credit Agreement and the provisions of the Senior Credit Agreement and the other Loan Documents (as defined in the Senior
Credit Agreement), including Article VIII of the Senior Credit Agreement, granting or extending any rights, protections, privileges, indemnities and immunities to the Senior Credit Facilities Collateral Agent in such capacity shall also apply to it
as Controlling Collateral Agent hereunder and (b) the Notes Collateral Agent is entering in this Agreement in its capacity as Trustee and Collateral Agent under the Indenture and as Notes Collateral Agent under the Notes Security Agreement and
the provisions of the Indenture and the Notes Security Agreement granting or extending any rights, protections, privileges, indemnities and immunities to the Trustee, Collateral Agent or Notes Collateral Agent thereunder shall also apply to the
Notes Collateral Agent hereunder. 
 For the avoidance of doubt, the parties hereto acknowledge that in no event shall the Senior Credit
Facilities Collateral Agent or Notes Collateral Agent be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether any such party has
been advised of the likelihood of such loss or damage and regardless of the form of action. 
 In addition, it is understood and agreed that
prior to the Discharge of Senior Credit Facilities Obligations, to the extent that the Senior Credit Facilities Collateral Agent is satisfied with or agrees to any deliveries or documents required to be provided in respect of any matters relating to
any Shared Collateral or makes any determination in respect of any matters relating to any Shared Collateral (including, without limitation, extensions of time or waivers for the creation and perfection of security interests in, or the obtaining of
title insurance, legal opinions or other 

  
 24 

 
deliverables with respect to, particular assets (including extensions beyond the date hereof or in connection with assets acquired, or Subsidiaries formed or acquired, after the date hereof) and
any determination that the cost, burden, difficulty or consequence of obtaining or perfecting a security interest in a particular asset outweighs the benefit of a security interest to the relevant Equal Priority Secured Parties afforded thereby),
the Notes Collateral Agent shall be deemed to be satisfied with such deliveries and/or documents and the judgment of the Senior Credit Facilities Collateral Agent in respect of any such matters under the Credit Agreement shall be deemed to be the
judgment of the Notes Collateral Agent in respect of such matters under the Indenture and the Security Documents (as defined in the Indenture). 

[Signature Page Follows] 

  
 25 

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

			
	BANK OF AMERICA, N.A.,
	as Senior Credit Facilities Collateral Agent and Controlling Collateral Agent
		
	By:	 	/s/ Carol Alfonso
		 	Name:  Carol Alfonso
		 	Title:    Assistant Vice President

  
 [Signature Page to
Equal Priority Intercreditor Agreement] 

 
			
	THE BANK OF NEW YORK MELLON,
	as Notes Collateral Agent
		
	By:	 	/s/ Francine Kincaid
		 	Name:  Francine Kincaid
		 	Title:    Vice President

  

  
 [Signature Page to
Equal Priority Intercreditor Agreement] 

 
			
	WW INTERNATIONAL, INC.
		
	By:	 	/s/ Amy O’Keefe
		 	Name: Amy O’Keefe
		 	Title:   Chief Financial Officer

  

			
	KURBO, INC.
	W HOLDCO, INC. 
	WW HEALTH SOLUTIONS, INC. 
	WW NORTH AMERICA HOLDINGS, LLC
	WW.COM, LLC
		
	By:	 	/s/ Nicholas P. Hotchkin
		 	Name: Nicholas P. Hotchkin
		 	Title:   Vice President and Treasurer

  
 [Signature Page to
Equal Priority Intercreditor Agreement] 

 ANNEX I 

GRANTORS 
 WW INTERNATIONAL, INC. 

KURBO, INC. 
 W HOLDCO, INC. 

WW HEALTH SOLUTIONS, INC. 
 WW NORTH AMERICA HOLDINGS,
LLC 
 WW.COM, LLC 

  
 Anx I-1 

 ANNEX II 

[FORM OF] JOINDER NO. [ ] dated as of [ ], 20[ ] (this “Joinder”) to the EQUAL PRIORITY INTERCREDITOR AGREEMENT dated as of
April 13, 2021 (the “Equal Priority Intercreditor Agreement”), among WW International, Inc., a Virginia corporation (the “Borrower”), the other Grantors party thereto, Bank of America, N.A., as collateral agent
for the Senior Credit Facilities Secured Parties (in such capacity, the “Senior Credit Facilities Collateral Agent”), and The Bank of New York Mellon, as collateral agent for the Indenture Secured Parties (in such capacity, the
“Notes Collateral Agent”), and each Additional Agent from time to time party thereto. 
 A. Capitalized terms used herein
but not otherwise defined herein shall have the meanings assigned to such terms in the Equal Priority Intercreditor Agreement. 
 B. As a
condition to the ability of the Borrower and certain of its Subsidiaries to incur Additional Equal Priority Obligations and to secure such Senior Class Debt (and the guarantee in respect thereof) with the Senior Liens, in each case under and
pursuant to the Additional Equal Priority Documents, the Senior Class Debt Representative in respect of such Senior Class Debt is required to become a Collateral Agent under, and such Senior Class Debt and the Senior Class Debt
Parties in respect thereof are required to become subject to and bound by, the Equal Priority Intercreditor Agreement. Section 5.13 of the Equal Priority Intercreditor Agreement provides that such Senior Class Debt Representative may
become a Collateral Agent under, and such Senior Class Debt and such Senior Class Debt Parties may become subject to and bound by, the Equal Priority Intercreditor Agreement, upon the execution and delivery by the Senior
Class Representative of an instrument in the form of this Joinder and the satisfaction of the other conditions set forth in Section 5.13 of the Equal Priority Intercreditor Agreement. The undersigned Senior Class Debt Representative
(the “New Collateral Agent”) is executing this Joinder in accordance with the requirements of the Equal Priority Intercreditor Agreement. 

Accordingly, the Controlling Collateral Agent and the New Collateral Agent agree as follows: 

SECTION 1. In accordance with Section 5.13 of the Equal Priority Intercreditor Agreement, the New Collateral Agent by its signature below
becomes a Collateral Agent and Additional Agent under, and the related Senior Class Debt and Senior Class Debt Parties become subject to and bound by, the Equal Priority Intercreditor Agreement with the same force and effect as if the New
Collateral Agent had originally been named therein as a Collateral Agent, and the New Collateral Agent, on behalf of itself and such Senior Class Debt Parties, hereby agrees to all the terms and provisions of the Equal Priority Intercreditor
Agreement applicable to it as a Collateral Agent and to the Senior Class Debt Parties that it represents as Additional Equal Priority Secured Parties. Each reference to a “Collateral Agent” or an “Additional
Agent” in the Equal Priority Intercreditor Agreement shall be deemed to include the New Collateral Agent. The Equal Priority Intercreditor Agreement is hereby incorporated herein by reference. 

  
 Anx II-1 

 SECTION 2. The New Collateral Agent represents and warrants to the Controlling Collateral
Agent and the other Equal Priority Secured Parties that (i) it has full power and authority to enter into this Joinder, in its capacity as [agent] [trustee], (ii) this Joinder has been duly authorized, executed and delivered by it and
constitutes its legal, valid and binding obligation, enforceable against it in accordance with the terms of such Agreement and (iii) the Additional Equal Priority Documents relating to such Senior Class Debt provide that, upon the New
Collateral Agent’s entry into this Agreement, the Senior Class Debt Parties in respect of such Senior Class Debt will be subject to and bound by the provisions of the Equal Priority Intercreditor Agreement as Additional Equal Priority
Secured Parties. 
 SECTION 3. This Joinder may be executed in counterparts, each of which shall constitute an original, but all of which
when taken together shall constitute a single contract. This Joinder shall become effective when the Collateral Agent shall have received a counterpart of this Joinder that bears the signature of the New Collateral Agent. Delivery of an executed
counterpart of a signature page of this Joinder by facsimile or by email as a “.pdf” or “.tif” attachment or any electronic signature complying with the U.S. Federal ESIGN Act of 2000 or the New York Electronic Signature and
Records Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law. 

SECTION 4. Except as expressly supplemented hereby, the Equal Priority Intercreditor Agreement shall remain in full force and effect. 

SECTION 5. THIS JOINDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

SECTION 6. In case any one or more of the provisions contained in this Joinder should be held invalid, illegal or unenforceable in any
respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of the remaining provisions contained herein and in
the Equal Priority Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic
effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 7. All communications and
notices hereunder shall be in writing and given as provided in Section 5.01 of the Equal Priority Intercreditor Agreement. All communications and notices hereunder to the New Collateral Agent shall be given to it at the address set forth below
its signature hereto. 
 SECTION 8. The Borrower agrees to reimburse the Controlling Collateral Agent for its reasonable out-of-pocket expenses in connection with this Joinder, including the reasonable fees, other charges and disbursements of counsel for the Controlling Collateral Agent. 

  
 Anx II-2 

 IN WITNESS WHEREOF, the New Collateral Agent and the Controlling Collateral Agent have duly
executed this Joinder to the Equal Priority Intercreditor Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW COLLATERAL AGENT], as
	[•] for the holders of
	[•],
		
	By:	 	 
		 	Name:
		 	Title:

  
 Anx II-3 

 
			
	Address for notices:
		
		 	 
		
		 	 
		
	Attention of:	 	 
		
	Fax:	 	 

  
 Anx II-4 

 Acknowledged by: 

[                         
   ], 
 as Controlling Collateral Agent 

			
		
	By:	 	  

		 	Name:
		 	Title:

 WW INTERNATIONAL, INC. 

			
		
	By:	 	  

		 	Name:
		 	Title:

 THE GRANTORS 
 LISTED ON SCHEDULE
I HERETO 

			
		
	By:	 	  

		 	Name:
		 	Title:

  
 Anx II-5 

 Schedule I to the Joinder to the 

Equal Priority Intercreditor Agreement 

Grantors 
 [    ] 

  
 Sched. I-1 

 ANNEX III 

[FORM OF] SUPPLEMENT NO. [ ] dated as of [                ]
(this “Supplement”), to the EQUAL PRIORITY INTERCREDITOR AGREEMENT dated as of April 13, 2021 (the “Equal Priority Intercreditor Agreement”), among WW International, Inc., a Virginia corporation (the
“Borrower”), the other Grantors party thereto, Bank of America, N.A., as collateral agent for the Senior Credit Facilities Secured Parties (in such capacity, the “Senior Credit Facilities Collateral Agent”), and The
Bank of New York Mellon, as collateral agent for the Indenture Secured Parties (in such capacity, the “Notes Collateral Agent”), and each Additional Agent from time to time party thereto. 

A Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Equal Priority
Intercreditor Agreement. 
 B. The Grantors have entered into the Equal Priority Intercreditor Agreement. Pursuant to certain Secured Credit
Documents, certain newly acquired or organized Subsidiaries of the Borrower are required to enter into the Equal Priority Intercreditor Agreement. Section 5.17 of the Equal Priority Intercreditor Agreement provides that such Subsidiaries may
become party to the Equal Priority Intercreditor Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary (the “New Grantor”) is executing this Supplement in accordance with the
requirements of the Senior Credit Agreement, the Indenture and the Additional Equal Priority Documents. 
 Accordingly, the Controlling
Collateral Agent and the New Grantor agree as follows: 
 SECTION 1. In accordance with Section 5.17 of the Equal Priority Intercreditor
Agreement, the New Grantor by its signature below becomes a Grantor under the Equal Priority Intercreditor Agreement with the same force and effect as if originally named therein as a Grantor, and the New Grantor hereby agrees to all the terms and
provisions of the Equal Priority Intercreditor Agreement applicable to it as a Grantor thereunder. Each reference to a “Grantor” in the Equal Priority Intercreditor Agreement shall be deemed to include the New Grantor. The Equal Priority
Intercreditor Agreement is hereby incorporated herein by reference. 
 SECTION 2. The New Grantor represents and warrants to the Controlling
Collateral Agent and the other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms. 

SECTION 3. This Supplement may be executed in counterparts, each of which shall constitute an original, but all of which when taken together
shall constitute a single contract. This Supplement shall become effective when the Controlling Collateral Agent shall have received a counterpart of this Supplement that bears the signature of the New Grantor. Delivery of an executed counterpart of
a signature page of this Supplement by facsimile or by email as a “.pdf” or “.tif” attachment or any electronic signature complying with the U.S. Federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act or
other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law. 

  
 Anx III-1 

 SECTION 4. Except as expressly supplemented hereby, the Equal Priority Intercreditor
Agreement shall remain in full force and effect. 
 SECTION 5. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 6. In case any one or more of the provisions contained in this Supplement should be held
invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of the
remaining provisions contained herein and in the Equal Priority Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7. All communications and notices hereunder shall be in writing and given as provided in Section 5.01 of the Equal Priority
Intercreditor Agreement. All communications and notices hereunder to the New Grantor shall be given to it in care of the Borrower as specified in the Equal Priority Intercreditor Agreement. 

SECTION 8. The Borrower agrees to reimburse the Controlling Collateral Agent for its reasonable out-of-pocket expenses in connection with this Supplement, including the reasonable fees, other charges and disbursements of counsel for the Controlling Collateral Agent. 

  
 Anx III-2 

 IN WITNESS WHEREOF, the New Grantor, and the Controlling Collateral Agent have duly executed
this Supplement to the Equal Priority Intercreditor Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW GRANTOR],
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	Acknowledged by:
	
	[            ], as Controlling Collateral Agent,
		
	By:	 	 
		 	Name:
		 	Title:

  
 Anx III-3irsa-exhibit47

Exhibit 4.7

 

WARRANT AGENT AGREEMENT

 

This
Warrant Agent Agreement (the “Warrant Agent Agreement”) made as
of April         , 2021, is
between IRSA Inversiones y Representaciones Sociedad Anónima
(“IRSA”), an
Argentine company, (the “Company”), an Argentine company,
and Computershare, Inc., as warrant agent (the “Warrant Agent”).

 

WHEREAS, the
Company has determined to issue and deliver to shareholders, among
other securities, warrants (the “Warrants”) to purchase up to an
aggregate of 80,000,000 shares of common stock of the Company (the
“Warrant
Shares”), pursuant to a registered offering by the
Company of rights to subscribe for new common shares and receive
warrants, as set forth in registration statements on Form F-3 filed
with the Securities and Exchange Commission on January 5, 2021 and
April       , 2021 (the
“Registration
Statements”). Each Warrant evidences the right of the
holder thereof to purchase, for an exercise price to be determined,
one Warrant Share, as subject to adjustment as described below and
in the Warrant Certificate (the “Exercise Price”);

 

WHEREAS, the
Company desires the Warrant Agent to act on behalf of the Company,
and the Warrant Agent is willing to so act, in connection with the
issuance, registration, transfer, exchange, redemption and exercise
of the Warrants;

 

WHEREAS, the
Company desires to provide for the form and provisions of the
Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights and immunities of
the Company, the Warrant Agent and the holders of the Warrants;
and

 

WHEREAS, all acts
and things have been done and performed which are necessary to make
the Warrants, when executed on behalf of the Company and
countersigned by or on behalf of the Warrant Agent, as provided
herein, the legally valid and binding obligations of the Company,
and to authorize the execution and delivery of this Warrant Agent
Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein
contained, the parties hereto agree as follows:

 

1. Appointment
of Warrant Agent

 

. The
Company hereby appoints the Warrant Agent to act as agent for the
Company for the Warrants, and the Warrant Agent hereby accepts such
appointment and agrees to perform the same in accordance with the
express terms and conditions set forth in this Warrant Agent
Agreement (and no implied terms or conditions).

 

2. Warrants

 

.

 

2.1 Form of Warrant. Each Warrant
shall be (a) issued in book-entry form and evidenced by a global
warrant certificate, substantially in the form of Exhibit A hereto
(including the DTC legend hereon) or(b) in registered form as
non-global definitive warrant certificates, in substantially the
form of Exhibit A attached hereto (but excluding the DTC legend
hereon), the provisions of which are incorporated herein, and
signed by, or bear the facsimile or .pdf signature of, any two of
the Chief Executive Officer, Chief Financial Officer of the Company
and such other officers of the Company as the Company may designate
(each an “Authorized
Signatory” and, collectively, the “Authorized Signatories”). In the
event the person whose facsimile or .pdf signature has been placed
upon any Warrant shall have ceased to serve in the capacity in
which such person signed the Warrant before such Warrant is issued,
it may be issued with the same effect as if he or she had not
ceased to be such at the date of issuance. All of the Warrants
shall initially be represented by one or more book-entry positions
and evidenced by a global warrant certificate (the
“Global Book-Entry
Warrant”). In the event of any conflict between the
terms of the Warrant, in the form of Exhibit A attached hereto, and
the terms of this Warrant Agency Agreement, the terms of the
Warrant shall control; provided, that, with respect to the powers,
rights, duties, obligations and immunities of the Warrant Agent,
this Warrant Agency Agreement shall govern and
control.

 

2.2 Registration.

 

2.2.1 Warrant
Register. The Warrant Agent shall maintain books
(“Warrant
Register”) for the registration of the original
issuance and registration of transfers of the Warrants. Upon the
initial issuance of the Warrants, at the Company’s written
request, the Warrant Agent shall issue and register the Warrants in
the names of the respective holders thereof in such denominations
and otherwise in accordance with the written instructions delivered
to the Warrant Agent by the Company. To the extent the Warrants are
DTC eligible as of the date of issuance (the “Issuance Date”), all of the
Warrants shall be represented by one Global Book-Entry Warrant
deposited with the Depository Trust Company (the
“Depository”)
and registered in the name of Cede & Co., a nominee of the
Depository. Ownership of beneficial interests in the Book-Entry
Warrant shall be shown on, and the transfer of such ownership shall
be effected through, records maintained (i) by the Depository or
its nominee for the Book Entry Warrant; (ii) by institutions that
have accounts with the Depository (such institution, with respect
to a Warrant in its account, a “Participant”); or (iii) directly
on the book-entry records of the Warrant Agent with respect only to
owners of beneficial interests that represent such direct
registration. If the Warrants are not DTC Eligible as of the
Issuance Date or the Depository subsequently ceases to make its
book-entry settlement system available for the Warrants, the
Company may instruct the Warrant Agent in writing regarding making
other arrangements for book-entry settlement within ten (10) days
after the Depository ceases to make its book-entry settlement
available. In the event that the Company does not make alternative
arrangements for book-entry settlement within ten (10) days or the
Warrants are not eligible for, or it is no longer necessary to have
the Warrants available in, book-entry form, the Warrant Agent shall
provide written instructions to the Depository to deliver to the
Warrant Agent for cancellation each Book-Entry Warrant, and the
Company shall instruct the Warrant Agent to deliver to the
Depository definitive certificates in physical form evidencing such
Warrants in substantially the form annexed hereto as Exhibit A (but excluding the
DTC legend thereon).

 

2.2.2 Registered
Holder. Prior to due presentment for registration of
transfer of any Warrant, the Company and the Warrant Agent may deem
and treat the person in whose name such Warrant shall be registered
in the Warrant Register (“Registered Holder”), as the
absolute owner of such Warrant and of each Warrant represented
thereby (notwithstanding any notation of ownership or other writing
on the Warrant Certificate (as defined below) made by anyone other
than the Company or the Warrant Agent), for the purpose of any
exercise thereof, and for all other purposes, and neither the
Company nor the Warrant Agent shall be affected by any notice to
the contrary. Any person in whose name ownership of a beneficial
interest in the Warrants evidenced by a Book-Entry Warrant is
recorded in the records maintained by the Depository or its nominee
shall be deemed the “beneficial owner”
thereof.

 

2.2.3 Notwithstanding
anything contained herein, a Registered Holder or if the Book Entry
Warrants are deposited with the Depositary, the beneficial owner,
has the right, upon written notice to the Warrant Agent (in form
and substance acceptable to the Warrant Agent), to request a
physical warrant certificate in substantially the form of
Exhibit A, attached
hereto, for the same number of Warrants as are registered in the
name of such Registered Holder or beneficial owner, as applicable,
in the records maintained by the Warrant Agent (a
“Warrant
Certificate”). Such Warrant Certificate shall be dated
the original issue date of the Warrants and shall be executed by an
Authorized Signatory. The Warrant Agent shall deliver the Warrant
Certificate to the Registered Holder as promptly as practicable. To
the extent that the Company requests that the Warrant Agent
delivers a Warrant Certificate to a Registered Holder or beneficial
owner, as applicable, prior to the closing date of the transactions
under the Registration Statements, then the Warrant Agent shall
deliver such Warrant Certificate as promptly as practicable
following the receipt of such request.

 

2.3 Registration of Transfers and
Exchanges.

 

2.3.1 Transfer
and Exchange of Warrant Certificates. When Warrant
Certificates are presented to the Warrant Agent with a request:
(i) to register the transfer of the Warrant Certificates; or
(ii) to exchange such Warrant Certificates for an equal number
of Warrant Certificates of other authorized denominations, the
Warrant Agent shall register the transfer or make the exchange as
requested if the requirements under this Agreement as set forth in
this Section 2.3 for such
transactions are met; provided, however, that the Warrant
Certificates presented or surrendered for registration of transfer
or exchange shall be duly endorsed or accompanied by a written
instruction of transfer in the form of Exhibit B hereto and
satisfactory to the Company, duly executed by the Holder thereof or
by his attorney, duly authorized in writing, accompanied by a
signature guarantee and such other documentation as the Warrant
Agent may reasonably request.

