Document:

Exhibit 10.6

 

 

 

 

 

Hour
Loop, Inc.

 

 

2021
Equity Incentive Plan

 

 

 

 

 

    	 

    	 

    

 

Table
of Contents

 

	Article
    I.	Purposes
    and Definitions	1
	Section
    1.01	Purposes
    of this Plan; Structure.	1
	Section
    1.02	Definitions.	1
	Section
    1.03	Additional
    Interpretations.	7
	Article
    II.	Stock
    Subject to this Plan; Administration.	7
	Section
    2.01	Stock
    Subject to this Plan.	7
	Section
    2.02	Administration
    of this Plan.	8
	Section
    2.03	Eligibility.	9
	Section
    2.04	Indemnification.	10
	Article
    III.	Awards.	10
	Section
    3.01	Stock
    Options.	10
	Section
    3.02	Stock
    Appreciation Rights.	13
	Section
    3.03	Restricted
    Stock.	14
	Section
    3.04	Restricted
    Stock Units.	15
	Section
    3.05	Performance
    Units and Performance Shares.	16
	Section
    3.06	Cash-Based
    Awards and Other Stock-Based Awards.	19
	Section
    3.07	Form
    of Award Agreements.	21
	Article
    IV.	Additional
    Provisions Applicable to this Plan and Awards	21
	Section
    4.01	Outside
    Director Limitations.	21
	Section
    4.02	Compliance
    With Code Section 409A.	21
	Section
    4.03	Leaves
    of Absence/Transfer Between Locations.	21
	Section
    4.04	Limited
    Transferability of Awards.	22
	Section
    4.05	Adjustments;
    Dissolution, Merger, Etc.	22
	Section
    4.06	Tax
    Withholding.	24
	Section
    4.07	Compliance
    with Securities Laws.	25
	Section
    4.08	Tax
    Withholding.	25
	Section
    4.09	No
    Effect on Employment or Service.	26
	Section
    4.10	Repurchase
    Rights.	26
	Section
    4.11	Fractional
    Shares.	26
	Section
    4.12	Forfeiture
    Events.	26
	Section
    4.13	Date
    of Grant.	27
	Section
    4.14	Term
    of Plan.	27
	Section
    4.15	Amendment
    and Termination of this Plan.	27
	Section
    4.16	Conditions
    Upon Issuance of Shares.	27
	Section
    4.17	Inability
    to Obtain Authority.	28
	Section
    4.18	Shareholder
    Approval.	28
	Section
    4.19	Retirement
    and Welfare Plans.	28
	Section
    4.20	Beneficiary
    Designation.	28
	Section
    4.21	Severability.	28
	Section
    4.22	No
    Constraint on Corporate Action.	29
	Section
    4.23	Unfunded
    Obligation.	29
	Section
    4.24	Choice
    of Law.	29

 

	Exhibits	 	 
	 	 	 
	Exhibit
    A	 	Form
    of Award Agreement for Options
	 	 	 
	Exhibit
    B	 	Form
    of Award Agreement for Stock Appreciation Rights
	 	 	 
	Exhibit
    C	 	Form
    of Award Agreement for Restricted Stock 
	 	 	 
	Exhibit
    D	 	Form
    of Award Agreement for Restricted Stock Units

 

    	(i)

    	 

    

 

Hour
Loop, Inc.

2021
Equity Incentive Plan

 

Article I.
Purposes and Definitions

 

Section
1.01 Purposes of this Plan; Structure.

 

		(a)	The
                                            purposes of this Plan are (i) to attract and retain the best available personnel for positions
                                            of substantial responsibility, (ii) to provide additional incentive to Employees, Directors
                                            and Consultants, and (ii) to promote the success of the Company’s business.

 

		(b)	This
                                            Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation
                                            Rights, Restricted Stock, Restricted Stock Units, Performance Awards, Cash-Based Awards and
                                            Other Stock-Based Awards.

 

Section
1.02 Definitions. As used herein, the following definitions will apply:

 

		(a)	“Administrator”
                                            means the Board or any of its Committees as will be administering this Plan, in accordance
                                            with Section 2.02.

 

		(b)	“Affiliate”
                                            means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled
                                            by, or under common Control with such Person.

 

		(c)	“Applicable
                                            Laws” means the legal and regulatory requirements relating to the administration of
                                            equity-based awards, including but not limited to the related issuance of shares of Common
                                            Stock, including but not limited to under U.S. federal and state corporate laws, U.S. federal
                                            and state securities laws, the Code, any stock exchange or quotation system on which the
                                            Common Stock is listed or quoted and the applicable laws of any non-U.S. country or jurisdiction
                                            where Awards are, or will be, granted under this Plan.

 

		(d)	“Award”
                                            means, individually or collectively, a grant under this Plan of Options, Stock Appreciation
                                            Rights, Restricted Stock, Restricted Stock Units, Performance Units or Performance Shares,
                                            or Cash-Based Award or Other Stock-Based Award granted under this Plan.

 

		(e)	“Award
                                            Agreement” means the written or electronic agreement setting forth the terms and provisions
                                            applicable to each Award granted under this Plan, which Award Agreement shall be is subject
                                            to the terms and conditions of this Plan.

 

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

 

		(g)	“Cash-Based
                                            Award” means an Award denominated in cash and granted pursuant to Section 3.06.

 

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		(h)	“Cause”
                                            means, unless such term or an equivalent term is otherwise defined by the applicable Award
                                            Agreement or other written agreement between a Participant and the Company or its Affiliates
                                            applicable to an Award, any of the following: (i) the Participant’s theft, dishonesty,
                                            willful misconduct, breach of fiduciary duty for personal profit, or falsification of documents
                                            or records of the Company or any of its Affiliates; (ii) the Participant’s material
                                            failure to abide by the Company’s or any Affiliate’s code of conduct or other
                                            policies (including, without limitation, policies relating to confidentiality and reasonable
                                            workplace conduct); (iii) the Participant’s unauthorized use, misappropriation, destruction
                                            or diversion of any tangible or intangible asset or corporate opportunity of the Company
                                            or any of its Affiliates (including, without limitation, the Participant’s improper
                                            use or disclosure of the Company’s or any of its Affiliate’s confidential or
                                            proprietary information); (iv) any intentional act by the Participant which has a material
                                            detrimental effect on the Company’s or any of its Affiliate’s reputation or business;
                                            (v) the Participant’s repeated failure to perform any reasonable assigned duties after
                                            written notice from the Company or any of its Affiliates, and a reasonable opportunity to
                                            cure, such failure; (vi) any material breach by the Participant of any employment, service,
                                            non-disclosure, non-competition, non-solicitation or other similar agreement between the
                                            Participant and the Company or any of its Affiliates which breach is not cured pursuant to
                                            the terms of such agreement; or (vii) the Participant’s conviction (including any plea
                                            of guilty or nolo contendere) of any criminal act involving fraud, dishonesty, misappropriation
                                            or moral turpitude, or which impairs the Participant’s ability to perform his or her
                                            duties with the Company or any of its Affiliates.

 

		(i)	“Change
                                            in Control” means the occurrence of any of the following events, subject to the provisions
                                            of Section 1.03:

 

		(i)	Change
                                            in Ownership of the Company. A change in the ownership of the Company which occurs on
                                            the date that any one person, or more than one person acting as a group (“Person”),
                                            acquires ownership of the stock of the Company that, together with the stock held by such
                                            Person, constitutes more than fifty percent (50%) of the total voting power of the stock
                                            of the Company; provided, however, that for purposes of this Section 1.02(i)(i), the acquisition
                                            of additional stock by any one Person, who is considered to own more than fifty percent (50%)
                                            of the total voting power of the stock of the Company will not be considered a Change in
                                            Control. Further, if the shareholders of the Company immediately before such change in ownership
                                            continue to retain immediately after the change in ownership, in substantially the same proportions
                                            as their ownership of shares of the Company’s voting stock immediately prior to the
                                            change in ownership, direct or indirect beneficial ownership of fifty percent (50%) or more
                                            of the total voting power of the stock of the Company or of the ultimate parent entity of
                                            the Company, such event shall not be considered a Change in Control under this Section 1.02(i)(i).
                                            For this purpose, indirect beneficial ownership shall include, without limitation, an interest
                                            resulting from ownership of the voting securities of one or more corporations or other business
                                            entities which own the Company, as the case may be, either directly or through one or more
                                            subsidiary corporations or other business entities.

 

		(ii)	Change
                                            in Effective Control of the Company. A change in the effective control of the Company
                                            which occurs on the date that a majority of members of the Board is replaced during any twelve
                                            (12) month period by Directors whose appointment or election is not endorsed by a majority
                                            of the members of the Board prior to the date of the appointment or election. For purposes
                                            of this Section 1.02(i)(ii), if any Person is considered to be in effective control of the
                                            Company, the acquisition of additional control of the Company by the same Person will not
                                            be considered a Change in Control.

 

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		(iii)	Change
                                            in Ownership of a Substantial Portion of the Company’s Assets. A change in the
                                            ownership of a substantial portion of the Company’s assets which occurs on the date
                                            that any Person acquires (or has acquired during the twelve (12) month period ending on the
                                            date of the most recent acquisition by such person or persons) assets from the Company that
                                            have a total gross fair market value equal to or more than fifty percent (50%) of the total
                                            gross fair market value of all of the assets of the Company immediately prior to such acquisition
                                            or acquisitions; provided, however, that for purposes of this Section 1.02(i)(iii), the following
                                            will not constitute a change in the ownership of a substantial portion of the Company’s
                                            assets: (A) a transfer to an entity that is controlled by the Company’s shareholders
                                            immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a shareholder
                                            of the Company (immediately before the asset transfer) in exchange for or with respect to
                                            the Company’s stock, (2) an entity, fifty percent (50%) or more of the total value
                                            or voting power of which is owned, directly or indirectly, by the Company, (3) a Person,
                                            that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting
                                            power of all the outstanding stock of the Company, or (4) an entity, at least fifty percent
                                            (50%) of the total value or voting power of which is owned, directly or indirectly, by a
                                            Person described in clause (B)(3) of this Section 1.02(i)(iii). For purposes of this Section
                                            1.02(i)(iii), gross fair market value means the value of the assets of the Company, or the
                                            value of the assets being disposed of, determined without regard to any liabilities associated
                                            with such assets.

 

		(j)	“Code”
                                            means the Internal Revenue Code of 1986, as amended, and reference to a specific section
                                            of the Code or regulation thereunder shall include such section or regulation, any valid
                                            regulation promulgated under such section, and any comparable provision of any future legislation
                                            or regulation amending, supplementing or superseding such section or regulation.

 

		(k)	“Committee”
                                            means a committee of Directors or of other individuals satisfying Applicable Laws appointed
                                            by the Board, or by a duly authorized committee of the Board, in accordance with Section
                                            2.02.

 

		(l)	“Common
                                            Stock” means the common stock, par value $0.0001 per share, of the Company.

 

		(m)	“Company”
                                            means Hour Loop, Inc., a Delaware corporation, or any successor thereto.

 

		(n)	“Consultant”
                                            means any natural person, including an advisor, engaged by the Company or a Parent or Subsidiary
                                            to render bona fide services to such entity, provided the services (i) are not in connection
                                            with the offer or sale of securities in a capital-raising transaction, and (ii) do not directly
                                            promote or maintain a market for the Company’s securities, in each case, within the
                                            meaning of Form S-8 promulgated under the Securities Act, and provided further, that a Consultant
                                            will include only those persons to whom the issuance of Shares may be registered under Form
                                            S-8 promulgated under the Securities Act.

 

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		(o)	“Control”
                                            of a Person means the possession, directly or indirectly, of the power to direct or cause
                                            the direction of the management and policies of such Person, whether through the ownership
                                            of voting securities, by contract, or otherwise.” Controlled”, “Controlling”
                                            and “under common Control with” have correlative meanings. Without limiting the
                                            foregoing a Person (the “Controlled Person”) shall be deemed Controlled by (a)
                                            any other Person (the “10% Owner”) (i) owning beneficially, as meant in Rule
                                            13d-3 under the Exchange Act, securities entitling such Person to cast 10% or more of the
                                            votes for election of directors or equivalent governing authority of the Controlled Person
                                            or (ii) entitled to be allocated or receive 10% or more of the profits, losses, or distributions
                                            of the Controlled Person; (b) an officer, director, general partner, partner (other than
                                            a limited partner), manager, or member (other than a member having no management authority
                                            that is not a 10% Owner ) of the Controlled Person; or (c) a spouse, parent, lineal descendant,
                                            sibling, aunt, uncle, niece, nephew, mother-in-law, father-in-law, sister-in-law, or brother-in-law
                                            of an Affiliate of the Controlled Person or a trust for the benefit of an Affiliate of the
                                            Controlled Person or of which an Affiliate of the Controlled Person is a trustee.

 

		(p)	“Director”
                                            means a member of the Board.

 

		(q)	“Disability”
                                            means total and permanent disability as defined in Code Section 22(e)(3), provided that in
                                            the case of Awards other than Incentive Stock Options, the Administrator in its discretion
                                            may determine whether a permanent and total disability exists in accordance with uniform
                                            and non-discriminatory standards adopted by the Administrator from time to time.

 

		(r)	“Dividend
                                            Equivalent Right” means the right of a Participant, granted at the discretion of the
                                            Administrator or as otherwise provided by this Plan, to receive a credit for the account
                                            of such Participant in an amount equal to the cash dividends paid on one Share for each Share
                                            represented by an Award held by such Participant.

 

		(s)	“Employee”
                                            means any person, including Officers and Directors, employed by the Company or any Parent
                                            or Subsidiary of the Company, provided that neither service as a Director nor payment of
                                            a director’s fee by the Company will be sufficient to constitute “employment”
                                            by the Company or any Parent or Subsidiary of the Company.

 

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

 

		(u)	“Exchange
                                            Program” means a program under which (i) outstanding Awards are surrendered or cancelled
                                            in exchange for awards of the same type (which may have higher or lower exercise prices and
                                            different terms), awards of a different type, and/or cash, (ii) Participants would have the
                                            opportunity to transfer any outstanding Awards to a financial institution or other person
                                            or entity selected by the Administrator, and/or (iii) the exercise price of an outstanding
                                            Award is reduced or increased. The Administrator will determine the terms and conditions
                                            of any Exchange Program in its sole discretion.

 

		(v)	“Fair
                                            Market Value” means, as of any date, the value of Common Stock determined as follows:

 

		(i)	If
                                            the Common Stock is listed on any established stock exchange or a national market system
                                            (other than an over-the counter market, which will not be considered an established stock
                                            exchange of national market system for the purposes of this definition), including without
                                            limitation the New York Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global
                                            Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value will
                                            be the closing sales price for such stock (or, if no closing sales price was reported on
                                            that date, as applicable, on the last trading date such closing sales price was reported)
                                            as quoted on such exchange or system on the day of determination, as reported in The Wall
                                            Street Journal or such other source as the Administrator deems reliable;

 

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		(ii)	If
                                            the Common Stock is regularly quoted by a recognized securities dealer but selling prices
                                            are not reported, the Fair Market Value of a Share will be the mean between the high bid
                                            and low asked prices for the Common Stock on the day of determination (or, if no bids and
                                            asks were reported on that date, as applicable, on the last trading date such bids and asks
                                            were reported), as reported in The Wall Street Journal or such other source as the Administrator
                                            deems reliable;

 

		(iii)	In
                                            the absence of an established market for the Common Stock, the Fair Market Value will be
                                            determined in good faith by the Administrator.

 

		(w)	“Fiscal
                                            Year” means the fiscal year of the Company.

 

		(x)	“Incentive
                                            Stock Option” means an Option that by its terms qualifies and is otherwise intended
                                            to qualify as an incentive stock option within the meaning of Code Section 422 and the regulations
                                            promulgated thereunder.

 

		(y)	“Nonstatutory
                                            Stock Option” means an Option that by its terms does not qualify or is not intended
                                            to qualify as an Incentive Stock Option.

 

		(z)	“Officer”
                                            means a person who is an officer of the Company within the meaning of Section 16 of the Exchange
                                            Act and the rules and regulations promulgated thereunder.

 

		(aa)	“Option”
                                            means a stock option granted pursuant to this Plan.

 

		(bb)	“Outside
                                            Director” means a Director who is not an Employee.

 

		(cc)	“Other
                                            Stock-Based Award” means an Award denominated in Shares and granted pursuant to Section
                                            3.06.

 

		(dd)	“Parent”
                                            means a “parent corporation,” whether now or hereafter existing, as defined in
                                            Code Section 424(e).

 

		(ee)	“Participant”
                                            means the holder of an outstanding Award.

 

		(ff)	“Performance
                                            Award” means an Award of Performance Shares or Performance Units.

 

		(gg)	“Performance
                                            Award Formula” means, for any Performance Award, a formula or table established by
                                            the Administrator pursuant to Section 3.05 which provides the basis for computing the value
                                            of a Performance Award at one or more levels of attainment of the applicable Performance
                                            Goal(s) measured as of the end of the applicable Performance Period.

 

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		(hh)	“Performance
                                            Share” means an Award denominated in Shares which may be earned in whole or in part
                                            upon attainment of performance goals or other vesting criteria as the Administrator may determine
                                            pursuant to Section 3.05.

 

		(ii)	“Performance
                                            Unit” means an Award which may be earned in whole or in part upon attainment of performance
                                            goals or other vesting criteria as the Administrator may determine and which may be settled
                                            for cash, Shares or other securities or a combination of the foregoing pursuant to Section
                                            3.05.

 

		(jj)	“Period
                                            of Restriction” means the period during which the transfer of Shares of Restricted
                                            Stock are subject to restrictions and therefore, the Shares are subject to a substantial
                                            risk of forfeiture. Such restrictions may be based on the passage of time, the achievement
                                            of target levels of performance, or the occurrence of other events as determined by the Administrator.

 

		(kk)	“Person”
                                            means an individual, corporation, partnership (including a general partnership, limited partnership
                                            or limited liability partnership), limited liability company, association, trust or other
                                            entity or organization, including a government, domestic or foreign, or political subdivision
                                            thereof, or an agency or instrumentality thereof.

 

		(ll)	“Plan”
                                            means this 2021 Equity Incentive Plan.

 

		(mm)	“Restricted
                                            Stock” means Shares issued pursuant to an Award of Restricted Stock under Section 3.03,
                                            or issued pursuant to the early exercise of an Option.
	 	 	 

		(nn)	“Restricted
                                            Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market
                                            Value of one Share, granted pursuant to Section 3.04. Each Restricted Stock Unit represents
                                            an unfunded and unsecured obligation of the Company.

 

		(oo)	“Rule
                                            16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect
                                            when discretion is being exercised with respect to this Plan.

 

		(pp)	“Section
                                            16(b)” means Section 16(b) of the Exchange Act.

 

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

 

		(rr)	“Service
                                            Provider” means an Employee, Director or Consultant.

 

		(ss)	“Share”
                                            means a share of the Common Stock, as adjusted in accordance with Section 4.05.

 

		(tt)	“Stock
                                            Appreciation Right” means an Award, granted alone or in connection with an Option,
                                            that pursuant to Section 3.02 is designated as a Stock Appreciation Right.

 

		(uu)	“Subsidiary”
                                            means a “subsidiary corporation,” whether now or hereafter existing, as defined
                                            in Code Section 424(f).

 

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Section
1.03 Additional Interpretations. For purposes of Section 1.02(i), persons will be considered to be acting as a group if
they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business
transaction with the Company. Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the
transaction qualifies as a change in control event within the meaning of Code Section 409A, as it has been and may be amended from
time to time, and any proposed or final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may
be promulgated thereunder from time to time. Further and for the avoidance of doubt, a transaction will not constitute a Change in
Control if: (i) its sole purpose is to change the jurisdiction of the Company’s incorporation, or (ii) its sole purpose is to
create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s
securities immediately before such transaction.

 

Article
II. Stock Subject to this Plan;
Administration.

 

Section
2.01 Stock Subject to this Plan.

 

		(a)	Subject
                                            to the provisions of Section 2.01(a) and Section 4.05, the maximum aggregate number of Shares
                                            that may be subject to Awards and sold under this Plan is 1,500,000 Shares. The Shares may
                                            be authorized but unissued, or reacquired Common Stock.

 

		(b)	Subject
                                            to adjustment as provided in Section 4.05, the maximum aggregate number of shares of Shares
                                            that may be issued under this Plan as set forth in Section 2.01(a) shall be cumulatively
                                            increased on January 1, 2022 and on each subsequent January 1 of each year thereafter, by
                                            a number of shares (the “Annual Increase”) equal to the smaller of (a) three
                                            percent (3%) of the number of shares of Common Stock issued and outstanding on the immediately
                                            preceding December 31, or (b) an amount determined by the Board.

 

		(c)	If
                                            an Award expires or becomes un-exercisable without having been exercised in full, is surrendered
                                            pursuant to an Exchange Program, or, with respect to Restricted Stock, Restricted Stock Units,
                                            Performance Units or Performance Shares, is forfeited to or repurchased by the Company due
                                            to the failure to vest, the unpurchased Shares (or for Awards other than Options or Stock
                                            Appreciation Rights the forfeited or repurchased Shares) which were subject thereto will
                                            become available for future grant or sale under this Plan (unless this Plan has terminated).
                                            With respect to Stock Appreciation Rights, only Shares actually issued pursuant to a Stock
                                            Appreciation Right will cease to be available under this Plan; all remaining Shares under
                                            Stock Appreciation Rights will remain available for future grant or sale under this Plan
                                            (unless this Plan has terminated). Shares that have actually been issued under this Plan
                                            under any Award will not be returned to this Plan and will not become available for future
                                            distribution under this Plan; provided, however, that if Shares issued pursuant to Awards
                                            of Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units are
                                            repurchased by the Company or are forfeited to the Company due to the failure to vest, such
                                            Shares will become available for future grant under this Plan. Shares used to pay the exercise
                                            price of an Award or to satisfy the tax withholdings related to an Award will become available
                                            for future grant or sale under this Plan. To the extent an Award under this Plan is paid
                                            out in cash rather than Shares, such cash payment will not result in reducing the number
                                            of Shares available for issuance under this Plan. Notwithstanding the foregoing and, subject
                                            to adjustment as provided in Section 4.05, the maximum number of Shares that may be issued
                                            upon the exercise of Incentive Stock Options will equal the aggregate Share number stated
                                            in Section 2.01(a), plus, to the extent allowable under Code Section 422 and the Treasury
                                            Regulations promulgated thereunder, any Shares that become available for issuance under this
                                            Plan pursuant to Section 2.01(c) and Section 2.01(d).

 

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		(d)	The
                                            Company, during the term of this Plan, will at all times reserve and keep available such
                                            number of Shares as will be sufficient to satisfy the requirements of this Plan.

 

Section
2.02 Administration of this Plan.

 

		(a)	Procedure.

 

		(i)	Multiple
                                            Administrative Bodies. Different Committees with respect to different groups of Service
                                            Providers may administer this Plan.

 

		(ii)	Rule
                                            16b-3. To the extent desirable to qualify transactions hereunder as exempt under Rule
                                            16b-3, the transactions contemplated hereunder will be structured to satisfy the requirements
                                            for exemption under Rule 16b-3.

 

		(iii)	Other
                                            Administration. Other than as provided above, this Plan will be administered by (A) the
                                            Board or (B) a Committee, which Committee will be constituted to satisfy Applicable Laws.

 

		(b)	Powers
                                            of the Administrator. Subject to the provisions of this Plan, and in the case of a Committee,
                                            subject to the specific duties delegated by the Board to such Committee, the Administrator
                                            will have the authority, in its discretion:

 

		(i)	to
                                            determine the Fair Market Value;

 

		(ii)	to
                                            select the Service Providers to whom Awards may be granted hereunder;

 

		(iii)	to
                                            determine the number of Shares to be covered by each Award granted hereunder;

 

		(iv)	to
                                            approve forms of Award Agreements for use under this Plan;

 

		(v)	to
                                            determine the terms and conditions, not inconsistent with the terms of this Plan, of any
                                            Award granted hereunder, with such terms and conditions including, but not being limited
                                            to, the exercise price, the time or times when Awards may be exercised (which may be based
                                            on performance criteria), any vesting acceleration or waiver of forfeiture restrictions,
                                            and any restriction or limitation regarding any Award or the Shares relating thereto, based
                                            in each case on such factors as the Administrator will determine;

 

		(vi)	to
                                            determine whether an Award will be settled in Shares, cash, other property or in any combination
                                            thereof;

 

		(vii)	to
                                            institute and determine the terms and conditions of an Exchange Program;

 

		(viii)	to
                                            construe and interpret the terms of this Plan and Awards granted pursuant to this Plan;

 

		(ix)	to
                                            prescribe, amend and rescind rules and regulations relating to this Plan, including rules
                                            and regulations relating to sub-plans established for the purpose of satisfying applicable
                                            non-U.S. laws or for qualifying for favorable tax treatment under applicable non-U.S. laws;

 

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		(x)	to
                                            modify or amend each Award (subject to Section 4.15(c)), including but not limited to the
                                            discretionary authority to extend the post-termination exercisability period of Awards; provided,
                                            however, that in no case will an Option or Stock Appreciation Right be extended beyond its
                                            original maximum term;

 

		(xi)	to
                                            allow Participants to satisfy tax withholding obligations in a manner prescribed in Section
                                            4.05(d);

 

		(xii)	to
                                            authorize any person to execute on behalf of the Company any instrument required to effect
                                            the grant of an Award previously granted by the Administrator;

 

		(xiii)	to
                                            allow a Participant to defer the receipt of the payment of cash or the delivery of Shares
                                            that otherwise would be due to such Participant under an Award;

 

		(xiv)	to
                                            prescribe, amend or rescind rules, guidelines and policies relating to this Plan, or to adopt
                                            sub-plans or supplements to, or alternative versions of, this Plan, including, without limitation,
                                            as the Administrator deems necessary or desirable to comply with the laws of, or to accommodate
                                            the tax policy, accounting principles or custom of, foreign jurisdictions whose residents
                                            may be granted Awards;

 

		(xv)	to
                                            correct any defect, supply any omission or reconcile any inconsistency in this Plan or any
                                            Award Agreement and to make all other determinations and take such other actions with respect
                                            to this Plan or any Award as the Administrator may deem advisable to the extent not inconsistent
                                            with the provisions of this Plan or applicable law; and

 

		(xvi)	to
                                            make all other determinations deemed necessary or advisable for administering this Plan.

 

		(c)	Option
                                            or Stock Appreciation Right Repricing. The Administrator shall have the authority, without
                                            additional approval by the shareholders of the Company, to approve a program providing for
                                            either (a) the cancellation of outstanding Options or Stock Appreciation Rights having exercise
                                            prices per share greater than the then Fair Market Value of a Share (“Underwater Awards”)
                                            and the grant in substitution therefor of new Options or Stock Appreciation Rights covering
                                            the same or a different number of shares but with an exercise price per share equal to the
                                            Fair Market Value per share on the new grant date or payments in cash, or (b) the amendment
                                            of outstanding Underwater Awards to reduce the exercise price thereof to the Fair Market
                                            Value per share on the date of amendment.

 

		(d)	Effect
                                            of Administrator’s Decision. The Administrator’s decisions, determinations
                                            and interpretations will be final and binding on all Participants and any other holders of
                                            Awards and will be given the maximum deference permitted by Applicable Laws

 

Section
2.03 Eligibility. Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units,
Performance Shares and Performance Units may be granted to Service Providers. Incentive Stock Options may be granted only to
Employees. 

 

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Section
2.04 Indemnification. In addition to such other rights of indemnification as they may have as members of the Board or the
Administrator or as officers or employees of the Company or any of its Affiliates, to the extent permitted by applicable law,
members of the Board or the Administrator and any officers or employees of the Company or any of its Affiliates to whom authority to
act for the Board, the Administrator or the Company is delegated shall be indemnified by the Company against all reasonable
expenses, including attorneys’ fees, actually and necessarily incurred in connection with the defense of any action, suit or
proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or
failure to act under or in connection with this Plan, or any right granted hereunder, and against all amounts paid by them in
settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in
satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in
such action, suit or proceeding that such person is liable for gross negligence, bad faith or intentional misconduct in duties;
provided, however, that within sixty (60) days after the institution of such action, suit or proceeding, such person shall offer to
the Company, in writing, the opportunity at its own expense to handle and defend the same.

 

Article
III. Awards.

 

Section
3.01 Stock Options.

 

		(a)	Grant
                                            of Options. Subject to the terms and provisions of this Plan, the Administrator, at any
                                            time and from time to time, may grant Options in such amounts as the Administrator, in its
                                            sole discretion, will determine.

 

		(b)	Option
                                            Agreement. Each Award of an Option will be evidenced by an Award Agreement that will
                                            specify the exercise price, the term of the Option, the number of Shares subject to the Option,
                                            the exercise restrictions, if any, applicable to the Option, and such other terms and conditions
                                            as the Administrator, in its sole discretion, will determine.

 

		(c)	Limitations.
                                            Each Option will be designated in the Award Agreement as either an Incentive Stock Option
                                            or a Nonstatutory Stock Option. Notwithstanding such designation, however, to the extent
                                            that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock
                                            Options are exercisable for the first time by the Participant during any calendar year (under
                                            all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars
                                            ($100,000), such Options will be treated as Nonstatutory Stock Options. For purposes of this
                                            Section 3.01(c), Incentive Stock Options will be taken into account in the order in which
                                            they were granted, the Fair Market Value of the Shares will be determined as of the time
                                            the Option with respect to such Shares is granted, and the calculation will be performed
                                            in accordance with Code Section 422 and Treasury Regulations promulgated thereunder.

 

		(d)	Term
                                            of Option. The term of each Option will be stated in the Award Agreement. In the case
                                            of an Incentive Stock Option, the term will be no more than ten (10) years from the date
                                            of grant thereof. In the case of an Incentive Stock Option granted to a Participant who,
                                            at the time the Incentive Stock Option is granted, owns stock representing more than ten
                                            percent (10%) of the total combined voting power of all classes of stock of the Company or
                                            any Parent or Subsidiary, the term of the Incentive Stock Option will be five (5) years from
                                            the date of grant or such shorter term as may be provided in the Award Agreement.

 

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		(e)	Option
                                            Exercise Price and Consideration.

 

		(i)	Exercise
                                            Price. The per Share exercise price for the Shares to be issued pursuant to the exercise
                                            of an Option will be determined by the Administrator, subject to the following:

 

		(1)	In
                                            the case of an Incentive Stock Option:

 

		(A)	granted
                                            to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing
                                            more than ten percent (10%) of the voting power of all classes of stock of the Company or
                                            any Parent or Subsidiary, the per Share exercise price will be no less than one hundred ten
                                            percent (110%) of the Fair Market Value per Share (or the fair market value per Share as
                                            determined in accordance with Treas. Reg. 1.409A-1(b)(5)(iv)(A)) on the date of grant;

 

		(B)	granted
                                            to any Employee other than an Employee described in paragraph (1) immediately above, the
                                            per Share exercise price will be no less than one hundred percent (100%) of the Fair Market
                                            Value per Share on the date of grant;

 

		(2)	In
                                            the case of a Nonstatutory Stock Option, the per Share exercise price will be no less than
                                            one hundred percent (100%) of the Fair Market Value per Share on the date of grant (or the
                                            fair market value per Share as determined in accordance with Treas. Reg. 1.409A-1(b)(5)(iv)(A)).

 

		(3)	Notwithstanding
                                            the foregoing provisions of this Section 3.01(e), Options may be granted with a per Share
                                            exercise price of less than one hundred percent (100%) of the Fair Market Value per Share
                                            on the date of grant pursuant to a transaction described in, and in a manner consistent with,
                                            Code Section 424(a).

 

		(ii)	Waiting
                                            Period and Exercise Dates. At the time an Option is granted, the Administrator will fix
                                            the period within which the Option may be exercised and will determine any conditions that
                                            must be satisfied before the Option may be exercised.

 

		(iii)	Form
                                            of Consideration. The Administrator will determine the acceptable form of consideration
                                            for exercising an Option, including the method of payment. In the case of an Incentive Stock
                                            Option, the Administrator will determine the acceptable form of consideration at the time
                                            of grant. Such consideration may consist entirely of: (1) cash; (2) check; (3) promissory
                                            note, to the extent permitted by Applicable Laws; (4) other Shares, provided that such Shares
                                            have a Fair Market Value on the date of surrender equal to the aggregate exercise price of
                                            the Shares as to which such Option will be exercised and provided further that accepting
                                            such Shares will not result in any adverse accounting consequences to the Company, as the
                                            Administrator determines in its sole discretion; (5) consideration received by the Company
                                            under a broker assisted (or other) cashless exercise program (whether through a broker or
                                            otherwise) implemented by the Company in connection with this Plan; (6) by net exercise;
                                            (7) such other consideration and method of payment for the issuance of Shares to the extent
                                            permitted by Applicable Laws; or (8) any combination of the foregoing methods of payment.
                                            In making its determination as to the type of consideration to accept, the Administrator
                                            will consider if acceptance of such consideration may be reasonably expected to benefit the
                                            Company.

 

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		(f)	Exercise
                                            of Option.

 

		(i)	Procedure
                                            for Exercise; Rights as a Shareholder. Any Option granted hereunder will be exercisable
                                            according to the terms of this Plan and at such times and under such conditions as determined
                                            by the Administrator and set forth in the Award Agreement. An Option may not be exercised
                                            for a fraction of a Share. An Option will be deemed exercised when the Company receives:
                                            (i) notice of exercise (in such form as the Administrator may specify from time to time)
                                            from the person entitled to exercise the Option, and (ii) full payment for the Shares with
                                            respect to which the Option is exercised (together with applicable tax withholding). Full
                                            payment may consist of any consideration and method of payment authorized by the Administrator
                                            and permitted by the Award Agreement and this Plan. Shares issued upon exercise of an Option
                                            will be issued in the name of the Participant or, if requested by the Participant, in the
                                            name of the Participant and his or her spouse. Until the Shares are issued (as evidenced
                                            by the appropriate entry on the books of the Company or of a duly authorized transfer agent
                                            of the Company), no right to vote or receive dividends or any other rights as a shareholder
                                            will exist with respect to the Shares subject to an Option, notwithstanding the exercise
                                            of the Option. The Company will issue (or cause to be issued) such Shares promptly after
                                            the Option is exercised. No adjustment will be made for a dividend or other right for which
                                            the record date is prior to the date the Shares are issued, except as provided in Section
                                            4.05. Exercising an Option in any manner will decrease the number of Shares thereafter available,
                                            both for purposes of this Plan and for sale under the Option, by the number of Shares as
                                            to which the Option is exercised.

