Document:

EXHIBIT 10.1

 Exhibit 10.1 

 
  
 REGISTRATION RIGHTS AGREEMENT 
 Dated as of November 18, 2011

 by and among 
 HOST HOTELS & RESORTS, L.P., 
 as Issuer, 

the Guarantors named herein 
 and 
 J.P. MORGAN SECURITIES LLC, 

GOLDMAN, SACHS & CO., 
 MERRILL LYNCH, PIERCE, FENNER & SMITH 
 INCORPORATED, AND

 WELLS FARGO SECURITIES, LLC 
 as representatives of the several Initial Purchasers 
  

 

 Execution Version 
  
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT, among HOST HOTELS & RESORTS, L.P., a Delaware limited partnership (the “Issuer”), the guarantor parties hereto (the “Guarantors”) and J.P.
Morgan Securities LLC, Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Wells Fargo Securities, LLC, as representatives (the “Representatives”) of the several Initial Purchasers listed on
Schedule B to the Purchase Agreement (as defined below) (the “Purchasers”). 
 This Agreement is made pursuant to the
Purchase Agreement, dated November 14, 2011, among the Issuer, the Guarantors party thereto and the Purchasers (the “Purchase Agreement”), which provides for the sale by the Issuer and the Guarantors to the Purchasers of 6% Series Y
Senior Notes due 2021 of the Issuer and the guarantees thereof by the Guarantors (collectively, the “Securities”) in aggregate principal amount of $300,000,000. In order to induce the Purchasers to enter into the Purchase Agreement, the
Issuer and the Guarantors named herein have agreed to provide to the Purchasers and their respective direct and indirect transferees, among other things, the registration rights for the Securities set forth in this Agreement. The execution of this
Agreement is a condition to the closing of the transactions contemplated by the Purchase Agreement. 
 The parties hereby agree
as follows: 
  

	1.	Definitions 

 As used in
this Agreement, the following terms shall have the following meanings (and, unless otherwise indicated, capitalized terms used herein without definition shall have the meanings ascribed to them by the Purchase Agreement): 

Advice: See Section 5. 
 Applicable Period: See Section 2. 
 Business Day: Any day,
other than a Saturday, Sunday or federal holiday. 
 Closing Date: The Closing Date as defined in the Purchase Agreement.

  
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 Effectiveness Period: See Section 3. 

Effectiveness Target Date: The 260th day following the Closing Date. 
 Event Date: See Section 4. 
 Exchange Act: The Securities
Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
 Exchange Offer: See
Section 2. 
 Exchange Registration Statement: See Section 2. 

Exchange Securities: See Section 2. 

Filing Date: The 170th day after the Closing Date. 
 Guarantors: Subsidiary Guarantors, as defined in the Indenture. 

Holder: Any holder of Transfer Restricted Securities. 
 Indenture: The Amended and Restated Indenture, dated as of August 5, 1998, by and among Host Hotels & Resorts, L.P. (formerly known as Host Marriott, L.P., which was previously known
as HMH Properties, Inc.), the guarantors named therein and The Bank of New York, as successor trustee, together with the Forty-First Supplemental Indenture to be dated as of November 18, 2011 by and among the Issuer, the Guarantors and the
Trustee, pursuant to which the Securities are being issued, as amended or supplemented from time to time in accordance with the terms thereof. 
 Issuer: See the introductory paragraph of this Agreement. 
 Liquidated
Damages: See Section 4. 
 Participating Broker-Dealer: See Section 2. 

Person: An individual, trustee, corporation, partnership, joint stock company, trust, unincorporated association, union, business
association, firm or other legal entity. 

  
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 Prospectus: The prospectus included in any Registration Statement (including, without limitation, any
prospectus subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act) as amended or
supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Exchange Securities and/or the Transfer Restricted Securities (as applicable) covered by such Registration Statement, and all other amendments
and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

Purchasers: See the introductory paragraph to this Agreement. 

Registration Default: See Section 4. 
 Registration Statement: Any registration statement of the Issuer and the Guarantors, including, but not limited to, the Exchange Registration Statement, that covers any of the Transfer Restricted
Securities pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits, and all material incorporated by reference or deemed to
be incorporated by reference in such registration statement. 
 Rule 144: Rule 144 promulgated pursuant to the Securities
Act, as currently in effect, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
 Rule 144A: Rule 144A promulgated pursuant to the Securities Act, as currently in effect, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the
SEC. 
 Rule 415: Rule 415 promulgated pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the SEC. 
 SEC: The Securities and Exchange Commission. 

Securities: See the introductory paragraphs to this Agreement. 

  
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 Securities Act: The Securities Act of 1933, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
 Shelf Notice: See Section 2. 

Shelf Registration: See Section 3. 
 TIA: The Trust Indenture Act of 1939, as amended. 

Transfer Restricted Securities: The Securities upon original issuance thereof and at all times subsequent
thereto, until in the case of any such Securities (i) a Registration Statement covering such Securities has been declared effective by the SEC and such Securities have been disposed of in accordance with such effective Registration Statement,
(ii) such Securities have been transferred in compliance with Rule 144 under the Securities Act (or any successor provision thereto), or, following the 365th after the date of this Agreement, are transferable pursuant to Rule 144 (or any successor provision thereto),
(iii) such Securities have otherwise been transferred and a new Security not subject to transfer restrictions under the Securities Act has been delivered by or on behalf of the Issuer in accordance with the terms of the Indenture, or
(iv) such Securities cease to be outstanding. 
 Trustee: The trustee under the Indenture and, if existent, the
trustee under any indenture governing the Exchange Securities. 
 Underwritten registration or underwritten offering: A
registration in which securities of the Issuer or a Guarantor are sold to an underwriter for reoffering to the public. 
  

	2.	Exchange Offer 

 (a) The
Issuer and the Guarantors agree to use their reasonable best efforts to file with the SEC as soon as practicable after the Closing Date, but in no event later than the Filing Date, an offer to exchange (the “Exchange Offer”) any and all of
the Transfer Restricted Securities for a like aggregate principal amount of debt securities of the Issuer and the Guarantors which are substantially identical to the Securities, except that the identity of the Guarantors may be different from those
Subsidiary Guarantors that initially guaranteed the Securities pursuant to the Indenture so long as the Securities are at all times guaranteed in compliance with the Indenture (the “Exchange Securities”) (and which are entitled to the
benefits of the Indenture or a trust indenture which is identical to the Indenture (other than such changes to the 

  
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Indenture or any such identical trust indenture as are necessary to comply with any requirements of the SEC to effect or maintain the qualification thereof under the TIA) and which, in either
case, has been qualified under the TIA), except that the Exchange Securities shall have been registered pursuant to an effective Registration Statement in compliance with the Securities Act. The Exchange Offer will be registered pursuant to the
Securities Act on the appropriate form (the “Exchange Registration Statement”) and will comply with all applicable tender offer rules and regulations promulgated pursuant to the Exchange Act and shall be duly registered or qualified
pursuant to all applicable state securities or Blue Sky laws. The Exchange Offer shall not be subject to any condition, other than that the Exchange Offer does not violate any applicable law or interpretation of the Staff of the SEC. No securities
shall be included in the Registration Statement covering the Exchange Offer other than the Transfer Restricted Securities and the Exchange Securities. The Issuer and the Guarantors agree to use their reasonable best efforts to (x) cause the
Exchange Registration Statement to become effective pursuant to the Securities Act on or before the Effectiveness Target Date; (y) keep the Exchange Offer open for not less than 20 Business Days (or such longer period required by applicable
law) after the date that the notice of the Exchange Offer referred to below is sent to Holders; and (z) consummate the Exchange Offer within 290 days after the Closing Date. Each Holder who participates in the Exchange Offer will be required to
represent that any Exchange Securities received by it will be acquired in the ordinary course of its business, that at the time of the consummation of the Exchange Offer such Holder will have no arrangement or understanding with any person to
participate in the distribution of the Exchange Securities, and that such Holder is not an affiliate of the Issuer within the meaning of Rule 405 of the Securities Act (or that if it is such an affiliate, it will comply with the registration and
prospectus delivery requirements of the Securities Act to the extent applicable). Each Holder that is not a Participating Broker-Dealer will be required to represent that it is not engaged in, and does not intend to engage in, the distribution of
the Exchange Securities. Each Holder that is a Participating Broker-Dealer will be required to acknowledge that it will deliver a prospectus as required by law in connection with any resale of such Exchange Securities. Upon consummation of the
Exchange Offer in accordance with this Agreement, the Issuer and the Guarantors shall have no further obligation to register Transfer Restricted Securities pursuant to Section 3 of this Agreement. 

(b) The Issuer and the Guarantors shall include within the Prospectus contained in the Exchange Registration Statement a section entitled
“Plan of Distribution,” reasonably acceptable to the Purchasers, which shall contain a summary statement of the positions taken or policies made by the Staff of the SEC with respect to the potential “underwriter” status of any
broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of Exchange 

  
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Securities received by such broker-dealer in the Exchange Offer (a “Participating Broker-Dealer”). Such “Plan of Distribution” section shall also allow the use of the
Prospectus by all persons subject to the prospectus delivery requirements of the Securities Act, including all Participating Broker-Dealers, and include a statement describing the means by which Participating Broker-Dealers may resell the Exchange
Securities. 
 The Issuer and the Guarantors shall use their reasonable best efforts to keep the Exchange Registration Statement
effective and to amend and supplement the Prospectus contained therein, in order to permit such Prospectus to be lawfully delivered by all persons subject to the prospectus delivery requirements of the Securities Act for such period of time as such
persons must comply with such requirements in order to resell the Exchange Securities; provided that such period shall not exceed 180 days after consummation of the Exchange Offer (or such longer period if extended pursuant to the last
paragraph of Section 5) (the “Applicable Period”). 
 In connection with the Exchange Offer, the Issuer shall:

 (a) deliver as promptly as practicable to each Holder a copy of the prospectus forming part of the Exchange
Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 
 (b)
utilize the services of a Depositary for the Exchange Offer with an address in the Borough of Manhattan, The City of New York; and 
 (c) permit Holders to withdraw tendered Securities at any time prior to the close of business, New York time, on the last Business Day on which the Exchange Offer shall remain open. 

As soon as practicable after the close of the Exchange Offer, the Issuer and the Guarantors shall: 

(i) accept for exchange all Securities properly tendered and not validly withdrawn pursuant to the Exchange Offer;

 (ii) deliver to the Trustee for cancellation all Securities so accepted for exchange; and 

  
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 (iii) cause the Trustee to authenticate and deliver promptly to each Holder of Securities,
Exchange Securities equal in principal amount to the Securities of such Holder so accepted for exchange. 
 (c) If
(1) prior to the consummation of the Exchange Offer, applicable interpretations of the Staff of the SEC do not permit the Issuer and the Guarantors to effect the Exchange Offer as contemplated herein, or (2) the Exchange Offer is commenced
and not consummated within 290 days of the Closing Date for any reason, then the Issuer shall promptly deliver to the Holders and the Trustee written notice thereof (the “Shelf Notice”) and the Issuer and the Guarantors shall file a
Registration Statement pursuant to Section 3. Following the delivery of a Shelf Notice to the Holders of Transfer Restricted Securities, the Issuer and the Guarantors shall not have any further obligation to conduct the Exchange Offer pursuant
to this Section 2, provided that the Issuers and the Guarantors shall have the right, nonetheless, to proceed to consummate the Exchange Offer notwithstanding their obligations pursuant to this Section 2(c) (and, upon such
consummation, their obligation to consummate a Shelf Registration shall terminate). 
  

	3.	Shelf Registration 

 If a
Shelf Notice is delivered as contemplated by Section 2(c), then: 
 (a) Shelf Registration. The Issuer and the
Guarantors shall use their reasonable best efforts to prepare and file with the SEC, as promptly as practicable following the delivery of the Shelf Notice, a Registration Statement for an offering to be made on a continuous basis pursuant to Rule
415 covering all of the Transfer Restricted Securities (the “Shelf Registration”). The Shelf Registration shall be on Form S-1 or another appropriate form permitting registration of such Transfer Restricted Securities for resale by the
Holders in the manner or manners reasonably designated by them (including, without limitation, one or more underwritten offerings). The Issuer and the Guarantors shall not permit any securities other than the Transfer Restricted Securities to be
included in the Shelf Registration. The Issuer and the Guarantors shall use their reasonable best efforts, as described in Section 5(b), to cause the Shelf Registration to be declared effective pursuant to the Securities Act as promptly as
practicable following the filing thereof and to keep the Shelf Registration continuously effective under the Securities Act until the date which is 24 months from the Closing Date, or such shorter period ending when either (1) all Transfer
Restricted Securities covered by the Shelf Registration have been sold in the manner set forth and as contemplated in the Shelf Registration or (2) there ceases to be outstanding any Transfer Restricted Securities (the “Effectiveness
Period”). 

  
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 (b) Supplements and Amendments. The Issuer and the Guarantors shall use their reasonable best efforts to
keep the Shelf Registration Statement continuously effective by supplementing and amending the Shelf Registration if required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration, if required
by the Securities Act, or if reasonably requested by the holders of a majority in aggregate principal amount of the Transfer Restricted Securities covered by such Registration Statement or by any underwriter of such Transfer Restricted Securities.

  

	4.	Liquidated Damages 

 (a)
The Issuer, the Guarantors and the Purchasers agree that the Holders of Transfer Restricted Securities will suffer damages if the Issuer or the Guarantors fail to fulfill their obligations pursuant to Section 2 or Section 3 hereof and that
it would not be possible to ascertain the extent of such damages. Accordingly, in the event of such failure by Issuer or the Guarantors to fulfill such obligations, the Issuer and the Guarantors hereby agree to pay liquidated damages
(“Liquidated Damages”) to each Holder of Transfer Restricted Securities under the circumstances and to the extent set forth below: 
 (i) if neither the Exchange Registration Statement nor the Shelf Registration has been filed with the SEC on or prior to the Filing Date; or 

(ii) if neither the Exchange Registration Statement nor the Shelf Registration is declared effective by the SEC on or
prior to the Effectiveness Target Date; or 
 (iii) if an Exchange Registration Statement is declared effective
by the SEC, on or prior to 290 days after the Closing Date and the Issuer and the Guarantors have not exchanged Exchange Securities for all Securities validly tendered in accordance with the terms of the Exchange Offer; or 

(iv) the Shelf Registration has been declared effective by the SEC and such Shelf Registration ceases to be effective or
usable at any time during the Effectiveness Period, without being succeeded on the same day immediately by a post-effective amendment to such Registration Statement that cures such failure and that is itself immediately declared effective on the
same day; 

  
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 (any of the foregoing, a “Registration Default”) then, with respect to the first 90-day period following such Event
Date (as defined below), the Issuer and the Guarantors shall pay to each Holder of Transfer Restricted Securities Liquidated Damages in an amount equal to $.05 per week per $1,000 principal amount of Transfer Restricted Securities held by such
Holder for each week or portion thereof that the Registration Default continues. The amount of such Liquidated Damages will increase by an additional $.05 per week per $1,000 principal amount of Transfer Restricted Securities with respect to each
subsequent 90-day period until all Registration Defaults have been cured; provided, however, that Liquidated Damages shall not at any time exceed $.30 per week per $1,000 principal amount of Transfer Restricted Securities. Following the cure
of all Registration Defaults relating to any Transfer Restricted Securities, the accrual of Liquidated Damages with respect to such Transfer Restricted Securities will cease. A Registration Default under clause (i) above shall be cured on the
date that either the Exchange Registration Statement or the Shelf Registration is filed with the SEC; a Registration Default under clause (ii) above shall be cured on the date that either the Exchange Registration Statement or the Shelf
Registration is declared effective by the SEC; a Registration Default under clause (iii) above shall be cured on the earlier of the date (A) the Exchange Offer is consummated or (B) the Issuer delivers a Shelf Notice to the Holders of
Restricted Securities; and a Registration Default under clause (iv) above shall be cured on the earlier of (A) the date the Shelf Registration is declared effective or (B) the Effectiveness Period expires. 

