Document:

Security Agreement (11% Senior Secured Notes)

 EXHIBIT 4.11 

EXECUTION COPY 

SECURITY AGREEMENT 

for 11% Senior Secured Notes due 2018 

dated as of 

April 30, 2010 

among 
 LYONDELL
CHEMICAL COMPANY, 
 as a Grantor and as Issuer 

and 
 THE OTHER
GRANTORS FROM TIME TO TIME PARTY HERETO, 
 as Grantors 

and 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION, 
 as Collateral Agent 

 TABLE OF CONTENTS 

 
  

 

					
	 	  	 	  	PAGE
			
	 SECTION 1.
	  	Definitions	  	1
	 SECTION 2.
	  	Grant of Transaction Liens	  	6
	 SECTION 3.
	  	General Representations and Warranties	  	8
	 SECTION 4.
	  	Further Assurances; General Covenants	  	10
	 SECTION 5.
	  	Investment Property	  	12
	 SECTION 6.
	  	Restricted Accounts	  	13
	 SECTION 7.
	  	Transfer Of Record Ownership	  	13
	 SECTION 8.
	  	Right to Vote Securities	  	14
	 SECTION 9.
	  	Remedies upon Event of Default	  	15
	 SECTION 10.
	  	Application of Proceeds	  	17
	 SECTION 11.
	  	Authority to Administer Collateral	  	17
	 SECTION 12.
	  	Authority of Collateral Agent	  	18
	 SECTION 13.
	  	Limitation on Duty in Respect of Collateral	  	18
	 SECTION 14.
	  	General Provisions Concerning the Collateral Agent	  	19
	 SECTION 15.
	  	Termination of Transaction Liens; Release of Collateral	  	20
	 SECTION 16.
	  	Additional Grantors	  	20
	 SECTION 17.
	  	Notices	  	20
	 SECTION 18.
	  	No Implied Waivers; Remedies Not Exclusive	  	20
	 SECTION 19.
	  	Successors and Assigns	  	21
	 SECTION 20.
	  	Amendments and Waivers	  	21
	 SECTION 21.
	  	Choice of Law	  	21
	 SECTION 22.
	  	Waiver of Jury Trial	  	21
	 SECTION 23.
	  	Severability	  	22
	 SECTION 24.
	  	Intercreditor Agreement Controlling	  	22
	 SECTION 25.
	  	Control by or Delivery to Senior Term Loan Collateral Agent, First Lien Notes Collateral Agent or ABL Collateral Agent	  	22
	 SECTION 26.
	  	Agreement to be Bound by Indenture	  	22

 EXHIBITS: 
  

	Exhibit A	Security Agreement Supplement 

  

	Exhibit B	Perfection Certificate 

  

 ii 

 SECURITY AGREEMENT 

AGREEMENT dated as of April 30, 2010 among LYONDELL CHEMICAL COMPANY, a Delaware corporation, as a Grantor and as Issuer,
LYONDELLBASELL INDUSTRIES, N.V., a naamloze vennootschap (a public limited liability company) formed under the laws of The Netherlands (the “Company”) and the other Grantors party hereto, each as a Grantor and WELLS FARGO
BANK, NATIONAL ASSOCIATION, as collateral agent (the “Collateral Agent”). 
 WHEREAS, the Issuer has entered
into the Indenture described in Section 1 hereof, pursuant to which the Issuer intends to issue senior secured notes for the purposes set forth therein; 

WHEREAS, the Issuer is willing to secure its obligations under the Notes and the Indenture by granting Liens on its assets to the
Collateral Agent as provided in the Security Documents; 
 WHEREAS, each Guarantor is an affiliate of the Issuer, will derive
substantial benefits from the issuance of the Notes, has guaranteed the foregoing obligations of the Issuer and, in order to induce the holders of Notes to accept the Notes, is willing to secure its guarantee thereof by granting Liens on its assets
to the Collateral Agent as provided in the Security Documents; 
 WHEREAS, concurrently herewith the Grantors are entering into
certain other security agreements with respect to the Collateral to secure their obligations under the ABL Facility, the Senior Term Loan Facility and the First Lien Notes and priority under each of these security agreements will be regulated by the
Junior Lien Intercreditor Agreement (the “Intercreditor Agreement”); 
 WHEREAS, subject to the Intercreditor
Agreement, upon any foreclosure or other enforcement of the Security Documents, the net proceeds of the relevant Collateral are to be received by or paid over to the Collateral Agent and applied as provided herein; 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Definitions.  

(a) Terms Defined in Indenture. Capitalized terms used in this Agreement but not defined in subsection (b) or (c) of this
Section 1 have, as used herein, the respective meanings provided for in the Indenture. The rules of construction specified in Sections 1.04 of the Indenture also apply to this Agreement. 

 (b) Terms Defined in UCC. As used herein, each of the following terms has the meaning
specified in the UCC: 
  

			
	 Term
	  	UCC
		
	 Account
	  	9-102
	 Authenticate
	  	9-102
	 Certificated Security
	  	8-102
	 Certificate of Title
	  	9-102
	 Chattel Paper
	  	9-102
	 Deposit Account
	  	9-102
	 Document
	  	9-102
	 Entitlement Holder
	  	8-102
	 Equipment
	  	9-102
	 Financial Asset
	  	8-102 & 103
	 General Intangibles
	  	9-102
	 Instrument
	  	9-102
	 Inventory
	  	9-102
	 Investment Property
	  	9-102
	 Record
	  	9-102
	 Securities Account
	  	8-501
	 Securities Intermediary
	  	8-102
	 Security
	  	8-102 & 103
	 Security Entitlement
	  	8-102
	 Supporting Obligations
	  	9-102
	 Tangible Chattel Paper
	  	9-102

 (c) Additional
Definitions. The following additional terms, as used herein, have the following meanings: 
 “ABL Credit
Agreement” means the credit agreement dated as of April 8, 2010 among the Company, the borrowers party thereto, the lenders from time to time party thereto, Citibank, N.A., as administrative agent and collateral agent, Wells Fargo
Capital Finance, LLC, as co-collateral agent and the other agents and parties thereto. 
 “Collateral” means
the Non-Company Collateral (as defined in Section 2(a) hereof) and the Company Collateral (as defined in Section 2(b) hereof). 

“Control” has the meaning specified in UCC Section 8-106, 9-104 or 9-106, as may be applicable to the relevant
Collateral. 
 “Copyright License” means any agreement now or hereafter in existence granting to any Grantor,
or pursuant to which any Grantor grants to any other Person, any right to use, copy, reproduce, distribute, prepare derivative works, display or publish any records or other materials on which a Copyright is in existence or may come into existence.

 “Copyrights” means all the following: (i) all copyright rights in any published or unpublished work of
authorship, whether copyrightable or not, databases and other compilations of information, and user manuals and other training documentation related thereto, copyrights therein and thereto arising under the laws of the United States or any

  

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other country, (ii) all registrations and applications for copyrights under the laws of the United States or any other country, including registrations, recordings and applications in the
United States Copyright Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof, (iii) all renewals of any of the foregoing, (iv) all claims for, and
rights to sue for, past or future infringements of any of the foregoing, and (v) all income, royalties, damages and payments now or hereafter due or payable with respect to any of the foregoing, including damages and payments for past or future
infringements thereof. 
 “Excluded Collateral” means (i) any fee-Owned Real Property with a value of less
than $25 million and all Real Property leasehold interests (other than interest in ground leases agreed on the Issue Date), (ii) motor vehicles and other assets covered by a Certificate of Title, (iii) letter of credit rights, commercial
tort claims and deposit accounts, other than (x) the Restricted Accounts and (y) such letter of credit rights, commercial tort claims and deposit accounts that constitute Proceeds or Supporting Obligations of any Collateral, (iv) the
Equity Interests of any Unrestricted Subsidiary, joint venture or of any special purpose subsidiary whose material assets are comprised solely of the Equity Interests of such joint venture, where the pledge of such Equity Interests would be
prohibited by any applicable contractual requirement pertaining to any such joint venture, (v) Equity Interests in each of (a) PO Offtake, LP and (b) POSM II Properties Partnership, L.P., in each case to the extent that and only for
so long as the pledge of such Equity Interests is prohibited by the terms of the organizational documents of such entity or any joint venture agreement to which such entity is subject, (vi) any Equipment owned by a Grantor that is subject to a
purchase money security interest (within the meaning of Section 9-103 of the UCC) so long as the contract or other agreement in which such security interest is granted prohibits the creation of any other security interest on such,
(vii) any contract, lease, license, Intellectual Property or other document so long as (and only to the extent that) the grant of a security interest therein would (a) violate a restriction in such contract, lease, license, Intellectual
Property or documents or under any law, regulation, permit, order or decree of any Governmental Authority, unless and until all required consents shall have been obtained (for the avoidance of doubt, the restrictions described herein shall not
include negative pledges or similar undertakings in favor of a lender or other financial counterparty), (b) invalidate or terminate such contract, lease, instrument, license, Intellectual Property, or other document or the rights therein or
thereunder, or (c) give any other party in respect of any such Intellectual Property, or expressly give any other party in respect of any such contract, lease, instrument, license or other document, the right to invalidate or terminate such
contract, lease, instrument, license, Intellectual Property, or other document or its obligations thereunder, (viii) any Equity Interests to the extent that, and for so long as, such a pledge of such Equity Interests would violate law
applicable thereto and (ix) any Equity Interests to the extent that, and for so long as, such a pledge of such Equity Interests is subject to the 3-16 Exemption set forth in Section 11.04(c) of the Indenture; provided,
however, that the limitations set forth in clause (vii) above shall not affect, limit, restrict or impair the grant by a Grantor of a security interest pursuant to this Agreement in any such Collateral to the extent that an otherwise
applicable prohibition or restriction on such grant is rendered ineffective by any applicable law, including the UCC. 
  

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 “Grantors” means the Issuer and the Guarantors. 

“Indenture” means the Indenture dated as of the date hereof among the Issuer, the Company, the Guarantors party thereto
and Wells Fargo Bank, National Association, as Trustee. 
 “Intellectual Property” means all intellectual and
industrial property of any Grantor of every kind and nature now owned or hereafter acquired by any Grantor, including Patents, Copyrights, Licenses, Trademarks, trade secrets, confidential or proprietary technical and business information, know-how,
show-how or other confidential or proprietary intellectual property, software and all registrations, additions and improvements to, and books and records describing or used in connection with, any of the foregoing. 

“License” means any Patent License, Trademark License, Copyright License or other license or sublicense agreement
relating to Intellectual Property to which any Grantor is a party. 
 “Notes Documents” means the Indenture and
the Security Documents. 
 “Original Grantor” means any Grantor that grants a Lien on any of its assets
hereunder on the Issue Date. 
 “own” refers to the possession of sufficient rights in property to grant a
security interest therein as contemplated by UCC Section 9-203, and “acquire” refers to the acquisition of any such rights. 

“Patent License” means any agreement now or hereafter in existence granting to any Grantor, or pursuant to which any
Grantor grants to any other Person, any right with respect to any Patent or any invention now or hereafter in existence, whether patentable or not, whether a patent or application for patent is in existence on such invention or not, and whether a
patent or application for patent on such invention may come into existence or not. 
 “Patents” means
(i) inventions, patentable designs, all letters patent and design letters patent of the United States or any other country and all applications for letters patent or design letters patent of the United States or any other country, including
applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof, and all reissues, divisions, continuations,
continuations in part, revisions and extensions of any of the foregoing, (ii) all claims for, and rights to sue for, past or future infringements of any of the foregoing and (iii) all income, royalties, damages and payments now or
hereafter due or payable with respect to any of the foregoing, including damages and payments for past or future infringements thereof. 
  

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 “Permitted Liens” means (i) the Transaction Liens and (ii) any
other Liens on the Collateral permitted to be created or assumed or to exist pursuant to Section 4.12 of the Indenture. 

“Personal Property Collateral” means all property included in the Collateral except Real Property Collateral.

 “Pledged”, when used in conjunction with any type of asset, means at any time an asset of such type that is
included (or that creates rights that are included) in the Collateral at such time. For example, “Pledged Equity Interest” means an Equity Interest that is included in the Collateral at such time. 

“Post-Petition Interest” means any interest that accrues after the commencement of any case, proceeding or other action,
relating to the bankruptcy, insolvency or reorganization of any one or more of the Grantors (or would accrue but for the operation of applicable bankruptcy or insolvency laws), whether or not such interest is allowed or allowable as a claim in any
such proceeding. 
 “Proceeds” means all proceeds of, and all other profits, products, rents or receipts, in
whatever form, arising from the collection, sale, lease, exchange, assignment, licensing or other disposition of, or other realization upon, any Collateral, including all claims of the relevant Grantor against third parties for loss of, damage to or
destruction of, or for proceeds payable under, or unearned premiums with respect to, policies of insurance in respect of, any Collateral, and any condemnation or requisition payments with respect to any Collateral. 

“Real Property Collateral” means all real property (including leasehold interests in real property) included in the
Collateral. 
 “Related Parties” shall mean, with respect to any specified Person, such Person’s
Affiliates and the respective directors, trustees, officers, employers, agents and advisors of such Person and such Person’s Affiliates. 

“Restricted Account” has the meaning specified in the ABL Credit Agreement. 

“Secured Agreement”, when used with respect to any Secured Obligation, refers collectively to each instrument, agreement
or other document that sets forth obligations of the Issuer, obligations of a guarantor and/or rights of the holder with respect to such Secured Obligation. 

“Secured Guarantee” means, with respect to each Guarantor, its guarantee of the Secured Obligations under Article XII of
the Indenture (including any guarantee supplement delivered pursuant to Section 12.06 thereof). 
 “Secured
Obligations” means the “Notes Obligations” under and as defined in the Indenture. 
  

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 “Secured Parties” means the holders from time to time of the Secured
Obligations. 
 “Security Agreement Supplement” means a Security Agreement Supplement, substantially in the
form of Exhibit A, signed and delivered to the Collateral Agent for the purpose of adding a Subsidiary as a party hereto pursuant to Section 16 and/or adding additional property to the Collateral. 

“Trademark License” means any agreement now or hereafter in existence granting to any Grantor, or pursuant to which any
Grantor grants to any other Person, any right to use any Trademark. 
 “Trademarks” means (i) all
trademarks, trade names, corporate names, company names, business names, fictitious business names, service marks, logos, brand names, trade dress, designs and all other source or business identifiers, and the rights in any of the foregoing which
arise under applicable law, (ii) the goodwill of the business symbolized thereby or associated with each of them, (iii) all registrations and applications in connection therewith and all renewals of any of the foregoing, including
registrations and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof, including those described in
Schedule 11(a) to the Perfection Certificate, (iv) all claims for, and rights to sue for, past or future infringements of any of the foregoing and (v) all income, royalties, damages and payments now or hereafter due or payable with respect
to any of the foregoing, including damages and payments for past or future infringements thereof. 
 “Transaction
Liens” means the Liens granted by the Grantors under the Security Documents. 
 “Uniform Commercial
Code” or “UCC” means the Uniform Commercial Code as the same may from time to time be in effect in the State of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the
extent it may be required to apply to any item or items of Collateral. 
 (d) References to Agreements. Unless otherwise
expressly provided herein, references to any agreements (including the Note Documents) and other contractual instruments shall be deemed to include all subsequent amendments, supplements, modifications, extensions, restructurings, renewals,
restatements, refinancings or replacements in whole or in part, but only to the extent that such amendments, supplements, modifications, extensions, restructurings, renewals, restatements, refinancings or replacements are permitted by the Note
Documents. 
 SECTION 2. Grant of Transaction Liens.  

(a) The Issuer, in order to secure its Secured Obligations, and each Guarantor listed on the signature pages hereof (other than the
Company), in order to secure its 
  

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Secured Guarantee and the Secured Guarantee of each other Guarantor, grants to the Collateral Agent for the benefit of the Secured Parties a continuing security interest in all the following
property of the Issuer or such Guarantor, as the case may be, whether now owned or existing or hereafter acquired or arising and regardless of where located (the “Non-Company Collateral”): 

(i) all Accounts; 

(ii) all Chattel Paper; 

(iii) the Restricted Accounts; 

(iv) all Documents; 

(v) all Equipment; 

(vi) all General Intangibles (including (x) any Equity Interests in other Persons that do not constitute Investment
Property and (y) any Intellectual Property); 
 (vii) all Instruments; 

(viii) all Inventory; 

(ix) all Investment Property; 

(x) all Supporting Obligations; 

(xi) all books and records (including customer lists, credit files, printouts and other computer generated materials and
records) of such Grantor pertaining to any of its Collateral; 
 (xii) such Grantor’s ownership interest in
all cash held in the Restricted Accounts from time to time and all other money in the possession of the administrative agent under the ABL Facility (subject to the terms of the Intercreditor Agreement); 

(xiii) all other personal property or assets of such Grantor; and 

(xiv) all Proceeds of the Collateral described in the foregoing clauses (i) through (xii); 

provided that the Excluded Collateral is excluded from the foregoing security interests; provided further that the Non-Company Collateral
shall not include Equity Interests other than (i) any Equity Interests directly owned by the Issuer or a Guarantor of any Wholly Owned Domestic Subsidiary of the Issuer or such Guarantor, respectively, whether now owned or hereafter acquired
and (ii) 100% of the Equity Interests directly owned by the 
  

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Issuer or a Guarantor of any Wholly Owned Subsidiary that is a Foreign Subsidiary of the Issuer or such Guarantor, respectively, whether now owned or hereafter acquired; provided that the
Non-Company Collateral shall not include voting Equity Interests in any Foreign Subsidiary to the extent (but only to the extent) required to prevent the Non-Company Collateral from including more than 65% of the outstanding voting Equity Interests
in such Foreign Subsidiary. 
 (b) The Company, in order to secure its Secured Guarantee and the Secured Guarantee of each other
Guarantor, grants to the Collateral Agent for the benefit of the Secured Parties a continuing security interest in (i) any Equity Interests directly owned by the Company of any Wholly Owned Domestic Subsidiary of the Company, whether now owned
or hereafter acquired and (ii) 100% of the Equity Interests directly owned by the Company of any Wholly Owned Subsidiary that is a Foreign Subsidiary of the Company, whether now owned or hereafter acquired (the “Company
Collateral”); provided that the Company Collateral shall not include voting Equity Interests in any Foreign Subsidiary that is not the Issuer or a Guarantor, to the extent (but only to the extent) required to prevent the Company
Collateral from including more than 65% of the outstanding voting Equity Interests in such Foreign Subsidiary. 
 (c) With
respect to each right to payment or performance included in the Collateral from time to time, the Transaction Lien granted therein includes a continuing security interest in (i) any Supporting Obligation that supports such payment or
performance and (ii) any Lien that (x) secures such right to payment or performance or (y) secures any such Supporting Obligation. 

(d) The Transaction Liens are granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or
transfer or in any way affect or modify, any obligation or liability of any Grantor with respect to any of the Collateral or any transaction in connection therewith. 

SECTION 3. General Representations and Warranties. Each Grantor represents and warrants that: 

(a) Such Grantor is duly organized, validly existing and in good standing under the laws of the jurisdiction identified as its
jurisdiction of organization in the Perfection Certificate. 
 (b) With respect to each Original Grantor, Schedule 9(a) to the
Perfection Certificate lists all Equity Interests in direct Wholly Owned Subsidiaries owned by such Grantor as of the Issue Date (other than Equity Interests of any direct Wholly Owned Subsidiary that is dormant, inactive or otherwise immaterial).
Such Grantor holds all such Equity Interests directly (i.e., not through a Subsidiary, a Securities Intermediary or any other Person). 

(c) With respect to each Original Grantor, as of the Issue Date, (i) Schedule 9(b) to the Perfection Certificate lists all
Securities owned by such Grantor (except 
  

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Securities evidencing Equity Interests in Subsidiaries and Affiliates) and (ii) Schedule 12 to the Perfection Certificate lists all Securities Accounts to which Financial Assets are credited
in respect of which such Grantor owns Security Entitlements. 
 (d) All Pledged Equity Interests owned by such Grantor are owned
by it free and clear of any Lien other than Permitted Liens. All shares of capital stock included in such Pledged Equity Interests (including shares of capital stock in respect of which such Grantor owns a Security Entitlement) have been duly
authorized and validly issued and are fully paid and non-assessable. None of such Pledged Equity Interests is subject to any option to purchase or similar right of any Person. Such Grantor is not and will not become a party to or otherwise bound by
any agreement (except the Notes Documents) which restricts in any manner the rights of any present or future holder of any Pledged Equity Interest with respect thereto. 

(e) Except for restrictions and limitations imposed by the Notes Documents, Laws or securities laws generally, or any Permitted Liens,
the Collateral is and will continue to be freely transferable and assignable, and none of the Collateral is or will be subject to any option, right of first refusal, shareholders agreement, charter or by-law provisions or contractual restriction of
any nature that might prohibit, materially impair, materially delay or otherwise affect in any manner material and adverse to the Secured Parties the pledge of such Collateral hereunder, the sale or disposition thereof pursuant hereto. 

(f) Such Grantor has good and marketable title to all its Collateral (subject to exceptions that are, in the aggregate, not material),
free and clear of any Liens other than Permitted Liens. For purposes of clarification, in the event that any Collateral consisting of Patents now owned or hereafter acquired is successfully challenged, such successful challenge will not constitute a
breach of this provision. 
 (g) Such Grantor has not performed any acts that might prevent the Collateral Agent from enforcing
any of the provisions of the Security Documents or that would limit the Collateral Agent in any such enforcement. No financing statement, security agreement, mortgage or similar or equivalent document or instrument covering all or part of the
Collateral owned by such Grantor is on file or of record in any jurisdiction in which such filing or recording would be effective to perfect or record a Lien on such Collateral, except financing statements, mortgages or other similar or equivalent
documents with respect to Permitted Liens. After the Issue Date, no Collateral owned by such Grantor will be in the possession or under the control of any other Person having a claim thereto or security interest therein, other than a Permitted Lien.