 

		(ii)	Termination
                                            of Relationship as a Service Provider. If a Participant ceases to be a Service Provider,
                                            other than upon the Participant’s termination as the result of the Participant’s
                                            death or Disability, the Participant may exercise his or her Option within such period of
                                            time as is specified in the Award Agreement to the extent that the Option is vested on the
                                            date of termination (but in no event later than the expiration of the term of such Option
                                            as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement,
                                            the Option will remain exercisable for three (3) months following the Participant’s
                                            termination. Unless otherwise provided by the Administrator, if on the date of termination
                                            the Participant is not vested as to his or her entire Option, the Shares covered by the unvested
                                            portion of the Option will revert to this Plan. If after termination the Participant does
                                            not exercise his or her Option within the time specified by the Administrator, the Option
                                            will terminate, and the Shares covered by such Option will revert to this Plan.

 

		(iii)	Disability
                                            of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s
                                            Disability, the Participant may exercise his or her Option within such period of time as
                                            is specified in the Award Agreement to the extent the Option is vested on the date of termination
                                            (but in no event later than the expiration of the term of such Option as set forth in the
                                            Award Agreement). In the absence of a specified time in the Award Agreement, the Option will
                                            remain exercisable for twelve (12) months following the Participant’s termination.
                                            Unless otherwise provided by the Administrator, if on the date of termination the Participant
                                            is not vested as to his or her entire Option, the Shares covered by the unvested portion
                                            of the Option will revert to this Plan. If after termination the Participant does not exercise
                                            his or her Option within the time specified herein, the Option will terminate, and the Shares
                                            covered by such Option will revert to this Plan.

 

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		(iv)	Death
                                            of Participant. If a Participant dies while a Service Provider, the Option may be exercised
                                            following the Participant’s death within such period of time as is specified in the
                                            Award Agreement to the extent that the Option is vested on the date of death (but in no event
                                            may the option be exercised later than the expiration of the term of such Option as set forth
                                            in the Award Agreement), by the Participant’s designated beneficiary, provided such
                                            beneficiary has been designated prior to Participant’s death in a form acceptable to
                                            the Administrator. If no such beneficiary has been designated by the Participant, then such
                                            Option may be exercised by the personal representative of the Participant’s estate
                                            or by the person(s) to whom the Option is transferred pursuant to the Participant’s
                                            will or in accordance with the laws of descent and distribution. In the absence of a specified
                                            time in the Award Agreement, the Option will remain exercisable for twelve (12) months following
                                            Participant’s death. Unless otherwise provided by the Administrator, if at the time
                                            of death Participant is not vested as to his or her entire Option, the Shares covered by
                                            the unvested portion of the Option will immediately revert to this Plan. If the Option is
                                            not so exercised within the time specified herein, the Option will terminate, and the Shares
                                            covered by such Option will revert to this Plan. .

 

Section
3.02 Stock Appreciation Rights.

 

		(a)	Grant
                                            of Stock Appreciation Rights. Subject to the terms and conditions of this Plan, a Stock
                                            Appreciation Right may be granted to Service Providers at any time and from time to time
                                            as will be determined by the Administrator, in its sole discretion.

 

		(b)	Number
                                            of Shares. The Administrator will have complete discretion to determine the number of
                                            Shares subject to any Award of Stock Appreciation Rights.

 

		(c)	Exercise
                                            Price and Other Terms. The per Share exercise price for the Shares that will determine
                                            the amount of the payment to be received upon exercise of a Stock Appreciation Right as set
                                            forth in Section 3.02(f) will be determined by the Administrator and will be no less than
                                            one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Otherwise,
                                            the Administrator, subject to the provisions of this Plan, will have complete discretion
                                            to determine the terms and conditions of Stock Appreciation Rights granted under this Plan.
                                            Stock Appreciation Rights which have become exercisable may be exercised by delivery of written
                                            or electronic notice of exercise to the Company in accordance with the terms of the Award
                                            Agreement, specifying the number of Stock Appreciation Rights to be exercised and the date
                                            on which such Stock Appreciation Rights were awarded and vested.

 

		(d)	Stock
                                            Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by
                                            an Award Agreement that will specify the exercise price, the term of the Stock Appreciation
                                            Right, the conditions of exercise, and such other terms and conditions as the Administrator,
                                            in its sole discretion, will determine.

 

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		(e)	Expiration
                                            of Stock Appreciation Rights. A Stock Appreciation Right granted under this Plan will
                                            expire upon the date determined by the Administrator, in its sole discretion, and set forth
                                            in the Award Agreement. Notwithstanding the foregoing, the rules of Section 3.01(d) relating
                                            to the maximum term and Section 3.01(f) relating to exercise also will apply to Stock Appreciation
                                            Rights.

 

		(f)	Payment
                                            of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant
                                            will be entitled to receive payment from the Company in an amount determined by multiplying
                                            (i) the difference between the Fair Market Value of a Share on the date of exercise over
                                            the exercise price; and (ii) the number of Shares with respect to which the Stock Appreciation
                                            Right is exercised. At the discretion of the Administrator, the payment upon Stock Appreciation
                                            Right exercise may be in cash, in Shares of equivalent value, or in some combination thereof.

 

		(g)	Deemed
                                            Exercise of Stock Appreciation Rights. If, on the date on which a Stock Appreciation
                                            Rights would otherwise terminate or expire, the Stock Appreciation Right by its terms remains
                                            exercisable immediately prior to such termination or expiration and, if so exercised, would
                                            result in a payment to the holder of such Stock Appreciation Right, then any portion of such
                                            Stock Appreciation Right which has not previously been exercised shall automatically be deemed
                                            to be exercised as of such date with respect to such portion.

 

Section
3.03 Restricted Stock.

 

		(a)	Grant
                                            of Restricted Stock. Subject to the terms and provisions of this Plan, the Administrator,
                                            at any time and from time to time, may grant Shares of Restricted Stock to Service Providers
                                            in such amounts as the Administrator, in its sole discretion, will determine.

 

		(b)	Restricted
                                            Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement
                                            that will specify the Period of Restriction, the number of Shares granted, and such other
                                            terms and conditions as the Administrator, in its sole discretion, will determine. Unless
                                            the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted
                                            Stock until the restrictions on such Shares have lapsed.

 

		(c)	Transferability.
                                            Except as provided in this Section 3.03 or as the Administrator determines, Shares of Restricted
                                            Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated
                                            until the end of the applicable Period of Restriction.

 

		(d)	Other
                                            Restrictions. The Administrator, in its sole discretion, may impose such other restrictions
                                            on Shares of Restricted Stock as it may deem advisable or appropriate.

 

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		(e)	Removal
                                            of Restrictions. Except as otherwise provided in this Section 3.03, Shares of Restricted
                                            Stock covered by each Restricted Stock grant made under this Plan will be released from escrow
                                            as soon as practicable after the last day of the Period of Restriction or at such other time
                                            as the Administrator may determine. The Administrator, in its discretion, may accelerate
                                            the time at which any restrictions will lapse or be removed.

 

		(f)	Voting
                                            Rights. During the Period of Restriction, Service Providers holding Shares of Restricted
                                            Stock granted hereunder may exercise full voting rights with respect to those Shares, unless
                                            the Administrator determines otherwise.

 

		(g)	Dividends
                                            and Other Distributions. During the Period of Restriction, Service Providers holding
                                            Shares of Restricted Stock will be entitled to receive all dividends and other distributions
                                            paid with respect to such Shares, unless the Administrator provides otherwise. If any such
                                            dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions
                                            on transferability and forfeitability as the Shares of Restricted Stock with respect to which
                                            they were paid.

 

		(h)	Return
                                            of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted
                                            Stock for which restrictions have not lapsed will revert to the Company and again will become
                                            available for grant under this Plan.

 

Section
3.04 Restricted Stock Units.

 

		(a)	Grant.
                                            Restricted Stock Units may be granted at any time and from time to time as determined by
                                            the Administrator. After the Administrator determines that it will grant Restricted Stock
                                            Units under this Plan, it will advise the Participant in an Award Agreement of the terms,
                                            conditions, and restrictions related to the grant, including the number of Restricted Stock
                                            Units.

 

		(b)	Vesting
                                            Criteria and Other Terms. The Administrator will set vesting criteria in its discretion,
                                            which, depending on the extent to which the criteria are met, will determine the number of
                                            Restricted Stock Units that will be paid out to the Participant. The Administrator may set
                                            vesting criteria based upon the achievement of Company-wide, divisional, business unit, or
                                            individual goals (including, but not limited to, continued employment or service), applicable
                                            federal or state securities laws, or any other basis determined by the Administrator in its
                                            discretion.

 

		(c)	Earning
                                            Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant
                                            will be entitled to receive a payout as determined by the Administrator or as set forth in
                                            the applicable Award Agreement. Notwithstanding the foregoing, at any time after the grant
                                            of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive
                                            any vesting criteria that must be met to receive a payout.

 

		(d)	Form
                                            and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon
                                            as practicable after the date(s) determined by the Administrator and set forth in the Award
                                            Agreement. The Administrator, in its sole discretion, may settle earned Restricted Stock
                                            Units in cash, Shares, or a combination of both.

 

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		(e)	Voting
                                            Rights, Dividend Equivalent Rights and Distributions. Participants shall have no voting
                                            rights with respect to Shares represented by Restricted Stock Units until the date of the
                                            issuance of such shares (as evidenced by the appropriate entry on the books of the Company
                                            or of a duly authorized transfer agent of the Company). However, the Administrator, in its
                                            discretion, may provide in the Award Agreement evidencing any Restricted Stock Unit Award
                                            that the Participant shall be entitled to Dividend Equivalent Rights with respect to the
                                            payment of cash dividends on Stock during the period beginning on the date such Award is
                                            granted and ending, with respect to each share subject to the Award, on the earlier of the
                                            date the Award is settled or the date on which it is terminated. Dividend Equivalent Rights,
                                            if any, shall be paid by crediting the Participant with a cash amount or with additional
                                            whole Restricted Stock Units as of the date of payment of such cash dividends on Stock, as
                                            determined by the Administrator. The number of additional Restricted Stock Units (rounded
                                            to the nearest whole number), if any, to be credited shall be determined by dividing (a)
                                            the amount of cash dividends paid on the dividend payment date with respect to the number
                                            of Shares represented by the Restricted Stock Units previously credited to the Participant
                                            by (b) the Fair Market Value per Share on such date. Such cash amount or additional Restricted
                                            Stock Units shall be subject to the same terms and conditions and shall be settled in the
                                            same manner and at the same time as the Restricted Stock Units originally subject to the
                                            Restricted Stock Unit Award. In the event of a dividend or distribution paid in Shares or
                                            other property or any other adjustment made upon a change in the capital structure of the
                                            Company as described in Section 4.05, appropriate adjustments shall be made in the Participant’s
                                            Restricted Stock Unit Award so that it represents the right to receive upon settlement any
                                            and all new, substituted or additional securities or other property (other than regular,
                                            periodic cash dividends) to which the Participant would be entitled by reason of the Shares
                                            issuable upon settlement of the Award, and all such new, substituted or additional securities
                                            or other property shall be immediately subject to the same vesting conditions as are applicable
                                            to the Award.

 

		(f)	Cancellation.
                                            On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be
                                            forfeited to the Company.

 

Section
3.05 Performance Units and Performance Shares.

 

		(a)	Issuance.
                                            Performance Awards may be granted to Service Providers at any time and from time to time,
                                            as will be determined by the Administrator, in its sole discretion. The Administrator will
                                            have complete discretion in determining the number of Performance Units and Performance Shares
                                            granted to each Participant.

 

		(b)	Value
                                            of Performance Units/Shares. Each Performance Unit will have an initial value that is
                                            established by the Administrator on or before the date of grant. Each Performance Share will
                                            have an initial value equal to the Fair Market Value of a Share on the date of grant.

 

		(c)	Performance
                                            Objectives and Other Terms. The Administrator will set performance objectives or other
                                            vesting provisions (including, without limitation, continued status as a Service Provider)
                                            in its discretion which, depending on the extent to which they are met, will determine the
                                            number or value of Performance Units/Shares that will be paid out to the Service Providers.
                                            The time period during which the performance objectives or other vesting provisions must
                                            be met will be called the “Performance Period.” Each Performance Awards
                                            will be evidenced by an Award Agreement that will specify the Performance Period, and such
                                            other terms and conditions as the Administrator, in its sole discretion, will determine.

 

		(d)	Performance
                                            Targets and Goals. The Administrator may set performance objectives based upon the achievement
                                            of Company-wide, divisional, business unit or individual goals (including, but not limited
                                            to, continued employment or service), applicable federal or state securities laws, or any
                                            other basis determined by the Administrator in its discretion (“Performance Goals”).
                                            Performance Goals shall be established by the Administrator on the basis of targets to be
                                            attained (“Performance Targets”) with respect to one or more measures
                                            of business or financial performance (each, a “Performance Measure”),
                                            subject to the following:

 

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		(i)	Performance
                                            Measures. Performance Measures shall be calculated in accordance with the
                                            Company’s financial statements, or, if such measures are not reported in the Company’s
                                            financial statements, they shall be calculated in accordance with generally accepted accounting
                                            principles, a method used generally in the Company’s industry, or in accordance with
                                            a methodology established by the Administrator prior to the grant of the Performance Award.
                                            As specified by the Administrator, Performance Measures may be calculated with respect to
                                            the Company and its Subsidiaries consolidated therewith for financial reporting purposes,
                                            one or more Subsidiaries or such division or other business unit of any of them selected
                                            by the Administrator. Unless otherwise determined by the Administrator prior to the grant
                                            of the Performance Award, the Performance Measures applicable to the Performance Award shall
                                            be calculated prior to the accrual of expense for any Performance Award for the same Performance
                                            Period and excluding the effect (whether positive or negative) on the Performance Measures
                                            of any change in accounting standards or any unusual or infrequently occurring event or transaction,
                                            as determined by the Administrator, occurring after the establishment of the Performance
                                            Goals applicable to the Performance Award. Each such adjustment, if any, shall be made solely
                                            for the purpose of providing a consistent basis from period to period for the calculation
                                            of Performance Measures in order to prevent the dilution or enlargement of the Participant’s
                                            rights with respect to a Performance Award. Performance Measures may be based upon one or
                                            more of the following, as determined by the Administrator: (1) revenue; (2) sales; (3) expenses;
                                            (4) operating income; (5) gross margin; (6) operating margin; (7) earnings before any one
                                            or more of: stock-based compensation expense, interest, taxes, depreciation and amortization;
                                            (8) pre-tax profit; (9) net operating income; (10) net income; (11) economic value added;
                                            (12) free cash flow; (13) operating cash flow; (14) balance of cash, cash equivalents and
                                            marketable securities; (15) stock price; (16) earnings per share; (17) return on shareholder
                                            equity; (18) return on capital; (19) return on assets; (20) return on investment; (21) total
                                            shareholder return; (22) employee satisfaction; (23) employee retention; (24) market share;
                                            (25) customer satisfaction; (26) product development; (27) research and development expenses;
                                            (28) completion of an identified special project; and (29) completion of a joint venture
                                            or other corporate transaction.

 

		(ii)	Performance
                                            Targets. Performance Targets may include a minimum, maximum, target level and intermediate
                                            levels of performance, with the final value of a Performance Award determined under the applicable
                                            Performance Award Formula by the Performance Target level attained during the applicable
                                            Performance Period. A Performance Target may be stated as an absolute value, an increase
                                            or decrease in a value, or as a value determined relative to an index, budget or other standard
                                            selected by the Administrator.

 

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		(e)	Earning
                                            of Performance Units/Shares. After the applicable Performance Period has ended, the holder
                                            of Performance Units/Shares will be entitled to receive a payout of the number of Performance
                                            Units/Shares earned by the Participant over the Performance Period, to be determined as a
                                            function of the extent to which the corresponding performance objectives or other vesting
                                            provisions have been achieved. After the grant of a Performance Unit/Share, the Administrator,
                                            in its sole discretion, may reduce or waive any performance objectives or other vesting provisions
                                            for such Performance Unit/Share.

 

		(f)	Form
                                            and Timing of Payment of Performance Units/Shares. Payment of earned Performance Units
                                            or Performance Shares will be made as soon as practicable after the expiration of the applicable
                                            Performance Period. The Administrator, in its sole discretion, may pay earned Performance
                                            Units/Shares in the form of cash, in Shares (which have an aggregate Fair Market Value equal
                                            to the value of the earned Performance Units/Shares at the close of the applicable Performance
                                            Period) or in a combination thereof.

 

		(g)	Cancellation
                                            of Performance Units/Shares. On the date set forth in the Award Agreement, all unearned
                                            or unvested Performance Units or Performance Shares will be forfeited to the Company, and
                                            again will be available for grant under this Plan.

 

		(h)	Qualified
                                            Performance-Based Awards. Restricted Stock and Restricted Stock Units granted to officers
                                            and Employees of the Company or any Parent or Subsidiary of the Company (within the meaning
                                            of Code Section 424) may be granted with the intent that the award satisfy the “Performance-Based
                                            Exception” (any such award intended to satisfy the Performance-Based Exception, a “Qualified
                                            Performance-Based Award”). The grant, vesting, or payment of a Qualified Performance-Based
                                            Awards may depend on the degree of achievement of one or more performance goals relative
                                            to a pre-established targeted level or levels using one or more performance targets as determined
                                            by the Administrator (on an absolute or relative (including, without limitation, relative
                                            to the performance of one or more other companies or upon comparisons of any of the indicators
                                            of performance relative to one or more other companies) basis, any of which may also be expressed
                                            as a growth or decline measure relative to an amount or performance for a prior date or period)
                                            for the Company on a consolidated basis or for one or more of the Company’s Subsidiaries,
                                            segments, divisions, or business or operational units, or any combination of the foregoing.
                                            The performance period applicable to any Performance Units or Performance Shares may not
                                            be less than three (3) months nor more than ten (10) years. To satisfy the Performance-Based
                                            Exception, the performance measure(s) applicable to the Qualified Performance-Based Award
                                            and specific performance formula, goal or goals (“targets”), including must be
                                            established and approved by the Administrator during the first ninety (90) days of the applicable
                                            Performance Period (and, in the case of Performance Periods of less than one year, in no
                                            event after 25% or more of the Performance Period has elapsed) and while performance relating
                                            to such target(s) remains substantially uncertain within the meaning of Section 162(m) of
                                            the Code.

 

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		(i)	Voting
                                            Rights; Dividend Equivalent Rights and Distributions. Participants shall have no voting
                                            rights with respect to Shares represented by Performance Share Awards until the date of the
                                            issuance of such Shares, if any (as evidenced by the appropriate entry on the books of the
                                            Company or of a duly authorized transfer agent of the Company). However, the Administrator,
                                            in its discretion, may provide in the Award Agreement evidencing any Performance Share Award
                                            that the Participant shall be entitled to Dividend Equivalent Rights with respect to the
                                            payment of cash dividends on Stock during the period beginning on the date the Award is granted
                                            and ending, with respect to each share subject to the Award, on the earlier of the date on
                                            which the Performance Shares are settled or the date on which they are forfeited. Such Dividend
                                            Equivalent Rights, if any, shall be credited to the Participant either in cash or in the
                                            form of additional whole Performance Shares as of the date of payment of such cash dividends
                                            on Stock, as determined by the Administrator. The number of additional Performance Shares
                                            (rounded to the nearest whole number), if any, to be so credited shall be determined by dividing
                                            (a) the amount of cash dividends paid on the dividend payment date with respect to the number
                                            of Shares represented by the Performance Shares previously credited to the Participant by
                                            (b) the Fair Market Value per Share on such date. Dividend Equivalent Rights, if any, shall
                                            be accumulated and paid to the extent that the related Performance Shares become nonforfeitable.
                                            Settlement of Dividend Equivalent Rights may be made in cash, Shares, or a combination thereof
                                            as determined by the Administrator, and may be paid on the same basis as settlement of the
                                            related Performance Share as provided in Section 3.05(e). Dividend Equivalent Rights shall
                                            not be paid with respect to Performance Units. In the event of a dividend or distribution
                                            paid in Shares or other property or any other adjustment made upon a change in the capital
                                            structure of the Company as described in Section 4.05, appropriate adjustments shall be made
                                            in the Participant’s Performance Share Award so that it represents the right to receive
                                            upon settlement any and all new, substituted or additional securities or other property (other
                                            than regular, periodic cash dividends) to which the Participant would be entitled by reason
                                            of the Shares issuable upon settlement of the Performance Share Award, and all such new,
                                            substituted or additional securities or other property shall be immediately subject to the
                                            same Performance Goals as are applicable to the Award.

 

Section
3.06 Cash-Based Awards and Other Stock-Based Awards. Cash-Based Awards and Other Stock-Based Awards shall be evidenced
by Award Agreements in such form as the Administrator shall establish. Such Award Agreements may incorporate all or any of the terms
of this Plan by reference and shall comply with and be subject to the following terms and conditions.

 

		(a)	Grant
                                            of Cash-Based Awards. Subject to the provisions of this Plan, the Administrator, at any
                                            time and from time to time, may grant Cash-Based Awards to Participants in such amounts and
                                            upon such terms and conditions, including the achievement of performance criteria, as the
                                            Administrator may determine.

 

		(b)	Grant
                                            of Other Stock-Based Awards. The Administrator may grant other types of equity-based
                                            or equity-related Awards not otherwise described by the terms of this Plan (including the
                                            grant or offer for sale of unrestricted securities, stock-equivalent units, stock appreciation
                                            units, securities or debentures convertible into common stock or other forms determined by
                                            the Administrator) in such amounts and subject to such terms and conditions as the Administrator
                                            shall determine. Other Stock-Based Awards may be made available as a form of payment in the
                                            settlement of other Awards or as payment in lieu of compensation to which a Participant is
                                            otherwise entitled. Other Stock-Based Awards may involve the transfer of actual Shares to
                                            Participants, or payment in cash or otherwise of amounts based on the value of a Share and
                                            may include, without limitation, Awards designed to comply with or take advantage of the
                                            applicable local laws of jurisdictions other than the United States.

 

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		(c)	Value
                                            of Cash-Based and Other Stock-Based Awards. Each Cash-Based Award shall specify a monetary
                                            payment amount or payment range as determined by the Administrator. Each Other Stock-Based
                                            Award shall be expressed in terms of Shares or units based on such Shares, as determined
                                            by the Administrator. The Administrator may require the satisfaction of such Service requirements,
                                            conditions, restrictions or performance criteria, including, without limitation, Performance
                                            Goals as described in Section 3.05, as shall be established by the Administrator and set
                                            forth in the Award Agreement evidencing such Award. If the Administrator exercises its discretion
                                            to establish performance criteria, the final value of Cash-Based Awards or Other Stock-Based
                                            Awards that will be paid to the Participant will depend on the extent to which the performance
                                            criteria are met. The establishment of performance criteria with respect to the grant or
                                            vesting of any Cash-Based Award or Other Stock-Based Award intended to result in Performance-Based
                                            Compensation shall follow procedures substantially equivalent to those applicable to Performance
                                            Awards set forth in Section 3.05.

 

		(d)	Payment
                                            or Settlement of Cash-Based Awards and Other Stock-Based Awards. Payment or settlement,
                                            if any, with respect to a Cash-Based Award or an Other Stock-Based Award shall be made in
                                            accordance with the terms of the Award, in cash, Shares or other securities or any combination
                                            thereof as the Administrator determines. The determination and certification of the final
                                            value with respect to any Cash-Based Award or Other Stock-Based Award intended to result
                                            in Performance-Based Compensation shall comply with the requirements applicable to Performance
                                            Awards set forth in Section 3.05. To the extent applicable, payment or settlement with respect
                                            to each Cash-Based Award and Other Stock-Based Award shall be made in compliance with the
                                            requirements of Section 409A.

 

		(e)	Voting
                                            Rights; Dividend Equivalent Rights and Distributions. Participants shall have no voting
                                            rights with respect to Shares represented by Other Stock-Based Awards until the date of the
                                            issuance of such Shares (as evidenced by the appropriate entry on the books of the Company
                                            or of a duly authorized transfer agent of the Company), if any, in settlement of such Award.
                                            However, the Administrator, in its discretion, may provide in the Award Agreement evidencing
                                            any Other Stock-Based Award that the Participant shall be entitled to Dividend Equivalent
                                            Rights with respect to the payment of cash dividends on Stock during the period beginning
                                            on the date such Award is granted and ending, with respect to each share subject to the Award,
                                            on the earlier of the date the Award is settled or the date on which it is terminated. Such
                                            Dividend Equivalent Rights, if any, shall be paid in accordance with the provisions set forth
                                            in Section 3.04(e). Dividend Equivalent Rights shall not be granted with respect to Cash-Based
                                            Awards. In the event of a dividend or distribution paid in Shares or other property or any
                                            other adjustment made upon a change in the capital structure of the Company as described
                                            in Section 4.05, appropriate adjustments shall be made in the Participant’s Other Stock-Based
                                            Award so that it represents the right to receive upon settlement any and all new, substituted
                                            or additional securities or other property (other than regular, periodic cash dividends)
                                            to which the Participant would be entitled by reason of the Shares issuable upon settlement
                                            of such Award, and all such new, substituted or additional securities or other property shall
                                            be immediately subject to the same vesting conditions and performance criteria, if any, as
                                            are applicable to the Award.

 

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		(f)	Nontransferability
                                            of Cash-Based Awards and Other Stock-Based Awards. Prior to the payment or settlement
                                            of a Cash-Based Award or Other Stock-Based Award, the Award shall not be subject in any manner
                                            to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or
                                            garnishment by creditors of the Participant or the Participant’s beneficiary, except
                                            transfer by will or by the laws of descent and distribution. The Administrator may impose
                                            such additional restrictions on any Shares issued in settlement of Cash-Based Awards and
                                            Other Stock-Based Awards as it may deem advisable, including, without limitation, minimum
                                            holding period requirements, restrictions under applicable federal securities laws, under
                                            the requirements of any stock exchange or market upon which such Shares are then listed and/or
                                            traded, or under any state securities laws or foreign law applicable to such Shares.

 

Section
3.07 Form of Award Agreements. A form of Award Agreement for a grant of Options is attached hereto as Exhibit A,
a form of Award Agreement for a grant of Stock Appreciation Rights is attached hereto as Exhibit B, a form of Award Agreement
for a grant of Restricted Stock is attached hereto as Exhibit C; and a form of Award Agreement for a grant of Restricted
Stock Units is attached hereto as Exhibit D, provided that the Administrator shall have the discretion to modify such forms
and to replace such forms with any other agreement as determined by the Administrator. In the event of a conflict between the terms of
any Award Agreement and the provisions in the body of this Plan, the terms of the Award Agreement shall control.

 

Article
IV. Additional Provisions Applicable to this Plan and Awards

 

Section
4.01 Outside Director Limitations. No Outside Director may be granted, in any Fiscal Year, Awards with a grant date fair value
(computed as of the date of grant in accordance with U.S. generally accepted accounting principles) of more than $300,000. Any Awards
granted to an individual while he or she was an Employee, or while he or she was a Consultant but not an Outside Director, will not count
for purposes of the limitations under this Section 4.01.

 

Section
4.02 Compliance With Code Section 409A. Awards will be designed and operated in such a manner that they are either exempt
from the application of, or comply with, the requirements of Code Section 409A such that the grant, payment, settlement or deferral will
not be subject to the additional tax or interest applicable under Code Section 409A, except as otherwise determined in the sole discretion
of the Administrator. This Plan and each Award Agreement under this Plan is intended to meet the requirements of Code Section 409A and
will be construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator.
To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A the Award will be granted,
paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement
or deferral will not be subject to the additional tax or interest applicable under Code Section 409A. In no event will the Company have
any obligation under the terms of this Plan to reimburse a Participant for any taxes or other costs that may be imposed on Participant
as a result of Section 409A.

 

Section
4.03 Leaves of Absence/Transfer Between Locations. Unless the Administrator provides otherwise, vesting of Awards granted
hereunder will be suspended during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of (i) any
leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any
Subsidiary. For purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of
such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not
so guaranteed, then six (6) months following the first (1st) day of such leave, any Incentive Stock Option held by the Participant
will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option.

 

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Section
4.04 Limited Transferability of Awards. Unless determined otherwise by the Administrator, Awards may not be sold, pledged,
assigned, hypothecated, or otherwise transferred in any manner other than by will or by the laws of descent and distribution, and may
be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, such
Award will contain such additional terms and conditions as the Administrator deems appropriate.

 

Section
4.05 Adjustments; Dissolution, Merger, Etc.

 

		(a)	Adjustments.
                                            In the event that any dividend or other distribution (whether in the form of cash, Shares,
                                            other securities, or other property), recapitalization, stock split, reverse stock split,
                                            reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange
                                            of Shares or other securities of the Company, or other change in the corporate structure
                                            of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution
                                            or enlargement of the benefits or potential benefits intended to be made available under
                                            this Plan, will adjust the number and class of shares of stock that may be delivered under
                                            this Plan and/or the number, class, and price of shares of stock covered by each outstanding
                                            Award, and the numerical Share limits of Section 2.01.

 

		(b)	Dissolution
                                            or Liquidation. In the event of the proposed dissolution or liquidation of the Company,
                                            the Administrator will notify each Participant as soon as practicable prior to the effective
                                            date of such proposed transaction. To the extent it has not been previously exercised, an
                                            Award will terminate immediately prior to the consummation of such proposed action.

 

		(c)	Change
                                            in Control.

 

		(i)	In
                                            the event of a merger of the Company with or into another corporation or other entity or
                                            a Change in Control, each outstanding Award will be treated as the Administrator determines
                                            (subject to the provisions of the following paragraph) without a Participant’s consent,
                                            including, without limitation, that (i) Awards will be assumed, or substantially equivalent
                                            awards will be substituted, by the acquiring or succeeding corporation (or an Affiliate thereof)
                                            with appropriate adjustments as to the number and kind of shares and prices; (ii) upon written
                                            notice to a Participant, that the Participant’s Awards will terminate upon or immediately
                                            prior to the consummation of such merger or Change in Control; (iii) outstanding Awards will
                                            vest and become exercisable, realizable, or payable, or restrictions applicable to an Award
                                            will lapse, in whole or in part prior to or upon consummation of such merger or Change in
                                            Control, and, to the extent the Administrator determines, terminate upon or immediately prior
                                            to the effectiveness of such merger or Change in Control; (iv) (A) the termination of an
                                            Award in exchange for an amount of cash and/or property, if any, equal to the amount that
                                            would have been attained upon the exercise of such Award or realization of the Participant’s
                                            rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt,
                                            if as of the date of the occurrence of the transaction the Administrator determines in good
                                            faith that no amount would have been attained upon the exercise of such Award or realization
                                            of the Participant’s rights, then such Award may be terminated by the Company without
                                            payment), or (B) the replacement of such Award with other rights or property selected by
                                            the Administrator in its sole discretion; or (v) any combination of the foregoing. In taking
                                            any of the actions permitted under this Section 4.05(c), the Administrator will not be obligated
                                            to treat all Awards, all Awards held by a Participant, or all Awards of the same type, similarly.

 

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		(ii)	In
                                            the event that the successor corporation does not assume or substitute for the Award (or
                                            portion thereof), the Participant will fully vest in and have the right to exercise all of
                                            his or her outstanding Options and Stock Appreciation Rights, including Shares as to which
                                            such Awards would not otherwise be vested or exercisable, all restrictions on Restricted
                                            Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance-based
                                            vesting, all performance goals or other vesting criteria will be deemed achieved at one hundred
                                            percent (100%) of target levels and all other terms and conditions met, in all cases, unless
                                            specifically provided otherwise under the applicable Award Agreement or other written agreement
                                            between the Participant and the Company or any of its Subsidiaries or Parents, as applicable.
                                            In addition, if an Option or Stock Appreciation Right is not assumed or substituted in the
                                            event of a merger or Change in Control, the Administrator will notify the Participant in
                                            writing or electronically that the Option or Stock Appreciation Right will be exercisable
                                            for a period of time determined by the Administrator in its sole discretion, and the Option
                                            or Stock Appreciation Right will terminate upon the expiration of such period.

 

		(iii)	For
                                            the purposes of this Section 4.05(c) and Section 4.05(d), an Award will be considered assumed
                                            if, following the merger or Change in Control, the Award confers the right to purchase or
                                            receive, for each Share subject to the Award immediately prior to the merger or Change in
                                            Control, the consideration (whether stock, cash, or other securities or property) received
                                            in the merger or Change in Control by holders of Common Stock for each Share held on the
                                            effective date of the transaction (and if holders were offered a choice of consideration,
                                            the type of consideration chosen by the holders of a majority of the outstanding Shares);
                                            provided, however, that if such consideration received in the merger or Change in Control
                                            is not solely common stock of the successor corporation or its Parent, the Administrator
                                            may, with the consent of the successor corporation, provide for the consideration to be received
                                            upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted
                                            Stock Unit, Performance Unit, or Performance Share, for each Share subject to such Award,
                                            to be solely common stock of the successor corporation or its Parent equal in fair market
                                            value to the per share consideration received by holders of Common Stock in the merger or
                                            Change in Control.

 

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		(iv)	Notwithstanding
                                            anything in this Section 4.05(c) to the contrary, an Award that vests, is earned or paid-out
                                            upon the satisfaction of one or more performance goals will not be considered assumed if
                                            the Company or its successor modifies any of such performance goals without the Participant’s
                                            consent, in all cases, unless specifically provided otherwise under the applicable Award
                                            Agreement or other written agreement between the Participant and the Company or any of its
                                            Subsidiaries or Parents, as applicable; provided, however, a modification to such performance
                                            goals only to reflect the successor corporation’s post-Change in Control corporate
                                            structure will not be deemed to invalidate an otherwise valid Award assumption.

 

		(v)	Notwithstanding
                                            anything in this Section 4.05(c) to the contrary, and unless otherwise provided in an Award
                                            Agreement, if an Award that vests, is earned or paid-out under an Award Agreement is subject
                                            to Code Section 409A and if the change in control definition contained in the Award Agreement
                                            does not comply with the definition of “change of control” for purposes of a
                                            distribution under Code Section 409A, then any payment of an amount that is otherwise accelerated
                                            under this Section 4.05(c) will be delayed until the earliest time that such payment would
                                            be permissible under Code Section 409A without triggering any penalties applicable under
                                            Code Section 409A.

 

		(vi)	The
                                            Administrator may, without affecting the number of Shares reserved or available hereunder,
                                            authorize the issuance or assumption of benefits under this Plan in connection with any merger,
                                            consolidation, acquisition of property or stock, or reorganization upon such terms and conditions
                                            as it may deem appropriate, subject to compliance with Section 409A and any other applicable
                                            provisions of the Code.