(b) The Issuer shall notify the Trustee and the Representatives within one Business Day after each and every date on which a Registration
Default occurs (an “Event Date”). Liquidated Damages shall be paid by the Issuer and the Guarantors to the Holders by wire transfer of immediately available funds to the accounts specified by them or by mailing checks to their registered
addresses if no such accounts have been specified on or before the semi-annual interest payment date provided in the Indenture (whether or not any interest is then payable on the Securities). Each obligation to pay Liquidated Damages shall be deemed
to commence accruing on the applicable Event Date and to cease accruing when all Registration Defaults have been cured. In no event shall the Issuer pay Liquidated Damages in excess of the applicable maximum weekly amount set forth above, regardless
of whether one or multiple Registration Defaults exist. 
 (c) Notwithstanding anything to the contrary in this Section 4,
neither the issuance by the Issuer of a notice (i) of the type set forth in Section 5(c)(vii) declaring the Shelf Registration to be unusable during the pendency of the Material Activity (as defined in Section 5(c)(vii)) nor
(ii) of the type set forth in Section 5(c)(ii), 

  
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5(c)(iii), 5(c)(iv), 5(c)(v) and 5(c)(vi), shall be deemed to be a Registration Default and no Liquidated Damages shall be payable or accrue with respect thereto; provided, that in the
event the aggregate number of days in any consecutive twelve-month period for which all notices referenced above are issued and effective exceeds 30 days, then Liquidated Damages shall be payable in accordance with Sections 4(a) and 4(b) above for
the number of such days in excess of 30 days in the aggregate. 
  

	5.	Registration Procedures 

In connection with the registration of any Exchange Securities or Transfer Restricted Securities pursuant to Sections 2 or 3 hereof, the
Issuer and the Guarantors shall effect such registration to permit the sale of such Exchange Securities or Transfer Restricted Securities (as applicable) in accordance with the intended method or methods of disposition thereof, and pursuant thereto
the Issuer and the Guarantors shall: 
 (a) Prepare and file with the SEC, a Registration Statement or Registration Statements
as prescribed by Section 2 or 3, and to use their reasonable best efforts to cause such Registration Statement to become effective and remain effective as provided herein; provided that, if (1) such filing is pursuant to
Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities
during the Applicable Period, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Issuer shall, if requested, furnish to and afford the Holders of the Transfer Restricted Securities and each such
Participating Broker-Dealer, as the case may be, covered by such Registration Statement, their counsel and the managing underwriters, if any, a reasonable opportunity to review copies of all such documents (including copies of any documents to be
incorporated by reference therein and all exhibits thereto) proposed to be filed (at least 3 Business Days prior to such filing, or such later date as is reasonable under the circumstances). The Issuer and the Guarantors shall not file any
Registration Statement or Prospectus or any amendments or supplements thereto in respect of which the Holders, pursuant to this Agreement, must be afforded an opportunity to review prior to the filing of such document, if the Holders of a majority
in aggregate principal amount of the Transfer Restricted Securities covered by such Registration Statement, or such Participating Broker-Dealer, as the case may be, their counsel, or the managing underwriters, if any, shall reasonably object.

  
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 (b) Prepare and file with the SEC such amendments and post-effective amendments to each Shelf Registration or
Exchange Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the Applicable Period, as the case may be, or such shorter period as will terminate
when all Transfer Restricted Securities covered by such Registration Statement have been sold; cause the related Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or any
similar provisions then in force) under the Securities Act; and comply with the provisions of the Securities Act, the Exchange Act and the rules and regulations of the SEC promulgated thereunder applicable to it with respect to the disposition of
all securities covered by such Registration Statement as so amended or in such Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by a Participating Broker-Dealer covered by any such Prospectus; the
Issuer and the Guarantors shall be deemed not to have used their reasonable best efforts to keep a Registration Statement effective during the Applicable Period if they voluntarily take any action that would result in selling Holders of the Transfer
Restricted Securities covered thereby or Participating Broker-Dealers seeking to sell Exchange Securities not being able to sell such Transfer Restricted Securities or such Exchange Securities during that period, unless (i) such action is
required by applicable law, or (ii) such action is taken by them in good faith and for valid business reasons (not including avoidance of their obligations hereunder), including the acquisition or divestiture of assets. 

(c) If (1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration
Statement filed pursuant to Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, notify the selling Holders of Transfer Restricted
Securities, or each known Participating Broker-Dealer, as the case may be, their counsel and the managing underwriters, if any, promptly and confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective
amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective (including in such notice a written statement that any Holder may, upon request, obtain, without charge, one
conformed copy of such Registration Statement or post-effective amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), (ii) of the issuance by the SEC of any stop
order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a prospectus is
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connection with sales of the Transfer Restricted Securities the representations and warranties of the Issuer or any Guarantor contained in any agreement (including any underwriting agreement)
contemplated by Section 5(l) below cease to be true and correct, (iv) of the receipt by the Issuer or any Guarantor of any notification with respect to the suspension of the qualification or exemption from qualification of a Registration
Statement or any of the Transfer Restricted Securities or the Exchange Securities to be sold by any Participating Broker-Dealer for offer or sale in any jurisdiction, or the initiation of any proceeding for such purpose, (v) of the happening of
any event or any information becoming known that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that
requires the making of any changes in such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to
be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, (vi) of the Issuer’s and the Guarantors’ reasonable determination that a post-effective amendment to a Registration
Statement would be appropriate and (vii) if (A) the Issuer is engaged in or proposes to engage in discussions or negotiations with respect to, or has proposed or taken a substantial step to commence, or there is otherwise pending, any
material merger, acquisition, tender offer, financing or other transaction (any such negotiation, step, event or state of facts being herein called a “Material Activity”), (B) such Material Activity would, in the reasonable opinion of
counsel of the Issuer, require disclosure in a prospectus to be delivered in connection with the sale of the Transfer Restricted Securities to be sold in compliance with law, and (C) such disclosure would, in the reasonable judgment of the
Issuer, be adverse to its interests; provided, that the Issuer shall have no obligation to include in any notice contemplated in (vii) above any reference to or description of the facts upon which the Issuer is delivering such notice.

 (d) If (1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange
Registration Statement filed pursuant to Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, use its best efforts to prevent the
issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification) of any of the Transfer Restricted
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by any Participating Broker-Dealer, for sale in any jurisdiction, and, if any such order is issued, to use their reasonable best efforts to obtain the withdrawal of any such order at the earliest
possible moment. 
 (e) If a Shelf Registration is filed pursuant to Section 3 and if requested by the managing
underwriters, if any, or the Holders of a majority in aggregate principal amount of the Transfer Restricted Securities being sold in connection with an underwritten offering, (i) promptly incorporate in a prospectus supplement or post-effective
amendment such information as the managing underwriters, if any, or such Holders or counsel reasonably request to be included therein, (ii) make all required filings of such prospectus supplement or such post-effective amendment as soon as
practicable after the Issuer has received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment, and (iii) supplement or make amendments to such Registration Statement with such information as
the managing underwriter, if any, or such Holders or counsel reasonably request to be included therein. 
 (f) If (1) a
Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer
who seeks to sell Exchange Securities during the Applicable Period, furnish to each selling Holder of Transfer Restricted Securities and to each such Participating Broker-Dealer who so requests and to counsel and each managing underwriter, if any,
without charge, one conformed copy of the Registration Statement or Registration Statements and each post-effective amendment thereto, including financial statements and schedules, and, if requested, all documents incorporated or deemed to be
incorporated therein by reference and all exhibits. 
 (g) If (1) a Shelf Registration is filed pursuant to Section 3,
or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the
Applicable Period, deliver to each selling Holder of Transfer Restricted Securities, or each such Participating Broker-Dealer, as the case may be, their counsel, and the underwriters, if any, without charge, as many copies of the Prospectus or
Prospectuses (including each form of preliminary prospectus) and each amendment or supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to the last paragraph of this
Section 5, the Issuer and the Guarantors hereby consent to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders of Transfer Restricted Securities or each such

  
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Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers (if any), in connection with the offering and sale of the Transfer Restricted Securities
covered by or the sale by Participating Broker-Dealers of the Exchange Securities pursuant to such Prospectus and any amendment or supplement thereto. 
 (h) Prior to any public offering of Transfer Restricted Securities or any delivery of a Prospectus contained in the Exchange Registration Statement by any Participating Broker-Dealer who seeks to sell
Exchange Securities during the Applicable Period, to use its reasonable best efforts to register or qualify, and to cooperate with the selling Holders of Transfer Restricted Securities or each such Participating Broker-Dealer, as the case may be,
the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Transfer Restricted Securities for offer and sale under the securities or Blue
Sky laws of such jurisdictions as any selling Holder, Participating Broker-Dealer, or the managing underwriters, if any, reasonably request in writing, provided that where Exchange Securities held by Participating Broker-Dealers or Transfer
Restricted Securities are offered other than through an underwritten offering, the Issuer and the Guarantors agree to cause their counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed pursuant to
this Section 5(h); keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and do any and all other acts or things reasonably necessary or
advisable to enable the disposition in such jurisdictions of the Exchange Securities held by Participating Broker-Dealers or the Transfer Restricted Securities covered by the applicable Registration Statement; provided that the Issuer and the
Guarantors shall not be required to (A) qualify generally to do business in any jurisdiction where they are not then so qualified, (B) take any action that would subject them to general service of process in any such jurisdiction where
they are not then so subject or (C) subject themselves to taxation in excess of a nominal dollar amount in any such jurisdiction. 
 (i) If a Shelf Registration is filed pursuant to Section 3, cooperate with the selling Holders of Transfer Restricted Securities and the managing underwriters, if any, to facilitate the timely
preparation and delivery of certificates representing Transfer Restricted Securities to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company, and enable such
Transfer Restricted Securities to be in such denominations and registered in such names as the managing underwriters, if any, or Holders may reasonably request. 

  
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 (j) If (1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in
an Exchange Registration Statement filed pursuant to Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, upon the occurrence of
any event contemplated by paragraph 5(c)(v) or 5(c)(vi) above, as promptly as practicable prepare and (subject to Section 5(a) above) file with the SEC, at the expense of the Issuer and the Guarantors, a supplement or post-effective amendment
to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the
Transfer Restricted Securities being sold thereunder or to the purchasers of the Exchange Securities to whom such Prospectus will be delivered by a Participating Broker-Dealer, any such Prospectus will not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(k) Prior to the effective date of the first Registration Statement relating to the Transfer Restricted Securities, (i) provide the
Trustee with certificates for the Transfer Restricted Securities in a form eligible for deposit with The Depository Trust Company and (ii) provide a CUSIP number for the Transfer Restricted Securities. 

(l) In connection with an underwritten offering of Transfer Restricted Securities pursuant to a Shelf Registration, enter into an
underwriting agreement as is customary in underwritten offerings and take all such other actions as are reasonably requested by the managing underwriters in order to expedite or facilitate the registration or the disposition of such Transfer
Restricted Securities, and in such connection, (i) make such representations and warranties to the underwriters, with respect to the business of the Issuer, the Guarantors and their subsidiaries and the Registration Statement, Prospectus and
documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, as are customarily made by issuers to underwriters in underwritten offerings, and confirm the same if and when requested; (ii) obtain opinions of
counsel to the Issuer and Guarantors and updates thereof in form and substance reasonably satisfactory to the managing underwriters, addressed to the underwriters covering the matters customarily covered in opinions requested in underwritten
offerings and such other matters as may be reasonably requested by underwriters; (iii) obtain “cold comfort” letters and updates thereof in form and substance reasonably satisfactory to the managing underwriters from the independent
certified public accountants of the Issuer and the Guarantors (and, if necessary, any 

  
 16 

 Execution Version 
  
 
other independent certified public accountants of any subsidiary of the Issuer or the Guarantors or of any business acquired by any of them for which financial statements and financial data are,
or are required to be, included in the Registration Statement), addressed to each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with
underwritten offerings and such other matters as are reasonably requested by underwriters as permitted by Statement on Auditing Standards No. 72; and (iv) if an underwriting agreement is entered into, the same shall contain indemnification
provisions and procedures no less favorable than those set forth in Section 7 hereof (or such other provisions and procedures acceptable to Holders of a majority in aggregate principal amount of Transfer Restricted Securities covered by such
Registration Statement and the managing underwriters or agents) with respect to all parties to be indemnified pursuant to said Section. The above shall be done at each closing under such underwriting agreement, or as and to the extent required
thereunder. 
 (m) If (1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in
an Exchange Registration Statement filed pursuant to Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, make available for
inspection by any selling Holder of such Transfer Restricted Securities being sold, or each such Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Transfer Restricted Securities, if any, and
any attorney, accountant or other agent retained by any such selling Holder or each such Participating Broker-Dealer, as the case may be, or underwriter (collectively, the “Inspectors”), at the offices where normally kept, during
reasonable business hours, all financial and other records, pertinent corporate documents and properties of the Issuer, the Guarantors and their subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to
exercise any applicable due diligence responsibilities, and cause the officers, directors and employees of the Issuer, the Guarantors and their subsidiaries to supply all information in each case reasonably requested by any such Inspector in
connection with such Registration Statement. Records which the Issuer determines, in good faith, to be confidential and any Records which it notifies the Inspectors are confidential shall not be disclosed by the Inspectors, unless (i) the
disclosure of such Records is necessary to avoid or correct a misstatement or omission in such Registration Statement, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction or
(iii) the information in such Records has been made generally available to the public. 

