Document:

SECURITIES PURCHASE
AGREEMENT

 

This Securities
Purchase Agreement (this “Agreement”) is dated as of March 10, 2021, between AB International Group Corp., a
Nevada corporation (the “Company”), and the purchaser identified on the signature page hereto (including its
successors and assigns, the “Purchaser”).

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933,
as amended (the “Securities Act”), and Rule 506 promulgated thereunder, the Company desires to issue and sell
to the Purchaser, and the Purchaser desires to purchase from the Company, securities of the Company as more fully described in
this Agreement.

 

NOW, THEREFORE,
IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt
and adequacy of which are hereby acknowledged, the Company and the Purchaser agrees as follows:

 

ARTICLE
I.

DEFINITIONS

 

1.1 Definitions.
In addition to the terms defined elsewhere in this Agreement: (a) capitalized terms that are not otherwise defined herein have
the meanings given to such terms in the Certificate of Designation (as defined herein), and (b) the following terms have the meanings
set forth in this Section 1.1:

 

“Acquiring Person” shall have the meaning
ascribed to such term in Section 4.5.

“Action” shall have
the meaning ascribed to such term in Section 3.1(j). “Affiliate” means any Person that, directly or indirectly
through one or more

intermediaries, controls or is controlled by or is
under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

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

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

“Certificate
of Designation” means the Certificate of Designation to be filed prior to the Closing by the Company with the Secretary
of State of the State of Nevada, in the form of Exhibit A attached hereto.

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto in connection with the Closing, and, to the extent applicable, all conditions precedent to (i)

 

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the Purchaser’s obligations
to pay the Subscription Amount as to the Closing and (ii) the Company’s obligations to deliver the Securities as to the Closing,
in each case, have been satisfied or waived.

 

“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1(a), which shall occur on the Closing Date.
The Closing will be for the purchase of two hundred and fifty (250) Preferred Shares at the aggregate purchase price of $250,000.

“Commission”
means the United States Securities and Exchange Commission. “Commitment Limit” means the earlier of (i) two
years from the date of this

Agreement or (ii) the aggregate
issuance of 5,000 shares of Preferred Stock to Purchaser.

 

“Commitment
Shares” means seventy five (75) Preferred Shares issued upon the Closing as an equity incentive.

 

“Common
Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock.

 

“Company Counsel”
means The Doney Law Firm.

 

“Disclosure Schedules”
shall have the meaning ascribed to such term in Section 3.1.

 

“Dividend” means eight percent (8%)
per annum of the stated value of any

purchased Preferred Share, paid quarterly by the Company,
and at the Company’s discretion, in cash or in Preferred Stock.

 

“Equity Conditions”
means (i) there are currently no uncured Events of Default,

(ii) the closing price of the
Common Stock for each of the thirty (30) Trading Days prior to the date of such additional Closing exceeds $0.01, (iii) the average
daily trading volume of the Company’s Common Stock for each of the thirty (30) Trading Days prior to the date of such additional
Closing exceeds $200,000 and (iv) there remains an effective Registration Statement available to the Purchaser for the resale of
the shares of Common Stock issuable upon conversion of the Preferred Stock.

 

“Evaluation Date”
shall have the meaning ascribed to such term in Section 3.1(r).

 

“Event of Default”
means any of the following events: (i) the suspension, cessation from trading or delisting of the Company's Common Stock on the
Principal

 

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Market for a period of
two (2) consecutive trading days or more; (ii) the failure by the Company to timely comply with the reporting requirements of
the Exchange Act (including applicable extension periods); (iii) the failure for any reason by the Company to issue
Commitment Shares, Dividends or Conversion Shares to the Purchaser within the required time periods; (iv) the Company
breaches any representation, warranty, covenant or other term of condition contained in the definitive agreements between the
parties; (v) the Company files for Bankruptcy or receivership or any money judgment writ, liquidation or a similar process is
entered by or filed against the Company for more than $50,000 and remains unvacated, unbonded or unstayed for a period of
twenty (20) calendar days; (vi) any cessation of operations by the Company or failure by the Company to maintain any assets,
intellectual, personal or real property or other assets which are necessary to conduct its business (vii) the Company shall
lose the "bid" price for its Common stock on the Principal Market; or (viii) if at any time the Common Stock is no
longer DWAC eligible.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“FCPA” means
the Foreign Corrupt Practices Act of 1977, as amended.

 

“GAAP”
means generally accepted accounting principles in the U.S.

 

“Intellectual Property
Rights” shall have the meaning ascribed to such term in Section 3.1(o).

 

“Liens” means a
lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material Adverse Effect”
shall have the meaning assigned to such term in Section 3.1(b).

 

“Material Permits” shall have the
meaning ascribed to such term in Section 3.1(m).

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Preferred
Stock” means, five thousand (5,000) shares of the Company’s Series D Preferred Stock issued hereunder having the
rights, preferences and privileges set forth in the Certificate of Designation, in the form of Exhibit A hereto.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

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“Purchaser Party” shall have the
meaning ascribed to such term in Section 4.7.

 

“Registration Statement”
means any Registration Statement under which the shares of the Company’s common stock is registered.

 

“Required Approvals” shall have
the meaning ascribed to such term in Section 3.1(e).

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“SEC Reports” shall have the meaning
ascribed to such term in Section 3.1(g).

 

“Securities”
means the Preferred Stock or the common shares into which the Preferred Stock is converted.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include the location and/or reservation of borrowable shares of Common Stock).

 

“Stated Value”
means $1,200 per share of Series TBD Preferred Stock.

 

“Subscription
Amount” shall mean the aggregate amount to be paid for the Preferred Stock purchased hereunder as specified on the signature
page under the heading “Subscription Amount,” in United States dollars and in immediately available funds.

 

“Subsidiary” means
any subsidiary of the Company as set forth on Schedule 3.1(a) and shall, where applicable, also include any direct or indirect
subsidiary of the Company formed or acquired after the date hereof.

 

“Trading Day” means
a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,

 

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the New York Stock Exchange, the OTCQB or the
OTC Markets (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement, the Certificate of Designation, all exhibits and schedules thereto and hereto and any
other documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer
Agent” means Equiniti Trust Company the current transfer agent of the Company, with a mailing address of 3200 Cherry
Creek South Drive, Suite 430, Denver, CO 80209 and any successor transfer agent of the Company.

 

ARTICLE
II.

PURCHASE AND SALE

 

2.1             
(a) Closing. Upon the terms and subject to the conditions set forth herein, substantially
concurrent with the execution and delivery of this Agreement by the parties hereto and the Company’s filing of a Registration
Statement registering the resale by the Purchaser of the shares of Common Stock issuable upon conversion of the Preferred Stock,
the Company agrees to sell, and the Purchaser agrees to purchase, two hundred and fifty (250) shares of Preferred Stock at price
of $1,000 per share of Preferred Stock (the “Purchased Shares”). The Purchaser shall deliver to the Company,
via wire transfer immediately available funds equal to the Purchaser’s Subscription Amount as set forth on the signature
page hereto executed by the Purchaser, and the Company shall deliver to the Purchaser such number of shares of the Preferred Stock
purchased, as determined pursuant to Section 2.2(a) and the Purchaser shall deliver the other items set forth in Section 2.2 deliverable
at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at
the offices of Company Counsel or such other location as the parties shall mutually agree.

 

(b) Additional
Closings. Upon the effective date of a Registration Statement registering the resale of the Common Stock issuable upon conversion
of the Preferred Stock by the Purchaser, the Company, upon satisfaction of the applicable deliveries set forth in Section 2.2 and
the satisfaction of the closing conditions set forth in Section 2.3, the Company agrees to sell, and the Purchaser agrees to purchase,
on such date and every thirty (30) calendars thereafter until the Commitment Limit is reached, at least five hundred (500) shares
of Preferred Stock at price of $1,000 per share of Preferred Stock, as long as the Equity Conditions are then satisfied. Notwithstanding
anything to the contrary herein, if the volume criteria in subsection (iii) of the Equity Conditions in Section 1.1 are not met,
Purchaser shall, subject to the criteria in subsections (i), (ii) and (iv) of the same Section 1.1 being met, purchase such number
of shares of Preferred Stock, at the per share price of $1,000, that equates to one hundred percent (100%) of the average daily
trading dollar volume for the ten (10) Trading Days preceding the relevant tranche.

 

		2.2	Deliveries.

 

(a)                
On or prior to the Closing Date (or as otherwise indicated below), the Company shall deliver
or cause to be delivered to the Purchaser the following:

 

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		(i)	This Agreement duly executed by the Company;

 

(ii)               
Certificates evidencing (1) two hundred and fifty (250) shares of Preferred Stock, representing
the Purchased Shares and (2) the Commitment Shares; and

 

(iii)             
An irrevocable letter of instruction to the Company's Transfer Agent, instructing the Transfer
Agent to maintain for the benefit of the Purchaser, 50,000,000 shares of its common stock and at all times thereafter three times
3x) the number of common shares needed to by the Purchaser to convert all shares of Preferred Stock held by the Purchaser.

 

(b)                
On or prior to the Closing Date, the Purchaser shall deliver or cause to be delivered to the
Company, as applicable, the following:

 

		(i)	This Agreement duly executed by the Purchaser; and

 

(ii)               
the Purchaser’s Subscription Amount by wire transfer to the account specified in writing
by the Company together with the subscription form attached as an Exhibit below.

 

		2.3	Closing Conditions.

 

(a)                
The obligations of the Company hereunder in connection with the Closing are subject to the
following conditions being met:

 

(i)                 
the accuracy in all material respects on the applicable Closing Date of the representations
and warranties of the Purchaser contained herein (unless as of a specific date therein in which case they shall be accurate as
of such date);

 

(ii)               
all obligations, covenants and agreements of the Purchaser required to be performed at or
prior to the applicable Closing Date shall have been performed; and

 

(iii)             
the delivery by the Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)                
The obligations of the Purchaser hereunder in connection with the Closing are subject to the
following conditions being met:

 

(i)                 
the accuracy in all material respects when made and on the applicable Closing Date of the
representations and warranties of the Company contained herein (unless as of a specific date therein);

 

(ii)               
all obligations, covenants and agreements of the Company required to be performed at or prior
to the applicable Closing Date shall have been performed;

 

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(iii)             
the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)              
there shall have been no Material Adverse Effect with respect to the Company since the date
hereof; and

 

(v)                
from the date hereof to the applicable Closing Date, trading in the Common Stock shall not
have been suspended by the Commission or the Company’s principal Trading Market and, at any time prior to the applicable
Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum
prices shall not have been established on securities whose trades are reported by such service, or on any Trading Market, nor shall
a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred
any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect
on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of the Purchaser, makes
it impracticable or inadvisable to purchase the Securities at the Closing.

 

ARTICLE
III.

REPRESENTATIONS AND WARRANTIES

 

3.1             
Representations and Warranties of the Company. Except as set forth in the Disclosure
Schedules, which Disclosure Schedules shall be deemed a part hereof and shall qualify any representation or otherwise made herein
to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company hereby makes the
following representations and warranties to the Purchaser:

 

(a)                
Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth
on Schedule 3.1(a). The Company owns, directly or indirectly, all of the capital stock or other equity interests of each
Subsidiary, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid,
non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries,
all other references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

 

(b)                
Organization and Qualification. The Company and each of the Subsidiaries is an entity
duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation
or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as
currently conducted. Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective
certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries
is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in
which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure
to be so qualified or in good standing, as the case may be, could

 

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not have or reasonably be
expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii)
a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the
Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in
any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material
Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking
to revoke, limit or curtail such power and authority or qualification.

 

(c)                
Authorization; Enforcement. The Company has the requisite corporate power and authority
to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and
otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of the other
Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly
authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors
or the Company’s stockholders in connection herewith or therewith other than in connection with the Required Approvals. This
Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by
the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation
of the Company enforceable against the Company in accordance with its terms, except: (i) as limited by general equitable principles
and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of
creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief
or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(d)               
No Conflicts. The execution, delivery and performance by the Company of this Agreement
and the other Transaction Documents to which it is a party, the issuance and sale of the Securities and the consummation by it
of the transactions contemplated hereby and thereby do not and will not: (i) conflict with or violate any provision of the Company’s
or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, (ii) conflict
with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the
creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination,
amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt
or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary
is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required
Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction
of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities
laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case
of each of

 

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clauses (ii) and (iii),
such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(e)                
Filings, Consents and Approvals. The Company has timely filed all quarterly and annual
reports required to be filed by it with the SEC pursuant to the reporting requirements of the Securities Exchange Act of 1934,
as amended (the “1934 Act”) (all of the foregoing filed prior to the date hereof and all exhibits included therein
and financial statements and schedules thereto and documents (other than exhibits to such documents) incorporated by reference
therein, being hereinafter referred to herein as the “SEC Documents”). The Company has delivered to Purchaser true
and complete copies of the SEC Documents, except for such exhibits and incorporated documents, and except as such Documents are
available EDGAR filings on the SEC’s sec.gov website. As of their respective dates, the SEC Documents complied in all material
respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the
SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading. None of the statements made in any such SEC Documents is,
or has been, required to be amended or updated under applicable law (except for such statements as have been amended or updated
in subsequent filings prior the date hereof). As of their respective dates, the financial statements of the Company included in
the SEC Documents complied as to form in all material respects with applicable accounting requirements and the published rules
and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with United States
generally accepted accounting principles, consistently applied, during the periods involved and fairly present in all material
respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof and the consolidated
results of their operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal
year-end audit adjustments). Except as set forth in the financial statements of the Company included in the SEC Documents, the
Company has no liabilities, contingent or otherwise, other than (i) liabilities incurred in the ordinary course of business subsequent
to November 30, 2020, and (ii) obligations under contracts and commitments incurred in the ordinary course of business and not
required under generally accepted accounting principles to be reflected in such financial statements, which, individually or in
the aggregate, are not material to the financial condition or operating results of the Company. The Company is subject to the reporting
requirements of the 1934 Act. For the avoidance of doubt, filing of the documents required in this Section 3(g) via the SEC’s
Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”) shall satisfy all delivery requirements of this
Section 3(g).

 

The Company is not required to
obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or
other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance
by the Company of the Transaction Documents, other than: (i) the filings required pursuant to Section 4.4 of this Agreement, (ii)
the notice and/or application(s) to each applicable Trading Market for the issuance and sale of the

 

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Securities, and (iii) such filings as are required
to be made under applicable state and federal securities laws (collectively, the “Required Approvals”).

 

(f)                 
Issuance of the Securities. The Securities are duly authorized and, when issued and
paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable,
free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents.

 

(g)                
Capitalization. The capitalization of the Company is as set forth on Schedule 3.1(g),
which Schedule 3.1(g) shall also include the number of shares of Common Stock owned beneficially, and of record, by Affiliates
of the Company as of the date hereof. Except as set forth on Schedule 3.1(g), the Company has not issued any capital stock
since its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of employee stock options
under the Company’s stock option plans, the issuance of shares of Common Stock to employees pursuant to the Company’s
employee stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding as of the
date of the most recently filed periodic report under the Exchange Act (“SEC Reports”). No Person has any right of
first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by
the Transaction Documents. Except as set forth on Schedule 3.1(g) and except as a result of the purchase and sale of the
Securities, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever
relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any
right to subscribe for or acquire any shares of Common Stock, or contracts, commitments, understandings or arrangements by which
the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents. The
issuance and sale of the Securities will not obligate the Company to issue shares of Common Stock or other securities to any Person
and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price
under any of such securities. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued,
fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding
shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval
or authorization of any stockholder, the Board of Directors or others is required for the issuance and sale of the Securities.
There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital
stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

 

		(h)	Intentionally omitted.

 

		(i)	Intentionally omitted.

 

(j)                 
Litigation. Except as disclosed in Schedule 3.1(j), there is no action, suit,
inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of

 

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the Company, threatened against
or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental
or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”)
which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities
or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither
the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim
of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been,
and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company
or any current or former director or officer of the Company. The Commission has not issued any stop order or other order suspending
the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities
Act.

 

(k)                
Labor Relations. Except as disclosed in Schedule 3.1(k), no labor dispute exists
or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company, which could reasonably be
expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’ employees is a member of
a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither the Company nor any
of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships
with their employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is
now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information
agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party,
and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability
with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state,
local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and
wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

(l)                 
Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation
of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by
the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under
or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party
or by which it or any of its properties is bound (whether or not such default or violation has been waived) except as disclosed
in Schedule 3.1(l), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental
authority, except as set forth on Schedule 3.1(l) or

(iii) is or has been in violation
of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal,
state and local laws relating to taxes, other than tax payments related to payroll that are late, environmental protection, occupational
health and safety, product quality and safety and

 

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employment and labor matters, except in each case
as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(m)              
Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations
and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective
businesses as described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to
result in a Material Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has received
any notice of proceedings relating to the revocation or modification of any Material Permit.

 

(n)                
Title to Assets. Except as disclosed in Schedule 3.1(n), the Company and the Subsidiaries
have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property
owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except
for (i) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed
to be made of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state or other taxes,
for which appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither delinquent
nor subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them
under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance.

 

(o)                
Intellectual Property. The Company and the Subsidiaries have, or have rights to use,
all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights,
licenses and other intellectual property rights and similar rights as described in the SEC Reports as necessary or required for
use in connection with their respective businesses and which the failure to so have could have a Material Adverse Effect (collectively,
the “Intellectual Property Rights”). Except as disclosed on Schedule 3.1(o), none of, and neither the
Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired,
terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this
Agreement. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included
within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate
or infringe upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect.
To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by
another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures
to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(p)                
Insurance. Except as set forth on Schedule 3.1(p), the Company and the Subsidiaries
are insured by insurers of recognized financial responsibility against such

 

    	 	12	 

    	 

    

 

losses and risks and in
such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but
not limited to, directors and officers insurance coverage at least equal to the aggregate Subscription Amount. Neither the Company
nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such
coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant
increase in cost.

 

(q)                 Transactions
with Affiliates and Employees. Except as set forth in the SEC Reports, none of the officers or directors of the Company
or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a
party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors),
including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for
rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise
requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which
any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder,
member or partner, in each case in excess of $120,000 other than for: (i) payment of salary or consulting fees for
services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits,
including stock option agreements under any stock option plan of the Company. Except as set forth on Schedule 3.1(q),
all employee salaries and contractor fees have been paid to date and no such amounts are outstanding or past due.

 

(r)                 
Sarbanes-Oxley; Internal Accounting Controls. Except as may be disclosed in the SEC
Reports, the Company and the Subsidiaries are in compliance with any and all applicable requirements of the Sarbanes-Oxley Act
of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission
thereunder that are effective as of the date hereof and as of each Closing Date. Except as disclosed in the SEC Reports, the Company
and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions
are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets
is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information
required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Commission’s rules and forms. The Company’s certifying officers
have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of
the period covered by the most recently filed periodic report under the Exchange Act (such date, the “Evaluation Date”).
The

 

    	 	13	 

    	 

    

 

Company presented in its
most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of
the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have
been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and
its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal control over financial
reporting of the Company and its Subsidiaries.

 

(s)                 
Certain Fees. The Company has or shall engage a suitable Investment Banker in conjunction
with the transaction contemplated herein. No brokerage or finder’s fees or commissions are or will be payable by the Company
or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person
with respect to the transactions contemplated by the Transaction Documents, other than as set forth on Schedule 3.1(s).
The Purchaser shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons
for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction
Documents.

 

(t)                 
Private Placement. Assuming the accuracy of the Purchaser’s representations and
warranties set forth in Section 3.2, no registration under the Securities Act is required for the offer and sale of the Securities
by the Company to the Purchaser as contemplated hereby. The issuance and sale of the Securities hereunder does not contravene the
rules and regulations of the Trading Market.

 

(u)                
Investment Company. The Company is not, and is not an Affiliate of, and immediately
after receipt of payment for the Securities, will not be or be an Affiliate of, an “investment company” within the
meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not
become an “investment company” subject to registration under the Investment Company Act of 1940, as amended.

 

(v)                
Registration Rights. No Person has any right to cause the Company to effect the registration
under the Securities Act of any securities of the Company or any Subsidiary.

 

(w)              
Listing and Maintenance Requirements. The Company has not in the twelve (12) months
preceding the date hereof, received notice from any Trading Market on which the Common Stock is or has been listed or quoted to
the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Company
is and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing
and maintenance requirements.

 

		(x)	[RESERVED]

 

(y)                
Disclosure. Except with respect to the material terms and conditions of the transactions
contemplated by the Transaction Documents, the Company confirms that

 

    	 	14	 

    	 

    

 

neither it nor any other
Person acting on its behalf has provided the Purchaser or its agents or counsel with any information that it believes constitutes
or might constitute material, non-public information. The Company understands and confirms that the Purchaser will rely on the
foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf
of the Company to the Purchaser regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated
hereby, including the Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of
a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances
under which they were made, not misleading. The press releases disseminated by the Company during the twelve months preceding the
date of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they
were made and when made, not misleading. The Company acknowledges and agrees that the Purchaser does not make and has not made
any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth
in Section 3.2 hereof.

 

(z)                
No Integrated Offering. Assuming the accuracy of the Purchaser’s representations
and warranties set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their
behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under
circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes
of (i) the Securities Act which would require the registration of any such securities under the Securities Act, or (ii) any applicable
shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.

 

(aa) Tax
Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a
Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local
income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject,
(ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due
on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of
all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid
taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or
of any Subsidiary know of no basis for any such claim. Immediately after closing of this transaction, the Company covenants to
pay to the Past Due Taxes.

 

(bb) No
General Solicitation. Neither the Company nor any person acting on behalf of the Company has offered or sold any of the Securities
by any form of general solicitation or general advertising. The Company has offered the Securities for sale only to the Purchaser.

 

    	 	15	 

    	 

    

 

(cc)
Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary,
any agent or other person acting on behalf of the Company or any Subsidiary, has: (i)
directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign
or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any
foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by
the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation
of law or (iv) violated in any material respect any provision of FCPA.

 

(dd) Accountants.
The Company’s accounting firm is set forth on Schedule 3.1(dd) of the Disclosure Schedules. To the knowledge and belief
of the Company, such accounting firm: (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall
express its opinion with respect to the financial statements to be included in the Company’s Annual Report for the fiscal
year ending August 31, 2021.

 

(ee) Acknowledgment
Regarding Purchaser’s Purchase of Securities. The Company acknowledges and agrees that the Purchaser is acting solely
in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated
thereby. The Company further acknowledges that the Purchaser is not acting as a financial advisor or fiduciary of the Company (or
in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given
by the Purchaser or any of its representatives or agents in connection with the Transaction Documents and the transactions contemplated
thereby is merely incidental to the Purchaser’s purchase of the Securities. The Company further represents to the Purchaser
that the Company’s decision to enter into this Agreement and the other Transaction Documents has been based solely on the
independent evaluation of the transactions contemplated hereby by the Company and its representatives.

 

(ff) Acknowledgment
Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding,
it is understood and acknowledged by the Company that: (i) the Purchaser has not been asked by the Company to agree, nor has the
Purchaser agreed, to desist from purchasing or selling, securities of the Company, or “derivative” securities based
on securities issued by the Company or to hold the Securities for any specified term, (ii) past or future open market or other
transactions by the Purchaser, specifically including, without limitation, “derivative” transactions, before or after
a closing of this or future private placement transactions, may negatively impact the market price of the Company’s publicly-traded
securities (iii) Omit and (iv) the Purchaser shall not be deemed to have any affiliation with or control over any arm’s length
counter-party in any “derivative” transaction. The Company further understands and acknowledges that (y) the Purchaser
may engage in hedging activities at various times during the period that the Securities are outstanding, and (z) such hedging activities
(if any) could reduce the value of the existing stockholders’ equity interests in the Company at and after the time that
the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute
a breach of any of the Transaction Documents.

 

    	 	16	 

    	 

    

 

(gg)
Regulation M Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly
or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for
soliciting purchases of, any of the Securities, or

(iii) paid or agreed to pay to
any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of
clauses (ii) and (iii), compensation paid to the Company’s placement agent in connection with the placement of the Securities.

 

(hh)Reserved.

 

(ii)
Stock Option Plans. Each stock option granted by the Company under the Company’s stock option plan was granted (i)
in accordance with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair
market value of the Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock
option granted under the Company’s stock option plan has been backdated. The Company has not knowingly granted, and there
is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate
the grant of stock options with, the release or other public announcement of material information regarding the Company or its
Subsidiaries or their financial results or prospects.

 

(jj) Office
of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent,
employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of
Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

(kk) U.S.
Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within the
meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s
request.

 

(ll) Bank
Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act
of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the
“Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly
or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or
more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither
the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank
or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(mm) Money
Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with
applicable financial record-

 

    	 	17	 

    	 

    

 

keeping and reporting requirements
of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable
rules and regulations thereunder (collectively, the “Money Laundering Laws”), and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with
respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.

 

3.2             
Representations and Warranties of the Purchaser. The Purchaser hereby represents and
warrants as of the date hereof and as of the Closing Dates to the Company as follows (unless as of a specific date therein):

 

(a)                
Organization; Authority. The Purchaser is either an individual or an entity duly incorporated
or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full
right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions
contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and
delivery of the Transaction Documents and performance by the Purchaser of the transactions contemplated by the Transaction Documents
have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable,
on the part of the Purchaser. Each Transaction Document to which it is a party has been duly executed by the Purchaser, and when
delivered by the Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of the
Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’
rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(b)                
Own Account. The Purchaser understands that the Securities are “restricted securities”
and have not been registered under the Securities Act or any applicable state securities law and is acquiring the Securities as
principal for its own account and not with a view to or for distributing or reselling such Securities or any part thereof in violation
of the Securities Act or any applicable state securities law, has no present intention of distributing any of such Securities in
violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings
with any other persons to distribute or regarding the distribution of such Securities in violation of the Securities Act or any
applicable state securities law (this representation and warranty not limiting the Purchaser’s right to sell the Securities
pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws).

 

(c)              
Purchaser Status. At the time the Purchaser was offered the Securities, it was, and
as of the date hereof it is and on each date on which it converts any shares of Preferred Stock, either: (i) an “accredited
investor” as defined in Rule 501(a)(1), (a)(2),

 

    	 	18	 

    	 

    

 

(a)(3), (a)(7) or (a)(8)
under the Securities Act or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities
Act.

 

(d)               
Experience of the Purchaser. The Purchaser, either alone or together with its representatives,
has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits
and risks of the prospective investment in the Securities, and has so evaluated the merits and risks of such investment. The Purchaser
is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss
of such investment.

 

(e)                
General Solicitation. The Purchaser is not purchasing the Securities as a result of
any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar
media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement.

 

The Company
acknowledges and agrees that the representations contained in Section 3.2 shall not modify, amend or affect the Purchaser’s
right to rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties
contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this
Agreement or the consummation of the transaction contemplated hereby.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

		4.1	Transfer Restrictions.

 

(a)                
The Securities may only be disposed of in compliance with state and federal securities laws.
As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have
the rights and obligations of the Purchaser under this Agreement.

 

(b)                
The Purchaser agrees to the imprinting, so long as is required by this Section 4.1, of a legend
on any of the Securities in the following form:

 

THIS SECURITY HAS NOT BEEN
REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE
OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL
BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY MAY BE PLEDGED IN

 

    	 	19	 

    	 

    

 

CONNECTION WITH A BONA FIDE
MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

The Company
acknowledges and agrees that the Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered
broker-dealer or grant a security interest in some or all of the Securities to a financial institution that is an “accredited
investor” as defined in Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of this Agreement
and, if required under the terms of such arrangement, the Purchaser may transfer pledged or secured Securities to the pledgees
or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel
of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice shall be required of such
pledge. At the appropriate Purchaser’s expense, the Company will execute and deliver such reasonable documentation as a pledgee
or secured party of Securities may reasonably request in connection with a pledge or transfer of the Securities, including, if
the Securities are registered under a registration statement, the preparation and filing of any required prospectus supplement
under Rule 424(b)(3) under the Securities Act or other applicable provision of the Securities Act to appropriately amend the list
of selling stockholders thereunder.

 

4.2             
Acknowledgment of Dilution of Voting Power. The Company acknowledges that the issuance
of the Securities will result in dilution of the voting power of the outstanding shares of Common Stock, which dilution will be
substantial.

 

4.3             
Integration. The Company shall not sell, offer for sale or solicit offers to buy or
otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the
offer or sale of the Securities in a manner that would require the registration under the Securities Act of the sale of the Securities
or that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market
such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained
before the closing of such subsequent transaction.

 

4.4             
Securities Laws Disclosure; Publicity. The Company and the Purchaser shall consult
with each other in issuing any other press releases with respect to the transactions contemplated hereby including for the initial
press release pursuant to Section 4.8, and neither the Company nor the Purchaser shall issue any such press release nor otherwise
make any such public statement without the prior consent of the Company, with respect to any press release of the Purchaser, or
without the prior consent of the Purchaser, with respect to any press release of the Company, which consent shall not unreasonably
be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide
the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not
publicly disclose the name of the Purchaser, or include the name of the Purchaser in any filing with the Commission or any regulatory
agency or Trading Market, without the prior written consent of the Purchaser, except: (a) as required by federal securities law
in connection with the filing of final Transaction Documents with the Commission

 

    	 	20	 

    	 

    

 

and (b) to the extent such
disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchaser with prior notice
of such disclosure permitted under this clause (b).

 

4.5             
Shareholder Rights Plan. No claim will be made or enforced by the Company or, with
the consent of the Company, any other Person, that the Purchaser is an “Acquiring Person” under any control share acquisition,
business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement
in effect or hereafter adopted by the Company, or that the Purchaser could be deemed to trigger the provisions of any such plan
or arrangement, by virtue of receiving Securities under the Transaction Documents or under any other agreement between the Company
and the Purchaser.