 

		(d)	Outside
                                            Director Awards. In the event of a Change in Control, with respect to Awards granted
                                            to an Outside Director, the Outside Directors will fully vest in and have the right to exercise
                                            Options and/or Stock Appreciation Rights as to all of the Shares underlying such Award, including
                                            those Shares which would not otherwise be vested or exercisable, all restrictions on Restricted
                                            Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance-based
                                            vesting, all performance goals or other vesting criteria will be deemed achieved at one hundred
                                            percent (100%) of target levels and all other terms and conditions met, unless specifically
                                            provided otherwise under the applicable Award Agreement or other written agreement between
                                            the Participant and the Company or any of its Subsidiaries or Parents, as applicable.

 

Section
4.06 Tax Withholding.

 

		(a)	Withholding
                                            Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise
                                            thereof) or such earlier time as any tax withholding obligation is due, the Company will
                                            have the power and the right to deduct or withhold, or require a Participant to remit to
                                            the Company, an amount sufficient to satisfy federal, state, local, non-U.S. or other taxes
                                            (including the Participant’s FICA obligation) required to be withheld with respect
                                            to such Award (or exercise thereof).

 

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		(b)	Withholding
                                            Arrangements. The Administrator, in its sole discretion and pursuant to such procedures
                                            as it may specify from time to time, may permit a Participant to satisfy such tax withholding
                                            obligation, in whole or in part by such methods as the Administrator shall determine, including,
                                            without limitation, (i) paying cash, (ii) electing to have the Company withhold otherwise
                                            deliverable cash or Shares having a fair market value equal to the minimum statutory amount
                                            required to be withheld or such greater amount as the Administrator may determine if such
                                            amount would not have adverse accounting consequences, as the Administrator determines in
                                            its sole discretion, (iii) delivering to the Company already-owned Shares having a fair market
                                            value equal to the minimum statutory amount required to be withheld or such greater amount
                                            as the Administrator may determine, in each case, provided the delivery of such Shares will
                                            not result in any adverse accounting consequences, as the Administrator determines in its
                                            sole discretion, (iv) selling a sufficient number of Shares otherwise deliverable to the
                                            Participant through such means as the Administrator may determine in its sole discretion
                                            (whether through a broker or otherwise) equal to the amount required to be withheld, or (v)
                                            any combination of the foregoing methods of payment. The amount of the withholding requirement
                                            will be deemed to include any amount which the Administrator agrees may be withheld at the
                                            time the election is made, not to exceed the amount determined by using the maximum federal,
                                            state or local marginal income tax rates applicable to the Participant with respect to the
                                            Award on the date that the amount of tax to be withheld is to be determined or such greater
                                            amount as the Administrator may determine if such amount would not have adverse accounting
                                            consequences, as the Administrator determines in its sole discretion. The fair market value
                                            of the Shares to be withheld or delivered will be determined as of the date that the taxes
                                            are required to be withheld.

 

Section
4.07 Compliance with Securities Laws. The grant of Awards and the issuance of Shares pursuant to any Award shall be subject
to compliance with all applicable requirements of federal, state and foreign law with respect to such securities and the requirements
of any stock exchange or market system upon which the Stock may then be listed. In addition, no Award may be exercised or shares issued
pursuant to an Award unless (a) a registration statement under the Securities Act shall at the time of such exercise or issuance be in
effect with respect to the shares issuable pursuant to the Award, or (b) in the opinion of legal counsel to the Company, the shares issuable
pursuant to the Award may be issued in accordance with the terms of an applicable exemption from the registration requirements of the
Securities Act. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by
the Company’s legal counsel to be necessary to the lawful issuance and sale of any shares under this Plan shall relieve the Company
of any liability in respect of the failure to issue or sell such shares as to which such requisite authority shall not have been obtained.
As a condition to issuance of any Stock, the Company may require the Participant to satisfy any qualifications that may be necessary
or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect
thereto as may be requested by the Company.

 

Section
4.08 Tax Withholding.

 

		(a)	Tax
                                            Withholding in General. The Company shall have the right to deduct from any and all payments
                                            made under this Plan, or to require the Participant, through payroll withholding, cash payment
                                            or otherwise, to make adequate provision for, the federal, state, local and foreign taxes
                                            (including social insurance), if any, required by law to be withheld by the Company or any
                                            of its Affiliates with respect to an Award or the Shares acquired pursuant thereto. The Company
                                            shall have no obligation to deliver Shares, to release Shares from an escrow established
                                            pursuant to an Award Agreement, or to make any payment in cash under this Plan until the
                                            Company or its Affiliate’s, as applicable, withholding obligations have been satisfied
                                            by the Participant.

 

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		(b)	Withholding
                                            in or Directed Sale of Shares. The Company shall have the right, but not the obligation,
                                            to deduct from the Shares issuable to a Participant upon the exercise or settlement of an
                                            Award, or to accept from the Participant the tender of, a number of whole Shares having a
                                            Fair Market Value, as determined by the Administrator, equal to all or any part of the tax
                                            withholding obligations of any the Company or its Affiliates, as applicable. The Fair Market
                                            Value of any Shares withheld or tendered to satisfy any such tax withholding obligations
                                            shall not exceed the amount determined by the applicable minimum statutory withholding rates.
                                            The Administrator may require a Participant to direct a broker, upon the vesting, exercise
                                            or settlement of an Award, to sell a portion of the shares subject to the Award determined
                                            by the Administrator in its discretion to be sufficient to cover the tax withholding obligations
                                            of the Company or its Affiliates, as applicable, and to remit an amount equal to such tax
                                            withholding obligations to the Company or its Affiliates, as applicable ,in cash.

 

Section
4.09 No Effect on Employment or Service. Neither this Plan nor any Award will confer upon a Participant any right with respect
to continuing the Participant’s relationship as a Service Provider with the Company or its Subsidiaries or Parents, as applicable,
nor will they interfere in any way with the Participant’s right or the right of the Company and its Subsidiaries or Parents, as
applicable to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws.

 

Section
4.10 Repurchase Rights. Shares issued under this Plan may be subject to one or more repurchase options, or other conditions
and restrictions as determined by the Administrator in its discretion at the time the Award is granted. The Company shall have the right
to assign at any time any repurchase right it may have, whether or not such right is then exercisable, to one or more persons as may
be selected by the Company. Upon request by the Company, each Participant shall execute any agreement evidencing such transfer restrictions
prior to the receipt of Shares hereunder and shall promptly present to the Company any and all certificates representing Shares acquired
hereunder for the placement on such certificates of appropriate legends evidencing any such transfer restrictions.

 

Section
4.11 Fractional Shares. The Company shall not be required to issue fractional shares upon the exercise or settlement of any
Award.

 

Section
4.12 Forfeiture Events.

 

		(a)	All
                                            Awards under this Plan will be subject to recoupment under any clawback policy that the Company
                                            is required to adopt pursuant to the listing standards of any national securities exchange
                                            or association on which the Company’s securities are listed or as is otherwise required
                                            by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Laws.
                                            In addition, the Administrator may impose such other clawback, recovery or recoupment provisions
                                            in an Award Agreement as the Administrator determines necessary or appropriate, including
                                            but not limited to a reacquisition right regarding previously acquired Shares or other cash
                                            or property. Unless this Section 4.12 is specifically mentioned and waived in an Award Agreement
                                            or other document, no recovery of compensation under a clawback policy or otherwise will
                                            be an event that triggers or contributes to any right of a Participant to resign for “good
                                            reason” or “constructive termination” (or similar term) under any agreement
                                            with the Company or a Subsidiary or Parent of the Company.

 

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		(b)	Notwithstanding
                                            any other provision of this Plan or any Award Agreement to the contrary, if the Participant’s
                                            service to the Company or any of its Affiliates as a Service Provider is terminated for Cause,
                                            then any Award which has no vested as of such time in accordance with its terms shall automatically
                                            be forfeited and cancelled and shall cease to vest, be exercisable or otherwise provide any
                                            benefit to Participant.

 

		(c)	The
                                            Administrator may specify in an Award Agreement that the Participant’s rights, payments,
                                            and benefits with respect to an Award will be subject to reduction, cancellation, forfeiture,
                                            or recoupment upon the occurrence additional of specified events, in addition to any otherwise
                                            applicable vesting or performance conditions of an Award. Such events may include, but will
                                            not be limited to, termination of such Participant’s status as Service Provider for
                                            Cause or any specified action or inaction by a Participant, whether before or after such
                                            termination of service, that would constitute Cause for termination of such Participant’s
                                            status as a Service Provider.

 

Section
4.13 Date of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the
determination granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be
provided to each Participant within a reasonable time after the date of such grant.

 

Section
4.14 Term of Plan. This Plan will become effective upon its adoption by the Board. It will continue in effect for a term of
ten (10) years from the date adopted by the Board, unless terminated earlier under Section 4.15.

 

Section
4.15 Amendment and Termination of this Plan.

 

		(a)	Amendment
                                            and Termination. The Administrator may at any time amend, alter, suspend or terminate
                                            this Plan.

 

		(b)	Shareholder
                                            Approval. The Company will obtain shareholder approval of any Plan amendment to the extent
                                            necessary and desirable to comply with Applicable Laws.

 

		(c)	Effect
                                            of Amendment or Termination. No amendment, alteration, suspension or termination of this
                                            Plan will impair the rights of any Participant, unless mutually agreed otherwise between
                                            the Participant and the Administrator, which agreement must be in writing and signed by the
                                            Participant and the Company. Termination of this Plan will not affect the Administrator’s
                                            ability to exercise the powers granted to it hereunder with respect to Awards granted under
                                            this Plan prior to the date of such termination.

 

Section
4.16 Conditions Upon Issuance of Shares.

 

		(a)	Legal
                                            Compliance. Shares will not be issued pursuant to the exercise of an Award unless the
                                            exercise of such Award and the issuance and delivery of such Shares will comply with Applicable
                                            Laws and will be further subject to the approval of counsel for the Company with respect
                                            to such compliance.

 

    	27

    	 

    

 

		(b)	Investment
                                            Representations. As a condition to the exercise of an Award, the Company may require
                                            the person exercising such Award to represent and warrant at the time of any such exercise
                                            that the Shares are being purchased only for investment and without any present intention
                                            to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation
                                            is required.

 

Section
4.17 Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction
or to complete or comply with the requirements of any registration or other qualification of the Shares under any state, federal or non-U.S.
law or under the rules and regulations of the Securities and Exchange Commission, the stock exchange on which Shares of the same class
are then listed, or any other governmental or regulatory body, which authority, registration, qualification or rule compliance is deemed
by the Company’s counsel to be necessary or advisable for the issuance and sale of any Shares hereunder, will relieve the Company
of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority, registration, qualification
or rule compliance will not have been obtained.

 

Section
4.18 Shareholder Approval. This Plan will be presented for approval by the shareholders of the Company within twelve (12)
months after the date this Plan is adopted by the Board. Such shareholder approval will be obtained in the manner and to the degree required
under Applicable Laws. No Option granted under this Plan may be treated as an Incentive Stock Option if this Plan is not approved by
shareholders of the Company within twelve (12) months after the date this Plan is adopted by the Board.

 

Section
4.19 Retirement and Welfare Plans. Neither Awards made under this Plan nor Shares or cash paid pursuant to such Awards may
be included as “compensation” for purposes of computing the benefits payable to any Participant under the Company’s
or any of its Affiliates’ retirement plans (both qualified and non-qualified) or welfare benefit plans unless such other plan expressly
provides that such compensation shall be taken into account in computing a Participant’s benefit.

 

Section
4.20 Beneficiary Designation. Subject to local laws and procedures, each Participant may file with the Company a written designation
of a beneficiary who is to receive any benefit under this Plan to which the Participant is entitled in the event of such Participant’s
death before he or she receives any or all of such benefit. Each designation will revoke all prior designations by the same Participant,
shall be in a form prescribed by the Company, and will be effective only when filed by the Participant in writing with the Company during
the Participant’s lifetime. If a married Participant designates a beneficiary other than the Participant’s spouse, the effectiveness
of such designation may be subject to the consent of the Participant’s spouse. If a Participant dies without an effective designation
of a beneficiary who is living at the time of the Participant’s death, the Company will pay any remaining unpaid benefits to the
Participant’s legal representative.

 

Section
4.21 Severability. If any one or more of the provisions (or any part thereof) of this Plan shall be held invalid, illegal
or unenforceable in any respect, such provision shall be modified so as to make it valid, legal and enforceable, and the validity, legality
and enforceability of the remaining provisions (or any part thereof) of this Plan shall not in any way be affected or impaired thereby.

 

    	28

    	 

    

 

Section
4.22 No Constraint on Corporate Action. Nothing in this Plan shall be construed to: (a) limit, impair, or otherwise affect
the Company’s or any of its Affiliate’s right or power to make adjustments, reclassifications, reorganizations, or changes
of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business
or assets; or (b) limit the right or power of the Company any of its Affiliates to take any action which such entity deems to be necessary
or appropriate.

 

Section
4.23 Unfunded Obligation. Participants shall have the status of general unsecured creditors of the Company. Any amounts payable
to Participants pursuant to this Plan shall be considered unfunded and unsecured obligations for all purposes, including, without limitation,
Title I of the Employee Retirement Income Security Act of 1974. Neither the Company nor any of its Affiliates shall be required to segregate
any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company
shall retain at all times beneficial ownership of any investments, including trust investments, which the Company may make to fulfill
its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Participant account shall not create
or constitute a trust or fiduciary relationship between the Administrator, the Company or any of its Affiliates and a Participant, or
otherwise create any vested or beneficial interest in any Participant or the Participant’s creditors in any assets of the Company
or any of its Affiliates. The Participants shall have no claim against the Company or any of its Affiliates for any changes in the value
of any assets which may be invested or reinvested by the Company with respect to this Plan.

 

Section
4.24 Choice of Law. Except to the extent governed by applicable federal law, the validity, interpretation, construction and
performance of this Plan and each Award Agreement shall be governed by the laws of the State of Delaware, without regard to its conflict
of law rules.

 

***

 

    	29

    	 

    

 

Exhibit
A

Form
of Option Award Agreement

 

 

 

Hour
Loop, Inc.

Option
Award Agreement

 

This
grant of an Award to purchase Shares (“Grant”) is made as of [_______________] (the “Effective Date”) by Hour
Loop, Inc., a Delaware corporation (the “Company”) under the Hour Loop, Inc. 2021Equity Incentive Plan (the “Plan”),
to [__________________] (the “Participant”). Under applicable provisions of the Internal
Revenue Code of 1986, as amended, the Option is treated as [an incentive option][a non-qualified option].

 

By
signing this cover sheet, you hereby accept the Option (as defined below) and agree to all of the terms and conditions described herein
and in this Plan.

 

Participant
Name: _____________________________

 

Signature:
____________________________

 

Hour
Loop, Inc.

 

By:
___________________________

 

Name:
_________________________

 

Title:
__________________________

 

This
is not a stock certificate or a negotiable instrument. This grant of Option is a

voluntary,
revocable grant from the Company and Participant hereby acknowledges

that
the Company has no obligation to make additional grants in the future.

 

UPON
RECEIPT OF YOUR SIGNED AGREEMENT, A BOOKKEEPING

ENTRY
WILL BE ENTERED INTO THE COMPANY’S BOOKS AND RECORDS

TO
EVIDENCE THE OPTIONS GRANTED TO YOU.

 

***

 

    	A-1

    	 

    

 

	1.	Grant.
                                            As of the Effective Date, the Company grants to the Participant an option (the “Option”)
                                            to purchase on the terms and conditions hereinafter set forth all or any part of an aggregate
                                            of [________________] shares of the Company’s Common Stock, par value $0.0001 per share,
                                            (the “Option Shares”), at the purchase price of $[____________] per share (the
                                            “Option Price”). The Participant shall have the cumulative right to exercise
                                            the Option, and the Option is only exercisable, with respect to the following number of Option
                                            Shares on or after the following dates:

 

	Date	 	Number
                                            of Options Vested and Shares Which

                                                                                May
                                            be Acquired

	 	 	 
	 	 	 

 

The
Administrator may, in its sole discretion, accelerate the date on which the Participant may purchase Option Shares.

 

	2.	Term.
                                            The Option granted hereunder shall expire in all events at 5:00 p.m., Eastern time on [______________],
                                            unless sooner terminated as provided in in this Section 2.

 

	3.	Change
                                            in Accounting Treatment. If the Administrator finds that a change in the financial accounting
                                            treatment for options granted under this Plan adversely affects the Company or, in the determination
                                            of the Administrator, may adversely affect the Company in the foreseeable future, the Administrator
                                            may, in its discretion, set an accelerated termination date for the Option. In such event,
                                            the Administrator may take whatever other action, including acceleration of any exercise
                                            provisions, it deems necessary.

 

	4.	Blackout
                                            Periods. The Administrator reserves the right to suspend or limit the Participant’s
                                            rights to exercise and sell Shares acquired through the exercise of Options to comply with
                                            Applicable Requirements and any Company’s insider trading policy, any Applicable Law,
                                            or at any other times that it deems appropriate.

 

	5.	Transfers.
                                            Except as otherwise provided herein or in any separate provisions applicable to this Option,
                                            the Option is transferable by the Participant only by will or pursuant to the laws of descent
                                            and distribution in the event of the Participant’s death, in which event the Option
                                            may be exercised by the heirs or legal representatives of the Participant as set forth in
                                            this Plan. Any attempt at assignment, transfer, pledge or disposition of the Option contrary
                                            to the provisions hereof or the levy of any execution, attachment or similar process upon
                                            the Option shall be null and void and without effect. Any exercise of the Option by a Person
                                            other than the Participant shall be accompanied by appropriate proofs of the right of such
                                            person to exercise the Option.

 

    	A-2

    	 

    

 

	6.	Adjustments
                                            on Changes in Common Stock. In the event that, prior to the delivery by the Company of
                                            all of the Option Shares in respect of which the Option is granted, there shall be an increase
                                            or decrease in the number of issued shares of Common Stock of the Company as a result of
                                            a subdivision or consolidation of Shares or other capital adjustment, or the payment of a
                                            stock dividend or other increase or decrease in such Shares, effected without receipt of
                                            consideration by the Company, the remaining number of Option Shares still subject to the
                                            Option and the Option Price therefor shall be adjusted in a manner determined by the Administrator
                                            so that the adjusted number of Option Shares and the adjusted Option Price shall be the substantial
                                            equivalent of the remaining number of Option Shares still subject to the Option and the Option
                                            Price thereof prior to such change. For purposes of this Section 7 no adjustment shall be
                                            made as a result of the issuance of Common Stock upon the conversion of other securities
                                            of the Company which are convertible into Shares.

 

	7.	Legal
                                            Requirements. If the listing, registration or qualification of the Option Shares upon
                                            any securities exchange or under any federal or state law, or the consent or approval of
                                            any governmental regulatory body is necessary as a condition of or in connection with the
                                            purchase of such Option Shares, the Company shall not be obligated to issue or deliver the
                                            certificates representing the Option Shares as to which the Option has been exercised unless
                                            and until such listing, registration, qualification, consent or approval shall have been
                                            effected or obtained. If registration is considered unnecessary by the Company or its counsel,
                                            the Company may cause a legend to be placed on the Option Shares being issued calling attention
                                            to the fact that they have been acquired for investment and have not been registered.

 

	8.	Administration.
                                            The Option has been granted pursuant to, and is subject to the terms and provisions of, this
                                            Plan. All questions of interpretation and application of this Plan and the Option shall be
                                            determined by the Administrator, and such determination shall be final, binding and conclusive.
                                            The Option shall not be treated as an incentive stock option (as such term is defined in
                                            section 422(b) of the Code) for federal income tax purposes unless expressly indicated as
                                            same hereupon.

 

	9.	Severability.
                                            Should a court of competent jurisdiction deem any of the provisions in this Agreement to
                                            be unenforceable in any respect, it is the intention of the parties to this Agreement that
                                            this Agreement be deemed, without further action on the part of the parties hereto, modified,
                                            amended and limited to the extent necessary to render the same valid and enforceable. It
                                            is further the parties’ intent that all provisions not deemed to be overbroad shall
                                            be given their full force and effect. You acknowledge that you are freely, knowingly and
                                            voluntarily entering into this Agreement after having an opportunity for consultation with
                                            your own independent counsel.

 

	10.	Notices.
                                            Any notice to be given to the Company shall be addressed to the Administrator at its principal
                                            executive office, and any notice to be given to the Participant shall be addressed to the
                                            Participant at the address then appearing on the personnel or other records of the Company,
                                            or at such other address as either party hereafter may designate in writing to the other.
                                            Any such notice shall be deemed to have been duly given when deposited in the United States
                                            mail, addressed as aforesaid, registered or certified mail, and with proper postage and registration
                                            or certification fees prepaid.

 

	11.	Reservation
                                            of Right to Terminate. Nothing herein contained shall affect the right of the Company
                                            or any Affiliate to terminate the Participant in its applicable capacity as a Service Provider
                                            at any time for any reason whatsoever.

 

	12.	Choice
                                            of Law; Jurisdiction. This Grant shall be governed by and construed and interpreted in
                                            accordance with the substantive laws of the State of Delaware, without giving effect to any
                                            conflicts of law rule or principle that might require the application of the laws of another
                                            jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT
                                            SHALL BE INSTITUTED SOLELY IN THE COURTS OF THE STATE OF DELAWARE OR THE FEDERAL COURTS OF
                                            THE UNITED STATES LOCATED IN DELAWARE, AND EACH PARTY IRREVOCABLY SUBMITS TO THE PERSONAL
                                            JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING.

 

	13.	Taxes.
                                            You agree to comply with the appropriate procedures established by the Company, from time
                                            to time, to provide for payment or withholding of such income or other taxes as may be required
                                            by law to be paid or withheld in connection with the Options and exercise thereof.

 

***

 

    	A-3

    	 

    

 

Exhibit
B

Form
of Stock Appreciation Right Award Agreement

 

 

 

Hour
Loop, Inc.

Stock
Appreciation Rights Award Agreement

 

	Number
    of SARs	 	Grant
    Date	 	Vesting
    Schedule
	 	 	 	 	 
	 	 	 	 	 

 

Exercise
Price: $_______________ per share of Common Stock

 

Hour
Loop, Inc., a Delaware corporation (the “Company”), hereby grants to [_________] (the “Participant”, also referred
to as “you”) Stock Appreciation Rights (the “SAR”), pursuant to the terms of the attached Stock Appreciation
Rights Award Agreement and the Hour Loop, Inc. 2021 Equity Incentive Plan (the “Plan”).

 

By
signing this cover sheet, you agree to all of the terms and conditions described in the attached Stock Appreciation Rights Award Agreement
and this Plan.

 

Participant:
_____________________________

 

Signature:
____________________________

 

Hour
Loop, Inc.

 

By:
___________________________

 

Name:
_________________________

 

Title:
__________________________

 

This
is not a stock certificate or a negotiable instrument. This grant of SAR is a

voluntary,
revocable grant from the Company and Participant hereby acknowledges that the

Company
has no obligation to make additional grants in the future.

 

UPON
RECEIPT OF YOUR SIGNED AGREEMENT, A BOOKKEEPING ENTRY

WILL
BE ENTERED INTO THE COMPANY’S BOOKS AND RECORDS

TO
EVIDENCE THE SAR GRANTED TO YOU.

 

    	B-1

    	 

    

 

Hour
Loop, Inc. 

 

STOCK
APPRECIATION RIGHTS AWARD AGREEMENT

	1.	SAR/Nontransferability.
                                            This Stock Appreciation Rights Award Agreement (this “Agreement”) evidences the
                                            grant to you on the Grant Date set forth on the cover page of this Agreement the Stock Appreciation
                                            Right as set forth therein (the “SAR”) under the Hour Loop, Inc. 2021 Equity
                                            Incentive Plan (the “Plan”). These SARs represent the right to receive, upon
                                            exercise thereof, an amount in cash as set forth in this Plan. This SAR will NOT be credited
                                            with dividends to the extent dividends are paid on the Common Stock of the Company. Your
                                            SAR may not be transferred, assigned, pledged or hypothecated, whether by operation of law
                                            or otherwise, nor may the SAR be made subject to execution, attachment or similar process.
                                            Any capitalized, but undefined, term used in this Agreement shall have the meaning ascribed
                                            to it in this Plan.

 

	2.	The
                                            Plan. The SAR is issued in accordance with and is subject to and conditioned upon all
                                            of the terms and conditions of this Agreement and this Plan as amended from time to time;
                                            provided, however, that no future amendment or termination of this Plan shall, without your
                                            consent, alter or impair any of your rights or obligations under this Plan, all of which
                                            are incorporated by reference in this Agreement as if fully set forth herein.

 

	3.	Cash
                                            Value Determination upon Vesting and Exercise. Subject to the terms and conditions set
                                            forth in this Agreement, the SARs covered by this grant shall vest on the vesting date set
                                            forth on the cover page of this Agreement, provided the Participant is a Service Provider
                                            of the Company on the Date of Vesting. The payment of the value of the SARs shall be made
                                            no later than ten (10) days following exercise. The payment of amounts with respect to the
                                            SARs is subject to the provisions of this Plan and to interpretations, regulations and determinations
                                            concerning this Plan as established from time to time by the Administrator in accordance
                                            with the provisions of this Plan, including, but not limited to, provisions relating to (i)
                                            rights and obligations with respect to withholding taxes, (ii) capital or other changes of
                                            the Company and (iii) other requirements of applicable law.

 

	4.	No
                                            Shareholder Rights. SARs are not Shares. Neither the Participant, nor any Person entitled
                                            to exercise the Participant’s rights in the event of the Participant’s death,
                                            shall have any of the rights and privileges of a holder of Shares.

 

	5.	Severability.
                                            Should a court of competent jurisdiction deem any of the provisions in this Agreement to
                                            be unenforceable in any respect, it is the intention of the parties to this Agreement that
                                            this Agreement be deemed, without further action on the part of the parties hereto, modified,
                                            amended and limited to the extent necessary to render the same valid and enforceable. It
                                            is further the parties’ intent that all provisions not deemed to be overbroad shall
                                            be given their full force and effect. You acknowledge that you are freely, knowingly and
                                            voluntarily entering into this Agreement after having an opportunity for consultation with
                                            your own independent counsel.

 

	6.	Notices.
                                            Any notice to be given to the Company shall be addressed to the Administrator at its principal
                                            executive office, and any notice to be given to the Participant shall be addressed to the
                                            Participant at the address then appearing on the personnel or other records of the Company,
                                            or at such other address as either party hereafter may designate in writing to the other.
                                            Any such notice shall be deemed to have been duly given when deposited in the United States
                                            mail, addressed as aforesaid, registered or certified mail, and with proper postage and registration
                                            or certification fees prepaid.

 

    	B-2

    	 

    

 

	7.	Reservation
                                            of Right to Terminate. Nothing herein contained shall affect the right of the Company
                                            or any Affiliate to terminate the Participant in its applicable capacity as a Service Provider
                                            at any time for any reason whatsoever.

 

	8.	Choice
                                            of Law; Jurisdiction. This Grant shall be governed by and construed and interpreted in
                                            accordance with the substantive laws of the State of Delaware, without giving effect to any
                                            conflicts of law rule or principle that might require the application of the laws of another
                                            jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT
                                            SHALL BE INSTITUTED SOLELY IN THE COURTS OF THE STATE OF DELAWARE OR THE FEDERAL COURTS OF
                                            THE UNITED STATES LOCATED IN DELAWARE AND EACH PARTY IRREVOCABLY SUBMITS TO THE PERSONAL
                                            JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING.

 

	9.	Taxes.
                                            You agree to comply with the appropriate procedures established by the Company, from time
                                            to time, to provide for payment or withholding of such income or other taxes as may be required
                                            by law to be paid or withheld in connection with the SARs.

 

***

 

    	B-3

    	 

    

 

Exhibit
C

 

Form
of Restricted Stock Award Agreement

 

 

 

Hour
Loop, Inc. 

Restricted
Stock Award Agreement

 

	Number
    of Shares	 	Grant
    Date	 	Vesting
    Schedule
	 	 	 	 	 
	 	 	 	 	 

 

Hour
Loop, Inc., a Delaware corporation (the “Company”), hereby grants to [_________] (the “Participant”, also referred
to as “you”) shares of Restricted Stock (the “Shares”), pursuant to the terms of the attached Restricted Stock
Award Agreement and the Hour Loop, Inc. 2021 Equity Incentive Plan (the “Plan”).

 

By
signing this cover sheet, you agree to all of the terms and conditions described in the attached Restricted Stock Award Agreement and
this Plan.

 

Participant:
_____________________________

 

Signature:
____________________________

 

Hour
Loop, Inc.

 

By:
___________________________

 

Name:
_________________________

 

Title:
__________________________

 

This
is not a stock certificate or a negotiable instrument. This grant of Shares is a

voluntary,
revocable grant from the Company and Participant hereby acknowledges that the

Company
has no obligation to make additional grants in the future.

 

UPON
RECEIPT OF YOUR SIGNED AGREEMENT, A BOOKKEEPING ENTRY

WILL
BE ENTERED INTO THE COMPANY’S BOOKS AND RECORDS

TO
EVIDENCE THE SHARES GRANTED TO YOU.

 

    	C-1

    	 

    

 

Hour
Loop, Inc.

 

RESTRICTED
STOCK AWARD AGREEMENT

 

	1.	Award.
                                            This Restricted Stock Award Agreement (this “Agreement”) evidences the grant
                                            to Participant on the Grant Date set forth on the cover page of this Agreement the shares
                                            of Restricted Stock as set forth therein (the “Shares”) under the Hour Loop,
                                            Inc. 2021 Equity Incentive Plan (the “Plan”). Any capitalized, but undefined,
                                            term used in this Agreement shall have the meaning ascribed to it in this Plan.

 

	2.	Non-Transferability
                                            of the Shares. Your Shares may not be transferred, assigned, pledged or hypothecated,
                                            whether by operation of law or otherwise, nor may the Shares be made subject to execution,
                                            attachment or similar process. Except as may be required by federal income tax withholding
                                            provisions or by the tax laws of any state, your interests (and the interests of your beneficiaries,
                                            if any) under this Agreement are not subject to the claims of your creditors and may not
                                            be voluntarily or involuntarily sold, transferred, alienated, assigned, pledged, anticipated,
                                            or encumbered. Any attempt to sell, transfer, alienate, assign, pledge, anticipate, encumber,
                                            charge or otherwise dispose of any right to benefits payable hereunder shall be void. Your
                                            rights to your Shares are no greater than that of other general, unsecured creditors of the
                                            Company.

 

	3.	Vesting.
                                            Subject to the terms and conditions set forth in this Agreement, the Shares covered by this
                                            grant shall vest on the vesting date set forth on the cover page of this Agreement, provided
                                            the Participant is a Service Provider of the Company or a member of the Company Group on
                                            the Date of Vesting.

 

	4.	Delivery
                                            of Shares.

 

		(a)	Vesting.
                                            Shares that vest (together with any payment due pursuant to the terms herein in respect of
                                            such Shares) shall be delivered to Participant (or the person to whom ownership rights may
                                            have passed by will or the laws of descent and distribution), on or as soon as administratively
                                            practicable after, the date of such vesting.

 

		

                                                                                (b)
	Certain
                                            Limitations. Notwithstanding the foregoing provisions of this Section 3, delivery of
                                            Shares, if any, by reason of Participant’s termination of employment shall be delayed
                                            until the six (6) month anniversary of the date of Participant’s termination of employment
                                            to the extent necessary to comply with Code Section 409A(a)(B)(i), and the determination
                                            of whether or not there has been a termination of Participant’s employment with the
                                            Company shall be made by the Administrator consistent with the definition of “separation
                                            from service” (as that phrase is used for purposes of Code Section 409A, and as set
                                            forth in Treasury Regulation Section 1.409A-1(h)).

 

	5.	Withholding
                                            Taxes. Participant shall be responsible to pay to the Company the amount of withholding
                                            taxes as determined by the Company with respect to the date the Shares are delivered. If
                                            Participant does not arrange for payment of the applicable withholding taxes by providing
                                            such amount to the Company in cash prior to the date established by the Company as the deadline
                                            for such payment, Participant shall be treated as having elected to relinquish to the Company
                                            a portion of the Shares that would otherwise have been transferred to Participant having
                                            a fair market value, based on the Fair Market Value of the Common Stock on the business day
                                            immediately preceding the date of delivery of the Shares, equal to the amount of such applicable
                                            withholding taxes, in lieu of paying such amount to the Company in cash. Participant authorizes
                                            the Company to withhold in accordance with applicable law from any compensation payable to
                                            him or her any taxes required to be withheld for federal, state or local law in connection
                                            with this Agreement.

 

    	C-2

    	 

    

 

	6.	Legal
                                            Requirements. If the listing, registration or qualification of Shares deliverable in
                                            respect of an Shares upon any securities exchange or under any federal or state law, or the
                                            consent or approval of any governmental regulatory body is necessary as a condition of or
                                            in connection with the issuance of such Shares, the Company shall not be obligated to issue
                                            or deliver such Shares unless and until such listing, registration, qualification, consent
                                            or approval shall have been effected or obtained. If registration is considered unnecessary
                                            by the Company or its counsel, the Company may cause a legend to be placed on any Shares
                                            being issued calling attention to the fact that they have been acquired for investment and
                                            have not been registered. The Administrator may from time to time impose any other conditions
                                            on the Shares it deems necessary or advisable to ensure that Shares are issued and resold
                                            in compliance with the Securities Act of 1933, as amended.

 

	7.	Severability.
                                            Should a court of competent jurisdiction deem any of the provisions in this Agreement to
                                            be unenforceable in any respect, it is the intention of the parties to this Agreement that
                                            this Agreement be deemed, without further action on the part of the parties hereto, modified,
                                            amended and limited to the extent necessary to render the same valid and enforceable. It
                                            is further the parties’ intent that all provisions not deemed to be overbroad shall
                                            be given their full force and effect. You acknowledge that you are freely, knowingly and
                                            voluntarily entering into this Agreement after having an opportunity for consultation with
                                            your own independent counsel.

 

	8.	Notices.
                                            Any notice to be given to the Company shall be addressed to the Administrator at its principal
                                            executive office, and any notice to be given to the Participant shall be addressed to the
                                            Participant at the address then appearing on the personnel or other records of the Company,
                                            or at such other address as either party hereafter may designate in writing to the other.
                                            Any such notice shall be deemed to have been duly given when deposited in the United States
                                            mail, addressed as aforesaid, registered or certified mail, and with proper postage and registration
                                            or certification fees prepaid.

 

	9.	Reservation
                                            of Right to Terminate. Nothing herein contained shall affect the right of the Company
                                            or any Affiliate to terminate the Participant in its applicable capacity as a Service Provider
                                            at any time for any reason whatsoever.