 (h) The Transaction Liens on all Personal Property Collateral owned by such Grantor (i) have been validly granted,
(ii) will attach to each item of such Collateral on or prior to the Issue Date (or, if such Grantor first obtains rights thereto on a later date, on such later date) and (iii) when so attached, will secure all the Secured Obligations or
such Grantor’s Secured Guarantee, as the case may be. 
  

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 (i) When the relevant Mortgages have been duly executed and delivered, the Transaction Liens
on all Real Property Collateral owned by such Grantor as of the Issue Date will have been validly created and will secure all the Secured Obligations or such Grantor’s Secured Guarantee, as the case may be. When such Mortgages have been duly
recorded, such Transaction Liens will rank prior to all other Liens (except Permitted Liens) on such Real Property Collateral. 

(j) Such Grantor has delivered a counterpart to the Perfection Certificate to the Collateral Agent. With respect to each Original
Grantor, information set forth in Schedule 1(a) to the Perfection Certificate is correct and complete in all respects, and all other information set forth therein is correct and complete in all material aspects as of the Issue Date; provided
that any such information that is qualified as to “materiality”, “Material Adverse Effect” or similar language is correct and complete in all respects as of the Issue Date. 

(k) When UCC financing statements describing the Collateral as “all assets” have been filed in the offices specified in the
Perfection Certificate, the Transaction Liens will constitute perfected security interests in the Personal Property Collateral owned by such Grantor to the extent that a security interest therein may be perfected by filing pursuant to the UCC, prior
to all Liens and rights of others therein except Permitted Liens, to the extent such Liens have priority by operation of law. 

(l) Such Grantor has taken, and will continue to take, all actions necessary under the UCC to perfect its interest in any Accounts or
Chattel Paper purchased or otherwise acquired by it, as against its assignors and creditors of its assignors. 
 (m) Such
Grantor’s Collateral is insured as required by the Indenture. 
 (n) All of such Grantor’s Inventory has or will have
been produced in compliance with the applicable requirements of the Fair Labor Standards Act, as amended. 
 (o) Other than a
Restricted Account, there is no Deposit Account into which any collections or other payments or proceeds in respect of Pledged Inventory of any borrower under the ABL Facility or Receivables (as defined in the ABL Credit Agreement) of any borrower
under the ABL Facility that have been Pledged are to be deposited. No funds other than ABL Facility Collateral or proceeds thereof will be deposited in any Lockbox Account (as defined in the ABL Credit Agreement) or the Cash Dominion Account (as
defined in the ABL Credit Agreement). 
 SECTION 4. Further Assurances; General Covenants. Each
Grantor covenants as follows: 
 (a) Such Grantor will at its own expense, from time to time, take any actions reasonably
requested by the Collateral Agent and any other commercially reasonable actions necessary in order to: 
 (i)
defend title to such Grantor’s Collateral, except that Grantor will only be obligated to defend title of the Intellectual Property that is material to the operation of its business as a whole and as currently conducted (it being understood that
each Grantor shall have the right to dispose of Collateral to the extent permitted under the Indenture); 
  

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 (ii) create, preserve, perfect, confirm or validate the Transaction Liens on
such Grantor’s Collateral; 
 (iii) in the case of each Restricted Account, cause the administrative agent
under the ABL Facility to have Control thereof (subject to the terms of the Intercreditor Agreement); 
 (iv)
enable the Collateral Agent and the other Secured Parties to obtain the full benefits of the Security Documents; or 

(v) enable the Collateral Agent to exercise and enforce any of its rights, powers and remedies with respect to any of such
Grantor’s Collateral. 
 Such Grantor authorizes the Collateral Agent to execute and file such financing statements or continuation
statements in such jurisdictions with such descriptions of collateral (including “all assets” or “all personal property” or other words to that effect) and other information set forth therein as the Collateral Agent may
reasonably deem necessary or desirable for the purposes set forth in the preceding sentence. Each Grantor also ratifies its authorization for the Collateral Agent to file in any such jurisdiction any initial financing statements or amendments
thereto if filed prior to the date hereof. 
 (b) Such Grantor will not (i) change its name or organizational form or
structure, (ii) change its location (determined as provided in UCC Section 9-307) or (iii) become bound, as provided in UCC Section 9-203(d) or otherwise, by a security agreement entered into by another Person, unless it shall
have given the Collateral Agent 30 days’ prior notice thereof and taken all actions reasonably requested by the Collateral Agent to continue perfection of the security interests created by the Security Documents that may be required under
Article XI of the Indenture. 
 (c) Such Grantor will not sell, lease, exchange, assign, license, terminate, abandon or
otherwise dispose of, or grant any option with respect to, any of its Collateral; provided that such Grantor may do any of the foregoing unless (i) doing so would violate a covenant in the Indenture or (ii) an Event of Default shall
have occurred and be continuing and either (A) the Collateral Agent shall have notified such Grantor that its right to do so is terminated, suspended or otherwise limited or (B) the maturity of any or all of the Secured Obligations shall
have been accelerated. Concurrently with any sale, lease or other disposition (except a sale or disposition to another Grantor or a lease) permitted by the foregoing proviso, the Transaction Liens on the assets sold or disposed of (but not in
any Proceeds arising from such sale or disposition) will cease immediately without any action by the Collateral Agent or any other Secured Party. The Collateral 

 

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Agent will, at such Grantor’s expense, execute and deliver to the relevant Grantor such documents as such Grantor shall reasonably request to evidence the fact that any asset so sold or
disposed of is no longer subject to a Transaction Lien. 
 (d) Such Grantor will, promptly upon request, provide to the
Collateral Agent all information and evidence concerning such Grantor’s Collateral that the Collateral Agent may reasonably request from time to time to enable it to enforce the provisions of the Security Documents. 

SECTION 5. Investment Property. Each Grantor represents, warrants and covenants as follows: 

(a) Certificated Securities. On the Issue Date (in the case of an Original Grantor) or the date on which it signs and delivers its
first Security Agreement Supplement (in the case of any other Grantor), such Grantor will deliver to the Collateral Agent as Collateral hereunder all certificates representing Pledged Certificated Securities and Tangible Chattel Paper then owned by
such Grantor (other than any Pledged Certificated Security of any direct Wholly Owned Subsidiary that is dormant or inactive). Thereafter, whenever such Grantor acquires any other certificate representing a Pledged Certificated Security (other than
any Pledged Certificated Security of any direct Wholly Owned Subsidiary that is dormant or inactive) or if any direct Wholly Owned Subsidiary of which such Grantor owns a Pledged Certificated Security ceases to be dormant or inactive, such Grantor
will immediately deliver such certificate to the Collateral Agent as Collateral hereunder. The provisions of this subsection are subject to the limitation in Section 5(d) in the case of voting Equity Interests in a Foreign Subsidiary that is not the
Issuer or a Guarantor. 
 (b) Perfection as to Certificated Securities. When such Grantor delivers the certificate
representing any Pledged Certificated Security owned by it to the Collateral Agent and complies with Section 5(c) in connection with such delivery, (i) the Transaction Lien on such Pledged Certificated Security will be perfected, subject to no
prior Liens or rights of others, (ii) the Collateral Agent will have Control of such Pledged Certificated Security and (iii) the Collateral Agent will be a protected purchaser (within the meaning of UCC Section 8-303) thereof.

 (c) Delivery of Pledged Certificates. All certificates in respect of Pledged Certificated Securities, when delivered
to the Collateral Agent, will be in suitable form for transfer by delivery, or accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to the Collateral Agent. 

(d) Foreign Subsidiaries. A Grantor will not be obligated to comply with the provisions of this Section at any time with respect
to any voting Equity Interest in a Foreign Subsidiary that is not the Issuer or a Guarantor if and to the extent (but only to the extent) that such voting Equity Interest is excluded from the Transaction Liens at such time pursuant to the proviso at
the end of Section 2(a) or the proviso at the end of Section 2(b) and/or the comparable provisions of one or more Security Agreement Supplements. 
  

 12 

 (e) Compliance with Applicable Foreign Laws. If and so long as the Collateral
includes (i) any Equity Interest in, or other Investment Property issued by, a legal entity organized under the laws of a jurisdiction outside the United States or (ii) any Security Entitlement in respect of a Financial Asset issued by
such a foreign legal entity, the relevant Grantor will upon reasonable request of the Collateral Agent take all such action as may be required under the laws of such foreign jurisdiction to ensure that the Transaction Lien on such Collateral ranks
prior to all Liens and rights of others therein. 
 (f) Certification of Limited Liability Company and Partnership
Interests. Any limited liability company and any partnership controlled by any Grantor shall either (a) not include in its operative documents any provision that any Equity Interests in such limited liability company or such partnership be
a “security” as defined under Article 8 of the Uniform Commercial Code, or (b) certificate any Equity Interests in any such limited liability company or such partnership. To the extent an interest in any limited liability company or
partnership controlled by any Grantor and pledged hereunder is certificated or becomes certificated, each such certificate shall be delivered to the Collateral Agent pursuant to Section 5(a) and such Grantor shall fulfill all other requirements
under Section 5 applicable in respect thereof. 
 SECTION 6. Restricted Accounts. Each Grantor
represents, warrants and covenants as follows: 
 (a) All cash proceeds of ABL Facility Collateral will be deposited, upon or
promptly after the receipt thereof, in a Restricted Account. 
 (b) In respect of each Restricted Account, the depositary
bank’s jurisdiction (determined as provided in UCC Section 9-304) will at all times be a jurisdiction in which Article 9 of the Uniform Commercial Code is in effect. 

(c) So long as the administrative agent under the ABL Facility has Control of a Restricted Account (subject to the terms of the
Intercreditor Agreement), the Transaction Lien on such Restricted Account will be perfected, subject to no prior Liens or rights of others (except the depositary bank’s right to deduct its normal operating charges and any uncollected funds
previously credited thereto and any Permitted Lien. 
 SECTION 7. Transfer Of Record Ownership. At any
time when an Event of Default shall have occurred and be continuing, the Collateral Agent may upon five Business Days’ notice to the Issuer (and to the extent that action by it is required, the relevant Grantor, if directed to do so by the
Collateral Agent, will as promptly as practicable) cause each of the Pledged Securities (or any portion thereof specified in such direction) to be transferred of record into the name of the Collateral Agent or its nominee. Each Grantor will take any
and all actions reasonably requested by the Collateral Agent to facilitate compliance with this Section. The Collateral Agent will promptly give to the relevant Grantor copies of any notices and other communications received by the Collateral Agent
with respect to Pledged Securities registered in the name of the Collateral Agent or its nominee. 
  

 13 

 SECTION 8. Right to Vote Securities. (a) Unless and until
(A) an Event of Default shall have occurred and be continuing and (B) the Collateral Agent shall have notified the Issuer that the rights of the Grantors are being suspended under this Section 8: 

(i) each Grantor will have the right, from time to time, to vote and to give consents, ratifications and waivers with respect to any
Pledged Security owned by it and the Financial Asset underlying any Pledged Security Entitlement owned by it, and the Collateral Agent shall promptly deliver to such Grantor or as specified in such request such proxies, powers of attorney, consents,
ratifications and waivers in respect of any such Pledged Security that is registered in the name of the Collateral Agent or its nominee or any such Pledged Security Entitlement as to which the Collateral Agent or its nominee is the Entitlement
Holder, in each case as shall be specified in such request and be in form and substance satisfactory to the Collateral Agent; and 

(ii) each Grantor shall be entitled to receive and retain any and all dividends, interest, principal and other distributions paid on or
distributed in respect of the Pledged Securities to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or distributed in accordance with, the terms and conditions
of the Indenture and the other Security Documents and applicable Laws; provided that any noncash dividends, interest, principal or other distributions that would constitute Pledged Equity Interests or Pledged Indebtedness, whether resulting
from a subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part thereof, or in redemption thereof, or as a result of any
merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and shall if certificated be held in trust for the benefit of the Collateral Agent
and the Secured Parties and shall be forthwith delivered to the Collateral Agent in the same form as so received (with any necessary endorsement reasonably requested by the Collateral Agent). 

(b) If (A) an Event of Default shall have occurred and be continuing and (B) the Collateral Agent shall have notified the
Issuer that the rights of the Grantors are being suspended under this Section 8, the Collateral Agent will have the exclusive right to the extent permitted by law to vote, to give consents, ratifications and waivers and to take any other action with
respect to the Pledged Investment Property, the other Pledged Equity Interests and the Financial Assets underlying the Pledged Security Entitlements, with the same force and effect as if the Collateral Agent were the absolute and sole owner thereof,
and each Grantor will take all such action as the Collateral Agent may reasonably request from time to time to give effect to such right; provided that, unless otherwise directed by the holders of at least a majority in aggregate principal
amount of the Notes, the Collateral Agent shall have the right from time to time following and during the continuance of an Event of Default to permit the Grantors to exercise such rights. After all Events of Default have been cured or waived, each
Grantor shall have the exclusive right to exercise the voting and/or consensual rights and powers that such Grantor would otherwise be entitled to exercise, in each case pursuant to the terms of paragraph (a) of this Section 8. 

 

 14 

 SECTION 9. Remedies upon Event of Default. (a) If an Event of
Default shall have occurred and be continuing, the Collateral Agent may, subject to the Intercreditor Agreement, upon five Business Days’ notice to the Issuer, exercise (or cause its sub-agents to exercise) any or all of the remedies available
to it (or to such sub-agents) under the Security Documents. 
 (b) Without limiting the generality of the foregoing, if an Event
of Default shall have occurred and be continuing, the Collateral Agent may, subject to the Intercreditor Agreement, upon five Business Days’ notice to the Issuer, exercise on behalf of the Secured Parties all the rights of a secured party under
the UCC (whether or not in effect in the jurisdiction where such rights are exercised) with respect to any Personal Property Collateral and, in addition, the Collateral Agent may, upon five Business Days’ notice (which notice shall state the
time, date and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made) to the Issuer and subject to any mandatory provisions of law,
sell or otherwise dispose of the Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker’s board or at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future
delivery, at such time or times and at such price or prices and upon such other terms as the Collateral Agent may deem commercially reasonable, irrespective of the impact of any such sales on the market price of the Collateral; provided that
any such public sale shall be held at such time or times within ordinary business hours. To the maximum extent permitted by applicable law, any Secured Party may be the purchaser of any or all of the Collateral at any such sale and (with the consent
of the Collateral Agent, which may be withheld in its discretion) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, held at
such time or times within ordinary business hours, to use and apply all or any part of the Secured Obligations as a credit on account of the purchase price of any Collateral payable at such sale. 

(c) Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial
proceeding), the receipt of the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the
application of any part of the purchase money paid to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or
right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by law) all rights of redemption, stay or appraisal that it now has or may at any time in the future have under any rule of law or statute now existing or
hereafter enacted. The Collateral Agent shall not be obliged to make any sale of Collateral regardless of notice of sale having been given. 
  

 15 

 (d) The Collateral Agent may adjourn any public or private sale from time to time by
announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. 

(e) To the maximum extent permitted by law, each Grantor hereby waives any claim against any Secured Party arising because the price at
which any Collateral may have been sold at such a private sale was less than the price that might have been obtained at a public sale, even if the Collateral Agent accepts the first offer received and does not offer such Collateral to more than one
offeree. The Collateral Agent may disclaim any warranty, as to title or as to any other matter, in connection with such sale or other disposition, and its doing so shall not be considered adversely to affect the commercial reasonableness of such
sale or other disposition. 
 (f) In case any sale of all or any part of the Collateral is made on credit or for future
delivery, the Collateral so sold may be retained by the Collateral Agent until the sale price is paid by the purchaser or purchasers thereof, but the Collateral Agent shall not incur any liability in case any such purchaser or purchasers shall fail
to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again, subject to the same rights and duties set forth herein. 

(g) Notice of any such sale or other disposition shall be given to the relevant Grantor(s) as (and if) required by Section 11.

 (h) For the purpose of enabling the Collateral Agent to exercise rights and remedies under this Agreement, each Grantor
hereby grants to the Collateral Agent, automatically upon the notice by the Collateral Agent of the exercise of remedies to the Grantors pursuant to Article VI of the Indenture after the occurrence and during the continuation of an Event of Default,
an irrevocable license (exercisable without payment of royalty or other compensation to the Grantors), to use, license or sub-license any of the Collateral consisting of Intellectual Property now owned or hereafter acquired by such Grantor, except
where the grant of such license will terminate or invalidate such Intellectual Property; provided that, anything in this Section 9(h) to the contrary notwithstanding, the Collateral Agent agrees that, on the date the Grantors cure such Event
of Default, such license to the Collateral Agent will immediately terminate upon the cure date, but any sub-licenses granted by the Collateral Agent will remain in full force and effect; provided further that such sub-licenses will have terms
that are substantially similar to the Grantors’ prior Intellectual Property licenses, and further provided that such sub-licenses (whether exclusive or non-exclusive) shall explicitly reserve the Grantor’s right to use such sub-licensed
Intellectual Property in its own business. 
 (i) The foregoing provisions of this Section shall apply to Real Property
Collateral only to the extent permitted by applicable law and the provisions of any applicable Mortgage or other document. 
  

 16 

 SECTION 10. Application of Proceeds. (a) If an Event of Default
shall have occurred and be continuing, the Collateral Agent may (i) after having given five Business Days’ notice to the Issuer apply any cash held in the Restricted Accounts and/or (ii) apply the proceeds of any sale or other
disposition (notice of which sale or other disposition shall have been given by the Collateral Agent in accordance with this Agreement and the other Notes Documents) of all or any part of the Collateral, in accordance with, and in the order of
priorities specified in, the Intercreditor Agreement. Any and all such cash held by the Collateral Agent which the Collateral Agent is entitled, under the priority of payments set forth in the Intercreditor Agreement, to distribute to the Secured
Parties for repayment of the Secured Obligations shall be made in the following order of priorities: 

first, to pay the fees and expenses of the Collateral Agent due and payable under the Notes Documents; 

second, to pay ratably all interest (including Post-Petition Interest) on the Secured Obligations payable under the
Notes and the Indenture, until payment in full of all such interest and fees shall have been made; 

third, to pay the unpaid principal of the Secured Obligations ratably, until payment in full of the principal of
all Secured Obligations shall have been made; and 
 fourth, to pay all other Secured Obligations ratably,
until payment in full of all such other Secured Obligations shall have been made. 
 The Collateral Agent may make such distributions hereunder
in cash or in kind or, on a ratable basis, in any combination thereof. 
 (b) In making the payments and allocations required by
this Section, the Collateral Agent may rely upon information supplied to it pursuant to Section 14(c). All distributions made by the Collateral Agent pursuant to this Section shall be final (except in the event of manifest error) and the Collateral
Agent shall have no duty to inquire as to the application by any Secured Party of any amount distributed to it. 

SECTION 11. Authority to Administer Collateral. Each Grantor irrevocably appoints the Collateral Agent its true
and lawful attorney, with full power of substitution, in the name of such Grantor, any Secured Party or otherwise, for the sole use and benefit of the Secured Parties, but at the Grantor’s expense, as reasonably requested by the Collateral
Agent, to the extent permitted by law to exercise, at any time from time to time while an Event of Default shall have occurred and be continuing, all or any of the following powers with respect to all or any of such Grantor’s Collateral:

 (a) to demand, sue for, collect, receive and give acquittance for any and all monies due or to become due upon
or by virtue thereof, 
  

 17 

 (b) to settle, compromise, compound, prosecute or defend any action or
proceeding with respect thereto, 
 (c) to sell, lease, license or otherwise dispose of the same or the proceeds
or avails thereof, as fully and effectually as if the Collateral Agent were the absolute owner thereof, and 

(d) to extend the time of payment of any or all thereof and to make any allowance or other adjustment with reference
thereto; 
 provided that, except in the case of Personal Property Collateral that is perishable or threatens to decline speedily in
value or is of a type customarily sold on a recognized market, the Collateral Agent will give the relevant Grantor at least ten days’ prior written notice of the time and place of any public sale thereof or the time after which any private sale
or other intended disposition thereof will be made. Any such notice shall (i) contain the information specified in UCC Section 9-613, (ii) be Authenticated, (iii) be sent to the parties required to be notified pursuant to UCC
Section 9-611(c) and (iv) in the case of a public sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is
to be made and the day on which the Collateral, or portion thereof, will first be offered for sale at such board or exchange; provided that, if the Collateral Agent fails to comply with this sentence in any respect, its liability for such
failure shall be limited to the liability (if any) imposed on it as a matter of law under the UCC. 
 SECTION 12.
Authority of Collateral Agent. By acceptance of the benefits of this Agreement and any other Security Document, each Secured Party other than the Collateral Agent (whether or not a signatory hereto) shall be deemed irrevocably to agree that it
shall not take any action (i) to enforce any provisions of this Agreement or any other Security Document against any Grantor or (ii) to exercise any remedy hereunder or thereunder, including the giving of any consents or approvals relating
thereto, in each case except as expressly provided in this Agreement or any other Security Document. In furtherance of the foregoing provision of this Section 12, each Secured Party other than the Collateral Agent, by its acceptance of the
benefits hereof and of the other Security Documents, agrees that it shall have no right individually to realize upon any of the Collateral hereunder or thereunder, it being understood and agreed by such Secured Party that all rights and remedies
hereunder and thereunder may be exercised solely by the Collateral Agent for the benefit of the applicable Secured Parties. 

SECTION 13. Limitation on Duty in Respect of Collateral. Beyond the exercise of reasonable care in the custody
and preservation thereof, the Collateral Agent will have no duty as to any Collateral in its possession or control or in the possession or control of any sub-agent or bailee or any income therefrom or as to the preservation of rights against prior
parties or any other rights pertaining thereto. The Collateral Agent will be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession or control if such Collateral is accorded treatment
substantially equal to that which it accords its own property, and will not be liable or 
  

 18 

 
responsible for any loss or damage to any Collateral, or for any diminution in the value thereof, by reason of any act or omission of any sub-agent or bailee selected by the Collateral Agent in
good faith, except to the extent that such liability arises from the Collateral Agent’s gross negligence or willful misconduct. 