 

2.3.2 Restrictions
on Transfer of a Definitive Warrant for a Beneficial Interest in a
Global Book-Entry Warrant. A Definitive Warrant may not be
exchanged for a beneficial interest in a Global Book-Entry Warrant
except upon satisfaction of the requirements set forth below. Upon
receipt by the Warrant Agent of a Definitive Warrant, duly endorsed
or accompanied by the instrument of transfer, attached hereto as
Exhibit B in form satisfactory to the Company, together with
written instructions directing the Warrant Agent to make, or to
direct the Depositary to make, an endorsement on the Global
Book-Entry Warrant to reflect an increase in the aggregate amount
of the Warrants represented by the Global Book-Entry Warrant, the
Warrant Agent shall cancel such Definitive Warrant and cause, or
direct the Depositary to cause, in accordance with the standing
instructions and procedures existing between the Depositary and the
Warrant Agent, the number of Warrants represented by the Global
Book-Entry Warrant to be increased accordingly. If no Global
Book-Entry Warrant is then outstanding, the Company shall issue and
the Warrant Agent shall countersign a new Global Book-Entry Warrant
in the appropriate amount.

 

2.3.3 Transfer
and Exchange of Global Book-Entry Warrants. The transfer and
exchange of Global Book-Entry Warrants or beneficial interests
therein shall be effected through the Depositary, in accordance
with this Agreement (including the restrictions on transfer set
forth herein) and the procedures of the Depositary
therefor.

 

2.3.4 Transfer
of a Beneficial Interest in a Global Book-Entry Warrant for a
Definitive Warrant.

 

(a) Any Person having a
beneficial interest in a Global Book-Entry Warrant may upon written
request exchange such beneficial interest for a Definitive Warrant.
Upon receipt by the Warrant Agent of written instructions or such
other form of instructions as is customary for the Depositary from
the Depositary or its nominee on behalf of any Person having a
beneficial interest in a Global Book-Entry Warrant and upon receipt
by the Warrant Agent of a written order or such other form of
instructions as is customary for the Depositary or the Person
designated by the Depositary as having such a beneficial interest
containing registration instructions, the Warrant Agent will cause,
in accordance with the standing instructions and procedures
existing between the Depositary and the Warrant Agent, the
aggregate amount of the Global Book-Entry Warrant to be reduced
and, following such reduction, the Company will execute and, upon
receipt of a countersignature order in the form of an
Officers’ Certificate, the Warrant Agent will authenticate
and deliver to the transferee a Definitive Warrant.

 

(b) Warrant
Certificates issued in exchange for a beneficial interest in a
Global Book-Entry Warrant pursuant to this Section 2.3.4(b) shall be
registered in such names and in such authorized denominations as
the Depositary, pursuant to instructions from its direct or
indirect participants or otherwise, shall instruct the Warrant
Agent in writing. The Warrant Agent shall make available such
Warrant Certificates to the Persons in whose names such Warrants
are so registered.

 

2.3.5 Restrictions
on Transfer and Exchange of Global Book-Entry Warrants.
Notwithstanding any other provisions of this Agreement (other than
the provisions set forth in Section 2.3.6), a Global
Book-Entry Warrant may not be transferred as a whole except by the
Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary
or by the Depositary or any such nominee to a successor Depositary
or a nominee of such successor Depositary.

 

2.3.6 Countersignature
of Warrant Certificates in Absence of Depositary. If at any
time:

 

(a) the Depositary for
the Warrants notifies the Company that the Depositary is unwilling
or unable to continue as Depositary for the Global Book-Entry
Warrant and a successor Depositary for the Global Book-Entry
Warrant is not appointed by the Company within 80 days after
delivery of such notice; or

 

(b) the Company, at its
sole discretion, notifies the Warrant Agent in writing that it
elects to cause the issuance of Warrant Certificates in place of
the Global Book-Entry Warrant under this Agreement;

 

then
the Company will execute, and the Warrant Agent, upon receipt of an
Officers’ Certificate requesting the countersignature and
delivery of Warrant Certificates, will authenticate and deliver
Warrant Certificates, in an aggregate number equal to the aggregate
number of Warrants represented by the Global Book-Entry Warrant, in
exchange for such Global Book-Entry Warrant.

 

2.3.7 Cancellation
and/or Adjustment of a Global Book-Entry Warrant. At such
time as all beneficial interests in a Global Book-Entry Warrant
have either been exchanged for Warrant Certificates, redeemed,
repurchased or cancelled, such Global Book-Entry Warrant shall be
returned to or retained and cancelled by the Warrant Agent. At any
time prior to such cancellation, if any beneficial interest in a
Global Book-Entry Warrant is exchanged for Warrant Certificates,
redeemed, repurchased or cancelled, the number of Warrants
represented by such Global Book-Entry Warrant shall be reduced and
an endorsement shall be made on such Global Book-Entry Warrant, by
the Warrant Agent to reflect such reduction.

 

2.3.8 Obligations
with Respect to Transfers and Exchanges of Warrant
Certificates.

 

(a) To permit
registrations of transfers and exchanges, the Company shall deliver
to the Warrant Agent, upon execution of this Agreement and from
time to time thereafter, sufficient inventory of executed Warrant
Certificates and Global Book-Entry Warrants.

 

(b) All Warrant
Certificates and Global Book-Entry Warrants issued upon any
registration, transfer or exchange of Warrant Certificates or
Global Book-Entry Warrants shall be the valid obligations of the
Company, entitled to the same benefits under this Agreement as the
Warrant Certificates or Global Book-Entry Warrants surrendered upon
the registration of transfer or exchange.

 

(c) Prior to due
presentment for registration of transfer of any Warrant, the
Warrant Agent and the Company may deem and treat the Person in
whose name any Warrant is registered as the absolute owner of such
Warrant, and neither the Warrant Agent nor the Company shall be
affected by notice to the contrary.

 

2.3.9 General.
The Warrant Agent shall be under no duty to monitor compliance with
any federal, state or other securities laws.

 

 

3. Exercise
of Warrants

 

.
Subject to the provisions of the Warrants and this Warrant Agent
Agreement, a Warrant may be exercised by the Registered Holder
thereof by delivering to the office of the Warrant Agent, or at the
office of its successor as Warrant Agent, the Warrant, the notice
of exercise, as set forth in the Warrant, duly executed and
properly completed, and by paying in full, in lawful money of the
United States by wire transfer to the Warrant Agent (or, if
available, pursuant to the cashless exercise feature as set forth
in such Warrant, all cashless exercises should be directed to the
Company for calculation of the applicable number of Warrant Shares
issuable upon such cashless exercise and upon completion of such
calculation by the Company, the Company shall provide the Warrant
Agent with written issuance instructions), the Exercise Price for
each full Warrant Share as to which the Warrant is exercised and
the issuance of the Warrant Shares by the Warrant Agent as set
forth in the applicable Warrant. In no event shall the Registered
Holder of any Warrant be entitled to “net cash settle”
the Warrant. The Warrant Agent will transmit to the Company the
funds received from the Registered Holders for the exercise of the
Warrants by the 5th business day of the month following the
acceptance of such funds. No ink-original Notice of Exercise shall
be required, nor shall any medallion guarantee (or other type of
guarantee or notarization) of any Notice of Exercise be required;
provided, however, that in the case of Notice of Exercise that
involves transfer of ownership, (for purposes of clarity, transfer
of ownership shall not include issuance of Warrant Shares to
Registered Holder of the Warrants), or change in the name of the
registered holder, the Warrant Agent may reasonably request such
other documentations to accompany the Notice of Exercise, including
a medallion guarantee from an eligible guarantor institution
participating in a signature guarantee program approved by the
Securities Transfer Association (a “Signature
Guarantee”). If payment in U.S. dollars as provided in this
Section 3 is legally prevented in Argentina, Registered Holders of
Warrants will be entitled to pay the Exercise Price directly to the
Company, in Argentine Pesos in an amount equal to the Argentine
Peso equivalent of the U.S. dollar Exercise Price of the Warrants
determined on the Blue Chip Swap Rate on the business day preceding
the payment date of the Exercise Price of the Warrants. For
purposes of this agreement, “Blue Chip Swap Rate” shall
mean the implied exchange rate between Pesos and U.S. dollars that
results from dividing the closing price of the Company’s
common shares on the Buenos Aires Stock Exchange as of a certain
date by the closing price of the Company’s ADSs on Nasdaq as
of that same date, further divided by ten. The Warrant Agent shall
have no liability or responsibility with respect to the
determination of the exchange rate for the Exercise Price payable
in Argentine Pesos or whether any such amounts have been
paid.

 

4. Concerning
the Warrant Agent and Other Matters

 

.

 

4.1 Payment of Taxes. The Company
will, from time to time, promptly pay all taxes and charges that
may be imposed upon the Company or the Warrant Agent in respect of
the issuance or delivery of Warrant Shares upon the exercise of
Warrants, but the Company shall not be obligated to pay any
transfer taxes in respect of the Warrants or such shares. The
Warrant Agent shall not have any duty or obligation to take any
action under any section of this Warrant Agent Agreement or any
Warrant Certificate that requires the payment of taxes and/or
charges unless and until it is satisfied that all such payments
have been made.

 

4.2 Resignation, Consolidation, or Merger
of Warrant Agent.

 

4.2.1 Appointment
of Successor Warrant Agent. The Warrant Agent, or any
successor to it hereafter appointed, may resign its duties, and be
discharged from all further duties and liabilities hereunder after
giving thirty (30) days’ notice in writing to the Company. In
the event any transfer agency relationship in effect between the
Company and the Warrant Agent terminates, the Warrant Agent will be
deemed to have resigned automatically and be discharged from its
duties under this Warrant Agent Agreement as of the effective date
of such termination. If the office of the Warrant Agent becomes
vacant by resignation or incapacity to act or otherwise, the
Company shall appoint, in writing, a successor Warrant Agent in
place of the Warrant Agent. If the Company shall fail to make such
appointment within a period of 30 days after it has been notified
in writing of such resignation or incapacity by the Warrant Agent
or by the holder of the Warrant (who shall, with such notice,
submit his, her or its Warrant for inspection by the Company), then
the holder of any Warrant may apply to the Supreme Court of the
State of New York for the County of New York for the appointment of
a successor Warrant Agent. Any successor Warrant Agent, whether
appointed by the Company or by such court, shall be a corporation
or other entity organized and existing under the laws of the State
of New York, in good standing and have its principal office in the
Borough of Manhattan, City and State of New York, and be authorized
under such laws to exercise corporate trust power and subject to
supervision or examination by federal or state authorities. After
appointment, any successor Warrant Agent shall be vested with all
the authority, powers, rights, immunities, duties and obligations
of its predecessor Warrant Agent with like effect as if originally
named as Warrant Agent hereunder, without any further act or deed;
but, if for any reason it becomes· necessary or appropriate,
the predecessor Warrant Agent shall execute and deliver, at the
expense of the Company and without assumption of any additional
liability in connection therewith, an instrument transferring to
such successor Warrant Agent all the authority, powers, and rights
of such predecessor Warrant Agent hereunder; and, upon request of
any successor Warrant Agent, the Company shall make, execute,
acknowledge, and deliver any and all instruments in writing for
more fully and effectually vesting in and confirming to such
successor Warrant Agent all such authority, powers, rights,
immunities, duties and obligations.