  
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 (n) Provide an indenture trustee for the Transfer Restricted Securities or the Exchange Securities, as the case
may be, and cause the Indenture to be qualified under the TIA not later than the effective date of the Exchange Offer or the first Registration Statement relating to the Transfer Restricted Securities; and in connection therewith, cooperate with the
trustee under any such indenture and the holders of the Transfer Restricted Securities, to effect such changes to such indenture as may be required for such indenture to be so qualified in accordance with the terms of the TIA; and execute, and use
its best efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and documents required to be filed with the SEC to enable such indenture to be so qualified in a timely manner.

 (o) Comply with all applicable rules and regulations of the SEC and, as soon as reasonably practicable, make generally
available to its securityholders consolidated earnings statements of the Issuer (including a condensed consolidating footnote if required under SEC rules) (which need not be certified by an independent public accountant) that satisfy the provisions
of Section 11(a) of the Securities Act and Rule 158 thereunder. 
 (p) If an Exchange Offer is to be consummated, upon
delivery of the Transfer Restricted Securities by Holders to the Issuer (or to such other Person as directed by the Issuer) in exchange for the Exchange Securities, the Issuer and the Guarantors shall mark, or cause to be marked, on such Transfer
Restricted Securities that such Transfer Restricted Securities are being cancelled in exchange for the Exchange Securities; in no event shall such Transfer Restricted Securities be marked as paid or otherwise satisfied. 

(q) Cooperate with each seller of Transfer Restricted Securities covered by any Registration Statement and each underwriter, if any,
participating in the disposition of such Transfer Restricted Securities and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority (“FINRA”) pursuant to FINRA’s
rules and regulations, including those of the National Association of Securities Dealers, Inc. 
 (r) Use their best efforts to
take all other steps necessary to effect the registration of the Transfer Restricted Securities covered by a Registration Statement contemplated hereby. 
 (s) Use their best efforts to cause the Transfer Restricted Securities or the Exchange Securities, as applicable, covered by an effective registration

  
 18 

 Execution Version 
  
 
statement required by Section 2 or Section 3 hereof to be rated with the appropriate rating agencies, if so requested by the Holders of a majority in aggregate principal amount of
Transfer Restricted Securities relating to such registration statement or the managing underwriters in connection therewith, if any. 
 The Issuer may require each seller of Transfer Restricted Securities or Participating Broker-Dealer as to which any registration is being effected to furnish to the Issuer such information regarding such
seller or Participating Broker-Dealer and the distribution of such Transfer Restricted Securities or Exchange Securities to be sold by such Participating Broker-Dealer, as the case may be, as the Issuer may, from time to time, reasonably request.
The Issuer may exclude from such registration the Transfer Restricted Securities of any seller or Participating Broker-Dealer who fails to furnish such information within a reasonable time after receiving such request. 

Each Holder of Transfer Restricted Securities and each Participating Broker-Dealer agrees by acquisition of such Transfer Restricted
Securities or Exchange Securities to be sold by such Participating Broker-Dealer, as the case may be, that, upon receipt of any notice from the Issuer of the happening of any event of the kind described in Section 5(c)(ii), 5(c)(iv), 5(c)(v),
5(c)(vi) or 5(c)(vii), such Holder will forthwith discontinue disposition of such Transfer Restricted Securities covered by such Registration Statement or Prospectus or Exchange Securities to be sold by such Participating Broker-Dealer, as the case
may be, until such holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(j), or until it is advised in writing (the “Advice”) by the Issuer that the use of the applicable Prospectus
may be resumed, and has received copies of any amendments or supplements thereto; provided, that in the case of an event of the kind described in Section 5(c)(vii), the Issuer may only cause such discontinuing of dispositions for any
number of periods not to exceed 30 days in the aggregate in any consecutive 12-month period. 
  

	6.	Registration Expenses 

(a) All fees and expenses incident to the performance of or compliance with this Agreement by the Issuer shall be borne by the Issuer and
the Guarantors, whether or not the Exchange Offer or a Shelf Registration is filed or becomes effective, including, without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with respect to filings
required to be made with the FINRA in connection with an underwritten offering and (B) fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, reasonable fees and disbursements of counsel in
connection with Blue Sky 

  
 19 

 Execution Version 
  
 
qualifications of the Transfer Restricted Securities or Exchange Securities and determination of the eligibility of the Transfer Restricted Securities or Exchange Securities for investment under
the laws of such jurisdictions (x) where the Holders of Transfer Restricted Securities are located, in the case of the Exchange Securities, or (y) as provided in Section 5(h), in the case of Transfer Restricted Securities or Exchange
Securities to be sold by a Participating Broker-Dealer during the Applicable Period)), (ii) printing expenses (including, without limitation, expenses of printing certificates for Transfer Restricted Securities or Exchange Securities in a form
eligible for deposit with The Depository Trust Company and of printing prospectuses if the printing of prospectuses is requested by the managing underwriters, if any, or, in respect of Transfer Restricted Securities or Exchange Securities to be sold
by any Participating Broker-Dealer during the Applicable Period, by the Holders of a majority in aggregate principal amount of the Transfer Restricted Securities included in any Registration Statement or of such Exchange Securities, as the case may
be), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Issuer and the Guarantors, (v) fees and disbursements of all independent certified public accountants referred to in
Section 5(1)(iii) (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to such performance), (vi) the fees and expenses of any “qualified independent
underwriter” or other independent appraiser participating in an offering pursuant to FINRA Rule 5121, (vii) rating agency fees, (viii) Securities Act liability insurance, if the Issuer and the Guarantors desire such insurance,
(ix) fees and expenses of all other Persons retained by the Issuer and the Guarantors, (x) internal expenses of the Issuer and the Guarantors (including, without limitation, all salaries and expenses of officers and employees of the Issuer
and the Guarantors performing legal or accounting duties), (xi) the expense of any annual audit, (xii) the fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange and
(xiii) the expenses relating to printing, word processing and distributing all Registration Statements, underwriting agreements, securities sales agreements, and indentures. Nothing contained in this Section 6 shall create an obligation on
the part of the Issuer or any Guarantor to pay or reimburse any Holder for any underwriting commission or discount attributable to any such Holder’s Transfer Restricted Securities included in an underwritten offering pursuant to a Registration
Statement filed in accordance with the terms of this Agreement, or to guarantee such Holder any profit or proceeds from the sale of such Securities. 
 (b) In connection with any Shelf Registration hereunder, the Issuer and the Guarantors shall reimburse the Holders of the Transfer Restricted Securities being registered in such registration for the
reasonable fees and disbursements of not more than one counsel (in addition to appropriate local counsel) chosen by the Holders 

  
 20 

 Execution Version 
  
 
of a majority in aggregate principal amount of the Transfer Restricted Securities to be included in such Registration Statement and other reasonable out-of-pocket expenses of the Holders of
Transfer Restricted Securities reasonably incurred in connection with the registration of the Transfer Restricted Securities. 
  

	7.	Indemnification 

 The
Issuer and the Guarantors agree to indemnify and hold harmless (i) each of the Purchasers, each Holder of Transfer Restricted Securities, each Holder of Exchange Securities, each Participating Broker-Dealer, (ii) each person, if any, who
controls (within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act) any such Person (any of the persons referred to in this clause (ii) being hereinafter referred to as a “controlling person”), and
(iii) the respective officers, directors, partners, employees, representatives and agents of any of such Person or any controlling person (any person referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an
“Indemnified Person”) to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including without limitation, and as incurred, reimbursement of all reasonable costs of
investigating, preparing, pursuing or defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any Indemnified Person)
directly or indirectly caused by, related to, based upon, arising out of or in connection with (i) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or caused by, arising out of or based
upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, not misleading, or (ii) any untrue statement or alleged untrue statement of a material
fact contained in any Prospectus (as amended or supplemented if the Issuer shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or caused by, arising out of or based upon any omission or alleged omission to
state therein a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities are caused by any
untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to any Indemnified Person furnished to the Issuer or any underwriter in writing by such Indemnified Person
expressly for use therein. The Issuer and the Guarantors shall notify the Holders promptly of the institution, threat or assertion of any claim, proceeding (including any governmental investigation) or litigation of which it or they shall have
become aware in connection with the matters addressed by this Agreement which involves the Issuer, any Guarantor or an Indemnified Person. 

  
 21 

 Execution Version 
  
 In connection with any Registration Statement in which an Indemnified Person is participating, such Indemnified
Person agrees, severally and not jointly, to indemnify and hold harmless the Issuer, each Guarantor and their directors and officers and each person who controls the Issuer and the Guarantors within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Issuer and the Guarantors to each Indemnified Person, but only with reference to information relating to such Indemnified Person furnished to the
Issuer in writing by such Indemnified Person expressly for use in any Registration Statement or Prospectus, any amendment or supplement thereto, or any preliminary prospectus. The liability of any Indemnified Person pursuant to this paragraph shall
in no event exceed the net proceeds received by such Indemnified Person from sales of Transfer Restricted Securities giving rise to such obligations. 
 If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any person in respect of which indemnity may be sought
pursuant to either of the two preceding paragraphs, such person (the “indemnified party”) shall promptly notify the person against whom such indemnity may be sought (the “indemnifying person”) in writing, and the indemnifying
person, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying person may reasonably designate in such proceeding and shall pay
the reasonable fees and expenses actually incurred by such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the
expense of such indemnified party, unless (i) the indemnifying person and the indemnified party shall have mutually agreed in writing to the contrary, (ii) the indemnifying person failed promptly to assume the defense and employ counsel
reasonably satisfactory to the indemnified party or (iii) the named parties to any such action (including any impleaded parties) include both such indemnified party and the indemnifying person, or any affiliate of the indemnifying person and
such indemnified party shall have been reasonably advised by counsel that either (x) there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying person or such affiliate
of the indemnifying person or (y) a conflict may exist between such indemnified party and the indemnifying person or such affiliate of the indemnifying person (in which case the indemnifying person shall not have the right to assume the defense
of such action 

  
 22 

 Execution Version 
  
 
on behalf of such indemnified party), it being understood, however, that the indemnifying person shall not, in connection with any one such action or separate but substantially similar or related
actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all such indemnified parties, which
firm shall be designated in writing by indemnified parties who sold a majority in interest of Transfer Restricted Securities sold by all such indemnified parties and any such separate firm for the Issuer and the Guarantors, their directors, their
officers and such control persons of the Issuer and the Guarantors shall be designated in writing by the Issuer. The indemnifying person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled
with such consent or if there be a final judgment for the plaintiff, the indemnifying person agrees to indemnify any indemnified party from and against any loss or liability by reason of such settlement or judgment. No indemnifying person shall,
without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such
indemnified party, unless such settlement includes an (i) unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding and (ii) does not include a statement as to, or an
admission of, fault, culpability or a failure to act by or on behalf of any Indemnified Person. 
 If the indemnification
provided for in the first and second paragraphs of this Section 7 is unavailable to an indemnified party in respect of any losses, claims, damages, liabilities, or expenses referred to therein (other than by reason of the exceptions provided
therein), then each indemnifying person under such paragraphs, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages,
liabilities, or expenses (i) in such proportion as is appropriate to reflect the relative benefits of the indemnified party on the one hand and the indemnifying person(s) on the other in connection with the statements or omissions that resulted
in such losses, claims, damages, liabilities, or expenses or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to
in clause (i) above but also the relative fault of the indemnifying person(s) and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the Issuer and the Guarantors on the one hand and any
Indemnified Persons on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied
by the Issuer and the Guarantors or by such Indemnified Persons and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

  
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 Execution Version 
  
 The parties agree that it would not be just and equitable if contribution pursuant to this Section 7 were
determined by pro rata allocation (even if such indemnified parties were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately
preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth
above, any reasonable legal or other expenses actually incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 7, in no event shall an Indemnified
Person be required to contribute any amount in excess of the amount by which proceeds received by such Indemnified Person from sales of Transfer Restricted Securities exceeds the amount of any damages that such Indemnified Person has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. 
 The indemnity and contribution agreements contained
in this Section 7 will be in addition to any liability which the indemnifying persons may otherwise have to the indemnified parties referred to above. The Indemnified Persons’ obligations to contribute pursuant to Section 7 are
several in proportion to the respective principal amount of Securities sold by each of the Indemnified Persons hereunder and not joint. 
  

	8.	Rules 144 and 144A 

 The
Issuer and the Guarantors covenant that they will file the reports required to be filed by them pursuant to the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder in a timely manner and, if at any time
the Issuer and the Guarantors are not required to file such reports, they will, upon the request of any Holder of Transfer Restricted Securities, make available information required by Rules 144 and 144A under the Securities Act in order to permit
sales pursuant to Rule 144 and Rule 144A. The Issuer and the Guarantors further covenant that they will take such further action as any Holder of Transfer Restricted Securities may reasonably request, all to the extent required from time to time to
enable such Holder to sell Transfer Restricted Securities without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 and Rule 144A under the Act, as such Rules may be amended from time to
time, or (b) any similar rule or regulation hereafter adopted by the SEC. 

  
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 Execution Version 
  

	9.	Underwritten Registrations 

(a) If any of the Transfer Restricted Securities covered by any Shelf Registration are to be sold in an underwritten offering, the
investment banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of such Transfer Restricted Securities included in such offering and reasonably
acceptable to the Issuer. 
 No Holder of Transfer Restricted Securities may participate in any underwritten registration
hereunder, unless such Holder (a) agrees to sell such Holder’s Transfer Restricted Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and
(b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

(b) Each Holder of Transfer Restricted Securities agrees, if requested (pursuant to a timely written notice) by the managing underwriters
in an underwritten offering or placement agent in a private offering of the Issuer’s or the Guarantors’ debt securities, not to effect any private sale or distribution (including a sale pursuant to Rule 144 and Rule 144A, but excluding
nonpublic sales to any of its affiliates, officers, directors, employees and controlling persons) of any of the Securities except pursuant to an Exchange Offer, during the period beginning 10 days prior to, and ending 90 days after, the closing date
of the underwritten offering. 
 The foregoing provisions shall not apply to any holder of Transfer Restricted Securities if
such holder is prevented by applicable statute or regulation from entering into any such agreement. 
 The Issuer and the
Guarantors agree without the written consent of the managing underwriters in an underwritten offering of Transfer Restricted Securities covered by a Registration Statement filed pursuant to Section 3 hereof, not to effect any public or private
sale or distribution of its respective debt securities, including a sale pursuant to Regulation D or Rule 144A under the Securities Act, during the period beginning 10 days prior to, and ending 90 days after, the closing date of each underwritten
offering made pursuant to such Registration Statement (provided, however, that such period shall be extended by the number of days from and including 

  
 25 

 Execution Version 
  
 
the date of the giving of any notice pursuant to Section 5(c)(v) or (c)(vi) hereof to and including the date when each seller of Transfer Restricted Securities covered by such Registration
Statement shall have received the copies of the supplemented or amended Prospectus contemplated by Section 5(j) hereof). 
  