SECTION 14. General Provisions Concerning the Collateral Agent.  

(a) The provisions of Article VII of the Indenture shall inure to the benefit of the Collateral Agent, and shall be binding upon all
Grantors and all Secured Parties, in connection with this Agreement and the other Security Documents. Without limiting the generality of the foregoing, (i) the Collateral Agent shall not be subject to any fiduciary or other implied duties,
regardless of whether an Event of Default has occurred and is continuing, (ii) the Collateral Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated by the Security Documents that the Collateral Agent is required in writing to exercise by the holders of at least a majority in aggregate principal amount of the Notes (or such other number or percentage of the aggregate principal
amount of Notes as shall be necessary under the circumstances as provided in the Indenture), and (iii) except as expressly set forth in the Notes Documents, the Collateral Agent shall not have any duty to disclose, and shall not be liable for
any failure to disclose, any information relating to any Grantor that is communicated to or obtained by the bank serving as Collateral Agent or any of its Affiliates in any capacity. The Collateral Agent shall not be responsible for the existence,
genuineness or value of any Collateral or for the validity, perfection, priority or enforceability of any Transaction Lien, whether impaired by operation of law or by reason of any action or omission to act on its part. Neither the Collateral Agent
nor any of their directors, officers, employees or agents shall be liable as such for any action taken or omitted to be taken by it or them under the Security Documents or in connection therewith (a) at the request or with the approval of the
holders of at least a majority in aggregate principal amount of the Notes (or, if otherwise specifically required hereunder, the consent of all the holders of Notes) or (b) in the absence of its or their own bad faith, gross negligence or
willful misconduct. The Collateral Agent shall be deemed not to have knowledge of any Event of Default unless and until written notice thereof is given to the Collateral Agent by the Issuer. 

(b) Sub-Agents and Related Parties. The Collateral Agent may perform any of its duties and exercise any of its rights and powers
through one or more sub-agents appointed by it. The Collateral Agent and any such sub-agent may perform any of its duties and exercise any of its rights and powers through its Related Parties. The exculpatory provisions of Section 12 and this
Section shall apply to any such sub-agent and to the Related Parties of the Collateral Agent and any such sub-agent. 
 (c)
Information as to Secured Obligations and Actions by Secured Parties. For all purposes of the Security Documents, including determining the amounts of the Secured Obligations, whether any action has been taken under any Secured
Agreement, the Collateral Agent will be entitled to rely on information from (i) its own records for information as to the holders of Notes, the Collateral Agent, their Secured Obligations

  

 19 

 
and actions taken by them, (ii) any Secured Party for information as to its Secured Obligations and actions taken by it, to the extent that the Collateral Agent has not obtained such
information from its own records and (iii) the Issuer, to the extent that the Collateral Agent has not obtained information from the foregoing sources. Nothing in this Section 14(c) shall prevent any Grantor from contesting any amounts claimed
by any Secured Party in any information so supplied. 
 (d) Refusal to Act. The Collateral Agent may refuse to act on any
notice, consent, direction or instruction from any Secured Parties or any agent, trustee or similar representative thereof that, in the Collateral Agent’s opinion, (i) is contrary to law or the provisions of any Security Document,
(ii) may expose the Collateral Agent to liability (unless the Collateral Agent shall have been indemnified, to its reasonable satisfaction, for such liability by the Secured Parties that gave such notice, consent, direction or instruction) or
(iii) is unduly prejudicial to Secured Parties not joining in such notice, consent, direction or instruction. 

SECTION 15. Termination of Transaction Liens; Release of Collateral. (a) The Transaction Liens granted by
the Issuer and each Guarantor shall terminate in accordance with Sections 11.04, 11.08 and 12.02 of the Indenture, as applicable. 

(b) Upon any termination of a Transaction Lien or release of Collateral, the Collateral Agent will, at the expense of the relevant
Grantor, execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence the termination of such Transaction Lien or the release of such Collateral, as the case may be. 

(c) Unless expressly agreed otherwise between a Grantor and the Collateral Agent, in the event that any security interest in the
Collateral granted pursuant to Section 2 hereof is not required to be so granted pursuant to the Indenture, if no Default or Event of Default has occurred and is continuing or would result from any release under this Section, such security
interest in such Collateral shall be released automatically; provided that the applicable Grantor shall provide notification of such release to the Collateral Agent promptly. 

SECTION 16. Additional Grantors. Any Subsidiary of the Company may become a party hereto by signing and
delivering to the Collateral Agent a Security Agreement Supplement, whereupon such Subsidiary shall become a “Grantor” as defined herein. 

SECTION 17. Notices. Each notice, request or other communication given to any party hereunder shall be given in
accordance with Section 13.02 of the Indenture, and in the case of any such notice, request or other communication to a Grantor other than the Issuer, shall be given to it in care of the Issuer. 

SECTION 18. No Implied Waivers; Remedies Not Exclusive. No failure by the Collateral Agent or any Secured Party
to exercise, and no delay in exercising and no course of dealing with respect to, any right or remedy under any Security Document shall 

 

 20 

 
operate as a waiver thereof; nor shall any single or partial exercise by the Collateral Agent or any Secured Party of any right or remedy under any Notes Document preclude any other or further
exercise thereof or the exercise of any other right or remedy. The rights and remedies specified in the Notes Documents are cumulative and are not exclusive of any other rights or remedies provided by law. 

SECTION 19. Successors and Assigns. This Agreement is for the benefit of the Collateral Agent and the Secured
Parties. If all or any part of any Secured Party’s interest in any Secured Obligation is assigned or otherwise transferred, the transferor’s rights hereunder, to the extent applicable to the obligation so transferred, shall be
automatically transferred with such obligation. This Agreement shall be binding on the Grantors and their respective successors and assigns. 

SECTION 20. Amendments and Waivers.  

(a) Neither this Agreement nor any provision hereof may be waived, amended, modified or terminated except pursuant to an agreement or
agreements in writing entered into by the Collateral Agent, with the consent of such holders of Notes as are required to consent thereto under Section 9.02 of the Indenture. No such waiver, amendment or modification shall (i) be binding
upon any Grantor, except with its written consent, or (ii) affect the rights of a Secured Party (other than a noteholder) hereunder more adversely than it affects the comparable rights of the holders of Notes hereunder, without the consent of
such Secured Party. 
 (b) Notwithstanding the foregoing clause (a), this Agreement and any provision hereof may be amended,
modified or terminated without notice to or consent of any holder of Notes pursuant to Section 9.01 of the Indenture. 

SECTION 21. Choice of Law. This Agreement shall be governed by, and construed in accordance with, the laws of
the State of New York, without regard to principles of conflicts of law. 
 SECTION 22. Waiver of Jury
Trial. EACH PARTY HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY SECURITY DOCUMENT OR ANY
TRANSACTION CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION. 
  

 21 

 SECTION 23. Severability. If any provision of any Security
Document is invalid or unenforceable in any jurisdiction, then, to the fullest extent permitted by law, (i) the other provisions of the Security Documents shall remain in full force and effect in such jurisdiction and shall be liberally
construed in favor of the Collateral Agent and the Secured Parties in order to carry out the intentions of the parties thereto as nearly as may be possible and (ii) the invalidity or unenforceability of such provision in such jurisdiction shall
not affect the validity or enforceability thereof in any other jurisdiction. 
 SECTION 24. Intercreditor
Agreement Controlling. Notwithstanding anything herein to the contrary, the liens and security interests granted to the Collateral Agent pursuant to this Agreement and the exercise of any right or remedy by the Collateral Agent hereunder,
in each case, with respect to the Collateral are subject to the limitations and provisions for the Intercreditor Agreement. In the event of any inconsistency between the terms or conditions of this Agreement and the terms and conditions of the
Intercreditor Agreement, the terms and conditions of the Intercreditor Agreement shall control. 
 SECTION 25.
Control by or Delivery to Senior Term Loan Collateral Agent, First Lien Notes Collateral Agent or ABL Collateral Agent. Until the termination of the applicable Exit Financing (including, with respect to the ABL Facility, the termination
of the Commitments (as defined therein)), any provision of this Agreement requiring delivery of Collateral to or control of Collateral by the Collateral Agent shall be deemed satisfied to the extent that such Collateral is delivered to or controlled
by the Senior Term Loan Collateral Agent, the First Lien Notes Collateral Agent or the ABL Collateral Agent under and as defined in the Intercreditor Agreement. 

SECTION 26. Agreement to be Bound by Indenture. By entry into this Agreement, each Guarantor agrees to all the terms
and provisions of the Indenture (including, without limitation, the provisions of Article IV (Covenants) and all provisions that are expressed to be binding on the Issuer or any Guarantor) with the same force and effect as if it were a signatory
thereto. 
 [SIGNATURE PAGES TO FOLLOW] 
  

 22 

 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. 
  

					
	 BASELL NORTH AMERICA INC.

	 EQUISTAR CHEMICALS, LP

	 EQUISTAR GP, LLC

	 EQUISTAR LP, LLC

	 HOUSTON REFINING LP

	 LYONDELLBASELL ACETYLS, LLC

	 LYONDELLBASELL ACETYLS HOLDCO, LLC

	 LYONDELLBASELL F&F HOLDCO, LLC

	 LYONDELLBASELL FINANCE COMPANY

	 LYONDELLBASELL FLAVORS & FRAGRANCES, LLC

	 LYONDELLBASELL INDUSTRIES N.V.

	 LYONDELL CHEMICAL COMPANY

	 LYONDELL CHEMICAL INTERNATIONAL COMPANY

	 LYONDELL CHEMICAL OVERSEAS SERVICES, INC.

	 LYONDELL CHIMIE FRANCE LLC

	 LYONDELL REFINING COMPANY LLC

		
	By:	 	             /s/ Gerald A.
O’Brien, Vice President

		 	Name:	 	Gerald A. O’Brien
		 	Title:	 	Authorized Person

 [Signature page to
Security Agreement (Plan Roll-Up Notes)] 

					
	 LYONDELL CHEMICAL DELAWARE COMPANY

	 LYONDELL CHEMICAL PROPERTIES, L.P.

	 LYONDELL CHEMICAL TECHNOLOGY 1 INC.

	 LYONDELL CHEMICAL TECHNOLOGY MANAGEMENT, INC.

	 LYONDELL CHEMICAL TECHNOLOGY, L.P.

	 LYONDELL EUROPE HOLDINGS INC.

	 LYONDELL REFINING I LLC

		
	By:	 	             /s/ Francis P.
McGrail

		 	Name:	 	Francis P. McGrail
		 	Title:	 	Authorized Person

 [Signature page to
Security Agreement (Plan Roll-Up Notes)] 

					
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Collateral Agent

		
	By:	 	             /s/ Raymond Delli
Colli

		 	Name:	 	Raymond Delli Colli
		 	Title:	 	Vice President

 [Signature page to
Security Agreement (Plan Roll-Up Notes)] 

 EXHIBIT A 

to Security Agreement 

SECURITY AGREEMENT SUPPLEMENT 

SECURITY AGREEMENT SUPPLEMENT dated as of             ,
        , between [NAME OF GRANTOR] (the “Grantor”) WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Agent. 

WHEREAS, LYONDELL CHEMICAL COMPANY, a Delaware corporation, as a Grantor and as Issuer, LYONDELLBASELL INDUSTRIES, N.V., a naamloze
vennootschap (a public limited liability company) formed under the laws of The Netherlands and the other Grantors party hereto, each as a Grantor and the Collateral Agent, are parties to a Security Agreement dated as of April [30], 2010 (as
heretofore amended and/or supplemented, the “Security Agreement”) under which each Grantor secures certain of its obligations (the “Secured Obligations”); 

WHEREAS, [name of Grantor] desires to become a party to the Security Agreement as a Grantor thereunder; and 

WHEREAS, terms defined in the Security Agreement (or whose definitions are incorporated by reference in Section 1 of the Security
Agreement) and not otherwise defined herein have, as used herein, the respective meanings provided for therein; 
 NOW,
THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Grant of Transaction Liens. (a) In order to secure its Secured Guarantee and the Secured Guarantee of each other
Guarantor, the Grantor grants to the Collateral Agent for the benefit of the Secured Parties a continuing security interest in all the following property of the Grantor, whether now owned or existing or hereafter acquired or arising and regardless
of where located (the “New Collateral”): 
 [describe property being added to the
Collateral]1 

(b) With respect to each right to payment or performance included in the Collateral from time to time, the Transaction
Lien granted therein includes a continuing security interest in (i) any Supporting Obligation that supports such payment or performance and (ii) any Lien that (x) secures such right to payment or performance or (y) secures any
such Supporting Obligation. 
  

	1
	 If the Grantor is not already a party to the Security Agreement, clauses (i) through (xiv) of, and the proviso to, Section 2(a) of the
Security Agreement may be appropriate. 

  

 A-1 

 (c) The foregoing Transaction Liens are granted as security only and shall
not subject the Collateral Agent or any other Secured Party to, or transfer or in any way affect or modify, any obligation or liability of the Grantor with respect to any of the New Collateral or any transaction in connection therewith. 

2. Delivery of Collateral. Concurrently with delivering this Security Agreement Supplement to the Collateral Agent, the Grantor is
complying with the provisions of Section 5 of the Security Agreement with respect to Investment Property, in each case if and to the extent included in the New Collateral at such time. 

3. Party to Security Agreement. Upon delivering this Security Agreement Supplement to the Collateral Agent, the Grantor will, if
not already a party, become a party to the Security Agreement and will thereafter have all the rights and obligations of a Grantor thereunder and be bound by all the provisions thereof as fully as if the Grantor were one of the original parties
thereto. References in the Security Agreement to a “Grantor” shall be deemed to refer to the Grantor, references to Schedules to the Perfection Certificate shall be deemed to include the corresponding Schedules to the Perfection
Certificate delivered in connection with this Security Agreement Supplement and references to “Collateral” shall be deemed to include the New Collateral. 

4. Representations and Warranties. (a) The Grantor is duly organized, validly existing and in good standing under the laws of
[jurisdiction of organization]. 
 (b) The Grantor has delivered a Perfection Certificate to the
Collateral Agent. The information set forth therein is correct and complete as of the date hereof. 
 (c) The
execution and delivery of this Security Agreement Supplement by the Grantor and the performance by it of its obligations under the Security Agreement as supplemented hereby are within its corporate or other powers, have been duly authorized by all
necessary corporate or other action, require no action by or in respect of, or filing with, any governmental body, agency or official and do not contravene, or constitute a default under, any provision of applicable law or regulation or of its
organizational documents, or of any agreement, judgment, injunction, order, decree or other instrument binding upon it or result in the creation or imposition of any Lien (except a Transaction Lien) on any of its assets. 

(d) The Security Agreement as supplemented hereby constitutes a valid and binding agreement of the Grantor, enforceable in
accordance with its terms, except as limited by (i) applicable bankruptcy, insolvency, fraudulent conveyance or other similar laws affecting creditors’ rights generally and (ii) general principles of equity. 

(e) Each of the representations and warranties set forth in Sections 3, 5 and 6 of the Security Agreement is true on and
as of the date hereof as applied to the Grantor and the New Collateral. For purposes of the foregoing sentence, references in said Sections to a “Grantor” shall be deemed to refer to the Grantor, references to Schedules to the Perfection
Certificate shall be deemed 
  

 A-2 

 
to refer to the corresponding Schedules to the Perfection Certificate delivered in connection with this Security Agreement Supplement, references to “Collateral” shall be deemed to
refer to the New Collateral, and references to the “Effective Date” shall be deemed to refer to the date on which the Grantor signs and delivers this Security Agreement Supplement. 

5. Governing Law. This Security Agreement Supplement shall be governed by, and construed in accordance with, the laws of the State
of New York, without regard to principles of conflicts of law. 
 IN WITNESS WHEREOF, the parties hereto have caused this
Security Agreement Supplement to be duly executed by their respective authorized officers as of the day and year first above written. 
  

			
	[NAME OF GRANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

  

 A-3 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:

  

 A-4 

 EXHIBIT B 

to Security Agreement 

PERFECTION CERTIFICATE 

[Attached under separate cover.] 
  

 B-1Warrant Agreement

 EXHIBIT 4.12 

EXECUTION COPY 

WARRANT AGREEMENT 

dated as of April 30, 2010 

between 

LyondellBasell Industries N.V. 

and 

Computershare Inc. and 

Computershare Trust Company, N.A. 

collectively and individually as Warrant Agent 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
			
		  	ARTICLE 1	  	
			
		  	DEFINITIONS	  	
	 Section 1.01
	  	Certain Definitions	  	1
			
		  	ARTICLE 2	  	
			
		  	ISSUANCE, EXECUTION AND TRANSFER OF WARRANTS	  	
			
	 Section 2.01
	  	Issuance of Warrants	  	9
			
	 Section 2.02
	  	Execution and Authentication of Warrants	  	9
			
	 Section 2.03
	  	Form of Warrant Certificates	  	10
			
	 Section 2.04
	  	Securities Law Compliance	  	10
			
	 Section 2.05
	  	EEA Securities Law Compliance	  	10
			
	 Section 2.06
	  	Registration, Transfer, Exchange and Substitution	  	11
			
	 Section 2.07
	  	Global Warrants	  	12
			
	 Section 2.08
	  	Surrender of Warrant Certificates	  	14
			
		  	ARTICLE 3	  	
			
		  	EXERCISE AND SETTLEMENT OF WARRANTS	  	
			
	 Section 3.01
	  	Exercise of Warrants	  	14
			
	 Section 3.02
	  	Procedure for Exercise	  	14
			
	 Section 3.03
	  	Settlement of Warrants	  	15
			
	 Section 3.04
	  	Delivery of Class A Common Stock	  	15
			
	 Section 3.05
	  	No Fractional Shares to Be Issued	  	16
			
	 Section 3.06
	  	Acquisition of Warrants by Company	  	17
			
	 Section 3.07
	  	Obligations of the Warrant Agent	  	17
			
	 Section 3.08
	  	Validity of Exercise	  	17
			
	 Section 3.09
	  	Direction of Warrant Agent	  	18

  

 -i- 

					
		  	ARTICLE 4	  	
			
		  	ADJUSTMENTS	  	
			
	Section 4.01	  	Adjustments to Exercise Price	  	19
			
	Section 4.02	  	Adjustments to Number of Warrants	  	22
			
	Section 4.03	  	Certain Distributions of Rights and Warrants	  	22
			
	Section 4.04	  	No Impairment	  	23
			
	Section 4.05	  	Other Adjustments if Net Share Settlement Applies	  	23
			
	Section 4.06	  	Discretionary Adjustments	  	24
			
	Section 4.07	  	Restrictions on Adjustments	  	24
			
	Section 4.08	  	Deferral of Adjustments	  	25
			
	Section 4.09	  	Reclassifications and Other Changes	  	25
			
	Section 4.10	  	Consolidation, Merger and Sale of Assets	  	29
			
	Section 4.11	  	Common Stock Outstanding	  	30
			
	Section 4.12	  	Calculations Final	  	30
			
	Section 4.13	  	Notice of Adjustments	  	30
			
	Section 4.14	  	Warrant Agent Not Responsible for Adjustments or Validity	  	30
			
	Section 4.15	  	Statements on Warrants	  	30
			
		  	ARTICLE 5	  	
			
		  	OTHER PROVISIONS RELATING TO RIGHTS OF WARRANTHOLDERS	  	
			
	Section 5.01	  	No Rights as Stockholders	  	31
			
	Section 5.02	  	Mutilated or Missing Warrant Certificates	  	31
			
	Section 5.03	  	Modification, Waiver and Meetings	  	31
			
		  	ARTICLE 6	  	
			
		  	CONCERNING THE WARRANT AGENT AND OTHER MATTERS	  	
			
	Section 6.01	  	Payment of Certain Taxes	  	32
			
	Section 6.02	  	Change of Warrant Agent	  	33
			
	Section 6.03	  	Compensation; Further Assurances	  	34
			
	Section 6.04	  	Reliance on Counsel	  	35
			
	Section 6.05	  	Proof of Actions Taken	  	35

  

 -ii- 

					
	Section 6.06	  	Correctness of Statements	  	35
			
	Section 6.07	  	Validity of Agreement	  	35
			
	Section 6.08	  	Use of Agents	  	36
			
	Section 6.09	  	Liability of Warrant Agent	  	36
			
	Section 6.10	  	Legal Proceedings	  	36
			
	Section 6.11	  	Other Transactions in Securities of the Company	  	36
			
	Section 6.12	  	Actions as Agent	  	37
			
	Section 6.13	  	Appointment and Acceptance of Agency	  	37
			
	Section 6.14	  	Successors and Assigns	  	37
			
	Section 6.15	  	Notices	  	37
			
	Section 6.16	  	Applicable Law; Jurisdiction	  	38
			
	Section 6.17	  	Benefit of this Warrant Agreement	  	38
			
	Section 6.18	  	Registered Warrantholders	  	38
			
	Section 6.19	  	Inspection of this Warrant Agreement	  	39
			
	Section 6.20	  	Termination	  	39
			
	Section 6.21	  	Headings	  	39
			
	Section 6.22	  	Counterparts	  	39
			
	Section 6.23	  	Entire Agreement	  	39
			
	Section 6.24	  	Severability	  	39
			
	EXHIBIT A	  	FORM OF GLOBAL WARRANT LEGEND	  	A-1
			
	EXHIBIT B	  	FORM OF WARRANT CERTIFICATE	  	B-1
			
	EXHIBIT C	  	FORM OF CLASS A COMMON SHARES REQUISITION ORDER	  	C-1
			
	EXHIBIT D	  	CONFIRMATION ORDER	  	D-1

  

 -iii- 

 WARRANT AGREEMENT 

This Warrant Agreement (“Warrant Agreement”) dated as of April 30, 2010 is between LyondellBasell Industries N.V.,
a public limited liability corporation formed under the laws of the Netherlands (the “Company”), and Computershare Inc., a Delaware corporation and individually “CI” and Computershare Trust Company, N.A. national bank
individually “CTNA” and both collectively the “Warrant Agent”). 
 WITNESSETH THAT: 

WHEREAS, pursuant to the terms and conditions of the Third Amended Plan of Reorganization, dated March 12, 2010, as the same may be
amended, modified or restated from time to time (the “Plan”) relating to the reorganization under Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) of Lyondell Chemical Company and
certain of its direct and indirect subsidiaries and LyondellBasell Industries AF S.C.A. (“LBIAF”) and certain of its affiliates, certain parties identified in the Plan and listed on Schedule I hereto (such parties, the
“Initial Warrantholders”) are to be issued warrants (the “Warrants”) exercisable until the Expiration Date (as defined below), to purchase up to an aggregate of 11,508,204 shares of Class A Common Stock at an
exercise price of $15.90 per share, as the same may be adjusted pursuant to Section 4 hereof (the “Exercise Price”); 

WHEREAS, the Warrants are being issued pursuant to, and upon the terms and conditions set forth in, the Plan in an offering in reliance
on the exemption afforded by section 1145 of the Bankruptcy Code from the registration requirements of the Securities Act, and of any applicable state securities or “blue sky” laws; 

WHEREAS, the Company desires that the Warrant Agent act on behalf of the Company, and the Warrant Agent is willing to act, in connection
with the issuance, exchange, transfer, substitution and exercise of Warrants; 
 NOW THEREFORE in consideration of the mutual
agreements herein contained, the Company and the Warrant Agent agree as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01 Certain Definitions. As used in this Warrant Agreement, the following terms shall have their respective meanings
set forth below: 
 “$” refers to such coin or currency of the United States as at any time of payment is legal
tender for the payment of public and private debts. 
 “Adjustment Event” has the meaning set forth in
Section 4.08. 