 

4.2.2 Notice
of Successor Warrant Agent. In the event a successor Warrant
Agent shall be appointed, the Company shall give notice thereof to
the predecessor Warrant Agent and the transfer agent for the
Warrant Shares not later than the effective date of any such
appointment.

 

4.2.3 Merger
or Consolidation of Warrant Agent. Any corporation or other
entity into which the Warrant Agent may be merged or with which it
may be consolidated or any corporation or other entity resulting
from any merger or consolidation to which the Warrant Agent shall
be a party shall be the successor Warrant Agent under this Warrant
Agent Agreement without any further act on the part of the Company
or the Warrant Agent. The purchase of all or substantially all of
the Warrant Agent’s assets employed in the performance of the
corporate trust or transfer agent activities shall be deemed a
merger or consolidation for purposes of this Section
4.2.3.

 

4.3 Fees and Expenses of Warrant
Agent.

 

4.3.1 Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration
for its services as Warrant Agent hereunder in accordance with a
mutually agreed upon fee schedule and will reimburse the Warrant
Agent upon demand for all of its reasonable and documented expenses
and counsel fees and other disbursements incurred in the
preparation, delivery, negotiation, amendment, administration and
execution of this Warrant Agent Agreement and the exercise and
performance of its duties hereunder.

 

4.3.2 Further
Assurances. The Company agrees to perform, execute,
acknowledge and deliver or cause to be performed, executed,
acknowledged and delivered, all such further and other acts,
instruments and assurances as may reasonably be required by the
Warrant Agent for the carrying out or performing of the provisions
of this Warrant Agent Agreement.

 

4.4 Liability of Warrant
Agent.

 

4.4.1 Reliance
on Company Statement. Whenever, in the performance of its
duties under this Warrant Agent Agreement, the Warrant Agent shall
deem it necessary or desirable that any fact or matter be proved or
established by the Company prior to taking or suffering any action
hereunder, such fact or matter (unless other evidence in respect
thereof be herein specifically prescribed) may be deemed to be
conclusively proved and established by a statement signed by an
Authorized Signatory, and delivered to the Warrant Agent. The
Warrant Agent may rely upon such statement for any action taken or
suffered by it pursuant to the provisions of this Warrant Agent
Agreement. From time to time, Company may provide Warrant Agent
with instructions concerning the services performed by the Warrant
Agent hereunder. In addition, at any time Warrant Agent may apply
to any officer of Company for instruction, and may consult with
legal counsel for Warrant Agent or Company with respect to any
matter arising in connection with the services to be performed by
the Warrant Agent under this Agreement. Warrant Agent and its
agents and subcontractors shall not be liable and shall be
indemnified by Company for any action taken or omitted by Warrant
Agent in reliance upon any Company instructions or upon the advice
or opinion of such counsel. Warrant Agent shall not be held to have
notice of any change of authority of any person, until receipt of
written notice thereof from Company.

 

4.4.2 Indemnity.
The Warrant Agent shall be liable hereunder only for its own gross
negligence, willful misconduct or bad faith (each as determined by
a court of competent jurisdiction in final and non-appealable
decision). The Company agrees to indemnify the Warrant Agent and
save it harmless against any costs, expenses (including reasonable
fees of its legal counsel), losses or damages, which may be paid,
incurred or suffered by or to which it may become subject, arising
from or out of, directly or indirectly, any claims or liability
resulting from its actions as Warrant Agent pursuant hereto, except
as a result of the Warrant Agent’s gross negligence, willful
misconduct or bad faith (each as determined by a court of competent
jurisdiction in a final and non-appealable decision). The costs and
expenses incurred in enforcing this right of indemnification shall
be paid by the Company.

 

4.4.3 Exclusions.
The Warrant Agent shall have no responsibility with respect to the
validity of this Warrant Agent Agreement or with respect to the
validity or execution of any Warrant (except its countersignature
thereof). The Warrant Agent shall not be liable for or by reason of
any of the statements of fact or recitals contained in this Warrant
Agency Agreement or in the Warrant (except its countersignature
thereof) or be required to verify the same, and all such statements
and recitals are and shall be deemed to have been made by the
Company only; nor shall it be responsible for any breach by the
Company of any covenant or condition contained in this Warrant
Agent Agreement or in any Warrant; nor shall it be responsible to
make any adjustments required under the adjustment provisions
contained in the Warrants or responsible for the manner, method or
amount of any such adjustment or the ascertaining of the existence
of facts that would require any such adjustment; nor shall it, by
any act hereunder, be deemed to make any representation or warranty
as to the authorization or reservation of any Warrant Shares to be
issued pursuant to this Warrant Agent Agreement or any Warrant or
as to whether any Warrant Shares will, when issued, be valid, fully
paid and nonassessable.

 

4.4.4 Limitation
of Liability. Notwithstanding anything contained herein to
the contrary, the Warrant Agent’s aggregate liability during
any term of this Warrant Agent Agreement with respect to, arising
from, or arising in connection with this Warrant Agent Agreement,
or from all services provided or omitted to be provided under this
Warrant Agent Agreement, whether in contract, or in tort, or
otherwise, is limited to, and shall not exceed, the amounts paid
hereunder by the Company to the Warrant Agent as fees and charges,
but not including reimbursable expenses, during the twelve (12)
months immediately preceding the event for which recovery from
Warrant Agent is being sought. Neither party to this Warrant Agent
Agreement shall be liable to the other party for any consequential,
indirect, special or incidental damages under any provisions of
this Warrant Agent Agreement or for any consequential, indirect,
punitive, special or incidental damages arising out of any act or
failure to act hereunder even if that party has been advised of or
has foreseen the possibility of such damages.

 

4.5 Rights and Duties of Warrant
Agent.

 

4.5.1 Counsel.
The Warrant Agent may consult with legal counsel (who may be legal
counsel for the Company), and the opinion or advice of such counsel
shall be full and complete authorization and protection to the
Warrant Agent as to any action taken or omitted by it in accordance
with such opinion or advice.

 

4.5.2 No
Duty of Demand. The Warrant Agent shall not have any duty or
responsibility in the case of the receipt of any written demand
from any holder of Warrants with respect to any action or default
by the Company, including, without limiting the generality of the
foregoing, any duty or responsibility to initiate or attempt to
initiate any proceedings at law or otherwise or to make any demand
upon the Company.

 

4.5.3 Freedom
to Trade in Company Securities. Warrant Agent and any
stockholder, director, officer or employee of the Warrant Agent may
buy, sell or deal in any of the Warrants or other securities of the
Company or become pecuniarily interested in any transaction in
which the Company may be interested, or contract with or lend money
to the Company or otherwise act as fully and freely as though it
were not Warrant Agent under this Warrant Agent Agreement. Nothing
herein shall preclude the Warrant Agent from acting in any other
capacity for the Company or for any other legal
entity.

 

4.5.4 Reliance
on Attorneys and Agents. The Warrant Agent may execute and
exercise any of the rights or powers hereby vested in it or perform
any duty hereunder either itself or by or through its attorney or
agents, and the Warrant Agent shall not be answerable or
accountable for any act, default, neglect or misconduct of any such
attorney or agents or for any loss to the Company resulting from
any such act, default, neglect or misconduct, absent gross
negligence, bad faith or willful misconduct (each as determined by
a final non-appealable judgment of a court of competent
jurisdiction) in the selection and continued employment
thereof.

 

4.5.5 Company
Instructions. The Warrant Agent may rely on and shall be
held harmless and protected and shall incur no liability for or in
respect of any action taken, suffered or omitted to be taken by it
in reliance upon any certificate, statement, instrument, opinion,
notice, letter, facsimile transmission, telegram or other document,
or any security delivered to it, and believed by it to be genuine
and to have been made or signed by the proper party or parties, or
upon any written or oral instructions or statements from the
Company with respect to any matter relating to its acting as
Warrant Agent hereunder.

 

4.5.6 No
Risk of Own Funds. The Warrant Agent shall not be obligated
to expend or risk its own funds or to take any action that it
believes would expose or subject it to expense or liability or to a
risk of incurring expense or liability, unless it has been
furnished with assurances of repayment or indemnity satisfactory to
it.

 

4.5.7 Bank
Accounts. All funds received by Computershare under this
Warrant Agent Agreement that are to be distributed or applied by
Computershare in the performance of Services (the
“Funds”) shall be held by Computershare as agent for
the Company and deposited in one or more bank accounts to be
maintained by Computershare in its name as agent for the Company.
Until paid pursuant to the terms of this Warrant Agent Agreement,
Computershare will hold the Funds through such accounts in: deposit
accounts of commercial banks with Tier 1 capital exceeding US$1
billion or with an average rating above investment grade by S&P
(LT Local Issuer Credit Rating), Moody’s (Long Term Rating)
and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as
reported by Bloomberg Finance L.P.). Computershare shall have no
responsibility or liability for any diminution of the Funds that
may result from any deposit made by Computershare in accordance
with this paragraph, including any losses resulting from a default
by any bank, financial institution or other third party.
Computershare may from time to time receive interest, dividends or
other earnings in connection with such deposits. Computershare
shall not be obligated to pay such interest, dividends or earnings
to the Company, any holder or any other part.

 

4.6 Opinion of Counsel. The Company
shall provide an opinion of counsel reasonably satisfactory to the
Warrant Agent prior to the effective date of this Warrant Agent
Agreement to set up a reserve of Warrants and related Warrant
Shares. The opinion of counsel shall state that all Warrants or
Warrant Shares, as applicable, are: (1) registered under the
Securities Act of 1933, as amended, or are exempt from such
registration; and (2) validly issued, fully paid and
non-assessable.

 

4.7 Acceptance of Agency. The
Warrant Agent shall act hereunder solely as agent for the Company,
and its duties shall be determined solely by the express provisions
hereof (and no duties or obligations shall be inferred or implied).
The Warrant Agent shall not assume any obligations or relationship
of agency or trust with any of the owners or holders of the
Warrants.

 

4.8 Survival. The provisions of
Section 4.3, Section 4.4, Section 4.5 and Section 4.6 shall survive
the expiration of the Warrants, the termination of this Warrant
Agent Agreement and the resignation, replacement or removal of the
Warrant Agent.