 

	10.	Choice
                                            of Law; Jurisdiction. This Grant shall be governed by and construed and interpreted in
                                            accordance with the substantive laws of the State of Delaware, without giving effect to any
                                            conflicts of law rule or principle that might require the application of the laws of another
                                            jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT
                                            SHALL BE INSTITUTED SOLELY IN THE COURTS OF THE STATE OF DELAWARE OR THE FEDERAL COURTS OF
                                            THE UNITED STATES LOCATED IN DELAWARE AND EACH PARTY IRREVOCABLY SUBMITS TO THE PERSONAL
                                            JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING.

 

	11.	Taxes.
                                            You agree to comply with the appropriate procedures established by the Company, from time
                                            to time, to provide for payment or withholding of such income or other taxes as may be required
                                            by law to be paid or withheld in connection with the Restricted Stock.

 

***

 

    	C-3

    	 

    

 

Exhibit
D

 

Form
of Restricted Unit Award Agreement

 

 

 

Hour
Loop, Inc. 

Restricted
Unit Award Agreement

 

	Number
                                            of

                                                                                Restricted
                                            Stock

                                                                                Units
	 	Grant
    Date	 	Vesting
    Schedule/Performance Period/Performance Vesting Requirements
	 	 	 	 	 
	 	 	 	 	 

 

Hour
Loop, Inc., a Delaware corporation (the “Company”), hereby grants to [_________] (the “Participant”, also referred
to as “you”) the Restricted Stock Units (the “Restricted Stock Units” or “RSUs”), pursuant to the
terms of the attached Restricted Unit Award Agreement and the Hour Loop, Inc. 2021 Equity Incentive Plan (the “Plan”).

 

By
signing this cover sheet, you agree to all of the terms and conditions described in the attached Restricted Unit Award Agreement and
this Plan.

 

Participant:
_____________________________

 

Signature:
____________________________

 

Hour
Loop, Inc.

 

By:
___________________________

 

Name:
_________________________

 

Title:
__________________________

 

This
is not a stock certificate or a negotiable instrument. This grant of RSUs is a

voluntary,
revocable grant from the Company and Participant hereby acknowledges that the

Company
has no obligation to make additional grants in the future.

 

UPON
RECEIPT OF YOUR SIGNED AGREEMENT, A BOOKKEEPING ENTRY

WILL
BE ENTERED INTO THE COMPANY’S BOOKS AND RECORDS

TO
EVIDENCE THE RSUs GRANTED TO YOU.

 

    	D-1

    	 

    

 

Hour
Loop, Inc.

 

RESTRICTED
UNIT AWARD AGREEMENT

 

	1.	Award.
                                            This Restricted Unit Award Agreement (this “Agreement”) evidences the grant to
                                            Participant on the Grant Date set forth on the cover page of this Agreement the Restricted
                                            Stock Units as set forth therein (the “Restricted Stock Units” or “RSUs”)
                                            under the Hour Loop, Inc. 2021 Equity Incentive Plan (the “Plan”). As used herein,
                                            the term “Restricted Stock Unit” or “RSU” shall mean a non-voting
                                            unit of measurement which is deemed for bookkeeping purposes to be equivalent to one outstanding
                                            Share solely for purposes of this Plan and this Agreement. The Restricted Stock Units shall
                                            be used solely as a device for the determination of the payment to eventually be made to
                                            the Participant if such Restricted Stock Units vest pursuant to this Award Agreement. The
                                            Restricted Stock Units shall not be treated as property or as a trust fund of any kind. Any
                                            capitalized, but undefined, term used in this Agreement shall have the meaning ascribed to
                                            it in this Plan.

 

	2.	Non-Transferability
                                            of the RSUs. Your RSUs may not be transferred, assigned, pledged or hypothecated, whether
                                            by operation of law or otherwise, nor may the RSUs be made subject to execution, attachment
                                            or similar process. Except as may be required by federal income tax withholding provisions
                                            or by the tax laws of any state, your interests (and the interests of your beneficiaries,
                                            if any) under this Agreement are not subject to the claims of your creditors and may not
                                            be voluntarily or involuntarily sold, transferred, alienated, assigned, pledged, anticipated,
                                            or encumbered. Any attempt to sell, transfer, alienate, assign, pledge, anticipate, encumber,
                                            charge or otherwise dispose of any right to benefits payable hereunder shall be void. Your
                                            rights to your RSUs are no greater than that of other general, unsecured creditors of the
                                            Company.

 

	3.	Vesting.
                                            Subject to the terms and conditions set forth in this Agreement, the RSUs covered by this
                                            grant shall vest on the vesting date set forth on the cover page of this Agreement and subject
                                            to the satisfaction or attainment of the performance criteria set forth therein, if any,
                                            provided the Participant is employed by the Company on the date of vesting. The Administrator
                                            may not accelerate vesting of Restricted Stock Units for any reason.

 

	4.	Dividends.
                                            Participant shall not be entitled to any cash, securities or property that would have been
                                            paid or distributed as dividends with respect to the RSUs subject to this Agreement prior
                                            to the date the RSUs are delivered to Participant; provided, however, that the Company shall
                                            keep a hypothetical account in which any such items shall be recorded, and shall pay to Participant
                                            the amount of such dividends (in cash or in kind as determined by the Company) on the same
                                            date that the RSUs to which such payments or distributions relate are required to be delivered
                                            under this Agreement.

 

	5.	Timing
                                            and Manner of Payment on RSUs.

 

		(a)	On
                                            or as soon as administratively practical following the vesting event pursuant to this Agreement
                                            (and in all events not later than two and one-half (21⁄2) months after such vesting
                                            event), the Company shall deliver to the Participant a number of Shares (either by delivering
                                            one or more certificates for such Shares or by entering such Shares in book entry form, as
                                            determined by the Company in its discretion) equal to the number of Shares subject to the
                                            RSU that vest on the Vesting Date, less any withholding or expenses as set forth herein,
                                            or may settle the RSU in cash or other payment as provided in this Plan, as determined by
                                            the Administrator. The Company’s obligation to deliver Shares or otherwise make payment
                                            with respect to vested RSUs is subject to the condition precedent that the Participant or
                                            other person entitled under this Plan to receive any Shares or payment with respect to the
                                            vested RSUs deliver to the Company any representations or other documents or assurances required
                                            pursuant to this Plan. The Participant shall have no further rights with respect to any RSUs
                                            that are paid or that terminate pursuant to this Agreement or this Plan.

 

    	D-2

    	 

    

 

		(b)	Certain
                                            Limitations. Notwithstanding the foregoing provisions of this Section 3, delivery of
                                            Shares or other payment, if any, with respect to RSUs by reason of Participant’s termination
                                            of employment shall be delayed until the six (6) month anniversary of the date of Participant’s
                                            termination of employment to the extent necessary to comply with Code Section 409A(a)(B)(i),
                                            and the determination of whether or not there has been a termination of Participant’s
                                            employment with the Company shall be made by the Administrator consistent with the definition
                                            of “separation from service” (as that phrase is used for purposes of Code Section
                                            409A, and as set forth in Treasury Regulation Section 1.409A-1(h)).

 

	6.	Rights
                                            of Participant. Participant shall have none of the rights of a shareholder at any time
                                            prior to the delivery of any Shares pursuant to the RSUs subject to this Agreement, except
                                            as expressly set forth in this Plan or herein.

 

	7.	Withholding
                                            Taxes. Participant shall be responsible to pay to the Company the amount of withholding
                                            taxes as determined by the Company with respect to the date the RSUs are settled. If Participant
                                            does not arrange for payment of the applicable withholding taxes by providing such amount
                                            to the Company in cash prior to the date established by the Company as the deadline for such
                                            payment, Participant shall be treated as having elected to relinquish to the Company a portion
                                            of the Shares that would otherwise have been transferred to Participant having a fair market
                                            value, based on the Fair Market Value of the Common Stock on the business day immediately
                                            preceding the date of delivery of the Shares, equal to the amount of such applicable withholding
                                            taxes, in lieu of paying such amount to the Company in cash, or an amount in cash if the
                                            RSU is settled in cash. Participant authorizes the Company to withhold in accordance with
                                            applicable law from any compensation payable to him or her any taxes required to be withheld
                                            for federal, state or local law in connection with this Agreement.

 

	8.	Legal
                                            Requirements. If the listing, registration or qualification of Shares deliverable in
                                            respect of an RSU upon any Securities Exchange or any Applicable Requirement, or the consent
                                            or approval of any governmental regulatory body is necessary as a condition of or in connection
                                            with the issuance of such Shares, the Company shall not be obligated to issue or deliver
                                            such Shares unless and until such Applicable Requirements shall have been effected or obtained.
                                            If registration is considered unnecessary by the Company or its counsel, the Company may
                                            cause a legend to be placed on any Shares being issued calling attention to the fact that
                                            they have been acquired for investment and have not been registered. The Administrator may
                                            from time to time impose any other conditions on the Shares it deems necessary or advisable
                                            to ensure that Shares are issued and resold in compliance with the Securities Act of 1933,
                                            as amended.

 

	9.	Severability.
                                            Should a court of competent jurisdiction deem any of the provisions in this Agreement to
                                            be unenforceable in any respect, it is the intention of the parties to this Agreement that
                                            this Agreement be deemed, without further action on the part of the parties hereto, modified,
                                            amended and limited to the extent necessary to render the same valid and enforceable. It
                                            is further the parties’ intent that all provisions not deemed to be overbroad shall
                                            be given their full force and effect. You acknowledge that you are freely, knowingly and
                                            voluntarily entering into this Agreement after having an opportunity for consultation with
                                            your own independent counsel.

 

    	D-3

    	 

    

 

	10.	Notices.
                                            Any notice to be given to the Company shall be addressed to the Administrator at its principal
                                            executive office, and any notice to be given to the Participant shall be addressed to the
                                            Participant at the address then appearing on the personnel or other records of the Company,
                                            or at such other address as either party hereafter may designate in writing to the other.
                                            Any such notice shall be deemed to have been duly given when deposited in the United States
                                            mail, addressed as aforesaid, registered or certified mail, and with proper postage and registration
                                            or certification fees prepaid.

 

	11.	Reservation
                                            of Right to Terminate. Nothing herein contained shall affect the right of the Company
                                            or any Affiliate to terminate the Participant in its applicable capacity as a Service Provider
                                            at any time for any reason whatsoever.

 

	12.	Choice
                                            of Law; Jurisdiction. This Grant shall be governed by and construed and interpreted in
                                            accordance with the substantive laws of the State of Delaware, without giving effect to any
                                            conflicts of law rule or principle that might require the application of the laws of another
                                            jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT
                                            SHALL BE INSTITUTED SOLELY IN THE COURTS OF THE STATE OF DELAWARE OR THE FEDERAL COURTS OF
                                            THE UNITED STATES LOCATED IN DELAWARE AND EACH PARTY IRREVOCABLY SUBMITS TO THE PERSONAL
                                            JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING.

 

	13.	Taxes.
                                            You agree to comply with the appropriate procedures established by the Company, from time
                                            to time, to provide for payment or withholding of such income or other taxes as may be required
                                            by law to be paid or withheld in connection with the RSUs.

 

***

 

    	D-4Document

    

EXHIBIT 10-A

EXECUTION COPY

______________________________________________________________________________

FIVE YEAR CREDIT AGREEMENT
Dated as of August 20, 2021
Among
COLGATE-PALMOLIVE COMPANY
as Borrower
THE BANKS NAMED HEREIN
as Banks
BANK OF AMERICA, N.A.
BNP PARIBAS
HSBC BANK USA, NATIONAL ASSOCIATION
JPMORGAN CHASE BANK, N.A.
U.S. BANK NATIONAL ASSOCIATION 
and
WELLS FARGO BANK, NATIONAL ASSOCIATION
as Co-Syndication Agents
CITIBANK, N.A.
as Administrative Agent
and
CITIBANK, N.A.
as Arranger

______________________________________________________________________________

    2

TABLE OF CONTENTS
Section    Page
						
	ARTICLE I
DEFINITIONS AND ACCOUNTING TERMS

		
	SECTION 1.01. Certain Defined Terms
	5

	SECTION 1.02. Computation of Time Periods
	19

	SECTION 1.03. Accounting Terms
	19

	SECTION 1.04. Divisions
	19

	ARTICLE II
AMOUNTS AND TERMS OF THE ADVANCES

		
	SECTION 2.01. The Advances
	19

	SECTION 2.02. Making the Advances
	20

	SECTION 2.03. Facility Fees
	22

	SECTION 2.04. Reduction of the Commitments
	22

	SECTION 2.05. Repayment of Advances
	23

	SECTION 2.06. Interest on Advances
	23

	SECTION 2.07. Additional Interest on Eurocurrency Rate Advances
	23

	SECTION 2.08. Interest Rate Determination
	24

	SECTION 2.09. Prepayments of Advances
	24

	SECTION 2.10. Increased Costs, Etc.
	25

	SECTION 2.11. Payments and Computations
	26

	SECTION 2.12. Taxes
	28

	SECTION 2.13. Sharing of Payments, Etc.
	31

	SECTION 2.14. Increase in the Aggregate Commitments
	31

	SECTION 2.15. Extension of Termination Date
	33

	SECTION 2.16. Evidence of Debt
	35

	SECTION 2.17. Defaulting Lenders
	36

	SECTION 2.18. Replacement of Lenders
	37

	SECTION 2.19. Benchmark Replacement Setting
	38

	ARTICLE III
CONDITIONS OF LENDING

		
	SECTION 3.01. Precedent to Effectiveness of Section 2.01
	43

	SECTION 3.02. Conditions Precedent to Each Borrowing, Commitment Increase and Extension Date
	44

	SECTION 3.03. Determinations Under Section 3.01
	45

	ARTICLE IV
REPRESENTATIONS AND WARRANTIES

		
	SECTION 4.01. Representations and Warranties of the Borrower
	45

		

    3

						
	ARTICLE V
COVENANTS OF THE BORROWER

		
	SECTION 5.01. Affirmative Covenants
	48

	SECTION 5.02. Negative Covenants
	50

	ARTICLE VI
EVENTS OF DEFAULT

		
	SECTION 6.01. Events of Default
	53

	ARTICLE VII
THE ADMINISTRATIVE AGENT

	SECTION 7.01. Appointment and Authority
	55

	SECTION 7.02. Rights as a Lender
	55

	SECTION 7.03. Exculpatory Provisions
	55

	SECTION 7.04. Reliance by Administrative Agent
	56

	SECTION 7.05. Indemnification
	57

	SECTION 7.06. Delegation of Duties
	57

	SECTION 7.07. Resignation of Administrative Agent
	57

	SECTION 7.08. Non-Reliance on Administrative Agent and Other Lenders
	58

	SECTION 7.09. No Other Duties, etc.
	58

	SECTION 7.10. Certain ERISA Matters
	59

	SECTION 7.11. Erroneous Payments
	60

	ARTICLE VIII
MISCELLANEOUS

		
	SECTION 8.01. Amendments, Etc.
	63

	SECTION 8.02. Notices, Etc.
	64

	SECTION 8.03. No Waiver; Remedies
	65

	SECTION 8.04. Costs, Expenses, Etc.
	66

	SECTION 8.05. Right of Set-off
	67

	SECTION 8.06. Binding Effect; Assignment by Borrower
	67

	SECTION 8.07. Assignments and Participations
	69

	SECTION 8.08. Change of Control
	72

	SECTION 8.09. Mitigation of Adverse Circumstances
	73

	SECTION 8.10. Governing Law
	73

	SECTION 8.11. Execution in Counterparts
	73

	SECTION 8.12. Jurisdiction, Etc.
	74

	SECTION 8.13. Treatment of Certain Information; Confidentiality
	74

	SECTION 8.14. Patriot Act Notification
	75

	SECTION 8.15. No Fiduciary Duties
	75

	SECTION 8.16. Judgment
	75

	SECTION 8.17. Acknowledgement and Consent to Bail-In of Affected Financial Institutions
	76

	SECTION 8.18. Waiver of Jury Trial
	77

    4

Schedule I - Commitments
Schedule 4.01(f) - Disclosed Litigation
Exhibit A -   Form of Note
Exhibit B -   Notice of Borrowing
Exhibit C -   Assignment and Assumption
Exhibit D -   Form of Guaranty
Exhibit E -   Form of Assumption Agreement

    5

FIVE YEAR CREDIT AGREEMENT
Dated as of August 20, 2021
COLGATE-PALMOLIVE COMPANY, a Delaware corporation (the “Borrower”), the banks and other financial institutions (the “Banks”) listed on the signature pages hereof, Citibank, N.A. (“Citibank”), as arranger, Bank of America, N.A., BNP Paribas, HSBC Bank USA, National Association, JPMorgan Chase Bank, N.A., U.S. Bank National Association and Wells Fargo Bank, National Association, as co-syndication agents, and Citibank, as administrative agent (the “Administrative Agent”) for the Lenders (as hereinafter defined), agree as follows:
ARTICLE I
DEFINITIONS AND ACCOUNTING TERMS
SECTION 1.01  Certain Defined Terms.  As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined):
“Administrative Agent’s Account” means (a) in the case of Advances denominated in Dollars, the account of the Administrative Agent, maintained by the Administrative Agent at Citibank, N.A. with its office at Building Ops II, One Penns Way, New Castle, Delaware 19720, account no. 36852248, Attention:  Bank Loan Syndications, (b) in the case of Advances denominated in Euros, the account of the Administrative Agent designated in writing from time to time by the Administrative Agent to the Borrower and the Lenders for such purpose and (c) in any such case, such other account of the Administrative Agent as is designated in writing from time to time by the Administrative Agent to the Borrower and the Lenders for such purpose.
“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent and completed by Lenders specifying their Domestic Lending Office and Eurocurrency Lending Office, among other information.
“Advance” means an advance by a Lender to the Borrower as part of a Borrowing and refers to a Base Rate Advance or a Eurocurrency Rate Advance, each of which shall be a “Type” of Advance.
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 
“Affiliate” means, as to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person or is a director or officer of such Person.
“Anniversary Date” means August 20, 2022 and August 20 in each succeeding calendar year occurring during the term of this Agreement.

    6

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries from time to time concerning or relating to bribery, money laundering or corruption. 
“Applicable Lending Office” means, with respect to each Lender, such Lender’s Domestic Lending Office in the case of a Base Rate Advance and such Lender’s Eurocurrency Lending Office in the case of a Eurocurrency Rate Advance.
“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee, and accepted by the Borrower and the Administrative Agent, in substantially the form of Exhibit C hereto.
“Assuming Lender” has the meaning specified in Section 2.14(d).
“Assumption Agreement” has the meaning specified in Section 2.14(d)(ii).
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
“Bail-In Legislation” means:
(a)    with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule; and 
(b)    with respect to the United Kingdom,  Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).
“Bank” means any one of the Banks.
“Base Rate” means a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times be equal to the highest of:
(a)    the rate of interest announced publicly by Citibank in New York, New York, from time to time, as Citibank’s base rate;
(b)    1⁄2 of one percent per annum above the Federal Funds Rate; and

    7

(c)    the ICE Benchmark Settlement Rate applicable to Dollars for a period of one month (“One Month LIBOR”) plus 1.00% (for the avoidance of doubt, the One Month LIBOR for any day shall be based on the rate appearing on the applicable Bloomberg screen (or any successor to or substitute for Bloomberg, providing rate quotations comparable to those currently provided by Bloomberg, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in Dollars by reference to the ICE Benchmark Settlement Rates for deposits in Dollars) at approximately 11:00 A.M. London time on such day); provided, that if One Month LIBOR is less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Base Rate Advance” means an Advance denominated in Dollars which bears interest as provided in Section 2.06(a).
“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 
“Borrower” has the meaning specified in the preamble.
“Borrowing” means a borrowing consisting of simultaneous Advances of the same currency and the same Type and having the same Interest Period made by each of the Lenders pursuant to Section 2.01.
“Borrowing Minimum” means, in respect of Advances denominated in Dollars, $10,000,000 and, in respect of Advances denominated in Euros, €10,000,000.
“Borrowing Multiple” means, in respect of Advances denominated in Dollars, $1,000,000 and, in respect of Advances denominated in Euros, €1,000,000. 
“Borrowing Subsidiary” has the meaning specified in Section 8.06(b).
“Business Day” means a day of the year on which banks are not required or authorized to close in New York City and, if the applicable Business Day relates to any Eurocurrency Rate Advances, on which dealings are carried on in the London interbank market or, in the case of an Advance denominated in Euros, on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (“TARGET”) System is open.
“Change of Control” has the meaning specified in Section 8.08(b).
“Closing Date” has the meaning specified in Section 3.01.
“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued thereunder.
“Commitment” has the meaning specified in Section 2.01.

    8

“Commitment Date” has the meaning specified in Section 2.14(b).
“Commitment Increase” has the meaning specified in Section 2.14(a).
“Consenting Lender” has the meaning specified in Section 2.15(b).
“Consolidated Net Tangible Assets” means the aggregate amount of assets (less applicable reserves and other properly deductible items) after deducting therefrom (i) all current liabilities and (ii) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangibles of the Borrower and its consolidated subsidiaries, all as set forth on the most recent balance sheet of the Borrower and its consolidated subsidiaries prepared in accordance with generally accepted accounting principles. 
“Consolidated Subsidiary” means at any date any Subsidiary or other entity the accounts of which would, in accordance with generally accepted accounting principles, be included with those of the Borrower in its consolidated financial statements as of such date.
“date hereof” means August 20, 2021.
“Debt” means (i) indebtedness for borrowed money, (ii) obligations evidenced by bonds, debentures, notes or other similar instruments, (iii) obligations to pay the deferred purchase price of property or services (other than accounts payable in the ordinary course of business), (iv) obligations as lessee under leases which shall have been or should be, in accordance with generally accepted accounting principles, recorded as capital leases, and (v) obligations under direct or indirect guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of others of the kinds referred to in clauses (i) through (iv) above.
“Default” means any Event of Default or any event that would constitute an Event of Default but for the requirement that notice be given or time elapse or both.
“Defaulting Lender” means at any time, subject to Section 2.17(d), (i) any Lender that has failed for two or more Business Days to comply with its obligations under this Agreement to make an Advance or make any other payment due hereunder (each, a “funding obligation”), unless such Lender has notified the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding has not been satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing), (ii) any Lender that has notified the Administrative Agent or the Borrower in writing, or has stated publicly, that it does not intend to comply with its funding obligations hereunder, unless such writing or statement states that such position is based on such Lender’s determination that one or more conditions precedent to funding has not been satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing or public statement), (iii) any Lender that has notified, or whose Parent Company has notified, the Administrative Agent or the Borrower in writing, or has stated publicly, that it does not intend to comply with 

    9

its funding obligations under loan agreements or credit agreements generally, (iv) any Lender that has, for two or more Business Days after written request of the Administrative Agent or the Borrower, failed to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender will cease to be a Defaulting Lender pursuant to this clause (iv) upon the Administrative Agent’s and the Borrower’s receipt of such written confirmation), or (v) any Lender with respect to which a Lender Insolvency Event has occurred and is continuing with respect to such Lender or its Parent Company; provided that a Lender Insolvency Event shall not be deemed to occur with respect to a Lender or its Parent Company solely as a result of the acquisition or maintenance of an ownership interest in such Lender or Parent Company by a governmental authority or instrumentality thereof where such action does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such governmental authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by the Administrative Agent (or if the Administrative Agent is subject of any events described in clause (v) of the immediately preceding sentence, by the Borrower or the Required Lenders) that a Lender is a Defaulting Lender under any of clauses (i) through (v) above will be conclusive and binding absent manifest error, and such Lender will be deemed to be a Defaulting Lender (subject to Section 2.17(d)) upon notification of such determination by the Administrative Agent (or the Required Lenders or the Borrower, as the case may be) to the Borrower and the Lenders. 
“Disclosed Litigation” has the meaning specified in Section 4.01(f).
“Dollars” and the “$” sign each means lawful currency of the United States of America. 
“Domestic Lending Office” means, with respect to any Lender, the office of such Lender specified as its “Domestic Lending Office” in its Administrative Questionnaire delivered to the Administrative Agent, or such other office of such Lender as such Lender may from time to time specify to the Borrower and the Administrative Agent.
“Domestic Subsidiary” means any Subsidiary a majority of the business of which is conducted within the United States of America, or a majority of the properties and assets of which are located within the United States of America, except (i) any Subsidiary substantially all of the assets of which consist of the securities of Subsidiaries which are not Domestic Subsidiaries, (ii) any Subsidiary which is an FSC as defined in Section 922 of the Code and (iii) any Subsidiary for any period during which an election under Section 936 of the Code applies to such Subsidiary.
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution 

    10

established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 
“Environmental Action” means any administrative, regulatory or judicial action, suit, demand, demand letter, claim, notice of non-compliance or violation, investigation, proceeding, consent order or consent agreement relating in any way to any Environmental Law or Hazardous Materials or arising from alleged injury or threat of injury to the environment including, without limitation, (a) by any governmental or regulatory authority for enforcement, cleanup, removal, response, remedial or other actions or damages and (b) by any governmental or regulatory authority or any third party for damages, contribution, indemnification, cost recovery, compensation or injunctive relief.
“Environmental Law” means any federal, state, local or foreign statute, law, ordinance, rule, regulation, code, order, judgment, decree or judicial or agency interpretation, policy or guidance relating to the environment or Hazardous Materials and applicable to the Borrower or its Subsidiaries or any property owned or operated by the Borrower or its Subsidiaries under the laws of the jurisdiction where the Borrower or such Subsidiary or property is located.
“Equivalent” in Dollars of Euros on any date means the equivalent in Dollars of Euros determined by using the quoted spot rate at which the Administrative Agent’s principal office in London offers to exchange Dollars for Euros in London at approximately 4:00 P.M. (London time) (unless otherwise indicated by the terms of this Agreement) on such date as is required pursuant to the terms of this Agreement, and the “Equivalent” in Euros of Dollars means the equivalent in Euros of Dollars determined by using the quoted spot rate at which the Administrative Agent’s principal office in London offers to exchange Euros for Dollars in London at approximately 4:00 P.M. (London time) (unless otherwise indicated by the terms of this Agreement) on such date as is required pursuant to the terms of this Agreement. 
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder.
“ERISA Affiliate” means any Person (other than a government or any political subdivision or agency thereof) that for purposes of Title IV of ERISA is a member of the 

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Borrower’s controlled group, or under common control with the Borrower, within the meaning of Section 414 of the Code.
“ERISA Event” means (a) the occurrence of a reportable event, within the meaning of Section 4043 of ERISA, with respect to any Plan unless the 30-day notice requirement with respect to such event has been waived by the PBGC; (b) the provision by the administrator of any Plan of a notice of intent to terminate such Plan pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); (c) the cessation of operations at a facility of the Borrower or any of its ERISA Affiliates in the circumstances described in Section 4062(e) of ERISA; (d) the withdrawal by the Borrower or any of its ERISA Affiliates from a Multiple Employer Plan during a plan year for which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (e) the imposition of a lien on the assets of the Borrower pursuant to Section 303(k) of ERISA with respect to a Plan; or (f) a determination that any Plan is in “at risk” status (within the meaning of Section 303 of ERISA) (g) the institution by the PBGC of proceedings to terminate a Plan, pursuant to Section 4042 of ERISA, or the occurrence of any event or condition described in Section 4042 of ERISA that would reasonably be expected to constitute grounds for the termination of, or the appointment of a trustee to administer, a Plan. 
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 
“EURIBO Rate” means, for each Interest Period for each Eurocurrency Rate Advance comprising part of the same Borrowing denominated in Euros, the euro interbank offered rate administered by the European Money Markets Institute (or any other Person which takes over the administration of that rate) for such Interest Period displayed (before any correction, recalculation or republication by the administrator) on the applicable Bloomberg screen (or any successor to or substitute for Bloomberg, providing rate quotations comparable to those currently provided by Bloomberg, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates for the offering of deposits in Euro) as of 11:00 A.M. (London time) two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period; provided that, if the EURIBO Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. 
“Euro” and the “€”sign each means the single currency unit of the member States of the European Union that adopt or have adopted the Euro as their lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. 
“Eurocurrency Lending Office” means, with respect to any Lender, the office of such Lender specified as its “Eurocurrency Lending Office” in its Administrative Questionnaire delivered to the Administrative Agent, or such other office of such Lender as such Lender may from time to time specify to the Borrower and the Administrative Agent.
“Eurocurrency Liabilities” has the meaning assigned to that term in Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time.
“Eurocurrency Rate” means, for any Interest Period (a) for each Eurocurrency Rate Advance constituting part of the same Borrowing denominated in Dollars, the Eurodollar Rate; 

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and (b) for each Eurocurrency Rate Advance constituting part of the same Borrowing denominated in Euros, the EURIBO Rate.  
“Eurocurrency Rate Advance” means an Advance denominated in Dollars or Euros that bears interest as provided in Section 2.06(b). 
“Eurocurrency Rate Reserve Percentage” of any Lender for the Interest Period for any Eurocurrency Rate Advance means the reserve percentage applicable during such Interest Period (or if more than one such percentage shall be so applicable, the daily average of such percentages for those days in such Interest Period during which any such percentage shall be so applicable) under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for such Lender with respect to liabilities or assets consisting of or including Eurocurrency Liabilities having a term equal to such Interest Period.
“Eurodollar Rate” means, for each Interest Period for each Eurocurrency Rate Advance comprising part of the same Borrowing denominated in Dollars, an interest rate per annum (rounded upward to the nearest whole multiple of 1/100 of 1% per annum) appearing on the applicable Bloomberg screen as the London interbank offered rate for deposits in Dollars at approximately 11:00 A.M. (London time) two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period; provided, that if the Eurodollar Rate is less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Events of Default” has the meaning specified in Section 6.01.
“Existing Credit Agreements” means (a) the $2,650,000,000 Five Year Credit Agreement dated as of November 2, 2018, among the Borrower, the banks named therein and Citibank, N.A., as Administrative Agent, and (b) 364-Day Credit Agreement dated as of August 21, 2020, among the Borrower, the banks named therein and Citibank, N.A., as Administrative Agent, in each case, as amended, supplemented or otherwise modified.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreements entered into pursuant thereto, and any similar  law, rule or regulation promulgated by any other federal, state, local or foreign governmental authority or regulatory body (and any similar agreements entered into pursuant thereto).
“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it; provided, that if the Federal Funds Rate is less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

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“Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities.
“Guaranty” has the meaning specified in Section 8.06(b).
“Hazardous Materials” means petroleum and petroleum products, byproducts or breakdown products, radioactive materials, asbestos-containing materials, radon gas and any other chemicals, materials or substances designated, classified or regulated as being “hazardous” or “toxic,” or words of similar import, under any federal, state, local or foreign statute, law, ordinance, rule, regulation, code, order, judgment, decree or agency interpretation, policy or guidance and applicable to the Borrower or its Subsidiaries or any property owned or operated by the Borrower or its Subsidiaries under the laws of the jurisdiction where the Borrower or such Subsidiary or property is located.
“Increase Date” has the meaning specified in Section 2.14(a).
“Increasing Lender” has the meaning specified in Section 2.14(b).
“Insufficiency” means, with respect to any Plan, the amount, if any, of its unfunded benefit liabilities, as defined in Section 4001(a)(18) of ERISA.
“Interest Period” means, for each Advance (other than a Base Rate Advance) comprising part of the same Borrowing, the period commencing on the date of such Advance and ending on the last day of the period selected by the Borrower pursuant to the provisions below.  The duration of each such Interest Period shall be 1, 3 or 6 months, and subject to clause (iii) of this definition 12 months as the Borrower may select by notice received by the Administrative Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the first day of such Interest Period; provided, however, that:
(i)the Borrower may not select any Interest Period which ends after the Termination Date;
(ii)Interest Periods commencing on the same date for Advances comprising part of the same Borrowing shall be of the same duration;

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(iii)in the case of any Borrowing, the Borrower shall not be entitled to select an Interest Period having duration of 12 months unless, by 2:00 P.M. (New York City time) on the third Business Day prior to the first day of such Interest Period, each Lender notifies the Administrative Agent that such Lender will be providing funding for such Borrowing with such Interest Period (the failure of any Lender to so respond by such time being deemed for all purposes of this Agreement as an objection by such Lender to the requested duration of such Interest Period); provided that, if any of the Lenders object to the requested duration of such Interest Period, the duration of the Interest Period for such Borrowing shall be 1, 3 or 6 months, as specified by the Borrower in the applicable Notice of Borrowing as the desired alternative to an Interest Period of 12 months; 
(iv)whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day, provided, in the case of any Interest Period for a Eurocurrency Rate Advance, that if such extension would cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest Period shall occur on the next preceding Business Day; and
(v)whenever the first day of any Interest Period occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month that succeeds such initial calendar month by the number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month.
“Lender Insolvency Event” means that (a) a Lender or its Parent Company is insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, or (b) such Lender or its Parent Company is the subject of a Bail-In Action or a bankruptcy, insolvency, liquidation or similar proceeding or reorganization, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender or its Parent Company, or such Lender or its Parent Company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment.
“Lenders” means the Banks listed on the signature pages hereof and each assignee that shall become a party hereto pursuant to Section 8.07.
“Lien” means any mortgage, lien, pledge, security interest, encumbrance or charge of any kind, any conditional sale or other title retention agreement or any lease in the nature thereof, provided that the term “Lien” shall not include any lease involved in a Sale and Leaseback Transaction.