 “Affiliate” shall mean, with respect to any specified Person, any other
Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person. 

“Affiliate Change of Control Consideration” shall mean the value of the stock, other securities, other property or
assets (including cash or any combination thereof) to be received per share of Class A Common Stock, pursuant to the Affiliate Change of Control Event (to be calculated consistent with the principles set forth in Section 4.09(c) with
respect to the calculation of Unit Value). 
 “Affiliate Change of Control Date” shall mean the date on which
an Affiliate Change of Control Event is consummated. 
 “Affiliate Change of Control Event” shall mean the
consummation of a transaction pursuant to which (i) a Rights Offering Sponsor directly or indirectly (whether through a portfolio holding company or otherwise) beneficially owns 50.1% or more of the outstanding Class A Common Stock and
Class B Common Stock, taken as a whole (determined on a Fully-Diluted Basis) and (ii) the Class A Common Stock ceases to be traded on the New York Stock Exchange and on each other U.S. national or regional securities exchange or
quotation system on which such Class A common Stock has previously traded. 
 “Affiliate Change of Control Payment
Amount” shall mean (A) if the Affiliate Change of Control Consideration exceeds the Exercise Price, an amount in Cash equal to (1) Affiliate Change of Control Consideration minus (2) the Exercise Price or (B) if the
Affiliate Change of Control Consideration does not exceed the Exercise Price, an amount in Cash equal to the Black Scholes Warrant Value (as defined below) of the Warrant. 

“Affiliate Change of Control Payment Date” has the meaning set forth in Section 4.09(e). 

“Affiliate Change of Control Put” has the meaning set forth in Section 4.09(e). 

“Affiliate Change of Control Put Notice” has the meaning set forth in Section 4.09(e). 

“Affiliate Change of Control Put Warrants” has the meaning set forth in Section 4.09(e). 

“Agent Members” has the meaning set forth in Section 2.07(b). 

“Authentication Order” means a Company Order for authentication and delivery of Warrants. 

“Bankruptcy Code” has the meaning set forth in the Recitals. 

“Black Scholes Warrant Value” as of any date, shall mean the value of a Warrant to purchase one share of Class A
Common Stock (as determined in good faith by a majority of the non-affiliate directors of the Board of Directors based upon the advice of an independent investment bank of national standing selected by a majority of the non-affiliate directors of
the 
  

 2 

 
Board of Directors) and shall be determined by customary investment banking practices using the Black Scholes model. For purposes of calculating such amount, (1) the term of the Warrants
will be the period from the date of determination until the Expiration Date, (2) the fair market value of each share of Class A Common Stock will be the Current Market Price as of the date of determination, (3) the assumed volatility
will be determined based on information available prior to the first announcement of the Affiliate Change of Control Event by such independent investment banking firm as of the date of determination, (4) the assumed risk-free rate will equal
the yield on the U.S. Treasury security with a maturity closest to the seventh anniversary of the Closing Date, as the yield on that security exists as of the date of determination, (5) the assumed dividends will be based solely on historical
dividend paying practice of the Company (not taking into account any dividends that are not Ordinary Cash Dividends) and (6) any other assumptions shall be made by a majority of the non-affiliate directors in good faith based upon the advice of
such independent investment bank at the time of determination. For purposes of this definition, “non-affiliate directors” means the directors of the Board of Directors other than those directors who are affiliated with, or a nominee or
appointee of, the Rights Offering Sponsor causing such Affiliate Change of Control Event. 
 “Board of
Directors” means the supervisory board of the Company or any committee of such supervisory board duly authorized to exercise the power of such supervisory board with respect to the matters provided for in this Warrant Agreement as to which
the supervisory board is authorized or required to act. 
 “Business Day” means any day other than a Saturday
or Sunday or other than a day on which the New York Stock Exchange is authorized or obligated by law or executive order to close. 

“Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital
stock of the Company and all warrants or options to acquire such capital stock. 
 “Cash” means such coin or
currency of the United States as at any time of payment is legal tender for the payment of public and private debts. 

“Certificated Warrant” means a Warrant represented by a Warrant Certificate, in definitive, fully registered form.

 “Class A Common Stock” means the Class A ordinary shares, par value four eurocent (€0.04) per
share, of the Company. 
 “Class B Common Stock” means the Class B ordinary shares, par value four
eurocent (€0.04) per share, of the Company. 
 “Close of Business” means 5:00 p.m., New York City
time. 
 “Closing Date” means the effective date of the Plan. 

“Closing Sale Price” means, as of any date, the last reported per share sales price of a share of Class A Common
Stock or any other security on such date (or, if no last reported sale 
  

 3 

 
price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices on such date) as reported on the New York
Stock Exchange, or if the Class A Common Stock or such other security is not listed on the New York Stock Exchange, as reported by the principal U.S. national or regional securities exchange or quotation system on which the Class A Common
Stock or such other security is then listed or quoted, or if the Class A Common Stock or such other security is not so listed or reported , as reported on the OTC Bulletin Board or, if not so listed or reported, as reported in the “pink
sheets” published by Pink OTC Markets, Inc. (or similar organization or agency succeeding to its functions of reporting prices); provided, however, that in the absence of such quotations, the Board of Directors will make a good
faith determination of the Closing Sale Price. 
 If during a period applicable for calculating Closing Sale Price, an issuance,
distribution, subdivision, combination or other transaction or event occurs that requires an adjustment to the Exercise Price or Number of Warrants pursuant to Article 3 hereof, Closing Sale Price shall be calculated for such period in a manner
determined by the Company to appropriately reflect the impact of such issuance, distribution, subdivision or combination on the price of the Class A Common Stock during such period. 

“Common Stock” means the Class A Common Stock and the Class B Common Stock. 

“Company” has the meaning set forth in the preamble. 

“Company Order” means a written order signed in the name of the Company by any two officers, at least one of whom must
be its Chief Executive Officer, its Chief Financial Officer, its Treasurer, an Assistant Treasurer, or its Controller, and delivered to the Warrant Agent. 

“CI” means Computershare Inc. 

“CTNA” means Computershare Trust Company, N.A. 

“Current Market Price” means, (i) in connection with a dividend, issuance or distribution, the volume weighted
average price per share of Class A Common Stock for the twenty (20) Trading Days ending on, but excluding, the earlier of the date in question and the Trading Day immediately preceding the Ex-Date for such dividend, issuance or
distribution and (ii) in connection with a determination of Black Scholes Warrant Value, the volume weighted average price per share of Class A Common Stock for the twenty (20) Trading Days ending on, but excluding, the date of
determination, in each case, for the regular trading session (including any extensions thereof, without regard to pre-open or after hours trading outside of such regular trading session) as reported on the New York Stock Exchange, or if the
Class A Common Stock or such other security is not listed on the New York Stock Exchange, as reported by the principal U.S. national or regional securities exchange or quotation system on which the Class A Common Stock or such other
security is then listed or quoted, whichever is applicable, as published by Bloomberg at 4:15 p.m., New York City time (or 15 minutes following the end of any extension of the regular trading session), or if the Class A Common Stock is not
so listed or quoted, as reported on the OTC Bulletin Board or, if not so reported, as reported in the “pink sheets” published by Pink OTC Markets, Inc. (or similar organization or agency succeeding to its

  

 4 

 
functions of reporting prices), on such Trading Day, or if such volume weighted average price is unavailable or in manifest error, the market value of one share of Class A Common Stock
during such twenty (20) Trading Day period determined using a volume weighted average price method by an independent nationally recognized investment bank or other qualified financial institution selected by the Board of Directors and
reasonably acceptable to the Warrant Agent. If the Class A Common Stock is not traded on the New York Stock Exchange or any U.S. national or regional securities exchange or quotation system or not reported on the OTC Bulletin Board or in the
“pink sheets,” the Current Market Price shall be the price per share of Class A Common Stock that the Company could obtain from a willing buyer for shares of Class A Common Stock sold by the Company from authorized but unissued
shares of Class A Common Stock, as such price shall be reasonably determined in good faith by the Company’s Board of Directors. 

“Depositary” means The Depository Trust Company, its nominees, and their respective successors. 

“Determination Date” has the meaning set forth in Section 4.08. 

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

“Ex-Date” means, in connection with any dividend, issuance or distribution, the first date on which the shares of Common
Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such dividend, issuance or distribution. 

“Exercise Date” has the meaning set forth in Section 3.02(b). 

“Exercise Notice” means, for any Warrant, the exercise notice set forth on the reverse of the Warrant Certificate,
substantially in the form set forth in Exhibit B hereto. 
 “Exercise Price” means initially $15.90 per
Warrant, subject to adjustment pursuant to Article 3. 
 “Expiration Date” means, for any Warrant, the
date that is the seventh anniversary of the date hereof, or if not a Business Day, then the next Business Day thereafter. 

“Full Physical Settlement” means the settlement method pursuant to which an exercising Warrantholder shall be entitled
to receive from the Company, for each Warrant exercised, a number of shares of Class A Common Stock equal to the Full Physical Share Amount in exchange for payment by the Warrantholder of the Exercise Price. 

“Full Physical Share Amount” has the meaning set forth in Section 3.03(b). 

“Fully-Diluted Basis” means, with respect to any class or series of equity securities of the Company as of any date of
determination, (a) all outstanding shares of capital stock of that class or series as of that date and (b) the maximum number of shares of capital stock of that class or series then issuable in respect of all securities convertible into or
exchangeable for, all stock appreciation rights relating to, and all options, warrants and other rights to purchase, subscribe for or otherwise acquire upon the exercise or conversion thereof, shares of that class or series of equity securities of
the Company, in each case that are in-the-money based on the Closing Sale Price of the underlying security as of the date of determination and exercisable within 60 days of the date of determination. 

 

 5 

 “Global Warrant” means a Warrant in the form of a permanent global Warrant
Certificate, in definitive, fully registered form. 
 “Global Warrant Legend” means the legend set forth in
Section 2.07(a). 
 “Initial Warrantholders” has the meaning set forth in the Recitals. 

“LBIAF” has the meaning set forth in the Recitals. 

“Management Board” means the management board of the Company (bestuur). 

“Net Share Amount” has the meaning set forth in Section 3.03(c). 

“Net Share Settlement” means the settlement method pursuant to which an exercising Warrantholder shall be entitled to
receive from the Company, for each Warrant exercised, a number of shares of Class A Common Stock equal to the Net Share Amount without any payment therefor. 

“Net Share Settlement Price” means, as of any date, the volume weighted average price per share of Class A Common
Stock for the twenty (20) Trading Days prior to the date of determination of the Net Share Settlement Price for the regular trading session (including any extensions thereof, without regard to pre-open or after hours trading outside of such
regular trading session) as reported on the New York Stock Exchange, or if the Class A Common Stock or such other security is not listed on the New York Stock Exchange, as reported by the principal U.S. national or regional securities exchange
or quotation system on which the Class A Common Stock or such other security is then listed or quoted, whichever is applicable, as published by Bloomberg at 4:15 p.m., New York City time (or 15 minutes following the end of any extension of
the regular trading session), or if the Class A Common Stock is not so listed or quoted, as reported on the OTC Bulletin Board or, if not so reported, as reported in the “pink sheets” published by Pink OTC Markets, Inc. (or similar
organization or agency succeeding to its functions of reporting prices), on such Trading Day, or if such volume weighted average price is unavailable or in manifest error, the market value of one share of Class A Common Stock during such twenty
(20) Trading Day period determined using a volume weighted average price method by an independent nationally recognized investment bank or other qualified financial institution reasonably acceptable to the Warrant Agent. If the Class A
Common Stock is not traded on the New York Stock Exchange or any U.S. national or regional securities exchange or quotation system or not reported on the OTC Bulletin Board or in the “pink sheets,” the Net Share Settlement Price shall be
the price per share of Class A Common Stock that the Company could obtain from a willing buyer for shares of Class A Common Stock sold by the Company from authorized but unissued shares of Class A Common Stock, as such prices shall be
reasonably determined in good faith by the Company’s Board of Directors. 
 If during a period applicable for calculating
Net Share Settlement Price, an issuance, distribution, subdivision, combination or other transaction or event occurs that requires an adjustment to the Exercise Price or Number of Warrants pursuant to Article 3 hereof, the Net

  

 6 

 
Share Settlement Price shall be calculated for such period in a manner determined by the Company to appropriately reflect the impact of such issuance, distribution, subdivision or combination on
the price of the Class A Common Stock during such period. 
 “New Warrants” has the meaning set forth in
Section 4.09(e). 
 “Number of Warrants” means, for a Warrant Certificate, the “Number of
Warrants” specified on the face of such Warrant Certificate (or, in the case of a Global Warrant, on Schedule A to such Warrant Certificate), subject to adjustment pursuant to Article 3. 

“Officer’s Certificate” means a certificate signed by a member of the Management Board of the Company or such other
person he appoints by proxy. 
 “Open of Business” means 9:00 a.m., New York City time. 

“Ordinary Cash Dividend” means regular quarterly or other periodic dividends declared and paid pursuant to a dividend
policy established by the Board of Directors, not to exceed in the four most recently completed fiscal quarters of the Company, 45% of the consolidated net income of the Company and its consolidated subsidiaries (determined in accordance with United
States generally accepted accounting principles) for the four most recently completed fiscal quarters. 

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

“Plan” has the meaning set forth in the Recitals. 

“Pro Rata Repurchase” means any purchase of shares of Common Stock by the Company or any Affiliate thereof pursuant to
(a) any tender offer or exchange offer subject to Section 13(e) or 14(e) of the Exchange Act or Regulation 14E promulgated thereunder or (b) any other offer available to substantially all holders of Common Stock, in the case of
both (a) or (b), whether for cash, shares of Capital Stock of the Company, other securities of the Company, evidences of indebtedness of the Company or any other Person or any other property (including, without limitation, shares of Capital
Stock, other securities or evidences of indebtedness of a subsidiary), or any combination thereof, effected while a Warrant is outstanding. The “Effective Date” of a Pro Rata Repurchase shall mean the date of acceptance of shares
for purchase or exchange by the Company under any tender or exchange offer which is a Pro Rata Repurchase or the date of purchase with respect to any Pro Rata Repurchase that is not a tender or exchange offer. 

“Prospectus Directive” means Directive 2003/71/EC and any relevant implementing measures in each applicable member state
of the European Economic Area. 
 “Record Date” means, with respect to any dividend, distribution or other
transaction or event in which the holders of Common Stock have the right to receive any cash, securities or other property or in which Common Stock (or other applicable security) is exchanged for or converted into any combination of cash, securities
or other property, the date fixed for 
  

 7 

 
determination of holders of Common Stock entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors or by statute, contract or otherwise).

 “Reference Property” has the meaning set forth in Section 4.09(a). 

“Reorganization Event” has the meaning set forth in Section 4.09(a). 

“Rights Offering Sponsor” means any of LeverageSource (Delaware) LLC, an affiliate of Apollo Management VII, L.P., AI
LBI Investment LLC, an affiliate of Access Industries, and Ares Corporate Opportunities Fund III, L.P and any of their respective Affiliates. 

“SEC” means the United States Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Settlement Date” means, in respect of a Warrant that is exercised hereunder, the third Trading Day immediately
following the Exercise Date for such Warrant. 
 “Trading Day” means (i) if the applicable security is
listed on the New York Stock Exchange, a day on which trades may be made thereon or (ii) if the applicable security is listed or admitted for trading on the American Stock Exchange, the NASDAQ Global Select Market, the NASDAQ Global Market or
other national securities exchange or market, a day on which the American Stock Exchange, the NASDAQ Global Select Market, the NASDAQ Global Market or such other national securities exchange or market, respectively, is open for business or
(iii) if the applicable security is not so listed, admitted for trading or quoted, any Business Day. 
 “Trigger
Event” has the meaning set forth in Section 4.03(a). 
 “Unit of Reference Property” has the
meaning set forth in Section 4.09(a). 
 “Unit Value” has the meaning set forth in Section 4.09(c).

 “Vice President” means any vice president, whether or not designated by a number or a word or words added
before or after the title “vice president” of the Company. 
 “Voting Stock” means Capital Stock
having the right to vote for the election of directors under ordinary circumstances. 
 “Warrant” means a
warrant of the Company exercisable for one share of Class A Common Stock as provided herein, and issued pursuant to this Warrant Agreement with the terms, conditions and rights set forth in this Warrant Agreement. 

“Warrant Agent” means Computershare Inc., and Computershare Trust Company, N.A. collectively in their capacity as
warrant agent hereunder . 
 “Warrant Certificate” means any certificate representing Warrants satisfying the
requirements set forth in Section 2.03. 
  

 8 

 “Warrant Register” has the meaning set forth in Section 2.06.

 “Warrantholder” means each Person in whose name Warrants are registered in the Warrant Register. 

ARTICLE 2 

ISSUANCE, EXECUTION AND TRANSFER OF WARRANTS

 Section 2.01 Issuance of Warrants. (a) The Company shall execute and deliver to the Warrant Agent, for
authentication and delivery to the Initial Warrantholders on the Closing Date, a Certificated Warrant in the name of each Initial Warrantholder, together with an Authentication Order with respect thereto, evidencing an initial aggregate Number of
Warrants equal to 11,508,204 (such Number of Warrants subject to adjustment from time to time as described herein) in accordance with the terms of this Warrant Agreement and the Plan. Each Certificated Warrant shall evidence one or more Warrants.
Each Warrant evidenced thereby entitles the holder, upon proper exercise and payment of the applicable Exercise Price to receive from the Company, as adjusted as provided herein, one share of Class A Common Stock at the Exercise Price. The
Warrant Agent shall, upon receipt of such Certificated Warrant and Authentication Order, authenticate, manually countersign and on the Closing Date, deliver such Certificated Warrant to the respective Initial Warrantholder in accordance with
Section 2.02. All such Warrants shall be dated as of the Closing Date. 
 (b) Except as set forth in Section 2.06 and
Section 5.02, the Warrants delivered to each Initial Warrantholder on the Closing Date shall be the only Warrants issued or outstanding under this Warrant Agreement. 

(c) All Warrants issued under this Warrant Agreement shall in all respects be equally and ratably entitled to the benefits hereof,
without preference, priority, or distinction on account of the actual time of the issuance and authentication or any other terms thereof. 

Section 2.02 Execution and Authentication of Warrants. (a) Warrants shall be executed on behalf of the Company by the
Chief Executive Officer or any person delegated by the Chief Executive Officer and attested by the Company’s Secretary or any one of its Assistant Secretaries. The signature of any such person on Warrants may be manual or facsimile.
Typographical and other minor errors or defects in any such signature shall not affect the validity or enforceability of any Warrant that has been duly authenticated and delivered by the Warrant Agent. 

(b) Warrants bearing the manual or facsimile signatures of individuals, each of whom was, at the time he or she signed such Warrant or
his or her facsimile signature was affixed to such Warrant, as the case may be, an authorized representative of the Company, shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Warrants or did not hold such offices at the date of such Warrants. 
  

 9 

 (c) No Warrant shall be entitled to any benefit under this Warrant Agreement or be valid or
obligatory for any purpose unless there appears on such Warrant a certificate of authentication substantially in the form provided for herein executed by the Warrant Agent by manual or facsimile signature, and such signature upon any Warrant shall
be conclusive evidence, and the only evidence, that such Warrant has been duly authenticated and delivered hereunder. 