 

5. Adjustment
of Exercise Price and Number of Warrant Shares
Issuable

 

. If
any corporate restructuring or action regarding the Company’s
Common Stock is approved other than those mentioned in this
Section 5 and which may have an impact on or represent a
reduction of rights to the Holders of the Warrants, the Company
will use its best efforts to negotiate with the Holders of the
Warrants to set forth new exercise conditions, seeking to preserve
the rights originally granted to the Warrants, their economic and
corporate value, the amount of underlying shares and their Exercise
Price. The Company shall promptly prepare a certificate setting
forth such any adjustment in the Exercise Price and a brief,
reasonably detailed statement of the facts and computations
accounting for such adjustment, and promptly file with the Warrant
Agent, a copy of such certificate. The Rights Agent shall be fully
protected in relying on any such certificate and on any adjustment
therein contained and shall have no duty or liability with respect
to, and shall not be deemed to have knowledge of, such adjustment
unless and until it shall have received such certificate. The
number and kind of shares purchasable upon the exercise of the
Warrants and the Exercise Price shall be subject to adjustment from
time to time as follows:

 

5.1 Stock Splits, Combinations,
etc. In case the Company shall hereafter (A) pay a
dividend or make a distribution on its Common Stock in shares of
its Capital Stock (whether shares of Common Stock or of Capital
Stock of any other class), (B) subdivide its outstanding
shares of Common Stock or (C) combine its outstanding shares
of Common Stock into a smaller number of shares, then (i) the
number of shares of Capital Stock purchasable upon exercise of each
Warrant immediately after the happening of such event shall be
adjusted so that, after giving effect to such adjustment, the
Holder of any Warrant thereafter exercised shall be entitled to
receive the number of shares of Capital Stock of the Company which
such Holder would have owned immediately following such action had
such Warrant been exercised immediately prior thereto, and
(ii) the Exercise Price in effect immediately prior to such
action, shall be decreased to a price determined by multiplying the
Exercise Price then in effect by a fraction (x) the numerator
of which shall be the number of shares of Common Stock purchasable
upon the exercise of the Warrants immediately prior to such
adjustment, and (y) the denominator of which shall be the
number of shares of Common Stock so purchasable immediately
thereafter. An adjustment made pursuant to this paragraph shall
become effective immediately after the record date in the case of a
dividend and shall become effective immediately after the effective
date in the case of a subdivision, combination or reclassification.
If, as a result of an adjustment made pursuant to this paragraph,
the Holder of any Warrant thereafter exercised shall become
entitled to receive shares of two or more classes of Capital Stock
of the Company, the Board of Directors of the Company (whose
determination shall be conclusive) shall determine the allocation
of the adjusted Exercise Price between or among shares of such
classes of Capital Stock.

 

5.2 Reclassification, Combinations,
Mergers, etc. In case of any reclassification or change of
outstanding shares of Common Stock issuable upon exercise of the
Warrants (other than as set forth in paragraph (a) above and other
than a change in par value, or from par value to no par value, or
from no par value to par value or as a result of a subdivision or
combination), or in case of any consolidation or merger of the
Company with or into another corporation (other than a merger in
which the Company is the continuing corporation and which does not
result in any reclassification or change of the then outstanding
shares of Common Stock or other Capital Stock issuable upon
exercise of the Warrants (other than a change in par value, or from
par value to no par value, or from no par value to par value or as
a result of a subdivision or combination)) or in case of any sale
or conveyance to another corporation of all or substantially all of
the assets of the Company, then, as a condition of such
reclassification, change, consolidation, merger, sale or
conveyance, the Company or such a successor or purchasing
corporation, as the case may be, shall forthwith make lawful and
adequate provision whereby the Holder of such Warrant then
outstanding shall have the right thereafter to receive on exercise
of such Warrant the kind and amount of shares of stock and other
securities and property receivable upon such reclassification,
change, consolidation, merger, sale or conveyance by a holder of
the number of shares of Common Stock issuable upon exercise of such
Warrant immediately prior to such reclassification, change,
consolidation, merger, sale or conveyance and enter into a
supplemental warrant agreement so providing. Such provisions shall
include provision for adjustments which shall be as nearly
equivalent as may be practicable to the adjustments provided for in
this Section 5. If the issuer of securities deliverable upon
exercise of Warrants under the supplemental warrant agreement is an
Affiliate of the formed, surviving or transferee corporation, that
issuer shall join in the supplemental warrant agreement. The above
provisions of this paragraph (b) shall similarly apply to
successive reclassifications and changes of shares of Common Stock
and to successive consolidations, mergers, sales or conveyances. In
case of any such reorganization, reclassification, merger,
consolidation or disposition of assets, the successor or acquiring
corporation (if other than the Company) shall expressly assume the
due and punctual observance and performance of each and every
covenant and condition of this Agreement to be performed and
observed by the Company and all the obligations and liabilities
hereunder, subject to such modifications as may be deemed
appropriate (as determined by resolution of the Board of Directors
of the Company) in order to provide for adjustments of shares of
the Common Stock for which a Warrant is exercisable which shall be
as nearly equivalent as practicable to the adjustments provided for
in this Section 5. For purposes of this Section 5.2
“shares of stock and other securities” of a successor
or acquiring corporation shall include stock of such corporation of
any class which is not preferred as to dividends or assets over any
other class of stock of such corporation and which is not subject
to redemption and shall also include any evidences of indebtedness,
shares of stock or other securities which are convertible into or
exchangeable for any such stock, either immediately or upon the
arrival of a specified date or the happening of a specified event
and any Warrants or other rights to subscribe for or purchase any
such stock. The foregoing provisions of this Section 5.2 shall
similarly apply to successive reorganizations, reclassifications,
mergers, consolidations or disposition of assets.

 

5.3 Issuance of Options or Convertible
Securities. In the event the Company shall, at any time or
from time to time after the date hereof, issue, sell, distribute or
otherwise grant in any manner (including by assumption) to all
holders of the Common Stock any rights to subscribe for or to
purchase, or any warrants or options for the purchase of, Common
Stock or any stock or securities convertible into or exchangeable
for Common Stock (any such rights, warrants or options being herein
called “Options” and any such convertible or
exchangeable stock or securities being herein called
“Convertible Securities”) or any Convertible Securities
(other than upon exercise of any Option), whether or not such
Options or the rights to convert or exchange such Convertible
Securities are immediately exercisable, and the price per share at
which Common Stock is issuable upon the exercise of such Options or
upon the conversion or exchange of such Convertible Securities
(determined by dividing (i) the aggregate amount, if any,
received or receivable by the Company as consideration for the
issuance, sale, distribution or granting of such Options or any
such Convertible Security, plus the minimum aggregate amount of
additional consideration, if any, payable to the Company upon the
exercise of all such Options or upon conversion or exchange of all
such Convertible Securities, plus, in the case of Options to
acquire Convertible Securities, the minimum aggregate amount of
additional consideration, if any, payable upon the conversion or
exchange of all such Convertible Securities, by (ii) the total
maximum number of shares of Common Stock issuable upon the exercise
of all such Options or upon the conversion or exchange of all such
Convertible Securities or upon the conversion or exchange of all
Convertible Securities issuable upon the exercise of all such
Options) shall be less than the Current Market Price per share of
Common Stock (determined pursuant to Section 5.7) on the
record date for the issuance, sale, distribution or granting of
such Options (any such event being herein called
a “Distribution”) then, effective upon such
Distribution, the Exercise Price shall be reduced to the price
(calculated to the nearest 1/1,000 of one cent) determined by
multiplying the Exercise Price in effect immediately prior to such
Distribution by a fraction, the numerator of which shall be the sum
of (i) the number of shares of Common Stock outstanding
(exclusive of any treasury shares) immediately prior to such
Distribution multiplied by the Current Market Price per share of
Common Stock on the date of such Distribution plus (ii) the
consideration, if any, received by the Company upon such
Distribution, and the denominator of which shall be the product of
(A) the total number of shares of Common Stock outstanding
(exclusive of any treasury shares) immediately after such
Distribution multiplied by (B) the Current Market Price per
share of Common Stock on the record date for such Distribution. For
purposes of the foregoing, the total maximum number of shares of
Common Stock issuable upon exercise of all such Options or upon
conversion or exchange of all such Convertible Securities or upon
the conversion or exchange of the total maximum amount of the
Convertible Securities issuable upon the exercise of all such
Options shall be deemed to have been issued as of the date of such
Distribution and thereafter shall be deemed to be outstanding and
the Company shall be deemed to have received as consideration
therefor such price per share, determined as provided above. Except
as provided in paragraphs (k) and (l) below, no additional
adjustment of the Exercise Price shall be made upon the actual
exercise of such Options or upon conversion or exchange of the
Convertible Securities or upon the conversion or exchange of the
Convertible Securities issuable upon the exercise of such
Options.

 

5.4 Dividends and Distributions. In
the event the Company shall, at any time or from time to time after
the date hereof, distribute to all the holders of Common Stock any
dividend as provided for under section 234 of the Argentine
Corporation Law, in cash or other distribution of cash, evidences
of its indebtedness, other securities or other properties or assets
(in each case other than (i) dividends payable in Common
Stock, Options or Convertible Securities and (ii) any cash
dividend from current or retained earnings), or any options,
warrants or other rights to subscribe for or purchase any of the
foregoing, that exceeds 3% of the Current Market Price (as defined
in Section 5.7), then (A) the Exercise Price shall be
decreased to a price determined by multiplying the Exercise Price
then in effect by a fraction, the numerator of which shall be the
Current Market Price per share of Common Stock on the record date
for such distribution less the sum of (X) the cash portion, if
any, of such distribution per share of Common Stock outstanding
(exclusive of any treasury shares) on the record date for such
distribution plus (Y) the then fair market value (as
determined in good faith by the Board of Directors of the Company)
per share of Common Stock outstanding (exclusive of any treasury
shares) on the record date for such distribution of that portion,
if any, of such distribution consisting of evidences of
indebtedness, other securities, properties, assets, options,
warrants or subscription or purchase rights, and the denominator of
which shall be such Current Market Price per share of Common Stock
and (B) the number of shares of Common Stock purchasable upon
the exercise of each Warrant shall be increased to a number
determined by multiplying the number of shares of Common Stock so
purchasable immediately prior to the record date for such
distribution by a fraction, the numerator of which shall be the
Exercise Price in effect immediately prior to the adjustment
required by clause (A) of this sentence and the denominator of
which shall be the Exercise Price in effect immediately after such
adjustment. The adjustments required by this paragraph shall be
made whenever any such distribution occurs retroactive to the
record date for the determination of stockholders entitled to
receive such distribution.

 

5.5 Self-Tenders. In case of the
consummation of a tender or exchange offer (other than an odd-lot
tender offer) made by the Company or any subsidiary of the Company
for all or any portion of the Common Stock to the extent that the
cash and value of any other consideration included in such payment
per share of Common Stock exceeds the first reported sales price
per share of Common Stock on the trading day next succeeding the
Expiration Time, the Exercise Price shall be reduced so that the
same shall equal the price determined by multiplying the Exercise
Price in effect immediately prior to the Expiration Time by a
fraction the numerator of which shall be the number of shares of
Common Stock outstanding (including any tendered or exchanged
shares) at the Expiration Time multiplied by the first reported
sales price of the Common Stock on the trading day next succeeding
the Expiration Time, and the denominator shall be the sum of
(A) the fair market value (determined by the Board of
Directors of the Company, whose determination shall be conclusive
and described in a resolution of the Board of Directors) of the
aggregate consideration payable to stockholders based on the
acceptance (up to any maximum specified in the terms of the tender
or exchange offer) of all shares validly tendered or exchanged and
not withdrawn as of the Expiration Time (the shares deemed so
accepted, up to any such maximum, being referred to as
the “Purchased Shares”) and (B) the product
of the number of shares of Common Stock outstanding (less any
Purchased Shares) on the Expiration Time and the first reported
sales price of the Common Stock on the trading day next succeeding
the Expiration Time, such reduction to become effective immediately
prior to the opening of business on the day following the
Expiration Time.