 

4.6             
Non-Public Information. Except with respect to the material terms and conditions of
the transactions contemplated by the Transaction Documents, the Company covenants and agrees that neither it, nor any other Person
acting on its behalf, will provide the Purchaser or its agents or counsel with any information that the Company believes constitutes
material non- public information, unless prior thereto the Purchaser shall have entered into a written agreement with the Company
regarding the confidentiality and use of such information. The Company understands and confirms that the Purchaser shall be relying
on the foregoing covenant in effecting transactions in securities of the Company.

 

4.7             
Indemnification of Purchaser. Subject to the provisions of this Section 4.7, the Company
will indemnify and hold the Purchaser and their respective directors, officers, shareholders, members, partners, employees and
agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such
title or any other title), each Person who controls the Purchaser (within the meaning of Section 15 of the Securities Act and Section
20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons
with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of
such controlling persons (each, a “Purchaser Party”) harmless from any and all losses, liabilities, obligations,
claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable
attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to
(a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the
other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their
respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of
the transactions contemplated by the Transaction Documents (unless such action is based upon a breach of such Purchaser Party’s
representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party
may have with any such stockholder or any violations by such Purchaser Party of state or federal securities laws or any conduct
by such Purchaser Party which constitutes fraud, gross negligence, willful misconduct or malfeasance). If any action shall be brought
against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall
promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its
own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel
in any such action

 

    	 	21	 

    	 

    

 

and participate in the defense
thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i)
the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable
period of time to assume such defense and to employ counsel or such defense once started is subsequently delayed owing to lack
of timely payment by the Company of legal fees and expenses or (iii) in such action there is, in the reasonable opinion of counsel,
a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which
case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company
will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the
Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z)
to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s
breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in
the other Transaction Documents. The indemnification required by this Section 4.7 shall be made by periodic payments of the amount
thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements
contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others
and any liabilities the Company may be subject to pursuant to law.

 

4.8             
Certain Transactions and Confidentiality. The Purchaser, covenants that neither it,
nor any Affiliate acting on its behalf or pursuant to any understanding with it will (i) execute any Short Sales, of any of the
Company’s securities during the period commencing with the execution of this Agreement and ending at such time that the transactions
contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 or
(ii) from the date hereof until the earlier of the 12 month anniversary of the date hereof and the date that the Preferred Stock
is no longer outstanding, execute any Short Sales of the Common Stock (a “Prohibited Short Sale”). The Purchaser
covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant
to the initial press release as described in Section 4.4, the Purchaser will maintain the confidentiality of the existence and
terms of this transaction and the information included in the Transaction Documents and the Disclosure Schedules. Notwithstanding
the foregoing, and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and
agrees that (i) the Purchaser does not make any representation, warranty or covenant hereby that it will not engage in effecting
transactions in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly
announced pursuant to the initial press release as described in Section 4.4, (ii) except for a Prohibited Short Sale, the Purchaser
shall not be restricted or prohibited from effecting any transactions in any securities of the Company in accordance with applicable
securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced pursuant
to the initial press release as described in Section 4.4 and (iii) the Purchaser shall have no duty of confidentiality to the Company
or its Subsidiaries after the issuance of the initial press release as described in Section 4.4.

 

4.9             
Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to
the Securities as required under Regulation D and to provide a copy thereof, promptly upon request of the Purchaser. The Company
shall take such action as the Company shall

 

    	 	22	 

    	 

    

 

reasonably determine is necessary
in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchaser under applicable securities or “Blue
Sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon request of the Purchaser.

 

		4.10	Redemption.

 

The Company shall have the right to redeem the Securities,
in accordance with the following schedule:

 

		i.	If all of the Securities are redeemed within
ninety (90) calendar days from the issuance date thereof, the Company shall have the right to redeem the Securities upon five (5)
business days’ of written notice at a price equal to the product of one hundred and fifteen percent (115%) multiplied by
the sum of the outstanding Stated Value together with any accrued but unpaid dividends;

 

		ii.	If all of the Securities are redeemed after
ninety (90) calendar days and within one hundred twenty (120) calendar days from the issuance date thereof, the Company shall have
the right to redeem the Securities upon five (5) business days of written notice at a price equal to the product of one hundred
and twenty percent (120%) multiplied by the sum of the outstanding Stated Value together with any accrued but unpaid dividends;
and

 

		iii.	If all of the Securities are redeemed after
one hundred and twenty (120) calendar days and within one hundred eighty (180) calendar days from the issuance date thereof, the
Company shall have the right to redeem the Securities upon five (5) business days of written notice at a price equal to the product
of one hundred and twenty five percent (125%) multiplied by the sum of the outstanding Stated Value together with any accrued but
unpaid dividends.

 

		iv.	The Company shall honor all conversions of
Preferred Stock until the receipt by the Purchaser of the applicable redemption amounts set forth in this Section 4.10.

 

4.11         
Dividends The Company shall pay a dividend of eight percent (8%) per annum on any purchased
Preferred Shares, for as long as the relevant Preferred Shares have not been redeemed or converted. Dividends shall be paid quarterly,
and at the Company’s discretion, in cash or Preferred Stock calculated at the purchase price.

 

4.12         
Registration Rights The Purchased Shares shall carry registration rights as described
in the Certificate of Designation.

 

4.13            
Event of Default Following any Event of Default, all outstanding Purchased Shares shall
come immediately due for redemption and the redemption amount shall accrue interest at the lesser of (a) 18% per annum or (b) the
maximum legal rate. Redemption following

 

    	 	23	 

    	 

    

 

an Event of Default shall
occur at an amount equaling the product of one hundred and thirty five percent (135%), multiplied by the sum of the Stated Value,
all accrued but unpaid dividends and all other amounts due pursuant to the Certificate of Designation for all Purchased Shares.

 

ARTICLE
V.

MISCELLANEOUS

 

5.1             
Termination. This Agreement may be terminated by the Purchaser, as to the Purchaser’s
obligations hereunder, if the Closing has not been consummated within five (5) Business Days of the date hereof; provided,
however, that such termination will not affect the right of any party to sue for any breach by any other party (or parties).

 

5.2             
Fees and Expenses. At the Closing, the Company has agreed to reimburse the Purchaser
$8,000 for its legal fees in connection with the transaction contemplated by the Transaction Documents, which such amount may be
withheld from the Purchaser’s Subscription Amount deliverable at Closing. Except as expressly set forth in the Transaction
Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts,
if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance
of this Agreement. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day
processing of any instruction letter delivered by the Company), stamp taxes and other taxes and duties levied in connection with
the delivery of any Securities to the Purchaser.

 

5.3             
Entire Agreement. The Transaction Documents, together with the exhibits and schedules
thereto, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all
prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged
into such documents, exhibits and schedules.

 

5.4             
Notices. Any and all notices or other communications or
deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on
the earliest of: (a) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number
set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading
Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth
on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading
Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight
courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices
and communications shall be as set forth on the signature pages attached hereto.

 

5.5             
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented
or amended except in a written instrument signed, in the case of an amendment, by the Company and the holders of at least 75% in
interest of the Securities then outstanding or, in the case of a waiver, by the party against whom enforcement of any such waived
provision is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be
deemed to be a continuing waiver in the future or a

 

    	 	24	 

    	 

    

 

waiver of any subsequent default
or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any
right hereunder in any manner impair the exercise of any such right.

 

5.6             
Headings. The headings herein are for convenience only, do not constitute a part of
this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

 

5.7             
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit
of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations
hereunder without the prior written consent of the Purchaser (other than by merger). The Purchaser may assign any or all of its
rights under this Agreement to any Person to whom the Purchaser assigns or transfers any Securities, provided that such transferee
agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that
apply to the “Purchaser.”

 

5.8             
No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties
hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced
by, any other Person, except as otherwise set forth in Section 4.7 and this Section 5.8.

 

5.9             
Governing Law. All questions concerning the construction, validity, enforcement and
interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws
of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction
Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members,
employees or agents) shall be commenced exclusively in the state or federal courts sitting in the Borough of Manhattan, New York,
New York Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the Borough
of Manhattan, New York, New York for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such
party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of
the Transaction Documents, then, in addition to the obligations of the Company under Section 4.7, the prevailing party in such
action, suit or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and
expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

    	 	25	 

    	 

    

 

5.10         
Survival. The representations and warranties contained herein shall survive each Closing
and the delivery of the Securities.

 

5.11         
Execution. This Agreement may be executed in two or more counterparts, all of which
when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed
by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the
event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file,
such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed)
with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 

5.12         
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 commercially reasonable 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.

 

5.13         
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained
in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a
right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations
within the periods therein provided, then the Purchaser may rescind or withdraw, in its sole discretion from time to time upon
written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions
and rights.

 

5.14         
Replacement of Securities. If any certificate or instrument evidencing any Securities
is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon
cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but
only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new
certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity)
associated with the issuance of such replacement Securities.

 

5.15         
Remedies. In addition to being entitled to exercise all rights provided herein or granted
by law, including recovery of damages, the Purchaser and the Company will be entitled to specific performance under the Transaction
Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach
of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance
of any such obligation the defense that a remedy at law would be adequate.

 

    	 	26	 

    	 

    

 

5.16         
Payment Set Aside. To the extent that the Company makes a payment or payments to the
Purchaser pursuant to any Transaction Document or the Purchaser enforces or exercises its rights thereunder, and such payment or
payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent
or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company,
a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state or federal law,
common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally
intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement
or setoff had not occurred.

 

5.17         
Liquidated Damages. The Company’s obligations to pay any partial liquidated damages
or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until
all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security
pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled.

 

5.18         
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any
action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or
such right may be exercised on the next succeeding Business Day.

 

5.19         
Construction. The parties agree that each of them and/or their respective counsel have
reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect
that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction
Documents or any amendments thereto. In addition, each and every reference to share prices and shares of Common Stock in any Transaction
Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar
transactions of the Common Stock that occur after the date of this Agreement.

 

5.20         
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER
PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

 

(Signature Pages Follow)

 

 

    	 	27	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

AB INTERNATIONAL
GROUP CORP.

	 	 	Address for Notice:
	 	 	 
	By:	/s/ Chiyuan
Deng
	48 Wall Street,
Suite 1009
	 	Name:
Chiyuan Deng	 New York, NY 10005
	 	Title: Chief Executive Officer	 

 

With a copy
to (which shall not constitute notice):

Atttn: Suuny

Email: corp@abqqs.com

 

 

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

 

 

 

    	 	28	 

    	 

    

 

[PURCHASER SIGNATURE
PAGE TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name of Purchaser:
GHS Investments LLC

 

Signature of Authorized
Signatory of Purchaser:  /s/ Mark Grober

 

Name of Authorized
Signatory: Mark Grober

Title of Authorized
Signatory: Member

Address for
Notice to Purchaser: 420 Jericho Turnpike

Suite
102

Jericho,
NY 11753

Address for Delivery
of Securities to Purchaser (if not same as address for notice):

*Book entry

 

Facsimile Number: (212)
574-2236

 

Subscription Amount:
$ 250,000.00

 

Subscription Date: 3/18/2021

 

Shares of Preferred Stock:325
(250 + 75 commitment shares)

 

    	 	29	 

    	 

    

 

Exhibit A

 

Certificate of Designation

 

    	 	30	 

    	 

    

 

[list of Disclosure Schedules: content to be provided
by Company]:

 

(please read each section for specific content, topic
below listed for convenience only)

 

 

Schedule 3.1(a) - subsidiaries

 

Schedule 3.1(g) - capitalization

 

Schedule 3.1(j) - litigation

 

Schedule 3.1(k) - labor disputes

 

Schedule 3.1(l) - compliance

 

Schedule 3.1(n) - title to assets

 

Schedule 3.1(o) -intellectual property

 

Schedule 3.1(p) - insurance

 

Schedule 3.1(s) – certain fees

 

Schedule 3.1(aa) - tax status

 

Schedule 3.1(dd) - accountants

 

    	 	31	 

    	 

    

 

FORM OF CLOSING NOTICE

 

TO: GHS Investments,
LLC DATE: March 10, 2021

We refer
to the Securities Purchase Agreement, dated March 10, 2021 (the “Agreement”), entered into by and between AB
International Group Corp., and you. Capitalized terms defined in the Agreement shall, unless otherwise defined herein, have the
same meaning when used herein.

 

We hereby:

 

		1)	Give you notice that we require you to purchase 250 shares of Series D Preferred Stock; and

 

		2)	The purchase price per share, pursuant to the terms of the Agreement, is $1,000; and

 

3)                 
Certify that, as of the date hereof, the conditions set forth in Section 2.3 of the Agreement, as related to the
obligations of the Company, are satisfied.

 

Closing will occur in accordance with the terms and conditions
of Section 2 of the Agreement.

 

AB
INTERNATIONAL GROUP CORP.

 

By: /s/ Chiyuan Deng

Name: Chiyuan Deng

Title:CEO

 

    	 	32	 

    	 

    

 

Schedule 3.1(a)

 

As of the date hereof, AB International Group
Corp., a Nevada corporation, has the following wholly owned subsidiaries:

 

1.

2.

 

    	 	33	 

    	 

    

 

Schedule 3.1(g)

 

As of the date hereof, AB International Group
Corp., a Nevada corporation, has the following capitalization:

 

    	 	34	 

    	 

    

 

Schedule 3.1(p)

 

 

    	 	35	 

    	 

    

 

 Schedule 3.1(dd)

 

 

    	 	36EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
 COMPASS GROUP DIVERSIFIED HOLDINGS LLC

 5.250% Senior Notes due 2029 
  

 
 INDENTURE 

March 23, 2021 
  

 
 U.S. BANK
NATIONAL ASSOCIATION 
 Trustee 
  

 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	ARTICLE 1.	  			
		
	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
			
	 Section 1.01.
	 	Definitions	  	 	1	 
	 Section 1.02.
	 	Other Definitions	  	 	23	 
	 Section 1.03.
	 	Incorporation by Reference of Trust Indenture Act	  	 	24	 
	 Section 1.04.
	 	Rules of Construction	  	 	24	 
		
	ARTICLE 2.	  			
		
	THE NOTES	  			
			
	 Section 2.01.
	 	Form and Dating	  	 	25	 
	 Section 2.02.
	 	Execution and Authentication	  	 	26	 
	 Section 2.03.
	 	Registrar and Paying Agent	  	 	26	 
	 Section 2.04.
	 	Paying Agent to Hold Money in Trust	  	 	27	 
	 Section 2.05.
	 	Holder Lists	  	 	27	 
	 Section 2.06.
	 	Transfer and Exchange	  	 	27	 
	 Section 2.07.
	 	Replacement Notes	  	 	35	 
	 Section 2.08.
	 	Outstanding Notes	  	 	35	 
	 Section 2.09.
	 	Treasury Notes	  	 	35	 
	 Section 2.10.
	 	Temporary Notes	  	 	36	 
	 Section 2.11.
	 	Cancellation	  	 	36	 
	 Section 2.12.
	 	Defaulted Interest	  	 	36	 
	 Section 2.13.
	 	[Intentionally Omitted]	  	 	36	 
	 Section 2.14.
	 	Additional Notes	  	 	36	 
		
	ARTICLE 3.	  			
		
	REDEMPTION AND PREPAYMENT	  			
			
	 Section 3.01.
	 	Notices to Trustee	  	 	37	 
	 Section 3.02.
	 	Selection of Notes to Be Redeemed or Purchased	  	 	37	 
	 Section 3.03.
	 	Notice of Redemption	  	 	37	 
	 Section 3.04.
	 	Effect of Notice of Redemption	  	 	38	 
	 Section 3.05.
	 	Deposit of Redemption or Purchase Price	  	 	39	 
	 Section 3.06.
	 	Notes Redeemed or Purchased in Part	  	 	39	 
	 Section 3.07.
	 	Company Discretion	  	 	39	 
	 Section 3.08.
	 	Optional Redemption	  	 	39	 
	 Section 3.09.
	 	Mandatory Redemption	  	 	40	 
	 Section 3.10.
	 	Repurchase Offer	  	 	40	 

  
 -i- 

							
	 	 	 	  	Page	 
	ARTICLE 4.	  	 	 
		
	COVENANTS	  	 	 
			
	 Section 4.01.
	 	Payment of Notes	  	 	42	 
	 Section 4.02.
	 	Maintenance of Office or Agency	  	 	42	 
	 Section 4.03.
	 	Reports to Holders	  	 	43	 
	 Section 4.04.
	 	Compliance Certificate	  	 	44	 
	 Section 4.05.
	 	Taxes	  	 	44	 
	 Section 4.06.
	 	Stay, Extension and Usury Laws	  	 	44	 
	 Section 4.07.
	 	Limitation on Restricted Payments	  	 	44	 
	 Section 4.08.
	 	Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries	  	 	48	 
	 Section 4.09.
	 	Limitation on Incurrence of Additional Indebtedness	  	 	49	 
	 Section 4.10.
	 	Limitation on Preferred Stock of Restricted Subsidiaries	  	 	53	 
	 Section 4.11.
	 	Asset Sales	  	 	53	 
	 Section 4.12.
	 	Limitations on Transactions with Affiliates	  	 	55	 
	 Section 4.13.
	 	Limitation on Liens	  	 	56	 
	 Section 4.14.
	 	Conduct of Business	  	 	58	 
	 Section 4.15.
	 	Offer to Repurchase Upon Change of Control	  	 	58	 
	 Section 4.16.
	 	Subsidiary Guarantees	  	 	59	 
	 Section 4.17.
	 	Payments for Consent	  	 	59	 
	 Section 4.18.
	 	Suspension of Covenants	  	 	59	 
		
	ARTICLE 5.	  	 	 
		
	SUCCESSORS	  	 	 
	 Section 5.01.
	 	Merger, Consolidation, or Sale of Assets	  	 	61	 
	 Section 5.02.
	 	Successor Corporation Substituted	  	 	62	 
		
	ARTICLE 6.	  	 	 
		
	DEFAULTS AND REMEDIES	  	 	 
			
	 Section 6.01.
	 	Events of Default	  	 	63	 
	 Section 6.02.
	 	Acceleration	  	 	64	 
	 Section 6.03.
	 	Other Remedies	  	 	65	 
	 Section 6.04.
	 	Waiver of Past Defaults	  	 	65	 
	 Section 6.05.
	 	Control by Majority	  	 	65	 
	 Section 6.06.
	 	Limitation on Suits	  	 	66	 
	 Section 6.07.
	 	Rights of Holders of Notes to Receive Payment	  	 	66	 
	 Section 6.08.
	 	Collection Suit by Trustee	  	 	66	 
	 Section 6.09.
	 	Trustee May File Proofs of Claim	  	 	66	 
	 Section 6.10.
	 	Priorities	  	 	67	 
	 Section 6.11.
	 	Undertaking for Costs	  	 	67	 

  
 -ii- 

							
	 	 	 	  	Page	 
	ARTICLE 7.	  	 	 
		
	TRUSTEE	  	 	 
	 Section 7.01.
	 	Duties of Trustee	  	 	68	 
	 Section 7.02.
	 	Rights of Trustee	  	 	69	 
	 Section 7.03.
	 	Individual Rights of Trustee	  	 	70	 
	 Section 7.04.
	 	Trustee’s Disclaimer	  	 	70	 
	 Section 7.05.
	 	Notice of Defaults	  	 	70	 
	 Section 7.06.
	 	Reports by Trustee to Holders of the Notes	  	 	70	 
	 Section 7.07.
	 	Compensation and Indemnity	  	 	71	 
	 Section 7.08.
	 	Replacement of Trustee	  	 	71	 
	 Section 7.09.
	 	Successor Trustee by Merger, etc.	  	 	72	 
	 Section 7.10.
	 	Eligibility; Disqualification	  	 	72	 
	 Section 7.11.
	 	Preferential Collection of Claims Against the Company	  	 	73	 
		
	ARTICLE 8.	  	 	 
		
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  	 	 
			
	 Section 8.01.
	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	73	 
	 Section 8.02.
	 	Legal Defeasance and Discharge	  	 	73	 
	 Section 8.03.
	 	Covenant Defeasance	  	 	73	 
	 Section 8.04.
	 	Conditions to Legal or Covenant Defeasance	  	 	74	 
	 Section 8.05.
	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	 	75	 
	 Section 8.06.
	 	Repayment to the Company	  	 	76	 
	 Section 8.07.
	 	Reinstatement	  	 	76	 
		
	ARTICLE 9.	  	 	 
		
	AMENDMENT, SUPPLEMENT AND WAIVER	  	 	 
			
	 Section 9.01.
	 	Without Consent of Holders of Notes	  	 	76	 
	 Section 9.02.
	 	With Consent of Holders of Notes	  	 	77	 
	 Section 9.03.
	 	[Reserved]	  	 	79	 
	 Section 9.04.
	 	Revocation and Effect of Consents	  	 	79	 
	 Section 9.05.
	 	Notation on or Exchange of Notes	  	 	79	 
	 Section 9.06.
	 	Trustee to Sign Amendments, Etc.	  	 	79	 
		
	ARTICLE 10.	  	 	 
		
	SATISFACTION AND DISCHARGE	  	 	 
			
	 Section 10.01.
	 	Satisfaction and Discharge	  	 	80	 
	 Section 10.02.
	 	Application of Trust Money	  	 	80	 

  
 -iii- 

							
	 	 	 	  	Page	 
	ARTICLE 11.	  	 	 
		
	GUARANTEES	  	 	 
			
	 Section 11.01.
	 	Guarantees	  	 	81	 
	 Section 11.02.
	 	Execution and Delivery of Guarantee	  	 	82	 
	 Section 11.03.
	 	Severability	  	 	82	 
	 Section 11.04.
	 	Limitation on Guarantors’ Liability	  	 	82	 
	 Section 11.05.
	 	Guarantors May Consolidate, Etc., on Certain Terms	  	 	83	 
	 Section 11.06.
	 	Releases Following Sale of Assets and Other Events	  	 	83	 
	 Section 11.07.
	 	Release of a Guarantor	  	 	84	 
	 Section 11.08.
	 	Benefits Acknowledged	  	 	84	 
		
	ARTICLE 12.	  	 	 
		
	MISCELLANEOUS	  	 	 
			
	 Section 12.01.
	 	[Reserved]	  	 	85	 
	 Section 12.02.
	 	Notices	  	 	85	 
	 Section 12.03.
	 	Communication by Holders of Notes with Other Holders of Notes	  	 	86	 
	 Section 12.04.
	 	Certificate and Opinion as to Conditions Precedent	  	 	86	 
	 Section 12.05.
	 	Statements Required in Certificate or Opinion	  	 	86	 
	 Section 12.06.
	 	Rules by Trustee and Agents	  	 	87	 
	 Section 12.07.
	 	No Personal Liability of Directors, Officers, Employees and Stockholder Members	  	 	87	 
	 Section 12.08.
	 	Governing Law	  	 	87	 
	 Section 12.09.
	 	No Adverse Interpretation of Other Agreements	  	 	87	 
	 Section 12.10.
	 	Successors	  	 	87	 
	 Section 12.11.
	 	Severability	  	 	87	 
	 Section 12.12.
	 	Counterpart Originals	  	 	87	 
	 Section 12.13.
	 	Table of Contents, Headings, etc.	  	 	88	 
	 Section 12.14.
	 	Force Majeure	  	 	88	 
	 Section 12.15.
	 	PATRIOT Act	  	 	88	 

 EXHIBITS 
  

			
	Exhibit A	  	FORM OF NOTE FOR 5.250% SENIOR NOTES DUE 2029
	Exhibit B	  	FORM OF NOTATIONAL GUARANTEE
	Exhibit C	  	FORM OF CERTIFICATE OF TRANSFER
	Exhibit D	  	FORM OF CERTIFICATE OF EXCHANGE

  

  
 -iv- 

 This Indenture, dated as of March 23, 2021, is by and between COMPASS GROUP DIVERSIFIED
HOLDINGS LLC., a Delaware limited liability company (the “Company”) and U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined herein) of
(i) the Company’s 5.250% Senior Notes due 2029 (the “Initial Notes”); and (ii) the Additional Notes (as defined herein) (together with the Initial Notes, the “Notes”): 

ARTICLE 1. 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 Section 1.01. Definitions. 

“144A Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend,
the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A.

 “2018 Credit Agreement” has the meaning provided in the definition of “Bank Facility.” 

“Acquired Indebtedness” means Indebtedness of a Person or any of its Subsidiaries existing at the time such Person becomes a
Restricted Subsidiary of the Company or at the time it merges or consolidates with or into the Company or any of its Subsidiaries or that is assumed in connection with the acquisition of assets from such Person, in each case whether or not incurred
by such Person in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary of the Company or such acquisition, merger or consolidation. 

“Additional Notes” means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with
Sections 2.02 and 2.14 hereof, as part of the same series of Notes issued on the date hereof. 
 “Affiliate” means, with
respect to any specified Person, any other Person who directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person. The term “control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative of the foregoing. 
 “Agent” means any Registrar, co-registrar, Paying Agent or additional paying agent. 
 “Applicable Premium” means,
with respect to any Note on any Redemption Date and as calculated by the Company, the greater of: 
 (1) 1.0% of the
principal amount of the Note; and 
 (2) the excess of: 

(a) the present value at such Redemption Date of (i) the redemption price of the Note at April 15, 2024 (such
redemption price being set forth in Section 3.08(c)), plus (ii) all required interest payments due on the Note through April 15, 2024 (excluding accrued but unpaid interest, if any, to, but not including, the Redemption Date),
computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over 

 (b) the principal amount of the Note, if greater. 

“Approved Professional” means any nationally recognized accounting firm or other Person that satisfies the meaning given to
such term in the Bank Facility from time to time. 
 “ASC” has the meaning provided in clause (12) of the definition
of “Consolidated Net Income.” 
 “Asset Acquisition” means (1) an Investment by the Company or any
Restricted Subsidiary of the Company in any other Person pursuant to which such Person shall become a Restricted Subsidiary of the Company or any Restricted Subsidiary of the Company, or shall be merged with or into the Company or any Restricted
Subsidiary of the Company, or (2) the acquisition by the Company or any Restricted Subsidiary of the Company of the assets of any Person (other than a Restricted Subsidiary of the Company) that constitute all or substantially all of the assets
of such Person or comprises any division or line of business of such Person or any other properties or assets of such Person other than in the ordinary course of business. 

“Asset Sale” means any direct or indirect sale, issuance, conveyance, transfer, lease (other than operating leases entered
into in the ordinary course of business), assignment or other transfer for value by the Company or any of its Restricted Subsidiaries (including any Sale and Leaseback Transaction) to any Person other than the Company or a Restricted Subsidiary of
the Company of: (1) any Capital Stock of any Restricted Subsidiary of the Company; or (2) any other property or assets of the Company or any Restricted Subsidiary of the Company (other than Capital Stock or Indebtedness of any Unrestricted
Subsidiary) other than in the ordinary course of business; provided that asset sales or other dispositions shall not include: (a) a transaction or series of related transactions for which the Company or its Restricted Subsidiaries
receive aggregate consideration of less than $25.0 million; (b) the sale, lease, conveyance, disposition or other transfer of all or substantially all of the assets of the Company as permitted under Section 5.01; (c) any Restricted
Payment permitted by Section 4.07 or that constitutes a Permitted Investment; (d) the sale or discount, in each case without recourse, of accounts receivable arising in the ordinary course of business, but only in connection with the
compromise or collection thereof; (e) disposals or replacements of obsolete or worn out equipment; (f) the grant of Liens not prohibited by this Indenture; (g) the licensing of intellectual property, and other licenses, sublicenses,
leases or subleases granted to others not interfering in any material respect with the business of the Company or its Subsidiaries; (h) dispositions of accounts receivable to local distribution companies under guaranteed receivables agreements
entered into in the ordinary course of business; (i) the sale of inventory, receivables and other current assets in the ordinary course of business; (j) the disposition of cash or Cash Equivalents in the ordinary course of business;
(k) any disposition by a Restricted Subsidiary to the Company or by the Company or its Restricted Subsidiary to a Restricted Subsidiary; and (l) any loss of, damage to or destruction of, or any condemnation or other taking for public use
of, any property of the Company or any Restricted Subsidiary. 
 “Attributable Debt” means, in respect of a Sale and
Leaseback Transaction, the present value, discounted at the interest rate implicit in the Sale and Leaseback Transaction, of the total obligations of the lessee for rental payments during the remaining term of the lease in the sale and leaseback
transaction. 

  
 -2- 

 “Bank Facility” means any credit agreement, including the Amended and
Restated Credit Agreement dated April 18, 2018 (the “2018 Credit Agreement”) among Bank of America, N.A., the Company and the lenders and other parties thereto, as amended, together with the related documents thereto
(including, without limitation, any guarantee agreements and security documents), in each case as such agreements may be amended (including any amendment and restatement thereof), supplemented or otherwise modified from time to time, including one
or more credit agreements, loan agreements or similar agreements or Indentures extending the maturity of, refinancing, replacing or otherwise restructuring (including increasing the amount of available borrowings thereunder or adding Restricted
Subsidiaries of the Company as additional borrowers or guarantors thereunder) all or any portion of the Indebtedness under such agreement or agreements or any successor or replacement agreement or agreements and whether by the same or any other
agent, holders, lender or group of lenders. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state
law for the relief of debtors. 
 “Board of Directors” means, as to any Person, the board of directors (or similar
governing body) of such Person or any duly authorized committee thereof. 
 “Board Resolution” means, with respect to any
Person, a copy of a resolution certified by the Secretary, an Assistant Secretary or another authorized officer or manager of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the
date of such certification, and delivered to the Trustee. 
 “Business Day” means any day other than a Legal Holiday. 

“Capital Stock” means: 

(1) with respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents
(however designated and whether or not voting) of corporate stock, including each class of Common Stock and Preferred Stock of such Person, and all options, warrants or other rights to purchase or acquire any of the foregoing; and 

(2) with respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such
Person, and all options, warrants or other rights to purchase or acquire any of the foregoing. 
 “Capitalized Lease
Obligations” means, as to any Person, the obligations of such Person under a lease that are required to be classified and accounted for as capital lease obligations under GAAP and, for purposes of this definition, the amount of such
obligations at any date shall be the capitalized amount of such obligations at such date, determined in accordance with GAAP. 