Section 2.03 Form of Warrant Certificates. Each Warrant Certificate shall be in substantially the form set forth in Exhibit
B hereto and shall have such insertions as are appropriate or required by this Warrant Agreement and may have such letters, numbers or other marks of identification and such legends and endorsements, stamped, printed, lithographed or engraved
thereon, as the Company may deem appropriate and as are not inconsistent with the provisions of this Warrant Agreement, such as may be required to comply with this Warrant Agreement, any law or any rule of any securities exchange on which Warrants
may be listed, and such as may be necessary to conform to customary usage. 
 Section 2.04 Securities Law
Compliance. The Warrants (including any Class A Common Stock issued upon exercise thereof) are issued pursuant to an exemption from the registration requirements of Section 5 of the Securities Act provided by Section 1145 of the
Bankruptcy Code, as set forth in the confirmation order of the U.S. Bankruptcy Court attached hereto as Exhibit D. Any Warrant that is purchased or owned by any “underwriter” as defined in Section 1145(b)(1) of the Bankruptcy Code,
may not be resold by such holder, and such holder may not be able to transfer any Warrants or Class A Common Stock issuable upon exercise of any Warrant in the absence of an exemption from registration under the Securities Act and state
securities laws. 
 Section 2.05 EEA Securities Law Compliance. In relation to each member state of the European
Economic Area (“EEA”) which has implemented the Prospectus Directive (each, a “Relevant Member State”), an offer to the public of the Warrants as provided in this Warrant Agreement may not be made in that Relevant
Member State, except that an offer to the public in that Relevant Member State of any Warrants may be made at any time under the following exemptions under the Prospectus Directive, in that Relevant Member State: 

(a) to legal entities which are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose
corporate purpose is solely to invest in securities; 
 (b) to any legal entity which has two or more of (1) an average of
at least 250 employees during the last financial year; (2) a total balance sheet of more than €43,000,000 and (3) an annual net turnover of more than €50,000,000, as shown in the relevant entity’s last annual or consolidated
accounts; 
 (c) to fewer than 100 natural or legal persons (other than qualified investors as defined in the Prospectus
Directive); or 
 (d) in any other circumstances which do not require the publication by the Company of a prospectus pursuant to
Article 3(2) of the Prospectus Directive, 
  

 10 

 provided that no such offer of Warrants will result in a requirement for the publication by the Company of a
prospectus pursuant to Article 3 of the Prospectus Directive. 
 For the purposes of this provision, the expression an “offer to the
public” in relation to any Warrants in any Relevant Member State means the communication in any form and by any means of sufficient information the terms of the offer as provided in this Warrant Agreement to be offered so as to enable an
investor to decide to purchase or subscribe for Warrants, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression Prospectus Directive means Directive 2003/71/EC and
includes any relevant implementing measure in each Relevant Member State. 
 In the case of any Warrants being offered to a
financial intermediary (as that term is used in Article 3(2) of the Prospectus Directive), such financial intermediary will also be deemed to have represented, acknowledged and agreed that the Warrants acquired by it have not been acquired on a
non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to persons in circumstances which may give rise to an offer of any Warrants to the public other than their offer of resale in a relevant Member
State to qualified investors as so defined. The Company and its affiliates, and others will rely upon the truth and accuracy of the foregoing representation, acknowledgement and agreement. Notwithstanding the foregoing, a person who is not a
qualified investor and who meets at least two of the following requirements (i) 10 significant transactions on a regulated market, (ii) size of such persons security portfolio exceeds EU 50,000 and (iii) who has at least one year of
relevant working experience, and has voluntarily registered with the Authority for Financial Markets (“AFM”), and has notified the Company of such fact in writing may, with the consent of the Company, be permitted to purchase
Warrants. 
 Section 2.06 Registration, Transfer, Exchange and Substitution. (a) The Company shall cause to be
kept at the office of the Warrant Agent, and the Warrant Agent shall maintain, a register (the “Warrant Register”) in which, subject to such reasonable regulations as the Company may prescribe and such regulations as may be
prescribed by law, the Company shall provide for the registration of Warrants and transfers, exchanges or substitutions of Warrants as herein provided. All Warrants issued upon any registration of transfer or exchange of or substitution for Warrants
shall be valid obligations of the Company, evidencing the same obligations, and entitled to the same benefits under this Warrant Agreement, as Warrants surrendered for such registration of transfer, exchange or substitution. 

(b) Transfers of a Global Warrant registered in the name of the Depositary or its nominee shall be limited to transfers in whole, and not
in part, to the Company, the Depositary, their successors, and their respective nominees. Interests of beneficial owners in a Global Warrant registered in the name of the Depositary or its nominee shall be transferred in accordance with this Warrant
Agreement and the procedures of the Depositary. 
 (c) A Warrantholder may transfer a Certificated Warrant only upon surrender
of such Certificated Warrant for registration of transfer. Certificated Warrants may be presented for registration of transfer and exchange at the offices of the Warrant Agent with a written instruction of transfer in form satisfactory to the
Warrant Agent, along with any other such documents that the Warrant Agent may reasonably require including, without limitation, a 

 

 11 

 
signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of
authority that may be required by the Exchange Agent, duly executed by such Warrantholder or by such Warrantholder’s attorney, duly authorized in writing. No such transfer shall be effected until, and the transferee shall succeed to the rights
of a Warrantholder only upon, final acceptance and registration of the transfer in the Warrant Register by the Warrant Agent. Prior to the registration of any transfer of a Certificated Warrant by a Warrantholder as provided herein, the Company, the
Warrant Agent, and any agent of the Company or the Warrant Agent may treat the Person in whose name Warrants are registered as the owner thereof for all purposes and as the Person entitled to exercise the rights represented thereby, any notice to
the contrary notwithstanding. 
 (d) Every Certificated Warrant presented or surrendered for registration of transfer or for
exchange or substitution shall (if so required by the Company or the Warrant Agent) be duly endorsed, or be accompanied by a duly executed instrument of transfer in form satisfactory to the Company and the Warrant Agent, by the holder thereof or
such Warrantholder’s attorney duly authorized in writing. 
 (e) When Certificated Warrants are presented to the Warrant
Agent with a request to register the transfer of, or to exchange or substitute, such Warrants, the Warrant Agent shall register the transfer or make the exchange or substitution as requested if its requirements for such transactions and any
applicable requirements hereunder are satisfied. To permit registrations of transfers, exchanges and substitutions, the Company shall execute Warrant Certificates at the Warrant Agent’s request and the Warrant Agent shall countersign and
deliver such Warrant Certificates. No service charge shall be made for any registration of transfer or exchange of or substitution for Warrants, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any registration of transfer of Warrants. 
 (f) A Certificated Warrant may be exchanged
at the option of the holder or holders thereof, when presented or surrendered in accordance with this Warrant Agreement, for another Warrant Certificate or other Warrant Certificates of like tenor and representing in the aggregate a like Number of
Warrants. If less than all Warrants represented by a Certificated Warrant are transferred, exchanged or substituted in accordance with this Warrant Agreement, the Warrant Certificate shall be surrendered to the Warrant Agent and a new Warrant
Certificate for a Number of Warrants equal to the Warrants represented by such Warrant Certificate that were not transferred, exchanged or substituted, registered in such name or names as may be directed in writing by the surrendering Warrantholder,
shall be executed by the Company and delivered to the Warrant Agent and the Warrant Agent shall countersign such new Warrant Certificate and shall deliver such new Warrant Certificate to the Person or Persons entitled to receive the same.

 Section 2.07 Global Warrants. (a) The Warrants shall initially be issued in the form of Certificated
Warrants. The Company shall use its best effort to enable the Warrants to be “DTC eligible” so that interests in the Warrants may be held in book-entry form through the Depositary. Once the Warrants become “DTC eligible,”
(i) the Company or the Warrant Agent shall provide written notice of such event to each Warrantholder and (ii) any Certificated Warrants may be presented to the Warrant Agent by Warrantholders in exchange for

  

 12 

 
one or more Global Warrants up to the aggregate Number of Warrants then outstanding, to be registered in the name of the Depositary, or its nominee, and delivered by the Warrant Agent to the
Depositary, or its custodian, for crediting to the accounts of its participants pursuant to the procedures of the Depositary. Upon such presentation, the Company shall execute a Global Warrant representing such aggregate Number of Warrants and
deliver the same to the Warrant Agent for authentication and delivery in accordance with Section 2.02. Any Global Warrant shall bear the legend substantially in the form set forth in Exhibit A hereto (the “Global Warrant
Legend”). 
 (b) So long as a Global Warrant is registered in the name of the Depositary or its nominee, members of, or
participants in, the Depositary (“Agent Members”), the holders of beneficial interests in the Global Warrant shall have no rights under this Warrant Agreement with respect to the Global Warrant held on their behalf by the Depositary
or the Warrant Agent as its custodian, and the Depositary may be treated by the Company, the Warrant Agent and any agent of the Company or the Warrant Agent as the absolute owner of such Global Warrant for all purposes. Accordingly, any such
owner’s beneficial interest in such Global Warrant will be shown only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or its nominee or its Agent Members, and neither the Company nor
the Warrant Agent shall have any responsibility with respect to such records maintained by the Depositary or its nominee or its Agent Members. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Warrant Agent or any agent of
the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices governing the
exercise of the rights of a Warrantholder. 
 (c) Any holder of a Global Warrant registered in the name of the Depositary or its
nominee shall, by acceptance of such Global Warrant, agree that transfers of beneficial interests in such Global Warrant may be effected only through a book-entry system maintained by the holder of such Global Warrant (or its agent), and that
ownership of a beneficial interest in Warrants represented thereby shall be required to be reflected in book-entry form. 
 (d)
A Global Warrant registered in the name of the Depositary or its nominee shall be exchanged for Certificated Warrants only if the Depositary (A) has notified the Company that it is unwilling or unable to continue as or ceases to be a clearing
agency registered under Section 17A of the Exchange Act and (B) a successor to the Depositary registered as a clearing agency under Section 17A of the Exchange Act is not able to be appointed by the Company within 90 days or the
Depositary is at any time unwilling or unable to continue as Depositary and a successor to the Depositary is not able to be appointed by the Company within 90 days. In any such event, a Global Warrant registered in the name of the Depositary or its
nominee shall be surrendered to the Warrant Agent for cancellation, and the Company shall execute, and the Warrant Agent shall countersign and deliver, to each beneficial owner identified by the Depositary, in exchange for such beneficial
owner’s beneficial interest in such Global Warrant, Certificated Warrants representing, in the aggregate, the Number of Warrants theretofore represented by such Global Warrant with respect to such beneficial owner’s respective beneficial
interest. Any Certificated Warrant delivered in exchange for an interest in a Global Warrant pursuant to this Section 2.07(d) shall not bear the Global Warrant Legend. Interests in the Global Warrant may not be exchanged for Certificated
Warrants other than as provided in this Section 2.07(d). 
  

 13 

 (e) The holder of a Global Warrant registered in the name of the Depositary or its nominee
may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Warrantholder is entitled to take under this Warrant Agreement or the Warrant.

 Section 2.08 Surrender of Warrant Certificates. Any Warrant Certificate surrendered for registration of transfer,
exchange, substitution or exercise of Warrants represented thereby shall, if surrendered to the Company, be delivered to the Warrant Agent, and all Warrant Certificates surrendered or so delivered to the Warrant Agent shall be promptly cancelled by
the Warrant Agent and shall not be reissued by the Company and, except as provided in this Article 2 in case of an exchange, transfer or substitution, or Article 3 in case of the exercise of less than all Warrants represented thereby, or
Section 5.02 in case of mutilation, no Warrant Certificate shall be issued hereunder in lieu thereof. The Warrant Agent shall deliver to the Company from time to time or otherwise dispose of such cancelled Warrant Certificates as the Company
may direct. 
 ARTICLE 3 

EXERCISE AND SETTLEMENT OF WARRANTS 

Section 3.01 Exercise of Warrants. At any time prior to 5:00 p.m., New York City time, on the Expiration Date, a
Warrantholder shall be entitled to exercise, in accordance with this Article 3, the full Number of Warrants represented by any Warrant Certificate then registered in such Warrantholder’s name (which may include fractional Warrants) or any
portion thereof (which shall not include any fractional Warrants). Any Warrants not exercised prior to such time shall expire unexercised and all rights thereunder and all rights in respect thereof under this Warrant Agreement shall cease as of the
Expiration Date. 
 Section 3.02 Procedure for Exercise. (a) To exercise a Warrant (i) in the case of a
Certificated Warrant, the Warrantholder must (x) surrender the Warrant Certificate evidencing such Warrant at the principal office of the Warrant Agent (or successor warrant agent), (y) deliver the Exercise Notice set forth on the reverse
of the Warrant Certificate duly completed and executed at the principal office of the Warrant Agent (or successor warrant agent), together with any applicable transfer taxes as set forth in Section 6.01(b), and (z) in the event the
exercising Warrantholder does not elect for Net Share Settlement in accordance with Section 3.03(c), pay to the Warrant Agent (or successor warrant agent) an amount equal to the Exercise Price in accordance with the procedures for Full Physical
Settlement set forth in Section 3.03(b) or (ii) in the case of a Global Warrant, the holders of beneficial interests therein must (x) comply with the procedures established by the Depositary for the exercise of Warrants and
(y) in the event the exercising Warrantholder does not elect for Net Share Settlement in accordance with Section 3.03(c), pay to the Warrant Agent (or successor warrant agent) an amount equal to the Exercise Price in accordance with the
procedures for Full Physical Settlement set forth in Section 3.03(b). 
  

 14 

 (b) The date on which a Warrantholder complies with the requirements for exercise set forth
in this Section 3.02 in respect of a Warrant is the “Exercise Date” for such Warrant. However, if such date is not a Trading Day or the Warrantholder satisfies such requirements after the Close of Business on a Trading Day,
then the Exercise Date shall be the immediately succeeding Trading Day. 
 (c) Any exercise of a Warrant pursuant to the terms
of this Warrant Agreement shall be irrevocable and shall constitute a binding agreement between the holder and the Company, enforceable in accordance with its terms. 

Section 3.03 Settlement of Warrants. (a) Full Physical Settlement shall apply to each Warrant unless the Warrantholder
elects for Net Share Settlement to apply upon exercise of such Warrant. Such election shall be made (i) in the case of a Certificated Warrant, in the Exercise Notice for such Warrant, or (ii) in the case of a Global Warrant, in accordance
with the procedures established by the Depositary for the exercise of Warrants. 
 (b) If Full Physical Settlement is applicable
with respect to the exercise of a Warrant, then, for each Warrant exercised hereunder, prior to 11:00 a.m., New York City time, on the Settlement Date for such Warrant, the Warrantholder shall pay the Exercise Price (determined as of such
Exercise Date) by check or money order payable to the order of the Company to the account maintained by the Warrant Agent and notified to the Warrantholder in accordance with Section 6.15, and on the Settlement Date, following receipt by the
Warrant Agent of such Exercise Price, the Company shall cause to be delivered to the Warrantholder one share of Class A Common Stock (the “Full Physical Share Amount”), together with Cash in respect of any fractional share or
fractional Warrant as provided in Section 3.05. All funds received by the Warrant Agent upon exercise of such Warrant shall be deposited by the Warrant Agent for the benefit of the Company. 

(c) If Net Share Settlement is applicable with respect to the exercise of a Warrant, then, for each Warrant exercised hereunder, on the
Settlement Date for such Warrant, the Company shall cause to be delivered to the Warrantholder a number of shares of Class A Common Stock (which in no event will be less than zero) (the “Net Share Amount”) equal to (i) the
Net Share Settlement Price as of the relevant Exercise Date, minus the Exercise Price (determined as of such Exercise Date), divided by (ii) such Net Share Settlement Price, together with Cash in respect of any factional share or
fractional Warrant as provided in Section 3.05. 
 Section 3.04 Delivery of Class A Common Stock.
(a) In connection with the delivery of shares of Class A Common Stock to an exercising Warrantholder pursuant to Section 3.03(b) or Section 3.03(c), as the case may be, the Warrant Agent shall: 

(i) inform the Company, within one Business Day following the satisfaction by the exercising Warrantholder of each of the
applicable procedures for exercise set forth in Section 3.02(a), of the number of shares of Class A Common Stock underlying the Warrants which were exercised; 
  

 15 

 (ii) promptly deliver or deposit all funds delivered to the Warrant Agent
upon exercise of any Warrant(s) by bank wire transfer to an account designated by the Company or as the Warrant Agent may be directed in writing by the Company; 

(iii) on the Settlement Date, deliver Cash to such Warrantholder in respect of any fractional shares or fractional
Warrants, as provided in Section 3.05, provided that the Company has delivered to the Warrant Agent Cash in an amount equal to, or in excess of, that which such Warrantholder is entitled; 

(iv) promptly cancel all Warrant Certificates surrendered to the Warrant Agent, destroy all such cancelled Warrant
Certificates and deliver a certificate of destruction to the Company, unless the Company shall otherwise direct; and 

(v) if the Number of Warrants represented by a Certificated Warrant shall not have been exercised in full, deliver a new
Warrant Certificate, countersigned by the Warrant Agent, for the balance of the number of Warrants represented by the surrendered Warrant Certificate. 

(b) If such shares of Class A Common Stock are in book-entry form at the Depositary, the Company shall (or shall cause the transfer
agent to) deliver such shares of Class A Common Stock by electronic transfer to such exercising Warrantholder’s account at the Depositary. If such shares of Class A Common Stock are not in book-entry form at the Depositary, the
Company shall (or shall cause the transfer agent to) deliver to or upon the order of such exercising Warrantholder a certificate or certificates, in each case with legends thereon as appropriate (as determined by the Company) and for the number of
full shares of Class A Common Stock to which such exercising Warrantholder is entitled, registered in such name or names as may be directed by such exercising Warrantholder 

(c) Each Person in whose name any shares of Class A Common Stock are issued shall for all purposes be deemed to have become the
holder of record of such shares as of the Exercise Date or, in the case of a Warrant subject to Full Physical Settlement only, the date of payment by the Warrantholder of the Exercise Price in accordance with Section 3.03(b), if later. However,
if any such date is a date when the stock transfer books of the Company are closed, such Person shall be deemed to have become the holder of such shares at the Close of Business on the next succeeding date on which the stock transfer books are open.

 (d) Promptly after the Warrant Agent shall have taken the action required by Section 3 of this Agreement (or at such
later time as may be mutually agreeable to the Company and the Warrant Agent), the Warrant Agent shall account to the Company with respect to any Warrants exercised (including, without limitation, with respect to any Exercise Price paid to the
Warrant Agent). 
 Section 3.05 No Fractional Shares to Be Issued. (a) Notwithstanding anything to the
contrary in this Warrant Agreement, the Company shall not be required to issue any fraction of a share of Class A Common Stock upon exercise of any Warrants. 

(b) If any fraction of a Warrant shall be exercised hereunder, the Company shall pay the relevant Warrantholder Cash in lieu of the
corresponding fraction of a share of Class A 
  

 16 

 
Common Stock valued at the Net Share Settlement Price as of the Exercise Date. However, if more than one Warrant shall be exercised hereunder at one time by the same Warrantholder, the number of
full shares which shall be issuable upon exercise thereof shall be computed on the basis of all Warrants (including any fractional Warrants) so exercised. If any fraction of a share of Class A Common Stock would, except for the provisions of
this Section 3.05, be issuable on the exercise of any Warrant or Warrants (including any fractional Warrants), the Company shall pay the Warrantholder Cash in lieu of such fractional shares valued at the Net Share Settlement Price as of the
Exercise Date. 
 (c) Each Warrantholder, by its acceptance of a Warrant Certificate, expressly waives its right to receive any
fraction of a share of Class A Common Stock or a stock certificate representing a fraction of a share of Class A Common Stock. 

Section 3.06 Acquisition of Warrants by Company. The Company shall have the right, except as limited by law, to purchase or
otherwise to acquire Warrants at such times, in such manner and for such consideration as it may deem appropriate and shall have agreed with the holder of such Warrants. 

Section 3.07 Obligations of the Warrant Agent. The Warrant Agent shall: 

(a) examine all Exercise Notices and all other documents delivered to it by or on behalf of holders to ascertain whether, on their face,
such Exercise Notices and any such other documents have been executed and completed in accordance with their terms; 
 (b) where
an Exercise Notice or other document appears on its face to have been improperly completed or executed or some other irregularity in connection with the exercise of the Warrant exists, the Warrant Agent shall endeavor to inform the appropriate
parties (including the person submitting such instrument) of the need for fulfillment of all requirements, specifying those requirements which appear to be unfulfilled; 

(c) inform the Company of and cooperate with and assist the Company in resolving any reconciliation problems between the Exercise Notices
received and delivery of Warrants to the Warrant Agent’s account; and 
 (d) advise the Company of (x) the
instructions with respect to delivery of the shares of Class A Common Stock deliverable upon such exercise, subject to the timely receipt from the Depositary of the necessary information, and (y) such other information as the Company shall
reasonably require. 
 Section 3.08 Validity of Exercise. All questions as to the validity, form and sufficiency
(including time of receipt) of a Warrant exercise shall be determined by the Company in its sole discretion, which determination shall be final and binding. The Warrant Agent shall incur no liability for or in respect of and, except to the extent
such liability arises from the Warrant Agent’s gross negligence, willful misconduct or bad faith, shall be indemnified and held harmless by the Company for acting or refraining from acting upon, or as a result of such determination by the
Company. The Company reserves the right to reject any and all Exercise Notices not in proper form or for which any corresponding agreement by the Company 

 

 17 

 
to exchange would, in the opinion of the Company, be unlawful. Such determination by the Company shall be final and binding on the holders, absent manifest error. Moreover, the Company reserves
the absolute right to waive any of the conditions to the exercise of Warrants or defects in Exercise Notices with regard to any particular exercise of Warrants. The Company shall be under no duty to give notice to the holders of the Warrants of any
irregularities in any exercise of Warrants, nor shall it incur any liability for the failure to give such notice. 