 

5.6 Issuance of Additional Shares of
Common Stock. If at any time the Company shall (except as
hereinafter provided) issue or sell any additional shares of Common
Stock for consideration in an amount per additional share of Common
Stock less than the Current Market Price, then the number of shares
of Common Stock for which a Warrant is exercisable shall be
adjusted to equal the product obtained by multiplying the number of
shares of Common Stock for which a Warrant is exercisable
immediately prior to such issue or sale by a fraction (A) the
numerator of which shall be the number of shares of Common Stock
outstanding immediately after such issue or sale, and (B) the
denominator of which shall be the sum of (1) the number of
shares of Common Stock outstanding immediately prior to such issue
or sale, and (2) the aggregate consideration received from the
issuance or sale of the additional shares of Common Stock divided
by the Current Market Price. For the purposes of this paragraph
(f), the date as of which the Current Market Price per share of
Common Stock shall be computed shall be the earlier of (a) the
date on which the Company shall enter into a firm contract for the
issuance of such additional shares of Common Stock or (b) the
date of actual issuance of such additional shares of Common Stock.
Notwithstanding the foregoing, no adjustment shall be made under
this paragraph for issuances of shares of Common Stock
(i) with respect to options issued under the Company’s
stock options plans as currently in effect or (ii) upon
exercise of the Warrants.

 

5.7 Current Market Price. For the
purpose of any computation of Current Market Price under this
Section 5, the Current Market Price per share of Common Stock
at any date shall be the average of the daily closing prices for
the shorter of (i) the 20 consecutive trading days ending on
the last full trading day on the exchange or market specified in
the second succeeding sentence prior to the Time of Determination
(as defined below) and (ii) the period commencing on the date
next succeeding the first public announcement of the issuance,
sale, distribution or granting in question through such last full
trading day prior to the Time of Determination; provided that in
the case of a firm commitment underwritten public offering, the
Current Market Price shall mean the closing price of the Common
Stock on the day of the pricing of such offering. The term
“Time of Determination” as used herein shall be the
time and date of the earlier to occur of (A) the date as of
which the Current Market Price is to be computed and (B) the
last full trading day on such exchange or market before the
commencement of “ex-dividend” trading in the Common
Stock relating to the event giving rise to the adjustment required
by paragraph 5.1, 5.2, 5.3 or 5.4. The closing price for any day
shall be the last reported sale price regular way or, in case no
such reported sale takes place on such day, the average of the
closing bid and asked prices regular way for such day, in each case
(1) on the Buenos Aires Stock Exchange (Bolsa de Comercio) or
(2) if the Common Stock is not listed on the Buenos Aires
Stock Exchange (Bolsa de Comercio) or a comparable system, selected
from time to time in good faith by the Board of Directors of the
Company for that purpose. In the absence of all of the foregoing,
or if for any other reason the Current Market Price per share
cannot be determined pursuant to the foregoing provisions of this
paragraph (g), the Current Market Price per share shall be the fair
market value thereof as determined in good faith by the Board of
Directors of the Company.

 

5.8 Certain Distributions. If the
Company shall pay a dividend or make any other distribution payable
in Options or Convertible Securities, then, for purposes of
paragraph (c) above, such Options or Convertible Securities shall
be deemed to have been issued or sold without
consideration.

 

5.9 Consideration Received. If any
shares of Common Stock, Options or Convertible Securities shall be
issued, sold or distributed for a consideration other than cash,
the amount of the consideration other than cash received by the
Company in respect thereof shall be deemed to be the then fair
market value of such consideration (as determined in good faith by
the Board of Directors of the Company). If any Options shall be
issued in connection with the issuance and sale of other securities
of the Company, together comprising one integral transaction in
which no specific consideration is allocated to such Options by the
parties thereto, such Options shall be deemed to have been issued
without consideration; provided, however, that if such Options have
an exercise price equal to or greater than the Current Market Price
of the Common Stock on the date of issuance of such Options, then
such Options shall be deemed to have been issued for consideration
equal to such exercise price.

 

5.10 Deferral
of Certain Adjustments. No adjustment to the Exercise Price
(including the related adjustment to the number of shares of Common
Stock purchasable upon the exercise of each Warrant) shall be
required hereunder unless such adjustment, together with other
adjustments carried forward as provided below, would result in an
increase or decrease of at least two percent (2%) of the
Exercise Price; provided that any adjustments which by reason of
this paragraph (j) are not required to be made shall be carried
forward and taken into account in any subsequent adjustment. No
adjustment need be made for a change in the par value of the Common
Stock. All calculations under this Section shall be made to the
nearest 1/1,000 of one cent or to the nearest 1/1000th of a share,
as the case may be.

 

5.11 Changes
in Options and Convertible Securities. If the exercise price
provided for in any Options referred to in paragraph (c) above, the
additional consideration, if any, payable upon the conversion or
exchange of any Convertible Securities referred to in paragraph (c)
above, or the rate at which any Convertible Securities referred to
in paragraph (c) above are convertible into or exchangeable for
Common Stock shall change at any time (other than under or by
reason of provisions designed to protect against dilution upon an
event which results in a related adjustment pursuant to this
Section 7), the Exercise Price then in effect and the number
of shares of Common Stock purchasable upon the exercise of each
Warrant shall forthwith be readjusted (effective only with respect
to any exercise of any Warrant after such readjustment) to the
Exercise Price and number of shares of Common Stock so purchasable
that would then be in effect had the adjustment made upon the
issuance, sale, distribution or granting of such Options or
Convertible Securities been made based upon such changed purchase
price, additional consideration or conversion rate, as the case may
be, but only with respect to such Options and Convertible
Securities as then remain outstanding.

 

5.12 Expiration
of Options and Convertible Securities. If, at any time after
any adjustment to the number of shares of Common Stock purchasable
upon the exercise of each Warrant shall have been made pursuant to
paragraph 5.3 or 5.11 above or this paragraph 5.12, any Options or
Convertible Securities shall have expired unexercised, the number
of such shares so purchasable shall, upon such expiration, be
readjusted and shall thereafter be such as they would have been had
they been originally adjusted (or had the original adjustment not
been required, as the case may be) as if (i) the only shares
of Common Stock deemed to have been issued in connection with such
Options or Convertible Securities were the shares of Common Stock,
if any, actually issued or sold upon the exercise of such Options
or Convertible Securities and (ii) such shares of Common
Stock, if any, were issued or sold for the consideration actually
received by the Company upon such exercise plus the aggregate
consideration, if any, actually received by the Company for the
issuance, sale, distribution or granting of all such Options or
Convertible Securities, whether or not exercised; provided that no
such readjustment shall have the effect of decreasing the number of
such shares so purchasable by an amount (calculated by adjusting
such decrease to account for all other adjustments made pursuant to
this Section 5 following the date of the original adjustment
referred to above) in excess of the amount of the adjustment
initially made in respect of the issuance, sale, distribution or
granting of such Options or Convertible Securities.

 

5.13 Other
Adjustments. In the event that at any time, as a result of
an adjustment made pursuant to this Section 5, the Holders
shall become entitled to receive any securities of the Company
other than shares of Common Stock, thereafter the number of such
other securities so receivable upon exercise of the Warrants and
the Exercise Price applicable to such exercise shall be subject to
adjustment from time to time in a manner and on terms as nearly
equivalent as practicable to the provisions with respect to the
shares of Common Stock contained in this
Section 5.

 

5.14 Other
Action Affecting Common Stock. In case at any time or from
time to time the Company shall take any action in respect of its
Common Stock, other than any action described in this
Section 5, then the number of shares of Common Stock or other
stock for which a Warrant is exercisable and/or the Exercise Price
shall be adjusted in such manner as may be equitable in the
circumstances. If the Company shall at any time and from time to
time issue or sell (i) any shares of any class of common stock
other than Common Stock, (ii) any evidences of its
indebtedness, shares of stock or other securities which are
convertible into or exchangeable for such shares of common stock,
with or without the payment of additional consideration in cash or
property or (iii) any Warrants or other rights to subscribe
for or purchase any such shares of common stock or any such
evidences, shares of stock or other securities, then in each such
case such issuance shall be deemed to be of, or in respect of,
Common Stock for purposes of this Section 5; provided,
however, that, without limiting the generality of the foregoing, if
the Company shall take a record of the holders of its Common Stock
for the purpose of entitling them to receive a dividend payable in,
or other distribution of, common stock other than Common Stock,
including shares of non-voting common stock, then the number of
shares of Common Stock for which a Warrant is exercisable
immediately after the occurrence of any such event shall be
adjusted to equal the aggregate number of shares of such common
stock and of Common Stock which a record holder of the same number
of shares of Common Stock for which a Warrant is exercisable
immediately prior to the occurrence of such event would own or be
entitled to receive after the happening of such event.

 

6. Notices
of Changes in Warrant

 

. Upon
every adjustment of the exercise price of a Warrant or the number
of shares issuable upon exercise of a Warrant, the Company shall
give written notice thereof to the Warrant Agent, which notice
shall state the Warrant exercise price resulting from such
adjustment and the increase or decrease, if any, in the number of
shares purchasable at such price upon the exercise of a Warrant,
setting forth in reasonable detail the method of calculation and
the facts upon which such calculation is based. The Warrant Agent
shall be fully protected in relying upon such a notice and on any
adjustment therein contained and shall not have any duty or
liability with respect thereto and shall not be deemed to have
knowledge of any such adjustment unless and until it shall have
received such certificate.

 

7. Reservation
of Warrant Shares

 

. The
Company shall at all times reserve and keep available a number of
its authorized but unissued Warrant Shares that will be sufficient
to permit the exercise in full of all outstanding Warrants issued
pursuant to this Warrant Agent Agreement.

 

8. Warrant
Shares Registration Statement

 

. The
Company agrees with and for the benefit of the Holders of Warrants
that for a period of four years commencing on the first anniversary
of the date of issuance of the Warrants, the Company will have
registered (the “Warrant Shares Registration
Statement”) or otherwise qualified all Warrant Shares
pursuant to the provisions of the Securities Act, and the Company
will file such amendments and/or supplements to any registration
statement under the Securities Act covering the issuance of such
Warrant Shares, and supplement and keep current any prospectus
forming a part of such registration statement, as may be necessary
to permit the Company to comply with the Securities Act and the
rules and regulations thereunder, and to permit the Company to
deliver to each Person exercising a Warrant a prospectus meeting
the requirements of Section 10(a)(3) of the Securities Act and
otherwise comply therewith; and the Company will deliver such
prospectus to each such Person. During such four-year period, the
Company shall, upon the request of any Holder of Warrants that may
be required pursuant to the Securities Act to deliver a prospectus
in connection with any sale or other disposition of Warrant Shares,
include within the plan of distribution section of the prospectus
and in such other places in the prospectus as may be necessary, all
information necessary under the Securities Act to enable such
Holder to deliver such prospectus in connection with sales or other
dispositions of such Warrant Shares, and the Company shall also
take such action as may be necessary under the Securities Act with
respect to the related registration statement to enable such Holder
to effect such delivery in connection with such sale or other
disposition. The Company further agrees to provide any Holder who
during such period may be required to deliver a prospectus upon the
sale or other disposition of such Warrant Shares, such number of
copies of the prospectus as such Holder reasonably
requests.