	10.	Miscellaneous 

 (a)
Remedies. In the event of a breach by the Issuer of any of its obligations under this Agreement, each Holder of Transfer Restricted Securities, in addition to being entitled to exercise all rights provided herein, in the Indenture or, in the
case of the Purchasers, in the Purchase Agreement, or granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Issuer and the Guarantors agree that monetary damages would not be
adequate compensation for any loss incurred by reason of a breach by them of any of the provisions of this Agreement and hereby further agree that, in the event of any action for specific performance in respect of such breach, they shall waive the
defense that a remedy at law would be adequate. 
 (b) No Inconsistent Agreements. The Issuer and the Guarantors have
not, as of the date hereof, and they shall not, after the date of this Agreement, enter into any agreement with respect to any of their respective securities that is inconsistent with the rights granted to the Holders of Transfer Restricted
Securities in this Agreement or otherwise conflicts with the provisions hereof. The Issuer and the Guarantors have not entered, and will not enter, into any agreement with respect to any of their respective securities which will grant to any Person
piggy-back registration rights with respect to a Registration Statement. 
 (c) Amendments and Waivers. The provisions of
this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Issuer has obtained the written consent of Holders
of at least a majority of the then outstanding aggregate principal amount of Transfer Restricted Securities. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to
the rights of Holders of Transfer Restricted Securities whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Transfer
Restricted Securities may be given by Holders of at least a majority in aggregate principal amount of the Transfer Restricted Securities being sold by such Holders pursuant to such Registration Statement; provided that the provisions of this
sentence may not be amended, modified or supplemented except in accordance with the provisions of the immediately preceding sentence. 

  
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 Execution Version 
  
 (d) Notices. All notices and other communications (including without limitation any notices or other
communications to the Trustee) provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day air courier, telecopier or electronic mail: 

(i) if to a Holder of Transfer Restricted Securities, at the most current address given by the Trustee to the Issuer; and

 (ii) if to the Issuer or the Guarantors, 6903 Rockledge Drive, Suite 1500, Bethesda, Maryland 20817,
Attention: Elizabeth A. Abdoo, Executive Vice President, General Counsel and Secretary. 
 All such notices and
communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; one Business Day after being timely delivered to a next-day
air courier; and when receipt is acknowledged by the addressee, if telecopied or given by electronic mail. 
 Copies of all such
notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee under the Indenture at the address specified in such Indenture. 

(e) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of
the parties, including without limitation and without the need for an express assignment, subsequent Holders of Transfer Restricted Securities. The Issuer and the Guarantors agree that the Holders of the Securities shall be third party creditor
beneficiaries to the agreements made hereunder by the Purchasers and the Issuer, the Guarantors and each Holder shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its
rights hereunder. 
 (f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

  
 27 

 Execution Version 
  
 (g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit
or otherwise affect the meaning hereof. 
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAWS AND RULE 327(b) OF THE NEW YORK CIVIL PRACTICE LAWS AND RULES, AS APPLIED TO CONTRACTS MADE AND
PERFORMED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

(i) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto
shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

(j) Entire Agreement. This Agreement, together with the Purchase Agreement, is intended by the parties as a final expression of
their agreement, and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. 

(k) Securities Held by the Issuer, Guarantors, or Their Affiliates. Whenever the consent or approval of Holders of a specified
percentage of Transfer Restricted Securities is required hereunder, Transfer Restricted Securities held by the Issuer, the Guarantors, or their affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in
determining whether such consent or approval was given by the Holders of such required percentage. 
 (l) Guarantor
Information. The Issuer and the Guarantors shall prepare and furnish in any Exchange Registration Statement, Shelf Registration or other document such information, including historical and pro forma financial

  
 28 

 Execution Version 
  
 
information, concerning each Guarantor as may be required by applicable securities laws, accounting guidelines, or rules and regulations of applicable securities regulatory authorities, including
the SEC, in order to have any Registration Statement pursuant to this Agreement filed, declared and kept effective as contemplated by this Agreement. Each of the Issuer and each Guarantor agrees that the preparing and furnishing of such information
within the time periods contemplated in this Agreement constitute “reasonable efforts” on such person’s part for all purposes of this Agreement. 

  
 29 

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

							
		 		  	ISSUER:	  	

  

					
	HOST HOTELS & RESORTS, L.P.
		
	By:	 	 HOST HOTELS & RESORTS, INC.,
 its General Partner

			
		 	By:	 	 /s/ Larry K. Harvey

		 	Name:	 	Larry K. Harvey
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer

  

							
		 		  	GUARANTORS:	  	

  

	
	AIRPORT HOTELS LLC,
	HOST OF BOSTON, LTD.,
	 BY: AIRPORT HOTELS LLC

	HOST OF HOUSTON, LTD.,
	 BY: AIRPORT HOTELS HOUSTON LLC

	HOST OF HOUSTON 1979 LP,
	 BY: HOST OF HOUSTON, LTD.

	HMH MARINA LLC,
	HMC ATLANTA LLC,
	HMC BURLINGAME LLC,
	HMC CAPITAL RESOURCES LP,
	 BY: HOST NY DOWNTOWN GP LLC

	HOST PARK RIDGE LLC,
	HMC SUITES LLC,
	HMC SUITES LIMITED PARTNERSHIP,
	 BY: HMC SUITES LLC

	WELLSFORD-PARK RIDGE HMC HOTEL LIMITED
	PARTNERSHIP,
	 BY: HOST PARK RIDGE LLC

	YBG ASSOCIATES LP,
	 BY: HOST MOSCONE GP LLC

 Signature Page to Series Y Senior Notes Registration Rights Agreement 

 
	
	HMC CHICAGO LLC,
	HMC DESERT LLC,
	HMC DIVERSIFIED LLC,
	HMC EAST SIDE LLC,
	EAST SIDE HOTEL ASSOCIATES, L.P.
	 BY: HMC EAST SIDE LLC

	HMC GRAND LP,
	 BY: HOST GRAND GP LLC

	HMC HOTEL DEVELOPMENT LP,
	 BY: HOST TAMPA GP LLC

	HMC MANHATTAN BEACH LLC,
	HMC MARKET STREET LLC,
	NEW MARKET STREET LP,
	 BY: HMC MARKET STREET LLC

	HMC MEXPARK LLC,
	HMC POLANCO LLC,
	HMC NGL L.P.,
	 BY: HHR NAPLES GOLF LLC

	HMC OLS I L.P.,
	 BY: HMC OLS I LLC

	HMC PLP LLC,
	CHESAPEAKE HOTEL LIMITED PARTNERSHIP,
	 BY: HMC PLP LLC

	HMC POTOMAC LLC,
	HMC PROPERTIES I LLC,
	HMC SEATTLE LLC,
	HMC SFO LP,
	 BY: HOST SFO GP LLC

	HOST SWISS GP LLC,
	HMH GENERAL PARTNER HOLDINGS LLC,
	HMH PENTAGON LP,
	 BY: HOST PENTAGON GP LLC

	HMH RESTAURANTS LP,
	 BY: HOST RESTAURANTS GP LLC

	HMH RIVERS LLC,
	HMH RIVERS, L.P.,
	 BY: HMH RIVERS LLC

	HMH WTC LLC,
	HOST LA JOLLA LLC,
	CITY CENTER HOTEL LIMITED PARTNERSHIP,
	 BY: HOST CITY CENTER GP LLC

	HOST TIMES SQUARE LP,
	 BY: HOST TIMES SQUARE GP LLC

 Signature Page to Series Y Senior Notes Registration Rights Agreement 

 
	
	IVY STREET LLC,
	MARKET STREET HOST LLC,
	PHILADELPHIA AIRPORT HOTEL LLC,
	PM FINANCIAL LLC,
	PM FINANCIAL LP,
	 BY: PM FINANCIAL LLC

	HMC PROPERTY LEASING LLC,
	HMC HOST RESTAURANTS LLC,
	S.D. HOTELS LLC,
	TIMES SQUARE GP LLC,
	HMC HT LP,
	 BY: HOST GH ATLANTA GP LLC,

	HMC OLS I LLC,
	HMC OLS II L.P.,
	 BY: HMC OLS I LLC

	HMC/INTERSTATE MANHATTAN BEACH, L.P.,
	 BY: HMC MANHATTAN BEACH LLC

	AMELIATEL LP,
	 BY: HMC AMELIA II LLC

	HMC AMELIA II LLC,
	ROCKLEDGE HOTEL LLC,
	HMC COPLEY LP,
	 BY: HOST COPLEY GP LLC

	HMC HEADHOUSE FUNDING LLC,
	IVY STREET HOPEWELL LLC,
	HMC DIVERSIFIED AMERICAN HOTELS, L.P.,
	 BY: HMC DIVERSIFIED LLC

	POTOMAC HOTEL LIMITED PARTNERSHIP,
	 BY: HMC POTOMAC LLC

	HMC AP GP LLC,
	HMC AP LP,
	 BY: HMC AP GP LLC

	HMC AP CANADA COMPANY,
	HMC TORONTO AIRPORT GP LLC,
	HMC TORONTO AIRPORT LP,
	 BY: HMC TORONTO AIRPORT GP LLC

	HMC TORONTO EC GP LLC,
	HMC TORONTO EC LP,
	 BY: HMC TORONTO EC GP LLC

	HMC CHARLOTTE GP LLC,
	HMC CHARLOTTE LP,
	 BY: HMC CHARLOTTE GP LLC

	HMC CHARLOTTE (CALGARY) COMPANY,

 Signature Page to Series Y Senior Notes Registration Rights Agreement 

 
	
	CALGARY CHARLOTTE PARTNERSHIP,
	 BY: HMC CHARLOTTE (CALGARY) COMPANY

	 BY: HMC GRACE (CALGARY) COMPANY

	CALGARY CHARLOTTE HOLDINGS COMPANY,
	HMC GRACE (CALGARY) COMPANY,
	HMC MAUI LP,
	 BY: HOST MAUI GP LLC

	HMC KEA LANI LP,
	 BY: HOST KEA LANI GP LLC

	HMC CHICAGO LAKEFRONT LLC,
	HMC LENOX LP,
	 BY: HOST LENOX LAND GP LLC

	HMC O’HARE SUITES GROUND LP,
	 BY: HOST O’HARE SUITES GROUND GP LLC

	HMC TORONTO AIR COMPANY,
	HMC TORONTO EC COMPANY,
	CINCINNATI PLAZA LLC,
	HOST CINCINNATI HOTEL LLC,
	HOST CINCINNATI II LLC,
	HOST FOURTH AVENUE LLC,
	HOST INDIANAPOLIS I LP,
	 BY: HOST INDIANAPOLIS GP LLC

	HOST LOS ANGELES LP,
	 BY: HOST LOS ANGELES GP LLC

	HOST MISSION HILLS II LLC,
	HOST MISSION HILLS HOTEL LP,
	 BY: HOST MISSION HILLS II LLC

	HOST NEEDHAM HOTEL LP,
	 BY: HOST NEEDHAM II LLC

	HOST NEEDHAM II LLC,
	HST LT LLC,
	HST I LLC,
	SOUTH COAST HOST HOTEL LP,
	 BY: HOST SOUTH COAST GP LLC

	STARLEX LP,
	 BY: HOST WNY GP LLC

	BRE/SWISS LP,
	 BY: HOST SWISS GP LLC

	HHR HARBOR BEACH LLC,
	HHR LAUDERDALE BEACH LIMITED PARTNERSHIP,
	 BY: HHR HARBOR BEACH LLC

 Signature Page to Series Y Senior Notes Registration Rights Agreement 

 
	
	HMC CAMBRIDGE LP,
	 BY: HOST CAMBRIDGE GP LLC

	HOST MCDOWELL GP LLC,
	HMC MCDOWELL LP,
	 BY: HOST MCDOWELL GP LLC

	HMC RESTON LP,
	 BY: HOST RESTON GP LLC

	HOST ATLANTA PERIMETER GROUND LP,
	 BY: HOST ATLANTA PERIMETER

GROUND GP LLC,

	HOST CAPITOL HILL LLC,
	HOST DALLAS QUORUM GROUND LP,
	 BY: HOST DALLAS QUORUM GROUND

GP LLC

	HOST INDIANAPOLIS HOTEL MEMBER LLC,
	IHP HOLDINGS PARTNERSHIP LP,
	 BY: HMH GENERAL PARTNER HOLDINGS

LLC

	HMC GATEWAY LP,
	 BY: S.D. HOTELS LLC

	HHR SINGER ISLAND LIMITED PARTNERSHIP,
	 BY: HHR SINGER ISLAND GP LLC

	HHR SINGER ISLAND GP LLC,
	PACIFIC GATEWAY, LTD.,
	 BY: S.D. HOTELS LLC

	HOST KIERLAND LP,
	 BY: HOST KIERLAND GP LLC

	HOST TAMPA GP LLC,
	HOST RESTON GP LLC,
	HOST CAMBRIDGE GP LLC,
	HOST SOUTH COAST GP LLC,
	HOST SFO GP LLC,
	HOST PENTAGON GP LLC,
	HOST MOSCONE GP LLC,
	HOST NY DOWNTOWN GP LLC,
	HOST KEA LANI GP LLC,
	HOST KIERLAND GP LLC,
	HOST WNY GP LLC,
	HOST LOS ANGELES GP LLC,
	HOST INDIANAPOLIS GP LLC,
	HOST ATLANTA PERIMETER GROUND GP LLC,
	HOST DALLAS QUORUM GROUND GP LLC,

 Signature Page to Series Y Senior Notes Registration Rights Agreement 

 
	
	HOST O’HARE SUITES GROUND GP LLC,
	HOST LENOX LAND GP LLC,
	HOST RESTAURANTS GP LLC,
	HOST OP BN GP LLC,
	HOST MAUI GP LLC,
	HOST GH ATLANTA GP LLC,
	HOST TIMES SQUARE GP LLC,
	HOST COPLEY GP LLC,
	HOST CITY CENTER GP LLC,
	AIRPORT HOTELS HOUSTON LLC,
	HOST GRAND GP LLC,
	HOST INDIANAPOLIS LP,
	 BY: HOST INDIANAPOLIS HOTEL

MEMBER LLC

	HHR ASSETS LLC,
	HHR RIO HOLDINGS LLC,
	HARBOR-CAL S.D. PARTNER LLC,
	HMC BURLINGAME HOTEL L.P.,
	 BY: HMC BURLINGAME LLC

	HOST SAN DIEGO LLC,
	HOST SAN DIEGO HOTEL LLC,
	HHR 42 ASSOCIATES GP LLC,
	HHR 42 ASSOCIATES, L.P.,
	 BY: HHR 42 ASSOCIATES GP LLC

  

					
	By:	 	 /s/ Larry K. Harvey

		 	Name:	 	Larry K. Harvey
		 	Title:	 	President of the Subsidiary Guarantors listed above (or, where applicable, of the general partner of the Subsidiary Guarantors listed above)

 Signature Page to Series Y Senior Notes Registration Rights Agreement 

 
					
	HHR HOLDINGS COÖPERATIEF U.A.
		