Section 3.09 Direction of Warrant Agent. (a) The Company shall be responsible for performing all calculations required
in connection with the exercise and settlement of the Warrants and the payment or delivery, as the case may be, of Cash and/or Class A Common Stock as described in this Article 3. In connection therewith, the Company shall provide prompt
written notice to the Warrant Agent of the amount of Cash and the number of shares of Class A Common Stock payable or deliverable, as the case may be, upon exercise and settlement of the Warrants, including, without limitation, the Net Share
Amount and the Full Physical Share Amount. 
 (b) Any Cash to be paid to the Warrantholders hereunder shall be delivered to
Computershare no later than the Business Day immediately preceding the date such consideration is required to be delivered to the Warrantholders. Any Class A Common Stock to be delivered to the Warrantholders hereunder shall be delivered by the
Company (or the transfer agent) by the date such consideration is required to be delivered to the Warrantholders. 
 (c) The
Warrant Agent shall have no liability for any failure or delay in performing its duties hereunder caused by any failure or delay of the Company in providing such calculations or items to the Warrant Agent. The Warrant Agent shall not be accountable
with respect to the validity or value (or the kind or amount) of any shares of Class A Common Stock or Units of Reference Property that may at any time be issued or delivered upon the exercise of any Warrant, and it makes no representation with
respect thereto. The Warrant Agent shall not be responsible for any failure of the Company to make any Cash payment or to issue, transfer or deliver any shares of Class A Common Stock or stock certificates or Units of Reference Property, or to
comply with any of the covenants of the Company contained in this Article 3. 
 (d) The Company acknowledges that the bank
accounts maintained by CI in connection with the services provided under this Agreement will be in its name and that CI may receive investment earnings in connection with the investment at the CI’s risk and for its benefit of funds held in
those accounts from time to time. Warrant Holders and the Company will not receive interest on any Cash delivered to the Warrant Agent. 
  

 18 

 ARTICLE 4 

ADJUSTMENTS 

Section 4.01 Adjustments to Exercise Price. The Exercise Price for the Warrants shall be subject to adjustment (without
duplication) upon the occurrence of any of the following events: 
 (a) The issuance of Class A Common Stock or Class B
Common Stock as a dividend or distribution to all or substantially all holders of Common Stock, or a subdivision or combination of Common Stock, in which event the Exercise Price shall be adjusted based on the following formula: 

 

											
	
EP1

	  	 =
	  	
EP0

	  	 x
	  	
OS0

	  	
	  	  	  	  	OS1
	  	

 where: 
  

					
	EP0	  	=	  	the Exercise Price in effect immediately prior to the Close of Business on the Record Date for such dividend or distribution, or immediately prior to the Open of Business on the
effective date for such subdivision or combination, as the case may be;
			
	EP1
	  	=	  	the Exercise Price in effect immediately after the Close of Business on the Record Date for such dividend or distribution, or immediately after the Open of Business on the
effective date for such subdivision or combination, as the case may be;
			
	OS0
	  	=	  	the number of shares of Common Stock, in the aggregate, outstanding immediately prior to the Close of Business on the Record Date for such dividend or distribution, or
immediately prior to the Open of Business on the effective date for such subdivision or combination, as the case may be; and
			
	OS1
	  	=	  	the number of shares of Common Stock, in the aggregate, that would be outstanding immediately after, and solely as a result of, such dividend, distribution, subdivision or
combination.

 Such adjustment shall become effective immediately after the Close of Business on the Record Date
for such dividend or distribution, or immediately after the Open of Business on the effective date for such subdivision or combination, as the case may be. If any dividend or distribution or subdivision or combination of the type described in this
Section 4.01(a) is declared or announced but not so paid or made, the Exercise Price shall again be adjusted to the Exercise Price that would then be in effect if such dividend or distribution or subdivision or combination had not been declared
or announced, as the case may be. 
  

 19 

 (b) The dividend or distribution to all or substantially all holders of Common Stock of
(i) shares of capital stock of the Company (excluding any dividend, distribution or issuance covered by clause (a) above) or any of the Company’s subsidiaries, (ii) evidences of indebtedness of the Company or any of the
Company’s subsidiaries, or (iii) any other assets or property or cash dividends (excluding any Ordinary Cash Dividends and excluding any dividend, distribution or issuance covered by clause (a) above), in which event the Exercise
Price will be adjusted based on the following formula: 
  

											
	
EP1

	 	 =
	  	
EP0

	  	 x
	  	
SP0
 - FMV
	  	
	 	  	  	  	SP0
	  	

 where: 
  

					
	EP0	  	=	  	the Exercise Price in effect immediately prior to the Close of Business on the Record Date for such dividend or distribution;
			
	EP1
	  	=	  	the Exercise Price in effect immediately after the Close of Business on the Record Date for such dividend or distribution;
			
	SP0
	  	=	  	the Current Market Price; and
			
	FMV	  	=	  	the fair market value (as determined in good faith by the Board of Directors), on the Record Date for such dividend or distribution, of the shares of capital stock, evidences of
indebtedness or other assets or property, or the amount of the cash dividend (other than Ordinary Cash Dividends) expressed as an amount per share of outstanding Common Stock.

Such decrease shall become effective immediately after the Close of Business on the Record Date for such dividend or distribution. In the
event that such dividend or distribution is declared or announced but not so paid or made, the Exercise Price shall again be adjusted to be the Exercise Price which would then be in effect if such distribution had not been declared or announced.

 However, if the transaction that gives rise to an adjustment pursuant to this clause (b) is one pursuant to which the
payment of a dividend or other distribution on Common Stock consists exclusively of shares of capital stock of, or similar equity interests in, a subsidiary of the Company or other business unit of the Company (i.e., a spin-off) that are, or, when
issued, will be, traded or quoted on the New York Stock Exchange or any other national or regional securities exchange or market, then the Exercise Price will instead be adjusted based on the following formula: 

 

											
	 	 	 	  	 	  	 	  	
MP0

	  	 
	EP1
	 	=	  	EP0
	  	x	  	MP0
+ 
FMV0	  	

  

 20 

 where: 
  

					
	EP0
	  	=	  	the Exercise Price in effect immediately prior to the Close of Business on the Record Date for such dividend or distribution;
			
	EP1
	  	=	  	the Exercise Price in effect immediately after the Close of Business on the Record Date for such dividend or distribution;
			
	FMV0
	  	=	  	the average of the Closing Sale Prices of the capital stock or similar equity interests distributed to holders of Common Stock applicable to one share of Common Stock over the 10
consecutive Trading Days commencing on, and including, the third Trading Day after the Ex-Date for such dividend or distribution; and
			
	MP0
	  	=	  	the average of the Closing Sale Prices of the Common Stock over the 10 consecutive Trading Days commencing on, and including, the third Trading Day after the Ex-Date for such
dividend or distribution.

 Such decrease shall become effective immediately after the Ex-Date for such dividend
or distribution. In the event that such dividend or distribution is declared or announced but not so paid or made, the Exercise Price shall again be adjusted to be the Exercise Price which would then be in effect if such distribution had not been
declared or announced. 
 (c) In the event that the Company effects a Pro Rata Repurchase in which the cash and value of any
other consideration included in the payment per share of Common Stock exceeds the Closing Sale Price on the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such Pro Rata Repurchase, then the Exercise
Price will be adjusted based on the following formula: 
  

									
	EP1
	 	=	  	EP0 X
	  	
(NS0A
 x 
SP1A) + 
(NS0B x 
SP1B)
	  	
		 	  		  	PP0 + 
((NS1A x SP
1A) + 
(NS1B x 
SP1B))	  	

 where: 
  

					
	EP0
	  	=	  	the Exercise Price in effect immediately prior to the Effective Date of such Pro Rata Repurchase;
			
	EP1
	  	=	  	the Exercise Price in effect immediately after the Effective Date of such Pro Rata Repurchase;
			
	NS0A
	  	=	  	the number of shares of Class A Common Stock outstanding immediately before the consummation of the Pro Rata
Repurchase;

  

 21 

					
	NS0B
	  	=	  	the number of shares of Class B Common Stock outstanding immediately before the consummation of the Pro Rata Repurchase;
			
	NS1A
	  	=	  	the number of shares of Class A Common Stock outstanding immediately after the consummation of the Pro Rata Repurchase;
			
	NS1B
	  	=	  	the number of shares of Class B Common Stock outstanding immediately after the consummation of the Pro Rata Repurchase;
			
	PP0
	  	=	  	the aggregate purchase price of the Pro Rata Repurchase; and
			
	SP1A
	  	=	  	the average of the Closing Sale Prices of the Class A Common Stock over the 10 consecutive Trading Days ending on the Trading Day immediately preceding the first public
announcement by the Company of its intent to effect such Pro Rata Repurchase.
			
	SP1B
	  	=	  	the average of the Closing Sale Prices of the Class B Common Stock over the 10 consecutive Trading Days ending on the Trading Day immediately preceding the first public
announcement by the Company of its intent to effect such Pro Rata Repurchase.

 (d) If any single action would
require adjustment of the Exercise Price pursuant to more than one subsection of Section 4.01, only one adjustment shall be made and such adjustment shall be the amount of adjustment that has the highest, relative to the rights and interests of
the registered holders of the Warrants then outstanding, absolute value. 
 Section 4.02 Adjustments to Number of
Warrants. Concurrently with any adjustment to the Exercise Price under Section 4.01, the Number of Warrants for each Warrant Certificate will be adjusted such that the Number of Warrants for each such Warrant Certificate in effect
immediately following the effectiveness of such adjustment will be equal to the Number of Warrants for each such Warrant Certificate in effect immediately prior to such adjustment, multiplied by a fraction, (i) the numerator of which is
the Exercise Price in effect immediately prior to such adjustment and (ii) the denominator of which is the Exercise Price in effect immediately following such adjustment. 

Section 4.03 Certain Distributions of Rights and Warrants. (a) Rights or warrants distributed by the Company to all
holders of Common Stock entitling the holders thereof to subscribe for or purchase shares of the Company’s Capital Stock (either initially or under certain circumstances), which rights or warrants, until the occurrence of a specified event or
events (a “Trigger Event”): 
  

	 	(i)	are deemed to be transferred with such shares of Common Stock; 

  

	 	(ii)	are not exercisable; and 

  

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

  

 22 

 shall be deemed not to have been distributed for purposes of Article 4 (and no adjustment to the
Exercise Price or the Number of Warrants under this Article 4 will be made) until the occurrence of the earliest Trigger Event, whereupon such rights and warrants shall be deemed to have been distributed and an appropriate adjustment (if any is
required) to the Exercise Price and the Number of Warrants for each Warrant Certificate shall be made under this Article 4. 

(b) If any such right or warrant is subject to events, upon the occurrence of which such rights or warrants become exercisable to
purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Record Date with respect to new rights or warrants with such
rights. 
 (c) In addition, in the event of any distribution (or deemed distribution) of rights or warrants, or any Trigger
Event or other event (of the type described in Section 4.03(b)) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Exercise Price and the Number of Warrants for each Warrant
Certificate under Article 4 was made: 
 (i) in the case of any such rights or warrants that shall all have
been redeemed or repurchased without exercise by the holders thereof, the Exercise Price and the Number of Warrants for each Warrant Certificate shall be readjusted upon such final redemption or repurchase to give effect to such distribution or
Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or repurchase price received by a holder or holders of Common Stock with respect to such rights or warrants (assuming such holder had
retained such rights or warrants), made to all holders of Common Stock as of the date of such redemption or repurchase; and 

(ii) in the case of such rights or warrants that shall have expired or been terminated without exercise by the holders
thereof, the Exercise Price and the Number of Warrants for each Warrant Certificate shall be readjusted as if such rights and warrants had not been issued. 

Section 4.04 No Impairment. The Company will not, by amendment of its Articles of Association or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but
will at all times in good faith assist in the carrying out of all the provisions of this Warrant and in taking of all such action as may be necessary or appropriate in order to protect the rights of the Warrantholders. 

Section 4.05 Other Adjustments if Net Share Settlement Applies. To the extent Net Share Settlement applies to the exercise of
any Warrant, the Board of Directors shall make appropriate adjustments to the amount of Cash or number of shares of Class A Common Stock, as the case may be, due upon exercise of the Warrant, as may be necessary or appropriate to effectuate the
intent of this Article 4 and to avoid unjust or inequitable results as determined in its good faith judgment, to account for any adjustment to the Exercise Price and the Number of Warrants for the relevant Warrant Certificate that becomes
effective, or any event requiring an 
  

 23 

 
adjustment to the Exercise Price and the Number of Warrants for the relevant Warrant Certificate where the Record Date or effective date (in the case of a subdivision or combination of the
Class A Common Stock) of the event occurs, during the period beginning on, and including, the Exercise Date and ending on, and including, the related Settlement Date. 

Section 4.06 Discretionary Adjustments. The Company may from time to time, to the extent permitted by law and subject to
applicable rules of the New York Stock Exchange (or if not listed on the New York Stock Exchange, the rules of the principal U.S. national or regional securities exchange or quotation system on which the Class A Common Stock is then listed or
quoted), decrease the Exercise Price and make a corresponding increase in the Number of Warrants for each Warrant Certificate by any amount for any period of at least 20 days. In that case, the Company shall give the Warrantholders at least 15
days’ prior notice of such increase or decrease, and such notice shall state the decreased Exercise Price and increased Number of Warrants for each Warrant Certificate and the period during such adjustment will be in effect. The Company may
make such decreases in the Exercise Price and increases in the Number of Warrants for each Warrant Certificate, in addition to those set forth in this Article 4, as the Company’s Board of Directors deems advisable, including to avoid or
diminish any income tax to holders of the Class A Common Stock resulting from any dividend or distribution of stock (or rights to acquire stock) or from any event treated as such for income tax purposes. 

Section 4.07 Restrictions on Adjustments. (a) Except in accordance with Section 4.01, the Exercise Price and the
Number of Warrants for any Warrant Certificate will not be adjusted for the issuance of Common Stock or any securities convertible into or exchangeable for Common Stock. 

(b) Neither the Exercise Price nor the Number of Warrants for any Warrant Certificate will be adjusted: 

(i) upon the issuance of any securities by the Company on the Closing Date or pursuant to the Plan; 

(ii) upon the issuance of any shares of Class A Common Stock or Class B Common Stock pursuant to any present or
future plan providing for the reinvestment of dividends or the issuance of any shares of Class A Common Stock or Class B Common Stock to any of the Company’s officers, directors or employees pursuant to any benefit plan of the Company;

 (iii) for a change in the par value of the Class A Common Stock or Class B Common Stock. 

(c) In no event will the Company adjust the Exercise Price or make a corresponding adjustment to the Number of Warrants for any Warrant
Certificate to the extent that the adjustment would reduce the Exercise Price below the par value per share of Class A Common Stock or Class B Common Stock. 

(d) No adjustment shall be made to the Exercise Price or the Number of Warrants for any Warrant Certificate for any of the transactions
described in Section 4.01 if the Company makes provisions for Warrantholders to participate in any such transaction without exercising their Warrants on the same basis as holders of Common Stock, as applicable and with notice that the Board of
Directors determines in good faith to be fair and appropriate. 
  

 24 

 (e) No adjustment shall be made to the Exercise Price, nor will any corresponding adjustment
be made to the Number of Warrants for any Warrant Certificate, unless the adjustment would result in a change of at least 1% of the Exercise Price; however, any such adjustments that are not made will be carried forward and made when the aggregate
of all such adjustments or any other adjustment required to be made pursuant to Article 4 equal or exceed 1% of the Exercise Price. All calculations under this Article 4 shall be made to the nearest cent or to the nearest 1/100th of a share, as
the case may be. 
 (f) If the Company takes a record of the holders of Class A Common Stock for the purpose of entitling
them to receive a dividend or other distribution, and thereafter (and before the dividend or distribution has been paid or delivered to stockholders) legally abandons its plan to pay or deliver such dividend or distribution, then thereafter no
adjustment to the Exercise Price or the Number of Warrants for any Warrant Certificate then in effect shall be required by reason of the taking of such record. 

Section 4.08 Deferral of Adjustments. In any case in which Section 4.01 provides that an adjustment shall become
effective immediately after (a) a Record Date for an event or (b) the effective date (in the case of a subdivision or combination of the Class A Common Stock) (each a “Determination Date”), the Company may elect to
defer, until the later of the date the adjustment to the Exercise Price and Number of Warrants for each Warrant Certificate can be definitively determined and the occurrence of the applicable Adjustment Event (as hereinafter defined),
(i) issuing to the Warrantholder of any Warrant exercised after such Determination Date and before the occurrence of such Adjustment Event, the additional shares of Class A Common Stock or other securities or assets issuable upon such
exercise by reason of the adjustment required by such Adjustment Event over and above the Class A Common Stock issuable upon such exercise before giving effect to such adjustment and (ii) paying to such Warrantholder any amount in Cash in
lieu of any fractional share of Class A Common Stock or fractional Warrant pursuant to Section 3.05. For the purposes of this Section 4.08, the term “Adjustment Event” shall mean in any case referred to in
clause (a) or clause (b) hereof, the occurrence of such event. 
 Section 4.09 Reclassifications and Other
Changes. (a) Subject to Section 4.09(e), if any of the following events occur: 
 (i) any
reclassification or change of the outstanding shares of Common Stock (other than changes resulting from a subdivision or combination to which Section 4.01(a) applies or conversion of Class B Common Stock into Class A Common Stock);

 (ii) any consolidation, merger or combination involving the Company; or 

(iii) any sale or conveyance to a third party of all or substantially all of the Company’s assets 

(each such event a “Reorganization Event”), in each case as a result of which the Class A Common Stock would be converted into, or
exchanged for, stock, other securities, other property 
  

 25 

 
or assets (including cash or any combination thereof) (the “Reference Property”), then following the effective time of the Reorganization Event, the right to receive shares of
Class A Common Stock upon exercise of a Warrant shall be changed to a right to receive, upon exercise of such Warrant, the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination
thereof) that a holder of one share of Class A Common Stock would have owned or been entitled to receive in connection with such Reorganization Event (such kind and amount of Reference Property per share of Class A Common Stock, a
“Unit of Reference Property”). In the event holders of Class A Common Stock have the opportunity to elect the form of consideration to be received in a Reorganization Event, other than with respect to an Affiliate Change of
Control Event, the type and amount of consideration into which the Warrants shall be exercisable from and after the effective time of such Reorganization Event shall be deemed to be the weighted average of the types and amounts of consideration
received by the holders of Class A Common Stock in such Reorganization Event. 
 (b) At any time from, and including, the
effective time of a Reorganization Event: 
 (i) if Full Physical Settlement applies upon exercise of a Warrant,
the Full Physical Share Amount per Warrant shall be equal to a single Unit of Reference Property; 
 (ii) if Net
Share Settlement applies upon exercise of a Warrant, the Net Share Amount per Warrant shall be a number of Units of Reference Property calculated as set forth in Section 3.03(c), except that the Net Share Settlement Price used to determine such
Net Share Amount on any Trading Day shall be the Unit Value for such Trading Day; 
 (iii) the Company shall pay
Cash in lieu of delivering any fraction of a Unit of Reference Property or any fractional Warrant in accordance with Section 3.05 based on the Unit Value as of the Exercise Date; and 

(iv) the Closing Sale Price and the Current Market Price shall be calculated with respect to a Unit of Reference Property.

 (c) The value of a Unit of Reference Property (the “Unit Value”) shall be determined as follows: 

(i) any shares of common stock of the successor or purchasing corporation or any other corporation that are traded on a
national or regional stock exchange included in such Unit of Reference Property shall be valued as if such shares were “Class A Common Stock” using procedures set forth in the definition of “Closing Sale Price” in
Section 1.01; 
 (ii) any other property (other than cash) included in such Unit of Reference Property shall
be valued in good faith by the Board of Directors (in a manner not materially inconsistent with the manner the Board of Directors valued such property for purposes of the Reorganization Event, if applicable) or by a an independent investment bank of
national standing; and 
  

 26 

 (iii) any cash included in such Unit of Reference Property shall be valued
at the amount thereof. 
 (d) On or prior to the effective time of any Reorganization Event, the Company or the successor or
purchasing Person, as the case may be, shall execute an amendment to this Warrant Agreement providing that the Warrants shall be exercisable for Units of Reference Property in accordance with the terms of this Section 4.09. If the Reference
Property in connection with any Reorganization Event includes shares of stock or other securities and assets of a Person other than the successor or purchasing Person, as the case may be, in such Reorganization Event, then the Company shall cause
such amendment to this Warrant Agreement to be executed by such other Person and such amendment shall contain such additional provisions to protect the interests of the Warrantholders as the Board of Directors shall reasonably consider necessary by
reason of the foregoing. Any such amendment to this Warrant Agreement shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 4. In the event the Company shall
execute an amendment to this Warrant Agreement pursuant to this Section 4.09, the Company shall promptly file with the Warrant Agent an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of cash, securities or
property or asset that will comprise a Unit of Reference Property after the relevant Reorganization Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with. The Company shall cause notice of
the execution of amendment to be mailed to each Warrantholder, at its address appearing on the Warrant Register, within ten (10) Business Days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of
such amendment. 
 (e) Affiliate Change of Control Event: 

(i) On or before the 20th day after the effective date of an Affiliate Change of Control Event, the Company shall:

 (A) cause a notice of the Affiliate Change of Control Event to be sent at least once to the Dow Jones News
Service or similar business news service in the United States; and 
 (B) cause the Warrant Agent to send by
first-class mail, postage prepaid to each Warrantholder, at the address appearing in the warrant register, a notice of the Affiliate Change of Control Event (a “Affiliate Change of Control Put Notice”) stating: 

1) that each Warrantholder may require the Company to purchase all, or a portion of, any Warrants (the “Affiliate
Change of Control Put Warrants”) that have not been exercised prior to the Affiliate Change of Control Payment Date at a price equal to the Affiliate Change of Control Payment Amount (the “Affiliate Change of Control Put”)
as of the date specified by the Company that is not less than 20 Business Days nor more than 35 Business Days after the date of the Affiliate Change of Control Put Notice (the “Affiliate Change of Control Payment Date”); 

 

 27 

 2) that the Affiliate Change of Control Put is being offered pursuant to
this Section 4.09(e) and that the Warrantholders may not require the Company to purchase Warrants prior to the Affiliate Change of Control Payment Date; 

3) that any Warrant not tendered will remain outstanding; 

4) that Warrantholders accepting the offer to have their Warrants purchased pursuant to the Affiliate Change of Control
Put Right will be required to surrender their Warrant Certificates representing such Warrants to the Warrant Agent at the address specified in the notice prior to the Close of Business on the fifth Business Day preceding the Affiliate Change of
Control Payment Date; 
 5) a reasonably detailed explanation of the Affiliate Change of Control Payment Amount;

 6) that Holders whose Warrants are being purchased only in part will be issued New Warrants representing the
unpurchased portion of the Warrants surrendered; provided that each such New Warrant issued shall be in denominations of one Warrant and integral multiples thereof; 

7) any other reasonable procedures that a Warrantholder must follow (to the extent consistent with the terms and
conditions set forth herein) in connection with such Affiliate Change of Control Put; and 
 8) the name and
address of the Warrant Agent. 
 (ii) Three (3) Business Days prior to the Affiliate Change of Control
Payment Date, the Warrant Agent shall notify the Company in writing the number of Warrants for which an Affiliate Change of Control Put Right has been validly exercised. 