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“Major Domestic Manufacturing Property” means any Principal Domestic Manufacturing Property the net depreciated book value of which on the date as of which the determination is made exceeds 3% of Consolidated Net Tangible Assets.
“Material Adverse Change” means any material adverse change in the business, financial condition or results of operations of the Borrower and its Consolidated Subsidiaries taken as a whole.
“Material Adverse Effect” means a material adverse effect on the ability of the Borrower to perform its obligations under this Agreement, the Notes or any Guaranty.
“Moody’s” means Moody’s Investors Service, Inc. or any successor to its business of rating long-term debt.
“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which the Borrower or any of its ERISA Affiliates is making or accruing an obligation to make contributions, or has within any of the preceding three plan years made or accrued an obligation to make contributions.
“Multiple Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the Borrower or any of its ERISA Affiliates and at least one Person other than the Borrower and its ERISA Affiliates or (b) was so maintained and in respect of which the Borrower or any of its ERISA Affiliates could have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated.
“Non-Consenting Lender” has the meaning specified in Section 2.15(b).
“Note” means a promissory note of the Borrower payable to the order of any Lender, delivered pursuant to a request made under Section 2.16 in substantially the form of Exhibit A hereto, evidencing the aggregate indebtedness of the Borrower to such Lender resulting from the Advances made by such Lender.
“Notice of Borrowing” has the meaning specified in Section 2.02(a).
“Parent Company” means, with respect to a Lender, the bank holding company (as defined in Federal Reserve Board Regulation Y), if any, of such Lender, or if such Lender does not have a bank holding company, then any corporation, association, partnership or other business entity owning, beneficially or of record, directly or indirectly, a majority of the shares (or equivalent evidence of beneficial and economic ownership) of such Lender.
“PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto.
“Person” means an individual, partnership, corporation (including a business trust), limited liability company, joint stock company, trust, unincorporated association, joint venture 

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or other entity, or a government or any political subdivision or agency thereof.
“Plan” means a Single Employer Plan or a Multiple Employer Plan.
“Principal Domestic Manufacturing Property” means any building, structure or facility (including the land on which it is located and the improvements and fixtures constituting a part thereof) used primarily for manufacturing or processing which is owned or leased by the Borrower or any of its Subsidiaries, is located in the United States of America and the net depreciated book value of which on the date as of which the determination is made exceeds 1% of Consolidated Net Tangible Assets, except any such building, structure or facility which the Board of Directors of the Borrower by resolution declares is not of material importance to the total business conducted by the Borrower and its Subsidiaries as an entirety.
“Principal Domestic Subsidiary” means (i) each Subsidiary which owns or leases a Principal Domestic Manufacturing Property, (ii) each Domestic Subsidiary the consolidated net worth of which exceeds 3% of Consolidated Net Tangible Assets (as set forth in the most recent financial statements referred to in Section 4.01(e) or delivered pursuant to Section 5.01(e)(i) or (ii)), and (iii) each Domestic Subsidiary of each Subsidiary referred to in the foregoing clause (i) or (ii) except any such Subsidiary the accounts receivable and inventories of which have an aggregate net book value of less than $5,000,000.
“Protesting Lender” has the meaning specified in Section 8.06(b).
“Reference Rate” means (a) Eurodollar Rate or (b) EURIBO Rate, as applicable.
“Register” has the meaning specified in Section 8.07(c).
“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. 
“Required Lenders” means at any time Lenders holding more than 50% of the then aggregate unpaid principal amount of the Advances held by Lenders, or, if no such principal amount is then outstanding, Lenders having more than 50% of the Commitments; provided that the Advances and Commitments of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.
“Restricted Property” means and includes (i) all Principal Domestic Manufacturing Properties, (ii) all Securities issued by all Principal Domestic Subsidiaries, and (iii) all inventories and accounts receivable of the Borrower and its Principal Domestic Subsidiaries.

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“S&P” means S&P Global Ratings, or any successor to its business of rating long-term debt.
“Sale and Leaseback Transaction” means any arrangement directly or indirectly providing for the leasing by the Borrower or any Principal Domestic Subsidiary for a period in excess of three years of any Principal Domestic Manufacturing Property which was sold or transferred by the Borrower or any Principal Domestic Subsidiary more than 120 days after the acquisition thereof or the completion of construction thereof, except any such arrangement solely between the Borrower and a Principal Domestic Subsidiary  or solely between Principal Domestic Subsidiaries.
“Sanctioned Country” means, at any time, a country, territory or region which is itself the subject or target of any Sanctions.
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom, (b) any Person operating, organized or resident in a Sanctioned Country in violation of applicable Sanctions, (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b), or (d) any Person otherwise specifically identified as the subject of any Sanctions.
“Sanctions” means, with respect to any Person, economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom, to the extent applicable to such Person. 
“SEC Reports” means (i) the Annual Report of the Borrower on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission, (ii) the Borrower’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021 filed with the Securities and Exchange Commission, and (iii) the Borrower’s current Reports on Form 8-K filed with the Securities and Exchange Commission prior to the date hereof.
“Securities” of any corporation means and includes (i) all capital stock of all classes of and all other equity interests in such corporation and all rights, options or warrants to acquire the same, and (ii) all promissory notes, debentures, bonds and other evidences of Debt of such corporation.
“Senior Funded Debt” of any Person means, as of the date of determination thereof, all Debt of such Person which (i) matures by its terms more than one year after the date as of which such determination is made (including any such Debt which is renewable or extendable, or in effect renewable or extendable through the operation of a revolving credit agreement or other similar agreement, at the option of such Person for a period or periods ending more than 

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one year after the date as of which such determination is made), and (ii) is not, by the terms of any instrument or instruments evidencing or securing such Debt or pursuant to which such Debt is outstanding, expressly subordinated in right of payment to any other Debt of such Person.
“Significant Subsidiary” means a Subsidiary of the Borrower that is a “significant subsidiary” as defined in Rule 1.02(w) of Regulation S-X of the Securities and Exchange Commission, determined based upon the Borrower’s most recent consolidated financial statements for the most recently completed fiscal year as set forth in the Borrower’s Annual Report on Form 10-K (or 10-K-A) filed with the Securities and Exchange Commission.
“Single Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the Borrower or any of its ERISA Affiliates and no Person other than the Borrower and its ERISA Affiliates or (b) was so maintained and in respect of which the Borrower or any of its ERISA Affiliates could have liability under Section 4069 of ERISA in the event such plan has been or were to be terminated.
“Subsidiary” means any corporation of which more than 50% of the outstanding capital stock having ordinary voting power to elect a majority of the Board of Directors of such corporation (irrespective of whether or not at the time capital stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency) is at the time directly or indirectly owned by the Borrower, by the Borrower and one or more other Subsidiaries, or by one or more other Subsidiaries.
“Termination Date” means the earlier of (a) August 20, 2026, subject to the extension thereof pursuant to Section 2.15, and (b) the date of termination in whole of the Commitments pursuant to Section 2.04 or 6.01; provided, however, that the Termination Date of any Lender that is a Non-Consenting Lender to any requested extension pursuant to Section 2.15 shall be the Termination Date in effect immediately prior to the applicable Extension Date for all purposes of this Agreement.
“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 
“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. 
“Withdrawal Liability” shall have the meaning given such term under Part I of Subtitle E of Title IV of ERISA.

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“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,  any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution  or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that Person or any other Person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.
SECTION 1.02.  Computation of Time Periods.  In this Agreement in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding”.
SECTION 1.03.  Accounting Terms.  Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with generally accepted accounting principles, as in effect from time to time.
SECTION 1.04.  Divisions.  For all purposes under this Agreement, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.
ARTICLE II
AMOUNTS AND TERMS OF THE ADVANCES
SECTION 2.01.  The Advances.  Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Advances in Dollars and/or Euros to the Borrower or Borrowing Subsidiary from time to time on any Business Day during the period from the date hereof until the Termination Date applicable to such Lender in an aggregate amount (based in respect of any Advances to be denominated in Euros by reference to the Equivalent thereof in Dollars determined on the date of delivery of the applicable Notice of Borrowing) not to exceed at any time outstanding the Dollar amount set forth opposite such Lender’s name on Schedule I hereto, if such Lender has entered into an Assumption Agreement, set forth for such Lender in such Assumption Agreement or, if such Lender has entered into any Assignment and Assumption, set forth for such Lender in the Register maintained by the Administrative Agent pursuant to Section 8.07(c), as such amount may be reduced pursuant to Section 2.04 (such Lender’s “Commitment”).  Each Borrowing shall be in an aggregate amount not less than the Borrowing Minimum or an integral multiple of the Borrowing Multiple in excess thereof (unless the aggregate amount of the unused Commitments is less than the Borrowing 

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Minimum, in which case such Borrowing shall be equal to the aggregate amount of the unused Commitments) and shall consist of Advances of the same Type and in the same currency and having the same Interest Period made on the same day by the Lenders ratably according to their respective Commitments.  Within the limits of each Lender’s Commitment, the Borrower may from time to time borrow, prepay pursuant to Section 2.09 and reborrow under this Section 2.01.
SECTION 2.02.  Making the Advances.    Each Borrowing shall be made on notice given by the Borrower or a Borrowing Subsidiary, as the case may be, and received by the Administrative Agent, which shall give prompt notice thereof to each Lender by facsimile, not later than (x) 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing in the case of Eurocurrency Rate Advances denominated in Dollars, (y) 4:00 P.M. (London time) on the third Business Day prior to the date of the proposed Borrower in the case of Eurocurrency Rate Advances denominated in Euros, or (z) 11:00 A.M. (New York City time) on the same Business Day in the case of Base Rate Advances.  Each such notice of a Borrowing (a “Notice of Borrowing”) shall be given by facsimile, confirmed immediately by hand or by mail, in substantially the form of Exhibit B hereto, specifying therein the requested (i) date of such Borrowing, (ii) Type of Advances comprising such Borrowing, (iii) aggregate amount of such Borrowing, and (iv) in the case of a Borrowing comprised of Eurocurrency Rate Advances, the currency and the Interest Period for each such Advance.  Upon fulfillment of the applicable conditions set forth in Article III, each Lender shall, before 12:00 noon (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at the applicable Administrative Agent’s Account, in immediately available funds, such Lender’s ratable portion of such Borrowing.  After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will promptly make such funds available to the Borrower at the Administrative Agent’s address referred to in Section 8.02.
(b)Anything in subsection (a) above to the contrary notwithstanding:
(i)if any Lender shall, at least one Business Day before the date of any requested Borrowing, notify the Administrative Agent that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or that any central bank or other governmental authority asserts that it is unlawful, for such Lender or its Eurocurrency Lending Office to perform its obligations hereunder to make Eurocurrency Rate Advances or to fund or maintain Eurocurrency Rate Advances in the applicable currency hereunder, the Administrative Agent shall immediately notify the Borrower and each other Lender and the right of the Borrower and any Borrowing Subsidiary to select Eurocurrency Rate Advances in such currency for the portion of such Borrowing advanced by the Lender which has provided the notice described above or the portion of any subsequent Borrowing advanced by such Lender shall be suspended until such Lender shall notify the Administrative Agent and the Administrative Agent will notify the Borrower that the circumstances causing such suspension no longer exist and (x) if the affected Advance is denominated in Dollars, such Advance shall be a Base Rate Advance and (y) if the affected Advance is denominated in Euros, such Advance shall be a Base Rate Advance in the amount equal to an Equivalent amount of Dollars;

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(ii)if the Eurodollar Rate or the EURIBO Rate does not appear Bloomberg or on another nationally recognized service selected by the Administrative Agent for any Eurocurrency Rate Advances comprising any requested Borrowing, the Administrative Agent shall immediately notify each Lender and the Borrower and the right of the Borrower and any Borrowing Subsidiary to select Eurocurrency Rate Advances for such Borrowing or any subsequent Borrowing shall be suspended until the Administrative Agent shall notify the Lenders and the Borrower that the circumstances causing such suspension no longer exist, and each Advance comprising such Borrowing denominated in Dollars shall be a Base Rate Advance and each Advance comprising such Borrowing denominated in Euros shall be a Base Rate Advance in the amount equal to an Equivalent amount of Dollars; and
(iii)if the Required Lenders shall, at least one Business Day before the date of any requested Borrowing, notify the Administrative Agent that the Eurocurrency Rate for Eurocurrency Rate Advances comprising such Borrowing will not adequately reflect the cost to such Required Lenders of making, funding or maintaining their respective Eurocurrency Rate Advances for such Borrowing, the Administrative Agent shall immediately notify the Borrower and each other Lender and the right of the Borrower and any Borrowing Subsidiary to select Eurocurrency Rate Advances for such Borrowing or any subsequent Borrowing shall be suspended, and each Advance comprising such Borrowing denominated in Dollars shall be a Base Rate Advance and each Advance comprising such Borrowing denominated in Euros shall be a Base Rate Advance in the amount equal to an Equivalent amount of Dollars.  The Lenders will review regularly the circumstances causing such suspension, and as soon as such circumstances no longer exist the Required Lenders will notify the Administrative Agent and the Administrative Agent will notify the Borrower that such suspension is terminated.
(c)Each Notice of Borrowing shall be irrevocable and binding on the Borrower or Borrowing Subsidiary, as the case may be.  In the case of any Borrowing that the related Notice of Borrowing specifies is to be comprised of Eurocurrency Rate Advances, the Borrower or Borrowing Subsidiary, as the case may be, shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (excluding in any event loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date.
(d)Unless the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing comprised of Eurocurrency Rate Advances, and prior to 11:30 A.M. (New York City time) on the date of any Borrowing comprised of Base Rate Advances, that such Lender will not make available to the Administrative Agent such Lender’s ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount.  If and to the extent that such Lender shall not have so made such ratable portion available to the Administrative Agent, such Lender and the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of the Borrower, the interest rate applicable at the time to Advances comprising such Borrowing 

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and (ii) in the case of such Lender, (A) the Federal Funds Rate in the case of Advances denominated in Dollars or (B) the cost of funds incurred by the Administrative Agent in respect of such amount in the case of Advances denominated in Euros.  If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement.
(e)The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.
SECTION 2.03.  Facility Fees.    The Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee on the average daily amount of such Lender’s Commitment (whether or not used), accruing from the date on which this Agreement becomes fully executed in the case of each Bank and from the effective date specified in the Assumption Agreement or the Assignment and Assumption pursuant to which it became a Lender in the case of each other Lender until the Termination Date of such Lender, payable on the last day of each March, June, September and December during the term of such Lender’s Commitment, commencing September 30, 2021, and on the Termination Date of such Lender, computed from time to time at the rates per annum set forth below under the heading Facility Fee opposite the higher of the ratings then applicable to the Borrower’s long-term senior unsecured debt as published by S&P and Moody’s:
												
	Moody’s		S&P	Facility 
   Fee  

	Aa2 or above	or	AA or above	0.040%
	Aa3 or above	or	AA- or above	0.045%
	A1 or above	or	A+ or above	0.060%
	Lower than above or not rated			0.070%
				

(b)Administrative Agent’s Fees.  The Borrower shall pay to the Administrative Agent for its own account such fees as may from time to time be agreed between the Borrower and the Administrative Agent.
SECTION 2.04.  Reduction of the Commitments.  The Borrower shall have the right, upon at least three Business Days’ notice to the Administrative Agent, to terminate in whole all of the Commitments or reduce ratably in part the unused portions of the respective Commitments of the Lenders, provided that the aggregate amount of the Commitments of the Lenders shall not be reduced 

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to an amount which is less than the aggregate principal amount of the Advances then outstanding, and provided further that each partial reduction shall be in the aggregate amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof.
SECTION 2.05.  Repayment of Advances.  The Borrower or Borrowing Subsidiary, as the case may be, shall repay to the Administrative Agent for the ratable account of each Lender on the Termination Date applicable to such Lender the unpaid principal amount of each Advance made to the Borrower or Borrowing Subsidiary.  
SECTION 2.06.  Interest on Advances.  The Borrower or Borrowing Subsidiary, as the case may be, shall pay interest on the unpaid principal amount of each Advance made by each Lender to the Borrower or Borrowing Subsidiary, as the case may be, from the date of such Advance until such principal amount shall be paid in full, at the following rates per annum:
(a)Base Rate Advances.  If such Advance is a Base Rate Advance, a rate per annum equal at all times to the Base Rate in effect from time to time, payable quarterly on the last day of each March, June, September, and December during such period and on the date such Base Rate Advance shall be paid in full; provided that any amount of principal which is not paid when due (whether at stated maturity, by acceleration or otherwise) shall bear interest, from the date on which such amount is due until such amount is paid in full, payable on demand, at a rate per annum equal at all times to 1% per annum above the Base Rate in effect from time to time.
(b)Eurocurrency Rate Advances.  If such Advance is a Eurocurrency Rate Advance, a rate per annum equal during the Interest Period for such Advance to the sum of the Eurocurrency Rate for such Interest Period plus the per annum rate set forth below under the heading Applicable Margin opposite the higher of the ratings then applicable to the Borrower’s long-term senior unsecured debt as published by S&P and Moody’s:
												
	Moody’s		S&P	Applicable      Margin     

	Aa2 or above	or	AA or above	0.460%
	Aa3 or above	or	AA- or above	0.580%
	A1 or above	or	A+ or above	0.690%
	Lower than above or not rated			0.805%

payable on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day which occurs during such Interest Period every three months from the first day of such Interest Period; 
provided that any amount of principal which is not paid when due (whether at stated maturity, by acceleration or otherwise) shall bear interest, from the date on which such amount is due until such amount is paid in full, payable on demand, at a rate per annum equal to (x) until the end of the then current Interest Period, 1% per annum above the rate per annum required to be paid on such Advance immediately prior to the date on which such amount became due, and (y) thereafter, 1% per annum above the Base Rate in effect from time to time.

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SECTION 2.07.  Additional Interest on Eurocurrency Rate Advances.  The Borrower or Borrowing Subsidiary, as the case may be, shall pay to each Lender, so long as such Lender shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, additional interest on the unpaid principal amount of each Eurocurrency Rate Advance of such Lender to the Borrower or Borrowing Subsidiary, as the case may be, from the date of such Advance until such principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the Eurocurrency Rate for the Interest Period for such Advance from (ii) the rate obtained by dividing such Eurocurrency Rate by a percentage equal to 100% minus the Eurocurrency Rate Reserve Percentage of such Lender for such Interest Period, payable on each date on which interest is payable on such Advance.  Such additional interest shall be determined by such Lender and the Borrower or Borrowing Subsidiary, as the case may be, shall be notified of such additional interest.
SECTION 2.08.  Interest Rate Determination.  (a)  The Administrative Agent shall give prompt notice to the Borrower or Borrowing Subsidiary and the Lenders of the applicable interest rate determined by the Administrative Agent for purposes of Section 2.06.
(b)    Upon the occurrence and during the continuance of any Event of Default, (i) each Eurocurrency Rate Advance will automatically, on the last day of the then existing Interest Period therefor, convert into a Eurocurrency Rate Advance with a one month Interest Period and thereafter automatically be continued for one month Interest Periods thereafter, and (ii) except to the extent set forth in clause (i), the obligation of the Lenders to make, or to Convert Advances into, Eurocurrency Rate Advances shall be suspended.
SECTION 2.09.  Prepayments of Advances.  (a)  Optional.  The Borrower or Borrowing Subsidiary, as the case may be, may, upon notice to the Administrative Agent stating the proposed date and aggregate principal amount of the prepayment, and if such notice is given, the Borrower or Borrowing Subsidiary, as the case may be, shall, prepay the outstanding principal amounts of the Advances comprising part of the same Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid, and the losses, costs and expenses, if any, payable pursuant to Section 8.04(c).  Such notice shall be received by the Administrative Agent not later than 11:00 A.M. (New York City time), on the third Business Day prior to the date of the proposed prepayment in the case of Eurocurrency Rate Advances, or on the Business Day prior to such date in the case of Base Rate Advances.  Each partial prepayment of Base Rate Advances shall be in an aggregate principal amount not less than $5,000,000 or an integral multiple of $1,000,000 in excess thereof, and any partial prepayment of any Eurocurrency Rate Advances shall be in an aggregate amount not less than the Borrowing Minimum or an integral multiple of the Borrowing Multiple in excess thereof, and not leave outstanding less than the Borrowing Minimum  aggregate principal amount of such Advances comprising part of any Borrowing.
(b)    Mandatory.  (i)  If, on any date, the Administrative Agent notifies the Borrower in writing in accordance with clause (iii) below that, as of the most recent valuation date, the sum of (A) the aggregate principal amount of all Advances denominated in Dollars then outstanding plus (B) the Equivalent in Dollars (determined on the third Business Day prior to such valuation date) of the 

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aggregate principal amount of all Advances denominated in Euros then outstanding exceeds 105% of the aggregate Commitments on such date, the Borrower shall, as soon as practicable and in any event within five Business Days after receipt of such notice, prepay the outstanding principal amount of any Advances in an aggregate amount sufficient to reduce such sum to an amount not to exceed 100% of the aggregate Commitments on such date, together with any interest accrued to the date of such prepayment on the aggregate principal amount of Advances prepaid.  The Administrative Agent shall give prompt notice of any prepayment required under this Section 2.10(b) to the Borrower in accordance with clause (iii) below and the Lenders.
(ii)    Each prepayment made pursuant to this Section 2.10(b) shall be made together with any interest accrued to the date of such prepayment on the principal amounts prepaid and, in the case of any prepayment of a Eurocurrency Rate Advance on a date other than the last day of an Interest Period, any additional amounts which the applicable Borrower shall be obligated to reimburse to the Lenders in respect thereof pursuant to Section 8.04(c). 
(iii)    The Administrative Agent shall calculate on (A) the date of each Notice of Borrowing, (B) the first day of an Interest Period for any Advance denominated in Euros, (C) if no revaluation shall have occurred during any calendar quarter, on the last day of such calendar quarter and (D) if an Event of Default is continuing, at such times as may be determined in the reasonable discretion of the Administrative Agent, the sum of (x) the aggregate principal amount of all Advances denominated in Dollars plus (y) the Equivalent in Dollars (determined on the third Business Day prior to the date such calculation is required under this clause (iii)) of the aggregate principal amount of all Eurocurrency Rate Advances denominated in Euros and shall give prompt written notice of any prepayment required under this Section 2.09(b) to the Borrower and the Lenders.
SECTION 2.10.  Increased Costs, Etc.    If, due to either (i) the introduction of or any change (other than any change by way of imposition or increase of reserve requirements, in the case of Eurocurrency Rate Advances, included in the Eurocurrency Rate Reserve Percentage) in or in the interpretation of any law or regulation or (ii) the compliance with any guideline or request from any central bank or other governmental authority (whether or not having the force of law), there shall be any increase in the costs to any Lender of agreeing to make or making, funding or maintaining Eurocurrency Rate Advances, then the Borrower shall from time to time, upon demand by such Lender (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender additional amounts sufficient to compensate such Lender for such increased costs for a period beginning not more than 90 days prior to such demand.  A certificate as to the amount of such increased cost submitted to the Borrower and the Administrative Agent by such Lender, setting forth in reasonable detail the calculation of the increased costs, shall be conclusive and binding for all purposes, absent manifest error.
(b)If any Lender determines that compliance with any law or regulation or any guideline or request from any central bank or other governmental authority (whether or not having the force of law) affects or would affect the amount of capital or liquidity required or expected to be maintained by such Lender or any corporation controlling such Lender which decreases such Lender’s return on its capital (after taking into account any changes in the Eurocurrency Rate and Eurocurrency 

    26

Rate Reserve Percentage and taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy and liquidity) and that the amount of such capital or liquidity is increased by or based upon the existence of such Lender’s commitment to lend hereunder and other commitments of this type, then, upon demand by such Lender (with a copy of such demand to the Administrative Agent), the Borrower shall immediately pay to the Administrative Agent for the account of such Lender, from time to time as specified by such Lender, additional amounts sufficient to compensate such Lender or such corporation in the light of such circumstances, to the extent that such Lender reasonably determines such increase in capital or liquidity to be allocable to the existence of such Lender’s commitment to lend hereunder, such compensation to cover a period beginning not more than 90 days prior to such demand.  A certificate as to such amounts submitted to the Borrower and the Administrative Agent by such Lender, setting forth in reasonable detail the calculation of the amount required to be paid hereunder, shall be conclusive and binding for all purposes, absent manifest error; provided, that a Lender shall not be entitled to submit a claim for compensation pursuant to this clause (b) unless the making of such claim is consistent with its general practices under similar circumstances in respect of similarly situated borrowers with credit agreements entitling it to make such claims.
(c)    For the avoidance of doubt and notwithstanding anything herein to the contrary, for the purposes of this Section 2.10, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations or directives thereunder or issued in connection therewith (whether or not having the force of law) and (y) all requests, rules, regulations, guidelines, interpretations or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority ) or the United States or foreign regulatory authorities (whether or not having the force of law), in case for this clause (y) pursuant to Basel III, shall in each case be deemed to be a change in law regardless of the date enacted, adopted, issued, promulgated or implemented.
SECTION 2.11.  Payments and Computations.    The Borrower or Borrowing Subsidiary, as the case may be, shall make each payment hereunder and under any Notes, except with respect to principal or, interest on, and other amounts relating to, Advances denominated in Euros, not later than 11:00 A.M. (New York City time) on the day when due in Dollars to the Administrative Agent at the applicable Administrative Agent’s Account in immediately available funds, without setoff or counterclaim.  The Borrower shall make each payment hereunder and under any Notes with respect to principal or, interest on, and other amounts relating to, Advances denominated in Euros, not later than 9:00 A.M. (New York City time) on the day when due in Euros to the Administrative Agent at the applicable Administrative Agent’s Account in immediately available funds, without setoff or counterclaim.  The Administrative Agent will promptly thereafter cause to be distributed like funds relating to the payment of principal or interest or facility fees ratably (other than amounts payable pursuant to Section 2.07, 2.10, 2.12, 2.13 or 8.04(c)) to the Lenders for the account of their respective Applicable Lending Offices, and like funds relating to payment of any other amount payable to any Lender to such Lender for the account of its Applicable Lending Office, in each case to be applied according to the terms of this Agreement.  Upon any Assuming Lender becoming a Lender hereunder as a result of a Commitment Increase pursuant to Section 2.14 or an extension of the Termination Date pursuant to Section 2.15, and upon the Administrative Agent’s receipt of such Lender’s Assumption 

    27

Agreement and recording of the information contained therein in the Register, from and after the applicable Increase Date or Extension Date, as the case may be, the Administrative Agent shall make all payments hereunder and under any Notes issued in connection therewith in respect of the interest assumed thereby to the Assuming Lender.  Upon its acceptance of an Assignment and Assumption and recording of the information contained therein in the Register pursuant to Section 8.07(c), from and after the effective date specified in such Assignment and Assumption, the Administrative Agent shall make all payments hereunder and under any Notes in respect of the interest assigned thereby to the Lender’s assignee thereunder, and the parties to such Assignment and Assumption shall make all appropriate adjustments in such payments for periods prior to such effective date directly between themselves.
(b)Each of the Borrower and any Borrowing Subsidiary hereby authorizes each Lender, if and to the extent payment owed to such Lender is not made when due hereunder or under any Note held by such Lender, to charge from time to time against any or all of the Borrower’s or such Borrowing Subsidiary’s, as the case may be, accounts with such Lender any amount so due.
(c)All computations of interest based on clause (a) of the definition of “Base Rate” shall be made by the Administrative Agent on the basis of a year of 365 or 366 days, as the case may be, and all computations of interest based on clause (b) or (c) of the definition of “Base Rate”, the Eurocurrency Rate or the Federal Funds Rate and of facility fees shall be made by the Administrative Agent on the basis of a year of 360 days, in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest or fees are payable.  Each determination by the Administrative Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.
(d)Whenever any payment hereunder or under any Notes shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or facility fee, as the case may be; provided, however, if such extension would cause payment of interest on or principal of Eurocurrency Rate Advances to be made in the next following calendar month, such payment shall be made on the next preceding Business Day.
(e)Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Lenders hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender.  If and to the extent the Borrower shall not have so made such payment in full to the Administrative Agent, each Lender shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent, at (A) the Federal Funds Rate in the case of Advances denominated in Dollars or (B) the cost of funds incurred by the Administrative Agent in respect of such amount in the case of Advances denominated in Euros.

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(f)    To the extent that the Administrative Agent receives funds for application to the amounts owing by the Borrower under or in respect of this Agreement or any Note in currencies other than the currency or currencies required to enable the Administrative Agent to distribute funds to the Lenders in accordance with the terms of this Section 2.11, the Administrative Agent shall be entitled to convert or exchange such funds into Dollars or into Euros or from Dollars to Euros or from Euros to Dollars (which shall not be less than the Equivalent amount thereof), as the case may be, to the extent necessary to enable the Administrative Agent to distribute such funds in accordance with the terms of this Section 2.11; provided that the Borrower and each of the Lenders hereby agree that the Administrative Agent shall not be liable or responsible for any loss, cost or expense suffered by the Borrower or such Lender as a result of any conversion or exchange of currencies affected pursuant to this Section 2.11(f) or as a result of the failure of the Administrative Agent to effect any such conversion or exchange; and provided further that the Borrower agrees to indemnify the Administrative Agent and each Lender, and hold the Administrative Agent and each Lender harmless, for any and all losses, costs and expenses incurred by the Administrative Agent or any Lender for any conversion or exchange of currencies (or the failure to convert or exchange any currencies) in accordance with this Section 2.11(f).
SECTION 2.12.  Taxes.    Subject to subsection (f) below, any and all payments hereunder or under any Notes shall be made, in accordance with Section 2.11, (i) if made by the Borrower, free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings of the United States of America or any state thereof or political subdivision of any of them or any other jurisdiction from or through which the Borrower elects to make such payment, and all liabilities with respect thereto, and (ii) if made by a Borrowing Subsidiary, free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings of any jurisdiction within which it is organized or does business or is managed or controlled or has its head or principal office or from or through which such Borrowing Subsidiary elects to make such payment, and all liabilities with respect thereto, excluding (A) in the case of each Lender and the Administrative Agent, taxes imposed on its income, and franchise taxes imposed on it, by any jurisdiction under the laws of which such Lender or the Administrative Agent (as the case may be) is organized or, as to the United States of America or any state thereof or any political subdivision of any of them, is doing business or any political subdivision thereof and by the jurisdiction of such Lender’s Applicable Lending Office or any political subdivision thereof, (B) in the case of each Lender and the Administrative Agent, any income tax or franchise tax imposed on it by a jurisdiction (except the United States of America or any state thereof or any political subdivision of any of them) as a result of a connection between such jurisdiction and such Lender or the Administrative Agent (as the case may be) (other than as a result of such Lender’s or the Administrative Agent’s having entered into this Agreement, performing hereunder or enforcing this Agreement), (C) any payment of tax which the Borrower is obliged to make pursuant to Section 159 of the Income and Corporation Taxes Act 1970 of the United Kingdom (or any re-enactment or replacement thereof) on behalf of a Lender which is resident for tax purposes in the United Kingdom but is not recognized as a bank by H.M. Inland Revenue, (D) Other Taxes as defined in subsection (b) below and (E) any withholding tax imposed under FATCA (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities being hereinafter referred to as “Taxes”).  If any Person shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder or under any Note to any Lender or the Administrative Agent, (i) the sum payable shall be 

    29

increased by the Borrower or applicable Borrowing Subsidiary as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.12) such Lender or the Administrative Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower or such Borrowing Subsidiary shall make such deductions and (iii) the Borrower or such Borrowing Subsidiary shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law.
(b)In addition, the Borrower or the Borrowing Subsidiary shall pay any present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies which arise from any payment made hereunder or under any Notes or from the execution, delivery or registration of, or otherwise with respect to, this Agreement or any Notes (hereinafter referred to as “Other Taxes”).  Each Bank and the Administrative Agent represents that at the date of this Agreement it is not aware of any Other Taxes applicable to it.  Each Lender and the Administrative Agent agrees to notify the Borrower or such Borrowing Subsidiary on becoming aware of the imposition of any such Other Taxes.
(c)The Borrower or the Borrowing Subsidiary will indemnify each Lender and the Administrative Agent for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 2.12) paid by such Lender or the Administrative Agent (as the case may be) and any liability (including penalties, interest and expenses not attributable to acts or omissions of any party other than the Borrower or such Borrowing Subsidiary) arising therefrom or with respect thereto.  This indemnification shall be paid within 30 days from the date such Lender or the Administrative Agent (as the case may be) makes written demand therefor.
(d)As soon as practicable after the date of any payment of Taxes (other than Taxes of the United States of America or any state thereof or political subdivision of any of them), the Borrower or the Borrowing Subsidiary will furnish to the Administrative Agent, at its address referred to in Section 8.02, the original or a certified copy of a receipt evidencing payment thereof (if any such receipt is reasonably available), other evidence of such payment or, if neither a receipt nor other evidence is available, a statement by the Borrower or such Borrowing Subsidiary confirming payment thereof.
(e)(i)  Each Lender and the Administrative Agent will, from time to time as requested by the Borrower or the Borrowing Subsidiary in writing, provide the Borrower or the Borrowing Subsidiary with any applicable forms, completed and signed, that may be required by the tax authority of a jurisdiction in order to certify such Lender’s or the Administrative Agent’s exemption from or applicable reduction in any applicable Taxes of such jurisdiction with respect to any and all payments that are subject to such an exemption or reduction to be made to such Lender or the Administrative Agent hereunder and under any Notes, if the Lender or the Administrative Agent is entitled to such an exemption or reduction.
(ii)    If a payment made to a Lender would be subject to United States federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of 

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the Code, as applicable), such Lender shall deliver to the Borrower, at the time or times prescribed by law and at such time or times reasonably requested in writing by the Borrower, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested in writing by the Borrower as may be necessary for the Borrower to comply with its obligations under FATCA, to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  For purposes of this Section 2.12(e)(ii) FATCA shall include amendments made to FATCA after the date of this Agreement.
(f)Notwithstanding anything contained herein to the contrary, the Borrower or the Borrowing Subsidiary shall not be required to pay any additional amounts pursuant to this Section on account of any Taxes of, or imposed by, the United States, to any Lender or the Administrative Agent (as the case may be) which is not entitled on the date on which it signed this Agreement (or, in the case of an assignee of a Lender, on the date on which the assignment to it became effective or, in the case of any Assuming Lender, on the date it signs the applicable Assumption Agreement), to submit Form W-8BEN (or Form W-8BEN-E, if applicable) or Form W-8ECI or a certification that it is a corporation or other entity organized in or under the laws of the United States or a state thereof, so as to establish a complete exemption from such Taxes with respect to all payments hereunder and under any Notes.  For any period with respect to which a Lender has failed to provide the Borrower or the Administrative Agent with the appropriate form or certificate pursuant to Section 2.12(f) (unless such failure is due to a change in treaty, law or regulation occurring subsequent to the date on which such form or certificate originally was required to be provided), or with respect to which any representation or certification on any such form or certificate is, or proves to be, materially incorrect, false or misleading when so made, such Lender shall not be entitled to receive additional amounts or indemnification under this Section 2.12 with respect to Taxes imposed by the United States and such Lender shall indemnify and reimburse the Borrower for any Taxes or Other Taxes which were required to be withheld but which were not withheld as a result of such Lender’s failure to provide the appropriate form or certificate of such Lender’s materially incorrect, false or misleading representations or certifications and for which the Borrower or such Borrowing Subsidiary subsequently is required to account, and does account, to the United States tax authorities; provided that if a Lender which is otherwise exempt from or subject to a reduced rate of withholding tax, becomes subject to Taxes because of its failure to deliver a form required hereunder, the Borrower shall take such steps (at such Lender’s cost and expense) as such Lender shall reasonably request to assist such Lender to recover such Taxes.
(g)At the request of Borrower or a Borrowing Subsidiary, any Lender claiming any additional amounts payable pursuant to this Section 2.12 shall use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to change the jurisdiction of its Applicable Lending Office if the making of such a change would avoid the need for, or reduce the amount of, any such additional amounts which may thereafter accrue and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.  The Borrower or such Borrowing Subsidiary shall reimburse such Lender for the Borrower’s or such Borrowing Subsidiary’s equitable share of such Lender’s reasonable expenses incurred in connection with such change or in considering such a change.