“Cash Equivalents” means: 

(a) debt securities denominated in euro, pounds sterling or U.S. dollars to be issued or directly and fully guaranteed or
insured by the government of a Participating Member State, the U.K. or the U.S., as applicable, where the debt securities have not more than twelve months to final maturity and are not convertible into any other form of security; 

(b) commercial paper denominated in euro, pounds sterling or U.S. dollars maturing no more than one year from the date of
creation thereof and, at the time of acquisition, having a rating of at least P1 from Moody’s and A1 from S&P; 

  
 -3- 

 (c) certificates of deposit denominated in euro, pounds sterling or U.S.
dollars having not more than twelve months to maturity issued by a bank or financial institution incorporated or having a branch in a Participating Member State in the United Kingdom or the United States, provided that the bank is rated P1 by
Moody’s or A1 by S&P; 
 (d) any cash deposit denominated in euro, pounds sterling or U.S. dollars with any
commercial bank or other financial institution, in each case whose long term unsecured, unsubordinated debt rating is at least A3 by Moody’s or A- by S&P; 

(e) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clause
(a) above entered into with any bank or financial institution meeting the qualifications specified in clause (d) above; and 

(f) investments in money market funds which invest substantially all their assets in securities of the types described in
clauses (a) through (e) above. 
 “Change of Control” means the occurrence of one or more of the following events:

 (1) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or
substantially all of the assets of the Company to any Person or group of related Persons for purposes of Section 13(d) of the Exchange Act (a “Group”), together with any Affiliates thereof (whether or not otherwise in
compliance with the provisions of this Indenture); 
 (2) the approval by the holders of Capital Stock of the Company of any
plan or proposal for the liquidation or dissolution of the Company (whether or not otherwise in compliance with the provisions of this Indenture); or 

(3) any Person or Group shall become the owner, directly or indirectly, beneficially or of record, of shares representing more
than 50% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the Company; provided, however, that the Permitted Trust Merger shall not constitute a Change of Control. 

“Clearstream” means Clearstream Banking, S.A. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Common Stock” of any Person means any and all shares, interests or other participations in, and other equivalents (however
designated and whether voting or non-voting) of such Person’s common stock, whether outstanding on the Issue Date or issued after the Issue Date, and includes, without limitation, all series and classes
of such common stock. 
 “Company” has the meaning provided in the preamble hereto. 

“Consolidated Depreciation, Amortization and Accretion Expense” means with respect to any Person for any period, the total
amount of depreciation and amortization (including amortization of goodwill and other intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) and accretion expense, including the amortization of deferred
financing fees or costs of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

  
 -4- 

 “Consolidated EBITDA” means, with respect to any Person for any period, the
Consolidated Net Income of such Person for such period: 
 (a) increased (without duplication) by the following, in each case
to the extent deducted in determining Consolidated Net Income for such period: 
 (1) provision for taxes based on income or
profits or capital, including, without limitation, federal, state, franchise and similar taxes and foreign withholding taxes (including any levy, impost, deduction, charge, rate, duty, compulsory loan or withholding which is levied or imposed by a
governmental agency, and any related interest, penalty, charge, fee or other amount) of such Person paid or accrued during such period deducted (and not added back) in computing Consolidated Net Income; plus 

(2) Consolidated Interest Expense of such Person for such period to the extent the same were deducted (and not added back) in
calculating such Consolidated Net Income; plus 
 (3) Consolidated Depreciation, Amortization and Accretion Expense of
such Person for such period to the extent that the same were deducted (and not added back) in computing Consolidated Net Income; plus 

(4) any expenses or charges (other than depreciation or amortization expense) related to any Equity Offering of the Company or
the incurrence of Indebtedness permitted to be incurred in accordance with this Indenture (including a refinancing thereof) (whether or not successful), in each case, deducted (and not added back) in computing Consolidated Net Income; plus

 (5) any other Non-cash Charges, including any provisions, provision increases,
write-offs or write-downs reducing Consolidated Net Income for such period; plus 
 (6) any costs or expenses incurred
by the Company or a Restricted Subsidiary pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or stockholder agreement, to the extent that such cost or
expenses are funded with cash proceeds contributed to the capital of the Company or net cash proceeds of an issuance of Equity Interest of the Company (other than Disqualified Capital Stock); plus 

(7) cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or
Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to clause (b) below for any previous period and
not added back; plus 
 (8) any net loss from disposed or discontinued operations; plus 

(9) [reserved]; 

(10) [reserved]; 

(11) the amount of any minority interest expense; plus 

  
 -5- 

 (12) any amounts paid under the Management Services Agreement or any
Integration Services Fees; and 
 (b) decreased (without duplication) by the following, in each case to the extent included
in determining Consolidated Net Income for such period: 
 (1) non-cash gains
increasing Consolidated Net Income of such Person for such period, excluding any non-cash gains to the extent they represent the reversal of an accrual or reserve for a potential cash item that reduced
Consolidated EBITDA in any prior period and any non-cash gains with respect to cash actually received in a prior period so long as such cash did not increase Consolidated EBITDA in such prior period; and 

(2) any net gain from disposed or discontinued operations. 

“Consolidated Fixed Charge Coverage Ratio” means, with respect to any Person, the ratio of Consolidated EBITDA of such Person
during the four full fiscal quarters (the “Four Quarter Period”) ending prior to the date of the transaction giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio for which financial statements are
available (the “Transaction Date”) to Consolidated Fixed Charges of such Person for the Four Quarter Period. In addition to and without limitation of the foregoing, for purposes of this definition, “Consolidated EBITDA”
and “Consolidated Fixed Charges” shall be calculated after giving effect on a pro forma basis for the period of such calculation to: 

(1) the incurrence or repayment of any Indebtedness of such Person or any of its Restricted Subsidiaries (and the application
of the proceeds thereof) giving rise to the need to make such calculation and any incurrence or repayment of other Indebtedness (and the application of the proceeds thereof), other than the incurrence or repayment of Indebtedness in the ordinary
course of business for working capital purposes pursuant to working capital facilities, occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such
incurrence or repayment, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Four Quarter Period; and 

(2) any asset sales or other dispositions or Asset Acquisitions (including, without limitation, any Asset Acquisition giving
rise to the need to make such calculation as a result of such Person or one of its Restricted Subsidiaries (including any Person who becomes a Restricted Subsidiary as a result of the Asset Acquisition) incurring, assuming or otherwise being liable
for Acquired Indebtedness and also including any Consolidated EBITDA (including any pro forma income, expense and cost reduction adjustments calculated on a basis consistent with Regulation S-X
promulgated under the Exchange Act or evidenced by a quality of earnings assessment prepared by an Approved Professional) attributable to the Capital Stock or assets which are the subject of the Asset Acquisition or asset sale or other disposition
during the Four Quarter Period) occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such asset sale or other disposition or Asset Acquisition
(including the incurrence, assumption or liability for any such Acquired Indebtedness) occurred on the first day of the Four Quarter Period. If such Person or any of its Restricted Subsidiaries directly or indirectly guarantees Indebtedness of a
third Person, the preceding sentence shall give effect to the incurrence of such guaranteed Indebtedness as if such Person or any Restricted Subsidiary of such Person had directly incurred or otherwise assumed such guaranteed Indebtedness. 

  
 -6- 

 Furthermore, in calculating “Consolidated Fixed Charges” for purposes of
determining the denominator (but not the numerator) of this “Consolidated Fixed Charge Coverage Ratio”: 
 (i)
interest on outstanding Indebtedness determined on a fluctuating basis as of the Transaction Date and which will continue to be so determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such
Indebtedness in effect on the Transaction Date; and 
 (ii) notwithstanding clause (i) above, interest on Indebtedness
determined on a fluctuating basis, to the extent such interest is covered by agreements relating to Interest Swap Obligations, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of such agreements. 

“Consolidated Fixed Charges” means, with respect to any Person for any period, Consolidated Interest Expense. 

“Consolidated Interest Expense” means, with respect to any Person for any period, the sum of, without duplication: 

(1) the aggregate of the interest expense of such Person and its Restricted Subsidiaries for such period determined on a
consolidated basis in accordance with GAAP, including without limitation: (a) any amortization of debt discount and the amortization or write-off of deferred financing costs, including commitment fees;
(b) the net cash costs under Interest Swap Obligations; (c) all capitalized interest; (d) non-cash interest expense (other than non-cash interest on any
convertible or exchangeable debt issued by the Company that exists by virtue of the bifurcation of the debt and equity components of such convertible or exchangeable notes and the application of ASC 470-20 (or
related accounting pronouncement(s))); (e) commissions, discounts and other fees and charges owed with respect to letters of credit and banker’s acceptance financing; (f) dividends with respect to Disqualified Capital Stock;
(g) imputed interest with respect to sale and leaseback transactions; and (h) the interest portion of any deferred payment obligation; plus 

(2) the interest component of Capitalized Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person
and its Restricted Subsidiaries during such period as determined on a consolidated basis in accordance with GAAP; less 

(3) interest income for such period. 

“Consolidated Net Income” means, with respect to any Person, for any period, the aggregate net income (or loss) of such
Person and its Restricted Subsidiaries for such period on a consolidated basis, determined in accordance with GAAP; provided that there shall be excluded therefrom (without duplication): 

(1) any after tax effect of extraordinary, non-recurring or unusual gains or losses
(including all fees and expenses relating thereto but excluding gains on deconsolidation of Subsidiaries) or expenses (including relating to the Transaction); 

(2) any after tax effect of non-cash adjustments to
“earn-out” obligations; 
 (3) [reserved]; 

(4) the net income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is
accounted for by the equity method of accounting, except to the extent of cash dividends or distributions paid to the Company or to a Restricted Subsidiary of the Company by such Person; 

  
 -7- 

 (5) any after tax effect of income (loss) from the early extinguishment of
(1) Indebtedness, (2) obligations under any Currency Agreement or (3) other derivative instruments; 
 (6) any
impairment charge or asset write-off or write-down, including impairment charges or asset write-offs or write-downs related to intangible assets, long-lived assets, investments in debt and equity securities or
as a result of a change in law or regulation, in each case, pursuant to GAAP, and the amortization of intangibles and the amortization or depreciation of “step-up” fair value adjustments of tangible
assets and purchase price allocations, in each case arising pursuant to GAAP; 
 (7) any
non-cash compensation charge or expense including any such charge arising from the grants of stock appreciation or similar rights, stock options, restricted stock or other rights; 

(8) any fees and expenses incurred during such period, or any amortization thereof for such period, in connection with any
issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction, amendment or modification of any debt instrument; 

(9) [reserved]; 

(10) in the case of a successor to the referent Person by consolidation or merger or as a transferee of the referent
Person’s assets, any earnings of the successor entity prior to such consolidation, merger or transfer of assets; 
 (11)
the net income (but not loss) of any Restricted Subsidiary of the referent Person to the extent that the declaration of dividends or similar distributions by that Restricted Subsidiary of that income is restricted by contract, operation of law or
otherwise; 
 (12) any net unrealized gain or loss (after any offset) resulting in such period from obligations under any
Currency Agreements and the application of FASB Accounting Standards Codification (“ASC”) 815; provided that to the extent any such Currency Agreement relates to items included in the preparation of the income statement (as
opposed to the balance sheet, as reasonably determined by the Company), the realized loss on a Currency Agreement shall be included to the extent the amount of such hedge gain or loss was excluded in a prior period; 

(13) any net unrealized gain or loss (after any offset) resulting in such period from (A) currency translation or exchange
losses including those (x) related to currency remeasurements of Indebtedness and (y) resulting from hedge agreements for currency exchange risk and (B) changes in the fair value of Indebtedness resulting from changes in interest
rates; and 
 (14) acquisition-related costs resulting from the application of ASC 805. 

In addition, to the extent not already included in the Consolidated Net Income of such Person and its Restricted Subsidiaries, notwithstanding
anything to the contrary in the foregoing, but without duplication, Consolidated Net Income shall include the amount of proceeds received from business interruption insurance and reimbursements of any expenses and charges that are covered by
indemnification or other reimbursement provisions in connection with any Permitted Investment or any sale, conveyance, transfer or other disposition of assets permitted under this Indenture (in each case, whether or not non-recurring). 

  
 -8- 

 Notwithstanding the foregoing, for the purpose of Section 4.07 only (other than clause
(iii)(z) of Section 4.07(a)), there shall be excluded from Consolidated Net Income any income arising from any sale or other disposition of Investments (other than Permitted Investments) made by Company and its Restricted Subsidiaries, any
repurchases and redemptions of Investments (other than Permitted Investments) from the Company and its Restricted Subsidiaries, any repayments of loans and advances which constitute Investments (other than Permitted Investments) by the Company or
any of its Restricted Subsidiaries, any sale of the stock of an Unrestricted Subsidiary or any distribution or dividend from an Unrestricted Subsidiary, in each case only to the extent such amounts increase the amount of Restricted Payments
permitted under Section 4.07(a). 
 “Corporate Trust Office of the Trustee” means the address of the Trustee specified
in Section 12.02 or such other address as to which the Trustee may designate from time to time by notice to the Company. 

“Currency Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement or arrangement
designed to protect the Company or any Restricted Subsidiary of the Company against fluctuations in currency values. 

“Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 

“Default” means an event or condition the occurrence of which is, or with the lapse of time or the giving of notice or both
would be, an Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof
and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global
Note” attached thereto. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in
global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this
Indenture. 
 “Designated Non-cash Consideration” means the fair market value of non-cash consideration received by the Company or any Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration
pursuant to an Officers’ Certificate, setting forth the basis of such valuation, executed by the principal financial officer of the Company, less the amount of cash and Cash Equivalents received in connection with a subsequent sale of or
collection on such Designated Non-cash Consideration. 
 “Designated Preferred
Stock” means (i) the Company’s $100,000,000 aggregate liquidation preference of Series A Trust Preferred Interests, issued on June 28, 2017, (ii) the Company’s $100,000,000 aggregate liquidation preference of Series B
Trust Preferred Interests, issued on March 13, 2018, and (iii) the Company’s $115,000,000 aggregate liquidation preference of Series C Trust Preferred Interests, issued on November 20, 2019 and December 2, 2019. 

“Disqualified Capital Stock” means that portion of any Capital Stock which, by its terms (or by the terms of any security
into which it is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any event (other than an event which would constitute a Change of Control or an Asset Sale), matures or is mandatorily
redeemable pursuant to a sinking fund obligation or otherwise, or is redeemable at the sole option of the holder thereof (except, in each case, upon the occurrence of a Change of Control or an Asset Sale), in each case, on or prior to the final
maturity date of the Notes. 

  
 -9- 

 “Equity Interests” means Capital Stock and all warrants, options or other
rights to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock. 

“Equity Offering” means, with respect to any Person, any public sale of Common Stock or Preferred Stock of such Person
(excluding Disqualified Stock) or in the case of the Company, any public sale of limited liability company interests in the Company, other than: 

(a) public offerings with respect to the Company’s limited liability company interests or any direct or indirect parent
company’s Common Stock registered on Form S-4 or Form S-8 (or similar forms under non-U.S. law); 

(b) issuances to any Subsidiary of the Company; 

(c) issuances pursuant to the exercise of options or warrants outstanding on the date hereof; 

(d) issuances upon conversion of securities convertible into Common Stock outstanding on the date hereof; 

(e) issuances in connection with an acquisition of property in a transaction entered into on an
arm’s-length basis; and 
 (f) issuances pursuant to employee stock plans. 

“Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute. 

“fair market value” means, with respect to any asset or property, the price which could be negotiated in an arm’s-length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair market value shall
be determined by the Board of Directors of the Company or any duly appointed officer of the Company or a Restricted Subsidiary, as applicable, acting reasonably and in good faith and, in respect of any asset or property with a fair market value in
excess of $50.0 million, shall be determined by the Board of Directors of the Company and shall be evidenced by a Board Resolution of the Board of Directors of the Company delivered to the Trustee. 

“Four Quarter Period” has the meaning provided in the definition of “Consolidated Fixed Charge Coverage
Ratio.” 
 “GAAP” means generally accepted accounting principles set forth in the statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, which are in effect as of March 1, 2021. 

“Global Note Legend” means the legend set forth in Section 2.06(f)(2) hereof, which is required to be placed on all
Global Notes issued under this Indenture. 

  
 -10- 

 “Global Notes” means, individually and collectively, each of the Global
Notes deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of Exchanges of
Interests in the Global Note” attached thereto, issued in accordance with Section 2.01 hereof. 
 “Group” has the
meaning provided in clause (1) of the definition of “Change of Control.” 
 “Guarantee” means a
guarantee of the Notes by a Guarantor. 
 “Guarantor” means each of the Company’s Restricted Subsidiaries that in the
future executes a supplemental indenture in which such Restricted Subsidiary agrees to be bound by the terms of this Indenture as a Guarantor; provided that any Person constituting a Guarantor as described above shall cease to constitute a
Guarantor when its respective Guarantee is released in accordance with the terms of this Indenture. 
 “Holder” means a
Person in whose name a Note is registered. 
 “Indebtedness” means with respect to any Person, without duplication: 

(1) all Obligations of such Person for borrowed money; 

(2) all Obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 

(3) all Capitalized Lease Obligations and all Attributable Debt of such Person; 

(4) all Obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale
obligations and all Obligations under any title retention agreement (but excluding (i) trade accounts payable and other accrued liabilities arising in the ordinary course of business and (ii) any
“earn-out” obligation until such obligation becomes due and payable, and only for so long as it remains outstanding); 

(5) all Obligations for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit
transaction (other than obligations with respect to letters of credit (A) securing Obligations (other than Obligations described in clauses (1) through (4) above) entered into the ordinary course of business of such Person to the extent
such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the fifth business day following receipt by such Person of a demand for reimbursement following payment on the letter of credit)
or (B) that are otherwise cash collateralized; 
 (6) guarantees and other contingent obligations in respect of
Indebtedness referred to in clauses (1) through (5) above and clause (8) below; 
 (7) all Obligations of any other
Person of the type referred to in clauses (1) through (6) that are secured by any Lien on any property or asset of such Person, the amount of such Obligation being deemed to be the lesser of the fair market value of such property or asset or
the amount of the Obligation so secured; 
 (8) all Obligations under Currency Agreements and Interest Swap Obligations of
such Person; and 

  
 -11- 

 (9) all Disqualified Capital Stock issued by such Person or Preferred Stock
issued by such Person’s Restricted Subsidiaries which are not Guarantors (unless held by the Company or a Guarantor) with the amount of Indebtedness represented by such Disqualified Capital Stock or Preferred Stock being equal to the greater of
its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but excluding accrued dividends or distributions, if any. 

For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Capital Stock which does not have a fixed repurchase
price shall be calculated in accordance with the terms of such Disqualified Capital Stock as if such Disqualified Capital Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if
such price is based upon, or measured by, the fair market value of such Disqualified Capital Stock, such fair market value shall be determined reasonably and in good faith by the Board of Directors of the issuer of such Disqualified Capital Stock.

 “Indenture” means this Indenture, as amended or supplemented from time to time. 

“Initial Notes” has the meaning provided in the preamble hereto. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial Purchasers” means the Initial Purchasers of the Notes under the Purchase Agreement. 

“Integration Services Fees” means fees payable by a Subsidiary to the Manager in connection with (a) the acquisition or
sale of or by such Subsidiary that is permitted under clauses 1 or 13 of the definition of “Permitted Investments,” to the extent such fees are paid within 12 months of the applicable acquisition or sale. 

“Interest Swap Obligations” means the obligations of any Person pursuant to any arrangement with any other Person, whereby,
directly or indirectly, such Person is entitled to receive from time to time periodic payments calculated by applying either a floating or a fixed rate of interest on a stated notional amount in exchange for periodic payments made by such other
Person calculated by applying a fixed or a floating rate of interest on the same notional amount and shall include, without limitation, interest rate swaps, caps, floors, collars and similar agreements. 

“Investment” means, with respect to any Person, any direct or indirect loan or other extension of credit (including, without
limitation, a guarantee) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition by such Person of any Capital
Stock, bonds, notes, debentures or other securities or evidences of Indebtedness issued by, any other Person. “Investment” shall exclude extensions of trade credit by the Company and its Restricted Subsidiaries on commercially reasonable
terms in accordance with normal trade practices of the Company or such Restricted Subsidiary, as the case may be, and, in the case of the Company and its Restricted Subsidiaries, intercompany loans, advances or Indebtedness having a term not
exceeding 364 days and made in the ordinary course of business consistent with past practice. If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Common Stock of any direct or indirect Restricted Subsidiary
of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of the Company, the Company shall be deemed to have made an Investment on the date of any such sale or disposition equal to the fair
market value of the Common Stock of such Restricted Subsidiary not sold or disposed of. The amount of any Investment outstanding at any time shall be the original cost of such Investment, reduced by any dividend, distribution, interest payment, and
return of capital, repayment or other amount received in cash by the Company or a restricted subsidiary in respect of such Investment. 

  
 -12- 

 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or
equivalent) by Moody’s or BBB- (or equivalent) by S&P, or an equivalent rating by any other Rating Agency. 

“Issue Date” means March 23, 2021. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the State of New York or the Corporate
Trust Office of the Trustee are authorized or required by law to close. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the
intervening period. If a regular record date is a Legal Holiday, the record date shall not be affected. 
 “Lien” means any
lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof and any agreement to give any security interest). 

“LTM Pro Forma EBITDA” means, with respect to any Person, at any date, the Consolidated EBITDA of such Person during
the four full fiscal quarters (the “Four Quarter Period”) ending prior to the date of the transaction giving rise to the need to calculate the LTM Pro Forma EBITDA for which financial statements are available (the
“Transaction Date”). In addition to and without limitation of the foregoing, for purposes of this definition, “Consolidated EBITDA” shall be calculated after giving effect on a pro forma basis for the period of such
calculation to: 
 (1) the incurrence or repayment of any Indebtedness of such Person or any of its Restricted Subsidiaries
(and the application of the proceeds thereof) giving rise to the need to make such calculation, as if such incurrence or repayment, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Four Quarter
Period; and 
 (2) any asset sales or other dispositions or Asset Acquisitions (including, without limitation, any Asset
Acquisition giving rise to the need to make such calculation as a result of such Person or one of its Restricted Subsidiaries (including any Person who becomes a Restricted Subsidiary as a result of the Asset Acquisition) incurring, assuming or
otherwise being liable for Acquired Indebtedness and also including any Consolidated EBITDA (including any pro forma income, expense and cost reduction adjustments calculated on a basis consistent with Regulation S-X promulgated under the Exchange Act or evidenced by a quality of earnings assessment prepared by an Approved Professional) attributable to the assets which are the subject of the Asset Acquisition or asset sale
or other disposition during the Four Quarter Period) occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such asset sale or other disposition or
Asset Acquisition (including the incurrence, assumption or liability for any such Acquired Indebtedness) occurred on the first day of the Four Quarter Period. If such Person or any of its Restricted Subsidiaries directly or indirectly guarantees
Indebtedness of a third Person, the preceding sentence shall give effect to the incurrence of such guaranteed Indebtedness as if such Person or any Restricted Subsidiary of such Person had directly incurred or otherwise assumed such guaranteed
Indebtedness. 
 “Management Services Agreement” means that certain Sixth Amended and Restated Management Services
Agreement by and between the Company and the Manager, dated as of September 30, 2014 and originally effective as of May 16, 2006, as in effect on the date hereof. 

“Manager” means Compass Group Management LLC, a Delaware limited liability company (or an Affiliate thereof). 

  
 -13- 

 “Material Subsidiary” means a “significant subsidiary” as defined
in Rule 1-02(w) of Regulation S-X under the Securities Act. 

“Moody’s” means Moody’s Investors Service, Inc., or any successor to the rating agency business thereof. 

“Net Cash Proceeds” means, with respect to any Asset Sale, the proceeds in the form of cash or Cash Equivalents including
payments in respect of deferred payment obligations when received in the form of cash or Cash Equivalents (other than the portion of any such deferred payment constituting interest) received by the Company or any of its Restricted Subsidiaries from
such Asset Sale net of: 
 (1) reasonable
out-of-pocket expenses and fees relating to such Asset Sale (including, without limitation, legal, accounting and investment banking fees and sales commissions); 

(2) taxes paid or payable after taking into account any reduction in consolidated tax liability due to available tax credits or
deductions and any tax sharing arrangements; 
 (3) repayment of Indebtedness (other than Indebtedness under the Bank
Facility) that is secured by the property or assets that are the subject of such Asset Sale; and 
 (4) appropriate amounts
to be provided by the Company or any Restricted Subsidiary, as the case may be, as a reserve, in accordance with GAAP, against any liabilities associated with such Asset Sale and retained by the Company or any Restricted Subsidiary, as the case may
be, after such Asset Sale, including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale. 

“Non-cash Charges” means, with respect to any Person, (a) losses on asset sales,
disposals or abandonments, (b) any impairment charge or asset write-off related to intangible assets, long-lived assets, and investments in debt and equity securities pursuant to GAAP, (c) all losses
from investments recorded using the equity method, (d) stock-based awards compensation expense, and (e) other non-cash charges. 

“Notes” means the Initial Notes issued on the date hereof and any Additional Notes. The Initial Notes and the Additional
Notes shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. 

“Obligations” means all obligations for principal, premium, interest, penalties, fees, indemnifications, reimbursements,
damages and other liabilities payable under the documentation governing any Indebtedness. 
 “Officer” means the Chairman
of the Board, the Chief Executive Officer, the Chief Financial Officer, the President, any Vice President, the Treasurer or Secretary of the Company. 

“Officers’ Certificate” means a certificate signed by two Officers, at least one of whom shall be the principal
executive officer or principal financial officer of the Company, and delivered to the Trustee; provided that any such certificate to be delivered pursuant to Section 4.11 shall be signed by one Officer who shall be the principal
financial officer of the Company. 
 “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable
to the Trustee. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company. 