(iii) On the Affiliate Change of Control Payment Date, the Company or the surviving Person (if other than the Company)
shall (A) deliver to the Warrant Agent the calculation of the Affiliate Change of Control Payment Amount and (B) deposit with the Warrant Agent money sufficient to pay the Affiliate Change of Control Payment Amount for all Affiliate Change
of Control Put Warrants for which the Affiliate Change of Control Put has been validly tendered. 
 (iv) On the
Affiliate Change of Control Payment Date, (A) the Company or the surviving Person (if other than the Company) shall purchase all Affiliate Change of Control Put Warrants for which the Affiliate Change of Control Put has been validly tendered,
(B) the Warrant Agent shall mail to each holder of Affiliate Change of Control Put Warrants so purchased a payment in Cash in an amount equal to the aggregate Affiliate Change of Control Payment Amount in respect of such Affiliate Change of
Control Put Warrants, and (C) the Company or the surviving Person (if other than the Company) shall execute and issue to the Warrantholders, and the Warrant Agent shall authenticate, new Warrants in an amount of Warrants equal to the balance of
a holder’s Warrants to the extent that a holder exercises its right to an Affiliate Change of Control Put with respect to less than all of its Warrants (collectively, the “New Warrants”);

  

 28 

 
provided that each such New Warrant shall be issued in denominations of one Warrant and integral multiples thereof and the terms thereof shall, subject to Section 4.09(e)(vi), be
substantially consistent with the terms of this Warrant Agreement and the Warrants (and all references herein to Warrants shall thereafter be deemed to be references to such New Warrants). 

(v) Following the Affiliate Change of Control Payment Date, any holder of New Warrants shall have the right to exercise
such New Warrant and to receive, upon such exercise, the Reference Property in accordance with Section 4.09(a), subject to Section 4.09(b) and Section 4.09(c) and the remaining terms of this Warrant Agreement and the Warrants (as the
same may have been amended in connection with such Affiliate Change of Control Event pursuant to Section 4.09). 

(vi) The provisions of this Section 4.09(e) are subject, in all cases, to any applicable requirements under the
Securities Act and the Exchange Act and the respective rules and regulations promulgated thereunder. Where there is any inconsistency between the requirements of the Securities Act or the Exchange Act or the rules and regulations promulgated
thereunder and the requirements of this Section 4.09(e), the requirements of the Company under this Section 4.09(e) shall be modified but only to the extent necessary to comply with the requirements of the Securities Act and the Exchange
Act and the respective rules and regulations promulgated thereunder, shall supersede. 
 Section 4.10 Consolidation,
Merger and Sale of Assets. (a) The Company may, without the consent of the Warrantholders, consolidate with, merge into or sell, lease or otherwise transfer in one transaction or a series of related transactions all or substantially all of
the consolidated assets of the Company and its subsidiaries to any corporation, limited liability company, partnership or trust organized under the laws of the United States or any of its political subdivisions or the laws of the Netherlands so long
as the Company is the surviving corporation or in the event that the Company is not the surviving corporation: 

(i) the successor to the Company assumes all of the Company’s obligations under this Warrant Agreement and the
Warrants; and 
 (ii) the successor to the Company provides written notice of such assumption to the Warrant
Agent. 
 (b) In case of any such consolidation, merger, sale, lease or other transfer and upon any such assumption by the
successor corporation, limited liability company, partnership or trust, such successor entity shall succeed to and be substituted for the Company with the same effect as if it had been named herein as the Company. Such successor entity thereupon may
cause to be signed, and may issue any or all of the Warrants issuable pursuant to this Warrant Agreement which theretofore shall not have been signed by the Company; and, upon the order of such successor entity, instead of the Company, and subject
to all the terms, conditions and limitations in this Warrant Agreement prescribed, the Warrant Agent shall authenticate and deliver, as applicable, any Warrants that previously shall have been signed and delivered by the officers of the Company to
the Warrant Agent for authentication, and any Warrants which such successor entity thereafter shall cause to be signed and delivered to the Warrant Agent for such purpose. 
  

 29 

 Section 4.11 Common Stock Outstanding. For the purposes of this Article 4,
the number of shares of Common Stock at any time outstanding shall not include shares held, directly or indirectly, by the Company. 

Section 4.12 Calculations Final. The Company shall be responsible for making all calculations called for under this Warrant
Agreement. These calculations include, but are not limited to, the Exercise Date, the Current Market Price, the Closing Sale Price, the Net Share Settlement Price, the Exercise Price, the Number of Warrants for each Warrant Certificate and the
number of shares of Class A Common Stock or Units of Reference Property, if any, to be issued upon exercise of any Warrants. The Company shall make the foregoing calculations in good faith and, absent manifest error, the Company’s
calculations shall be final and binding on Warrantholders. The Company shall provide a schedule of the Company’s calculations to the Warrant Agent, and the Warrant Agent is entitled to rely upon the accuracy of the Company’s calculations
without independent verification. 
 Section 4.13 Notice of Adjustments. Whenever the Exercise Price or the Number
of Warrants for each Warrant Certificate is adjusted, the Company shall promptly mail the Warrantholders a notice of the adjustment. The Company shall file with the Warrant Agent such notice and an Officer’s Certificate briefly stating the
facts requiring the adjustment and the manner of computing it. The certificate shall be conclusive evidence that the adjustment is correct, and the Warrant Agent shall not be deemed to have any knowledge of any adjustments unless and until it has
received such certificate. The Warrant Agent shall not be under any duty or responsibility with respect to any such certificate except to exhibit the same to any Warrantholder desiring inspection thereof. 

Section 4.14 Warrant Agent Not Responsible for Adjustments or Validity. The Warrant Agent shall at no time be under any duty
or responsibility to any Warrantholder to determine whether any facts exist that may require an adjustment of the Exercise Price and the Number of Warrants for each Warrant Certificate, or with respect to the nature or extent of any such adjustment
when made, or with respect to the method employed, herein or in any supplemental agreement provided to be employed, in making the same. The Warrant Agent shall have no duty to verify or confirm any calculation called for hereunder. The Warrant Agent
shall have no liability for any failure or delay in performing its duties hereunder caused by any failure or delay of the Company in providing such calculations to the Warrant Agent. The Warrant Agent shall not be accountable with respect to the
validity or value (or the kind or amount) of any shares of Class A Common Stock or of any securities or property which may at any time be issued or delivered upon the exercise of any Warrant or upon any adjustment pursuant to this
Article 4, and it makes no representation with respect thereto. The Warrant Agent shall not be responsible for any failure of the Company to make any Cash payment or to issue, transfer or deliver any shares of Class A Common Stock or stock
certificates or other securities or property or scrip upon the surrender of any Warrant for the purpose of exercise or upon any adjustment pursuant to this Article 4, or to comply with any of the covenants of the Company contained in this
Article 4. 
 Section 4.15 Statements on Warrants. The form of Warrant Certificate need not be changed because
of any adjustment made pursuant to this Article 4, and Warrant Certificates issued after such adjustment may state the same information (other than the adjusted Exercise Price and the adjusted Number of Warrants for such Warrant Certificates)
as are stated in the Warrant Certificates initially issued pursuant to this Warrant Agreement. 
  

 30 

 ARTICLE 5 

OTHER PROVISIONS RELATING TO RIGHTS OF
WARRANTHOLDERS 
 Section 5.01 No Rights as Stockholders. Nothing contained in this Warrant Agreement
or in any of the Warrant Certificates shall be construed as conferring upon the holders of any Warrant Certificate or any Warrants, by virtue of holding Warrants, the right to attend any of the Company’s general meeting of shareholders, to
vote, to consent, to receive any cash dividends, stock dividends, allotments or rights or other distributions paid, allotted or distributed or distributable to the holders of Class A Common Stock, to receive notice as stockholders with respect
to any meeting of stockholders for the election of the Company’s directors or any other matter, or to exercise any rights whatsoever as the Company’s stockholders unless, until and only to the extent such holders become holders of record
of shares of Class A Common Stock issued upon settlement of the Warrants. 
 Section 5.02 Mutilated or Missing
Warrant Certificates. If any Warrant at any time is mutilated, defaced, lost, destroyed or stolen, then on the terms set forth in this Warrant Agreement, such Warrant may be replaced with a new Warrant, of like date and tenor and representing an
equivalent number of Warrants, at the cost of the applicant (including legal fees of the Company) at the office of the Warrant Agent. The applicant for a new Warrant shall, in the case of any mutilated or defaced Warrant, surrender such Warrant to
the Warrant Agent and, in the case of any lost, destroyed or stolen Warrant, furnish evidence satisfactory to the Company and the Warrant Agent of such loss, destruction or theft, and, in each case, furnish evidence satisfactory to the Company of
the ownership and authenticity of the Warrant together with such indemnity and security, which shall include an open penalty surety bond satisfactory to the Warrant Agent and holding the Warrant Agent and the Company harmless, as required by the
Warrant Agent. Any such new Warrant Certificate shall constitute an original contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant Certificate shall be at any time enforceable by anyone. An
applicant for such a substitute Warrant Certificate shall also comply with such other reasonable regulations and pay such other reasonable charges as the Company or the Warrant Agent may prescribe. All Warrant Certificates shall be held and owned
upon the express condition that the foregoing provisions are exclusive with respect to the substitution for lost, stolen, mutilated or destroyed Warrant Certificates, and shall preclude any and all other rights or remedies notwithstanding any law or
statute existing or hereafter enacted to the contrary with respect to the substitution for and replacement of negotiable instruments or other securities without their surrender. 

Section 5.03 Modification, Waiver and Meetings. (a) This Warrant Agreement may be modified or amended by the Company and
the Warrant Agent, without the consent of the holder of any Warrant, for the purposes of curing any ambiguity or correcting or supplementing any defective provision contained in this Warrant Agreement or to make any other provisions in regard to
matters or questions arising in this Warrant Agreement which the Company and the Warrant Agent may deem necessary or desirable; provided that such modification or amendment does not adversely affect the interests of the Warrantholders in any
respect. 
  

 31 

 (b) Modifications and amendments to this Warrant Agreement or to the terms and conditions of
Warrants may also be made by the Company and the Warrant Agent, and noncompliance with any provision of the Warrant Agreement or Warrants may be waived, with the written consent of the Warrantholders of Warrants representing a majority of the
aggregate Number of Warrants at the time outstanding. 
 (c) However, no such modification, amendment or waiver may, without the
written consent or the affirmative vote of each Warrantholder affected: 
 (i) change the Expiration Date;

 (ii) increase the Exercise Price or decrease the Number of Warrants (except as set forth in Article 4);

 (iii) impair the right to institute suit for the enforcement of any payment or delivery with respect to the
exercise and settlement of any Warrant; 
 (iv) reduce the percentage of Warrants outstanding necessary to modify
or amend this Warrant Agreement or to waive any past default; or 
 (v) reduce the percentage in Warrants
outstanding required for any other waiver under this Warrant Agreement. 
 ARTICLE 6 

CONCERNING THE WARRANT AGENT AND OTHER
MATTERS 
 Section 6.01 Payment of Certain Taxes. (a) The Company shall pay any and all
documentary, stamp or similar issue or transfer taxes that may be payable upon the initial issuance of the Warrants hereunder. 

(b) The Company shall pay any and all documentary, stamp or similar issue or transfer taxes that may be payable upon the issuance of
Class A Common Stock (or any other stock certificate) upon the exercise of Warrants hereunder and the issuance of stock certificates in respect thereof in the respective names of, or in such names as may be directed by, the exercising
Warrantholders; provided, however, that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such stock certificate, any Warrant Certificates or
other securities in a name other than that of the registered holder of the Warrant Certificate surrendered upon exercise of the Warrant, and the Company shall not be required to issue or deliver such certificates or other securities unless and until
the Person or Persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. 

 

 32 

 Section 6.02 Change of Warrant Agent. (a) The Warrant Agent, or any
successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities hereunder (except for liability arising as a result of the Warrant Agent’s own gross negligence, willful misconduct or bad
faith) after giving 60 days’ notice in writing to the Company, except that such shorter notice may be given as the Company shall, in writing, accept as sufficient. 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 60 days after it has been notified in writing of such
resignation or incapacity by the resigning or incapacitated warrant agent or by any holder of Warrants (who shall, with such notice, submit his Warrant Certificate for inspection by the Company), then the holder of any Warrants may apply to any
court of competent jurisdiction for the appointment of a successor warrant agent. 
 (b) The Warrant Agent may resign its duties
and be discharged from all further duties and liabilities hereunder (except for liability arising as a result of the Warrant Agent’s own gross negligence, willful misconduct or bad faith) upon receipt of any notice from the Company pursuant to
Section 6.03(c) or Section 6.03(d) in accordance with the procedures set forth in Section 6.02(a), except that the notice required to effect such resignation shall be reduced from 60 days to 5 days. 

(c) The Warrant Agent may be removed by the Company at any time upon 30 days’ written notice to the Warrant Agent; provided,
however, that the Company shall not remove the Warrant Agent until a successor warrant agent meeting the qualifications hereof shall have been appointed. 

(d) Any successor warrant agent, whether appointed by the Company or by such a court, shall be a corporation or banking association
organized, in good standing and doing business under the laws of the United States of America or any state thereof or the District of Columbia, and authorized under such laws to exercise corporate trust powers and subject to supervision or
examination by Federal or state authority and having a combined capital and surplus of not less than $500,000,000. The combined capital and surplus of any such successor warrant agent shall be deemed to be the combined capital and surplus as set
forth in the most recent report of its condition published prior to its appointment; provided that such reports are published at least annually pursuant to law or to the requirements of a Federal or state supervising or examining authority.
After acceptance in writing of such appointment by the successor warrant agent, such 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, 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 to more fully and effectually vest in and conform to such successor warrant agent all such authority, powers, rights, immunities, duties and obligations. Upon assumption by a successor warrant agent of the duties and
responsibilities hereunder, the predecessor warrant agent shall deliver and transfer, at the expense of the Company, to the successor warrant agent any property at the time held by it hereunder. As soon

  

 33 

 
as practicable after such appointment, the Company shall give notice thereof to the predecessor warrant agent, the Warrantholders and each transfer agent for the shares of its Class A Common
Stock. Failure to give such notice, or any defect therein, shall not affect the validity of the appointment of the successor warrant agent. 

(e) Any entity into which the Warrant Agent may be merged or with which it may be consolidated, or any corporation resulting from any
merger or consolidation to which the Warrant Agent shall be a party, or any person succeeding to all or substantially all of the corporate trust or agency business of the Warrant Agent, shall be the successor Warrant Agent under this Warrant
Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided that such entity would be eligible for appointment as a successor warrant agent under Section 6.02(c). In case
at the time such successor to the Warrant Agent shall succeed to the agency created by this Warrant Agreement, any of the Warrant Certificates shall have been countersigned but not delivered, any such successor to the Warrant Agent may adopt the
countersignature of the original Warrant Agent and deliver such Warrant Certificates so countersigned, and in case at that time any of the Warrant Certificates shall not have been countersigned, any successor to the Warrant Agent may countersign
such Warrant Certificates either in the name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such cases Warrant Certificates shall have the full force provided in the Warrant Certificates and in this
Warrant Agreement. 
 (f) In case at any time the name of the Warrant Agent shall be changed and at such time any of the Warrant
Certificates shall have been countersigned but not delivered, the Warrant Agent may adopt the countersignatures under its prior name and deliver such Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates
shall not have been countersigned, the Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant
Certificates and in this Warrant Agreement. 
 Section 6.03 Compensation; Further Assurances. The Company agrees
that it will 
 (a) pay the Warrant Agent reasonable compensation for its services as Warrant Agent hereunder pursuant to
the attached fee schedule and, except as otherwise expressly provided, will pay or reimburse the Warrant Agent upon written demand for all reasonable expenses, disbursements and advances incurred or made by the Warrant Agent in accordance with any
of the provisions of this Warrant Agreement (including the reasonable compensation, expenses and disbursements of its agents and counsel) except any such expense, disbursement or advance as may arise from its or any of its gross negligence, willful
misconduct or bad faith, and 
 (b) 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 Agreement. 

(c) notify the Warrant Agent immediately in writing in the event it lists the Warrants or the Class A Common Stock issuable upon
exercise thereof on any exchange other than the 
  

 34 

 
New York Stock Exchange. The parties hereto agree that the Warrant Agent, at its sole discretion, shall have the right to resign as Warrant Agent pursuant to Section 6.02(b) upon its receipt
of such notice. 
 (d) determine if the Warrant Agent requires any regulatory licenses in any foreign jurisdictions in which the
services to be provided hereunder may be performed and the Company shall provide the Warrant Agent with written notice of any such required licenses promptly upon such determination. The parties hereto agree that the Warrant Agent, at its sole
discretion, shall have the right to resign as Warrant Agent pursuant to Section 6.02(b) upon its receipt of such notice. The parties hereto further agree that the Warrant Agent, at its sole discretion, may obtain such licenses or may consent to
the Company obtaining such license on the Warrant Agent’s behalf, which consent shall not be unreasonably withheld or delayed. The Company agrees to pay for all reasonable costs associated with such additional licensing. 

Section 6.04 Reliance on Counsel. The Warrant Agent may consult with legal counsel (who may be legal counsel for the
Company), and the written opinion of such counsel or any advice of legal counsel subsequently confirmed by a written opinion 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 good faith and in accordance with such written opinion or advice. 
 Section 6.05 Proof of Actions
Taken. Whenever in the performance of its duties under this Warrant Agreement the Warrant Agent shall deem it necessary or desirable that any matter be proved or established by the Company prior to taking or suffering or omitting any action
hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of bad faith on the part of the Warrant Agent, be deemed to be conclusively proved and established by an Officer’s
Certificate delivered to the Warrant Agent; and such Officer’s Certificate shall, in the absence of bad faith on the part of the Warrant Agent, be full warrant to the Warrant Agent for any action taken, suffered or omitted in good faith by it
under the provisions of this Warrant Agreement in reliance upon such certificate; but in its discretion the Warrant Agent may in lieu thereof accept other evidence of such fact or matter or may require such further or additional evidence as to it
may seem reasonable. 
 Section 6.06 Correctness of Statements. The Warrant Agent shall not be liable for or by
reason of any of the statements of fact or recitals contained in this Warrant Agreement or in the Warrant Certificates (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. 
 Section 6.07 Validity of Agreement. The Warrant Agent shall not be
under any responsibility in respect of the validity of this Warrant Agreement or the execution and delivery hereof or in respect of the validity or execution of any Warrant Certificates (except its countersignature thereof); nor shall it be
responsible for any breach by the Company of any covenant or condition contained in this Warrant Agreement or in any Warrant Certificate; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or
reservation of any shares of Class A Common Stock to be issued pursuant to this Warrant Agreement or any Warrants or as to whether any shares of Class A Common Stock will, when issued, be validly issued and fully paid and nonassessable.

  

 35 

 Section 6.08 Use of 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 attorneys or agents. 

Section 6.09 Liability of Warrant Agent. (a) The Warrant Agent shall incur no liability or responsibility to the Company
or to any holder of Warrants for any action taken in reliance on any notice, resolution, waiver, consent, order, certificate, or other paper, document or instrument believed by it to be genuine and to have been signed, sent or presented by the
proper party or parties. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all losses, expenses and liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted in good faith
by the Warrant Agent in the execution of this Warrant Agreement or otherwise arising in connection with this Warrant Agreement, except as a result of the Warrant Agent’s gross negligence or willful misconduct or bad faith. Notwithstanding
anything contained in this Agreement to the contrary, the Warrant Agent’s aggregate liability during any term of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from all services provided or
omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Company to Warrant Agent as fees and charges, but not including reimbursable expenses.

 (b) From time to time, the Warrant Agent may apply to any officer of the Company for instruction and Company shall provide
Warrant Agent with such instructions concerning the services to be provided hereunder. In addition, the Warrant Agent may consult with legal counsel for the Warrant Agent or the Company with respect to any matter arising in connection with the
services to be performed by the Warrant Agent under this Agreement, and the Warrant Agent and its agents and subcontractors shall not be liable and shall be indemnified by the Company for any action taken or omitted by it in reliance upon any
Company instructions or upon the advice or opinion of such counsel. The Warrant Agent shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Company. 

Section 6.10 Legal Proceedings. The Warrant Agent shall be under no obligation to institute any action, suit or legal
proceeding or to take any other action likely to involve expense unless the Company or one or more Warrantholders shall furnish the Warrant Agent with reasonable security and indemnity for any costs and expenses which may be incurred, but this
provision shall not affect the power of the Warrant Agent to take such action as the Warrant Agent may consider proper, whether with or without any such security or indemnity. The Warrant Agent shall promptly notify the Company in writing of any
claim made or action, suit or proceeding instituted against it arising out of or in connection with this Warrant Agreement. 

Section 6.11 Other Transactions in Securities of the Company. The Warrant Agent in its individual or any other capacity may
become the owner of 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 Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. 