 

8.1 Registration Expenses. All
expenses incident to the Company’s performance of or
compliance with this Section 18 will be borne by the Company,
including without limitation: (i) all registration and filing
fees and expenses; (ii) all fees and expenses of compliance
with federal securities laws; (iii) all expenses of printing
(including printing certificates for the Warrant Shares and
printing of prospectuses), messenger and delivery services;
(iv) all fees and disbursements of counsel for the Company;
(v) all fees and disbursements of independent certified public
accountants of the Company (including the expenses of any special
audit and comfort letters required by or incident to such
performance); and (vi) the Company’s internal expenses,
the expenses of any annual or other audit and the fees and expenses
of any Person, including special experts, retained by the
Company.

 

9. Miscellaneous
Provisions

 

.

 

9.1 Loss. Theft. Destruction or Mutilation
of Warrant. Upon receipt by the Company and the Warrant
Agent of evidence reasonably satisfactory to them of the loss,
theft, destruction or mutilation of the Warrants or any stock
certificate relating to shares underlying the Warrants, and in case
of loss theft or destruction, of indemnity or security reasonably
satisfactory to them (including, posting a bond), and reimbursement
to the Company and the Warrant Agent of all reasonable expenses
incidental thereto. Upon surrender and cancellation of such Warrant
or stock certificate, if mutilated, the Warrant Agent will deliver
a new Warrant or stock certificate of like tenor and dated as of
such cancellation, in lieu of such Warrant or stock
certificate.

 

9.2 Successors. All the covenants
and provisions of this Warrant Agent Agreement by or for the
benefit of the Company or the Warrant Agent shall bind and inure to
the benefit of their respective successors and
assigns.

 

9.3 Notices. Any notice, statement
or demand authorized by this Warrant Agent Agreement to be given or
made by the Warrant Agent or by the holder of any Warrant to or on
the Company shall be in writing and shall be delivered by hand or
sent by registered or certified mail or overnight courier service,
addressed (until another address is filed in writing by the Company
with the Warrant Agent) as follows:

 

Name:
Matias Gaivironsky / Leonardo Magliocco

Address: Carlos M.
Della Paolera 261, 9th floor, City of
Buenos Aires, Argentina

Phone
+54 11 4323 7440

Fax            

-

Email
mgaivironsky@IRSA.com.ar
/ lmagliocco@IRSA.com.ar

 

 

With a
copy (for informational purposes only) to:

 

Simpson
Thacher & Bartlett LLP

425
Lexington Ave

New
York, NY 10017

Attn:
Jaime Mercado

Phone:
212-455-2000

Fax:
212-455-2502

Email:
jmercado@stblaw.com

 

Any
notice) statement or demand authorized by this Warrant Agent
Agreement to be given or made by the holder of any Warrant or by
the Company to or on the Warrant Agent shall be in writing and
shall be delivered by hand or sent by registered or certified mail
or overnight courier service, addressed (until another address is
filed in writing by the Warrant Agent with the Company), as
follows:

 

Computershare Trust
Company, N.A.

 

250
Royall Street

 

Canton,
MA 02021

 

Attention:
Client Services

 

Any
notice, statement or demand authorized to be given or made by the
Warrant Agent or the Company to the holder of any Warrant shall be
in writing and shall be delivered by hand or sent by first-class
mail, postage prepaid or registered or certified mail or overnight
courier service, addressed, at the last address set forth for such
holder in the Warrant Register.

 

Any
notice, sent pursuant to this Warrant Agent Agreement shall be
effective, if delivered by hand, upon receipt thereof by the party
to whom it is addressed, if sent by overnight courier, on the next
business day of the delivery to the courier, if sent by registered
or certified mail on the third business day after registration or
certification thereof, and if sent by first class mail on the fifth
business day after mailing.

 

9.4 Applicable Law. The validity,
interpretation, and performance of this Warrant Agent Agreement and
of the Warrants shall be governed in all respects by the laws of
the State of New York, without giving effect to conflict of laws.
The Company hereby agrees that any action, proceeding or claim
against it arising out of or relating in any way to this Warrant
Agent Agreement shall be brought and enforced in the courts of the
State of New York or the United States District Court for the
Southern District of New York, and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. The Company
hereby waives any objection to such exclusive jurisdiction and that
such courts represent an inconvenient forum. Any such process or
summons to be served upon the Company may be served by transmitting
a copy thereof by registered or certified mail, return receipt
requested, postage prepaid, addressed to it at the address set
forth in Section 7.3 hereof. Such mailing shall be deemed personal
service and shall be legal and binding upon the Company in any
action, proceeding or claim.

 

9.5 Examination of the Warrant Agent
Agreement. A copy of this Warrant Agent Agreement shall be
available at all reasonable times at the office of the Warrant
Agent for inspection by the Registered Holder of any Warrant. The
Warrant Agent may require any such holder to submit his, her or its
Warrant for inspection.

 

9.6 Counterparts; Signatures. This
Warrant Agent Agreement may be executed in any number of
counterparts, and each of such counterparts shall, for all
purposes, be deemed to be an original, and all such counterparts
shall together constitute one and the same instrument. Facsimile
signatures (or .pdf copy
via e-mail attachment) shall constitute original signatures for all
purposes of this Warrant Agent Agreement.

 

9.7 Effect of Headings. The section
headings herein are for convenience only and are not part of this
Warrant Agent Agreement and shall not affect the interpretation
thereof

 

9.8 Amendments. The Company and the
Warrant Agent may amend this Warrant Agent Agreement by executing a
Supplemental Agreement with the consent of the Holders of not fewer
than a majority of the unexercised Warrants affected by such
amendment, for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Warrant
Agent Agreement; provided however, that, without the consent of
each of Registered Holders affected thereby, no such amendment may
be made that changes the Warrants. Upon the delivery of a
certificate from an Authorized Signatory which states that the
proposed amendment is in compliance with the terms of this Section
7.8, the Warrant Agent shall execute such amendment.
Notwithstanding anything in this Warrant Agent Agreement to the
contrary, the Warrant Agent shall not be required to execute any
amendment to this Warrant Agent Agreement that it has determined
would adversely affect its own rights, duties, obligations or
immunities under this Warrant Agent Agreement. No amendment to this
Warrant Agent Agreement shall be effective unless duly executed by
the Warrant Agent.

 

9.9 Severability. This Warrant
Agent Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Warrant Agent Agreement or
of any other term or provision hereof. Furthermore, in lieu of any
such invalid or unenforceable term or provision, the parties hereto
shall use their reasonable best efforts to substitute a valid,
legal and enforceable provision, which, insofar as practicable,
implements the original purposes and intents of this Warrant Agent
Agreement; provided, however, that if any excluded provision shall
affect the rights, immunities, liabilities, duties or obligations
of the Warrant Agent, the Warrant Agent shall be entitled to resign
immediately upon written notice to the Company.

 

9.10 Persons
Having Rights under this Warrant Agent Agreement. Nothing in
this Warrant Agent Agreement expressed and nothing that may be
implied from any of the provisions hereof is intended, or shall be
construed, to confer upon, or give to, any person or corporation
other than the parties hereto and the Registered Holders any right,
remedy, or claim under or by reason of this Warrant Agent Agreement
or of any covenant, condition, stipulation, promise, or agreement
hereof. All covenants, conditions, stipulations, promises, and
agreements contained in this Warrant Agent Agreement shall be for
the sole and exclusive benefit of the parties hereto and their
successors and assigns and of the Registered Holder.

 

9.11 Force
Majeure. Notwithstanding anything to the contrary contained
herein, the Warrant Agent shall not be liable for any delays or
failures in performance resulting from acts beyond its reasonable
control including, without limitation, acts of God, terrorist acts,
shortage of supply, breakdowns or malfunctions, interruptions or
malfunctions of any utilities, communications, or computer
facilities, or loss of data due to power failures or mechanical
difficulties with information storage or retrieval systems, labor
difficulties, epidemics, pandemics, war or civil unrest. This
provision has no effect on the Company’s liability for the
performance of its obligations under the Warrants.

 

 

 

IN
WITNESS WHEREOF, this Warrant Agent Agreement has been duly
executed by the parties hereto as of the day and year first above
written.

 

	

IRSA
Inversiones y Representaciones Sociedad Anónima

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

By:

	
 

	
 

	
 

	

Name:

	
 

	

Title:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

By:

	
 

	
 

	
 

	

Name:

	
 

	

Title:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

Computershare
Inc. and Computershare Trust Company, N.A.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

By:

	
 

	
 

	
 

	

Name:

	
 

	

Title:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

By:

	
 

	
 

	
 

	

Name:

	
 

	

Title:

	
 

 

 

 

EXHIBIT A

 

 

 

Form of Warrant

 

THESE
WARRANTS HAVE BEEN OFFERED AS PART OF A COMMON SHARE RIGHTS AND ADS
RIGHTS OFFERING. EACH COMMON SHARE RIGHT ENTITLED ITS HOLDER TO
SUBSCRIBE FOR 0.1794105273 NEW SHARES OF COMMON STOCK AND TO
RECEIVE FREE OF CHARGE FOR EACH NEW COMMON SHARE THAT IT PURCHASED
PURSUANT TO SUCH OFFER, ONE WARRANT TO PURCHASE ONE ADDITIONAL
SHARES OF COMMON STOCK OF IRSA INVERSIONES Y REPRESENTACIONES
SOCIEDAD ANÓNIMA (THE “COMPANY”). EACH ADS RIGHT
ENTITLED ITS HOLDER TO SUBSCRIBE FOR 0.1794105273 NEW ADSs AND TO
RECEIVE FREE OF CHARGE FOR EACH NEW ADS THAT IT PURCHASED PURSUANT
TO SUCH OFFER, TEN WARRANTS, EACH OF WHICH ENTITLED SUCH HOLDER TO
PURCHASE ONE ADDITIONAL SHARES OF COMMON STOCK OF THE COMPANY. EACH
WARRANT IS INITIALLY EXERCISABLE TO PURCHASE SHARES OF COMMON STOCK
OF THE COMPANY AT AN EXERCISE PRICE OF US$ [●] PER SHARE. THE
WARRANTS ARE FREELY TRANSFERABLE AND WILL TRADE ON THE BUENOS AIRES
STOCK EXCHANGE.