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(h)In the event that the Borrower makes an additional payment under Section 2.12(a) or 2.12(c) for the account of any Lender and such Lender, in its sole good faith opinion, determines that is has finally and irrevocably received a refund of any tax paid or payable by it in respect of or calculated with reference to the deduction or withholding giving rise to such additional payment, such Lender shall, to the extent that it determines that it can do so without prejudice to the retention of the amount of such refund, pay to the Borrower such amount as such Lender shall, in its sole good faith opinion, have determined is attributable to such deduction of withholding and will leave such Lender (after such payment) in no worse position than it would have been had the Borrower not been required to make such deduction or withholding.  Nothing contained herein shall (i) interfere with the right of a Lender to arrange its tax affairs in whatever manner it thinks fit or (ii) oblige any Lender to claim any refund or to disclose any information relating to its tax affairs or any computations in respect thereof or (iii) require any Lender to take or refrain from taking any action that would prejudice its ability to benefit from any other refund to which it may be entitled.
(i)Without prejudice to the survival of any other agreement of the Borrower and its Borrowing Subsidiaries hereunder, the agreements and obligations of the Borrower and its Borrowing Subsidiaries contained in this Section 2.12 shall survive the payment in full of principal and interest hereunder and under any Notes, provided, however, that the Borrower or such Borrowing Subsidiary has received timely notice of the assertion of any Taxes or Other Taxes in order for it to contest such Taxes or Other Taxes to the extent permitted by law.
SECTION 2.13.  Sharing of Payments, Etc.  If any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) on account of the Advances (whether for principal, interest, fees or otherwise) made by it (other than pursuant to Section 2.07, 2.10 or 2.12) in excess of its ratable share of payments on account of the Advances obtained by all the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in the Advances made by them as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of them, provided, however, that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and each such Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery together with an amount equal to such Lender’s ratable share (according to the proportion of (i) the amount of such Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered.  Each of the Borrower and any Borrowing Subsidiary agrees that any Lender so purchasing a participation from another Lender pursuant to this Section 2.13 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower or such Borrowing Subsidiary, as the case may be, in the amount of such participation.
SECTION 2.14.  Increase in the Aggregate Commitments.    The Borrower may, at any time but in any event not more than twice in any calendar year prior to the Termination Date, by notice to the Administrative Agent, request that the aggregate amount of the Commitments be increased by an amount of $10,000,000 or an integral multiple of $10,000,000 in excess thereof (each 

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a “Commitment Increase”) to be effective as of a date that is at least 45 days prior to the scheduled Termination Date (without giving effect to the proviso contained in the definition thereof) then in effect (the “Increase Date”) as specified in the related notice to the Administrative Agent; provided, however, that (i) in no event shall the aggregate amount of the Commitments at any time exceed $3,500,000,000 and (ii) the applicable conditions precedent set forth in Section 3.02 shall have been satisfied as of the date of such request and as of the applicable Increase Date.
(b)The Administrative Agent shall promptly notify the Lenders, if any, identified by the Borrower of a request by the Borrower for a Commitment Increase, which notice shall include (i) the proposed amount of such requested Commitment Increase, (ii) the proposed Increase Date and (iii) the date by which Lenders wishing to participate in the Commitment Increase must commit to an increase in the amount of their respective Commitments (the “Commitment Date”).  Each Lender so identified by the Borrower that is willing to participate in such requested Commitment Increase (each an “Increasing Lender”) shall give written notice to the Administrative Agent on or prior to the Commitment Date of the amount by which it is willing to increase its Commitment.  If such Lenders notify the Administrative Agent that they are willing to increase the amount of their respective Commitments by an aggregate amount that exceeds the amount of the requested Commitment Increase, the requested Commitment Increase shall be allocated among such Lenders willing to participate therein in such amounts as are agreed between the Borrower and the Administrative Agent.
(c)If the Borrower shall have requested any of the Lenders to participate in any Commitment Increase, promptly following each Commitment Date, the Administrative Agent shall notify the Borrower as to the amount, if any, by which the Lenders are willing to participate in the requested Commitment Increase.  If the aggregate amount by which the Lenders are willing to participate in any requested Commitment Increase on any such Commitment Date is less than the requested Commitment Increase, or if the Borrower shall elect not to request that any of the Lenders participate in such Commitment Increase, then the Borrower may extend offers to one or more financial institutions reasonably acceptable to the Administrative Agent to participate in such Commitment Increase or any portion of the requested Commitment Increase that has not been committed to by the Lenders, if any, so invited to increase Commitments pursuant to Section 2.14(b) as of the applicable Commitment Date; provided, however, that the Commitment of each such institution shall be in an amount of not less than $10,000,000.
(d)On each Increase Date, each institution that accepts an offer to participate in a requested Commitment Increase in accordance with Section 2.14(c) (each such institution and each Person that agrees to an extension of the Termination Date in accordance with Section 2.15(c), an “Assuming Lender”) shall become a Lender party to this Agreement as of such Increase Date and the Commitment of each Increasing Lender for such requested Commitment Increase shall be so increased by such amount (or by the amount allocated to such Lender pursuant to the last sentence of Section 2.14(b)) as of such Increase Date; provided, however, that the Administrative Agent shall have received on or before such Increase Date the following, each dated such date:
(i)(A) certified copies of resolutions of the Board of Directors of the Borrower or the Finance Committee of such Board approving the Commitment Increase and (B) an opinion 

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of counsel for the Borrower (which may be in-house counsel), in form and substance reasonably satisfactory to the Administrative Agent;
(ii)    an assumption agreement from each Assuming Lender, substantially in the form of Exhibit E hereto (each an “Assumption Agreement”), duly executed by such Assuming Lender, the Administrative Agent and the Borrower; and
(iii)    confirmation from each Increasing Lender of the increase in the amount of its Commitment in a writing reasonably satisfactory to the Borrower and the Administrative Agent.
On each Increase Date, upon fulfillment of the conditions set forth in the immediately preceding sentence of this Section 2.14(d), the Administrative Agent shall notify the Lenders (including, without limitation, each Assuming Lender) and the Borrower, on or before 1:00 P.M. (New York City time), by facsimile, of the occurrence of the Commitment Increase to be effected on such Increase Date and shall record in the Register the relevant information with respect to each Increasing Lender and each Assuming Lender on such date.  Each Increasing Lender and each Assuming Lender shall, before 2:00 P.M. (New York City time) on the Increase Date, purchase at par that portion of outstanding Advances of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances to be funded and held on a pro rata basis by the Lenders in accordance with their respective Commitments.
SECTION 2.15.  Extension of Termination Date.    At least 30 days but not more than 60 days prior to the next Anniversary Date, the Borrower, by written notice to the Administrative Agent, may request an extension of the Termination Date in effect at such time by one calendar year from its then scheduled expiration.  The Administrative Agent shall promptly notify each Lender of such request, and each Lender shall in turn, in its sole discretion, not later than 20 days prior to such Anniversary Date, notify the Borrower and the Administrative Agent in writing as to whether such Lender will consent to such extension.  The delivery of such notice shall constitute a representation and warranty that on the date of such notice (x) the representations and warranties contained in Section 4.01 are correct in all material respects on and as of the date of such notice (provided that, for the purposes of such representation, (A) all references in the representations and warranties contained in Section 4.01(e) to consolidated balance sheets, consolidated statements of income, cash flow and retained earnings for the Borrower and its Consolidated Subsidiaries shall be deemed to refer to the corresponding versions of those documents most recently delivered to the Administrative Agent pursuant to Section 5.01(e)(ii) prior to the date of the notice contemplated in this Section 2.15(a), (B) all references in the representations and warranties contained in Section 4.01(e) and 4.01(f) to “SEC Reports” shall be deemed to refer to the Borrower’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and current Reports on Form 8-K filed with the Securities and Exchange Commission prior to the date of such notice and (C) the final sentence of Section 4.01(e) shall be deemed revised to read “Except as set forth in the SEC Reports, since the date of the most recently delivered consolidated financial statements delivered to the Administrative Agent in accordance with Section 5.01(e)(ii), there has been no Material Adverse Change”; and (y) there exists no Default.  If any Lender shall fail to notify the Administrative Agent and the Borrower in writing of its consent to any such request for extension of the Termination Date prior to 20 days prior to such Anniversary Date, such Lender shall be deemed to be a Non-Consenting Lender with respect to such request.  The 

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Administrative Agent shall notify the Borrower not later than 15 days prior to such next Anniversary Date of the decision of the Lenders regarding the Borrower’s request for an extension of the Termination Date.
(b)If all of the Lenders consent in writing to any such request in accordance with subsection (a) of this Section 2.15, the Termination Date in effect at such time shall, effective as at such next Anniversary Date (the “Extension Date”), be extended for one calendar year; provided that on each Extension Date, the applicable conditions precedent set forth in Section 3.02 shall have been satisfied.  If Lenders holding more than 50% of the Commitments, but less than all of the Lenders, consent in writing to any such request in accordance with subsection (a) of this Section 2.15, the Termination Date in effect at such time shall, effective as at the applicable Extension Date, be extended as to those Lenders that so consented (each a “Consenting Lender”) but shall not be extended as to any other Lender (each a “Non-Consenting Lender”).  To the extent that the Termination Date is not extended as to any Lender pursuant to this Section 2.15 and the Commitment of such Lender is not assumed in accordance with subsection (c) of this Section 2.15 on or prior to the applicable Extension Date, the Commitment of such Non-Consenting Lender shall automatically terminate in whole on such unextended Termination Date without any further notice or other action by the Borrower, such Lender or any other Person; provided that such Non-Consenting Lender’s rights under Sections 2.10, 2.12 and 8.04, and its obligations under Section 7.05, shall survive the Termination Date for such Lender as to matters occurring prior to such date.  It is understood and agreed that no Lender shall have any obligation whatsoever to agree to any request made by the Borrower for any requested extension of the Termination Date.
(c)If less than all of the Lenders consent to any such request pursuant to subsection (a) of this Section 2.15, the Borrower may arrange for one or more Consenting Lenders or other Persons as Assuming Lenders (x) to assume, effective as of the Extension Date or such other date as may be agreed among the Borrower, the Non-Consenting Lender, such Consenting Lenders or Persons and the Administrative Agent, any Non-Consenting Lender’s Commitment and all of the obligations of such Non-Consenting Lender under this Agreement thereafter arising, without recourse to or warranty by, or expense to, such Non-Consenting Lender and (y) to accept, effective as of the Extension Date or such later date as any Assuming Lender executes and delivers an Assumption Agreement, the Termination Date applicable to Consenting Lenders; provided, however, that the amount of the Commitment of any such Assuming Lender as a result of such substitution shall in no event be less than $10,000,000 unless the amount of the Commitment of such Non-Consenting Lender is less than $10,000,000, in which case such Assuming Lender shall assume all of such lesser amount; and provided further that:
(i)any such Consenting Lender or Assuming Lender shall have paid to such Non-Consenting Lender (A) the aggregate principal amount of, and any interest accrued and unpaid to the effective date of the assignment on, the outstanding Advances, if any, owing to such Non-Consenting Lender plus (B) any accrued but unpaid facility fees owing to such Non-Consenting Lender as of the effective date of such assignment;
(ii)all additional costs reimbursements, expense reimbursements and indemnities payable to such Non-Consenting Lender, and all other accrued and unpaid amounts owing to 

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such Non-Consenting Lender hereunder, as of the effective date of such assignment shall have been paid to such Non-Consenting Lender; and
(iii)with respect to any such Assuming Lender, the applicable processing and recordation fee required under Section 8.07(a) for such assignment shall have been paid;
provided further that such Non-Consenting Lender’s rights under Sections 2.10, 2.12 and 8.04, and its obligations under Section 7.05, shall survive such substitution as to matters occurring prior to the date of substitution.  At least three Business Days prior to any Extension Date, (A) each such Assuming Lender, if any, shall have delivered to the Borrower and the Administrative Agent an Assumption Agreement, duly executed by such Assuming Lender, such Non-Consenting Lender, the Borrower and the Administrative Agent, (B) any such Consenting Lender shall have delivered confirmation in writing satisfactory to the Borrower and the Administrative Agent (acting reasonably) as to the increase in the amount of its Commitment and (C) each Non-Consenting Lender being replaced pursuant to this Section 2.15 shall have delivered to the Administrative Agent any Note or Notes held by such Non-Consenting Lender.  Upon the payment or prepayment of all amounts referred to in clauses (i), (ii) and (iii) of the immediately preceding sentence, each such Consenting Lender or Assuming Lender, as of the Extension Date, will be substituted for such Non-Consenting Lender under this Agreement and shall be a Lender for all purposes of this Agreement, without any further acknowledgment by or the consent of the other Lenders, and the obligations of each such Non-Consenting Lender hereunder shall, by the provisions hereof, be released and discharged.
(d)If Lenders holding more than 50% of the Commitments (before giving effect to any assignments pursuant to subsection (c) of this Section 2.15) consent in a writing delivered to the Administrative Agent to a requested extension (whether by execution or delivery of an Assumption Agreement or otherwise) not later than one Business Day prior to such Extension Date, the Administrative Agent shall so notify the Borrower, and, so long as the applicable conditions precedent set forth in Section 3.02 shall have been satisfied as of such Extension Date, or shall occur as a consequence thereof, the Termination Date then in effect shall be extended for the additional one-year period as described in subsection (a) of this Section 2.15, and all references in this Agreement, and in any Notes to the “Termination Date” shall, with respect to each Consenting Lender and each Assuming Lender for such Extension Date, refer to the Termination Date as so extended.  Promptly following each Extension Date, the Administrative Agent shall notify the Lenders (including, without limitation, each Assuming Lender) of the extension of the scheduled Termination Date in effect immediately prior thereto and shall thereupon record in the Register the relevant information with respect to each such Consenting Lender and each such Assuming Lender.
SECTION 2.16.  Evidence of Debt.    Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Advance owing to such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder in respect of Advances.  The Borrower agrees that upon notice by any Lender to the Borrower (with a copy of such notice to the Administrative Agent) to the effect that an Note is required or appropriate in order for such Lender to evidence (whether for purposes of pledge, enforcement or otherwise) the Advances 

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owing to, or to be made by, such Lender, the Borrower shall promptly execute and deliver to such Lender an Note payable to the order of such Lender in a principal amount up to the Commitment of such Lender.
(b)    The Register maintained by the Administrative Agent pursuant to Section 8.07(c) shall include a control account, and a subsidiary account for each Lender, in which accounts (taken together) shall be recorded (i) the date and amount of each Borrowing made hereunder, the Type of Advances comprising such Borrowing and, if appropriate, the Interest Period applicable thereto, (ii) the terms of each Assumption Agreement and each Assignment and Assumption delivered to and accepted by it, (iii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iv) the amount of any sum received by the Administrative Agent from the Borrower hereunder and each Lender’s share thereof.
(c)    Entries made in good faith by the Administrative Agent in the Register pursuant to subsection (b) above, and by each Lender in its account or accounts pursuant to subsection (a) above, shall be prima facie evidence of the amount of principal and interest due and payable or to become due and payable from the Borrower to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement, absent manifest error; provided, however, that the failure of the Administrative Agent or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this Agreement.
SECTION 2.17.  Defaulting Lenders.    Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, the Administrative Agent shall deliver written notice to such effect upon obtaining knowledge of such event to the Borrower and such Defaulting Lender, and the following provisions shall apply for so long as such Lender is a Defaulting Lender:
(i)facility fees shall cease to accrue on the Commitment of such Defaulting Lender pursuant to Section 2.03 to extent allocable to the outstanding principal amount of the Advances funded by it (and the Borrower shall not be required to pay such fee that otherwise would have been required to have been paid to that Defaulting Lender);
(ii)the Commitments of such Defaulting Lender shall not be included in determining whether all Lenders or the Required Lenders, as the case may be, have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 8.01); provided that such Defaulting Lender shall continue to have voting rights with respect to (x) any amendment, waiver or consent that would increase or extend such Defaulting Lender’s commitment or postpone any scheduled date of payment of or reduce the principal of, or interest on any Advances or fees owing to such Defaulting Lender (except as set forth in clause (i) above), (y) any amendment, waiver or consent modifying the terms of this proviso, or (z) any amendment, waiver or consent of all Lenders or each affected Lender which affects such Defaulting Lender differently than any other Lender or any other affected Lender, as the case may be; and

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(iii)any amount payable to such Defaulting Lender hereunder (whether on account of principal, interest, fees or otherwise and including any amount that would otherwise be payable to such Defaulting Lender pursuant to Section 2.13) shall be deemed to have satisfied such payment obligation owing to such Defaulting Lender but, in lieu of being distributed to such Defaulting Lender, subject to any applicable requirements of law, be applied (i) first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder, (ii) second, to the funding of any Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent and (iii) third, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction.
(b)If the Administrative Agent and the Borrower each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender or upon receipt by the Administrative Agent and the Borrower of the confirmation referred to in clause (iv) of the definition of “Defaulting Lender”, as applicable, then on such date such Lender shall purchase at par such portion of the Advances of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Advances ratably in accordance with its respective Commitment and such Lender shall cease to be a Defaulting Lender.  No change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.
SECTION 2.18  Replacement of Lenders.  If (a) any Lender requests compensation under Section 2.10, (b) any Lender delivers a notice from a Lender as described in Section 2.02(b)(i), (c) the Borrower is required to pay additional amounts to the Administrative Agent, any Lender or any governmental authority for the account of any Lender pursuant to Section 2.12 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 3(a), (d) any Lender is a Defaulting Lender or a Protesting Lender or (e) any Lender does not approve any consent, waiver or amendment that (x) requires the approval of all affected Lenders in accordance with the terms of Section 8.01 and (y) has been approved by the Required Lenders (a “Non-Approving Lender”), then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 8.07 (other than any requirement that such Lender being replaced consent or otherwise approve such assignment)), all of its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that:
(i)    the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 8.07;
(ii)    such Lender shall have received payment of an amount equal to the outstanding principal of its Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder (including any amounts under Section 8.04(c) 

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from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);
(iii)    in the case of any such assignment resulting from a claim for compensation under Section 2.10 or payments required to be made pursuant to Section 2.12, such assignment will result in a reduction in such compensation or payments thereafter; 
(iv)    such assignment does not conflict with applicable law; and
(v)    in the case of any assignment resulting from a Lender becoming a Non-Approving Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent.
A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.
SECTION 2.19.  Benchmark Replacement Setting.  On March 5, 2021 the Financial Conduct Authority (“FCA”), the regulatory supervisor of USD LIBOR’s administrator (“IBA”), announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next, 1-month, 3-month, 6-month and 12- month USD LIBOR tenor settings.  Notwithstanding anything to the contrary herein:
(a)Replacing USD LIBOR.  On the earlier of (i) the date that all Available Tenors of USD LIBOR have either permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication of information to be no longer representative and (ii) the Early Opt-in Effective Date, if the then-current Benchmark is USD LIBOR, the Benchmark Replacement will replace such Benchmark for all purposes hereunder in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other party to this Agreement.  If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis.
(b)Replacing Other and Future Benchmarks. Upon (i) the occurrence of a Benchmark Transition Event, the Benchmark Replacement will replace such Benchmark for all purposes hereunder in respect of any such Benchmark setting at or after 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders or (ii) an Early Opt-in Effective Date with respect to an Other Rate Early Opt-in Election, the Benchmark Replacement will replace such Benchmark for all purposes hereunder in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other party to this Agreement.  At any time that the administrator of any then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has been announced by the regulatory supervisor for the administrator or the administrator of such Benchmark pursuant to public 

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statement or publication of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored, (A) the Borrower may revoke any request for a borrowing of, conversion to or continuation of Advances to be made, converted or continued that would bear interest by reference to such Benchmark until the Borrower’s receipt of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark, and, failing that (1) with respect to amounts denominated in Dollars, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Advances and (2) with respect to amounts denominated in any currency other than Dollars, such request shall be deemed ineffective and (B) the obligation of the Lenders to make or maintain Advances referencing such Benchmark in the affected currency shall be suspended (to the extent of the affected amounts or Interest Periods (as applicable)) and any outstanding loans in such currency shall immediately or, in the case of a term rate at the end of the applicable Interest Period, be prepaid in full.  During the period referenced in the foregoing sentence, if a component of Base Rate is based upon the Benchmark, such component will not be used in any determination of Base Rate. 
(c)Benchmark Replacement Conforming Changes. In connection with the implementation and administration of any Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.
(d)Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Benchmark Replacement Conforming Changes.  For the avoidance of doubt, any notice required to be delivered by the Administrative Agent as set forth in this Section 2.19 may be provided, at the option of the Administrative Agent (in its sole discretion), in one or more notices and may be delivered together with, or as part of any amendment which implements any Benchmark Replacement or Benchmark Replacement Conforming Changes.  Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 2.19.
(e)Unavailability of Tenor of Benchmark. At any time (including in connection with the implementation of any Benchmark Replacement), (i) if any then-current Benchmark is a term rate (including Term SOFR or USD LIBOR), then the Administrative Agent may, in its reasonable discretion, remove any tenor of such Benchmark that is unavailable or non-representative for Benchmark (including Benchmark Replacement) settings and (ii) the Administrative Agent may, in its reasonable discretion, reinstate any such previously removed tenor for Benchmark (including Benchmark Replacement) settings.

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(f)Disclaimer. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to (i) the administration, submission or any other matter related to the London interbank offered rate, EURIBOR or other rates in the definition of “Eurocurrency Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation any Benchmark Replacement implemented hereunder), (ii) the composition or characteristics of any such Benchmark Replacement, including whether it is similar to, or produces the same value or economic equivalence to USD LIBOR, EURIBOR or any other Benchmark or have the same volume or liquidity as did USD LIBOR, EURIBOR or any other Benchmark, (iii) any actions or use of its discretion or other decisions or determinations made with respect to any matters covered by this Section 2.19 including, without limitation, whether or not a Benchmark Transition Event has occurred, the removal or lack thereof of unavailable or non-representative tenors, the implementation or lack thereof of any Benchmark Replacement Conforming Changes, the delivery or non-delivery of any notices required by clause (d) above or otherwise in accordance herewith, and (iv) the effect of any of the foregoing provisions of this Section 2.19.
(g)Certain Defined Terms.
As used in this Section 2.19:
“Available Tenor” means, subject to Section 2.19(e), as of any date of determination and with respect to any then-current Benchmark for any currency, as applicable, (x) if any then-current Benchmark for such currency is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of such date.
“Benchmark” means, initially, (i) with respect to amounts denominated in Dollars, USD LIBOR and (ii) with respect to any amounts denominated in Euro, EURIBOR; provided that if a replacement of an initial or subsequent Benchmark has occurred pursuant to this Section 2.19, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the published component used in the calculation thereof.
“Benchmark Replacement” means, for any Available Tenor:
(1)    For purposes of clause (a) of this Section, the first alternative set forth below that can be determined by the Administrative Agent:
(a)the sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration, 0.42826% (42.826 basis points) for an Available Tenor of six-months’ duration and 0.71513% (71.513 basis points) for an Available Tenor of twelve-months’ duration; provided, that if any Available Tenor of USD LIBOR does not correspond to an Available Tenor of Term SOFR, the Benchmark Replacement for such Available Tenor of USD LIBOR shall be the closest corresponding Available Tenor (based on tenor) for Term SOFR and if such 

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Available Tenor of USD LIBOR corresponds equally to two Available Tenors of Term SOFR, the corresponding tenor of Term SOFR with the shorter duration shall be applied, or
(b)the sum of: (i) Daily Simple SOFR and (ii) the spread adjustment selected or recommended by the Relevant Governmental Body for the replacement of the tenor of USD LIBOR with a SOFR-based rate having approximately the same length as the interest payment period specified in clause (a) of this Section (which spread adjustment, for the avoidance of doubt, shall be 0.11448% (11.448 basis points); and
(2)    For purposes of clause (b) of this Section, the sum of (a) the alternate benchmark rate and (b) an adjustment (which may be a positive or negative value or zero), in each case, that has been selected by the Administrative Agent and the Borrower as the replacement for such Available Tenor of such Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body, for syndicated credit facilities at such time denominated in the applicable currency in the U.S. syndicated loan market; 
provided that, if the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, the formula for calculating any successor rates identified pursuant to the definition of “Benchmark Replacement”, the formula, methodology or convention for applying the successor Floor to the successor Benchmark Replacement and other technical, administrative or operational matters) that the Administrative Agent reasonably determines may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent reasonably determines that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent reasonably determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).
“Benchmark Transition Event” means, with respect to any then-current Benchmark other than USD LIBOR, the occurrence of one or more of the following events: a public statement or publication of information by or on behalf of the administrator of any then-current Benchmark, the regulatory supervisor for the administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the central bank for the currency applicable to such Benchmark, an insolvency official with 

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jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark, announcing or stating that (a) such administrator has ceased or will cease on a specified date to provide all Available Tenors of such Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark or (b) all Available Tenors of such Benchmark are or will no longer be representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored.
“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.
“Early Opt-in Effective Date” means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders.
“Early Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of the following: 
(1)    (a) with respect to Dollars, a notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding Dollar denominated syndicated credit facilities in the U.S. syndicated loan market at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review); or (b) with respect to Euros, a notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding syndicated credit facilities which include Euros at such time in the U.S. syndicated loan market contain or are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the then current Benchmark with respect to Euros as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and  
(2)    in each case, the joint election by the Administrative Agent and the Borrower to trigger a fallback from USD LIBOR and the provision by the Administrative Agent of written notice of such election to the Lenders.

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“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the initial Benchmark for each currency provided for hereunder.
“Other Rate Early Opt-in Election” means an Early Opt-in Election has occurred under clause (1)(b) and (2) of the definition of “Early Opt-in Election”.
“Relevant Governmental Body” means (a) with respect to a Benchmark Replacement in respect of Dollars, the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto and (b) with respect to a Benchmark Replacement in respect of Euros, (1) the central bank for the currency in which such amounts are denominated hereunder or any central bank or other supervisor which is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (2) any working group or committee officially endorsed or convened by (A) the central bank for the currency in which such amounts are denominated, (B) any central bank or other supervisor that is responsible for supervising either (i) such Benchmark Replacement or (ii) the administrator of such Benchmark Replacement, (C) a group of those central banks or other supervisors or (D) the Financial Stability Board or any part thereof.
“SOFR” means a rate per annum equal to the secured overnight financing rate for such Business Day published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org (or any successor source for the secured overnight financing rate identified as such by the administrator of the secured overnight financing rate from time to time).
“Term SOFR” means, for the applicable corresponding tenor, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“USD LIBOR” means the London interbank offered rate for Dollars.

ARTICLE III
CONDITIONS OF LENDING
SECTION 3.01.  Precedent to Effectiveness of Section 2.01.  Section 2.01 of this Agreement shall become effective on and as of the first date (the “Closing Date”) on which the Administrative Agent shall have received, on or before the Closing Date, the following, each dated such date, in form and substance reasonably satisfactory to each Lender:
(a)If requested by such Lender pursuant to Section 2.16, a Note payable to the order of such Lender.
(b)Certified copies of (i) the resolutions of the Board of Directors of the Borrower approving this Agreement and the Notes and each Guaranty, and of all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this 

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Agreement and the Notes and (ii) such other documents as the Administrative Agent may reasonably require to evidence that the Borrower is duly incorporated, validly existing, in good standing and qualified to engage in business, in its jurisdiction of incorporation.
(c)A certificate of the Secretary or an Assistant Secretary of the Borrower certifying the names and true signatures of the officers of the Borrower authorized to sign this Agreement and the Notes and the other documents to be delivered hereunder.
(d)A certificate of a duly authorized officer of the Borrower certifying that the representations and warranties contained in Section 4.01 are correct in all material respects, on and as of such date (before and after giving effect to any Borrowing on such date and the application of the proceeds therefrom), as though made on and as of such date, and that no event has occurred and is continuing (or would result from any such Borrowing or application of the proceeds thereof) which constitutes a Default.
(e)A favorable opinion of Sidley Austin LLP, special counsel for the Borrower, in form and substance reasonably acceptable to the Administrative Agent.
(f)A favorable opinion of Shearman & Sterling LLP, counsel for the Administrative Agent, in form and substance reasonably acceptable to the Administrative Agent.
(g)Evidence reasonably satisfactory to the Administrative Agent that all amounts owing under each of the Existing Credit Agreements shall have been, or concurrently with the Closing Date hereunder shall be, paid in full, and all commitments of the lenders thereunder shall have been, or concurrently with the Closing Date shall be, terminated in accordance with the terms of the respective Existing Credit Agreements and each of the Lenders that is a party to an Existing Credit Agreement hereby waives, upon execution of this Agreement, any prior notice required by such Existing Credit Agreement relating to the termination of commitments thereunder.
SECTION 3.02.  Conditions Precedent to Each Borrowing, Commitment Increase and Extension Date.  The obligation of each Lender to make an Advance on the occasion of each Borrowing (including the initial Borrowing), each Commitment Increase and each extension of the Commitments pursuant to Section 2.15 shall be subject to the further conditions precedent that on the date of such Borrowing, the applicable Increase Date or the applicable Extension Date the following statements shall be true (and each of the giving of the applicable Notice of Borrowing, request for Commitment Increase, request for Commitment extension and the acceptance by the Borrower or any Borrowing Subsidiary of the proceeds of such Borrowing shall constitute a representation and warranty by the Borrower that on the date of such Borrowing, such Increase Date or such Extension Date such statements are true):
(a)The representations and warranties contained in Section 4.01 (other than, in the case of a Borrowing, the last sentence of Section 4.01(e) and Section 4.01(f)(i)) are correct in all material respects (except to the extent already qualified by materiality or material adverse 

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effect), on and as of the date of such Borrowing, such Commitment Increase or such Extension Date, before and after giving effect thereto, and to the application of the proceeds therefrom, as though made on and as of such date, and
(b)No event has occurred and is continuing, or would result from such Borrowing, such Commitment Increase or such Extension Date or from the application of the proceeds therefrom, which constitutes a Default.
SECTION 3.03  Determinations Under Section 3.01.  For purposes of determining compliance with the conditions specified in Section 3.01, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless an officer of the Administrative Agent responsible for the transactions contemplated by this Agreement shall have received notice from such Lender prior to the initial Borrowing specifying its objection thereto.
ARTICLE IV
REPRESENTATIONS AND WARRANTIES
SECTION 4.01.  Representations and Warranties of the Borrower.  The Borrower represents and warrants as follows:
(a)The Borrower is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation.
(b)The execution, delivery and performance by the Borrower of this Agreement and the Notes are within the Borrower’s corporate powers, have been duly authorized by all necessary corporate action, and do not contravene (i) the Borrower’s charter or by-laws or (ii) applicable law or any material contractual restriction binding on or affecting the Borrower.
(c)No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due execution, delivery and performance by the Borrower of this Agreement or the Notes.
(d)This Agreement is, and each of the Notes when executed and delivered hereunder will be, the legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with their respective terms, except as the same may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally, or by general principles of equity.
(e)The consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as at December 31, 2020 and the related consolidated statements of income, cash flow and retained earnings of the Borrower and its Consolidated Subsidiaries for the fiscal year then ended, accompanied by a report of PricewaterhouseCoopers LLP, independent registered public accounting firm, copies of which have been furnished to each Bank, fairly present the 

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consolidated financial condition of the Borrower and its Consolidated Subsidiaries as at such date and the consolidated results of the operations of the Borrower and its Consolidated Subsidiaries for the period ended on such date, all in accordance with generally accepted accounting principles consistently applied (except for mandated changes in accounting disclosed in such financial statements).  Except as set forth in the SEC Reports or otherwise disclosed to each of the Banks in writing prior to the date hereof, since December 31, 2020 there has been no Material Adverse Change; provided that the representation made in the last sentence of this Section 4.01(e) shall only be made (or deemed made) on the  Closing Date and on each date on which the Borrower shall request an increase of the Commitments pursuant to Section 2.14(a) or an extension of the Termination Date pursuant to Section 2.15(a).
(f)There is no pending or (to the knowledge of the Borrower) threatened action or proceeding, including, without limitation, any Environmental Action, affecting the Borrower or any of its Subsidiaries before any court, governmental agency or arbitrator that (i) is reasonably likely to have a Material Adverse Effect, other than as disclosed in the SEC Reports or on Schedule 4.01(f) (the “Disclosed Litigation”), and there has been no change in the status, or financial effect on the Borrower or any of its Subsidiaries, of the Disclosed Litigation from that described in the SEC Reports or on Schedule 4.01(f) which is reasonably likely to have a Material Adverse Effect or (ii) purports to affect the legality, validity or enforceability of this Agreement or any Note or Guaranty; provided that the representation made in clause (i) of this Section 4.01(f) shall only be made (or deemed made) on the Closing Date, each Increase Date and each date on which the Borrower shall request an extension of the Termination Date pursuant to Section 2.15(a).
(g)None of the Borrower or any of its Subsidiaries is engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System), and no proceeds of any Advance will be used in such manner as to cause any Lender to be in violation of such Regulation U.
(h)The Borrower and each Subsidiary are in compliance in all material respects with the requirements of all applicable laws, rules, regulations and orders of any governmental authority, non-compliance with which would have a Material Adverse Effect.
(i)In the ordinary course of its business, the Borrower conducts reviews (which reviews are in varying stages of implementation) of the effect of Environmental Laws on the business, operations and properties of the Borrower and its Subsidiaries, in the course of which it identifies and evaluates associated liabilities and costs.  On the basis of these reviews, the Borrower has reasonably concluded that Environmental Laws are unlikely to have a Material Adverse Effect.
(j)Except as would not reasonably be expected to result in liability to the Borrower having a Material Adverse Effect, no ERISA Event has occurred with respect to any Plan and neither the Borrower nor, to the knowledge of Borrower, any ERISA Affiliate is aware of any fact, event or circumstance that is reasonably expected to constitute or result in an ERISA Event with respect to any Plan.

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(k)Except as would not reasonably be expected to result in liability to the Borrower having a Material Adverse Effect, neither the Borrower nor, to the knowledge of the Borrower, any of its ERISA Affiliates has incurred, or is reasonably expected to incur, any Withdrawal Liability to any Multiemployer Plan.
(l)Except as would not reasonably be expected to result in liability to the Borrower having a Material Adverse Effect, neither the Borrower has nor, to the knowledge of the Borrower, any of its ERISA Affiliates have been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is or has been, or reasonably expected to be insolvent or terminated, within the meaning of Title IV of ERISA, or determined to be in “endangered” or “critical” status within the meaning of Section 432 of the Code or Section 305 of ERISA.
(m)Except as set forth in the financial statements described in Section 4.01(e) or delivered pursuant to Section 5.01(e), the Borrower and its Subsidiaries have no liability with respect to “expected postretirement benefit obligations” within the meaning of Statement of Financial Accounting Standards No. 106 that would reasonably be expected to have a Material Adverse Effect.
(n)The Borrower and each Subsidiary have filed all material tax returns (Federal, state and local) required to be filed and paid all taxes shown thereon to be due, including interest and penalties other than those not yet delinquent and except for those contested in good faith, or provided adequate reserves for payment thereof.
(o)The Borrower is not an “investment company”, or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended.
(p)The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions, and the Borrower and its Subsidiaries and, to the knowledge of the Borrower, their respective directors, officers and employees, are in compliance with Anti-Corruption Laws, except to the extent the failure to do so would not have a Material Adverse Effect, and applicable Sanctions in all material respects.  None of (a) the Borrower, any Subsidiary or to the knowledge of the Borrower or such Subsidiary, any of their respective directors, officers or employees or any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.   No Borrowing is intended to be used for the purpose of violating any Anti-Corruption Law or in violation of applicable Sanctions.
(q)Neither the Borrower nor any Borrowing Subsidiary is an Affected Financial Institution.
(r)Each Beneficial Ownership Certification delivered in connection with this Agreement is, as of the date such document is delivered, true and correct in all respects.