  
 -14- 

 “Pari Passu Indebtedness” means any Indebtedness of the Company or any
Guarantors that ranks Pari Passu in right of payment with the Notes or any Guarantee of such Guarantor, as applicable. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Participating Member State” means each state, so described in any European Monetary Union legislation, which was a
participating member state on January 1, 2021. 
 “Permitted Investments” means: 

(1) Investments by the Company or any Restricted Subsidiary of the Company in any Person that is or will become immediately
after such Investment a Restricted Subsidiary of the Company or that will merge or consolidate into the Company or a Restricted Subsidiary of the Company and other Investments to the extent constituting intercompany Indebtedness permitted under
clause 6 or 7 of the definition of “Permitted Indebtedness”; 
 (2) Investments in the Company by any Restricted
Subsidiary of the Company; provided that any Indebtedness evidencing such Investment and held by a Restricted Subsidiary that is not a Wholly Owned Restricted Subsidiary that is a Guarantor is unsecured and subordinated, pursuant to a written
agreement, to the Company’s obligations under the Notes and this Indenture; 
 (3) Investments in cash and Cash
Equivalents; 
 (4) loans and advances to employees, directors and officers of the Company and its Restricted Subsidiaries in
the ordinary course of business for bona fide business purposes not in excess of $15.0 million at any one time outstanding; 

(5) Currency Agreements and Interest Swap Obligations entered into in the ordinary course of the Company’s or its
Restricted Subsidiaries’ businesses and otherwise in compliance with this Indenture; 
 (6) additional Investments
(other than any Investments in any direct or indirect parent company of the Company) not to exceed the greater of (x) $110 million and (y) 5.0% of Total Assets at any one time outstanding; 

(7) Investments in securities of trade creditors or customers received pursuant to any plan of reorganization or similar
arrangement upon the bankruptcy or insolvency of such trade creditors or customers or in good faith settlement of delinquent obligations of such trade creditors or customers; 

(8) Investments made by the Company or its Restricted Subsidiaries as a result of consideration received in connection with an
Asset Sale made in compliance with Section 4.11; 
 (9) Investments resulting from the creation of Liens on the assets
of the Company or any of its Restricted Subsidiaries in compliance with Section 4.13; 
 (10) Investments represented by
guarantees that are otherwise permitted under this Indenture; 

  
 -15- 

 (11) Investments the payment for which is Qualified Capital Stock of the
Company; 
 (12) Investments existing as of the Issue Date, and any extension, modification or renewal of any such
Investments, but only to the extent not involving additional advances, contributions or other Investments of cash or other assets or other increases thereof (other than as a result of the accrual or accretion of interest or original issue discount
or the issuance of pay-in-kind securities), in each case, pursuant to the terms of such Investment as in effect on the Issue Date; 

(13) Investments in Permitted Joint Ventures and Unrestricted Subsidiaries, not to exceed $100 million at any one time
outstanding; 
 (14) receivables owing to the Company or any Restricted Subsidiary if created or acquired in the ordinary
course of business and payable or dischargeable in accordance with customary trade terms; provided that such trade terms may include such concessionary trade terms as the Company or any such Restricted Subsidiary deems reasonable under the
circumstances; 
 (15) lease, utility and other similar deposits in the ordinary course of business; 

(16) stock, obligations or securities received in settlement of debts created in the ordinary course of business and owing to
the Company or any Restricted Subsidiary or in satisfaction of judgments; 
 (17) equity Investments held in any Person that
was previously a Restricted Subsidiary to the extent that (i) such Investments were made prior to (and were in existence as of) the date upon which such Person ceased to be a Subsidiary and (ii) such Person was a Restricted Subsidiary
immediately prior to ceasing to be a Subsidiary; and 
 (18) capped call(s), call spread(s) or bond hedge and warrant
transaction(s) entered into by the Company concurrently with the issuance of convertible or exchangeable debt to hedge the Company’s stock price risk with respect to such debt that are deemed necessary or advisable to effect such hedge in the
good faith judgment of the Board of Directors of the Company. 
 “Permitted Joint Venture” means any Person owned 50% or
more by the Company and/or any of its Restricted Subsidiaries if (A) such Person is engaged in a business related to that of the Company or any Restricted Subsidiary and (B) the Company or any of its Restricted Subsidiaries has the right
to appoint at least half of the Board of Directors of such Person. 
 “Permitted Liens” means the following types of Liens:

 (1) Liens for taxes, assessments or governmental charges or claims either (a) not delinquent or (b) contested in
good faith by appropriate proceedings and as to which the Company or its Restricted Subsidiaries shall have set aside on its books such reserves as may be required pursuant to GAAP; 

(2) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and other
Liens imposed by law incurred in the ordinary course of business for sums not yet delinquent by more than 30 days or, if delinquent by more than 30 days, being contested in good faith, if such reserve or other appropriate provision, if any, as shall
be required by GAAP shall have been made in respect thereof; 

  
 -16- 

 (3) Liens incurred or deposits made in the ordinary course of business in
connection with workers’ compensation, unemployment insurance and other types of social security, including any Lien securing letters of credit issued in the ordinary course of business, or to secure the performance of tenders, statutory
obligations, surety and appeal bonds, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations
for the payment of borrowed money); 
 (4) judgment Liens not giving rise to an Event of Default so long as such Lien is
adequately bonded and any appropriate legal proceedings which may have been duly initiated for the review of such judgment shall not have been finally terminated or the period within which such proceedings may be initiated shall not have expired;

 (5) easements, rights-of-way, zoning
restrictions and other similar charges or encumbrances in respect of real property not interfering in any material respect with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries; 

(6) any interest or title of a lessor under any Capitalized Lease Obligation; provided that such Liens do not extend to
any property or assets which is not leased property subject to such Capitalized Lease Obligation (other than other property that is subject to a separate lease from such lessor or any of its Affiliates); 

(7) Liens securing Purchase Money Indebtedness; provided that (a) such Purchase Money Indebtedness shall not exceed
the purchase price or other cost of such property or equipment and shall not be secured by any property or equipment of the Company or any Restricted Subsidiary of the Company other than the property and equipment so acquired or other property that
was acquired from such seller or any of its Affiliates with the proceeds of Purchase Money Indebtedness and (b) the Lien securing such Purchase Money Indebtedness shall be created within 360 days of such acquisition; 

(8) Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in
respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(9) Liens securing reimbursement obligations with respect to commercial letters of credit which encumber documents and other
property relating to such letters of credit and products and proceeds thereof; 
 (10) Liens securing Interest Swap
Obligations which Interest Swap Obligations relate to Indebtedness that is otherwise permitted under this Indenture; 
 (11)
Liens securing Indebtedness under Currency Agreements; 
 (12) Liens securing Acquired Indebtedness incurred in accordance
with Section 4.09; provided that 
 (a) such Liens secured such Acquired Indebtedness at the time of and prior to
the incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary of the Company and were not granted in connection with, or in anticipation of, the incurrence of such Acquired Indebtedness by the Company or a Restricted
Subsidiary of the Company; and 

  
 -17- 

 (b) such Liens do not extend to or cover any property or assets of the
Company or of any of its Restricted Subsidiaries other than the property or assets that secured the Acquired Indebtedness prior to the time such Indebtedness became Acquired Indebtedness of the Company or a Restricted Subsidiary of the Company; 

(13) Liens on assets of a Restricted Subsidiary of the Company that is not a Guarantor to secure Indebtedness of such
Restricted Subsidiary that is otherwise permitted under this Indenture; 
 (14) leases, subleases, licenses and sublicenses
granted to others that do not materially interfere with the ordinary course of business of the Company and its Restricted Subsidiaries; 

(15) banker’s Liens, rights of setoff and similar Liens with respect to cash and Cash Equivalents on deposit in one or
more bank accounts in the ordinary course of business; 
 (16) Liens arising from filing Uniform Commercial Code financing
statements regarding leases; 
 (17) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payments of customs duties in connection with the importation of goods; 
 (18) Liens (a) on inventory held by and
granted to a local distribution company in the ordinary course of business and (b) in accounts purchased and collected by and granted to a local distribution company that has agreed to make payments to the Company or any of its Restricted
Subsidiaries for such amounts in the ordinary course of business; 
 (19) Liens securing Attributable Debt incurred pursuant
to clause 18 of the definition of “Permitted Indebtedness”; 
 (20) Liens securing Indebtedness incurred pursuant
to clause 16 of the definition of “Permitted Indebtedness”; 
 (21) Liens securing Indebtedness in respect of
mortgage financings incurred pursuant to clause 10 of the definition of “Permitted Indebtedness”; 
 (22) Liens
arising on any real property as a result of any eminent domain, condemnation or similar proceeding being commenced with respect to such real property; and 

(23) Liens with respect to obligations (including Indebtedness) of the Company or any of its Restricted Subsidiaries otherwise
permitted under this Indenture that do not exceed the greater of $55 million and 2.5% of Total Assets at any one time outstanding. 

“Person” means an individual, partnership, corporation, limited liability company, unincorporated organization, trust or
joint venture, or a governmental agency or political subdivision thereof. 
 “Portfolio Company” means (x) each
Restricted Subsidiary of the Company, (y) each Unrestricted Subsidiary of the Company that is designated as an Unrestricted Subsidiary after the Issue Date pursuant to paragraph (b)(12) of Section 4.07 and (z) each Person of which the
Company owns Capital Stock, provided that that the Company previously owned a majority of the Capital Stock of such Person. 

  
 -18- 

 “Preferred Stock” of any Person means any Capital Stock of such Person that
has preferential rights to any other Capital Stock of such Person with respect to dividends, distributions or redemptions or upon liquidation. 

“Private Placement Legend” means the legend set forth in Section 2.06(f)(1) to be placed on all Notes issued under this
Indenture except where otherwise permitted by the provisions of this Indenture. 
 “Public Debt Securities” means any debt
securities of the Company or any Restricted Subsidiary that (a) are or become registered with the Commission (whether pursuant to a registration statement under the Securities Act or otherwise pursuant to the Exchange Act) and/ or
(b) contain or require the Company or such Restricted Subsidiary to provide financial information substantially consistent with the financial information required by Regulation S-K and S-X promulgated under the Securities Act and Exchange Act. 
 “Purchase Money
Indebtedness” means Indebtedness of the Company and its Restricted Subsidiaries incurred in the normal course of business for the purpose of financing all or any part of the purchase price, or the cost of installation, construction or
improvement, of property or equipment. 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A.

 “Qualified Capital Stock” means any Capital Stock that is not Disqualified Capital Stock. 

“Qualified Equity Offering” means, with respect to any Restricted Subsidiary, an Equity Offering of such Restricted
Subsidiary where the valuation of such Restricted Subsidiary established by such Equity Offering is, in the good faith judgment of the Board of Directors of the Company, substantially the full value of such Restricted Subsidiary. 

“Rating Agency” means (1) each of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate the
Notes for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” as such term is defined in Section 3(a)(62) of the Exchange Act selected by the Company as a replacement agency for
Moody’s or S&P, as the case may be. 
 “Regulation S” means Regulation S promulgated under the Securities
Act. 
 “Regulation S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note,
as appropriate. 
 “Regulation S Permanent Global Note” means a permanent Global Note in the form of Exhibit A
hereto bearing the Global Note Legend, the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, including such permanent Global Note issued in a denomination equal to the
outstanding principal amount of the Regulation S Temporary Global Note exchanged therefor upon and after expiration of the Restricted Period. 

“Regulation S Temporary Global Note” means a temporary Global Note in the form of Exhibit A hereto bearing the Global
Note Legend, Private Placement Legend and Regulation S Temporary Global Legend deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the
Notes initially sold in reliance on Rule 903 of Regulation S. 
 “Regulation S Temporary Global Note Legend” means
the legend set forth in Section 2.06(f)(3) hereof to be placed on all Regulation S Temporary Global Notes. 

  
 -19- 

 “Refinance” means, in respect of any security or Indebtedness, to
refinance, extend, renew, refund, repay, prepay, redeem, defease or retire, or to issue a security or Indebtedness in exchange or replacement for, such security or Indebtedness in whole or in part. “Refinanced” and “Refinancing”
shall have correlative meanings. 
 “Refinancing Indebtedness” means any Refinancing or successive Refinancings by the
Company or any Restricted Subsidiary of the Company of Indebtedness incurred in accordance with Section 4.09 (other than pursuant to clauses (2), (4), (5), (6), (7), (8), (9), (10), (11), (13), (15), (16) or (17) of Section 4.09(b)),
in each case that does not: 
 (1) result in an increase in the aggregate principal amount of Indebtedness of such Person as
of the date of such proposed Refinancing (plus the amount of all accrued interest and any premium required to be paid under the terms of the instrument governing such Indebtedness and plus the amount of reasonable fees and expenses incurred by the
Company in connection with such Refinancing); or 
 (2) create Indebtedness with: (a) a Weighted Average Life to
Maturity that is less than the Weighted Average Life to Maturity of the Indebtedness being Refinanced; or (b) a final maturity earlier than the final maturity of the Indebtedness being Refinanced; provided that (x) if such
Indebtedness being Refinanced is Indebtedness solely of the Company (and is not otherwise guaranteed by a Restricted Subsidiary of the Company), then such Refinancing Indebtedness shall be Indebtedness solely of the Company and (y) if such
Indebtedness being Refinanced is subordinate or junior to the Notes or any Guarantee, then such Refinancing Indebtedness shall be subordinate to the Notes or such Guarantee, as the case may be, at least to the same extent and in the same manner as
the Indebtedness being Refinanced; provided, that the net proceeds of any Refinancing Indebtedness are applied to such Refinancing or successive Refinancing within 90 days of the date on which such Refinancing Indebtedness is incurred. 

“Responsible Officer” means, when used with respect to the Trustee, an officer assigned to the Corporate Trust Office of the
Trustee, including any vice president, assistant vice president, assistant treasurer, or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and having direct
responsibility for the administration of this Indenture, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

“Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 

“Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

“Restricted Period” means the 40-day distribution compliance period as defined in
Regulation S, which period shall terminate on May 2, 2021. 
 “Restricted Subsidiary” of any Person means any
Subsidiary of such Person which at the time of determination is not an Unrestricted Subsidiary. 
 “Rule 144” means Rule
144 promulgated under the Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 

“S&P” means Standard & Poor’s Ratings Group, Inc., or any successor to the rating agency business thereof.

  
 -20- 

 “Sale and Leaseback Transaction” means any direct or indirect arrangement
with any Person or to which any such Person is a party, providing for the leasing to the Company or a Restricted Subsidiary of any property, whether owned by the Company or any Restricted Subsidiary at the Issue Date or later acquired, which has
been or is to be sold or transferred by the Company or such Restricted Subsidiary to such Person or to any other Person from whom funds have been or are to be advanced by such Person on the security of such Property. 

“Secured Indebtedness” means any Indebtedness secured by a Lien on any assets of the Company or any of its Restricted
Subsidiaries. 
 “Secured Leverage Ratio” as of any date of determination means the ratio of (x) the sum of
(i) the aggregate amount of consolidated Secured Indebtedness (other than Indebtedness of the type described in clause 8 of the definition of “Indebtedness”) of the Company and its Restricted Subsidiaries as of such date of
determination minus (ii) the sum of (a) Total Cash as of such date of determination and (b) the amount of Unrestricted Cash of all Portfolio Companies to (y) LTM Pro Forma EBITDA. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and any successor statute. 

“Subordinated Indebtedness” means Indebtedness of the Company or any Guarantors that is subordinated or junior in right of
payment to the Notes or any Guarantee of such Guarantor, as the case may be. 
 “Subsidiary,” with respect to any Person,
means: 
 (1) any corporation of which the outstanding Capital Stock having at least a majority of the votes entitled to be
cast in the election of directors under ordinary circumstances shall at the time be owned, directly or indirectly, by such Person; or 

(2) any other Person of which at least a majority of the voting interest under ordinary circumstances is at the time, directly
or indirectly, owned by such Person. 
 “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C.
§§ 77aaa-77bbbb). 
 “Total Assets” means, at the time of determination, the total consolidated assets of
the Company and its Subsidiaries, as shown on the most recent balance sheet of the Company. 
 “Total Cash” means, at the
time of determination, the total consolidated cash and Cash Equivalents of the Company on deposit in accounts that are subject to an agreement that perfects by “control” (as such term is used in Article 9 of the Uniform Commercial Code)
the lien on the deposit account(s) or securities account(s) described therein for the benefit of lenders under a Bank Facility. 

“Total Leverage Ratio” as of any date of determination means the ratio of (x) the sum of (i) the aggregate amount
of consolidated Indebtedness (other than Indebtedness of the type described in clause 8 of the definition of “Indebtedness”) of the Company and its Restricted Subsidiaries as of such date of determination minus (ii) the sum of
(a) Total Cash as of such date of determination and (b) the amount of Unrestricted Cash of all Portfolio Companies to (y) LTM Pro Forma EBITDA. 

“Transaction Date” has, for purposes of calculating the Consolidated Fixed Charge Coverage Ratio and the LTM Pro Forma
EBITDA, the meaning provided in the definitions of “Consolidated Fixed Charge Coverage Ratio” and “LTM Pro Forma EBITDA”, respectively. 

  
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 “Treasury Rate” means, as of any Redemption Date or, in the case of a
satisfaction and discharge, the deposit date, the weekly average for each business day during the most recent week that has ended at least two business days prior to the applicable Redemption Date or deposit date of the yield to maturity at the time
of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (or, if such Statistical Release is no longer published, any publicly available
source of similar market data)) most nearly equal to the period from the Redemption Date to April 15, 2024; provided, however, that if the period from the Redemption Date to April 15, 2024 is less than one year, the weekly
average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trustee” means U.S. Bank National Association until a successor replaces it in accordance with the applicable provisions of
this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted Cash” means, at any time with respect
to a Portfolio Company (except for any Portfolio Company that is organized under the Laws of any jurisdiction other than any state of the United States or the District of Columbia), the product of (a) the aggregate cash and Cash Equivalents of
such Portfolio Company that (i) does not appear (or would be required to appear) as “restricted” on a consolidated balance sheet of such Portfolio Company as determined in accordance with GAAP and (i) is not subject to any Lien
in favor of any Person (other than any Lien permitted pursuant to Section 4.13 or pursuant to clause (15) of the definition of “Permitted Liens”) multiplied by (b) the percentage of Capital Stock in such Portfolio Company
owned by the Company. 
 “Unrestricted Definitive Note” means a Definitive Note that does not bear and is not required to
bear the Private Placement Legend. 
 “Unrestricted Subsidiary” of any Person means: 

(1) any Subsidiary of such Person that at the time of determination shall be or continue to be designated an Unrestricted
Subsidiary by the Board of Directors of such Person in the manner provided below; and 
 (2) any Subsidiary of an
Unrestricted Subsidiary. 
 The Board of Directors of the Company may designate any Subsidiary (including any newly acquired or newly formed
Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of, the Company or any other Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so
designated; provided that: 
 (i) the Company certifies to the Trustee that such designation complies with
Section 4.07; and 
 (ii) each Subsidiary to be so designated and each of its Subsidiaries has not at the time of
designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Company or any of
its Restricted Subsidiaries. 
 For purposes of making the determination of whether any such designation of a Subsidiary as an Unrestricted
Subsidiary complies with Section 4.07, the portion of the fair market value of the net assets of such Subsidiary of the Company at the time that such Subsidiary is designated as an Unrestricted Subsidiary that is represented by the interest of
the Company and its Restricted Subsidiaries in such Subsidiary, in each case as determined in good faith by the Board of Directors of the Company, shall be deemed to be an Investment. Such designation will be permitted only if such Investment would
be permitted at such time under Section 4.07. 

  
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 The Board of Directors of the Company may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary only if: 
 (a) immediately after giving effect to such designation, the Company is able to incur at
least $1.00 of additional Indebtedness (other than Permitted Indebtedness) in compliance with Section 4.09; and 
 (b)
immediately before and immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be continuing. Any such designation by such Board of Directors shall be evidenced to the Trustee by promptly filing
with the Trustee a copy of the Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing provisions. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by
dividing (a) the then outstanding aggregate principal amount of such Indebtedness into (b) the sum of the total of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity
or other required payment of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) which will elapse between such date and
the making of such payment. 
 “Wholly Owned Restricted Subsidiary” means a Restricted Subsidiary, all of the Capital Stock
of which (other than directors’ qualifying shares) is owned by the Company or another Wholly Owned Restricted Subsidiary. 
 Section 1.02.
Other Definitions. 
  

			
	 Term
	  	 Defined

in Section

	“Affiliate Transaction”	  	4.12
	“Applicable Procedures”	  	2.06
	“Authentication Order”	  	2.02
	“Change of Control Offer”	  	4.15
	“Change of Control Payment Date”	  	4.15
	“Commission”	  	1.04
	“Covenant Defeasance”	  	8.03
	“Covenant Suspension Event”	  	4.18
	“DTC”	  	2.03
	“Event of Default”	  	6.01
	“Increased Amount”	  	4.13(c)
	“incur”	  	4.09
	“IPO Subsidiary”	  	4.07(b)(12)
	“Legal Defeasance”	  	8.02
	“Net Proceeds Offer”	  	4.11
	“Net Proceeds Offer Amount”	  	4.11
	“Net Proceeds Offer Payment Date”	  	4.11
	“Net Proceeds Offer Trigger Date”	  	4.11
	“Offer Amount”	  	3.09
	“Offer Period”	  	3.09

  
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	 Term
	  	 Defined

in Section

	“Paying Agent”	  	2.03
	“Permitted Trust Merger”	  	2.06
	“Permitted Indebtedness”	  	4.09
	“Purchase Date”	  	3.09
	“Redemption Date”	  	3.07
	“Reference Date”	  	4.07
	“Registrar”	  	2.03
	“Replacement Assets”	  	4.11(a)(3)(B)
	“Repurchase Offer”	  	3.09
	“Restricted Payments”	  	4.07
	“Reversion Date”	  	4.18
	“Surviving Entity”	  	5.01(1)(B)
	“Suspended Covenants”	  	4.18
	“Suspension Date”	  	4.18
	“Suspension Period”	  	4.18
	“Trust”	  	4.07

 Section 1.03. Incorporation by Reference of Trust Indenture Act. 

Except for provisions of the TIA specifically incorporated by reference in this Indenture, the TIA shall not apply to this Indenture. 

Section 1.04. Rules of Construction. 

Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 

(d) words in the singular include the plural, and in the plural include the singular; 

(e) “will” shall be interpreted to express a command; 

(f) provisions apply to successive events and transactions; 

(g) references to sections of or rules under the Exchange Act and the Securities Act will be deemed to include substitute,
replacement of successor sections or rules adopted by the Securities and Exchange Commission (the “Commission”) from time to time; 

(h) “including” means including without limitation; and 

(i) Section references are to Sections of this Indenture unless the context otherwise requires. 

  
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 ARTICLE 2. 

THE NOTES 
 Section 2.01. Form and
Dating. 
 (a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of
Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof. 
 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a
part of this Indenture and the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the
express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Global Notes. Notes
issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form
will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the
outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes
represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

(c) Temporary Global Notes. Notes offered and sold in reliance on Regulation S will be issued initially in the form of either Regulation
S Permanent Global Note or Regulation S Temporary Global Note. Any Regulation S Temporary Global Note will be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, as custodian for the Depositary, and registered in
the name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the Trustee as hereinafter provided. After the
expiration of the Restricted Period and upon the receipt by the Trustee of: 
 (1) certificates from Euroclear and
Clearstream, certifying that they have received certification of non-United States beneficial ownership of 100% of the aggregate principal amount of the Regulation S Temporary Global Note (except to the extent
of any beneficial owners thereof who acquired an interest therein during the Restricted Period pursuant to another exemption from registration under the Securities Act and who will take delivery of a beneficial ownership interest in a 144A Global
Note bearing a Private Placement Legend, all as contemplated by Section 2.06(b) hereof); and 
 (2) an Officer’s
Certificate from the Company specifying that such exchange is permitted by this Indenture and is in compliance with the transfer restrictions applicable to the Restricted Global Notes and the Securities Act, beneficial interests in the Regulation S
Temporary Global Note will be exchanged for beneficial interests in the Regulation S Permanent Global Note pursuant to the Applicable Procedures. Simultaneously with such exchange of the Regulation S

  
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Permanent Global Note, the Trustee will cancel the Regulation S Temporary Global Note. The aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S Permanent
Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interests as hereinafter provided. 

Section 2.02. Execution and Authentication. 

At least one Officer must sign the Notes for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be
valid. 
 A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence
that the Note has been authenticated under this Indenture. 
 The Trustee will, upon receipt of a written order of the Company signed by an
Officer (an “Authentication Order”), authenticate Notes for original issue that may be validly issued under this Indenture, including any Additional Notes which may be issued in accordance with Section 2.14 hereof. The
aggregate principal amount of Notes which may be authenticated and delivered under this Indenture is unlimited. However, the aggregate principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes
authorized for issuance by the Company pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof. 
 The
Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company. 

Section 2.03. Registrar and Paying Agent. 

The Company will maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional
paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or
maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 

The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global
Notes. 

  
 -26- 

 Section 2.04. Paying Agent to Hold Money in Trust. 

The Company will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit
of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Company in making any such payment. While any such default
continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other
than the Company) will have no further liability for the money. If the Company acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or
reorganization proceedings relating to the Company, the Trustee will serve as Paying Agent for the Notes. 
 Section 2.05. Holder Lists. 

The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company will furnish to the Trustee at least two Business Days before each interest payment date and at such other times as the Trustee may
request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes and the Company shall otherwise comply with TIA § 312(a). 

Section 2.06. Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by
the Company for Definitive Notes if: 
 (1) the Company delivers to the Trustee notice from the Depositary that it is
unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 90 days after the date of such notice
from the Depositary; or 
 (2) there has occurred and is continuing a Default or Event of Default with respect to the Notes
of which an officer of the Trustee has received actual notice and the Registrar has received a request from any beneficial owner of an interest in the Global Note to issue such Definitive Notes. 

Upon the occurrence of either of the events in (1) above, Definitive Notes shall be issued in such names as the Depositary shall instruct
the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Section 2.07 and Section 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion
thereof, pursuant to this Section 2.06 or Section 2.07 or Section 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as
provided in this Section 2.06(a) hereof, provided, however, that beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c) hereof. 

(b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global
Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the applicable procedures of the Depositary (the “Applicable Procedures”). Beneficial interests in the Restricted Global
Notes will be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes will require compliance with paragraph (1) or (2) below,
as applicable, as well as one or more of the other following subparagraphs, as applicable: 

  
 -27- 

 (1) Transfer of Beneficial Interests in the Same Restricted Global
Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in
the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Temporary Global Note may not be made to a U.S. Person or for the account or
benefit of a U.S. Person (other than an Initial Purchaser). No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 

(2) All Other Transfers and Exchange of Beneficial Interests in Global Notes. In connection with all transfers or
exchanges of beneficial interests in Global Notes that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(A) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase; or 
 (B) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in Section 2.06(b)(2)(B)(i) above. 

(3) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global
Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar and Trustee
receives the following: 
 (A) if the transferee will take delivery in the form of a beneficial interest in the 144A Global
Note, then the transferor must deliver a certificate in the form of Exhibit C hereto, including the certifications in item (1) thereof, or 

  
 -28- 

 (B) if the transferee will take delivery in the form of a beneficial
interest in the Regulation S Temporary Global Note or the Regulation S Permanent Global Note, then the transferor must deliver a certificate in the form of Exhibit C hereto, including the certifications in item (2) thereof. 

Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and
the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(g) hereof. 

(c) Transfer or Exchange of Beneficial Interests in Global Notes for Definitive Notes. 

(1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any Holder of a beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by
the Registrar of the following documentation: 
 (A) if the Holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such Holder substantially in the form of Exhibit D hereto, including the certifications in item (1)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set
forth in Exhibit C hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial interest is being
transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item
(2) thereof; 
 (D) if such beneficial interest is being transferred pursuant to an exemption from the registration
requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (3)(a) thereof; 

(E) if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set
forth in Exhibit C hereto, including the certifications in item (3)(b) thereof; or 
 (F) if such beneficial interest is
being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (3)(c) thereof, 

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and
the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a
Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the Holder of such beneficial interest requests through instructions to the Registrar from
or through the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a
Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and the Regulation S Temporary Global Note Legend, as applicable, and shall be subject to all restrictions on transfer contained therein. 

  
 -29- 

 (2) Beneficial Interests in Regulation S Temporary Global Note to Definitive Notes.
Notwithstanding Sections 2.06(c)(1)(A) and (C) hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive
Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Trustee of the certificates required pursuant to Section 2.01(c) hereof, except in the case of a transfer pursuant to an exemption from the
registration requirements of the Securities Act other than Rule 903 or Rule 904. 
 (3) Beneficial Interest in Restricted Global Notes to
Unrestricted Definitive Notes. A Holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery
thereof in the form of an Unrestricted Definitive Note only if the Registrar and Trustee receive the following: (i) if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an
Unrestricted Definitive Note, a certificate from such Holder substantially in the form of Exhibit D hereto, including the certifications in item (2)(a) thereof, or (ii) if the Holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item
(4) thereof; and, in each case, an Opinion of Counsel to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the Securities Act. 
 (d) Transfer and Exchange of Definitive Notes
for Beneficial Interests. 
 (1) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of
a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a
Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such
Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit D hereto, including the certifications in item (1)(b) thereof; 

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit C hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted Definitive
Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit C hereto, including the certifications in
item (2) thereof; 
 (D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (3)(a) thereof; 

(E) if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the
effect set forth in Exhibit C hereto, including the certifications in item (3)(b) thereof; or 

  
 -30- 

 (F) if such Restricted Definitive Note is being transferred pursuant to an
effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (3)(c) thereof, 

the Trustee, upon receipt of an Officers’ Certificate and Opinion of Counsel, will cancel the Restricted Definitive Note, increase or cause to be
increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, and in the case of clause (C) above, the Regulation S Global
Note. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such
Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender
to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting
Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 

(1) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in
the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made to a QIB in accordance with Rule 144A, then the transferor must deliver a certificate
substantially in the form of Exhibit C hereto, including the certifications in item (1) thereof; 
 (B) if the transfer
will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit C hereto, including the certifications in item (2) thereof; and 

(C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then
the transferor must deliver a certificate in the form of Exhibit C hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

(2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof
for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if (i) the Holder of such Restricted Definitive Note proposes to exchange such Notes for an
Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit D hereto, including the certifications in item (1)(d) thereof; or (ii) the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (4) thereof, and in each case, an Opinion of Counsel to
the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities
Act. 
 (3) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer
such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from
the Holder thereof and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. 

  
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 (f) Legends. The following legends will appear on the face of all Global Notes and
Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture: 

(1) Private Placement Legend. Each Global Note and each Definitive Note (and all Notes issued in exchange thereof or
substitution thereof) shall bear the legend in substantially the following form: 
 “THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY
WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (i) (a) TO A PERSON WHO IS A
QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (b) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (c) OUTSIDE THE
UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 UNDER THE SECURITIES ACT, OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), (ii) TO THE COMPANY, OR (iii) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE
(A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY.” 

  
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 (2) Global Note Legend. Each Global Note will bear
a legend in substantially the following form: 
 THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE)
OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF
THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND
(4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

(3) Regulation S Temporary Global Note Legend. In addition to the Private Placement Legend, the
Regulation S Temporary Global Note will bear a legend in substantially the following form: 
 “THE RIGHTS ATTACHING TO
THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S
TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.” 
 (g) Cancellation and/or Adjustment of Global
Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be
returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery
thereof in the form of Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the 

  
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Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to
reflect such increase. 
 (h) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive
Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 
 (2) No
service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Section 2.10, Section 3.06, Section 3.09, Section 4.11,
Section 4.15 and Section 9.05 hereof). 
 (3) Neither the Registrar nor the Company will be required to register the transfer of or
exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (4)
All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
 (5) Neither the Registrar
nor the Company will be required: 
 (A) to issue, to register the transfer of or to exchange any Notes during a period
beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a record date
and the next succeeding interest payment date for the Note. 
 (6) Prior to due presentment for the registration of a transfer of any Note,
the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes,
and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (7) The Trustee will authenticate Global
Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof. 

  
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 (8) All certifications, certificates and Opinions of Counsel required to be submitted to the
Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
 The Trustee shall have no
obligation or duty to monitor, determine or inquire as to compliance with any securities laws or restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any
transfers between or among Depositary participants or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when
expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

Section 2.07. Replacement Notes. 
 If
any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the ownership and destruction, loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an
Authentication Order, will authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Company, indemnity and security must be supplied by the Holder that is sufficient in the judgment of the Trustee
and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may charge the relevant Holder for its expenses in replacing a Note. 

Every replacement Note is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
 Section 2.08. Outstanding Notes. 

The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a
Note does not cease to be outstanding because the Company or an Affiliate of the Company holds such Note; however, such Notes held by the Company or an Affiliate of the Company shall not be deemed to be outstanding for purposes of
Section 3.08(b) hereof. 
 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee
receives proof satisfactory to it that the replaced Note is held by a protected purchaser. 
 If the principal amount of any Note is
considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent
(other than the Company or an Affiliate thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to
accrue interest. 
 Section 2.09. Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by
the Company or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company, will be considered as though not outstanding, except that for the purposes of determining whether the
Trustee will be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned will be so disregarded. 

  
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 Section 2.10. Temporary Notes. 

Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order,
will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without
unreasonable delay, the Company will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes. 
 Holders
of temporary Notes will be entitled to all of the benefits of this Indenture. 
 Section 2.11. Cancellation. 

The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes
(subject to the record retention requirement of the Exchange Act) subject to the trustee’s customary procedures. Certification of the destruction of all canceled Notes will be delivered to the Company upon its written request, subject to the
trustee’s customary procedures. The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 

Section 2.12. Defaulted Interest. 

If the Company defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company will notify the Trustee in writing of
the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such special record date and payment date; provided that no such special record date may be
less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company)
will deliver or cause to be delivered to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 

Section 2.13. [Intentionally Omitted]. 

Section 2.14. Additional Notes. 
 The
Company shall be entitled to issue Additional Notes under this Indenture that shall have identical terms as the Initial Notes, other than with respect to the date of issuance, issue price and amount of interest payable on the first interest payment
date applicable thereto; provided that such issuance is not prohibited by the terms of this Indenture, including Section 4.09 and Section 4.13; provided, further, that if such Additional Notes are not fungible with the
Initial Notes for U.S. federal income tax purposes, such Additional Notes shall have one or more separate CUSIP numbers. The Initial Notes and any Additional Notes shall be treated as a single class for all purposes under this Indenture. 