 

 36 

 Section 6.12 Actions as Agent. The Warrant Agent shall act hereunder solely as
agent and not in a ministerial or fiduciary capacity, and its duties shall be determined solely by the provisions hereof. The duties and obligations of the Warrant Agent shall be determined solely by the express provisions of the Warrant Agreement,
and the Warrant Agent shall not be liable except for the performance of such duties and obligations as are specifically set forth in the Warrant Agreement. No implied covenants or obligations shall be read into the Warrant Agreement against the
Warrant Agent. No provision of the Warrant Agreement shall require the Warrant Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its
rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. The Warrant Agent shall not be liable for anything that it may do
or refrain from doing in good faith in connection with this Warrant Agreement except for its own gross negligence or willful misconduct or bad faith. 

Section 6.13 Appointment and Acceptance of Agency. The Company hereby appoints the Warrant Agent to act as agent for the
Company in accordance with the instructions set forth in this Warrant Agreement, and the Warrant Agent hereby accepts the agency established by this Warrant Agreement and agrees to perform the same upon the terms and conditions herein set forth.

 Section 6.14 Successors and Assigns. All the covenants and provisions of this Warrant 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 hereunder. 

Section 6.15 Notices. Any notice or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or
by any Warrantholder to or on the Company shall be sufficiently given or made if sent by mail first-class, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows: 

LyondellBasell Industries N.V. 

Weena 737 

3013AM Rotterdam 

The Netherlands 

Attention:        Frits Bos 

Facsimile:         011-31-10-713-62-59 

with copies to: 

LyondellBasell Industries 

1221 McKinney Street 

Houston, TX 77010 

Attention:        Craig B. Glidden 

Facsimile:        (713) 309-7312 

 

 37 

 Cadwalader, Wickersham & Taft LLP 

One World Financial Center 

New York, NY 10281 

Attention:        George A. Davis 

Andrew Troop 

Facsimile:        (212) 504-6666 

Any notice or demand authorized by this Warrant Agreement to be given or made by any Warrantholder or by the Company to or on the Warrant
Agent shall be sufficiently given or made if sent by mail first-class, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows: 

Computershare Inc. 

Address 250 Royall Street Canton , MA 02021 USA 

Attention:U.S. General Counsel 

Re: LyondellBasell Industries N.V. Warrant Agreement 

Fax: 781.575.4210 

Any notice of demand authorized by this Warrant Agreement to be given or made to any Warrantholder shall be sufficiently given or made if
sent by first-class mail, postage prepaid to the last address of such Warrantholder as it shall appear on the Warrant Register. 

Section 6.16 Applicable Law; Jurisdiction. The validity, interpretation and performance of this Warrant Agreement and of the
Warrant Certificates shall be governed in accordance with the laws of the State of New York, without giving effect to the principles of conflicts of laws thereof. The parties hereto irrevocably consent to the jurisdiction of the courts of the State
of New York and any federal court located in such state in connection with any action, suit or proceeding arising out of or relating to this Warrant Agreement. 

Section 6.17 Benefit of this Warrant Agreement. Nothing in this Warrant 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 any right, remedy or claim under or by reason of this Warrant Agreement or of any covenant,
condition, stipulation, promise or agreement hereof, and all covenants, conditions, stipulations, promises and agreements in this Warrant Agreement contained shall be for the sole and exclusive benefit of the parties hereto and their successors.

 Section 6.18 Registered Warrantholders. Prior to due presentment for registration of transfer, the Company and
the Warrant Agent may deem and treat the Person in whose name any Warrants are registered in the Warrant Register as the absolute owner thereof for all purposes whatever (notwithstanding any notation of ownership or other writing thereon made by
anyone other than the Company or the Warrant Agent) and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary or be bound to recognize any equitable or other claim to or interest in any Warrants on the part of any
other Person and shall not be liable for any registration of transfer of Warrants that are registered or to be registered in the name of a fiduciary or the nominee of a fiduciary unless made with actual knowledge that a fiduciary or nominee is
committing a breach of trust in requesting such registration of transfer or with such knowledge of such facts that its participation therein amounts to bad faith. 

 

 38 

 Section 6.19 Inspection of this Warrant Agreement. The Warrant Agent (or
successor warrant agent)shall make a copy of this Warrant Agreement available at all reasonable times for inspection by any registered Warrantholder upon reasonable request. The Warrant Agent may require any such holder to submit his Warrant
Certificate for inspection by it before allowing such holder to inspect a copy of this Warrant Agreement. 
 Section 6.20
Termination. (a) This Warrant Agreement shall terminate at 5:00 p.m., New York City time, on the Expiration Date (or, at 5:00 p.m., New York City time, on the Settlement Date with respect to any Warrant Exercise Notice delivered
prior to 5:00 p.m., New York City time, on the Expiration Date). Notwithstanding the foregoing, this Warrant Agreement will terminate on such earlier date on which all outstanding Warrants have been exercised or put pursuant to
Section 4.09 of this Agreement. Termination of this Warrant Agreement shall not relieve the Company or the Warrant Agent of any of their obligations arising prior to the date of such termination or in connection with the settlement of any
Warrant exercised prior to 5:00 p.m., New York City time, on the Expiration Date. 
 Section 6.21 Headings. The
Article and Section headings herein are for convenience only and are not a part of this Warrant Agreement and shall not affect the interpretation thereof. 

Section 6.22 Counterparts. This Warrant Agreement may be executed in any number of counterparts on separate counterparts,
each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. 

Section 6.23 Entire Agreement. This Warrant Agreement and the Warrant Certificates constitute the entire agreement of the
Company, the Warrant Agent and the registered holders of the Warrant Certificates with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the Company, the Warrant Agent and the
registered holders of the Warrant Certificates with respect to the subject matter hereof. 
 Section 6.24
Severability. Wherever possible, each provision of this Warrant Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant Agreement shall be prohibited by or invalid
under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Warrant Agreement. 

Section 6.25 Damages. Neither party to this Agreement shall be liable to the other party for any consequential, indirect,
special or incidental damages under any provision of this Agreement or for any consequential, indirect, penal, 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. 
  

 39 

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

					
	LYONDELLBASELL INDUSTRIES N.V.
		
	By:	 	 /s/ Gerald A. O’Brien, Attorney-in-Fact

		 	Name:	 	Gerald A. O’Brien
		 	Title:	 	Attorney-in-Fact

 [Signature Page to
Warrant Agreement] 

					
	COMPUTERSHARE INC.
		
	By:	 	 /s/ Martin J. McHale, Jr

		 	Name:	 	Martin J. McHale, Jr.
		 	Title:	 	President, Equity Services

  

 [Signature Page to Warrant Agreement] 

					
	COMPUTERSHARE TRUST COMPANY, N.A.
		
	By:	 	 /s/ Martin J. McHale, Jr

		 	Name:	 	Martin J. McHale, Jr.
		 	Title:	 	President, Equity Services

  

 [Signature Page to Warrant Agreement] 

 Schedule I 

Initial Warrantholders 
  

					
	 	 	 Name
	  	Number of Warrants
			
	1.	 	 ANCHORAGE CAPITAL MASTER OFFSHORE

610 Broadway, 6th Floor
 New York, NY
10012
	  	30,776
			
	2.	 	 BELLIPOTENT HOLDINGS LLC

Siguler Gulf & Co.
 825 Third
Avenue
 New York, NY 10022
	  	76,709
			
	3.	 	 CERBERUS LB HOLDING LLC
 299
Park Avenue, 22nd Fl
 New York, NY 10171
	  	387,874
			
	4.	 	 CERBERUS SERIES FOUR HOLDINGS LLC

299 Park Avenue, 22nd Fl
 New York, NY
10171
	  	130,195
			
	5.	 	 CITIBANK NA
 388 Greenwich
St.
 New York, NY 10013
	  	2,083,476
			
	6.	 	 CRESCENT 1 LP
 399 Park
Avenue, 39th Fl
 New York, NY 10022
	  	4,924
			
	7.	 	 CRS FUND LTD
 399 Park
Avenue, 39th Fl
 New York, NY 10022
	  	4,309
			
	8.	 	 CYRUS OPPORTUNITIES MASTER FUND II LTD

399 Park Avenue, 39th Fl
 New York, NY
10022
	  	9,233
			
	9.	 	 CYRUS SELECT OPPORTUNITIES MASTER FUND LTD

399 Park Avenue, 39th Fl
 New York, NY
10022
	  	2,052

					
	 	 	 Name
	  	Number of Warrants
			
	10.	 	 DIAMONDBACK FIXED INCOME MASTER FUND LTD

One Landmark Square
 Stamford, CT
06901
	  	8,445
			
	11.	 	 DRAWBRIDGE DG II LLC
 540
West Madison, 18th Fl
 Chicago, IL 60661
	  	51,540
			
	12.	 	 DRAWBRIDGE DG LLC
 540 West
Madison, 18th Fl
 Chicago, IL 60661
	  	328,282
			
	13.	 	 FAYETT GROUP LLC
 777
Westchester Avenue, Suite 203
 White Plains, NY 10604
	  	42,225
			
	14.	 	 FCCD LIMITED
 1345 Avenue of
the Americas, 46th Fl
 New York, NY 10105
	  	90,081
			
	15.	 	 FCCO LIMITED
 1345 Avenue of
the Americas, 46th Fl
 New York, NY 10105
	  	22,520
			
	16.	 	 GOLDMAN SACHS LENDING PARTNERS LLC

200 West St.
 New York, NY 10282
	  	2,301,641
			
	17.	 	 MANOLIN HOLDINGS LLC

Siguler Gulf & Co.
 825 Third
Avenue
 New York, NY 10022
	  	76,709
			
	18.	 	 MERRILL LYNCH CAPITAL CORPORATION

335 Madison Avenue, 5th Fl
 New York, NY 10017

	  	2,301,641
			
	19.	 	 MORGAN STANLEY EMERGING MARKETS INC

1 Pierrepont Plaza, 7th Fl
 Brooklyn, NY 12201

	  	614,958
			
	20.	 	 MORGAN STANLEY SENIOR FUNDING INC

1 Pierrepont Plaza, 7th Fl
 Brooklyn, NY 12201

	  	32,373

					
	 	 	 Name
	  	Number of Warrants
			
	21.	 	 ROYAL BANK OF SCOTLAND PLC

600 Steamboat Road
 Greenwich, CT
06830
	  	14,075
			
	22.	 	 ROYAL BANK OF SCOTLAND NV

(f/k/a ABN AMRO BANK NV)
 55 East 52nd Street

 New York, NY 10055
	  	2,301,641
			
	23.	 	 SABRETOOTH MASTER FUND LP

405 Lexington Avenue, 50th Fl
 New York, NY 10174

	  	4,104
			
	24.	 	 SILVER POINT LUXEMBOURG PLATFORM S.À R.L.

2 Greenwich Plaza, 1st Fl
 Greenwich, CT 06830

	  	92,329
			
	25.	 	 STARK CRITERION MASTER FUND LTD

3600 South Lake Drive
 Saint Francis, WI
53235-3716
	  	3,078.00
			
	26.	 	 STARK MASTER FUND LTD
 3600
South Lake Drive
 Saint Francis, WI 53235-3716
	  	27,699
			
	27.	 	 TACONIC CAPITAL PARTNERS 1.5 L.P.

450 Park Avenue, 8th Fl
 New York, NY
10022
	  	32,315
			
	28.	 	 TACONIC OPPORTUNITY FUND LP

450 Park Avenue, 8th Fl
 New York, NY
10022
	  	183,120
			
	29.	 	 UBS LOAN FINANCE LLC
 677
Washington Blvd.
 Stamford CT 06901
	  	249,880
			
		 	TOTALS	  	11,508,204

 EXHIBIT A 

FORM OF GLOBAL WARRANT LEGEND 

UNLESS THIS GLOBAL WARRANT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO LYONDELLBASELL INDUSTRIES N.V. (THE “ISSUER”), THE CUSTODIAN OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFER OF THIS GLOBAL
WARRANT SHALL BE LIMITED TO TRANSFERS IN WHOLE, AND NOT IN PART, TO THE COMPANY, DTC, THEIR SUCCESSORS AND THEIR RESPECTIVE NOMINEES. 
  

 A-I 

 EXHIBIT B 

FORM OF WARRANT CERTIFICATE 

[FACE] 
  

			
	No. [            ]	 	CUSIP No. [            ]

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

TRANSFER OF THIS GLOBAL WARRANT SHALL BE LIMITED TO TRANSFERS IN WHOLE, AND NOT IN PART, TO THE COMPANY, DTC, THEIR SUCCESSORS AND THEIR RESPECTIVE
NOMINEES.] 
  

 B-1 

 LyondellBasell Industries N.V. 

[Designation of Warrants] 

NUMBER OF WARRANTS: Initially, 11,508,204 Warrants, subject to adjustment as described in the Warrant Agreement dated as of April 30, 2010 between
LyondellBasell Industries N.V. and Computershare Inc., a Delaware corporation and individually “CI” and Computershare Trust Company, N.A. national bank individually “CTNA” and both collectively the “Warrant Agent” (the
“Warrant Agreement”), each of which is exercisable for one share of Class A Common Stock. 
 EXERCISE PRICE: Initially,
$15.90 per Warrant, subject to adjustment as described in the Warrant Agreement. 
 FORM OF PAYMENT OF EXERCISE PRICE: Cash, if Full Physical
Settlement is applicable, or Net Share Settlement. 
 FORM OF SETTLEMENT: Upon exercise of any Warrants represented hereby, the Warrantholder
shall be entitled to receive, at the Warrantholder’s election, either (a) upon payment to the Warrant Agent of the Exercise Price (determined as of the relevant Exercise Date), one share of Class A Common Stock per Warrant exercised,
together with Cash in lieu of any fractional shares or fractional Warrants, or (b) without any payment therefor, a number of shares of Class A Common Stock equal to the Net Share Amount, together with Cash in lieu of any fractional shares
or fractional Warrants, in each case, as described in the Warrant Agreement. 
 DATES OF EXERCISE: At any time, and from time to time, prior to
5:00 p.m., New York City time, on the Expiration Date, the Warrantholder shall be entitled to exercise all Warrants then represented hereby and outstanding (which may include fractional Warrants) or any portion thereof (which shall not include
any fractional Warrants). 
 PROCEDURE FOR EXERCISE: Warrants may be exercised by (a) in the case of a Certificated Warrant, surrendering
the Warrant Certificate evidencing such Warrant at the principal office of the Warrant Agent (or successor warrant agent), with the Exercise Notice set forth on the reverse of the Warrant Certificate duly completed and executed, together with any
applicable transfer taxes, or (b) in the case of a Global Warrant, complying with the procedures established by the Depositary for the exercise of Warrants. 

EXPIRATION DATE: April 30, 2017. 

This Warrant Certificate certifies that
                    , or its registered assigns, is the Warrantholder of the Number of Warrants (the “Warrants”) specified
above [, as modified in Schedule A hereto,] (such number subject to adjustment from time to time as described in the Warrant Agreement). 

In connection with the exercise of any Warrants, (a) the Company shall determine the Full Physical Share Amount or Net Share Amount,
as applicable, for each Warrant, and (b) the 
  

 B-2 

 
Company shall, or shall cause the Warrant Agent to, deliver to the exercising Warrantholder, on the applicable Settlement Date, for each Warrant exercised, a number of Shares of Class A
Common Stock equal to the relevant Full Physical Share Amount or Net Share Amount, as applicable, together with Cash in lieu of any fractional shares or fractional Warrants as described in the Warrant Agreement. 

Prior to the relevant Exercise Date as described more fully in the Warrant Agreement, Warrants will not entitle the Warrantholder to any
of the rights of the holders of shares of Class A Common Stock. 
 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 in this place. 

This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent. 

In the event of any inconsistency between the Warrant Agreement and this Warrant Certificate, the Warrant Agreement shall govern.

  

 B-3 

 IN WITNESS WHEREOF, LyondellBasell Industries N.V. has caused this instrument to be duly
executed. 
 Dated:
[                    ] 
  

			
	LyondellBasell Industries N.V.
		
	By:	 	  

		 	Name:
		 	Title:

 Attest 

 

			
	 By:
	 	  

		 	Assistant Secretary

  

 B-4 

 Certificate of Authentication 

These are the Warrants referred to in the above-mentioned Warrant Agreement. 

Countersigned as of the date above written: 

                    , as Warrant Agent

  

			
	 By:
	 	  

		 	Authorized Officer

  

 B-5 

 [FORM OF REVERSE OF WARRANT CERTIFICATE] 

LyondellBasell Industries N.V. 

The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants issued by the Company pursuant to a
Warrant Agreement, dated as of April 30, 2010 (the “Warrant Agreement”), between the Company and Computershare Inc., a Delaware corporation and individually “CI” and Computershare Trust Company, N.A. national bank
individually “CTNA” and both collectively the “Warrant Agent” (the “Warrant Agent”), and are subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions each
Warrantholder consents by acceptance of this Warrant Certificate or a beneficial interest therein. Without limiting the foregoing, all capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Warrant
Agreement. A copy of the Warrant Agreement is on file at the Warrant Agent’s Office. 
 The Warrant Agreement and the terms
of the Warrants are subject to amendment as provided in the Warrant Agreement. 
 This Warrant Certificate shall be governed by,
and interpreted in accordance with, the laws of the State of New York without regard to the conflicts of laws principles thereof. 
  

 B-6 

 [To be attached if Warrant is a Certificated Warrant] 

Exercise Notice 

[Warrant Agent] 
 Address Attention: 

Transfer Department 
  

	Re:	LyondellBasell Industries N.V. Warrant Agreement 

The undersigned (the “Registered Warrantholder”) hereby irrevocably exercises
[                    ] Warrants (the “Exercised Warrants”) and delivers to you herewith a Warrant Certificate or Warrant
Certificates, registered in the Registered Warrantholder’s name, representing a Number of Warrants at least equal to the number of Exercised Warrants. 

The Registered Warrantholder hereby either: 
  

	 	 ̈	elects for Full Physical Settlement to apply to the Exercised Warrants pursuant to Section 3.03 of the Warrant Agreement and confirms that it will, prior to
11:00 a.m., New York City time, on the Settlement Date, pay an amount equal to the Exercise Price (determined as of the relevant Exercise Date), multiplied by the number of Exercised Warrants, by federal wire or other immediately available
funds payable to the order of the Company to the account maintained by the Warrant Agent and notified to the Registered Warrantholder as required under Section 3.03(b) of the Warrant Agreement; or 

 

	 	 ̈	elects for Net Share Settlement to apply to the Exercised Warrants pursuant to Section 3.03 of the Warrant Agreement. 

The Registered Warrantholder hereby directs the Warrant Agent to: 

(a) deliver the Full Physical Share Amount or Net Share Amount, as applicable, for each of the Exercised Warrants as follows: 

[                      
                                         
                 ]; and 
 (b) if the
number of Exercised Warrants is less than the Number of Warrants represented by the enclosed Warrant Certificates, to deliver a Warrant Certificate representing the unexercised Warrants to: 

[                      
                                         
                 ] 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	(Registered Warrantholder)

  

 B-7 

			
	By:	 	  

		 	Authorized Signature
		 	Address:
		 	Telephone:

  

 B-8 

 SCHEDULE A 

[To Be Attached if Warrant is a Global Warrant] 

SCHEDULE OF INCREASES OR DECREASES IN WARRANTS 

The initial Number of Warrants represented by this Global Warrant is
[                    ]. In accordance with the Warrant Agreement dated as of
[                    ], 2010 among the Company and
[                    ], as Warrant Agent, the following increases or decreases in the Number of Warrants represented by this certificate have
been made: 
  

									
	 Date
	  	 Amount of increase

in Number of

Warrants

evidenced by this

Global Warrant
	  	 Amount of

decrease in

Number of

Warrants

evidenced by this

Global Warrant
	  	 Number of

Warrants

evidenced by this

Global Warrant

following such

decrease or

increase
	  	 Signature of

authorized

signatory

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

 B-9 

 [To Be Attached if Warrant is a Global Warrant or Certificated Warrant] 

FORM OF ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers the Warrant(s) represented by this Certificate to: 

 

	
	  
	Name, Address and Zip Code of Assignee

  

			
	and irrevocably appoints	 	  

		 	Name of Agent

 as its agent to transfer
this Warrant Certificate on the books of the Warrant Agent. 
 [Signature page follows] 

 

 B-10 

 Date:
[                    ] 
  

	
	  

	Name of Transferee

  

			
	By:	 	  

		 	Name:
		 	Title:

 (Sign exactly as your name
appears on the other side of this Certificate) 
 NOTICE: The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 

 

 B-11 

 EXHIBIT C 

FORM OF CLASS A COMMON SHARES REQUISITION ORDER 

[Date] 
 Via Facsimile
[                    ] 

LyondellBasell Industries N.V. 

[                         
                ] 

[                         
                ] 
  

	Re:	DWAC Issuance 

 Control No.
[                    ] 
 Ladies and
Gentlemen: 
 You are hereby authorized to issue and deliver the shares of Class A Common Stock as indicated below via DWAC. The shares are
being issued to cover the exercise of Warrants under the Warrant Agreement, dated as of [                    ], 2010, between LyondellBasell
Industries N.V. and [                    ], as Warrant Agent (the “Warrant Agreement”). Defined terms used but not defined
herein have the meaning assigned to them in the Warrant Agreement. 
  

							
	Number of Shares:	 	  
	  	
		 	  
	  	Original Issue or	  	
		 	  
	  	Transfer from Treasury Account	  	
	Broker Name:	 	  
	  	
	Broker’s DTC Number:	 	  
	  	
	Contact and Phone:	 	  
	  	

  

 C-1 

 The Broker will initiate the DWAC transaction on (date). 

 
  

			
	Sincerely,
	[                           
                                         
                ],
	as Warrant Agent
		
	By:	 	  

		 	Name:
		 	Title:

  

	cc:	[Insert name] via facsimile [insert fax number] 

Broker 
  

 C-2 

 EXHIBIT D 

[CONFIRMATION ORDER] 
  

 D-1

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