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ARTICLE V
COVENANTS OF THE BORROWER
SECTION 5.01  Affirmative Covenants.  So long as any Advance shall remain unpaid or any Lender shall have any Commitment hereunder, the Borrower will, unless the Required Lenders shall otherwise consent in writing:
(a)Preservation of Corporate Existence, Etc.  Preserve and maintain, and cause each Significant Subsidiary to preserve and maintain, its corporate existence except as permitted under Section 5.02(b); provided, however, that the Borrower or any Significant Subsidiary shall not be required to preserve the corporate existence of any Significant Subsidiary if the Board of Directors of the Borrower shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Borrower or such Significant Subsidiary, as the case may be, and that the liquidation thereof is not disadvantageous in any material respect to the Lenders.
(b)Compliance with Laws, Etc.  Comply, and cause each of its Subsidiaries to comply, in all material respects with all applicable laws, rules, regulations and orders, where any failure to comply would have a Material Adverse Effect, such compliance to include, without limitation, paying before the same become delinquent all material taxes, assessments and governmental charges imposed upon it or upon its property except to the extent contested in good faith; and maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions.
(c)Maintenance of Properties, Etc.  Maintain and preserve, and cause each Significant Subsidiary to maintain and preserve, all of its properties which are used or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted, except where the failure to do so would not be reasonably likely to have a Material Adverse Effect.
(d)Maintenance of Insurance.  Maintain, and cause each Significant Subsidiary to maintain, insurance with responsible and reputable insurance companies or associations (including affiliated companies) for such amounts, covering such risks and with such deductibles as is usually carried by companies of comparable size engaged in similar businesses and owning similar properties in the same general areas in which the Borrower or such Subsidiary operates, or maintain a sound self-insurance program for such risks as may be prudently self-insured.
(e)Reporting Requirements.  Furnish to the Administrative Agent (and the Administrative Agent shall promptly furnish copies thereof to the Lenders via Debt Domain or other similar password-protected restricted internet site):
(i)as soon as available and in any event within 60 days after the end of each of the first three quarters of each fiscal year of the Borrower, a consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of the end of such 

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quarter and related consolidated statements of income and cash flow for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, prepared in accordance with generally accepted accounting principles applicable to interim statements and certified by the treasurer, chief financial officer or corporate controller of the Borrower, provided that financial statements required to be delivered pursuant to this clause (i) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date on which such documents are posted on the Borrower’s behalf on an internet or intranet website, if any, to which each Lender and the Administrative Agent have access and the Lenders and the Administrative Agent may rely on such documents to the same extent as if such documents had been delivered to each of them directly;
(ii)as soon as available and in any event within 105 days after the end of each fiscal year of the Borrower, a copy of the annual report for such year for the Borrower and its Consolidated Subsidiaries, containing consolidated financial statements for such year certified without exception as to scope by PricewaterhouseCoopers LLP or other independent registered public accounting firm reasonably acceptable to the Required Lenders, provided that if different components of such consolidated financial statements are separately audited by different independent public accounting firms, then the audit report of any such accounting firm may contain a qualification or exception as to scope of such audit insofar as it is limited to the specified component of such consolidated financial statements, provided, further, that financial statements required to be delivered pursuant to this clause (ii) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date on which such documents are posted on the Borrower’s behalf on an internet or intranet website, if any, to which each Lender and the Administrative Agent have access and the Lenders and the Administrative Agent may rely on such documents to the same extent as if such documents had been delivered to each of them directly;
(iii)concurrently with the financial statements delivered pursuant to clause (ii) above, a certificate of the treasurer, chief financial officer or corporate controller of the Borrower, and concurrently with the financial statements delivered pursuant to clause (i) above, a certificate of the treasurer or corporate controller of the Borrower, stating in each case that a review of the activities of the Borrower and its Consolidated Subsidiaries during the preceding quarter or fiscal year, as the case may be, has been made under his or her supervision to determine whether the Borrower has fulfilled all of its respective obligations under this Agreement and the Notes, and also stating that, to the best of his or her knowledge, (x) no Default has occurred, or (y) if any Default exists, specifying such Default, the nature and status thereof, and the action the Borrower is taking or proposes to take with respect thereto; 
(iv)as soon as possible and in any event within five days after the occurrence of each Default continuing on the date of such statement, a statement of the 

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chief financial officer of the Borrower setting forth details of such Default and the action which the Borrower has taken and proposes to take with respect thereto;
(v)promptly after the filing or receiving thereof (or after the Borrower obtains knowledge of the filing or receiving thereof by an ERISA Affiliate), each notice that the Borrower or any ERISA Affiliate receives from the PBGC regarding the Insufficiency of any Single Employer Plan in connection with a distress termination of such Plan under Title IV of ERISA and, following any request therefore by the Administrative Agent or any Lender,  copies of each Form 5500 annual return/report (including Schedule SB thereto) filed with respect to each Plan under ERISA with the Department of Labor; 
(vi)promptly following any request therefor, provide information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act and the Beneficial Ownership Regulation (if applicable); and
(vii)such other information respecting the condition or operations, financial or otherwise, of the Borrower or any of its Subsidiaries as any Lender through the Administrative Agent may from time to time reasonably request.
SECTION 5.02  Negative Covenants.  So long as any Advance shall remain unpaid or any Lender shall have any Commitment hereunder, the Borrower will not, without the written consent of the Required Lenders:
(a)Liens, Etc.  Create or suffer to exist, or permit any of its Principal Domestic Subsidiaries to create or suffer to exist, any Lien on any Restricted Property, whether now owned or hereafter acquired, without making effective provision (and the Borrower covenants and agrees that it will make or cause to be made effective provision) whereby the Advances shall be directly secured by such Lien equally and ratably with (or prior to) all other indebtedness secured by such Lien as long as such other indebtedness shall be so secured; provided, however, that there shall be excluded from the foregoing restrictions:
(i)Liens securing Debt not exceeding $100,000,000 which are existing on the date hereof on Restricted Property; and, if any property now owned or leased by Borrower or by a present Principal Domestic Subsidiary at any time hereafter becomes a Principal Domestic Manufacturing Property, any Liens existing on the date hereof on such property securing the Debt now secured or evidenced thereby;
(ii)Liens on Restricted Property of a Principal Domestic Subsidiary as security for Debt of such Subsidiary to the Borrower or to another Principal Domestic Subsidiary;
(iii)in the case of any corporation which becomes a Principal Domestic Subsidiary after the date of this Agreement, Liens on Restricted Property of such 

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Principal Domestic Subsidiary which are in existence at the time it becomes a Principal Domestic Subsidiary and which were not incurred in contemplation of its becoming a Principal Domestic Subsidiary;
(iv)any Lien existing prior to the time of acquisition of any Principal Domestic Manufacturing Property acquired by the Borrower or a Principal Domestic Subsidiary after the date of this Agreement through purchase, merger, consolidation or otherwise;
(v)any Lien on any Principal Domestic Manufacturing Property (other than a Major Domestic Manufacturing Property) acquired or constructed by the Borrower or a Principal Domestic Subsidiary after the date of this Agreement, which is placed on such Property at the time of or within 180 days after the acquisition thereof or prior to, at the time of or within 180 days after completion of construction thereof to secure all or a portion of the price of such acquisition or construction or funds borrowed to pay all or a portion of the price of such acquisition or construction;
(vi)extensions, renewals or replacements of any Lien referred to in clause (i), (iii), (iv) or (v) of this subsection (a) to the extent that the principal amount of the Debt secured or evidenced thereby is not increased, provided that the Lien is not extended to any other Restricted Property unless the aggregate value of Restricted Property encumbered by such Lien is not materially greater than the value (as determined at the time of such extension, renewal or replacement) of the Restricted Property originally encumbered by the Lien being extended, renewed or replaced;
(vii)Liens imposed by law, such as carriers’, warehousemen’s, mechanics’, materialmen’s, vendors’ and landlords’ liens, and Liens arising out of judgments or awards against the Borrower or any Principal Domestic Subsidiary which are (x) immaterial or (y) with respect to which the Borrower or such Subsidiary at the time shall currently be prosecuting an appeal or proceedings for review and with respect to which it shall have secured a stay of execution pending such appeal or proceedings for review;
(viii)minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, and zoning or other restrictions as to the use of any Principal Domestic Manufacturing Property, which exceptions, encumbrances, easements, reservations, rights and restrictions do not, in the opinion of the Borrower, in the aggregate materially detract from the value of such Principal Domestic Manufacturing Property or materially impair its use in the operation of the business of the Borrower and its Principal Domestic Subsidiaries; and
(ix)any Lien on Restricted Property not referred to in clauses (i) through (viii) of this subsection (a) if, at the time such Lien is created, incurred, assumed or suffered to be created, incurred or assumed, and after giving effect thereto and to the 

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Debt secured or evidenced thereby, the aggregate amount of all outstanding Debt of the Borrower and its Principal Domestic Subsidiaries secured or evidenced by Liens on Restricted Property which are not referred to in clauses (i) through (viii) of this subsection (a) and which do not equally and ratably secure the Advances shall not exceed 15% of Consolidated Net Tangible Assets.
If at any time the Borrower or any Principal Domestic Subsidiary shall create, incur or assume or suffer to be created, incurred or assumed any Lien on Restricted Property by which the Advances are required to be secured pursuant to the requirements of this subsection (a), the Borrower will promptly deliver to each Lender an opinion, in form and substance reasonably satisfactory to the Required Lenders, of the General Counsel of the Borrower (so long as the General Counsel is able to render an opinion as to the relevant local law) or other counsel reasonably satisfactory to the Required Lenders, to the effect that the Advances have been secured in accordance with such requirements.
(b)Mergers, Etc.  Merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to, any Person, or permit any of its Significant Subsidiaries to do so, except that (i) any Subsidiary of the Borrower may merge or consolidate with or into, or transfer assets to, any other Subsidiary of the Borrower, (ii) any Subsidiary of the Borrower may merge or consolidate with or into or transfer assets to the Borrower, (iii) the Borrower may merge with or transfer assets to, and any Subsidiary of the Borrower may merge or consolidate with or into or transfer assets to, any other Person, provided that (A) in each case, immediately after giving effect to such proposed transaction, no Default would exist, (B) in the case of any such merger to which the Borrower is a party, the Borrower is the surviving corporation and (C) in the case of any such merger or consolidation of a Borrowing Subsidiary of the Borrower with or into any other Person, the Borrower shall remain the guarantor of such Subsidiary’s obligations hereunder, and (iv) the Borrower may liquidate or dissolve any Subsidiary if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and not materially disadvantageous to the Lenders.
(c)Use of Proceeds.  Use, or permit any of its Subsidiaries to use, any proceeds of any Advance for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System), or to extend credit to others for such purpose, if, following application of the proceeds of such Advance, more than 25% of the value of the assets of the Borrower only or of the Borrower and its Subsidiaries on a consolidated basis, or, during any period in which any Advance made to a Borrowing Subsidiary is outstanding, of such Borrowing Subsidiary only or of such Borrowing Subsidiary and its Subsidiaries on a consolidated basis, which are subject to the restrictions of Section 5.02(a) or subject to any restriction contained in any agreement or instrument between the Borrower and any Lender or any Affiliate of any Lender, relating to Debt and within the 

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scope of Section 6.01(d) (without giving effect to any limitation in principal amount contained therein) will be margin stock (as defined in such Regulation U); or request any Borrowing, or use, or permit its Subsidiaries and its or their respective directors, officers and employees to use, the proceeds of any Borrowing (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) in any manner that would result in the violation of Sanctions, for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of  any Sanctions applicable to any party hereto.
ARTICLE VI
EVENTS OF DEFAULT
SECTION 6.01.  Events of Default.  If any of the following events (“Events of Default”) shall occur and be continuing:
(a)The Borrower or any Borrowing Subsidiary shall fail to pay when due any principal of any Note or to pay, within five days after the date when due, the interest on any Note, any fees or any other amount payable hereunder or under any Guaranty; or
(b)Any representation or warranty made by the Borrower herein or by the Borrower (or any of its officers) in connection with this Agreement or any Guaranty shall prove to have been incorrect in any material respect when made; or
(c)The Borrower shall fail to perform or observe (i) any term, covenant or agreement contained in Section 5.01(a) (as to the Borrower), 5.01(e)(iv) or 5.02, or (ii) any other term, covenant or agreement contained in this Agreement (other than those referred to in clauses (a) and (b) of this Section 6.01) on its part to be performed or observed if the failure to perform or observe such other term, covenant or agreement referred to in this clause (ii) shall remain unremedied for 30 days after written notice thereof shall have been given to the Borrower by the Administrative Agent or any Lender; or
(d)The Borrower or any of its Significant Subsidiaries shall fail to pay any principal of or premium or interest on any Debt which is outstanding in a principal amount of at least $150,000,000 in the aggregate (but excluding Debt outstanding hereunder) of the Borrower or such Subsidiary (as the case may be), when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt; or any other event shall occur or condition shall exist under any agreement or instrument relating to any such Debt and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate the maturity of such Debt; or any such Debt shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), prior to the stated maturity thereof; or

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(e)The Borrower or any of its Significant Subsidiaries shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Borrower or any of its Significant Subsidiaries seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed and unstayed for a period of 60 days, or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or the Borrower or any of its Significant Subsidiaries shall take any corporate action to authorize any of the actions set forth above in this subsection (e); or
(f)Any judgment or order for the payment of money in excess of $150,000,000 (calculated after deducting from the sum so payable each amount thereof which will be paid by any insurer that is not an Affiliate of the Borrower to the extent such insurer has confirmed in writing its obligation to pay such amount with respect to such judgment or order) shall be rendered against the Borrower or any of its Significant Subsidiaries and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall be any period of 30 (or 60, in the case of any foreign judgment or order) consecutive days during which such judgment or order shall remain unsatisfied and a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or
(g)The Borrower shall have incurred or, in the reasonable opinion of the Required Lenders, is reasonably expected to incur, liability having a Material Adverse Effect as a result of one or more of the following events which shall have occurred:  (i) any ERISA Event; (ii) the partial or complete withdrawal of the Borrower or any of its ERISA Affiliates from a Multiemployer Plan; or (iii) the insolvency or termination of a Multiemployer Plan; or
(h)Any Guaranty or any provision of any Guaranty after delivery thereof pursuant to Section 8.06(b) shall for any reason cease to be valid and binding on the Borrower, or the Borrower shall so state in writing;
then, and in any such event, the Administrative Agent (i) shall at the request, or may with the consent of the Required Lenders, by notice to the Borrower, declare the obligation of each Lender to make Advances to be terminated, whereupon the same shall forthwith terminate, and (ii) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the Advances, all interest thereon and all other amounts payable under this Agreement to be forthwith due and payable, whereupon the Advances, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are 

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hereby expressly waived by the Borrower; provided, however, that in the event of an actual or deemed entry of an order for relief with respect to the Borrower or any of its Subsidiaries which borrows hereunder under the Federal Bankruptcy Code, (A) the obligation of each Lender to make Advances shall automatically be terminated and (B) the Advances, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower.  The Lenders giving any notice hereunder shall give copies thereof to the Administrative Agent, but failure to do so shall not impair the effect of such notice.
In the event the Borrower assigns to one or more Subsidiaries the right to borrow under this Agreement (as provided in Section 8.06), each reference in this Article VI to the Borrower shall be a reference to each such Subsidiary as well as to the Borrower.
ARTICLE VII
THE ADMINISTRATIVE AGENT
SECTION 7.01.  Appointment and Authority.  Each of the Lenders hereby irrevocably appoints Citibank to act on its behalf as the Administrative Agent hereunder and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto.  The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and, except to the extent expressly set forth in Section 7.07, the Borrower shall not have rights as a third-party beneficiary of any of such provisions.  It is understood and agreed that the use of the term “agent” herein (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law.  Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.
SECTION 7.02.  Rights as a Lender.  The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity.  Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for, and generally engage in any kind of business with, the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.
SECTION 7.03.  Exculpatory Provisions.  (a) The Administrative Agent shall not have any duties or obligations except those expressly set forth herein, and its duties hereunder shall be administrative in nature.  Without limiting the generality of the foregoing, the Administrative Agent:
(i)    shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

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(ii)    shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein); provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to this Agreement or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any debtor relief law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any debtor relief law; and
(iii)    shall not, except as expressly set forth herein, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.
(b)    The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 8.01 and 6.01), or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment.  The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent in writing by the Borrower or a Lender.
(c)    The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article III or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.
SECTION 7.04.  Reliance by Administrative Agent.  The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.  The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.  In determining compliance with any condition hereunder to the making of an Advance that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary 

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from such Lender prior to the making of such Advance.  The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.
SECTION 7.05.  Indemnification.  The Lenders agree to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower), ratably according to the respective principal amounts of the Advances then owed to each of such Lenders (or if no Advances are at the time outstanding or if any Notes are held by Persons that are not Lenders, ratably according to the respective amounts of their Commitments), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against the Administrative Agent (in its capacity as such) in any way relating to or arising out of this Agreement or any action taken or omitted by the Administrative Agent under this Agreement, provided that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s gross negligence or willful misconduct.  Without limitation of the foregoing, each Lender agrees to reimburse the Administrative Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including counsel fees) incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, to the extent that the Administrative Agent is not reimbursed for such expenses by the Borrower.
SECTION 7.06.  Delegation of Duties.  The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder by or through any one or more sub-agents appointed by the Administrative Agent.  The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties.  The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent.  The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.
SECTION 7.07.  Resignation of Administrative Agent.  (a) The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right, so long as no Event of Default has occurred and is continuing, subject to the consent of the Borrower, which approval shall not be unreasonably withheld or delayed, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders, appoint 

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a successor Administrative Agent meeting the qualifications set forth above.  Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.
(b)    If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (v) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, so long as no Event of Default has occurred and is continuing, subject to the consent of the Borrower, which approval shall not be unreasonably withheld or delayed, appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.
(c)    With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and (2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders with, if applicable, the consent of the Borrower, appoint a successor Administrative Agent as provided for above.  Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent, and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder.  The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor.  After the retiring or removed Administrative Agent’s resignation or removal hereunder, the provisions of this Article and Section 8.04 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent.
SECTION 7.08.  Non-Reliance on Administrative Agent and Other Lenders
.  Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.  Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement or any related agreement or any document furnished hereunder.
SECTION 7.09.  No Other Duties, etc.  Anything herein to the contrary notwithstanding, none of the bookrunners, arrangers, syndication agents or documentation agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement, 

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except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder.
SECTION 7.10.  Certain ERISA Matters.  (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any Borrowing Subsidiary, that at least one of the following is and will be true:
(i)     such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Advances, the Commitments or this Agreement,
(ii)     the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Advances, the Commitments and this Agreement,
(iii)     (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Advances, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Advances, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Advances, the Commitments and this Agreement, or
(iv)     such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.
(b)    In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of 

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doubt, to or for the benefit of the Borrower or any Borrowing Subsidiary, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Advances, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement or any documents related hereto).
As used in this Section:
“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.
“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.
SECTION 7.11.  Erroneous Payments.  (a) If the Administrative Agent (x) notifies a Lender, or any Person who has received funds on behalf of a Lender (any such Lender or other recipient (and each of its successors and assigns), a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds (as set forth in such notice from the Administrative Agent) received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Issuing Bank, Secured Party or other Payment Recipient on its behalf)  (any such funds, whether transmitted or received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”) and (y) demands in writing the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent pending its return or repayment as contemplated below in this Section 7.11 and held in trust for the benefit of the Administrative Agent, and such Lender shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of (A) the Federal Funds Rate in the case of Advances denominated in Dollars or the cost of funds incurred by the Administrative Agent in respect of such amount in the case of Advances denominated in Euros and (B) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank 

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compensation from time to time in effect.  A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.
(b)    Without limiting immediately preceding clause (a), each, or any Person who has received funds on behalf of a Lender (and each of its successors and assigns), hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in this Agreement or in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), then in each such case:
(i)It acknowledges and agrees that (A) in the case of immediately preceding clauses (x) or (y), an error and mistake shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error and mistake has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and

(ii)such Lender shall (and shall use commercially reasonable efforts to cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of the occurrence of any of the circumstances described in immediately preceding clauses (x), (y) and (z)) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 7.11(b).

For the avoidance of doubt, the failure to deliver a notice to the Administrative Agent pursuant to this Section 7.11(b) shall not have any effect on a Payment Recipient’s obligations pursuant to Section 7.11(a) or on whether or not an Erroneous Payment has been made.
(c)    Each Lender hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such under this Agreement, or otherwise payable or distributable by the Administrative Agent to such Lender under this Agreement with respect to any payment of principal, interest, fees or other amounts, against any amount that the Administrative Agent has demanded to be returned under immediately preceding clause (a).
(d)    (i) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor in accordance with immediately preceding clause (a), from any Lender that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its 

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respective behalf)  (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative Agent’s notice to such Lender at any time, then effective immediately (with the consideration therefor being acknowledged by the parties hereto), (A) such Lender shall be deemed to have assigned its Advances (but not its Commitments ) in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Advances (but not Commitments), the “Erroneous Payment Deficiency Assignment”) (on a cashless basis and such amount calculated at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance)), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Assumption (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an approved electronic platform as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any Notes evidencing such Advances to the Borrower or the Administrative Agent (but the failure of such Person to deliver any such Notes shall not affect the effectiveness of the foregoing assignment), (B) the Administrative Agent as the assignee Lender shall be deemed to have acquired the Erroneous Payment Deficiency Assignment, (C) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender, (D) the Administrative Agent and the Borrower shall each be deemed to have waived any consents required under this Agreement to any such Erroneous Payment Deficiency Assignment, and (E) the Administrative Agent will reflect in the Register its ownership interest in the Advances subject to the Erroneous Payment Deficiency Assignment.  For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement.  
(ii)  Subject to Section 8.06 (but excluding, in all events, any assignment consent or approval requirements (whether from the Borrower or otherwise)), the Administrative Agent may, in its discretion, sell any Advances acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender shall be reduced by the net proceeds of the sale of such Advance (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender (and/or against any recipient that receives funds on its respective behalf). In addition, an Erroneous Payment Return Deficiency owing by the applicable Lender (x) shall be reduced by the proceeds of prepayments or repayments of principal and interest, or other distribution in respect of principal and interest, received by the Administrative Agent on or with respect to any such Advances acquired from such Lender pursuant to an Erroneous Payment Deficiency Assignment (to the extent that any such Advances are then owned by the Administrative Agent) and (y) may, in the sole discretion of the Administrative Agent, be reduced by any amount specified by the Administrative Agent in writing to the applicable Lender from time to time.
(e)    The parties hereto agree that (x) irrespective of whether the Administrative Agent may be equitably subrogated, in the event that an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) 

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for any reason, the Administrative Agent shall be subrogated to all the rights and interests of such Payment Recipient (and, in the case of any Payment Recipient who has received funds on behalf of a Lender, to the rights and interests of such Lender) under this Agreement with respect to such amount (the “Erroneous Payment Subrogation Rights”) (provided that the Borrower’s obligations under this Agreement in respect of the Erroneous Payment Subrogation Rights shall not be duplicative of such obligations in respect of Advances that have been assigned to the Administrative Agent under an Erroneous Payment Deficiency Assignment) and (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any obligations owed by the Borrower or any Borrowing Subsidiary; provided that this Section 7.11 shall not be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or accelerating the due date for), the obligations of the Borrower relative to the amount (and/or timing for payment) of the obligations that would have been payable had such Erroneous Payment not been made by the Administrative Agent; provided, further, that for the avoidance of doubt, immediately preceding clauses (x) and (y) shall not apply to the extent any such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower for the purpose of making such Erroneous Payment. 
(f)    To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including without limitation any defense based on “discharge for value” or any similar doctrine.
(g)    Each party’s obligations, agreements and waivers under this Section 7.11 shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all obligations (or any portion thereof) of the Borrower and the Borrowing Subsidiaries under this Agreement.
ARTICLE VIII
MISCELLANEOUS
SECTION 8.01.  Amendments, Etc.  No amendment or waiver of any provision of this Agreement or the Notes, nor consent to any departure by the Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Borrower and the Required Lenders, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no amendment, waiver or consent shall, unless in writing and signed by the Borrower and each of the Lenders adversely affected thereby, do any of the following:  (a) waive any of the conditions specified in Section 3.01 or 3.02 (if and to the extent that the Borrowing for which such condition or conditions are waived would result in an increase in the aggregate amount of Advances over the aggregate amount of Advances outstanding immediately prior to such Borrowing), (b) extend or increase the Commitment of such Lender or subject such Lender to any additional obligations, (c) reduce the principal of, or rate of interest on, the Advances or any fees or other amounts payable hereunder to such Lender, (d) postpone any date fixed for any payment of 

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principal of, or interest on, the Advances or any fees or other amounts payable hereunder to such Lender; provided that only the consent of the Required Lenders shall be necessary to amend the provisos set forth in each of Section 2.06(a) and (b) or to waive any obligation of the Borrower to pay any increased interest pursuant to the provisos set forth in Section 2.06(a) or (b), (e) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Advances, or the number of Lenders, which shall be required for the Lenders or any of them to take any action hereunder, (f) release the Borrower from its Guaranty or (g) amend Section 8.06(b)(ii) or this Section 8.01; provided further that no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above to take such action, affect the rights or duties of the Administrative Agent under this Agreement or any Note.
SECTION 8.02.  Notices, Etc.
(a) Notices Generally.  Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows:
(i)    if to the Borrower or any Borrowing Subsidiary, to the Borrower at 300 Park Avenue, New York, New York  10022, Attention of Treasurer (Facsimile No. (212) 310-3017; Telephone No. (212) 310- 2000);
(ii)    if to the Administrative Agent, to Citibank at Building Ops II, One Penns Way, New Castle, Delaware 19720, Attention of Bank Loan Syndications (Facsimile No. (212) 994-0961; Telephone No. (302) 894-6010; 
(iii)    if to a Lender, to it at its address (or facsimile number) set forth in its Administrative Questionnaire.
Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient).  Notices delivered through electronic communications, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).
(b)Electronic Communications.  Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.  The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

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Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.
(c)Change of Address, etc.  Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto.
(d)Platform.
(i)    The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make the Communications (as defined below) available to the Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak or a substantially similar password-protected, restricted electronic transmission system (the “Platform”).
(ii)    The Platform is provided “as is” and “as available.”  The Agent Parties (as defined below) do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications.  No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or the Platform.  In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender or any other Person or entity for (i) direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) or (ii) in the absence of gross negligence or willful misconduct, any other damages arising out of the Borrower’s or the Administrative Agent’s transmission of communications through the Platform.  “Communications” means, collectively, any notice, demand, communication, information, document or other material that the Borrower provides to the Administrative Agent pursuant to this Agreement or the transactions contemplated therein which is distributed to the Administrative Agent any Lender by means of electronic communications pursuant to this Section, including through the Platform.
SECTION 8.03.  No Waiver; Remedies.  No failure on the part of any Lender or the Administrative Agent to exercise, and no delay in exercising, any right hereunder or under any Note shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right.  The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

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SECTION 8.04.  Costs, Expenses, Etc.    The Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, execution, delivery, administration, modification and amendment of this Agreement, the Notes and the other documents to be delivered hereunder, including, without limitation, the reasonable fees and out-of-pocket expenses of not more than one counsel for the Administrative Agent, with respect thereto and with respect to advising the Administrative Agent as to its rights and responsibilities under this Agreement.  The Borrower further agrees to pay on demand all costs and expenses of the Administrative Agent and the Lenders, if any (including, without limitation, reasonable counsel fees and expenses), in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of this Agreement, the Notes and the other documents to be delivered hereunder, including, without limitation, reasonable counsel fees and expenses in connection with the enforcement of rights under this Section 8.04(a).
(b)The Borrower undertakes and agrees to indemnify and hold harmless the Administrative Agent, Citibank, in its capacity as lead arranger (the “Arranger”), each Lender and each of their Related Parties (each, an “Indemnified Party”) against any and all claims, damages, liabilities and expenses (including but not limited to fees and disbursements of counsel) which may be incurred by or asserted against such Indemnified Party, except where the direct result of such Indemnified Party’s own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and nonappealable judgment, in connection with or arising out of any investigation, litigation, or proceeding (whether or not any Indemnified Party is a party thereto) relating to or arising out of this Agreement, the Notes or any actual or proposed use of proceeds of Advances hereunder, including but not limited to any acquisition or proposed acquisition by the Borrower or any Subsidiary of all or any portion of the stock or substantially all of the assets of any Person.  To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnified Party, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, any Advance or the use of the proceeds thereof.  No Indemnified Party shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the transactions contemplated hereby.
(c)If any payment of principal of any Eurocurrency Rate Advance is made other than on the last day of the Interest Period for such Advance, as a result of a prepayment pursuant to Section 2.10 or acceleration of the maturity of the Advances pursuant to Section 6.01 or for any other reason, the Borrower shall upon demand by any Lender (with a copy of such demand to the Administrative Agent) pay to the Administrative Agent for the account of such Lender any amounts required to compensate such Lender for any additional losses, costs or expenses which it may reasonably incur as a result of such payment, including, without limitation, any loss (excluding in any 

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event loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain such Advance.  For purposes of this clause (c), the assignment by a Lender of any Eurocurrency Rate Advance other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.18 shall be deemed to be a payment by the Borrower of the principal of such Eurocurrency Rate Advance.
(d)Without prejudice to the survival of any other agreement or obligation of the Borrower hereunder, the agreements and obligations of the Borrower contained in Sections 2.10, 2.12 and 8.04 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under the Notes.
SECTION 8.05.  Right of Set-off.  Upon (i) the occurrence and during the continuance of any Event of Default and (ii) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Administrative Agent to declare the Advances due and payable pursuant to the provisions of Section 6.01, each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement and any Note held by such Lender, whether or not (in the case of obligations other than principal and interest) such Lender shall have made any demand under this Agreement or such Note and although such obligations (other than principal) may be unmatured.  Each Lender agrees promptly to notify the Borrower after any such set-off and application, provided that the failure to give such notice shall not affect the validity of such set-off and application.  The rights of each Lender under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) which such Lender may have.
SECTION 8.06.  Binding Effect; Assignment by Borrower.  (a)  This Agreement shall become effective when it shall have been executed by the Borrower and the Administrative Agent and when the Administrative Agent shall have been notified by each Bank that such Bank has executed it and thereafter shall be binding upon and inure to the benefit of the Borrower, the Administrative Agent and each Lender and (subject to Section 8.07) their respective successors and assigns, except that the Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of all of the Lenders.
(b)Notwithstanding subsection (a) above, the Borrower shall have the right to assign its rights to borrow hereunder (in whole or in part) to any Subsidiary (a “Borrowing Subsidiary”), provided that (i) such Subsidiary assumes the obligations of the Borrower hereunder relating to the rights so assigned by executing and delivering an assignment and assumption agreement reasonably satisfactory to the Administrative Agent and the Required Lenders, covering notices, places of payment and other mechanical details, (ii) the Borrower guarantees such Subsidiary’s obligations thereunder and under any Notes issued in connection with such assignment and assumption by executing and delivering a Guaranty substantially in the form of Exhibit F hereto (a “Guaranty”), (iii) the Borrower and such Subsidiary furnish (x) the Administrative Agent with such other documents and legal opinions as the Administrative Agent or the Required Lenders may reasonably request 

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relating to the existence of such Subsidiary, its power and authority to request Advances hereunder, and the authority of the Borrower to execute and deliver such Guaranty and the legality, validity, binding effect and enforceability of such assignment, assumption and Guaranty and (y) at least five Business Days in advance of such assignment, each Lender such documentation and other information required by governmental authorities under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, as required under the Patriot Act and, in the case of a Subsidiary Borrower that is a “legal entity customer” within the meaning of the Beneficial Ownership Regulation, delivery of a Beneficial Ownership Certification to each Lender that so requests) and (iv) any such assignment to a Borrowing Subsidiary organized under the laws of a jurisdiction outside of the United States of America shall be made only upon 30 days’ prior notice to the Administrative Agent.  No such assignment and assumption shall substitute a Borrowing Subsidiary for the Borrower or relieve the Borrower named herein (i.e., Colgate-Palmolive Company) of its obligations with respect to the covenants, representations, warranties, Events of Default and other terms and conditions of this Agreement, all of which shall continue to apply to the Borrower and its Subsidiaries.
If the Borrower shall designate as a Borrowing Subsidiary hereunder any Subsidiary not organized under the laws of the United States or any State thereof, any Lender may, with notice to the Administrative Agent and the Borrower, fulfill its Commitment by causing an Affiliate of such Lender to act as the Lender in respect of such Borrowing Subsidiary.
As soon as practicable and in any event within ten Business Days after notice of the assignment to a Borrowing Subsidiary that is organized under the laws of a jurisdiction other than of the United States or a political subdivision thereof, any Lender that may not legally lend to, or whose internal policies, consistently applied, preclude lending to such Borrowing Subsidiary (a “Protesting Lender”) shall so notify the Borrower and the Administrative Agent in writing.  With respect to each Protesting Lender, the Borrower shall, effective on or before the date that such Borrowing Subsidiary shall have the right to borrow hereunder, either (i) arrange for one or more banks or other entities to take an assignment of all of such Protesting Lender’s interests, rights and obligations (including such Protesting Lender’s Commitment, the Advances owing to it and any Notes held by it) pursuant to and in compliance with Section 8.07 or (ii) notify the Administrative Agent and such Protesting Lender that the Commitment of such Protesting Lender shall be terminated, provided, however, that in each case such Protesting Lender shall have received one or more payments from either the Borrower or one or more assignees in an aggregate amount equal to the aggregate outstanding principal amount of the Advances owing to such Protesting Lender, together with accrued interest thereon to the date of payment of such principal amount and all other amounts due and payable to such Protesting Lender under this Agreement.  Upon the effective date of the action taken under the immediately preceding sentence, (x) the assignee thereunder shall be a party hereto and, to the extent that interests, rights and obligations hereunder have been assigned to it pursuant to an Assignment and Assumption, have the interests, rights and obligations of a Lender hereunder and (y) the Protesting Lender shall relinquish its interests and rights, be released from its obligations under this Agreement and shall cease to be a party hereto.
Each Borrowing Subsidiary hereby agrees that service of process in any action or proceeding brought in any New York State court or in federal court may be made upon the Borrower at its offices specified in Section 8.02, and such Borrowing Subsidiary hereby irrevocably appoints the Borrower to give any notice of any such service of process, and agrees that the failure of the Borrower 