  
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 With respect to any Additional Notes, the Company shall set forth in a Board Resolution of
its Board of Directors and in an Officers’ Certificate, a copy of each of which shall be delivered to the Trustee, the following information: 

(a) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; and

 (b) the issue price, the issue date, the CUSIP number of such Additional Notes, the first interest payment date and the
amount of interest payable on such first interest payment date applicable thereto and the date from which interest shall accrue. 
 ARTICLE
3. 
 REDEMPTION AND PREPAYMENT 

Section 3.01. Notices to Trustee. 

If the Company elects to redeem Notes of any series pursuant to the optional redemption provisions of Section 3.08 hereof, it must furnish
to the Trustee, at least 35 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth: 

(a) the clause of this Indenture pursuant to which the redemption shall occur; 

(b) the redemption date; 

(c) the principal amount of the Notes of such series to be redeemed; and 

(d) the redemption price. 

Section 3.02. Selection of Notes to Be Redeemed or Purchased. 

If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select Notes for redemption
or purchase on a pro rata basis or to the extent that selection on a pro rata basis is not practicable, by lot or by such method as is in accordance with customary procedures; unless otherwise required by law or applicable stock
exchange requirements, subject in each case to the applicable procedures of the Depositary. In the event of such partial redemption or purchase, the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein, not
less than 15 nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously called for redemption or purchase. 

Notes and portions of Notes selected will be in multiples of $1,000; provided that if all of the Notes of a Holder are to be redeemed
or purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed or purchased; and provided further that any unredeemed portion of a Note shall be equal to $2,000 or a
multiple of $1,000 in excess thereof. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 

Section 3.03. Notice of Redemption. 

Subject to the provisions of Section 3.09 hereof, at least 15 days but not more than 60 days before a redemption date, the Company will
deliver a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be delivered more than 60 days prior to a redemption date if the notice is issued in connection with a
defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 10 hereof. 

  
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 The notice will identify the Notes to be redeemed by CUSIP and will state: 

(a) the redemption date; 

(b) the redemption price; 

(c) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 

(d) the name and address of the Paying Agent; 

(e) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(f) that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the redemption date; 
 (g) the paragraph of the Notes and/or Section of this Indenture pursuant to which
the Notes called for redemption are being redeemed; 
 (h) that no representation is made as to the correctness or accuracy
of the CUSIP number, if any, listed in such notice or printed on the Notes; and 
 (i) any condition to such redemption. 

At the Company’s request, the Trustee will give the notice of redemption in the Company’s name and at its expense; provided,
however, that the Company has delivered to the Trustee, at least five Business Days before notice of redemption is required to be delivered to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the
Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

Section 3.04. Effect of Notice of Redemption. 

Once notice of redemption is delivered in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and
payable on the redemption date at the redemption price (except as provided for in Section 3.08(f)). The notice, if delivered in a manner provided herein, shall be conclusively presumed to have been given, whether or not the Holder receives such
notice. In any case, failure to deliver such notice or any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. 

  
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 Section 3.05. Deposit of Redemption or Purchase Price. 

Prior to 10:00 a.m. Eastern Time on the redemption or purchase date, the Company will deposit with the Trustee or with the Paying Agent money
in immediately available funds sufficient to pay the redemption or purchase price of and accrued and unpaid interest on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the Company any money
deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued and unpaid interest on, all Notes to be redeemed or purchased. 

If the Company complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease to
accrue on the Notes or the portions of Notes called for redemption or purchase on the redemption date. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related interest payment date, then any accrued and
unpaid interest to the redemption or purchase date shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender for
redemption or purchase because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any
interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
 Section 3.06. Notes
Redeemed or Purchased in Part. 
 Upon surrender of a Note that is redeemed or purchased in part, the Company will issue and, upon
receipt of an Authentication Order, the Trustee will authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered; provided that such
unredeemed or unpurchased portion is equal to $2,000 or a multiple of $1,000 in excess thereof. Notwithstanding any other provision in this Indenture to the contrary, neither an Opinion of Counsel nor an Officers’ Certificate is required for
the Trustee to authenticate such new Note. 
 Section 3.07. Company Discretion. 

In connection with any redemption of Notes (including in any redemption described under Paragraph 5 of the Notes), any such redemption may, at
the Company’s discretion, be subject to one or more conditions precedent, including any related Equity Offering or a Change of Control, and notice of any such redemption may be given prior to the completion of any conditions precedent. In
addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions
shall be satisfied or waived, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the redemption date, or by the redemption date so delayed. 

Section 3.08. Optional Redemption. 

(a) Other than as set forth in this Section 3.08, the Notes shall not be redeemable by the Company prior to maturity. 

(b) On or prior to April 15, 2024, the Company may on any one or more occasions redeem up to 40% of the aggregate principal amount of the
Notes (calculated giving effect to any issuance of Additional Notes) outstanding under this Indenture, at a redemption price equal to 105.250% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but not
including, the redemption date, with the net cash proceeds of one or more Equity Offerings; provided that: 

  
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 (1) at least 50% of the aggregate principal amount of the Notes (calculated
giving effect to any issuance of Additional Notes) issued under this Indenture remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Company and its subsidiaries); and 

(2) the redemption must occur within 180 days of the date of the closing of such Equity Offering. 

(c) On or after April 15, 2024, the Company may redeem all or a part of the Notes, on any one or more occasions, at the redemption prices
(expressed as percentages of principal amount) set forth below plus accrued and unpaid interest thereon, if any, to, but not including, the applicable redemption date, if redeemed during the twelve-month period beginning on April 15 of the
years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2024
	  	 	102.625	% 
	 2025
	  	 	101.313	% 
	 2026 and thereafter
	  	 	100.000	% 

 (d) Prior to April 15, 2024, the Company may also redeem all or a part of the Notes at a redemption price
equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, but not including, the date of redemption (the “Redemption Date”), subject to the rights of
Holders of record of Notes on the relevant record date to receive interest due on the relevant interest payment date. 
 (e) Any redemption
pursuant to this Section 3.08 shall be made pursuant to the provisions of Section 3.01 through Section 3.07 hereof. 
 (f) Any
redemption or notice of redemption, may, at the Company’s discretion, be subject to one or more conditions precedent, including completion of an Equity Offering or other corporate transaction. 

Section 3.09. Mandatory Redemption. 

The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

Section 3.10. Repurchase Offer. 
 In
the event that, pursuant to Section 4.11 or 4.15 hereof, the Company or a Restricted Subsidiary is required to commence an offer to all Holders to purchase Notes (a “Repurchase Offer”), it shall follow the procedures specified
below. 
 The Repurchase Offer shall remain open for a period of at least 20 Business Days following its commencement, except to the extent
that a shorter or longer period is permitted or required, as the case may be, by applicable law (the “Offer Period”). No later than five Business Days after the termination of the Offer Period (the “Purchase Date”),
the Company will purchase at the purchase price (as determined in accordance with Section 4.11 and 4.15 hereof, as the case may be) the principal amount of Notes required to be purchased pursuant to Section 4.11 or 4.15 hereof, as the case
may be (the “Offer Amount”) and, if required, Pari Passu Indebtedness (on a pro rata basis, if applicable), or, if less than the Offer Amount has been tendered, all Notes and Pari Passu Indebtedness tendered in response to
the Repurchase Offer. Payment for any Notes so purchased will be made in the same manner as interest payments are made. 

  
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 If the Purchase Date is on or after an interest record date and on or before the related
interest payment date, any accrued and unpaid interest to, but not including, the Payment Date will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest will be payable to
Holders who tender Notes pursuant to the Repurchase Offer. 
 Upon the commencement of a Repurchase Offer, the Company will deliver or cause
to be delivered a notice to each of the Holders, with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Repurchase Offer. The notice, which will govern the
terms of the Repurchase Offer, will state: 
 (a) that the Repurchase Offer is being made pursuant to this Section 3.10,
and either Section 4.11 or 4.15 hereof, as applicable, and the length of time the Repurchase Offer will remain open; 

(b) the Offer Amount, the purchase price and the Purchase Date; 

(c) that any Note not tendered or accepted for payment will continue to accrue interest; 

(d) that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Repurchase Offer
will cease to accrue interest after the Purchase Date; 
 (e) that Holders electing to have a Note purchased pursuant to a
Repurchase Offer may elect to have Notes purchased in minimum denominations of $2,000, or integral multiples of $1,000 in excess thereof; 

(f) that Holders electing to have a Note purchased pursuant to any Repurchase Offer will be required to surrender the Note,
with the form entitled “Option of Holder to Elect Purchase” attached to the Note completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the
notice at least three days before the Purchase Date; 
 (g) that Holders will be entitled to withdraw their election if the
Company, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note
the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 

(h) that, if the aggregate principal amount of Notes and Pari Passu Indebtedness surrendered by holders thereof exceeds the
Offer Amount, the Trustee will select the Notes to be purchased on a pro rata basis based on the principal amount of Notes and such Pari Passu Indebtedness surrendered (with such adjustments as may be deemed appropriate by the Trustee so that
no Notes in denominations of $2,000 or less will be purchased in part); and 
 (i) that Holders whose Notes were purchased
only in part will be issued new Notes of the applicable series equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 

  
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 On or before the Purchase Date, the Company will, to the extent lawful, accept for payment,
on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof validly tendered pursuant to the Repurchase Offer or if less than the Offer Amount has been tendered, all Notes tendered, and will deliver or cause to
be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.10. The
Company, the Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later than five days after the Purchase Date) deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such
Holder and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee, upon written request from the Company, will authenticate and deliver (or cause to be transferred by book entry) such new Note to such
Holder in a principal amount equal to any unpurchased portion of the Note surrendered. Notwithstanding any other provision in this Indenture to the contrary, neither an Opinion of Counsel nor an Officers’ Certificate, only an Authentication
Order, is required for the Trustee to authenticate such new Note. Any Note not so accepted shall be promptly returned by the Company to the Holder thereof. The Company will publicly announce the results of the Repurchase Offer on or as soon as
practicable after the Purchase Date. 
 Other than as specifically provided in this Section 3.10, Section 4.11 or
Section 4.15 hereof, as applicable, any purchase pursuant to this Section 3.10 shall be made pursuant to the applicable provisions of Section 3.01 through Section 3.06 hereof. 

ARTICLE 4. 
 COVENANTS 

Section 4.01. Payment of Notes. 
 The
Company will pay or cause to be paid the principal of, premium, if any, and interest on, the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest will be considered paid on the date due if the Paying
Agent, if other than the Company or a Subsidiary, holds as of noon Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then
due. 
 The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at
the rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest
(without regard to any applicable grace period), at such higher rate to the extent lawful. Interest will be computed daily on the Notes on the basis of a 360-day year comprised of twelve 30-day months. 
 Section 4.02. Maintenance of Office or Agency. 

The Company will maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served, but not
service of process. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to
furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands (but not service of process) may be made or served at the Corporate Trust Office of the Trustee. 

The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any
or all such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

  
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 The Company hereby designates the Corporate Trust Office of the Trustee as one such office
or agency of the Company in accordance with Section 2.03 hereof. 
 Section 4.03. Reports to Holders. 

Whether or not the Company is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company must provide
the Trustee and, upon request, to any Holder of the Notes within fifteen (15) Business Days after filing, or in the event no such filing is required, within fifteen (15) Business Days after the end of the time periods specified in those
sections with: 
 (1) all quarterly and annual financial information that would be required to be contained in a filing with
the Commission on Forms 10-Q and 10-K if the Company were required to file such forms, including a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and, with respect to the annual financial statements only, a report thereon by the Company’s certified independent accountants, and 

(2) all current reports that would be required to be filed with the Commission on Form
8-K if the Company were required to file such reports; 
 provided that the foregoing delivery requirements
shall be deemed satisfied if the foregoing materials are available on the Commission’s EDGAR system or on the Company’s website within the applicable time period. 

In addition, whether or not required by the Commission, the Company will, if the Commission will accept the filing, file a copy of all of the
information and reports referred to in clauses (1) and (2) above with the Commission for public availability within the time periods specified in the Commission’s rules and regulations. In addition, the Company will make the information
and reports available to securities analysts and prospective investors upon request. If the Company had any Unrestricted Subsidiaries during the relevant period, the Company will also provide to the Trustee and, upon request, to any Holder of the
Notes, information sufficient to ascertain the financial condition and results of operations of the Company and its Restricted Subsidiaries, excluding in all respects the Unrestricted Subsidiaries. 

Delivery of the reports, information and documents in accordance with this covenant shall satisfy the Company’s obligation to make such
delivery, but, in the case of the Trustee, such delivery shall be for informational purposes only, and the Trustee’s receipt of such reports, information and documents shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the Company’s compliance with any of its covenants (as to which the Trustee is entitled to conclusively rely on an Officers’ Certificate). The Trustee shall have no
liability or responsibility for the filing, timeliness or content of any such report. 
 Notwithstanding anything herein to the contrary,
the Company will not be deemed to have failed to comply with any of its obligations under this Section 4.03 for purposes of Section 6.01(c) hereof until 90 days after the date any report under this Section 4.03 is due to be delivered
to the Trustee. 

  
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 Section 4.04. Compliance Certificate. 

(a) The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year ending after the Issue Date, an Officer’s
Certificate stating that a review of the activities of the Company and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether each has kept,
observed, performed and fulfilled its obligations under this Indenture, and further stating, as to such Officer signing such certificate, that to the best of his or her knowledge, each entity has kept, observed, performed and fulfilled each and
every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or
Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto). 

(b) So long as any of the Notes are outstanding, the Company will deliver to the Trustee, within five Business Days of any Officer becoming
aware of any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 

Section 4.05. Taxes. 
 The Company
will pay, and shall cause each of its Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies, except such as are contested in good faith and by appropriate negotiations or proceedings or where
the failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 
 Section 4.06. Stay, Extension and Usury
Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and each
Guarantor (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that they will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 
 Section 4.07. Limitation on
Restricted Payments. 
 (a) The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or
indirectly: 
 (1) declare or pay any dividend or make any distribution (other than dividends or distributions payable in
Qualified Capital Stock of the Company or such Restricted Subsidiary) on or in respect of shares of the Company’s or such Restricted Subsidiary’s Capital Stock to holders of such Capital Stock; 

(2) purchase, redeem or otherwise acquire or retire for value any Capital Stock of the Company or any Restricted Subsidiary;

 (3) make any principal payment on, purchase, defease, redeem, prepay, decrease or otherwise acquire or retire for value,
earlier than one year prior to any scheduled final maturity, scheduled repayment or scheduled sinking fund payment, any Subordinated Indebtedness; 

(4) make any payments pursuant to the Management Services Agreement; or 

(5) make any Investment (other than Permitted Investments) 

  
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 (each of the foregoing actions set forth in clauses (1), (2), (3), (4) and (5) above being referred to
as a “Restricted Payment”); if at the time of such Restricted Payment or immediately after giving effect thereto, 

(i) a Default or an Event of Default shall have occurred and be continuing; 

(ii) the Company is not able to incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) in
compliance Section 4.09(a); provided, however, that this clause (ii) shall not apply with respect to distributions payable pursuant to that certain Fifth Amended and Restated Operating Agreement of the Company, originally
dated as of December 6, 2016 and as in effect on the Issue Date (as such agreement may be amended or replaced, provided such amendment or replacement is not materially more disadvantageous to the Holders than such agreement as in effect on the
Issue Date), to the Allocation Member (as such term is defined therein); or 
 (iii) the aggregate amount of Restricted
Payments (including such proposed Restricted Payment) made subsequent to the Issue Date (the amount expended for such purposes, if other than in cash, being the fair market value of such property as determined in good faith by the Board of Directors
of the Company) shall exceed the sum of: 
 (v) 50% of the Company’s cumulative Consolidated Net Income, or if the
Company’s Consolidated Net Income shall be a loss, minus 100% of such loss, for the period from April 1, 2018 to the end of the Company’s most recently ended fiscal quarter for which financial statements are available at the time of
such Restricted Payment; plus 
 (w) 100% of the aggregate net cash proceeds received by the Company from any Person
(other than a Subsidiary of the Company) from the issuance and sale subsequent to April 1, 2018 and on or prior to the date the Restricted Payment occurs (the “Reference Date”) of Qualified Capital Stock of the Company or
warrants, options or other rights to acquire Qualified Capital Stock of the Company (but excluding any debt security that is convertible into, or exchangeable for, Qualified Capital Stock, until such debt security has been converted into, or
exchanged for, Qualified Capital Stock); plus 
 (x) without duplication of any amounts included in clause (iii)(w)
above, 100% of the aggregate net cash proceeds of any equity contribution received by the Company from a holder of the Company’s Capital Stock subsequent to April 1, 2018 and on or prior to the Reference Date (excluding, in the case of
clauses (iii)(w) and (y)(A), any net cash proceeds from any equity offering to the extent used to redeem the Notes in compliance with Section 3.08); plus: 

(y) without duplication, the sum of: 

(A) the aggregate amount returned in cash on or with respect to Investments (other than Permitted Investments) made subsequent
to the Issue Date whether through interest payments, principal payments, dividends or other distributions or payments; 

(B) the net cash proceeds received by the Company or any of its Restricted Subsidiaries from the disposition of all or any
portion of such Investments (other than to a Subsidiary of the Company); 

  
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 (C) upon redesignation of an Unrestricted Subsidiary as a Restricted
Subsidiary (except to the extent the Investment constituted a Permitted Investment), the fair market value of such Subsidiary as of the date of such redesignation; and 

(D) net cash dividends or other net cash distributions paid to the Company or any Restricted Subsidiary of the Company from
any Unrestricted Subsidiaries of the Company; plus: 
 (z) $150.0 million; 

provided that the sum of clauses (A), (B), (C) and (D) of (y) above shall not exceed the aggregate amount of all such Investments made subsequent
to the Issue Date. 
 (b) Notwithstanding the foregoing, the provisions set forth in the immediately preceding paragraph do not prohibit:

 (1) the payment of any dividend within 60 days after the date of declaration of such dividend if the dividend would have
been permitted on the date of declaration; 
 (2) the acquisition of any shares of Capital Stock of the Company, either
(i) solely in exchange for shares of Qualified Capital Stock of the Company or (ii) through the application of net proceeds of a substantially concurrent sale for cash (other than to a Subsidiary of the Company) of shares of Qualified
Capital Stock of the Company; 
 (3) the acquisition of any Subordinated Indebtedness either (i) solely in exchange for
shares of Qualified Capital Stock of the Company, or (ii) through the application of net proceeds of a substantially concurrent sale for cash (other than to a Subsidiary of the Company) of (a) shares of Qualified Capital Stock of the
Company or (b) Refinancing Indebtedness; 
 (4) repurchases by the Company of Common Stock of the Company from officers,
directors and employees of the Company or any of its Subsidiaries or their authorized representatives upon the death, disability or termination of employment of such employees or termination of their seat on the board of the Company in an aggregate
amount not to exceed $10.0 million in any calendar year; 
 (5) repurchases of Capital Stock deemed to occur upon the
exercise of stock options or warrants if such Capital Stock represents a portion of the exercise price and related statutory withholding taxes of such options or warrants; 

(6) payments of dividends or distributions on Disqualified Capital Stock or Preferred Stock of any Restricted Subsidiary, the
incurrence or issuance of which was permitted by this Indenture; 
 (7) cash payments in lieu of the issuance of fractional
shares in connection with (i) the exercise of warrants, options or other securities convertible into or exchangeable for Capital Stock of the Company or (ii) a merger, consolidation, amalgamation or other combination involving the Company
or any of its Subsidiaries; 
 (8) the retirement of any shares of Disqualified Capital Stock of the Company by conversion
into, or by exchange for, shares of Disqualified Capital Stock of the Company or out of the net cash proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company) or other shares of Disqualified Capital Stock of the
Company; 

  
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 (9) in the event of a Change of Control, and if no Default or Event of
Default shall have occurred and be continuing, the payment, purchase, redemption, defeasance or other acquisition or retirement of Subordinated Indebtedness of the Company or any Guarantors, in each case at a purchase price not greater than 101% of
the principal amount of such Subordinated Indebtedness, plus accrued and unpaid interest thereon; provided that prior to such payment, purchase, redemption, defeasance or other acquisition or retirement, the Company (or a third party
to the extent permitted by this Indenture) has made a Change of Control Offer with respect to the Notes offered hereby as a result of such Change of Control and has repurchased all Notes validly tendered and not withdrawn in connection with such
Change of Control Offer; 
 (10) in the event of an Asset Sale that requires the Company to offer to repurchase Notes
pursuant to Sections 3.10 and 4.11, and if no Default or Event of Default shall have occurred and be continuing, the payment, purchase, redemption, defeasance or other acquisition or retirement of Subordinated Indebtedness of the Company or any
Guarantor, in each case at a purchase price not greater than 100% of the principal amount of such Subordinated Indebtedness, plus accrued and unpaid interest thereon; provided that (A) prior to such payment, purchase, redemption,
defeasance or other acquisition or retirement, the Company has made an offer with respect to the Notes offered hereby pursuant to the provisions of Sections 3.10 and 4.11 and has repurchased all Notes validly tendered and not withdrawn in connection
with such offer and (B) the aggregate amount of all such payments, purchases, redemptions, defeasances or other acquisitions or retirements of all such Subordinated Indebtedness may not exceed the amount of the Net Cash Proceeds Amount
remaining after the Company has complied with Section 4.11(a)(3); 
 (11) so long as no Default or Event of Default
shall have occurred and be continuing, dividends or distributions on the Company’s limited liability company interests in an aggregate amount not to exceed $30.0 million in any fiscal year, provided that unused amounts in any fiscal
year may be carried over to the next subsequent fiscal year; 
 (12) in the event of a Qualified Equity Offering of a
Restricted Subsidiary (such Restricted Subsidiary, the “IPO Subsidiary”), and, after giving pro forma effect thereto, so long as the Total Leverage Ratio is less than or equal to 4.75 to 1.0, Restricted Payments in an amount not to
exceed the portion of the fair market value of the net assets of the IPO Subsidiary that is represented by the interest of the Company and its other Restricted Subsidiaries in the IPO Subsidiary, provided that promptly after such Qualified
Equity Offering, the Company shall designate the IPO Subsidiary to be an Unrestricted Subsidiary; 
 (13) dividends or
distributions on Designated Preferred Stock; 
 (14) so long as the Total Leverage Ratio is less than or equal to 3.75 to
1.0, and so long as no Default or Event of Default shall have occurred and be continuing, an unlimited amount of Restricted Payments; 

(15) distributions by the Company to Compass Diversified Holdings, a Delaware statutory trust (the “Trust”),
to permit the Trust to satisfy expenses of the Trust that relate to the Company and its Subsidiaries in respect of (i) customary compensation expenses in respect of current and former officers, employees and directors of the Trust,
(ii) ordinary course corporate operating and investor relations expenses and other fees and expenses required to maintain corporate existence and (iii) reasonable fees and expenses in connection with compliance with reporting obligations
under, or in compliance with, federal or state laws or under this Indenture or any other agreement governing indebtedness of the Company or its Subsidiaries; 

  
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 (16) other Restricted Payments in an aggregate amount not to exceed
$150.0 million after the Issue Date; 
 (17) (x) Restricted Payments made by any Restricted Subsidiary to Persons that
own Capital Stock of such Restricted Subsidiary, ratably according to the respective holdings of such Persons of the type of Capital Stock in respect of which such Restricted Payment is being made or (y) any purchase, repurchase or redemption
by a Restricted Subsidiary of its Capital Stock from any Person that holds a minority interest in such Restricted Subsidiary’s Capital Stock; and 

(18) So long as no Event of Default specified in Sections 6.01(a), (b), (f) or (g) has occurred and is continuing and no
declaration of acceleration has been made with respect to the Notes, payments pursuant to the Management Services Agreement; provided that the accrual of such payments is not prohibited notwithstanding the occurrence and continuance of such
an Event of Default and declaration of acceleration. 
 (c) In determining the aggregate amount of Restricted Payments made subsequent to
the Issue Date in accordance with clause (iii) of Section 4.07(a), amounts expended pursuant to clauses (1) and (4) of Section 4.07(b) shall be included in such calculation. 

Section 4.08. Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries. 

The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or
permit to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary of the Company to: 

(a) pay dividends or make any other distributions on or in respect of its Capital Stock; 

(b) make loans or advances to the Company or any other Restricted Subsidiary or to pay any Indebtedness or other obligation
owed to the Company or any other Restricted Subsidiary of the Company; or 
 (c) transfer any of its property or assets to
the Company or any other Restricted Subsidiary of the Company, 
 except in each case for such encumbrances or restrictions existing under or by reason of:

 (1) applicable law, rule, regulation or order; 

(2) this Indenture, the Notes and any Guarantees; 

(3) customary non-assignment provisions of any contract or any lease, license or sub
license governing a leasehold interest of any Restricted Subsidiary of the Company; 
 (4) any instrument governing Acquired
Indebtedness, which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person or the properties or assets of the Person so acquired; 

  
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 (5) agreements existing on the Issue Date to the extent and in the manner
such agreements are in effect on the Issue Date; 
 (6) the Bank Facility, an agreement governing other Pari Passu
Indebtedness permitted to be incurred under this Indenture or, with respect to a Restricted Subsidiary, an agreement evidencing Indebtedness incurred not in violation of this Indenture; provided that, with respect to any agreement
governing such other Pari Passu Indebtedness or other Indebtedness, as the case may be, the provisions relating to such encumbrance or restriction are no less favorable to the Company or Restricted Subsidiary, as the case may be, in any
material respect as determined by the Board of Directors of the Company in its reasonable and good faith judgment than the provisions contained in the Bank Facility, in the case of such other Pari Passu Indebtedness, and the agreements of
such Restricted Subsidiary, in the case of such other Indebtedness, in each case as in effect on the Issue Date; 
 (7)
restrictions on the transfer of assets subject to any Lien permitted under this Indenture imposed by the holder of such Lien; 

(8) restrictions imposed by any agreement to sell assets or Capital Stock permitted under this Indenture to any Person pending
the closing of such sale; 
 (9) such encumbrances or restrictions being binding on a Restricted Subsidiary at such time as
such Restricted Subsidiary first becomes a Restricted Subsidiary, provided that such encumbrances or restrictions are not entered into solely in contemplation of such Person becoming a Restricted Subsidiary; 

(10) customary provisions in joint venture agreements and other similar agreements (in each case relating solely to the
respective joint venture or similar entity or the equity interests therein) entered into in the ordinary course of business; 

(11) any amendment to or Refinancing of the Indebtedness issued, assumed or incurred pursuant to an agreement referred to in
clauses (2), (4), (5) and (6) above; provided that the provisions relating to such encumbrance or restriction contained in any such agreement, taken as a whole, are no less favorable to the Company in any material respect as determined
by the Board of Directors of the Company in their reasonable and good faith judgment than the provisions relating to such encumbrance or restriction contained in agreements referred to in such clauses (2), (4), (5) and (6); 

(12) customary restrictions on leases, subleases, licenses, sublicenses or asset sale agreements otherwise permitted hereby;
and 
 (13) restrictions imposed on cash or other deposits or net worth imposed by customers or required by insurance, surety
or bonding companies, in each case, entered into in the ordinary course of business. 
 Section 4.09. Limitation on Incurrence of Additional
Indebtedness. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create,
incur, assume, guarantee, acquire, become liable, contingently or otherwise, with respect to, or otherwise become responsible for payment of (collectively, “incur”) any Indebtedness (other than Permitted Indebtedness); provided
that if no Default or Event of Default shall have occurred and be continuing at the time of or as a consequence of the incurrence of any such Indebtedness, the Company or any Guarantors may incur Indebtedness if on the date of the incurrence of
such Indebtedness, after giving effect to the incurrence thereof, the Consolidated Fixed Charge Coverage Ratio of the Company would have been greater than 2.0 to 1.0. 