	 By:
	 	 /s/ Larry K. Harvey

		 	Name:	 	Larry K. Harvey
		 	Title:	 	Managing Director A
		
	By:	 	 /s/ Liselotte Heine

		 	Name:	 	Liselotte Heine
		 	Title:	 	Managing Director B

 Signature Page to Series Y Senior Notes Registration Rights Agreement 

 
					
	HARBOR-CAL, S.D.
		
		 	By: HARBOR-CAL S.D. PARTNER LLC
			
		 	By:	 	 /s/ Larry K. Harvey

		 	Name:	 	Larry K. Harvey
		 	Title:	 	President
		
		 	By: HOST HOTELS & RESORTS, L.P.

 

					
		 	 By: HOST HOTELS & RESORTS, INC., its
         general partner

			
		 	By:	 	 /s/ Larry K. Harvey

		 	Name:	 	Larry K. Harvey
		 	Title:	 	Executive Vice President and Chief Financial Officer

 Signature Page to Series Y Senior Notes Registration Rights Agreement 

			
	The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first above written.
	
	J.P. Morgan Securities LLC
	Goldman, Sachs & Co.
	Merrill Lynch, Pierce, Fenner & Smith
	   Incorporated

	Wells Fargo Securities, LLC
		
	 By:
	 	 /s/ Ken Lang

		 	(J.P. Morgan Securities LLC)
		
	 By:
	 	 /s/ Goldman, Sachs & Co.

		 	(Goldman, Sachs & Co.)
		
	 By:
	 	 /s/ Michael Grimes

		 	(Merrill Lynch, Pierce, Fenner & Smith
		 	   Incorporated)

		
	 By:
	 	 /s/ Carolyn Hurley

		 	(Wells Fargo Securities, LLC)
	
	On behalf of each of the Initial Purchasers

 Signature Page to Series Y Senior Notes Registration Rights AgreementExhibit 4.3

 Exhibit 4.3 
 MeadWestvaco Corporation 
 2005 Performance Incentive Plan 

Amended and Restated Effective February 28, 2011 
 Article I 
 Purpose and General Provisions 

Section 1.1 Purpose of Plan. The purpose of the MeadWestvaco Corporation 2005 Performance Incentive Plan, as amended and restated
(the “Plan”) is to advance the interests of MeadWestvaco Corporation (the “Company”) by attracting, retaining and motivating its employees and by further aligning the interests of the Company’s employees with those
of the stockholders of the Company through providing for or increasing their proprietary interest in the Company. 
 The Plan provides for the
grant of Incentive and Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares, Performance Share Units and Incentive Compensation arrangements, which may be paid in cash or stock or a
combination thereof, as determined by the Committee. Any of these Awards may be performance-based, in the discretion of the Committee. 

Section 1.2 Definitions. The following terms shall have the meanings set forth below for purposes of the Plan. 

(a) “Award” means an Incentive Stock Option, Non-Qualified Stock Option, Stock Appreciation Right, Restricted Stock,
Restricted Stock Unit, Performance Share, Performance Share Unit, or Incentive Compensation arrangement or program granted to or covering a Participant pursuant to the provisions of the Plan, any of which the Committee may structure to qualify in
whole or in part as an Award that is intended to satisfy the requirements for “performance-based compensation” under Code Section 162(m). 
 (b) “Award Agreement” means a written agreement or other instrument as may be approved from time to time by the Committee implementing the grant of each Award. An Award Agreement may be in
the form of an agreement to be executed by both the Participant and the Company (or an authorized representative of the Company) or certificates, notices or similar instruments approved by the Committee. 

(c) “Board of Directors” means the Board of Directors of the Company. 

(d) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rulings and regulations issues
thereunder. 
 (e) “Committee” has the meaning set forth in Section 1.3. 

  
 1 

 (f) “Company” means MeadWestvaco Corporation, a Delaware corporation and its
successors and assigns. 
 (g) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(h) “Incentive Compensation” means a bonus opportunity awarded under Section 3.4 pursuant to which a Participant may
become entitled to receive an amount based on satisfaction of such performance criteria as are specified in the Award Agreement. 
 (i) “Incentive Stock Option” or “ISO” means a stock option that is intended to qualify as an incentive stock option within the meaning of Code Section 422. 

(j) “Market Price” on a date means, unless the Committee provides otherwise, the closing price for the Shares on the New
York Stock Exchange for that date, or, if no Shares are traded on the New York Stock Exchange on the date in question, then for the next preceding date for which Shares are traded on the New York Stock Exchange or, if the Shares are at any time no
longer traded on the New York Stock Exchange, the closing sales price at which the Shares are sold on such other exchange, listing, quotation or similar service, or, if no such closing sales price is available, such other method, consistent with
Section 409A of the Code, as the Committee may determine. 
 (k) “Non-Qualified Stock Option” or
“NQSO” means a stock option that does not qualify as an incentive stock option within the meaning of Code Section 422. 
 (l) “Option” means an ISO and/or a NQSO granted pursuant to Section 3.1 of the Plan. 
 (m) “Participant” means any individual described in Section 2.1 to whom Awards have been granted from time to time by the Committee and any authorized transferee of such individual.

 (n) “Performance Share” means an Award of Restricted Stock, the grant, issuance, vesting, transferability
and/or retention of which is conditioned in whole or in part upon performance conditions established by the Committee. 

(o) “Performance Share Unit” means a Restricted Stock Unit Award, the grant, issuance, vesting or settlement of which is
conditioned in whole or in part upon performance conditions established by the Committee. 
 (p) “Plan” means the
MeadWestvaco Corporation 2005 Performance Incentive Plan as set forth herein and as amended from time to time. 

(q) “Prior Plans” means the MeadWestvaco Corporation 1999 Salaried Employee Stock Incentive Plan, the MeadWestvaco
Corporation 1995 Salaried Employee Stock Incentive Plan and the MeadWestvaco Corporation 1996 Stock Option Plan. 

  
 2 

 (r) “Qualifying Performance Criteria” has the meaning set forth in
Section 5.1(b). 
 (s) “Restricted Stock” means Shares granted pursuant to Section 3.3 of the Plan.

 (t) “Restricted Stock Unit” means an Award granted to a Participant under Section 3.3 pursuant to which
Shares may be issued in the future. 
 (u) “Shares” means shares of the Company’s common stock, par value
$0.01, subject to adjustment as provided in Section 4.1. 
 (v) “Stock Appreciation Right” means a right
granted pursuant to Section 3.2 of the Plan that entitles the Participant to receive, in cash or Shares or a combination thereof, as determined by the Committee, value equal to or otherwise based on the excess of (i) the market price of a
specified number of Shares at the time of exercise over (ii) the exercise price of the Stock Appreciation Right. 

(w) “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with
the Company where each of the corporations in the unbroken chain other than the last corporation owns stock possessing at least 50 percent or more of the total combined voting power of all classes of stock in one of the other corporations in the
chain, and if specifically determined by the Committee in the context other than with respect to Incentive Stock Options, may include an entity in which the Company has a significant ownership interest or that is directly or indirectly controlled by
the Company. 
 (x) “Substitute Award” means an Award granted or issued by the Company in assumption of, or in
substitution or exchange for, awards previously granted, or the right or obligation to make future awards by a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines. 

Section 1.3 Administration. 
 (a) Administration of the Plan. The Plan shall be administered by the Compensation and Organization Development Committee of the Board of Directors or such other committee of two or more
directors as established from time to time by the Board of Directors (the “Committee”). Any power of the Committee may also be exercised by the Board of Directors, except to the extent that the grant or exercise of such authority would
cause any Award or transaction to become subject to (or lose an exemption under) the short-swing profit recovery provisions of Section 16 of the Exchange Act, cause an Award that is contingent on the satisfaction of Qualifying Performance
Criteria to not qualify for treatment as “performance based compensation” under Code Section 162(m), or violate the listing requirements of the New York Stock Exchange or such other exchange on which the Shares are traded. To the
extent that any permitted action taken by the Board conflicts with action taken by the Committee, the Board action shall control. 

  
 3 

 (b) Delegation of Authority by the Committee. The Committee may delegate to one
or more separate committees (any such committee a “Subcommittee”) composed of one or more officers or directors of the Company (who may but need not be members of the Board of Directors) the ability to grant Awards and take the
same actions as the Committee described in Section 1.3(c) or elsewhere in the Plan with respect to Participants who are not “executive officers” as defined in Exchange Act Rule 16a-1 or members of the Board of Directors;
provided, however, that the resolution so authorizing such Subcommittee shall specify the total number of Awards (if any) such Subcommittee may award pursuant to such delegated authority, and any such Award shall be subject to the form of Award
Agreement theretofore approved by the Committee. No officer or officers who are members of any such Subcommittee shall designate himself or herself as a recipient of any Awards granted under authority delegated to such Subcommittee. Any action by
any such Subcommittee within the scope of such delegation shall be treated for all purposes as if taken by the Committee and references in this Plan to the Committee shall include any such Subcommittee. In addition, the Committee may delegate the
administration of the Plan to one or more officers or employees of the Company, and such administrator(s) may have the authority to execute and distribute Award Agreements or other documents evidencing or relating to Awards granted by the
Committee under this Plan, to maintain records relating to Awards, to process or oversee the issuance of Shares under Awards, to interpret and administer the terms of Award Agreements and to take such other actions as may be necessary or appropriate
for the administration of the Plan and of Awards under the Plan, provided that in no case shall any such administrator be authorized to grant Awards under the Plan. Any action by any such administrator within the scope of its delegation shall be
deemed for all purposes to have been taken by the Committee and, except as otherwise specifically provided, references in this Plan to the Committee shall include any such administrator. The Committee established pursuant to
Section 1.3(a) and, to the extent it so provides, any Subcommittee, shall have sole authority to determine whether to review any actions and/or interpretations of any such administrator, and if the Committee shall decide to conduct such a
review, any such actions and/or interpretations of any such administrator shall be subject to approval, disapproval or modification by the Committee. The Compensation and Organization Development Committee hereby designates the Secretary of the
Company and the head of the Company’s human resource function to assist the Administrator in the administration of the Plan and execute agreements evidencing Awards made under this Plan or other documents entered into under this Plan on behalf
of the Administrator or the Company. 
 (c) Powers of the Committee. Subject to the express provisions of this Plan,
the Committee shall be authorized and empowered to do all things that it determines to be necessary or appropriate in connection with the administration of this Plan, including, without limitation: (i) to prescribe, amend and rescind rules and
regulations relating to this Plan and to define terms not otherwise defined herein; (ii) to determine which persons are eligible to be granted Awards under Section 2.1, to which of such persons, if any, Awards shall be granted hereunder
and the timing of any such Awards; (iii) to grant Awards to Participants and determine the terms and conditions of Awards, including the 

  
 4 

 
number of Shares subject to Awards and the exercise or exercise price of such Shares and the circumstances under which Awards become exercisable, vested or settled or are forfeited or expire,
which terms may but need not be conditioned upon the passage of time, continued employment, the satisfaction of performance criteria, the occurrence of certain events (including events which the Board or the Committee determine constitute a Change
of Control), or other factors; (iv) to establish and certify the extent of satisfaction of any performance goals or other conditions applicable to the grant, issuance, exercisability, vesting and/or ability to retain any Award; (v) to
prescribe and amend the terms of Award Agreements or other documents relating to Awards made under this Plan (which need not be identical) and the terms of or form of any document or notice required to be delivered to the Company by
Participants under this Plan; (vi) to determine the extent to which adjustments are required pursuant to Section 4.1; (vii) to interpret and construe this Plan, any rules and regulations under this Plan and the terms and conditions of
any Award granted hereunder, and to make exceptions to any such provisions in good faith and for the benefit of the Company; (viii) to approve corrections in the documentation or administration of any Award; and (ix) to make all other
determinations deemed necessary or advisable for the administration of this Plan. 
 (d) Determinations by the
Committee. All decisions, determinations and interpretations by the Committee (including by any Subcommittee or by any administrators designated pursuant to Section 1.3(b)) regarding the Plan, any rules and regulations under the Plan
and the terms and conditions of or operation of any Award granted hereunder, shall be final and binding on all Participants, beneficiaries, heirs, assigns or other persons holding or claiming rights under the Plan or any Award. The Committee shall
consider such factors as it deems relevant, in its sole and absolute discretion, to making such decisions, determinations and interpretations including, without limitation, the recommendations or advice of any officer or other employee of the
Company and such attorneys, consultants and accountants as it may select. 
 (e) Subsidiary Awards. In the case of a
grant of an Award to any Participant employed by a Subsidiary, such Award may, if the Committee so directs, be implemented by the Company issuing any subject Shares to the Subsidiary, for such lawful consideration as the Committee may determine,
upon the condition or understanding that the Subsidiary will transfer the Shares to the Participant in accordance with the terms of the Award specified by the Committee pursuant to the provisions of the Plan. Notwithstanding any other provision
hereof, such Award may be issued by and in the name of the Subsidiary and shall be deemed granted on such date as the Committee shall determine. 
 Section 1.4 Unfunded Plan. The Plan is intended to be an unfunded plan. Participants are and shall at all times be general creditors of the Company with respect to their Awards. If
the Committee or the Company chooses to set aside funds in a trust or otherwise for the payment of Awards under the Plan, such funds shall at all times be subject to the claims of the creditors of the Company in the event of its bankruptcy or
insolvency. 

  
 5 

 Section 1.5 Effective Date. This Plan was originally adopted by the Board of
Directors of the Company and became effective on February 22, 2005 (the “Original Effective Date”). This amendment and restatement of the Plan was adopted by the Board of Directors of the Company and became effective on
February 28, 2011 (the “Restatement Effective Date”), subject to approval by the Company’s stockholders. The Plan shall remain available for the grant of Awards until the tenth (10th) anniversary of the Restatement Effective
Date. Notwithstanding the foregoing, the Plan may be terminated at such earlier time as the Board of Directors may determine. Termination of the Plan will not affect the rights and obligations of the Participants and the Company arising under Awards
theretofore granted and then in effect. The Plan as amended and restated hereunder shall apply to Awards granted on or after the Restatement Effective Date. Except as specifically provided for herein, the provisions of the Plan in existence prior to
this amendment and restatement shall continue to govern Awards granted prior to the Restatement Effective Date.
 Article II

 Eligibility; Shares Subject to Awards 
 Section 2.1 Eligibility. Any person who is a current or prospective officer or employee (including any director who is also an employee, in his or her capacity as such) of the
Company or of any Subsidiary shall be eligible for selection by the Committee for the grant of Awards hereunder. Options intending to qualify as ISOs may only be granted to employees of the Company or any Subsidiary within the meaning of the Code,
as selected by the Committee. 
 Section 2.2 Shares Subject to the Plan and Limitations on Awards. 