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to give any notice of any such service shall not impair or affect the validity of such service or of any judgment rendered in any action or proceeding based thereon.
SECTION 8.07.  Assignments and Participations.   (a) Successors and Assigns Generally.  No Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of paragraph (b) of this Section, (ii) by way of participation in accordance with the provisions of paragraph (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (g) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b)    Assignments by Lenders.  Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Advances at the time owing to it); provided that any such assignment shall be subject to the following conditions: 
(i)    Minimum Amounts.  
(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Advances at the time owing to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and
(B) in any case not described in paragraph (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Advances outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Advances of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than the Borrowing Minimum and increments of the Borrowing Multiple in excess thereof, unless each of the Administrative Agent and the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed). 
(ii)    Proportionate Amounts.  Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Advance or the Commitment assigned.
(iii)    Required Consents.  No consent shall be required for any assignment except to the extent required by paragraph (b)(i)(B) of this Section and, in addition:

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(A) the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless such assignment is to a Lender or an Affiliate of a Lender; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within fifteen Business Days after having received notice thereof; and
(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender.
(iv)    Assignment and Assumption.  The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 to be paid by the assignee Lender or assignor Lender, as applicable; provided that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.  The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.
(v)    No Assignment to Certain Persons.  No such assignment shall be made to (A) the Borrower or any of the Borrower’s Affiliates or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B).
(vi)    No Assignment to Natural Persons.  No such assignment shall be made to a natural Person (or holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person).  
(vii)    Certain Additional Payments.  In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Advances previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all Advances in accordance with its proportionate share of the Commitments.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

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Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.10, 2.12 and 8.04, and continue to have obligations under Section 7.05, in each case with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of this Section.
(c)    Register.  The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices in the United States a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Advances owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.  The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice, and the Administrative Agent shall make available a copy of the Register to the Borrower from time to time upon reasonable request of the Borrower.
(d) No assignee of a Lender shall be entitled to the benefits of Sections 2.10 and 2.12 in relation to circumstances applicable to such assignee immediately following the assignment to it which at such time (if a payment were then due to the assignee on its behalf from the Borrower) would give rise to any greater financial burden on the Borrower under Sections 2.10 and 2.12 than those which it would have been under in the absence of such assignment.
(e)    Participations.  Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person (or holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person) or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Advances owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iii) the Borrower, the Administrative Agent and Lenders shall continue to deal solely and directly with such 

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Lender in connection with such Lender’s rights and obligations under this Agreement.  For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 7.05 (d) with respect to any payments made by such Lender to its Participant(s).
Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso of Section 8.01 that affects such Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.10 and 2.12 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant agrees to be subject to the provisions of Section 8.09 as if it were an assignee under paragraph (b) of this Section.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 8.05 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.13 as though it were a Lender.
(f)    Limitations upon Participant Rights.  A Participant shall not be entitled to receive any greater payment under Sections 2.10 and 2.12 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent.  A Participant that is organized under the laws of a jurisdiction outside of the United States shall not be entitled to the benefits of Section 2.12 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.12(f) as though it were a Lender.
(g)    Participation Register.  Each Lender that sells a participation, acting solely for this purpose as a nonfiduciary agent of the Borrower, shall maintain a register for the recordation of the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in its rights and other obligations under this Agreement (the "Participation Register"); provided that no Lender shall have any obligation to disclose all or any portion of the Participation Register to any Person (including the identity of any participant or any information relating to a participant’s interest in any commitments, loans or its other obligations under this Agreement) except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103(e) of the United States Treasury Regulations.
(h)    Certain Pledges.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.  
SECTION 8.08.  Change of Control.    Notwithstanding any other provision of this agreement, the Required Lenders may, upon and after the occurrence of a Change of Control, by notice to the Borrower (with a copy to the Administrative Agent) (i) immediately suspend or terminate 

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the obligations of the Lenders to make Advances hereunder and/or (ii) require the Borrower to repay all or any portion of the Advances on the date or dates specified in the notice which shall not be less than 30 days after the giving of the notice.
(b)For purposes of this Section “Change of Control” shall mean the happening of any of the following events:
(i)An acquisition, directly or indirectly, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (A) the then outstanding shares of common stock of the Borrower or (B) the combined voting power of the then outstanding voting securities of the Borrower entitled to vote generally in the election of directors; excluding, however (1) any acquisition by the Borrower, or (2) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Borrower or any corporation controlled by the Borrower; or
(ii)A change in composition of the Board of Directors of the Borrower (the “Board”) such that the individuals who, as of the date hereof, constitute the Board (such Board shall be hereinafter referred to as the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, for purposes of this Section 8.08, that any individual who becomes a member of the Board subsequent to the date hereof, whose election, or nomination for election by the Borrower’s stockholders, was approved by a vote of at least a majority of those individuals who are members of the Board and who were also members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board.
SECTION 8.09.  Mitigation of Adverse Circumstances.  If circumstances arise which would or would upon the giving of notice result in a payment or an increase in the amount of any payment to be made to a Lender by reason of Section 2.02(c), 2.10 or 2.12, or which would result in a Lender being unable to make Eurocurrency Rate Advances by reason of Section 2.02(b), then, without in any way limiting, reducing or otherwise qualifying the obligations of the Borrower under any of the such Sections, such Lender shall promptly, upon becoming aware of the same, notify the Borrower thereof and, in consultation with the Borrower, take such reasonable steps as may be open to it to mitigate the effects of such circumstances, including the transfer of its Applicable Lending Office to another jurisdiction; provided that such Lender shall be under no obligation to make any such transfer if in the bona fide opinion of such Lender, such transfer would or would likely have an adverse effect upon its business, operations or financial condition.
SECTION 8.10.  Governing Law.  This Agreement and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York.
SECTION 8.11.  Execution in Counterparts.  This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the 

    74

same agreement.  Delivery of an executed counterpart of a signature page to this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Agreement.
SECTION 8.12.  Jurisdiction, Etc.    (a)  Each party hereto irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Administrative Agent, any Lender, or any Related Party of the foregoing in any way relating to this Agreement or the transactions relating hereto, in any forum other than the courts of the State of New York sitting in New York County, and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such  courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by applicable law, in such federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
(b)Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the Notes in any such New York State or federal court.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
(c)Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 8.02.  Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law.
SECTION 8.13.  Treatment of Certain Information; Confidentiality.  Each of the Administrative Agent and the Lenders agree to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners); (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process; (d) to any other party hereto; (e) in connection with the exercise of any remedies hereunder or any action or proceeding relating to this Agreement or the enforcement of rights hereunder; (f) subject to an agreement containing provisions substantially the same as those of this Section, to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement; (g) with the consent of the Borrower; or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section, or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower.

    75

For purposes of this Section, “Information” means all information received from the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or any of its Subsidiaries; provided that, in the case of information received from the Borrower or any of its Subsidiaries after the date hereof, (i) such information shall be deemed Information to the extent such information includes any forward-looking information or projections or company-specific business or financing strategies and (ii) with respect to any other information, such other information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
SECTION 8.14.  Patriot Act Notification; Beneficial Ownership Regulation.  Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of Section 326 of the USA Patriot Act (Title III of Pub.L. 107-56 (signed into law October 26, 2001)) and the promulgated regulations thereto (the “Patriot Act”) and the Beneficial Ownership Regulation (if applicable), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the Patriot Act and the Beneficial Ownership Regulation (if applicable).  The Borrower shall provide, to the extent commercially reasonable, such information and take such actions as are reasonably requested by the Administrative Agent or any Lenders in order to assist the Administrative Agent and the Lenders in maintaining compliance with the Patriot Act and the Beneficial Ownership Regulation (if applicable).

SECTION 8.15.  No Fiduciary Duties.  The Administrative Agent, each Lender and their Affiliates may have economic interests that conflict with those of the Borrower or the Borrowing Subsidiary.  The Borrower agrees that in connection with all aspects of the transactions contemplated hereby and any communications in connection therewith, the Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Lenders and their respective Affiliates, on the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of the Administrative Agent, the Lenders or their respective Affiliates and no such duty will be deemed to have arisen in connection with any such transactions or communications.
SECTION 8.16.  Judgment.    If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in Dollars into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase Dollars with such other currency at Citibank’s principal office in London at 11:00 A.M. (London time) on the Business Day preceding that on which final judgment is given.
(b)If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in Euros into Dollars, the parties agree to the fullest extent permitted under 

    76

applicable law, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase Euros with Dollars at Citibank’s principal office in London at 11:00 A.M. (London time) on the Business Day preceding that on which final judgment is given.
(c)The obligation of the Borrower in respect of any sum due from it in any currency (the “Primary Currency”) to any Lender or the Administrative Agent hereunder shall, notwithstanding any judgment in any other currency, be discharged only to the extent that on the Business Day following receipt by such Lender or the Administrative Agent (as the case may be) of any sum adjudged to be so due in such other currency, such Lender or the Administrative Agent (as the case may be) may in accordance with normal banking procedures purchase the applicable Primary Currency with such other currency; if the amount of the applicable Primary Currency so purchased is less than such sum due to such Lender or the Administrative Agent (as the case may be) in the applicable currency, the Borrower and each Borrowing Subsidiary agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or the Administrative Agent (as the case may be) against such loss, and if the amount of the applicable Primary Currency so purchased exceeds such sum due to any Lender or the Administrative Agent (as the case may be) in the applicable Primary Currency, such Lender or the Administrative Agent (as the case may be) agrees to remit to the Borrower or such Borrowing Subsidiary such excess.
SECTION 8.17.  Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in this Agreement or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under this Agreement or any Note, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and
(b)the effects of any Bail-In Action on any such liability, including, if applicable:
(i)a reduction in full or in part or cancellation of any such liability;
(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any Note; or
(iii)the variation of the terms of such liability  in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

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SECTION 8.18.  Waiver of Jury Trial.  To the extent permitted by applicable law, each of the Borrower, the Borrowing Subsidiaries, the Administrative Agent and the Lenders hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Agreement, the Notes or any Guaranty or the actions of the Administrative Agent or any Lender in the negotiation, administration, performance or enforcement thereof.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.
COLGATE-PALMOLIVE COMPANY
By /s/ Stanley J. Sutula III            
Name: Stanley J. Sutula III
Title:   Chief Financial Officer
CITIBANK, N.A., as Administrative Agent
By /s/ Carolyn Kee            
Name: Carolyn Kee
Title:   Vice President
    Colgate-Palmolive

    

  BANKS:
CITIBANK, N.A.
By /s/ Carolyn Kee        
Name: Carolyn Kee
Title:   Vice President 
BANK OF AMERICA, N.A.
By /s/ Morgan Hess        
Name: Morgan Hess
Title:   Associate
BNP PARIBAS
By  /s/ David J. Foster            
Name: David J. Foster
Title:   Director
By /s/ Claudia Zarate                
Name: Claudia Zarate
Title:   Managing Director
HSBC BANK USA, NATIONAL ASSOCIATION
By /s/ Jason Fuqua                
Name: Jason Fuqua
Title:  Vice President
JPMORGAN CHASE BANK, N.A.
By /s/ Gregory T. Martin            
Name: Gregory T. Martin
Title:   Executive Director
U.S. BANK NATIONAL ASSOCIATION
By /s/ Conan Schleicher            
Name: Conan Schleicher
Title:   Senior Vice President

    

WELLS FARGO BANK, NATIONAL ASSOCIATION
By /s/ Michael J. Stein        
Name: Michael J. Stein
Title:   Director
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH
By /s/ Cara Younger            
Name: Cara Younger
Title: Executive Director
By /s/ Miriam Trautmann        
Name: Miriam Trautmann
Title:   Senior Vice President
BARCLAYS BANK PLC
By /s/ Ritham Bhalla            
Name: Ritham Bhalla
Title:   Director
GOLDMAN SACHS BANK USA
By /s/ Jacob Elder            
Name: Jacob Elder
Title:  Authorized Signatory
MORGAN STANLEY BANK, N.A.
By /s/ Michael King            
Name: Michael King
Title:   Authorized Signatory
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
By /s/ Robert Grillo            
Name: Robert Grillo
Title:   Executive Director

    

BANCO SANTANDER, S.A., NEW YORK BRANCH
By /s/ Andres Barbosa        
Name: Andres Barbosa
Title:  Managing Director
By /s/ Rita Walz-Cuccioli        
Name: Rita Walz-Cuccioli
Title:   Executive Director
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, NEW YORK BRANCH
By /s/ David Siegel            
Name: David Siegel
Title:   Director
By /s/ Dayi Liu        
Name: Dayi Liu
Title:   Executive Director
THE BANK OF NEW YORK MELLON
By /s/     Thomas J. Tarasovich, Jr.        
Name: Thomas J. Tarasovich, Jr. 
Title:   Vice President

    

SCHEDULE I
COLGATE-PALMOLIVE COMPANY
CREDIT AGREEMENT
COMMITMENTS

						
	Name of Bank
	Commitment
	Citibank, N.A.	$420,000,000
	Bank of America, N.A.	$280,000,000
	BNP Paribas	$280,000,000
	HSBC Bank USA, National Association	$280,000,000
	JPMorgan Chase Bank, N.A.	$280,000,000
	U.S. Bank National Association	$280,000,000
	Wells Fargo Bank, National Association	$280,000,000
	Banco Bilbao Vizcaya Argentaria, S.A., New York Branch
	$150,000,000
	Barclays Bank PLC	$150,000,000
	Goldman Sachs Bank USA	$150,000,000
	Morgan Stanley Bank, N.A.	$150,000,000
	Australia and New Zealand Banking Group Limited	$75,000,000
	Banco Santander, S.A., New York Branch
	$75,000,000
	Industrial and Commercial Bank of China Limited, New York Branch	$75,000,000
	The Bank of New York Mellon	$75,000,000
	Total of Commitments:	$3,000,000,000

    -1-

SCHEDULE 4.01(f)
DISCLOSED LITIGATION
None.

    -1-

EXHIBIT A - FORM OF
NOTE
U.S.$                                                   Dated:           , 20__
FOR VALUE RECEIVED, the undersigned, COLGATE-PALMOLIVE COMPANY, a Delaware corporation (the “Borrower”), HEREBY PROMISES TO PAY to the order of                         (the “Lender”) for the account of its Applicable Lending Office (as defined in the Credit Agreement referred to below) the principal sum of U.S.$[amount of the Lender’s Commitment in figures] or, if less, the aggregate principal amount of each Advance (as defined in the Credit Agreement referred to below) on the Termination Date (as defined in the Credit Agreement referred to below) owing to the Lender by the Borrower pursuant to the Five Year Credit Agreement dated as of August 20, 2021 among the Borrower, the Lender and certain other lenders parties thereto and Citibank, N.A., as Administrative Agent for the Lender and such other lenders, (as amended or modified from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined) on the Termination Date.
The Borrower promises to pay interest on the unpaid principal amount of each Advance from the date of such Advance until such principal amount is paid in full, at such interest rates, and payable at such times, as are specified in the Credit Agreement.
Both principal and interest in respect of each Advance (i) denominated in Dollars are payable in lawful money of the United States of America and (ii) denominated in Euros are payable in such currency, in each case to Citibank, N.A. as Administrative Agent, at its offices at Building Ops II, One Penns Way, New Castle, Delaware  19720, in immediately available funds.  Each Advance owing to the Lender by the Borrower pursuant to the Credit Agreement, the date on which it is due, the interest rate thereon and all prepayments made on account of principal thereof shall be recorded by the Lender on its books, and for each Advance outstanding at the time of any transfer hereof, the same information shall be endorsed on the grid attached hereto which is part of this Promissory Note.
This Promissory Note is one of the Notes referred to in, and is entitled to the benefits of, the Credit Agreement.  The Credit Agreement, among other things, (i) provides for the making of Advances by the Lender to the Borrower from time to time in an aggregate amount not to exceed at any time outstanding the Dollar amount first above mentioned, the indebtedness of the Borrower resulting from each such Advance being evidenced by this Promissory Note, (ii) contains provisions for determining the Equivalent in Dollars for Advances denominated in Euros and (iii) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events.

    -2-

The Borrower hereby waives presentment, demand, protest and notice of any kind under this Promissory Note.  No failure to exercise, and no delay in exercising, any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights.
This Promissory Note shall be governed by, and construed in accordance with, the laws of the State of New York.
COLGATE-PALMOLIVE COMPANY
By                    
Name:
Title:

    -3-

SCHEDULE TO PROMISSORY NOTE DATED __________, 20__
OF COLGATE-PALMOLIVE COMPANY
ADVANCES AND PAYMENTS OF PRINCIPAL
																					
	Date	Amount and Currency of
Advance
	Date Principal Due	Amount of
Principal Paid
or Prepaid
	Rate	Unpaid Principal
Balance
	Notation Made By
							
							
							
							
							
							
							
							
							
							
							
							
							
							
							
							
							
							
							

    

    -1-

EXHIBIT B - FORM OF
NOTICE OF BORROWING

Citibank, N.A., as Administrative Agent
for the Lenders parties
to the Credit Agreement
referred to below
Building Ops II, One Penns Way
New Castle, Delaware  19720    
                                        [Date]
Attention:  Bank Loan Syndications
Ladies and Gentlemen:
The undersigned, Colgate-Palmolive Company, refers to the Five Year Credit Agreement, dated as of August 20, 2021 (as amended or otherwise modified through the date hereof, the “Credit Agreement”, the terms defined therein being used herein as therein defined), among the undersigned, certain Lenders parties thereto and Citibank, N.A., as Administrative Agent for said Lenders, and hereby gives you notice, irrevocably, pursuant to Section 2.02 of the Credit Agreement that the undersigned hereby requests a Borrowing under the Credit Agreement, and in that connection sets forth below the information relating to such Borrowing (the “Proposed Borrowing”) as required by Section 2.02(a) of the Credit Agreement:
(i)The Business Day of the Proposed Borrowing is            , 20__.
(ii)The Type of Advances comprising the Proposed Borrowing is [Base Rate Advances] [Eurocurrency Rate Advances].
(iii)The aggregate amount of the Proposed Borrowing is [$][€]           .
(iv)[(v)    The currency for each Eurocurrency Rate Advance made as part of the Proposed Borrowing is [Dollars] [Euros].] 
(v)The Interest Period for each Eurocurrency Rate Advance made as part of the Proposed Borrowing is      month[s].
The undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the date of the Proposed Borrowing:
(A)the representations and warranties contained in Section 4.01 (other than the last sentence of Section 4.01(e) and other than Section 4.01(f)(i)) of the Credit Agreement are correct in all material respects, before and after giving effect to the 

    -2-

Proposed Borrowing and to the application of the proceeds therefrom, as though made on and as of such date; and
(B)no event has occurred and is continuing, or would result from such Proposed Borrowing or from the application of the proceeds therefrom, that constitutes a Default.
Very truly yours,
COLGATE-PALMOLIVE COMPANY
By:                    
Name:
Title:

-1-

EXHIBIT C - FORM OF
ASSIGNMENT AND ASSUMPTION
This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between the Assignor identified in item 1 below (the “Assignor”) and the Assignee identified in item 2 below (the “Assignee”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.  The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the facility identified below, and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by the Assignor to the Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”).  Each such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.  

1.    Assignor:        ________________________________

                ______________________________
    [Assignor [is] [is not] a Defaulting Lender]

2.    Assignee:        ______________________________

                ______________________________
    [for Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]

3.    Borrower(s):        Colgate-Palmolive Company

4.    Administrative Agent:    Citibank, N.A., as the administrative agent under the Credit Agreement

-2-

5.    Credit Agreement:    The Five Year Credit Agreement dated as of August 20, 2021 among Colgate-Palmolive Company, the Lenders parties thereto, Citibank, N.A., as Administrative Agent, and the other agents parties thereto

6.    Assigned Interest:

																		
	Assignor	Assignee	Aggregate Amount of Commitment/Advances for all Lenders11
	Amount of Commitment/ Advances Assigned8
	Percentage Assigned of Commitment/
Advances 12
	CUSIP Number
	

	

	$	$	%	
	

	

	$	$	%	
	

	

	$	$	%	

[7.    Trade Date:        ______________]23

[Page break]

18 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.
19 Set forth, to at least 9 decimals, as a percentage of the Commitment/Advances of all Lenders thereunder.
20 To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date.

-3-

Effective Date:   _____________ ___, 20___ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

The terms set forth in this Assignment and Assumption are hereby agreed to:

ASSIGNOR
[NAME OF ASSIGNOR]

By:______________________________
   Title:

ASSIGNEE
[NAME OF ASSIGNEE]

By:______________________________
   Title:

[Consented to and]24 Accepted:

[NAME OF ADMINISTRATIVE AGENT], as 
  Administrative Agent

By: _________________________________
  Title:

[Consented to:]25 

[COLGATE-PALMOLIVE COMPANY]

By: ________________________________
  Title:  

23 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.
24 To be added only if the consent of the Borrower  is required by the terms of the Credit Agreement.  

    -4-

ANNEX 1

COLGATE-PALMOLIVE COMPANY FIVE YEAR CREDIT AGREEMENT 

STANDARD TERMS AND CONDITIONS FOR
ASSIGNMENT AND ASSUMPTION

        1.    Representations and Warranties.  

        1.1    Assignor.  The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of the Credit Agreement, or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under the Credit Agreement.

        1.2.    Assignee.  The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 8.07(b)(iii), (v) and (vi) of the Credit Agreement (subject to such consents, if any, as may be required under Section 8.07(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.01(e) thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest, and (vii) if it is organized under the laws of a jurisdiction outside of the United States, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any 

    -5-

other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender.

        2.    Payments.  From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignee whether such amounts have accrued prior to, on or after the Effective Date.  The Assignor and the Assignee shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves.  Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to the Assignee.

        3.    General Provisions.  This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.  This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument.  Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption.  This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

EXHIBIT D
FORM OF GUARANTY
GUARANTY, dated           , 20__, made by COLGATE-PALMOLIVE COMPANY, a corporation organized and existing under the laws of Delaware (the “Guarantor”), in favor of Citibank, N.A., as agent (the “Administrative Agent”) for each of the Lenders (the “Lenders”) parties to the Credit Agreement (as defined below).
PRELIMINARY STATEMENTS.
(1)  The Administrative Agent, the Lenders and the Guarantor have entered into a Five Year Credit Agreement dated as of August 20, 2021 (said Agreement, as it may heretofore have been or hereafter be amended or otherwise modified from time to time, being the “Credit Agreement”, the terms defined therein and not otherwise defined herein being used herein as therein defined).  Pursuant to Section 8.06(b) of the Credit Agreement and an Assignment and Assumption Agreement dated           , 20__ the Guarantor has assigned to                             , a corporation organized and existing under the laws of                     (the “Assignee”), certain rights under the Credit Agreement, so that the Assignee may borrow and receive Advances under the Credit Agreement.  The Assignee is a Subsidiary of the Guarantor and engages in business transactions with the Guarantor, and the Guarantor represents that it will derive substantial direct and indirect benefit from all Advances to the Assignee.
(2)  It is a condition precedent to the making of such assignment to the Assignee that the Guarantor shall have executed and delivered this Guaranty.
NOW, THEREFORE, in consideration of the premises and in order to induce the Lenders to accept such assignment and to make Advances to the Assignee under the Credit Agreement, the Guarantor hereby agrees as follows:
SECTION 1.  Guaranty.  The Guarantor hereby unconditionally guarantees the punctual payment when due, whether at stated maturity, by acceleration or otherwise, of all obligations of the Assignee now or hereafter existing under the Credit Agreement and under any Notes evidencing Advances to the Assignee (the “Notes”), whether for principal, interest, fees, expenses or otherwise (such obligations being the “Obligations”), and agrees to pay any and all expenses (including counsel fees and expenses) incurred by the Administrative Agent and the Lenders in enforcing any rights under this Guaranty.  Without limiting the generality of the foregoing, the Guarantor’s liability shall extend to all amounts which constitute part of the Obligations and would be owed by the Assignee to the Lenders under the Credit Agreement and the Notes but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the Assignee.
SECTION 2.  Guaranty Absolute.  The Guarantor guarantees that the Obligations will be paid strictly in accordance with the terms of the Credit Agreement and the Notes, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Lenders with respect thereto.  The obligations of the 
    

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Guarantor under this Guaranty are independent of the Obligations, and a separate action or actions may be brought and prosecuted against the Guarantor to enforce this Guaranty, irrespective of whether any action is brought against the Assignee or whether the Assignee is joined in any such action or actions.  The liability of the Guarantor under this Guaranty shall be absolute and unconditional irrespective of:
(i)any lack of validity or enforceability of the Credit Agreement, the Notes or any other agreement or instrument relating thereto;
(ii)any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to departure from the Credit Agreement or the Notes, including, without limitation, any increase in the Obligations resulting from the extension of additional credit to the Assignee or any of its subsidiaries or otherwise;
(iii)any taking, exchange, release or non-perfection of any collateral, or any taking, release or amendment or waiver of or consent to departure from any other guaranty, for all or any of the Obligations;
(iv)any manner of application of collateral, or proceeds thereof, to all or any of the Obligations, or any manner of sale or other disposition of any collateral for all or any of the Obligations or any other assets of the Assignee or any of its subsidiaries;
(v)any change, restructuring or termination of the corporate structure or existence of the Assignee or any of its subsidiaries or its status as a Subsidiary of the Guarantor; or
(vi)any other circumstance which might otherwise constitute a defense available to, or a discharge of, the Assignee or a guarantor.
This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Obligations is rescinded or must otherwise be returned by the Administrative Agent or any Lender upon the insolvency, bankruptcy or reorganization of the Assignee or otherwise, all as though such payment had not been made.
SECTION 3.  Waiver.  The Guarantor hereby waives promptness, diligence, notice of acceptance and any other notice with respect to any of the Obligations, this Guaranty or any circumstance referred to in Section 2, and waives any requirement that the Administrative Agent or any Lender protect, secure, perfect or insure any security interest or lien or any property subject thereto or exhaust any right or take any action against the Assignee or any other person or entity or any collateral.
SECTION 4.  Subrogation.  (a)  The Guarantor will not exercise any rights which it may acquire by way of subrogation under this Guaranty, by any payment made hereunder or otherwise, until all the Obligations and all other amounts payable under this Guaranty shall have been paid in full and the Commitments shall have expired or terminated.  If any amount shall be 

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paid to the Guarantor on account of such subrogation rights at any time prior to the later of (x) the payment in full of the Obligations and all other amounts payable under this Guaranty and (y) the expiration or termination of the Commitments, such amount shall be deemed to have been paid to the Guarantor for the benefit of, and held in trust for the benefit of, the Administrative Agent and the Lenders and shall forthwith be paid to the Administrative Agent to be credited and applied upon the Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement or to be held by the Administrative Agent as collateral security for any Obligations thereafter existing.  If (i) the Guarantor shall make payment to the Administrative Agent of all or any part of the Obligations, (ii) all the Obligations and all other amounts payable under this Guaranty shall be paid in full and (iii) the Commitments shall have expired or terminated, the Administrative Agent will, at the Guarantor’s request, execute and deliver to the Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by subrogation to the Guarantor of an interest in the Obligations resulting from such payment by the Guarantor.
(b)  The Guarantor agrees that, to the extent that the Assignee makes a payment or payments to the Administrative Agent or any Lender or the Administrative Agent or any Lender receives any proceeds of collateral, which payment or payments or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or otherwise required to be repaid to the Assignee, its estate, trustee, receiver or any other party, including, without limitation, under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such payment or repayment, the Obligation or part thereof which has been paid, reduced or satisfied by such amount shall be reinstated and continued in full force and effect as of the date such initial payment, reduction or satisfaction occurred.  The Guarantor shall defend and indemnify the Administrative Agent and each Lender from and against any claim or loss under this Section 4(b) (including reasonable attorneys’ fees and expenses) in the defense of any such action or suit.
SECTION 5.  Payments With Respect to Taxes, Etc.  Any and all payments made by the Guarantor hereunder shall be subject to and made in accordance with Section 2.12 of the Credit Agreement as if all such payments were being made by the Borrower.
SECTION 6.  Representations and Warranties.  The Guarantor hereby represents and warrants as follows:
(a)The Guarantor is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation.
(b)The execution, delivery and performance by the Guarantor of this Guaranty are within the Guarantor’s corporate powers, have been duly authorized by all necessary corporate action, and do not contravene (i) the Guarantor’s charter or by-laws or (ii) applicable law or any material contractual restriction binding on or affecting the Guarantor.

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(c)No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due execution, delivery and performance by the Guarantor of this Guaranty.
(d)This Guaranty is the legal, valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, except as the same may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally, or by general principles of equity.
(e)The Assignee is a Subsidiary of the Guarantor and is a duly organized, validly existing and in good standing under the laws of           .
(f)No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due execution, delivery and performance by the Guarantor of this Guaranty.
(g)The Assignee is a Subsidiary of the Guarantor and is duly organized, validly existing and in good standing under the laws of           .
(h)There are no conditions precedent to the effectiveness of this Guaranty that have not been satisfied or waived.
(i)The Guarantor has, independently and without reliance upon any Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Guaranty.
SECTION 7.  Amendments, Etc.  No amendment or waiver of any provision of this Guaranty, and no consent to any departure by the Guarantor herefrom, shall in any event be effective unless the same shall be in writing and signed by the Guarantor and the Required Lenders, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given, provided, however, that no amendment, waiver or consent shall, unless in writing and signed by all the Lenders, (a) limit or release the liability of the Guarantor hereunder, (b) postpone any date fixed for payment hereunder, or (c) change the number of Lenders required to take any action hereunder.
SECTION 8.  Addresses for Notices.  All notices and other communications provided for hereunder shall be given and effective as provided in Section 8.02 of the Credit Agreement.
SECTION 9.  No Waiver; Remedies.  No failure on the part of any Lender to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right.  The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

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SECTION 10.  Right of Set-off.  If the Guarantor shall fail to make any payment promptly when due hereunder after notice by the Administrative Agent or any Lender to the Guarantor that the Assignee has failed to pay any Obligation when due, each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender to or for the credit or the account of the Guarantor against any and all of the obligations of the Guarantor now or hereafter existing under this Guaranty, whether or not such Lender shall have made any demand under this Guaranty and although such obligations may be contingent and unmatured.  Each Lender agrees to notify the Guarantor, the Administrative Agent and each other Lender promptly after any such set-off and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such set-off and application.  The rights of each Lender under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) which such Lender may have.
SECTION 11.  Continuing Guaranty; Assignments Under Credit Agreement.  This Guaranty is a continuing guaranty and shall (i) remain in full force and effect until the later of (x) the payment in full of the Obligations and all other amounts payable under this Guaranty and (y) the expiration or termination of the Commitments, (ii) be binding upon the Guarantor, its successors and assigns, and (iii) inure to the benefit of, and be enforceable by, the Administrative Agent, the Lenders and their respective successors, transferees and assigns.  Without limiting the generality of the foregoing clause (iii), any Lender may assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement (including, without limitation, all or any portion of its Commitment, the Advances owing to it and any Note held by it) to any other person or entity, and such other person or entity shall thereupon become vested with all the benefits in respect thereof granted to such Lender herein or otherwise, subject, however, to the provisions of Section 8.07 of the Credit Agreement.
SECTION 12.  Governing Law.  This Guaranty shall be governed by, and construed in accordance with, the laws of the State of New York.
IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly executed and delivered by its officer thereunto duly authorized as of the date first above written.
COLGATE-PALMOLIVE COMPANY
By                    
    Name
Title

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EXHIBIT E
FORM OF 
ASSUMPTION AGREEMENT
Dated:________
Colgate-Palmolive Company
300 Park Avenue
New York, New York 10022
   Attention:  Treasurer
Citibank, N.A., as Administrative Agent
1615 Brett Road, Building 3
New Castle, Delaware  19720
   Attention:    Bank Loan Syndications
Ladies and Gentlemen:
Reference is made to the Credit Agreement dated as of November 2, 2018 among Colgate-Palmolive Company (the “Borrower”), the Lenders parties thereto and Citibank, N.A., as Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; terms defined therein being used herein as therein defined), for such Lenders.
The undersigned (the “Assuming Lender”) proposes to become an Assuming Lender pursuant to Section [2.14(d)] [2.15(c)] of the Credit Agreement and, in that connection, hereby agrees that it shall become a Lender for purposes of the Credit Agreement on [applicable Increase Date][specify other date] (the “Effective Date”)and that its Commitment shall as of such date be $__________.
The undersigned (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assumption Agreement and to become a Lender under the Credit Agreement, (ii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and shall have the obligations of a Lender thereunder, (iii) it is sophisticated with respect to decisions to become a Lender and it is experienced in entering into transactions this type, (iv) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.01(e) thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assumption Agreement, (v) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assumption Agreement, and (vi) if it is organized under the laws of a jurisdiction outside of the United States, attached to this Assumption Agreement is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly 

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completed and executed by the undersigned; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender.
[Pursuant to Section 2.16 of the Credit Agreement, the Assuming Lender requests that the Borrower deliver to the Administrative Agent (to be promptly delivered to the Assuming Lender) Notes payable to the order of the Assuming Lender, dated as of the Effective Date and substantially in the form of Exhibit A to the Credit Agreement.]
The effective date for this Assumption Agreement shall be the Effective Date.  Upon delivery of this Assumption Agreement to the Borrower and the Administrative Agent, and satisfaction of all conditions imposed under Section [2.14][2.15] as of the Effective Date, the undersigned shall be a party to the Credit Agreement and have the rights and obligations of a Lender thereunder.  As of the Effective Date, the Administrative Agent shall make all payments under the Credit Agreement in respect of the interest assumed hereby (including, without limitation, all payments of principal, interest and facility fees) to the Assuming Lender.
This Assumption Agreement may be executed in counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart by facsimile shall be effective as delivery of a manually executed counterpart of this Assumption Agreement.
This Assumption Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.
Very truly yours,
[NAME OF ASSUMING LENDER]
By________________________
Name:
Title:
Domestic Lending Office
(and address for notices):
[Address]
Eurodollar Lending Office

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Above Acknowledged and Agreed to:
CITIBANK, N.A., as Administrative Agent
By______________________
Name:
Title:
COLGATE-PALMOLIVE COMPANY
By______________________
Name:
Title:

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