  
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 (b) Section 4.09(a) will not apply to (collectively, “Permitted
Indebtedness”): 
 (1) Indebtedness under the Notes (other than any Additional Notes) issued on the Issue Date; 

(2) Indebtedness of the Company or any Guarantors incurred pursuant to any Bank Facility in an aggregate principal amount at
any one time outstanding not to exceed the greater of (x) $1,350.0 million and (y) such amount as would not, as of the date of incurrence and after giving pro forma effect thereto, cause the Secured Leverage Ratio to exceed 4.00 to 1.0;

 (3) other Indebtedness of the Company and its Restricted Subsidiaries outstanding on the Issue Date (other than
Indebtedness under clauses 1 or 2 of Section 4.09(b) reduced by the amount of any scheduled amortization payments, mandatory prepayments when actually paid, conversions or permanent reductions thereof; 

(4) Interest Swap Obligations of the Company or any Restricted Subsidiary of the Company covering Indebtedness of the Company
or any of its Restricted Subsidiaries; provided that such Interest Swap Obligations are entered into to protect the Company and its Restricted Subsidiaries from fluctuations in interest rates on its outstanding Indebtedness incurred without
violation of this Indenture to the extent the notional principal amount of such Interest Swap Obligation does not, at the time of the incurrence thereof, exceed the principal amount of the Indebtedness to which such Interest Swap Obligation relates;

 (5) Indebtedness under Currency Agreements; provided that in the case of Currency Agreements which relate to
Indebtedness, such Currency Agreements do not increase the Indebtedness of the Company and its Restricted Subsidiaries outstanding other than as a result of fluctuations in foreign currency exchange rates or by reason of fees, indemnities and
compensation payable thereunder; 
 (6) Indebtedness of a Restricted Subsidiary of the Company owing to and held by the
Company or a Restricted Subsidiary of the Company for so long as such Indebtedness is held by the Company or a Restricted Subsidiary of the Company or the holder of a Lien permitted under this Indenture, in each case subject to no Lien held by a
Person other than the Company or a Restricted Subsidiary of the Company or the holder of a Lien permitted under this Indenture; provided that if as of any date any Person other than the Company or a Restricted Subsidiary of the Company or the
holder of a Lien permitted under this Indenture owns or holds any such Indebtedness or holds a Lien in respect of such Indebtedness, such date shall be deemed the incurrence of Indebtedness not constituting Permitted Indebtedness under this clause
(6) by the issuer of such Indebtedness; 
 (7) Indebtedness of the Company owing to and held by a Restricted Subsidiary
of the Company for so long as such Indebtedness is held by a Restricted Subsidiary of the Company or the holder of a Lien permitted under this Indenture, in each case subject to no Lien other than a Lien permitted under this Indenture; provided
that if as of any date any Person other than a Restricted Subsidiary of the Company or the holder of a Lien permitted under this Indenture owns or holds any such Indebtedness or any Person holds a Lien in respect of such Indebtedness, such date
shall be deemed the incurrence of Indebtedness not constituting Permitted Indebtedness under this clause 7 by the Company; 

  
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 (8) Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five
Business Days of incurrence; 
 (9) Indebtedness of the Company or any of its Restricted Subsidiaries in respect of
performance bonds, bankers’ acceptances, workers’ compensation claims, surety, bid, appeal or similar bonds, completion guarantees, payment obligations in connection with self-insurance or similar obligations, and bank overdrafts (and
letters of credit in respect thereof) in the ordinary course of business not to exceed the greater of $70 million and 25% of LTM Pro Forma EBITDA in the aggregate at any one time outstanding; 

(10) Indebtedness represented by Capitalized Lease Obligations, mortgage financings and Purchase Money Indebtedness of the
Company and its Restricted Subsidiaries not to exceed (together with any Refinancing Indebtedness with respect thereto) the greater of $110 million and 5.0% of Total Assets at any one time outstanding; 

(11) Refinancing Indebtedness; 

(12) Indebtedness of the Company or any Restricted Subsidiary consisting of
“earn-out” obligations (including any “earn-out” obligations outstanding on the Issue Date), not to exceed the greater of $70 million and 25% of
LTM Pro Forma EBITDA in the aggregate at any one time outstanding, guarantees, indemnities or obligations in respect of purchase price adjustments in connection with the acquisition or disposition of assets (including Capital Stock); 

(13) Indebtedness incurred by the Company or any of the Restricted Subsidiaries in respect of letters of credit, bank
guarantees or similar instruments issued or created in the ordinary course of business, including in respect of health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with
respect to reimbursement-type obligations regarding workers’ compensation claims; provided that any reimbursement obligations in respect thereof are reimbursed within 60 days following the incurrence thereof; 

(14) Acquired Indebtedness of the Company or any Guarantors, if on the date that such Indebtedness is incurred, after giving
pro forma effect thereto, (A) the Company or such Guarantor, as the case may be, shall be able to incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) pursuant to Section 4.09(a), or (B) the
Consolidated Fixed Charge Coverage Ratio of the Company would be no less than the Consolidated Fixed Charge Coverage Ratio of the Company immediately prior to the date such Indebtedness is incurred; 

(15) Additional Indebtedness of the Company and any Guarantors (exclusive of Indebtedness of the Company and any Guarantors
permitted pursuant to other clauses of Section 4.09(b) that are applicable thereto) in an aggregate principal amount (or accreted value) not to exceed the greater of $137.5 million and 50% of LTM Pro Forma EBITDA at any one time
outstanding; 
 (16) Indebtedness of Restricted Subsidiaries (exclusive of Indebtedness of the Restricted Subsidiaries
permitted pursuant to other clauses of Section 4.09(b) that are applicable thereto) in an aggregate principal amount (or accreted value) not to exceed the greater of (i) $137.5 million or (ii) 50% of LTM Pro Forma EBITDA at any one time
outstanding; 
 (17) Attributable Debt not to exceed $75 million at any time outstanding; and 

  
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 (18) Indebtedness represented by guarantees by the Company or any Guarantors
of Indebtedness otherwise permitted to be incurred by the Company, Guarantors or Restricted Subsidiaries under this Indenture, or guarantees by a Restricted Subsidiary of Indebtedness otherwise permitted to be incurred by a Restricted Subsidiary.

 (c) For purposes of determining compliance with this Section 4.09, in the event that all or a portion of an item of Indebtedness
meets the criteria of more than one of the categories of Permitted Indebtedness described in clauses 1 through 18 of Section 4.09(b) or is entitled to be incurred pursuant to the Consolidated Fixed Charge Coverage Ratio provisions of
Section 4.09(a), the Company shall, in its sole discretion, classify (or later reclassify) such item of Indebtedness, in whole or in part, in any manner that complies with this Section 4.09; provided (i) that all Indebtedness
outstanding under the Bank Facility up to the maximum amount permitted under clause 2 of Section 4.09(b) shall be deemed to have been incurred pursuant to clause 2 of Section 4.09(b) and (ii) all Indebtedness consisting of “earn-out” obligations outstanding on the Issue Date shall be deemed to be incurred pursuant to clause 12 of Section 4.09 (b) and may not be reclassified. Accrual of interest, whether payable in cash
or in kind, accretion or amortization of original issue discount, imputed interest, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, and the payment of dividends or distributions on Disqualified
Capital Stock in the form of additional shares of the same class of Disqualified Capital Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Preferred Stock of a Restricted Subsidiary or Disqualified Capital Stock, as
applicable, for purposes of this Section 4.09. 
 (d) In addition, the Company will not, and will not permit any Restricted Subsidiary
that becomes a Guarantor to, directly or indirectly, incur any Indebtedness which by its terms (or by the terms of any agreement governing such Indebtedness) is expressly subordinated in right of payment to any other Indebtedness of the Company or
such Guarantor, as the case may be, unless such Indebtedness is also by its terms (or by the terms of any agreement governing such Indebtedness) made expressly subordinate to the Notes or the applicable Guarantee, as the case may be, to the same
extent and in the same manner as such Indebtedness is subordinated to other Indebtedness of the Company or such Guarantor, as the case may be. For purposes of the foregoing, no Indebtedness will be deemed to be subordinated in right of payment to
any other Indebtedness of the Company or any Guarantors solely by virtue of such Indebtedness being unsecured or by virtue of the fact that the holders of such Indebtedness have entered into one or more intercreditor agreements giving one or more of
such holders priority over the other holders in the collateral held by them. 
 (e) For purposes of determining compliance with any U.S.
dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date
such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; provided that if such Indebtedness is Refinancing Indebtedness incurred to Refinance other Indebtedness denominated in a
foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such
refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being Refinanced.
Notwithstanding any other provision of this Section 4.09, the maximum amount of Indebtedness that may be incurred pursuant to this Section 4.09 will not be deemed to be exceeded with respect to any outstanding Indebtedness due solely to
the result of fluctuations in the exchange rates of currencies. 

  
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 Section 4.10. Limitation on Preferred Stock of Restricted Subsidiaries. 

The Company will not permit any of its Restricted Subsidiaries that are not Guarantors to issue any Preferred Stock (other than to the Company,
a Guarantor or any Person that holds a minority interest in such Restricted Subsidiary’s common equity; provided that any Preferred Stock issued to any such minority interest holder is also issued on a pro rata or greater than pro rata
basis to the Company or any Guarantors, as applicable, that hold any equity interests in such Restricted Subsidiary) or permit any Person (other than the Company, any Person that holds a minority interest in such Restricted Subsidiary’s common
equity, or a Guarantor) to own any Preferred Stock of any Restricted Subsidiary of the Company that is not a Guarantor (other than such Preferred Stock existing on the Issue Date). 

Section 4.11. Asset Sales. 
 (a) The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, consummate an Asset Sale unless: 

(1) the Company or such Restricted Subsidiary, as the case may be, receives consideration therefor at the time of such Asset
Sale at least equal to the fair market value at the time of such Asset Sale of the property, assets or stock sold or otherwise disposed of (as determined in good faith by the Company’s Board of Directors); 

(2) at least 75% of the consideration received by the Company or the Restricted Subsidiary, as the case may be, from such Asset
Sale shall be in the form of cash, Cash Equivalents and/or Replacement Assets (as defined) and is received at the time of such disposition; provided that, for purposes of this clause 2, (A) the amount of any liabilities (as shown on the
Company’s or such Restricted Subsidiary’s most recent balance sheet) of the Company or any such Restricted Subsidiary (other than liabilities that are by their terms subordinated in right of payment to the Notes or any Guarantee of a
Guarantor) that are assumed by the transferee of any such assets, (B) the fair market value of any securities or other assets received by the Company or any such Restricted Subsidiary in exchange for any such assets that are converted into cash
or Cash Equivalents within 360 days after such Asset Sale and (C) any Designated Non-cash Consideration received by the Company or any of its Restricted Subsidiaries in such Asset Sale having an aggregate
fair market value, taken together with all other Designated Non-cash Consideration received pursuant to this subclause (C) that is at that time outstanding, not to exceed the greater of (x)
$55.0 million and (y) 2.5% of Total Assets at the time of the receipt of such Designated Non-cash Consideration (with the fair market value of each item of Designated
Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value), in each case shall be deemed to be cash for purposes of this provision; and 

(3) upon the consummation of an Asset Sale, the Company shall apply, or cause such Restricted Subsidiary to apply, the Net Cash
Proceeds relating to such Asset Sale within 545 days of receipt thereof either: 
 (A) to reduce revolving Indebtedness
outstanding under a Bank Facility (and permanently reduce commitments thereunder) or to permanently reduce other Indebtedness under a Bank Facility or to permanently repay any secured Indebtedness (other than Subordinated Indebtedness) of the
Company or any Restricted Subsidiary or any Indebtedness of any Restricted Subsidiary that is not a Guarantor; 

  
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 (B) to make an investment in properties and assets (including Capital
Stock) that replace the properties and assets that were the subject of such Asset Sale or in properties and assets that will be used in the business of the Company and its Restricted Subsidiaries as existing on the Issue Date or in businesses
reasonably related thereto (“Replacement Assets”); 
 (C) to repay other Pari Passu Indebtedness;
provided that the Company shall also equally and ratably reduce Indebtedness under the Notes as provided under Section 3.08, through open-market purchases (provided that such purchases are at or above 100% of the principal amount
thereof), or by making an offer (in accordance with the procedures set forth below for a Net Proceeds Offer) to all Holders to purchase the pro rata principal amount of Notes at a purchase price equal to 100% of the principal amount thereof,
plus accrued and unpaid interest to the repurchase date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date); and/or 

(D) a combination of prepayment and investment permitted by the foregoing clauses (A)-(C); 

provided that in the case of an investment in Replacement Assets pursuant to clause (B) or (D) above, a binding commitment shall be treated as a
permitted application of the Net Cash Proceeds from the date of such commitment and, in the event such binding commitment is later cancelled or terminated for any reason before such Net Cash Proceeds are so applied, the Company or such Restricted
Subsidiary enters into another binding commitment within 180 days of such cancellation or termination of the prior binding commitment. 
 (b)
Pending the final application of such Net Cash Proceeds, the Company may temporarily reduce borrowings under the Bank Facility or any other revolving credit facility or otherwise invest the Net Cash Proceeds in any manner not prohibited by this
Indenture. On the 546th day (or 726th day if the replacement period is extended in accordance with paragraph (3) above) after an Asset Sale or such earlier date, if any, as the Board of Directors of the Company or of such Restricted Subsidiary
determines not to apply the Net Cash Proceeds relating to such Asset Sale as set forth in clauses 3(A)–(D) of Section 4.11(a) (each, a “Net Proceeds Offer Trigger Date”), such aggregate amount of Net Cash Proceeds (rounded
down to the nearest $1,000) that has not been applied on or before such Net Proceeds Offer Trigger Date as permitted in clauses 3(A)–(D) of the preceding paragraph or the last provision of this paragraph (each a “Net Proceeds Offer
Amount”) shall be applied by the Company or such Restricted Subsidiary to make an offer to purchase (the “Net Proceeds Offer”) to all Holders and, to the extent required by the terms of any Pari Passu Indebtedness,
to all holders of Pari Passu Indebtedness, on a date (the “Net Proceeds Offer Payment Date”) not less than 15 nor more than 60 days following the applicable Net Proceeds Offer Trigger Date, from all Holders (and holders of
any such Pari Passu Indebtedness) on a pro rata basis, the maximum amount of Notes and Pari Passu Indebtedness equal to the Net Proceeds Offer Amount at a price equal to 100% of the principal amount of the Notes and Pari
Passu Indebtedness to be purchased, plus accrued and unpaid interest thereon, if any, to the date of purchase; provided that if at any time any non-cash consideration received by the Company
or any Restricted Subsidiary of the Company, as the case may be, in connection with any Asset Sale is converted into or sold or otherwise disposed of for cash (other than interest received with respect to any such
non-cash consideration), then such conversion or disposition shall be deemed to constitute an Asset Sale hereunder and the Net Cash Proceeds thereof shall be applied in accordance with this Section 4.11.

 (c) The Company may defer the Net Proceeds Offer until there is an aggregate unutilized Net Proceeds Offer Amount equal to or in excess of
$50.0 million resulting from one or more Asset Sales (at which time, the entire unutilized Net Proceeds Offer Amount, and not just the amount in excess of $50.0 million, shall be applied as required pursuant to this Section 4.11).

  
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 (d) In the event of the transfer of substantially all (but not all) of the property and
assets of the Company and its Restricted Subsidiaries as an entirety to a Person in a transaction permitted under Section 5.01, which transaction does not constitute a Change of Control, the successor corporation shall be deemed to have sold
the properties and assets of the Company and its Restricted Subsidiaries not so transferred for purposes of this Section 4.11, and shall comply with the provisions of this Section 4.11 with respect to such deemed sale as if it were an
Asset Sale. In addition, the fair market value of such properties and assets of the Company or its Restricted Subsidiaries deemed to be sold shall be deemed to be Net Cash Proceeds for purposes of this Section 4.11. 

(e) Each Net Proceeds Offer will be sent by first class mail or electronic delivery to the record Holders as shown on the register of Holders
within 25 days following the Net Proceeds Offer Trigger Date, with a copy to the Trustee, and shall comply with the procedures set forth in this Indenture. Upon receiving notice of the Net Proceeds Offer, Holders may elect to tender their Notes in
whole or in part (in minimum amounts of $2,000 and integral multiples of $1,000 in excess thereof) in exchange for cash. To the extent Holders properly tender Notes and holders of Pari Passu Indebtedness properly tender such Pari
Passu Indebtedness in an amount exceeding the Net Proceeds Offer Amount, the tendered Notes and Pari Passu Indebtedness will be purchased on a pro rata basis based on the aggregate amount of Notes and Pari Passu
Indebtedness tendered (and the Trustee shall select the tendered Notes of tendering Holders on a pro rata basis based on the amount of Notes and Pari Passu Indebtedness tendered subject to the customary procedures of the
Depositary). A Net Proceeds Offer shall remain open for a period of 20 Business Days or such longer or shorter period as may be required or permitted, respectively, by law. If any Net Cash Proceeds remain after the consummation of any Net Proceeds
Offer, the Company may use those Net Cash Proceeds for any purpose not otherwise prohibited by this Indenture. Upon completion of each Net Proceeds Offer, the amount of Net Cash Proceeds will be reset at zero. 

(f) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Net Proceeds Offer. To the extent that the provisions of any securities laws or regulations
conflict with this Section 4.11, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.11 by virtue thereof. 

Section 4.12. Limitations on Transactions with Affiliates. 

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or permit to exist any
transaction or series of related transactions (including, without limitation, the purchase, sale, lease or exchange of any property or the rendering of any service) with, or for the benefit of, any of its Affiliates (each an “Affiliate
Transaction”), having a value greater than $25.0 million other than (x) Affiliate Transactions permitted under Section 4.12 (b) and (y) Affiliate Transactions on terms that are no less favorable than those that might
reasonably have been obtained in a comparable transaction at such time on an arm’s-length basis from a Person that is not an Affiliate of the Company or such Restricted Subsidiary. 

(b) All Affiliate Transactions (and each series of related Affiliate Transactions which are similar or part of a common plan) involving
aggregate payments or other property with a fair market value in excess of $50.0 million shall be approved by the Board of Directors of the Company or such Restricted Subsidiary, as the case may be, such approval to be evidenced by a Board
Resolution stating that such Board of Directors has determined that such transaction complies with the foregoing provisions. 

  
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 (c) The restrictions set forth in this Section 4.12 shall not apply to: 

(1) loans, advances and payments of reasonable fees and compensation paid (whether in cash or the issuance of Capital Stock of
the Company) to and indemnity provided on behalf of, officers, directors, employees or consultants of the Company or any Restricted Subsidiary of the Company in the ordinary course of business or as determined in good faith by the Company’s
Board of Directors or senior management; 
 (2) transactions exclusively between or among the Company and any of its
Restricted Subsidiaries or exclusively between or among such Restricted Subsidiaries, provided that such transactions are not otherwise prohibited by this Indenture; 

(3) any agreement as in effect as of the Issue Date or any amendment thereto or any transaction contemplated thereby (including
pursuant to any amendment thereto) in any replacement agreement thereto so long as any such amendment or replacement agreement, taken as a whole, is not materially more disadvantageous to the Holders than the original agreement as in effect on the
Issue Date; 
 (4) any transaction on arm’s-length terms with any non-Affiliate that becomes an Affiliate as a result of such transaction; 
 (5) any
employment, consulting and severance arrangements entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business; 

(6) the issuance and sale of Qualified Capital Stock; 

(7) Permitted Investments and Restricted Payments permitted by this Indenture; and 

(8) the payment of customary fees and reasonable
out-of-pocket costs to, and indemnities provided on behalf of, directors, officers and employees of the Company and the Restricted Subsidiaries in the ordinary course of
business to the extent attributable to the ownership or operation of the Company and the Restricted Subsidiaries. 
 Section 4.13. Limitation on
Liens. 
 (a) The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create,
incur, assume or permit or suffer to exist any Liens of any kind against or upon any property or assets of the Company or any of its Restricted Subsidiaries whether owned on the Issue Date or acquired after the Issue Date, or any proceeds therefrom,
or assign or otherwise convey any right to receive income or profits therefrom unless: 
 (1) in the case of Liens securing
Subordinated Indebtedness, the Notes or any Guarantee, as the case may be, are secured by a Lien on such property, assets or proceeds that is senior in priority to such Liens; and 

(2) in all other cases, the Notes or any Guarantee, as the case may be, are equally and ratably secured, except for: 

(A) Liens securing borrowings under a Bank Facility in an amount not to exceed the greater of (x) the amount permitted to
be incurred pursuant to and in compliance with Section 4.09(b)(2) and (y) such amount that at the time of such granting and after giving pro forma effect to any such Lien and obligations secured thereunder (including the use of
proceeds thereof) the Company and its Restricted Subsidiaries shall have a Secured Leverage Ratio less than or equal to 4.00 to 1.0; 

  
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 (B) Liens existing as of the Issue Date to the extent and in the manner such
Liens are in effect on the Issue Date; 
 (C) Liens securing the Company’s and its Restricted Subsidiaries’
Obligations under any hedge facility permitted under this Indenture to be entered into by the Company and its Restricted Subsidiaries; 

(D) Liens securing the Notes and any Guarantees; 

(E) Liens in favor of the Company or a Restricted Subsidiary of the Company on assets of any Restricted Subsidiary of the
Company; 
 (F) Liens securing Refinancing Indebtedness which is incurred to Refinance any Indebtedness which has been
secured by a Lien permitted under this Indenture and which has been incurred in accordance with the provisions of this Indenture; provided that such Liens: (i) are no less favorable to the Holders in any material respect and are not more
favorable to the lienholders in any material respect with respect to such Liens than the Liens in respect of the Indebtedness being Refinanced as determined by the Board of Directors of the Company in its reasonable and good faith judgment; and
(ii) do not extend to or cover any property or assets of the Company or any of its Restricted Subsidiaries not securing the Indebtedness so Refinanced; and 

(G) Permitted Liens. 

(b) For purposes of determining compliance with this covenant, (A) a Lien securing an item of Indebtedness need not be permitted solely by
reference to one category of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens” or pursuant to clause (a) of this Section 4.13 but may be permitted in part under any combination thereof and
(B) in the event that a Lien securing an item of Indebtedness (or any portion thereof) meets the criteria of one or more of the categories of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens,”
the Company may, in its sole discretion, classify or reclassify, or later divide, classify or reclassify (as if Incurred at such later time), such Lien securing such item of Indebtedness (or any portion thereof) in any manner that complies with this
Section 4.13 and will be entitled to only include the amount and type of such Lien or such item of Indebtedness secured by such Lien (or any portion thereof) in one of the categories of permitted Liens (or any portion thereof) described in the
definition of “Permitted Liens” and, in such event, such Lien securing such item of Indebtedness (or any portion thereof) will be treated as being Incurred or existing pursuant to only such clause or clauses (or any portion thereof)
without giving pro forma effect to such item (or portion thereof) when calculating the amount of Liens or Indebtedness that may be Incurred pursuant to any other clause. 

(c) With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the Incurrence of such
Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any
accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms or in the form of common stock of the Company, the payment of
dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, accretion of original issue discount or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of
fluctuations in the exchange rate of currencies. 

  
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 Section 4.14. Conduct of Business. 

The Company will not engage in any business that is not the same, similar, ancillary, complementary or reasonably related to the business in
which the Company is engaged on the Issue Date, except to an extent that so doing would not be material to the Company. 
 Section 4.15. Offer to
Repurchase Upon Change of Control. 
 (a) Upon the occurrence of a Change of Control, unless the Company or a third party has previously
or concurrently delivered a redemption notice with respect to all outstanding Notes as described under Section 3.03 or 3.10, the Company will be required to make an offer to purchase each Holder’s Notes pursuant to the offer described
below (the “Change of Control Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest to the date of purchase. 

(b) Within 30 days following the date upon which the Change of Control occurred, the Company must send, or cause the Trustee to send, by first
class mail or electronic delivery, a notice to each Holder, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice shall state, among other things, the purchase date, which must be no earlier than
15 days nor later than 60 days after the date such notice is mailed or delivered, other than as may be required by law (the “Change of Control Payment Date”). Holders electing to have a Note purchased pursuant to a Change of Control
Offer will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed and specifying the portion (equal to $2,000 and integral multiples of $1,000 in excess thereof)
of such Holder’s Notes that it agrees to sell to the Company pursuant to the Change of Control Offer, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day prior to the Change of
Control Payment Date. 
 (c) The Company will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any
securities laws or regulations conflict with the provisions of this Section 4.15, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the provisions of this
Section 4.15 by virtue of such conflict. 
 (d) On the date of such Change of Control Payment, the Company will, to the extent lawful:

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

(2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes
properly tendered; and 
 (3) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 

  
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 (e) The Paying Agent will promptly deliver to each Holder of Notes properly tendered the
Change of Control Payment for such Notes, and the Trustee will promptly authenticate and deliver (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if
any; provided that each new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the date of
such Change of Control Payment. 
 (f) The Company will not be required to make a Change of Control Offer upon a Change of Control if a third
party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered
and not withdrawn under such Change of Control Offer. The Company (or a third party) may make a Change of Control Offer in advance of, and conditioned upon, any Change of Control. 

(g) If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in a
Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as described above, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Company or such third party
will have the right, upon not less than 15 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described above, to redeem all Notes that remain outstanding following
such purchase at a price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date. 

Section 4.16. Subsidiary Guarantees. 

If any existing or future Restricted Subsidiary shall, after the Issue Date, guarantee any Public Debt Securities, then the Company shall cause
such Restricted Subsidiary to: 
 (1) execute and deliver to the Trustee a supplemental indenture in form reasonably
satisfactory to the Trustee pursuant to which such Restricted Subsidiary shall unconditionally guarantee all of the Company’s obligations under the Notes and this Indenture on the terms set forth in this Indenture; and 

(2) deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel that such supplemental indenture has been
duly authorized, executed and delivered by such Restricted Subsidiary and constitutes a legal, valid, binding and enforceable obligation of such Restricted Subsidiary. 

Thereafter, such Restricted Subsidiary shall be a Guarantor for all purposes of this Indenture until such Restricted Subsidiary is released
from its Guarantee as provided in this Indenture. 
 Section 4.17. Payments for Consent. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any
consideration to or for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to
all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 

Section 4.18. Suspension of Covenants. 

(a) During any period of time that: (i) the Notes have Investment Grade Ratings from two Rating Agencies and (ii) no Default or Event
of Default has occurred and is continuing (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”), the Company and the Restricted
Subsidiaries shall not be subject to the provisions of Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.16 and 5.01(a)(2) (collectively, the “Suspended Covenants”). 

  
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 (b) Upon the occurrence of a Covenant Suspension Event, the Guarantees of the Guarantors, if
any, will also be suspended as of such date (the “Suspension Date”). 
 (c) In the event that the Company and the Restricted
Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraws its Investment Grade Rating
or downgrades the rating assigned to the Notes below an Investment Grade Rating, then the Company and the Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants with respect to future events and the Guarantees of the
Guarantors will be reinstated if such guarantees are then required by the terms of this Indenture. The period of time between the Suspension Date and the Reversion Date is referred to in this Indenture as the “Suspension Period.”

 (d) Notwithstanding that the Suspended Covenants may be reinstated, no Default or Event of Default will be deemed to have occurred as a
result of a failure to comply with the Suspended Covenants during the Suspension Period (or upon termination of the Suspension Period or after that time based solely on events that occurred during the Suspension Period). 

(e) On the Reversion Date, all Indebtedness incurred, or Disqualified Capital Stock or Preferred Stock issued, during the Suspension Period
will be classified as having been incurred or issued pursuant to Section 4.09(a) or the definition of “Permitted Indebtedness” (to the extent such Indebtedness or Disqualified Capital Stock or Preferred Stock would be permitted to be
incurred or issued thereunder as of the Reversion Date and after giving effect to Indebtedness incurred or issued prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness or Disqualified Capital Stock or
Preferred Stock would not be so permitted to be incurred or issued pursuant to Section 4.09(a) or the definition of “Permitted Indebtedness,” such Indebtedness or Disqualified Capital Stock or Preferred Stock will be deemed to have
been outstanding on the Issue Date, so that it is classified as permitted under clause (3) of the definition of “Permitted Indebtedness.” Calculations made after the Reversion Date of the amount available to be made as Restricted
Payments under Section 4.07 will be made as though under Section 4.07 had been in effect since the Issue Date and throughout the Suspension Period. For the avoidance of doubt, Restricted Payments made during the Suspension Period shall
reduce the amount available to be made as Restricted Payments under Section 4.07(a). No Subsidiary may be designated as an Unrestricted Subsidiary during the Suspension Period. As described above, however, no Default or Event of Default shall
be deemed to have occurred on the Reversion Date as a result of any actions taken by the Company or its Restricted Subsidiaries during the Suspension Period. 

(f) The Company shall deliver promptly to the Trustee an Officers’ Certificate notifying the Trustee of any Covenant Suspension Event or
Reversion Date, as the case may be, pursuant to this Section 4.18, upon which the Trustee may conclusively rely. The Trustee shall have no duty to inquire or to verify the treatment of the Company’s debt by the Rating Agencies or otherwise
to determine the factual basis for the Company’s determination of the occurrence or timing of a Covenant Suspension Event or Reversion Date. The Company also shall provide notice to the Holders of any Covenant Suspension Event or Reversion
Date. 

  
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 ARTICLE 5. 

SUCCESSORS 
 Section 5.01. Merger,
Consolidation, or Sale of Assets. 
 (a) The Company will not, in a single transaction or series of related transactions, consolidate or
merge with or into any Person, or sell, assign, transfer, lease, convey or otherwise dispose of (or cause or permit any Restricted Subsidiary of the Company to sell, assign, transfer, lease, convey or otherwise dispose of) all or substantially all
of the Company’s assets (determined on a consolidated basis for the Company and the Company’s Restricted Subsidiaries) whether as an entirety or substantially as an entirety to any Person unless: 

(1) either: 

(A) the Company shall be the surviving or continuing corporation; or 

(B) the Person (if other than the Company) formed by such consolidation or into which the Company is merged or the Person which
acquires by sale, assignment, transfer, lease, conveyance or other disposition the properties and assets of the Company and of the Company’s Restricted Subsidiaries substantially as an entirety (the “Surviving Entity”): 

(i) shall be an entity organized and validly existing under the laws of the United States or any State thereof or the District
of Columbia; provided that in the case where the Surviving Entity is not a corporation, a co-obligor of the Notes is a corporation; and 

(ii) shall expressly assume, by supplemental indenture (in form and substance satisfactory to the Trustee), executed and
delivered to the Trustee, the due and punctual payment of the principal of, and premium, if any, interest on all of the Notes and the performance of every covenant of the Notes and this Indenture on the part of the Company to be performed or
observed; 
 (2) immediately after giving effect to such transaction and the assumption contemplated by clause (1)(B)(ii) of
this Section 5.01(a) (including giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred in connection with or in respect of such transaction), (A) the Company or such Surviving Entity, as the case may
be, shall be able to incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) pursuant to Section 4.09(a) hereof or (B) the applicable Consolidated Fixed Charge Coverage Ratio of the Company or the Person formed
by or surviving any such consolidation or merger (if other than the Company) would be no less than the applicable Consolidated Fixed Charge Coverage Ratio of the Company immediately prior to such transaction; 

(3) immediately before and immediately after giving effect to such transaction and the assumption contemplated by clause
(1)(B)(ii) of this Section 5.01(a) (including, without limitation, giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred and any Lien granted in connection with or in respect of the transaction), no
Default or Event of Default shall have occurred or be continuing; and 

  
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 (4) the Company or the Surviving Entity shall have delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture is required in connection with such
transaction, such supplemental indenture complies with the applicable provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction have been satisfied. 