(a) Aggregate Limits. The aggregate number of Shares authorized for grant under the Plan on and after the January 1,
2009 shall be 21,625,000, which shall be reduced by one (1) share of Stock for every one (1) Share that was subject to an Option or Stock Appreciation Right granted under the Plan on and after the January 1, 2009 and two and one-half
(2-1/2) Shares for every one (1) Share that was subject to an Award other than an Option or Stock Appreciation Right granted under the Plan on and after the January 1, 2009. On and after the January 1, 2009, no awards may be granted
under any Prior Plan. The Shares issued pursuant to Awards granted under this Plan may be Shares that are authorized and unissued or Shares that were reacquired by the Company, including Shares purchased in the open market. 

(b) Issuance of Shares. If (i) any Shares subject to an Award are forfeited, an Award expires or an Award is settled for
cash (in whole or in part), or (ii) on and after the January 1, 2009 any Shares subject to an award under the Prior Plans are forfeited, or an award under the Prior Plans expires or is settled for cash (in whole or in part), the Shares
subject to such Award or award under the Prior Plans shall, to the extent of such forfeiture, expiration or cash settlement, again be available for Awards under the Plan. Any Shares that again become available for grant pursuant to the preceding
sentence shall 

  
 6 

 
be added back as (i) one (1) Share if such Shares were subject to Options or Stock Appreciation Rights granted under the Plan or options or stock appreciation rights granted under the
Prior Plans, and (ii) as two and one-half (2-1/2) Shares if such Shares were subject to Awards other than Options or Stock Appreciation Rights granted under the Plan or awards other than options or stock appreciation rights granted under the
Prior Plans. Notwithstanding anything to the contrary contained herein, the following Shares shall not be added to the Shares authorized for grant under paragraph (a) of this Section: (i) Shares tendered by the Participant or withheld by
the Company in payment of the purchase price of an Option, or to satisfy any tax withholding obligation with respect to an Option or Stock Appreciation Right, and (ii) Shares subject to a Stock Appreciation Right that are not issued in
connection with the net settlement of the Stock Appreciation Right on exercise thereof and (iii) Shares reacquired by the Company on the open market or otherwise using cash proceeds from the exercise of Options or options granted under the
Prior Plans. 
 (c) Tax Code Limits. The aggregate number of Shares subject to Options and Stock Appreciation Rights
that may be granted under this Plan during any three fiscal year period to any one Participant shall not exceed 3,000,000. The aggregate number of Shares subject to any Award intended to qualify as “performance-based compensation” under
Code Section 162(m), other than Options or Stock Appreciation Rights, that may be earned under this Plan with respect to any one fiscal year to any one Participant shall not exceed 600,000. The Share numbers set forth in this
Section 2.2(c) shall be calculated and adjusted pursuant to Section 4.1 only to the extent that such calculation or adjustment will not affect the status of any Award intended to qualify as “performance based compensation”
under Code Section 162(m). The aggregate number of Shares that may be issued pursuant to the exercise of Incentive Stock Options granted under this Plan shall not exceed 21,625,000, which number shall be calculated and adjusted pursuant to
Section 4.1 only to the extent that such calculation or adjustment will not affect the status of any option intended to qualify as an Incentive Stock Option under Code Section 422. The maximum amount that may be earned pursuant to that
portion of an Incentive Compensation Award granted under this Plan in any calendar year to any Participant that is denominated in dollars (as opposed to Shares) and is intended to satisfy the requirements for “performance based
compensation” under Code Section 162(m) shall not exceed the following separate and distinct limitations: (i) six million dollars ($6,000,000), if performance is measured with respect to a fiscal year, and (ii) six million
dollars ($6,000,000), if performance is measured with respect to a period longer than a fiscal year. 
 (d) Substitute
Awards. Substitute Awards shall not be subject to the limits described in Section 2.2(a) above and shall not be subject to any other terms and conditions (for example, vesting and pricing) that apply to shares subject to Awards
under the Plan. 

  
 7 

 Article III 
 Terms of Awards 
 Section 3.1 Options. 

(a) Option Awards. The Committee may grant an Option or provide for the grant of an Option, either from time-to-time in the
discretion of the Committee or automatically upon the occurrence of specified events, including, without limitation, the achievement of performance goals. Except to the extent provided herein, no Participant shall have any rights as a stockholder
with respect to any Shares subject to an Option granted hereunder until said Shares have been issued. Each Option shall be evidenced by an Award Agreement. Options granted pursuant to the Plan need not be identical, but each Option must contain and
be subject to the terms and conditions set forth below. 
 (b) Price. The exercise price under each Option shall be
established by the Committee and shall not be less than the Market Price of Shares on the date of grant, provided, however, that the exercise price per Share with respect to a Substitute Award may be less than 100% of the Market Value on the date
such Option is granted if based on a formula set forth in the terms of the options held by such optionees or in the terms of the agreement providing for such merger or other acquisition. The exercise price of any Option may be paid in cash or, to
the extent allowed by the Committee, an irrevocable commitment by a broker to pay over such amount from a sale of the Shares issuable under an Option, the delivery of previously owned Shares, withholding of Shares deliverable upon exercise, such
other method permitted by the Committee or a combination thereof. 
 (c) No Repricing. Other than in connection with
a change in the Company’s capitalization (as described in Section 4.1), an Option may not be repriced without stockholder approval (including canceling previously awarded Options in exchange for cash, other Awards, or Options or Stock
Appreciation Rights with an exercise price that is less than the exercise price of the original Award). 

(d) Provisions Applicable to Options. The Committee may provide at the time of grant that the exercise price of an Option is
increased (but not decreased) after the date of grant based on the performance of the Company’s Common Stock price relative to a pre-established index. Unless provided otherwise in the applicable Award Agreement, the vesting period and/or
exercisability of an Option shall be adjusted by the Committee during or to reflect the effects of any period during which the Participant is on an approved leave of absence or is employed on a less than full-time basis. Each Option shall expire
within a period of not more than ten (10) years from the date of grant. 
 (e) Incentive Stock Options.
Notwithstanding anything to the contrary in this Section 3.1, in the case of the grant of an Option intending to qualify as an ISO: (i) if the Participant owns stock possessing more than 10 percent of the combined voting power of all
classes of stock of the Company (a “10% Shareholder”), the exercise price of such Option must be at least 110 percent of the Market Price of Shares on the date of grant and 

  
 8 

 
the Option must expire within a period of not more than five (5) years from the date of grant, and (ii) termination of employment will be deemed to occur when the person to whom an
Award was granted ceases to be an employee (as determined in accordance with Code Section 3401(c) and the regulations promulgated thereunder) of the Company and its Subsidiaries. Notwithstanding anything in this Section 3.1 to
the contrary, options designated as ISOs shall not be eligible for treatment under the Code as ISOs to the extent that either (a) the aggregate Market Price of Shares (determined as of the time of grant) with respect to which such Options
are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Subsidiary) exceeds $100,000, taking Options into account in the order in which they were granted, and (b) such Options
otherwise remain exercisable but are not exercised within three (3) months of termination of employment (or such other period of time provided in Code Section 422). 
 Section 3.2 Stock Appreciation Rights. 

(a) General. Stock Appreciation Rights may be granted to Participants from time to time either in tandem with or as a
component of other Awards granted under the Plan (“tandem SARs”) or not in conjunction with other Awards (“freestanding SARs”) and may, but need not, relate to a specific Option granted under Section 3.1. The
provisions of Stock Appreciation Rights need not be the same with respect to each grant or each recipient. Any Stock Appreciation Right granted in tandem with an Option may be granted at the same time such Option is granted or at any time thereafter
before exercise or expiration of such Option. All Stock Appreciation Rights under the Plan shall be granted subject to the same terms and conditions applicable to Options as set forth in Section 3.1; provided, however, that Stock Appreciation
Rights granted in tandem with a previously granted Option shall have the terms and conditions of such Option. Subject to the provisions of Section 3.1, the Committee may impose such other conditions or restrictions on any Stock Appreciation
Right as it shall deem appropriate. Stock Appreciation Rights may be settled in Shares, cash or a combination thereof, as determined by the Committee. 
 (b) Award Agreement. Each Stock Appreciation Right shall be evidenced by an Award Agreement. Stock Appreciation Rights granted pursuant to the Plan need not be identical, but each Stock
Appreciation Right must contain and be subject to the terms and conditions set forth below. 
 (c) Provisions Applicable
to Stock Appreciation Rights. The Committee may grant a Stock Appreciation Right or provide for the grant of a Stock Appreciation Right, either from time-to-time in the discretion of the Committee or automatically upon the occurrence of
specified events, including, without limitation, the achievement of performance goals (which may include Qualifying Performance Criteria). Unless provided otherwise in the applicable Award Agreement, the vesting period and/or exercisability of a
Stock Appreciation Right shall be adjusted by the Committee during or to reflect the effects of any period during which the Participant is on an approved leave of absence or is employed on a less than full-time basis. Each Stock Appreciation Right
shall expire within a period of not more than ten (10) years from the date of grant. 

  
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 (d) No Repricing. Other than in connection with a change in the Company’s
capitalization (as described in Section 4.1), a Stock Appreciation Right may not be repriced without stockholder approval (including canceling previously awarded Stock Appreciation Rights in exchange for cash, other Awards, or Options or Stock
Appreciation Rights with an exercise price that is less than the exercise price of the original Award). 

Section 3.3 Restricted Stock and Restricted Stock Units. 

(a) General. Restricted Stock and Restricted Stock Units may be granted at any time and from time to time prior to the
termination of the Plan to Participants selected by the Committee. Restricted Stock is an award or issuance of Shares the grant, issuance, retention, vesting and/or transferability of which is subject during specified periods of time to such
conditions and terms as the Committee deems appropriate. The Committee may specify that all of any part of an Award shall consist of Performance Shares, which shall be subject to the provisions of this Plan applicable to Restricted Stock except that
the grant, issuance, vesting and/or transferability of the Shares thereunder are subject in whole or in part to performance conditions established by the Committee. To the extent determined by the Committee, Restricted Stock may be satisfied or
settled in Shares, cash or a combination thereof. Restricted Stock Units are Awards denominated in units under which the issuance of Shares is subject to such conditions and terms as the Committee deems appropriate. Unless determined otherwise by
the Committee, each Restricted Stock Unit will be equal to one Share and will entitle a Participant to either the issuance of Shares or payment of an amount of cash determined with reference to the value of Shares. The Committee may specify that all
of any part of an Award shall consist of Performance Share Units, which shall be subject to the provisions of this Plan applicable to Restricted Stock Units except that the grant, issuance, vesting or settlement of the Award is subject in whole or
in part to performance conditions established by the Committee. Restricted Stock and Restricted Stock Units granted pursuant to the Plan need not be identical but each grant of Restricted Stock and Restricted Stock Units must contain and be subject
to the terms and conditions set forth below. 
 (b) Award Agreement. Each grant of Restricted Stock and Restricted
Stock Units shall be evidenced by an Award Agreement. Each Award Agreement shall contain provisions regarding (i) the number of Shares or Restricted Stock Units subject to such Award or a formula for determining such number, (ii) the
purchase price of the Shares, if any, and the means of payment, (iii) the performance criteria, if any, and level of achievement versus these criteria that shall determine the number of Restricted Stock or Restricted Stock Units granted,
issued, retainable and/or vested, (iv) such terms and conditions on the grant, issuance, vesting, settlement and/or forfeiture of the Restricted Stock or Restricted Stock Units as may be determined from time to time by the Committee,
(v) the term of the performance period, if any, as to which performance shall be measured for such Restricted Stock or Restricted Stock Units, (vi) restrictions on the 

  
 10 

 
transferability of the Restricted Stock or Restricted Stock Units, and (vii) such further terms and conditions in each case not inconsistent with this Plan as may be determined from time to
time by the Committee. Shares issued under a Restricted Stock Award may be issued in the name of the Participant and held by the Participant or held by the Company, in each case as the Committee may provide. 

(c) Vesting and Performance Criteria. The grant, issuance, retention, vesting and/or settlement of shares of Restricted Stock
and Restricted Stock Units (including Performance Shares and Performance Share Units) shall occur at such time and in such installments as determined by the Committee or under criteria established by the Committee, which may include Qualifying
Performance Criteria. 
 (d) Voting Rights. Unless otherwise determined by the Committee, Participants holding
Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares during the period of restriction. Participants shall have no voting rights with respect to Shares underlying Restricted Stock Units unless and
until such Shares are reflected as issued and outstanding Shares on the Company’s stock ledger. 

Section 3.4 Incentive Compensation. 
 (a) General. The Committee may grant or establish a program for Incentive Compensation under which an individual Award or a funding pool from which Participants are paid is contingent upon
such performance criteria (including Qualifying Performance Criteria) as the Committee may specify. Under any such arrangement, the Committee shall establish performance criteria and the level of achievement versus such criteria that shall
determine the amount payable or available as Incentive Compensation, which criteria may be based on financial performance and/or personal performance evaluations. 
 (b) Incentive Compensation Arrangements. Each “covered employee” of the Company (as defined and determined under Code Section 162(m)) may be a Participant in any Incentive
Compensation arrangement or program established by the Committee, provided that the amount payable to any Participant pursuant to any such Incentive Compensation arrangement or program shall be subject to reduction as provided in
Section 3.4(d). In establishing an Incentive Compensation arrangement or program, the Committee shall set forth terms, to the extent applicable, regarding: (i) the maximum amount payable as Incentive Compensation or a formula for
determining such; (ii) the performance criteria and level of achievement versus these criteria that shall determine the amount of such payment; (iii) the term of the performance period as to which performance shall be measured for
determining the amount of any payment; (iv) the timing of any payment earned by virtue of performance; (v) any forfeiture provisions; and (vi) such further terms and conditions, in each case not inconsistent with this Plan as may be
determined from time to time by the Committee. The terms of any Incentive Compensation arrangement or program shall be set forth in writing and may take the form of an Award Agreement or Award Agreements, term sheet or other document or documents as
the Committee shall determine. 