 

Unless
and until it is exchanged in whole or in part for Warrants in
certificated form, this Warrant may not be transferred except as a
whole by the Depositary to a nominee of the Depositary or by a
nominee of the Depositary to the Depositary or another nominee of
the Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary.
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 such other name as requested by an authorized representative of
DTC (and any payment is made to Cede & Co. or such other entity
as is requested by an authorized representative of DTC), any
transfer, pledge or other use hereof for value or otherwise by or
to any person is wrongful inasmuch as the registered owner hereof,
Cede & Co., has an interest herein.

 

CUSIP
No.

No. 1  Warrants

Exh. A-1

 

Warrant
Certificate

 

IRSA
INVERSIONES Y REPRESENTACIONES SOCIEDAD ANONIMA

 

This
Warrant Certificate certifies that [Cede & Co.], or registered
assigns, is the registered holder of
[         ] warrants
expiring [    ] (the “Warrants”) to purchase
shares of Common Stock (the “Common Stock”) of IRSA
Inversiones y Representaciones Sociedad Anónima, an Argentine
corporation (the “Company”).

 

Each
Warrant entitles the registered holder, upon exercise during the
period from and including [    ] (to the extent
such dates are business days in New York City and in the City of
Buenos Aires), and expiring on 5:00 p.m., New York City time
on [    ], for such Warrant, to purchase from
the Company (and the Company shall issue and sell to such holder of
the Warrant) [    ] shares of Common Stock,
subject to the conditions set forth herein and in the Warrant
Agreement referred to on the reverse hereof. The Exercise Price and
number of Warrant Shares issuable upon exercise of the Warrants are
subject to adjustment upon the occurrence of certain events as set
forth in the Warrant Agreement. The Warrants are freely
transferable and will trade on the Buenos Aires Stock
Exchange.

 

The
Warrants will automatically expire on 5:00 p.m., New York City
time on [    ].

 

Reference is hereby
made to the further provisions of this Warrant Certificate set
forth on the reverse hereof and such further provisions shall for
all purposes have the same effect as though fully set forth at this
place.

 

This
Warrant Certificate shall not be valid unless countersigned by the
Warrant Agent, as such term is used in the Warrant
Agreement.

 

This
Warrant Certificate shall be governed and construed in accordance
with the internal laws of the State of New York.

 

Exh. A-[Insert
Page Number]

 

IN
WITNESS WHEREOF, IRSA Inversiones y Representaciones Sociedad
Anónima has caused this Warrant Certificate to be signed by
its Chief Administrative Officer and by an Attorney in
Fact.

 

Dated:

 

	

IRSA
INVERSIONES Y REPRESENTACIONES SOCIEDAD ANÓNIMA

 

	

By:

	
 

	

Name:

	
 

	

Title:

	
 

	
 

	
 

	

By:

	
 

	

Name:

	
 

	

Title:

	
 

	
 

	
 

 

	

Countersigned:

COMPUTERSHARE,
INC.,COMPUTERSHARE TRUST COMPANY, N.A.as Warrant Agent

 

	

By:

	
 

	
 

	
 

	

Authorized
Signature

	
 

 

Exh. A-[Insert
Page Number]

 

[Form of
Warrant Certificate]

 

[Reverse]

 

The
Warrants evidenced by this Warrant Certificate are part of a duly
authorized issue of Warrants expiring [    ]
(or such earlier date as specified in the Warrant Agreement)
entitling the Holder on exercise to receive shares of Common Stock
of the Company (the “Common Stock”), and are
issued or to be issued pursuant to a Warrant Agreement dated as of
[    ] (the “Warrant Agreement”), duly
executed and delivered by the Company to [Computershare, Inc.], as
warrant agent (the “Warrant Agent”), which
Warrant Agreement is hereby incorporated by reference in and made a
part of this instrument and is hereby referred to for a description
of the rights, limitation of rights, obligations, duties and
immunities thereunder of the Warrant Agent, the Company and the
holders (the words “holders” or
“holder” meaning the
registered holders or registered holder) of the Warrants. A copy of
the Warrant Agreement may be obtained by the Holder hereof upon
written request to the Company. Capitalized terms used but not
otherwise defined herein shall have the meaning set forth in the
Warrant Agreement.

 

The
Holder of Warrants evidenced by this Warrant Certificate may
exercise them by surrendering this Warrant Certificate, with the
form of election to purchase set forth hereon properly completed
and executed, together with payment of the Exercise Price in cash
at the office of the Warrant Agent on or before 5:00 p.m., New
York City time, on the relevant exercise date. In the event that
upon any exercise of Warrants evidenced hereby the number of
Warrants exercised shall be less than the total number of Warrants
evidenced hereby, there shall be issued to the Holder hereof or his
assignee a new Warrant Certificate evidencing the number of
Warrants not exercised. No adjustment shall be made for any
dividends on any Common Stock issuable upon exercise of this
Warrant.

 

The
Warrant Agreement provides that upon the occurrence of certain
events the Exercise Price set forth on the face hereof and/or the
number of shares of Common Stock issuable upon the exercise of each
Warrant shall, subject to certain conditions, be adjusted. No
fractions of a share of Common Stock will be issued upon the
exercise of any Warrant, but the Company will pay the cash value
thereof determined as provided in the Warrant
Agreement.

 

The
Warrant Agreement provides certain registration obligations of the
Company with respect to the Common Stock issuable upon exercise of
the Warrants.

 

Warrant
Certificates, when surrendered at the office of the Warrant Agent
by the registered holder thereof in Person or by legal
representative or attorney duly authorized in writing, may be
exchanged, in the manner and subject to the limitations provided in
the Warrant Agreement, but without payment of any service charge,
for another Warrant Certificate or Warrant Certificates of like
tenor evidencing in the aggregate a like number of
Warrants.

 

Upon
due presentation for registration of transfer of this Warrant
Certificate at the office of the Warrant Agent a new Warrant
Certificate or Warrant Certificates of like tenor and evidencing in
the aggregate a like number of Warrants shall be issued to the
transferee(s) in exchange for this Warrant Certificate, subject to
the limitations provided in the Warrant Agreement, without charge
except for any tax or other governmental charge imposed in
connection therewith.

 

The
Company and the Warrant Agent may deem and treat the registered
holder(s) thereof as the absolute owner(s) of this Warrant
Certificate (notwithstanding any notation of ownership or other
writing hereon made by anyone), for the purpose of any exercise
hereof, of any distribution to the holder(s) hereof, and for all
other purposes, and neither the Company nor the Warrant Agent shall
be affected by any notice to the contrary. Neither the Warrants nor
this Warrant Certificate entitles any holder hereof to any rights
of a stockholder of the Company.

 

THE
WARRANTS MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD,
ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH THE
WARRANT AGREEMENT. THE WARRANTS WILL NOT BE TRANSFERRED OF RECORD
EXCEPT IN COMPLIANCE WITH SUCH WARRANT AGREEMENT.

 

Exh. A-[Insert
Page Number]

 

(FORM
OF ELECTION TO EXERCISE)

 

(To be
executed upon exercise of Warrants during the Exercisability
Period)

 

The
undersigned hereby irrevocably elects to exercise _______ of the
Warrants represented by this Warrant Certificate and purchase the
whole number of Warrant Shares issuable upon the exercise of such
Warrants and herewith tenders payment for such Warrant Shares in
the amount of $________ in cash or by certified or official bank
check, in accordance with the terms hereof.

 

The
undersigned certifies that the Warrants elected to be exercised
hereby are duly exercisable at this time in accordance with the
terms of the Warrant Agreement pursuant to which they have been
issued.

 

The
undersigned requests that a certificate representing such Warrant
Shares be registered in the name of ________________________ whose
address is ____________________________ and that such certificate
be delivered to _____________________ whose address is
____________________________.

 

Dated                                            

Name of holder of
Warrant
Certificate:                                                                                      

(Please
Print)

Tax Identification
or Social Security
Number:                                                                                                 

Address:                                                                                                 

Signature:                                                                                                 

Note: 

The above signature
must correspond with the name as written upon the face of this
Warrant Certificate in every particular, without alteration or
enlargement or any change whatever and if the certificate
representing the Warrant Shares or any Warrant Certificate
representing Warrants not exercised is to be registered in a name
other than that in which this Warrant Certificate is registered, or
if any cash payment to be paid in lieu of a fractional share is to
be made to a Person other than the registered holder of this
Warrant Certificate, the signature of the holder hereof must be
guaranteed as provided in the Warrant Agreement.

 

Dated                                 

 

Signature
Guaranteed:                                                                                                 

 

Exh. A-[Insert
Page Number]

 

[FORM
OF ASSIGNMENT]

 

For
value received ______________ hereby sells, assigns and transfers
unto _________________ the within Warrant Certificate, together
with all right, title and interest therein, and does hereby
irrevocably constitute and appoint ___________________ attorney, to
transfer said Warrant Certificate on the books of the within-named
Company, with full power of substitution in the
premises.

 

Dated                                 

Signature:                                                                 

 

Note: 

The above signature
must correspond with the name as written upon the face of this
Warrant Certificate in every particular, without alteration or
enlargement or any change whatever.

 

Signature
Guaranteed:

 

Exh. A-[Insert
Page Number]

 

SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL WARRANTS

 

The
following increases or decreases in this Global Book-Entry Warrant
have been made:

	

Date of Transfer or Exchange

	

Amount of decrease in Number of Warrants of this Global Book-Entry
Warrant

	

Amount of increase in Number of Warrants of this Global Book-Entry
Warrant

	

Number of Warrants of this Global Book-Entry Warrant following such
decrease or increase

	

Signature of authorized officer of Warrant Agent

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

Exh. A-[Insert
Page Number]

 

Exhibit B

 

CERTIFICATE
TO BE DELIVERED UPON EXCHANGE

 

OR
REGISTRATION OF TRANSFER OF WARRANTS

 

Re:
Warrants to Purchase Common Stock (the “Warrants”) of IRSA
Inversiones y Representaciones Sociedad Anónima

This
Certificate relates to _______ Warrants held in* _______ book-entry
or* _______ certificated form by _______________________
(the “Transferor”).

 

The
Transferor:*

 

has
requested the Warrant Agent by written order to deliver in exchange
for its beneficial interest in the Global Book-Entry Warrant held
by the Depositary a Warrant or Warrants in definitive, registered
form of authorized denominations and an aggregate number equal to
its beneficial interest in such Global Book-Entry Warrant (or the
portion thereof indicated above); or

 

has
requested the Warrant Agent by written order to exchange or
register the transfer of a Warrant or Warrants.

 

In
connection with such request and in respect of each such Warrant,
the Transferor does hereby certify that Transferor is familiar with
the Warrant Agreement relating to the above captioned Warrants and
the restrictions on transfers thereof as provided in
Section 2.8 of such Warrant Agreement.

 

	

(INSERT
NAME OF TRANSFEROR)

 

	

By:

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