(b) For purposes of the provisions of Section 5.01(a) hereof, the transfer (by lease, assignment, sale or otherwise, in a single
transaction or series of transactions) of all or substantially all of the properties or assets of one or more Restricted Subsidiaries of the Company, in a single or a series of related transactions, which properties and assets, if held by the
Company instead of such Restricted Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and
assets of the Company. 
 (c) Notwithstanding clauses (1), (2) and (3) of Section 5.01(a) hereof, but subject to the proviso in
clause (1)(B)(i) of Section 5.01(a), the Company may merge with (x) any of its Wholly Owned Restricted Subsidiaries or (y) an Affiliate that is a Person that has no material assets or liabilities and which was organized solely for the
purpose of reorganizing the Company in another jurisdiction. For the avoidance of doubt, nothing in this Section 5.01 shall prevent the merger of the Trust with and into the Company, with the Company as the surviving company (the
“Permitted Trust Merger”). 
 (d) Each Guarantor (other than any Guarantor whose Guarantee is to be released in accordance
with the terms of the Guarantee and this Indenture in connection with any transaction complying with the provisions of Section 4.11 hereof) will not, and the Company will not cause or permit any Guarantor to, consolidate with or merge with or
into any Person other than the Company or any other Guarantor unless: 
 (1) the entity formed by or surviving any such
consolidation or merger (if other than the Guarantor) or to which such sale, lease, conveyance or other disposition shall have been made is a corporation organized and existing under the laws of the United States or any State thereof or the District
of Columbia; 
 (2) such entity assumes by supplemental indenture all of the obligations of the Guarantor on the Guarantee;

 (3) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be
continuing; and 
 (4) immediately after giving effect to such transaction and the use of any net proceeds therefrom on a pro
forma basis, the Company could satisfy the provisions of Section 5.01(a)(2) hereof. 
 (e) Any merger or consolidation of a Guarantor
with and into the Company (with the Company being the surviving entity) or another Restricted Subsidiary of the Company that is a Guarantor need only comply with the provisions of Section 5.01(a)(4) hereof. 

Section 5.02. Successor Corporation Substituted. 

Upon any consolidation, combination or merger or any transfer of all or substantially all of the assets of the Company in accordance with the
provisions of Section 5.01 hereof in which the Company is not the continuing corporation, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, lease or transfer is made shall succeed
to, and be substituted for, and may exercise every right and power of, and have all the obligations and duties of, the Company under this Indenture and the Notes with the same effect as if such surviving entity had been named as such and all
financial information and reports required by this Indenture shall be provided by and for such surviving entity. 

  
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 ARTICLE 6. 

DEFAULTS AND REMEDIES 
 Section 6.01.
Events of Default. 
 Any of the following events are defined as an “Event of Default”: 

(a) the failure to pay interest on any Notes when the same becomes due and payable and the default continues for a period of 30
days; 
 (b) the failure to pay the principal on any Notes, when such principal becomes due and payable, at maturity, upon
redemption or otherwise (including the failure to make a payment to purchase Notes tendered pursuant to a Change of Control Offer or a Net Proceeds Offer) on the date specified for such payment in the offer to purchase; 

(c) a default in the observance or performance of any other covenant or agreement contained in this Indenture which default
continues for a period of 60 days after the Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes (except
(i) in the case of a default with respect to Section 5.01, which will constitute an Event of Default with such notice requirement but without such passage of time requirement; 

(d) the failure to pay at final maturity (giving effect to any applicable grace periods and any extensions thereof) the stated
principal amount of any Indebtedness of the Company, or the acceleration of the final stated maturity of any such Indebtedness (which acceleration is not rescinded, annulled or otherwise cured within 30 days of receipt by the Company of notice of
any such acceleration) if the aggregate principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at final stated maturity or which has been so accelerated (in
each case with respect to which the 30-day period described above has passed), equals $50.0 million or more at any time; 

(e) one or more judgments in an aggregate amount in excess of $50.0 million shall have been rendered against the Company
and such judgments remain undischarged, unpaid or unstayed for a period of 60 days after such judgment or judgments become final and non-appealable; 

(f) the Company pursuant to or within the meaning of Bankruptcy Law: 

(1) commences a voluntary case, 

(2) consents to the entry of an order for relief against it in an involuntary case, 

(3) consents to the appointment of a custodian for it or for all or substantially all of their property, 

(4) makes a general assignment for the benefit of its creditors, or 

  
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 (5) an admission by the Company in writing of its inability to pay its debts
as they become due; 
 (g) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(1) is for relief against the Company; 

(2) appoints a custodian of the Company; 

(3) orders the liquidation of the Company and the order or decree remains unstayed and in effect for 60 consecutive days; or

 (h) any Guarantee of a Guarantor that is a Material Subsidiary (or group of Guarantors that would constitute a Material
Subsidiary) or any material provision thereof ceases to be in full force and effect or any Guarantee of a Guarantor is declared to be null and void and unenforceable or any Guarantee of a Guarantor is found to be invalid or any Guarantor denies its
liability under its Guarantee (other than by reason of release of a Guarantor in accordance with the terms of this Indenture). 
 Section 6.02.
Acceleration. 
 If an Event of Default (other than an Event of Default specified in clause (f) or (g) of Section 6.01
hereof with respect to the Company) shall occur and be continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare the principal of, and accrued and unpaid interest on all the Notes to be due
and payable by notice in writing to the Company and the Trustee specifying the respective Event of Default and that it is a “notice of acceleration,” and the same shall become immediately due and payable. Upon declaration of acceleration,
the aggregate principal of, and accrued and unpaid interest on the outstanding Notes shall immediately become due and payable. 
 If an
Event of Default specified in clause (f) or (g) of Section 6.01 hereof with respect to the Company occurs and is continuing, then all unpaid principal of, and premium, if any, and accrued and unpaid interest on all of the outstanding Notes
shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

At any time after a declaration of acceleration with respect to the Notes as described in this Section 6.02 hereof, the Holders of a
majority in principal amount of the Notes then outstanding by written notice to the Trustee may, on behalf of all of the Holders, rescind and cancel such acceleration or waive any existing Default or Event of Default (except a default in the payment
of the principal of or interest on any Notes) and its consequences: 
 (a) if the rescission would not conflict with any
judgment or decree; 
 (b) if all existing Events of Default have been cured or waived except nonpayment of principal or
interest that has become due solely because of the acceleration; 
 (c) to the extent the payment of such interest is lawful,
interest on overdue installments of interest and overdue principal which has become due otherwise than by such declaration of acceleration, has been paid; 

  
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 (d) if the Company has paid the Trustee (including its agents and counsel)
its reasonable compensation and reimbursed the Trustee for its expenses, disbursements, advances and claims for indemnity; and 

(e) in the event of the cure or waiver of an Event of Default of the type described in clause (f) or (g) of
Section 6.01 hereof with respect to the Company, the Trustee shall have received an Officers’ Certificate and an Opinion of Counsel, each stating that such Event of Default has been cured or waived. 

No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

The Holders of a majority in principal amount of the Notes may waive any existing Default or Event of Default under this Indenture, and its
consequences, except an Event of Default under clause (a) or (b) of Section 6.01 hereof. 
 Section 6.03. Other Remedies. 

If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if
any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 The Trustee may maintain a
proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the
right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 

Section 6.04. Waiver of Past Defaults. 

Holders of not less than a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may on behalf
of the Holders of all Notes waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium, if any, and interest on the Notes (including in
connection with an offer to purchase); provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment
default that resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend
to any subsequent or other Default or impair any right consequent thereon. 
 Section 6.05. Control by Majority. 

Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, (i) the Trustee may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines
may be unduly prejudicial to the rights of other Holders of Notes (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such directions are unduly prejudicial to such Holders) or that may involve the
Trustee in personal liability, and (ii) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. Notwithstanding any provision to the contrary in this Indenture, the Trustee is under no
obligation to exercise any of its rights or powers under this Indenture at the direction or request of any Holder, unless such Holder shall offer to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. 

  
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 Section 6.06. Limitation on Suits. 

A Holder of Notes may pursue any remedy with respect to this Indenture or Notes only if: 

(a) such Holder gives to the Trustee written notice that an Event of Default is continuing or the Trustee receives such notice
from the Company; 
 (b) Holders of at least 25% in aggregate principal amount of the then outstanding Notes make a written
request to the Trustee to pursue the remedy; 
 (c) such Holder or Holders offer and, if requested, provide to the Trustee
security or indemnity reasonably satisfactory to the Trustee against any loss, liability or expense; 
 (d) the Trustee does
not comply with the request within 60 days after receipt of the request and the offer of such security or indemnity; and 

(e) during such 60-day period, Holders of a majority in aggregate principal amount of
the then outstanding Notes do not give the Trustee a direction inconsistent with such request. 
 A Holder may not use this Indenture to
affect, disturb or prejudice the rights of another Holder or to obtain or seek to obtain a preference or priority over another Holder. 
 Section 6.07.
Rights of Holders of Notes to Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder to
receive payment of principal, premium, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or
after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 Section 6.08. Collection Suit by Trustee.

 If an Event of Default specified in Section 6.01(a) or (b) hereof occurs and is continuing, the Trustee is authorized to recover
judgment in its own name and as Trustee of an express trust against the Company for the whole amount of principal of, premium, if any, and interest remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful, interest
and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

Section 6.09. Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any
other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other securities or property payable or deliverable upon the exchange of the Notes or on any such claims
and any custodian in any such judicial proceeding is hereby authorized by each Holder to make 

  
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such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee hereunder To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee hereunder out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions,
dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding. 
 Section 6.10. Priorities. 

If the Trustee collects any money pursuant to this Article 6, it shall pay out the money and property in the following order: 

First: to the Trustee (acting in any capacity hereunder), its agents and attorneys for amounts due under
Section 7.07 hereof, including payment of all reasonable compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest,
ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; 

Third: without duplication, to the Holders for any other Obligations owing to the Holders under this Indenture and the
Notes; and 
 Fourth: to the Company or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 

Section 6.11. Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a
Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes. 

  
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 ARTICLE 7. 

TRUSTEE 
 Section 7.01. Duties of
Trustee. 
 (a) If an Event of Default has occurred and is continuing, and subject to any direction received by the requisite Holders,
the Trustee shall exercise such of the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s
own affairs. 
 (b) Except during the continuance of an Event of Default: 

(1) the duties of the Trustee shall be determined solely by the express provisions of this Indenture or the TIA, as applicable,
and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. 

However, the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture
(but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
 (c) The Trustee may not be
relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(1) this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 

(2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee shall not be liable with respect
to any action it takes or omits to take in good faith in accordance with a direction received by it hereunder. 
 (d) Whether or not therein
expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01. 

(e) No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability if it shall have reasonable
grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the
request of any Holders, unless such Holder has offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. 

(f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

  
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 Section 7.02. Rights of Trustee. 

(a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person.
The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may
require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may
consult with counsel and the advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon. 
 (c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any
agent appointed with due care. 
 (d) The Trustee will not be liable for any action it takes or omits to take in good faith that it believes
to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this
Indenture, any demand, request, direction or notice from the Company or a Guarantor shall be sufficient if signed by an Officer of the Company or such Guarantor. 

(f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders unless such Holders have offered to the Trustee reasonable indemnity or security satisfactory to the Trustee against the losses, liabilities and expenses that might be incurred by it in compliance with such request or
direction. 
 (g) The Trustee shall not be deemed to have notice of a Default or Event of Default unless a Responsible Officer of the Trustee
has actual knowledge thereof or unless written notice of any event which is in fact such a Default or Event of Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee specified in Section 12.02
hereof and such notice references the Notes and this Indenture. 
 (h) The Trustee shall not be liable to any Person for special, punitive,
indirect, consequential or incidental loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage. 

(i) the rights, privileges, protections, immunities and benefits given to the Trustee in this Indenture, including, without limitation, its
rights to be indemnified and compensated, are extended to, and will be enforceable by the Trustee in each of its capacities hereunder, the Registrar, the Agents, and each agent, custodian and other Person employed to act hereunder. 

(j) the permissive rights of the Trustee to take the actions permitted by this Indenture will not be construed as an obligation or duty to do
so. 
 (k) the Trustee shall not be required to give any bond or surety with respect to the performance of its duties or the exercise of its
powers under this Indenture. 

  
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 (l) The Trustee may request that the Company deliver an Officer’s Certificate setting
forth the names of the individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate,
including any person specified as so authorized in any such certificate previously delivered and not superseded. 
 (m) The Trustee and the
Agents shall have no responsibility for any actions taken or not taken by DTC, Euroclear or Clearstream, as the case may be. 
 Section 7.03.
Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may
otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply
to the Commission for permission to continue as Trustee (if this Indenture has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Section 7.10 and Section 7.11
hereof. 
 Section 7.04. Trustee’s Disclaimer. 

The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Notes or the
Guarantees, if any, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it shall not be responsible for
the use or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes
or pursuant to this Indenture other than its certificate of authentication. 
 Section 7.05. Notice of Defaults. 

If a Default or Event of Default occurs and is continuing and if it is actually known to the Trustee, the Trustee will deliver to Holders a
notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as
a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 

Section 7.06. Reports by Trustee to Holders of the Notes. 

(a) Within 60 days after each May 15 beginning with the May 15 following the date of this Indenture, and for so long as Notes remain
outstanding, the Trustee will deliver to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months
preceding the reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit by mail all reports as required by TIA § 313(c). 

(b) A copy of each report at the time of its mailing to the Holders will be mailed by the Trustee to the Company and filed by the Trustee with
the Commission and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company will promptly notify the Trustee when the Notes are listed on any stock exchange. 

  
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 Section 7.07. Compensation and Indemnity. 

(a) The Company will pay to the Trustee (in any capacity hereunder) from time to time compensation for its acceptance of this Indenture and
services hereunder as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee promptly upon
request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents
and counsel. 
 (b) The Company and the Guarantors, jointly and severally, shall indemnify the Trustee (in any capacity hereunder) and each
of its officers, directors, employees and agents against any and all losses, liabilities or expenses (including attorneys’ fees and expenses) incurred by it arising out of or in connection with the acceptance or administration of its duties
under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this Section 7.07) and defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or
liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence or willful misconduct (as determined by a final, non-appealable judgment of a court of competent jurisdiction). The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not
relieve the Company of its obligations hereunder. The Company (and the Guarantors, as applicable) shall defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Company and the Guarantors, jointly
and severally, shall pay the reasonable fees and expenses of one such counsel. The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld. 

(c) The obligations of the Company under this Section 7.07 shall survive the satisfaction and discharge of this Indenture, the termination
hereof, maturity or redemption of the Notes and the removal or resignation of the Trustee. 
 (d) To secure the Company’s payment
obligations hereunder, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee. Such Lien shall survive the satisfaction and discharge of this Indenture. 

(e) When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(f) or Section 6.01(g)
hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

(f) The Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent applicable. 

Section 7.08. Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.08 and the resigning or removed Trustee shall have no liability or responsibility for the action or inaction of any successor Trustee. 

(b) The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of a
majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 

  
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 (1) the Trustee fails to comply with Section 7.10 hereof; 

(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 
 (3) a custodian or public officer takes charge of the Trustee or its property; or 

(4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Company. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring
Trustee, the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may, at the cost of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee. 

(e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall deliver a notice of its succession to
Holders. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07
hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s and the Guarantors’ obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 

Section 7.09. Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act will be the successor Trustee. 
 Section 7.10. Eligibility; Disqualification.

 (a) There will at all times be a Trustee hereunder that is a national banking association or other corporation organized and doing
business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a
combined capital and surplus of at least $50.0 million as set forth in its most recent published annual report of condition. 
 (b) This
Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 

  
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 Section 7.11. Preferential Collection of Claims Against the Company. 

The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has
resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 ARTICLE 8. 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. 

The Company may, at its option and at any time, elect to have either Section 8.02 or Section 8.03 hereof be applied to all
outstanding Notes upon compliance with the conditions set forth below in this Article 8. 
 Section 8.02. Legal Defeasance and Discharge. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company will, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter,
“Legal Defeasance”). For this purpose, Legal Defeasance means that the Company will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which will thereafter be deemed to be
“outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (a) and (b) below, and to have satisfied all its other obligations under such Notes and this Indenture
(and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 

(a) the rights of Holders to receive payments in respect of the principal of, premium, if any, and interest on, such Notes when
such payments are due from the trust referred to in Section 8.04 hereof; 
 (b) the Company’s obligations with
respect to the Notes under Article 2 and Sections 4.01 and 4.02 hereof; 
 (c) the rights, powers, trusts, duties and
immunities of the Trustee and the Company’s obligations in connection therewith; and 
 (d) this Article 8. 

Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise
of its option under Section 8.03 hereof. 
 Section 8.03. Covenant Defeasance. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and the
Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from their obligations under the covenants contained in Sections 4.07 through Section 4.16 hereof and Section 4.03,
Section 4.04, Section 4.05 and Section 5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied 

  
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(hereinafter, “Covenant Defeasance”), and the outstanding Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or
declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed
outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company or any of its Subsidiaries may omit to comply with and will have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes will be unaffected thereby. In addition, upon
the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Section 6.01(c), Section 6.01(d),
Section 6.01(e) and 6.01(h) hereof will not constitute Events of Default. 
 Section 8.04. Conditions to Legal or Covenant Defeasance. 

The following shall be the conditions to the applicability of either Section 8.02 or 8.03 hereof to the outstanding Notes: 

(a) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities rated AAA or better by S&P and Aaa by Moody’s, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of
independent public accountants, to pay the principal of, premium, if any, and interest on the Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be; 

(b) in the case of an election under Section 8.02 hereof, the Company shall have delivered to the Trustee an Opinion of
Counsel in the United States reasonably acceptable to the Trustee confirming that: 
 (1) the Company has received from, or
there has been published by, the Internal Revenue Service a ruling; or 
 (2) since the date of this Indenture, there has
been a change in the applicable federal income tax law, 
 in either case to the effect that, and based thereon such Opinion
of Counsel shall confirm that, the Holders will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such Legal Defeasance had not occurred; 
 (c) in the case of an election under
Section 8.03 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that the Holders will not recognize income, gain or loss for federal income tax
purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

  
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 (d) no Default or Event of Default shall have occurred and be continuing on
the date of such deposit (other than a Default or an Event of Default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowings); 

(e) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under
this Indenture (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposits and the grant of any Lien securing such borrowings) or any other material agreement or instrument to which the Company or
any of its Restricted Subsidiaries is a party or by which the Company or any of its Restricted Subsidiaries is bound; 
 (f)
the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders over any other creditors of the Company or with the intent of defeating,
hindering, delaying or defrauding any other creditors of the Company or others; 
 (g) the Company shall have delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel (which opinion may be subject to customary assumptions and exclusions), each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant
Defeasance have been complied with; and 
 (h) the Company shall have delivered to the Trustee an Opinion of Counsel, stating
that assuming no intervening bankruptcy of the Company between the date of deposit and the 124th day following the date of deposit and that no Holder is an insider of the Company, after the 124th day following the date of deposit, the trust funds
will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally. 

Notwithstanding the foregoing, the Opinion of Counsel required by clause (b) above with respect to a Legal Defeasance need not be
delivered if all Notes not theretofore delivered to the Trustee for cancellation (x) have become due and payable or (y) will become due and payable on the maturity date or a redemption date within one year under arrangements reasonably
satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 
 Section 8.05.
Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 8.06 hereof,
all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the
“Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company or any Subsidiary acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and
interest but such money need not be segregated from other funds except to the extent required by law. 
 The Company shall pay and indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest
received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 

  
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 Notwithstanding anything in this Article 8 to the contrary, the Trustee shall deliver or pay
to the Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be
required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
 Section 8.06. Repayment to the Company. 

Subject to applicable escheatment laws, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the
payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by
the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and
all liability of the Company as trustee thereof, will thereupon cease. 
 Section 8.07. Reinstatement. 

If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government
Securities in accordance with Section 8.02 or Section 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the
Company’s and the Guarantors’ obligations under this Indenture, the Notes and the Guarantees, as applicable, will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or Section 8.03 hereof until
such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or Section 8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal
of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

ARTICLE 9. 
 AMENDMENT, SUPPLEMENT
AND WAIVER 
 Section 9.01. Without Consent of Holders of Notes. 

Notwithstanding Section 9.02 of this Indenture, the Company, the Guarantors and the Trustee may amend or supplement this Indenture, the
Notes or the Guarantees without the consent of any Holder of Notes: 
 (a) cure any ambiguity, defect or inconsistency as set
forth in an Officers’ Certificate; 
 (b) provide for the assumption by a surviving Person of the obligations of the
Company under this Indenture; 
 (c) provide for uncertificated Notes in addition to or in place of certificated Notes
(provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code); 

  
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 (d) add Guarantees with respect to the Notes or confirm and evidence the
release, termination or discharge of any security or Guarantee when such release, termination or discharge is permitted by this Indenture; 

(e) secure the Notes, add to the covenants of the Company for the benefit of the holders of the Notes or surrender any right or
power conferred upon the Company; 
 (f) make any change that does not adversely affect the rights of any holder of the Notes
as set forth in an Officers’ Certificate; 
 (g) comply with any requirement of the Commission in connection with the
qualification of this Indenture under the TIA; 
 (h) provide for the issuance of Additional Notes in accordance with this
Indenture; 
 (i) evidence and provide for the acceptance of appointment by a successor Trustee; 

(j) conform the text of this Indenture or the Notes to any provision of the “Description of Notes” of the Prospectus
to the extent that such provision in the “Description of Notes” of the Prospectus was intended to be a recitation of a provision of this Indenture or the Notes; or 

(k) make any amendment to the provisions of this Indenture relating to the transfer and legending of the Notes as permitted by
this Indenture, including, without limitation to facilitate the issuance and administration of the Notes; provided that (i) compliance with this Indenture as so amended would not result in the Notes being transferred in violation of the
Securities Act or any applicable securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer the Notes. 

Upon the request of the Company accompanied by a Board Resolution authorizing the execution of any such amended or supplemental indenture, and
upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this
Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities
under this Indenture or otherwise. 
 Section 9.02. With Consent of Holders of Notes. 

(a) Except as provided below in this Section 9.02, the Company and the Trustee may amend or supplement this Indenture, the Notes or any
Guarantees with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents
obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Section 6.04 and Section 6.07 hereof, any existing Default or Event of Default, other than a Default or Event of Default in the
payment of the principal of, premium, if any, or interest on the Notes (except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Notes or any Guarantees may be waived
with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in
connection with a tender offer or exchange offer for, or purchase of, the Notes). Section 2.08 hereof shall determine which Notes are considered to be “outstanding” for purposes of this Section 9.02. 

  
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 (b) Upon the request of the Company accompanied by a Board Resolution authorizing the
execution of any such amended or supplemental Indenture, Notes or Guarantees and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the
documents described in Section 7.02 hereof, the Trustee will join with the Company and the Guarantors in the execution of such amended or supplemental Indenture, Notes or Guarantees unless such amended or supplemental Indenture, Notes or
Guarantees directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture,
Notes or Guarantees. 
 (c) It is not necessary for the consent of the Holders of Notes under this Section 9.02 to approve the
particular form of any proposed amendment, supplement or waiver, but it is sufficient if such consent approves the substance thereof. 
 (d)
After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company will deliver or cause to be delivered to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any
failure of the Company to deliver such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. Subject to Section 6.04 and Section 6.07 hereof,
compliance by the Company or the Guarantors in a particular instance with any provision of this Indenture, the Notes or any Guarantees may be waived by Holders of at least a majority in aggregate principal amount of the outstanding Notes (including,
without limitation, Additional Notes, if any) voting as a single class. However, without the consent of each Holder affected thereby, an amendment, supplement or waiver under this Section 9.02 may not: 

(1) reduce the amount of Notes whose Holders must consent to an amendment; 

(2) reduce the rate of or change or have the effect of changing the time for payment of interest, including defaulted interest,
on any Notes; 
 (3) reduce the principal of or change or have the effect of changing the fixed maturity of any Notes, or
change the date on which any Notes may be subject to redemption or reduce the redemption price therefor, other than prior to the Company’s obligation to purchase Notes under provisions relating to the Company’s obligation to make and
consummate a Change of Control Offer in the event of a Change of Control or to make and consummate a Net Proceeds Offer with respect to any Asset Sale; 

(4) make any Notes payable in money other than that stated in the Notes; 

(5) make any change in provisions of this Indenture protecting the right of each Holder to receive payment of principal of and
interest on such Note on or after the due date thereof or to bring suit to enforce such payment (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes and a waiver of the
payment default that resulted from such acceleration), or permitting Holders of a majority in principal amount of Notes to waive Defaults or Events of Default; 

(6) after the Company’s obligation to purchase Notes arises thereunder, amend, change or modify in any material respect
the obligation of the Company to make and consummate a Change of Control Offer in the event of a Change of Control or make and consummate a Net Proceeds Offer with respect to any Asset Sale that has been consummated or, after such Change of Control
has occurred or such Asset Sale has been consummated, modify any of the provisions or definitions with respect thereto; 

  
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 (7) modify or change any provision of this Indenture or the related
definitions affecting the ranking of the Notes or any Guarantee in a manner which adversely affects the Holders; 
 (8)
release any Guarantor that is a Material Subsidiary from any of its obligations under its Guarantee or this Indenture otherwise than in accordance with the terms of this Indenture; or 

(9) modify or change the amendment provisions of the Notes or this Indenture. 

Section 9.03. [Reserved]. 
 Section 9.04.
Revocation and Effect of Consents. 
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a
Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any
such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver
becomes effective in accordance with its terms and thereafter binds every Holder. 
 Section 9.05. Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in
exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 Section 9.06. Trustee to Sign Amendments, Etc. 

The Trustee will sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company and the Guarantors may not sign an amended or supplemental indenture until their respective Boards of Directors approve it. In executing any amended or
supplemental indenture, Notes or Guarantees, the Trustee will be entitled to receive and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents required by Section 12.04 hereof, an
Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture, Notes or Guarantee is authorized or permitted by this Indenture and that the supplemental indenture is the legal, valid and
binding obligation of the Company and Guarantors, enforceable against each in accordance with its terms. 

  
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 ARTICLE 10. 

SATISFACTION AND DISCHARGE 
 Section 10.01.
Satisfaction and Discharge. 
 This Indenture will be discharged and will cease to be of further effect (except as to surviving rights
or registration of transfer or exchange of the Notes, as expressly provided for in this Indenture) as to all outstanding Notes issued hereunder, when: 

(a) either: 

(1) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes that have been replaced or
paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust) have been delivered to the Trustee for cancellation; or

 (2) all Notes not theretofore delivered to the Trustee for cancellation (A) have become due and payable or
(B) will become due and payable within one year, or are to be called for redemption within one year, under arrangements reasonably satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the
expense, of the Company, and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable
Government Securities, or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for
cancellation for principal of, premium, if any, and interest on the Notes to the date of maturity or redemption, as the case may be, together with irrevocable instructions from the Company directing the Trustee to apply such funds to the payment
thereof at maturity or redemption, as the case may be; 
 (b) the Company has paid or caused to be paid all sums payable by
it under this Indenture; and 
 (c) the Company has delivered an Officers’ Certificate and an Opinion of Counsel to the
Trustee (which opinion may be subject to customary assumptions and exclusions), each stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause
(2) of clause (a) of this Section 10.01, the provisions of Section 10.02 and Section 8.06 hereof will survive. In addition, nothing in this Section 10.01 will be deemed to discharge those provisions of Section 7.07
hereof, that, by their terms, survive the satisfaction and discharge of this Indenture. 
 Section 10.02. Application of Trust Money. 

Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 10.01 hereof shall be held
in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 

  
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 If the Trustee or Paying Agent is unable to apply any money or Government Securities in
accordance with Section 10.01 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations
under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 10.01 hereof; provided that if the Company has made any payment of principal of, premium, if any, or interest on any
such Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 

ARTICLE 11. 
 GUARANTEES 

Section 11.01. Guarantees.  

(a) Each Guarantor shall jointly and severally, fully, unconditionally and irrevocably guarantee the Notes and obligations of the Company
hereunder and thereunder, and guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee on behalf of such Holder, that: (i) the principal of and premium, if any, and interest on the Notes shall be paid in
full when due, whether at Stated Maturity, by acceleration, call for redemption or otherwise (including, without limitation, the amount that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy
Code), together with interest on the overdue principal, if any, and interest on any overdue interest to the extent lawful, and all other obligations of the Company to the Holders or the Trustee (acting in any capacity) hereunder or thereunder shall
be paid in full or performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or of any such other obligations, the same shall be paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. Each of the Guarantees shall be a guarantee of payment and not of collection. 

(b) Each Guarantor shall agree that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to
enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. 
 (c)
Each Guarantor shall waive the benefits of diligence, presentment, demand for payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company or any other
Person, protest, notice and all demands whatsoever and covenants that the Guarantee of such Guarantor shall not be discharged as to any Note except by complete performance of the obligations contained in such Note and such Guarantee or as provided
for in this Indenture. Each of the Guarantors shall agree that, in the event of a default in payment of principal or premium, if any or interest on such Note, whether at its Stated Maturity, by acceleration, call for redemption, purchase or
otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by, the Holder of such Note, subject to the terms and conditions set forth in this Indenture, directly against each of the Guarantors to enforce such Guarantor’s
Guarantee without first proceeding against the Company or any other Guarantor. Each Guarantor agrees that if, after the occurrence and during the continuance of an Event 

  
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of Default, the Trustee or any of the Holders are prevented by applicable law from exercising their respective rights to accelerate the maturity of the Notes, to collect interest on the Notes, or
to enforce or exercise any other right or remedy with respect to the Notes, such Guarantor shall pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have been due and payable had such rights and
remedies been permitted to be exercised by the Trustee or any of the Holders. 
 (d) If any Holder or the Trustee is required by any court or
otherwise to return to the Company or any Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the Company or any Guarantor, any amount paid by any of them to the Trustee or such Holder, the Guarantee of
each of the Guarantors, to the extent theretofore discharged, shall be reinstated in full force and effect. This Section 11.01(d) shall remain effective notwithstanding any contrary action which may be taken by the Trustee or any Holder in
reliance upon such amount required to be returned. This Section 11.01(d) shall survive the termination of this Indenture. 
 (e) Each
Guarantor further agrees that, as between each Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the
purposes of the Guarantee of such Guarantor, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations as
provided in Article 6 hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by each Guarantor for the purpose of the Guarantee of such Guarantor. 