  
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 (c) Timing and Form of Payment. The Committee shall determine the timing of
payment of any Incentive Compensation. Subject to the limitations described in Section 2.2(c), payment of the amount due any Participant as Incentive Compensation may be made in cash or in Shares, as determined by the Committee. The Committee
may, but need not, allow a Participant to defer, in a manner consistent with Code Section 409A, under any plan or arrangement established by it receipt of any amounts or Shares otherwise payable as Incentive Compensation. 

(d) Discretionary Adjustments. Notwithstanding satisfaction of any performance goals, the amount paid under an Incentive
Compensation arrangement on account of either financial performance or personal performance evaluations may be reduced by the Committee on the basis of such further considerations as the Committee shall determine. 

Article IV 

Adjustment of and Changes to Common Stock; Change of Control 
 Section 4.1 Adjustment of and Changes to Common Stock. 

(a) In the event of a reorganization, reclassification, combination of shares, stock split, reverse stock split, spin-off, dividend
(other than regular, quarterly cash dividends), or another such transaction or event, then the number and kind of Shares that have been authorized for issuance under the Plan, whether such Shares are then currently subject to or may become subject
to an Award under the Plan, as well as the per share limits set forth in Section 2.2 of this Plan, shall be equitably adjusted by the Committee to reflect such increase or decrease or change in the kind of securities outstanding. The terms of
each outstanding Award shall also be equitably adjusted by the Committee as to price, number and kind of Shares subject to such Award and other terms to reflect the foregoing events. 

(b) In the event there shall be any other change in the number or kind of outstanding Shares, or any stock or other securities into
which such Shares shall have been changed, or for which Shares shall have been exchanged, whether by reason of a change of control, other merger, consolidation or otherwise, then the Committee shall make such equitable adjustments to the number and
kind of Shares that have been authorized for issuance under the Plan, whether such Shares are then currently subject to or may become subject to an Award under the Plan, as well as the per share limits set forth in Section 2.2 of this Plan. The
terms of each outstanding Award shall also be equitably adjusted by the Committee as to price, number and kind of Shares subject to such Award and other terms to reflect the foregoing events. In addition, in the event of a change described in this
paragraph that does not occur in connection with a Change of Control, the Committee may accelerate the time or times at which any Award may be exercised and may provide for cancellation of such accelerated Awards that are not exercised within a time
prescribed by the Committee in its sole discretion. Notwithstanding anything to the contrary herein, any adjustment to ISOs granted pursuant to this Plan shall comply with the requirements, provisions and restrictions of Code Section 424, and
any adjustment to NQSOs granted pursuant to this Plan shall comply with the requirements, provisions and restrictions of Code Section 409A. 

  
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 (c) No right to purchase fractional shares shall result from any adjustment in Awards
pursuant to this Section 4.1. In case of any such adjustment, the Shares subject to the Award shall be rounded down to the nearest whole Share. Notice of any adjustment shall be given by the Company to the holder of each Award that shall have
been so adjusted and such adjustment (whether or not notice is given) shall be effective and binding for all purposes of the Plan. 

Section 4.2 Change of Control. 
 (a) Effect of Change of Control upon Certain Stock Awards. Unless the Committee or the Board specifies otherwise in the terms of an Award prior to a Change of Control event, this
Section 4.2(a) shall govern the treatment upon or following a Change of Control of any Option, Stock Appreciation Right, Restricted Stock or Restricted Stock Unit, the vesting and/or settlement of which is based solely upon continued
employment or the passage of time. In the case of an Award subject to this Section 4.2(a) that the acquiring or surviving company in the Change of Control assumes upon and maintains immediately following the Change of Control (which Award
shall be adjusted as to the number and kind of shares as may be determined appropriate by the Committee prior to the Change in Control), if there occurs an involuntary termination without Cause of the Participant holding such Award (excluding
voluntary resignation, death, disability or retirement) within twenty four months following the Change of Control such Award shall be treated as provided in clause (i) or (ii) of this Section 4.2(a), as applicable. In the case of
an Award subject to this Section 4.2(a) that the acquiring or surviving company in the Change of Control does not assume upon the Change of Control, immediately prior to the Change of Control such Award shall be treated as provided in
clause (i) or (ii) of this Section 4.2(a), as applicable. The treatment provided for under this Section 4.2(a) is as follows: 
 (i) in the case of an Option or a Stock Appreciation Right, the Participant shall have the ability to exercise such Option or Stock Appreciation Right, including any portion of the Option not
previously exercisable, until the earlier of the expiration of the Option or Stock Appreciation Right under its original term and a date that is two years (or such longer post-termination exercisability term as may be specified in the Option or
Stock Appreciation Right) following such date of termination of employment; and 
 (ii) in the case of Restricted
Stock or Restricted Stock Units, the Award shall become fully vested and shall be settled in full. 
 The Committee may also, through the terms
of an Award or otherwise, provide for an absolute or conditional exercise, payment or lapse of conditions or restrictions on an Award which shall only be effective if, upon the announcement of a transaction intended to result in a Change of Control,
no provision is made in such transaction for the assumption and continuation of outstanding Awards. 

  
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 (b) Effect of Change of Control upon Performance-Based Awards. Unless the
Committee or the Board specifies otherwise in the terms of an Award prior to a Change of Control event, the treatment of any Award in which the grant, issuance, retention, vesting and/or settlement of such Award is based in whole or in part on
performance criteria and level of achievement versus such criteria shall be as specified in this Section 4.2(b). 

(i) With respect to Awards granted prior to the January 1, 2009, in the case of an Award subject to this
Section 4.2(b) in which fifty percent (50%) or more of the performance period applicable to the Award has elapsed as of the date of the Change of Control, the Participant shall be entitled to payment, vesting or settlement of such
Award based upon performance through a date occurring within three months prior to the date of the Change of Control, as determined by the Committee prior to the Change of Control, and pro-rated based upon the percentage of the performance period
that has elapsed between the date such Award was granted and the date of the Change of Control. With respect to Awards granted prior to the January 1, 2009, in the case of an Award subject to this Section 4.2(b) in which less than
fifty percent (50%) of the performance period applicable to the Award has elapsed as of the date of the Change of Control, the Participant shall be entitled to payment, vesting or settlement of the target amount of such Award, as determined by
the Committee prior to the Change of Control, pro-rated based upon the percentage of the performance period that has elapsed between the date such Award was granted and the date of the Change of Control. With respect to Awards granted prior to the
January 1, 2009, the Committee may determine either prior or after such Change of Control event the treatment of the pro-rata portion of an Award attributable to the portion of the performance period occurring after the date of the Change of
Control. 
 (ii) With respect to Awards granted on or after the January 1, 2009, in the case of an Award subject to
this Section 4.2(b), upon the occurrence of the Change of Control the Participant shall be deemed to have satisfied any performance-based vesting criteria at the target level (as determined by the Committee prior to the Change of Control), and
following the Change of Control any such Award shall continue to vest based on the time-based vesting criteria, if any, to which the Award is subject. In addition, any Award subject to this Section 4.2(b)(ii) that the acquiring or surviving
company in the Change of Control assumes upon and maintains immediately following the Change of Control (which Award shall be adjusted as to the number and kind of shares as may be determined appropriate by the Committee prior to the Change in
Control), if there occurs an involuntary termination without Cause of the Participant holding such Award (excluding voluntary resignation, death, disability or retirement) within twenty four months following the Change of Control such Award
shall be treated as provided in clause (i) or (ii) of Section 4.2(a), as applicable. In the case of an Award subject to this Section 4.2(b)(ii) that the acquiring or surviving company in the Change of Control does not assume upon
the Change of Control, immediately prior to the Change of Control such Award shall be treated as provided in clause (ii) of Section 4.2(a), as applicable. 

  
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 (c) Definition of “Change of Control”. Unless the Committee or the
Board shall provide otherwise, “Change of Control” shall mean an occurrence of any of the following events: 

(i) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (i) the
then outstanding Shares (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the
“Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change of Control: (A) any acquisition directly from the Company, (B) any
acquisition by the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (D) any acquisition by any corporation pursuant to
a transaction that constitutes a “Merger of Equals” as defined in Section 4.2(c)(iii) of this Plan; or 

(ii) Individuals who, as of the Original Effective Date, constitute the Board of Directors (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual becoming a director subsequent to the Original Effective Date whose election, or nomination for election by
the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose,
any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on
behalf of a Person other than the Board of Directors; or 
 (iii) Consummation of a reorganization, merger, statutory share
exchange or consolidation or similar corporate transaction involving the Company or any of its subsidiaries, or a sale or other disposition of all or substantially all of the assets of the Company (each, a “Business Combination”), in each
case, unless such Business Combination constitutes a “Merger of Equals.” A Business Combination shall constitute a “Merger of Equals” if, following such Business Combination, either: 

(A) (1) all or substantially all of the individuals and entities that were the beneficial owners, respectively, of
the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of, respectively, the then outstanding shares of common stock and
the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a
corporation which as a 

  
 15 

 
result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) (the “Resulting
Corporation”) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (2) no
Person (excluding the Resulting Corporation and its affiliates or any employee benefit plan (or related trust) of the Resulting Corporation and its affiliates) beneficially owns, directly or indirectly, 20% or more of, respectively, the
then-outstanding shares of common stock of the Resulting corporation or the combined voting power of the then outstanding voting securities of the Resulting Corporation except to the extent that such ownership existed with respect to the Company
prior to the Business Combination, and (3) at least a majority of the members of the board of directors of the Resulting Corporation (the “Resulting Board”) were members of the Incumbent Board at the time of the execution of the
initial agreement, or of the action of the Board of Directors, providing for such Business Combination; or 

(B) immediately after such Business Combination (1) at least 50% of the members of the Resulting Board are
individuals who were members of the Incumbent Board (as defined in Section 4.2(c)(ii)) at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination, and
(2) either (x) the position of chief executive officer of the Resulting Corporation is occupied by an individual who was employed by the Company immediately before such Business Combination, or (y) a majority of the leadership
positions reporting directly to the chief executive officer of the Resulting Corporation are occupied by individuals who were employed by the Company immediately before such Business Combination. 

or (iv) Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company, which liquidation or
dissolution is subsequently completed. 
 Article V 

Performance-Based Compensation 
 Section 5.1 Qualifying Performance-Based Compensation. 

(a) General. The Committee may specify that an Award or a portion of an Award is intended to satisfy the requirements for
“performance-based compensation” under Code Section 162(m), provided that the performance criteria for any portion of an Award that is intended by the Committee to satisfy the requirements for “performance-based
compensation” under Code Section 162(m) shall be a measure based on one or more Qualifying Performance Criteria selected by the Committee. Within the time period required under Code Section 162(m), the Committee will establish
the Qualifying Performance Criteria for the performance period and the formula or payout that is 

  
 16 

 
contingent upon satisfaction of the Qualifying Performance Criteria. This may take the form of a matrix under which threshold, target and amounts in excess of target are payable based upon
satisfaction of the Qualifying Performance Criteria. The Committee shall certify the extent to which any Qualifying Performance Criteria has been satisfied, and the amount payable as a result thereof, prior to payment, settlement or vesting of any
Award that is intended to satisfy the requirements for “performance-based compensation” under Code Section 162(m). Notwithstanding satisfaction of any performance goals, the number of Shares issued under or the amount paid under an
Award intended by the Committee to satisfy the requirements for “performance-based compensation” under Code Section 162(m) may, to the extent specified by the Committee with respect to the Award, be reduced by the Committee on
the basis of such further considerations as the Committee in its sole discretion shall determine. Awards based on Qualifying Performance Criteria can be granted in the same fiscal year and be based on overlapping performance periods. 

(b) Qualifying Performance Criteria. For purposes of this Plan, the term “Qualifying Performance Criteria” shall
mean any one or more of the following performance criteria, either individually, alternatively or in any combination, applied to either the Company as a whole or to a business unit or Subsidiary, either individually, alternatively or in any
combination, and measured either annually (or such shorter period specified by the Committee) or cumulatively over a period of years, on an absolute basis or relative basis, on a per-share basis and/or against a target, past performance or peer
group performance, in each case as specified by the Committee: (i) net sales; (ii) working capital; (iii) net profit after tax; (iv) economic profit; (v) EVA; (vi) EBIT; (vii) EBITA; (viii) EBITDA;
(ix) OBIT; (x) OBITDA; (xi) gross profit; (xii) operating income or operating profit; (xiii) cash generation; (xiv) cash flow; (xv) unit volume; (xvi) stock price; (xvii) market share; (xviii) asset
quality; (xix) return on equity; (xx) return on assets; (xxi) return on operating assets; (xxii) cost saving levels; (xxiii) operating income; (xxiv) marketing-spending efficiency; (xxv) core non-interest income;
(xxvi) change in working capital; (xxvii) return on invested capital; (xxviii) return on capital employed; (xxix) shareholder return; (xxx) shareholder value; (xxxi) safety case incident rates; and
(xxxii) innovation factor (including revenue from new products, number of new products, granting of patents and/or market penetration of new products measurable by pre-established objective criteria). 

(c) Adjustments. Subject to the limits imposed under Code Section 162(m) for Awards that are intended to qualify as
“performance based compensation,” notwithstanding the satisfaction of any performance goals, the number of Shares granted, issued, retainable and/or vested under an Award of Restricted Stock or Restricted Stock Units on account of either
financial performance or personal performance evaluations may be reduced by the Committee on the basis of such further considerations as the Committee shall determine. Moreover, to the extent consistent with Code Section 162(m), the Committee
may appropriately adjust any evaluation of performance under a Qualifying Performance Criteria to exclude any of the following events that occurs during a performance period: (i) asset write-downs; (ii) litigation, claims, judgments or
settlements; (iii) the effect of changes in tax law, accounting principles or other such laws 

  
 17 

 
or provisions affecting reported results; (iv) accruals for reorganization and restructuring programs; (v) discontinued operations; (vi) the effect of mergers and acquisitions; and
(vii) any extraordinary, unusual or non-recurring items as described in Accounting Principles Board Opinion No. 30 and/or in management’s discussion and analysis of financial condition and results of operations appearing in the
Company’s Forms 10-K or 10-Q for the applicable year. 
 (d) Administration. To the extent consistent with Code
Section 162(m), the Committee may delegate to one or more of its members or to appropriate employees of the Company the responsibility to carry out any purely ministerial responsibilities in connection with the Plan; provided, that in no event
shall the following responsibilities be considered ministerial, and they shall be carried out by only the Committee acting by decision of the majority of its members: (i) the designation of Participants; (ii) the establishment of the terms
and conditions of Award Opportunities; (iii) the certification of the achievement of Performance Goals; (iv) the determination of the actual Awards intended to satisfy the requirements for “performance-based compensation” under
Code Section 162(m) to be made to Participants; and (v) any other responsibilities that must be carried out by a committee of outside directors for purposes of Code Section 162(m). 