Section 11.02. Execution and Delivery of Guarantee. 

To evidence its Guarantee set forth in Section 11.01 hereof, each Guarantor agrees that a notation of such Guarantee substantially in the
form attached hereto as Exhibit B shall be endorsed on each Note authenticated and delivered by the Trustee. Such notation of Guarantee shall be signed on behalf of such Guarantor by an officer of such Guarantor (or, if an officer is not
available, by a board member or director) on behalf of such Guarantor by manual or facsimile signature. In case the officer, board member or director of such Guarantor who shall have signed such notation of Guarantee shall cease to be such officer,
board member or director before the Note on which such Guarantee is endorsed shall have been authenticated and delivered by the Trustee, such Note nevertheless may be authenticated and delivered as though the Person who signed such notation of
Guarantee had not ceased to be such officer, board member or director. 
 Each Guarantor agrees that its Guarantee set forth in
Section 11.01 hereof shall remain in full force and effect and apply to all the Notes notwithstanding any failure to endorse on any Note a notation of such Guarantee. The delivery of any Note by the Trustee, after the authentication thereof
hereunder, shall constitute due delivery of any Guarantee set forth in this Indenture on behalf of the Guarantors. 
 Section 11.03.
Severability. 
 In case any provision of any Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 11.04. Limitation on
Guarantors’ Liability. 
 Each Guarantor and by its acceptance hereof each Holder confirms that it is the intention of
all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of the Federal Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal
or state law or the provisions of its local law relating to fraudulent transfer or 

  
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conveyance. To effectuate the foregoing intention, the Trustee, the Holders and Guarantors hereby irrevocably agree that the obligations of such Guarantor under its Guarantee shall be limited to
the maximum amount that will not, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other
Guarantor in respect of the obligations of such other Guarantor under its Guarantee, result in the obligations of such Guarantor under its Guarantee constituting a fraudulent transfer or conveyance. 

Section 11.05. Guarantors May Consolidate, Etc., on Certain Terms. 

Except as otherwise provided in this Section 11.05, a Guarantor may not sell or otherwise dispose of all or substantially all of its
assets, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Company or another Guarantor, unless: 

(a) immediately after giving effect to such transactions, no Default or Event of Default exists; and 

(b) either: 

(1) the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such
consolidation or merger assumes all the obligations of that Guarantor under this Indenture and its Guarantee pursuant to a supplemental indenture satisfactory to the Trustee; or 

(2) the Net Cash Proceeds of any such sale or other disposition of a Guarantor are applied in accordance with the provisions of
Section 4.11 hereof. 
 In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person,
by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Guarantee and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the
Guarantor, such successor Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. All the Guarantees so issued shall in all respects have the same legal rank and benefit under
this Indenture as the Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all such Guarantees had been issued at the date of the execution hereof. 

Except as set forth in Article 4 and Article 5 hereof, and notwithstanding clauses (a) and (b) above, nothing contained in this Indenture
or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to
the Company or another Guarantor. 
 Section 11.06. Releases Following Sale of Assets and Other Events. 

Any Guarantor shall be automatically and unconditionally released and relieved of any obligations under its Guarantee without any further
action on the part of the Trustee or any Holder: 
 (a) in connection with any sale or other disposition of all or
substantially all of the assets of that Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) a Restricted Subsidiary, if sale or other disposition is made in
accordance with the provisions of Section 4.11 hereof; 

  
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 (b) in connection with any sale of all of the Capital Stock of a Guarantor
to a Person that is not (either before or after giving effect to such transaction) a Restricted Subsidiary, if the sale is made in accordance with the provisions of Section 4.11 hereof; 

(c) in connection with any transaction following which the applicable Guarantor is no longer a Restricted Subsidiary
immediately after giving effect to such transaction if such transaction is made in accordance with Section 4.11; 
 (d)
upon the discharge or release of all guarantees of such Guarantor, and all pledges of property or assets of such Guarantor securing all other Indebtedness of the Company and the Restricted Subsidiaries, which resulted in the creation of such
Guarantee pursuant to Section 4.16; or 
 (e) if the Company exercises its legal defeasance option or covenant
defeasance option pursuant to Sections 8.02 or 8.03 hereof or if its obligations under this Indenture are discharged in accordance with the terms of this Indenture. 

Upon delivery to the Trustee of an Officers’ Certificate and an Opinion of Counsel (which may be subject to certain qualifications) to
the effect that such sale or other disposition was made by the Company in accordance with the provisions of this Indenture, including without limitation Sections 4.11 and 4.16 hereof, the Trustee shall execute any documents reasonably required in
order to evidence the release of any Guarantor from its obligations under its Guarantee. 
 Any Guarantor not released from its obligations
under its Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article 11. 

Section 11.07. Release of a Guarantor. 

Any Guarantor that is designated by the Board of Directors of the Company as an Unrestricted Subsidiary in accordance with the terms of this
Indenture shall, at such time, be deemed automatically and unconditionally released and discharged of its obligations under its Guarantee without any further action on the part of the Trustee or any Holder. The Trustee shall deliver an appropriate
instrument evidencing such release upon receipt of the Company’s request for such release accompanied by an Officers’ Certificate certifying as to the compliance with this Section 11.07. 

Section 11.08. Benefits Acknowledged. 

Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture
and that its guarantee and waivers pursuant to its Guarantee are knowingly made in contemplation of such benefits. 

  
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 ARTICLE 12. 

MISCELLANEOUS 
 Section 12.01.
[Reserved]. 
 Section 12.02. Notices. 

Any notice or communication by the Company, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or
by electronic transmission, first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’ address: 

If to the Company: 
 Compass
Group Diversified Holdings LLC 
 301 Riverside Avenue 

Second Floor 
 Westport, CT
06880 
 Facsimile number: (203) 221-8253 (Attn: General Counsel) 

with a copy to: 
 Squire Patton
Boggs (US) LLP 
 201 E. Fourth Street, Suite 1900 

Cincinnati, OH 45202 

Attention: Evan Toebbe 
 If to
the Trustee: 
 U.S. Bank National Association 

100 Wall Street, Suite 600 
 New
York, NY 10005 
 Attention: Beverly A. Freeney 

The Company, any Guarantor or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or
communications. 
 All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile or email; and the next Business Day after timely delivery to the
courier, if sent by overnight air courier guaranteeing next Business Day delivery. 
 Any notice or communication to a Holder shall be
delivered by electronic transmission, first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next Business Day delivery to its address shown on the register kept by the Registrar. Any notice or
communication shall also be so delivered to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to deliver a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect
to other Holders. 

  
 -85- 

 If a notice or communication is delivered in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it. 
 If the Company delivers a notice or communication to Holders, it
will deliver a copy to the Trustee and each Agent at the same time. 
 All notices, approvals, consents, requests and any communications
hereunder must be in writing (provided that any communication sent to Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider
as specified in writing to Trustee by the authorized representative), in English). The Company and Guarantors agree to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to Trustee,
including without limitation the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

Section 12.03. Communication by Holders of Notes with Other Holders of Notes. 

Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the
applicable Notes. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 Section 12.04.
Certificate and Opinion as to Conditions Precedent. 
 Upon any request or application by the Company to the Trustee to take any
action under this Indenture, the Company shall furnish to the Trustee: 
 (a) an Officers’ Certificate in form and
substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture
relating to the proposed action have been satisfied; and 
 (b) an Opinion of Counsel in form and substance reasonably
satisfactory to the Trustee (which must include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Section 12.05. Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to Section 4.04 hereof or TIA § 314(a)(4)) must include: 
 (a) a statement that the Person
making such certificate or opinion has read such covenant or condition; 
 (b) a brief statement as to the nature and scope
of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(c) a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to
enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied (and, in the case of an Opinion of Counsel, may be limited to reliance on an Officers’ Certificate as to matters of fact); and

 (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 

  
 -86- 

 Section 12.06. Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. 
 Section 12.07. No Personal Liability of Directors, Officers, Employees and Stockholder Members.

 No past, present or future director, officer, employee, incorporator, agent, stockholder or Affiliate of the Company, as such, shall have
any liability for any obligations of the Company under the Notes or under this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. No past, present or future director, officer, employee,
incorporator, agent, stockholder or Affiliate of any of the Guarantors, as such, shall have any liability for any obligations of the Guarantors under any Guarantees or this Indenture or for any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liabilities. The waiver and release are part of the consideration for the issuance of the Notes and any Guarantees. 

Section 12.08. Governing Law. 
 THE
INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES. 
 Section 12.09. No Adverse Interpretation
of Other Agreements. 
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company, any
Guarantor or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 12.10.
Successors. 
 All agreements of the Company and the Guarantors in this Indenture and the Notes and the Guarantees, as applicable,
shall bind their respective successors and assigns. All agreements of the Trustee in this Indenture will bind its successors. 
 Section 12.11.
Severability. 
 In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 12.12. Counterpart
Originals. 
 This Indenture may be executed in any number of counterparts, and by the different parties on separate counterparts, each
of which shall be deemed an original, but all of which together shall constitute but one and the same instrument. 

  
 -87- 

 Section 12.13. Table of Contents, Headings, etc. 

The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

Section 12.14. Force Majeure. 
 In no
event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, any act or
provision of any present or future law or regulation or governmental authority, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, epidemics, pandemics,
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, communication system failure, malware or ransomware or unavailability of the Federal Reserve Bank wire or telex system or other wire or
other funds transfer systems, or unavailability of any securities clearing system (it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking industry to resume performance as
soon as practicable under the circumstances). 
 Section 12.15. PATRIOT Act. 

To the extent the Trustee, in accordance with Section 326 of the U.S.A. Patriot Act, is required to obtain, verify, and record information
that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee, the parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee
to satisfy the requirements of the U.S.A. Patriot Act. 
 [Signatures on following pages] 

 

  
 -88- 

 Dated as of March 23, 2021 

 

					
	COMPASS GROUP DIVERSIFIED HOLDINGS LLC
		
	By:	 	 /s/ Ryan J. Faulkingham

		 	Name:	 	Ryan J. Faulkingham
		 	Title:	 	Chief Financial Officer

 
					
	U.S. BANK NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	 /s/Beverly A. Freeney

		 	Name:	 	Beverly A. Freeney
		 	Title:	 	Vice President

  

 EXHIBIT A 

5.250% Senior Notes due 2029 

[Insert the Global Note Legend, if applicable, pursuant to the provisions of the Indenture] 

  
 A-1 

 [Face of Note] 

CUSIP No. [    ] 

5.250% Senior Notes due 2029 
  

			
	No.                 	  	$                

 Compass Group Diversified Holdings LLC 

promises to pay to Cede & Co. or registered assigns, 

the principal sum of
                                         DOLLARS
on April 15, 2029. 
 Interest Payment Dates: April 15 and October 15 

Record Dates: April 1 and October 1 
 Dated:
March 23, 2021 
  

			
	COMPASS GROUP DIVERSIFIED HOLDINGS LLC
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

 

			
	U.S. Bank National Association, Trustee, certifies that this is one of the Notes referred to in the Indenture.
		
	By:	 	  

	Authorized Signatory

  
 A-2 

 [Back of Note] 

5.250% Senior Notes due 2029 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1) INTEREST. Compass Group Diversified Holdings LLC, a Delaware limited liability company (the “Company”), promises to
pay interest on the principal amount of this Note at 5.250% per annum from March 23, 2021 until maturity. The Company will pay interest semi-annually in arrears on April 15 and October 15 of each year, or if any such day is not a
Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of
issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue
from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be October 15, 2021. The Company will pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect to the extent lawful; it will pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed daily on the basis of a 360-day year of twelve 30-day months. 
 (2) METHOD OF
PAYMENT. The Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the April 1 or October 1 next preceding the Interest Payment Date, even if such
Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and
interest at the office or agency of the Company maintained for such purpose within or without the City and State of New York, or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set
forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest, premium on, all Global Notes and all other Notes the Holders of which will
have provided wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

(3) PAYING AGENT AND REGISTRAR. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and
Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in the capacity of Paying Agent or Registrar. 

(4) INDENTURE. The Company issued the Notes under an Indenture, dated as of March 23, 2021 (the “Indenture”), by
and between the Company and the Trustee. The terms of this Note include those stated in the Indenture and those made part of the Indenture by reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture
and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the
Company. 

  
 A-3 

 (5) OPTIONAL REDEMPTION. 

(a) Other than as set forth below, the Notes are not redeemable prior to maturity. 

(b) On or prior to April 15, 2024, the Company may on any one or more occasions redeem up to 40% of the aggregate principal amount of the
Notes (calculated giving effect to any issuance of Additional Notes) outstanding under the Indenture, at a redemption price equal to 105.250% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but not
including, the redemption date, with the net cash proceeds of one or more Equity Offerings; provided that: 
 (1) at
least 50% of the aggregate principal amount of the Notes (calculated giving effect to any issuance of Additional Notes) issued under the Indenture remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the
Company and its subsidiaries); and 
 (2) the redemption must occur within 180 days of the date of the closing of such Equity
Offering. 
 (c) On or after April 15, 2024, the Company may redeem all or a part of the Notes, on any one or more occasions, at the
redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest thereon, if any, to, but not including, the applicable redemption date, if redeemed during the twelve-month period beginning on
April 15 of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2024
	  	 	102.625	% 
	 2025
	  	 	101.313	% 
	 2026 and thereafter
	  	 	100.000	% 

 (d) At any time prior to April 15, 2024, the Company may also redeem all or a part of the Notes at a
redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, but not including, the date of redemption (the “Redemption Date”),
subject to the rights of Holders of record of Notes on the relevant record date to receive interest due on the relevant interest payment date. 

(e) Any redemption pursuant to this paragraph 5 shall be made pursuant to the provisions of Section 3.01 through Section 3.06 of the
Indenture. 
 (f) Any redemption or notice of redemption, may, at the Company’s discretion, be subject to one or more conditions
precedent, including completion of an Equity Offering or other corporate transaction. 
 (6) MANDATORY REDEMPTION. The Company is not
required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 (7) REPURCHASE AT THE OPTION OF HOLDER.

 (a) In the event that the Company or a Restricted Subsidiary is required to commence an offer to all Holders to purchase Notes pursuant to
Section 4.11 or 4.15 of the Indenture, it will comply with the terms set forth in the Indenture, including Section 3.10. 

  
 A-4 

 (b) If a Change of Control occurs, the Company will be required to make an offer (a
“Change of Control Offer”) to each Holder to repurchase all or any part of such Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus accrued and unpaid
interest on the Notes repurchased to the date of repurchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date. Within 30 days following any Change of Control, the Company will
deliver a notice to each Holder, with a copy to the Trustee, setting forth the procedures governing the Change of Control Offer as required by the Indenture. 

(c) If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in a
Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as described above, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Company or such third party
will have the right, upon not less than 15 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described above, to redeem all Notes that remain outstanding following
such purchase at a price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date. 

(8) NOTICE OF REDEMPTION. Notice of redemption will be delivered at least 15 days but not more than 60 days before the redemption date
to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be delivered more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a
satisfaction and discharge of the Indenture. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 unless all of the Notes held by a Holder are to be redeemed and provided that any unredeemed
portion of a Note is equal to $2,000 or a multiple of $1,000 in excess thereof. On and after the redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption as long as the Company has deposited with the
Paying Agent funds in satisfaction of the applicable redemption price. 
 (9) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in
registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require
a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part that is equal to $2,000 or a multiple of $1,000 in excess thereof. Also, the Company need not issue, register the
transfer of or exchange any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the next succeeding Interest Payment Date. 

(10) PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

(11) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture, the Notes or the Guarantees may be amended or
supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including Additional Notes, if any, issued under the Indenture) voting as a single class (including, without limitation,
consents obtained in connection with a tender offer or exchange offer for purchase of, the Notes), and any existing Default or Event of Default, other than a Default or Event of Default in the payment of the principal of, premium, if any, or
interest on the Notes (except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of the Indenture, the Notes and the Guarantees may be waived with the consent of the Holders of a majority in
aggregate principal amount of the then outstanding Notes 

  
 A-5 

 
(including Additional Notes, if any, issued under the Indenture) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for
purchase of, the Notes). Without the consent of any Holder of Notes, the Indenture, the Notes or the Guarantees may be amended or supplemented to cure any ambiguity, defect or inconsistency; provide for the assumption by a surviving Person of the
obligations of the Company under the Indenture; provide for uncertificated Notes in addition to or in place of certificated Notes (provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the
Code, or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code); add Guarantees with respect to the Notes or confirm and evidence the release, termination or discharge of any security or Guarantee when
such release, termination or discharge is permitted by the Indenture; secure the Notes, add to the covenants of the Company for the benefit of the holders of the Notes or surrender any right or power conferred upon the Company; make any change that
does not adversely affect the rights of any holder of the Notes; comply with any requirement of the Commission in connection with the qualification of the Indenture under the TIA; provide for the issuance of Additional Notes in accordance with the
Indenture; evidence and provide for the acceptance of appointment by a successor Trustee; conform the text of the Indenture or the Notes to any provision of the “Description of Notes” of the Prospectus to the extent that such provision in
the “Description of Notes” of the Prospectus was intended to be a recitation of a provision of the Indenture or the Notes; or make any amendment to the provisions of the Indenture relating to the transfer and legending of the Notes as
permitted by the Indenture, including, without limitation to facilitate the issuance and administration of the Notes; provided that (i) compliance with the Indenture as so amended would not result in the Notes being transferred in
violation of the Securities Act or any applicable securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer the Notes. 

(12) DEFAULTS AND REMEDIES. Events of Default with respect to the Notes include: (i) default for 30 days in the payment when due of
interest on, with respect to the Notes; (ii) default in the payment when due (at maturity, upon redemption or otherwise) of the principal on the Notes (including the failure to make a payment to purchase Notes tendered pursuant to a Change of
Control Offer or a Net Proceeds Offer); (iii) failure by the Company for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply
with any of the other covenants or agreements in the Indenture (except (i) in the case of a default with respect to Section 5.01 of the Indenture, which will constitute an Event of Default with such notice requirement but without such
passage of time requirement and (ii) as otherwise provided in the last paragraph of Section 4.03 of the Indenture); (iv) the failure to pay at final maturity (giving effect to any applicable grace periods and any extensions thereof) the
stated principal amount of any Indebtedness of the Company or any Restricted Subsidiary of the Company, or the acceleration of the final stated maturity of any such Indebtedness (which acceleration is not rescinded, annulled or otherwise cured
within 30 days of receipt by the Company or such Restricted Subsidiary of notice of any such acceleration) if the aggregate principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for
failure to pay principal at final stated maturity or which has been so accelerated (in each case with respect to which the 30-day period described above has passed), equals $50.0 million or more at any
time; (v) failure by the Company to pay final non-appealable judgments entered by a court or courts of competent jurisdiction against the Company or any Restricted Subsidiary of the Company in amounts
aggregating in excess of $50.0 million, which judgments are not paid, discharged or stayed for a period of 60 days; (vi) the Company or any of its Restricted Subsidiaries that is a Material Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Material Subsidiary, pursuant to or within the meaning of Bankruptcy Law, commences a voluntary case, consents to the entry of an order for relief against it in an involuntary
case, consents to the appointment of a custodian for it or for all or substantially all of its property, makes a general assignment for the benefit of its creditors, or an admission by the Company in writing of its inability to pay its debts as they
become due; (vii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that is for relief against the Company or any of its Restricted Subsidiaries that is a Material Subsidiary or any group of Restricted

  
 A-6 

 
Subsidiaries of the Company that, taken together, would constitute a Material Subsidiary in an involuntary case; appoints a custodian of the Company or any of its Restricted Subsidiaries that is
a Material Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Material Subsidiary or for all or substantially all of the property of the Company or any of its Restricted Subsidiaries that is a
Material Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Material Subsidiary or orders the liquidation of the Company or any of its Restricted Subsidiaries that is a Material Subsidiary or
any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Material Subsidiary and the order or decree remains unstayed and in effect for 60 consecutive days; or (viii) any Guarantee of a Guarantor that is a
Material Subsidiary (or group of Guarantors that would constitute a Material Subsidiary) or any material provision thereof ceases to be in full force and effect or any Guarantee of a Guarantor is declared to be null and void and unenforceable or any
Guarantee of a Material Subsidiary is found to be invalid or any Guarantor denies its liability under its Guarantee (other than by reason of release of a Guarantor in accordance with the terms of the Indenture). 

If any Event of Default with respect to outstanding Notes occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate
principal amount of the then outstanding Notes may declare the principal of, and accrued and unpaid interest on all the Notes to be due and payable by notice in writing to the Company and the Trustee specifying the respective Event of Default and
that it is a “notice of acceleration” and the same shall be immediately due and payable. 
 Notwithstanding the foregoing, in the
case of an Event of Default arising from certain events of bankruptcy or insolvency occurring with respect to the Company, all unpaid principal of and accrued and unpaid interest on all of the outstanding Notes will become due and payable
immediately without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes
may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or
interest or premium, if any) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders, rescind an
acceleration or waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest or premium, if any, on, or the principal of, the Notes. The Company is
required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required, within five Business Days of any Officer becoming aware of any Default or Event of Default, to deliver to the Trustee a
statement specifying such Default or Event of Default. 
 (13) TRUSTEE DEALINGS WITH THE COMPANY. The Trustee, in its individual or
any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. 

(14) NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, incorporator, agent, stockholder or Affiliate
of the Company, as such, shall have any liability for any obligations of the Company under the Notes or under the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. No past, present or future
director, officer, employee, incorporator, agent, stockholder or Affiliate of any of the Guarantors, as such, shall have any liability for any obligations of the Guarantors under any Guarantees or the Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liabilities. The waiver and release are part of the consideration for the issuance of the Notes and any Guarantees. 

  
 A-7 

 (15) AUTHENTICATION. This Note will not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent. 
 (16) ABBREVIATIONS. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 (17) CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or
as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 
 (18)
GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THIS NOTE. 
 The
Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 
 Compass Group
Diversified Holdings LLC 
 301 Riverside Avenue 

Second Floor 
 Westport, CT 06880

 Facsimile number: (203) 221-8253 (Attn: General Counsel) 

  
 A-8 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	 	  

		 	(Insert assignee’s legal name)

  
  

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

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

 
  
  

 
 and irrevocably appoint
                                         
                                         
                                         
                                         
                                         

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

Date:
                                         
                     
  

			
	Your Signature:	 	  

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

 Signature Guarantee*:
                                         
        
 * PARTICIPANT IN A RECOGNIZED SIGNATURE GUARANTEE MEDALLION PROGRAM 

(OR OTHER SIGNATURE GUARANTOR ACCEPTABLE TO THE TRUSTEE). 

  
 A-9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.11 (Asset Sale Offer) or Section 4.15 (Change
of Control Offer) of the Indenture, check the appropriate box below: 
 ☐    Section
4.11                ☐    Section 4.15 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.11 or Section 4.15 of the
Indenture, state the amount you elect to have purchased: 

$                 

Date:
                                        
                     
  

			
	Your Signature:	 	  

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

 Signature Guarantee*:
                                         
                
 * Participant in a recognized Signature Guarantee Medallion
Program (or other signature guarantor acceptable to the Trustee). 

  
 A-10 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Note, or exchanges of a part of another
Global Note or Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	 	 Amount of

decrease in Principal
Amount of this

Global Note
	 	 Amount of

increase in Principal

Amount of this
 Global
Note
	 	 Principal Amount of

this Global Note
 following
such
 decrease (or increase)
	 	 Signature of

authorized signatory
 of
Trustee or
 Custodian

* This schedule should be included only if the Note is issued in global form. 

  
 A-11 

 EXHIBIT B 

FORM OF NOTATIONAL GUARANTEE 

The Guarantor listed below (hereinafter referred to as the “Guarantor,” which term includes any successors or assigns under
that certain Indenture, dated as of March 23, 2021, by and between Compass Group Diversified Holdings LLC (the “Company”) and the Trustee (as amended and supplemented from time to time, the “Indenture”), has
guaranteed the Company’s 5.250% Senior Notes due 2029 (the “Notes”) and the obligations of the Company under the Indenture, which include (i) the due and punctual payment of the principal of, premium, if any, and interest
on the Notes, whether at stated maturity, by acceleration or otherwise, the due and punctual payment of interest on the overdue principal and premium, if any, and (to the extent permitted by law) interest on any interest, if any, on the Notes, and
the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms set forth in Article 11 of the Indenture, (ii) in case of any extension of time of payment or renewal of any
Notes or any such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise, and (iii) the payment of
any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or any Holder in enforcing any rights under this Guarantee or the Indenture. 

The obligations of each Guarantor to the Holders and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in
Article 11 of the Indenture and reference is hereby made to such Indenture for the precise terms of this Guarantee. 
 No stockholder,
employee, officer, director or incorporator, as such, past, present or future of each Guarantor shall have any liability under this Guarantee by reason of his or its status as such stockholder, employee, officer, director or incorporator. 

This is a continuing Guarantee and shall remain in full force and effect and shall be binding upon each Guarantor and its successors and
assigns until full and final payment of all of the Company’s obligations under the Notes and Indenture or until released in accordance with the Indenture and shall inure to the benefit of the successors and assigns of the Trustee and the
Holders, and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such transferee or assignee, all subject to
the terms and conditions hereof. This is a Guarantee of payment and not of collection. 
 This Guarantee shall not be valid or obligatory
for any purpose until the certificate of authentication on the Note upon which this Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual or facsimile signature of one of its authorized officers. The
Obligations of each Guarantor under its Guarantee shall be limited to the extent necessary to ensure that it does not constitute a fraudulent conveyance under applicable law. 

THE TERMS OF ARTICLE 11 OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE. 

Capitalized terms used herein have the same meanings given in the Indenture unless otherwise indicated. 

  
 B-1 

 Dated as of
                         
  

			
	[GUARANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-2 

 EXHIBIT C 

[FORM OF CERTIFICATE OF TRANSFER] 
 Compass Group
Diversified Holdings LLC 
 301 Riverside Avenue 
 Second Floor

 Westport, CT 06880 
 U.S. Bank National Association, as
Trustee 
 100 Wall Street, Suite 600 
 New York, NY 10005 

Re: 5.250% Senior Notes due 2029 

Reference is hereby made to the Indenture, dated as of March 23, 2021 (the “Indenture”), among Compass Group
Diversified Holdings LLC, a Delaware limited liability company (the “Company”), the guarantors party thereto from time to time and U.S. Bank National Association, as trustee. Capitalized terms used but not defined herein shall have
the meanings given to them in the Indenture. 
 _____________________, (the “Transferor”) owns and proposes to
transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $__________________ in such Note[s] or interests (the “Transfer”), to _____________________________ (the
“Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 

[CHECK ALL THAT APPLY] 
 1.
☐ Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under
the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor
reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a
“qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 
 2. ☐ Check if Transferee
will take delivery of a beneficial interest in the Regulation S Temporary Global Note, the Regulation S Permanent Global Note or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in
accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was
originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or
through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States,

  
 C-1 

 
(ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part
of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the
account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the
restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Permanent Global Note, the Regulation S Temporary Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 

3. ☐ Check and complete if Transferee will take delivery of a beneficial interest in a Restricted Definitive Note pursuant to any
provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes
and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

(a) ☐ such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 

or 
 (b) ☐
such Transfer is being effected to the Company or a subsidiary thereof; 
 or 

(c) ☐ such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in
compliance with the prospectus delivery requirements of the Securities Act. 
 4. ☐ Check if Transferee will take delivery of an
Unrestricted Definitive Note. 
 (a) ☐ Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected
pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture,
the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

 (b) ☐ Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance
with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

  
 C-2 

 (c) ☐ Check if Transfer is Pursuant to Other Exemption. (i) The Transfer
is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.
Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed
on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

  
 C-3 

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

							
		 		 	  
 [Insert Name of
Transferor]

				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
	Dated:
                                        
    	 		 		 	

  

  
 C-4 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

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

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

	 	(a)	 ☐ a beneficial interest in the: 

 

	 	(i)	 ☐ 144A Global Note (CUSIP ________), or 

 

	 	(ii)	 ☐ Regulation S Global Note (CUSIP ________), or 

 

	 	(b)	 ☐ a Restricted Definitive Note. 

 

	2.	 After the Transfer the Transferee will hold: 

[CHECK ONE] 
  

	 	(a)	 ☐ a beneficial interest in the: 

 

	 	(i)	 ☐ 144A Global Note (CUSIP ________), or 

 

	 	(ii)	 ☐ Regulation S Global Note (CUSIP ________), or 

 

	 	(b)	 ☐ a Restricted Definitive Note; 

 

	 	(c)	 ☐ an Unrestricted Definitive Note; 

in accordance with the terms of the Indenture. 

  
 C-5 

 EXHIBIT D 

[FORM OF CERTIFICATE OF EXCHANGE] 
 Compass Group
Diversified Holdings LLC 
 301 Riverside Avenue 
 Second Floor

 Westport, CT 06880 
 U.S. Bank National Association, as
Trustee 
 100 Wall Street, Suite 600 
 New York, NY 10005 

Re: 5.250% Senior Notes due 2029 

(CUSIP __________) 
 Reference is
hereby made to the Indenture, dated as of March 23, 2021 (the “Indenture”), among Compass Group Diversified Holdings LLC, a Delaware limited liability company (the “Company”), the guarantors party
thereto from time to time and U.S. Bank National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

___________________________ (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s]
specified herein, in the principal amount of $__________ in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 

1. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or
Beneficial Interests in Restricted Global Notes. 
 (a) ☐ Check if Exchange is from beneficial interest in a Restricted
Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the
Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

(b) ☐ Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with
the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] ☐ 144A Global Note, ☐ Regulation S Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial
interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with
the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

  
 D-1 

 2. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted
Global Note for Unrestricted Definitive Notes. 
 (a) ☐ Check if Exchange is from beneficial interest in a Restricted Global
Note to Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States. 
 (b) ☐ Check if Exchange is from Restricted Definitive Note
to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the
Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States. 

  
 D-2 

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

							
		 		 	  
 [Insert Name of
Transferor]

				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
	Dated:
                                        
    	 		 		 	

  

  
 D-3

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