Article VI 

Additional Terms Applicable to Awards 
 Section 6.1 Dividends and Distributions. The Committee may, but need not, provide that dividends or dividend equivalents shall be payable in connection with or as an arrangement
separate from any Awards except that dividends or dividend equivalents shall not be payable in connection with Options or Stock Appreciation Rights, and, unless the Committee provides otherwise, Shares of Restricted Stock that remain subject to any
restriction shall accrue dividends. The Committee may provide that any dividends or dividend equivalents may be paid in cash or in Shares or may be deemed reinvested into additional Shares, and may provide that such dividends or dividend equivalents
will be paid at the same time dividends are paid to the Company’s shareholders or made subject to the same terms, conditions and restrictions as the Awards with respect to which they accrued or to such other terms and conditions as the
Committee may specify. Notwithstanding anything herein to the contrary, in no event shall dividends or dividend equivalents be currently payable with respect to unvested or unearned Performance Shares or Performance Share Units. 

Section 6.2 Conditions and Restrictions Upon Securities Subject to Awards. The Committee may provide that the Shares issued upon
exercise of an Option or Stock Appreciation Right or otherwise subject to or issued under an Award shall be subject to such further agreements, restrictions, conditions or limitations as the Committee in its discretion may specify prior to the
exercise of such Option or Stock Appreciation Right or the grant, vesting or settlement of such Award, including without limitation, conditions on vesting or transferability, forfeiture or repurchase provisions and method of payment for the Shares
issued upon exercise, vesting or settlement of such Award (including the 

  
 18 

 
actual or constructive surrender of Shares already owned by the Participant) or payment of taxes arising in connection with an Award. Without limiting the foregoing, such restrictions may
address the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any Shares issued under an Award, including without limitation (a) restrictions under an insider trading policy or pursuant to
applicable law, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by Participant and holders of other Company equity compensation arrangements, and (c) restrictions as to the use of a specified brokerage
firm for such resales or other transfers. 
 Section 6.3 Transferability. Each Award may not be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated by a Participant other than by will or the laws of descent and distribution, and each Option or Stock Appreciation Right shall be exercisable only by the Participant during his or her
lifetime. Notwithstanding the foregoing, to the extent permitted by the Committee, a Participant may transfer an Award (other than an Incentive Stock Option) to any “family member” of the Participant (as such term is defined in
Section 1(a)(5) of the General Instructions to Form S-8 under the Securities Act of 1933, as amended (“Form S-8”)), to trusts solely for the benefit of such family members and to partnerships in which such family members and/or
trusts are the only partners; provided that, (i) as a condition thereof, the transferor and the transferee must execute a written agreement containing such terms as specified by the Administrator, and (ii) the transfer is pursuant to a
gift or a domestic relations order to the extent permitted under the General Instructions to Form S-8. 

Section 6.4 Suspension or Termination of Awards. Except as otherwise provided by the Committee, if at any time (including after a
notice of exercise has been delivered or an Award has vested) the Chief Executive Officer or any other person designated by the Committee (each such person, an “Authorized Officer”) reasonably believes that a Participant may have
committed an Act of Misconduct as described in this Section 6.4, the Authorized Officer or the Committee may suspend the Participant’s rights to exercise any Option, to vest in an Award, and/or to receive payment for or receive Shares in
settlement of an Award pending a determination of whether an Act of Misconduct has been committed. 
 If the Committee or an
Authorized Officer determines a Participant has violated the Company’s Code of Conduct or has committed an act of embezzlement, fraud, dishonesty, nonpayment of any obligation owed to the Company or any Subsidiary, breach of fiduciary duty or
deliberate disregard of Company or Subsidiary rules resulting in loss, damage or injury to the Company or any Subsidiary, or if a Participant makes an unauthorized disclosure of any Company or Subsidiary trade secret or confidential information,
engages in any conduct constituting unfair competition, breaches any non-competition agreement, induces any Company or Subsidiary customer to breach a contract with the Company or any Subsidiary, or induces any principal for whom the Company or any
Subsidiary acts as agent to terminate such agency relationship (any of the foregoing acts, an “Act of Misconduct”), then except as otherwise provided by the Committee or Authorized Officer, (a) neither the Participant nor his or her
estate nor 

  
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transferee shall be entitled to exercise any Option whatsoever, vest in or have the restrictions on an Award lapse, or otherwise receive payment of an Award, (b) the Participant will forfeit
all outstanding Awards, and (c) the Participant may be required to return and/or repay to the Company any then unvested Shares previously issued under the Plan. In making such determination, the Committee or an Authorized Officer may give the
Participant an opportunity to submit written comments, documents, information and arguments to be considered by the Authorized Officer and/or the Committee. 
 Awards shall be subject to the Policy of Recoupment adopted by the Board of Directors or the Committee. 
 Section 6.5 Compliance with Laws and Regulations. This Plan, the grant, issuance, vesting, exercise and settlement of Awards thereunder, and the obligation of the Company to sell,
issue or deliver Shares under such Awards, shall be subject to all applicable foreign, federal, state and local laws, rules and regulations and to such approvals by any governmental or regulatory agency as may be required. The Company shall not be
required to register in a Participant’s name or deliver any Shares prior to the completion of any registration or qualification of such Shares under any foreign, federal, state or local law or any ruling or regulation of any government body
that the Committee shall determine to be necessary or advisable. To the extent the Company is unable to or the Committee deems it infeasible to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the
Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, the Company and its Subsidiaries shall be relieved of any liability with respect to the failure to issue or sell such Shares as to which such requisite
authority shall not have been obtained. 
 No Option shall be exercisable and no Shares shall be issued and/or transferable
under any other Award unless a registration statement with respect to the Shares underlying such Stock Option is effective and current or the Company has determined that such registration is unnecessary. 

In the event an Award is granted to or held by a Participant who is employed or providing services outside the United States, the
Committee may, in its sole discretion, modify the provisions of the Plan or of such Award as they pertain to such individual to comply with applicable foreign law or to recognize differences in local law, currency or tax policy. The Committee may
also impose conditions on the grant, issuance, exercise, vesting, settlement or retention of Awards in order to comply with such foreign law and/or to minimize the Company’s obligations with respect to tax equalization for Participants employed
outside their home country. 
 Section 6.6 Tax Treatment of Awards. To the extent required by applicable federal, state,
local or foreign law, a Participant shall be required to satisfy, in a manner satisfactory to the Company, any withholding tax obligations that arise by reason of an Option exercise, the vesting of or settlement of Shares under an Award, an election
pursuant to Section 83(b) of the Code or otherwise with respect to an Award. The Company and its Subsidiaries shall not be required to issue Shares, make any payment or 

  
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to recognize the transfer or disposition of Shares until such obligations are satisfied. The Committee may permit or require these obligations to be satisfied by having the Company withhold a
portion of the Shares that otherwise would be issued to a Participant upon exercise of the Option or the vesting or settlement of an Award, or by tendering Shares previously acquired, in each case having a Market Price equal to the minimum amount
required to be withheld or paid, or by having such Shares sold on the New York Stock Exchange. Any such elections are subject to such conditions or procedures as may be established by the Committee and may be subject to disapproval by the Committee.
Unless the Committee specifies otherwise in the terms of an Award Agreement, as a condition to receiving any Award, Participants shall waive and not be entitled to make an election to be taxed currently under Code Section 83(b). 

Section 6.7 Amendment of the Plan or Awards. The Board may amend, alter or discontinue this Plan, and the Committee may amend or
alter any agreement or other document evidencing an Award made under this Plan but, except as provided pursuant to the provisions of Section 4.1, no such amendment shall, without the approval of the stockholders of the Company: 

(a) increase the maximum number of Shares for which Awards may be granted under this Plan; 

(b) reduce the price at which Options or Stock Appreciation Rights may be granted below the price provided for in
Section 3.1(b); 
 (c) reduce the exercise price of outstanding Options or Stock Appreciation Rights; 

(d) cancel outstanding Options or Stock Appreciation Rights in exchange fro cash or other Awards; 

(e) extend the term of this Plan; 
 (e) change the class of persons eligible to be Participants; 

(f) otherwise amend the Plan in any manner requiring stockholder approval by law or under the New York Stock Exchange listing
requirements; or 
 (g) increase the individual maximum limits in Section 2.2(c). 

No amendment or alteration to the Plan, an Award or an Award Agreement shall be made which would impair the rights of the holder of an
Award, without such holder’s consent, provided that no such consent shall be required if the Committee determines in its sole discretion and prior to the date of any Change of Control (as defined herein or in the applicable Award
Agreement) that such amendment or alteration either is required or advisable in order for the Company, the Plan or the Award to satisfy any law or regulation or to meet the requirements of or avoid adverse financial accounting consequences
under any accounting standard. 

  
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 Section 6.8 No Liability of Company. The Company and any Subsidiary or affiliate
which is in existence or hereafter comes into existence shall not be liable to a Participant or any other person as to: (i) the non-issuance or sale of Shares as to which the Company has been unable to obtain from any regulatory body having
jurisdiction the authority deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder; and (ii) any tax consequence to any Participant or other person due to the receipt, exercise, vesting,
settlement or forfeiture of any Award granted hereunder. 
 Section 6.9 Non-Exclusivity of Plan. Neither the adoption of
this Plan by the Board of Directors nor the submission of this Plan to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board of Directors or the Committee to adopt such other incentive
arrangements as either may deem desirable, including without limitation, the granting of restricted stock or stock options otherwise than under this Plan, and such arrangements may be either generally applicable or applicable only in specific cases.

 Section 6.10 Governing Law. This Plan and any agreements or other documents hereunder shall be interpreted and
construed in accordance with the laws of the Delaware and applicable federal law. Any reference in this Plan or in the agreement or other document evidencing any Awards to a provision of law or to a rule or regulation shall be deemed to include any
successor law, rule or regulation of similar effect or applicability. 
 Section 6.11 Arbitration of Disputes. In the
event a Participant or other holder of an Award or person claiming a right under an Award or the Plan believes that a decision by the Committee with respect to such person or Award was arbitrary or capricious, the person may request arbitration with
respect to such decision. The review by the arbitrator shall be limited to determining whether the Participant or other Award holder has proven that the Committee’s decision was arbitrary or capricious. This arbitration shall be the sole and
exclusive review permitted of the Committee’s decision. Participants, Award holders and persons claiming rights under an Award or the Plan explicitly waive any right to judicial review. 

Notice of demand for arbitration shall be made in writing to the Company within thirty (30) days after the applicable decision by
the Committee. The arbitrator shall be selected by the Company. Such arbitrator shall be neutral within the meaning of the Commercial Rules of Dispute Resolution of the American Arbitration Association; provided, however, that the arbitration shall
not be administered by the American Arbitration Association. Any challenge to the neutrality of the arbitrator shall be resolved by the arbitrator whose decision shall be final and conclusive. The arbitration shall be administered and conducted by
the arbitrator pursuant to the Commercial Rules of Dispute Resolution of the American Arbitration Association. Each side shall bear its own fees and expenses, including its own attorney’s fees, and each side shall bear one half of the
arbitrator’s fees and expenses. The decision of the arbitrator on the issue(s) presented for arbitration shall be final and conclusive and may be enforced in any court of competent jurisdiction. 

  
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 Section 6.12 No Right to Employment, Reelection or Continued Service. Nothing in
this Plan or an Award Agreement shall interfere with or limit in any way the right of the Company, its Subsidiaries and/or its affiliates to terminate any Participant’s employment, service on the Board or service for the Company at any time or
for any reason not prohibited by law, nor confer upon any Participant any right to continue his or her employment or service for any specified period of time. Neither an Award nor any benefits arising under this Plan shall constitute an employment
contract with the Company, any Subsidiary and/or its affiliates. Accordingly, subject to Sections 1.5 and 6.7, this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Board of Directors without
giving rise to any liability on the part of the Company, its Subsidiaries and/or its affiliates. 
 Section 6.13
Section 409A Addendum. 
 (a) Compliance With Law. The Plan is intended to comply with the requirements
of Code Section 409A, to the extent applicable. Each Award shall be construed and administered such that the Award either (i) qualifies for an exemption from the requirements of Code Section 409A or (ii) satisfies the
requirements of Code Section 409A. If an Award is subject to Code Section 409A, (i) distributions shall only be made in a manner and upon an event permitted under Code Section 409A, (ii) payments to be made upon a
termination of employment shall only be made upon a “separation from service” under Code Section 409A, (iii) unless the Award specifies otherwise, each installment payment shall be treated as a separate payment for purposes of
Code Section 409A, and (iv) in no event shall a Participant, directly or indirectly, designate the calendar year in which a distribution is made except in accordance with Code Section 409A. 

(b) Section 409A Distribution Date for Key Employees. Any Award that is subject to Code Section 409A and that is to be
distributed to a Key Employee (as defined below) upon separation from service shall be administered so that any distribution with respect to such Award shall be postponed for six months following the date of the Participant’s separation
from service, if required by Code Section 409A. If a distribution is delayed pursuant to Code Section 409A, the distribution shall be paid within 15 days after the end of the six-month period. If the Participant dies during such six-month
period, any postponed amounts shall be paid within 90 days of the Participant’s death. The determination of Key Employees, including the number and identity of persons considered Key Employees and the identification date, shall be made by the
Committee or its delegate each year in accordance with Code Section 416(i) and the “specified employee” requirements of Code Section 409A. 
 (c) Change of Control – Restricted Stock Units. Upon a Change of Control, outstanding Restricted Stock Units shall vest and be payable in accordance with Section 4.2(a), provided
that if a Restricted Stock Unit is subject to Code Section 409A, distributions with respect to such Restricted Stock Unit shall be made in accordance with Code Section 409A. If required under Code Section 409A, the Restricted Stock
Unit 

  
 23 

 
shall vest as and to the extent provided in Section 4.2(a) with respect to the Change of Control, but distribution shall be made upon the earlier of (i) the date of the
Participant’s separation from service or (ii) the date on which the distribution would otherwise have been made upon vesting of the Restricted Stock Unit had no Change of Control occurred. If distribution is delayed after a Change of
Control, the Committee may determine that (x) the Restricted Stock Unit will be converted into the right to receive the same consideration per Share as is payable to the other stockholders of the Company upon the consummation of the Change of
Control and (y) the cash consideration the Participant is entitled to receive upon such conversion will be placed in an interest bearing account until paid upon the relevant date. 

(d) No Representations or Warranties. Notwithstanding anything in the Plan or any Award agreement to the contrary, each
Participant shall be solely responsible for the tax consequences of Awards under the Plan, and in no event shall the Company have any responsibility or liability if an Award does not meet any applicable requirements of Code Section 409A.
Although the Company intends to administer the Plan to prevent taxation under Code Section 409A, the Company does not represent or warrant that the Plan or any Award complies with any provision of federal, state, local or other tax law.

  
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