Document:

EX-4.13

 Exhibit 4.13 
  

 
  

$250,000,000 

SUBORDINATED REVOLVING CREDIT AGREEMENT 

Dated as of April 11, 2018 among 

VRIO FINCO 1 LLC, 
 as
Borrower 
 and 
 AT&T
INC., 
 as Lender 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	 
	
	DEFINITIONS AND ACCOUNTING TERMS	 
			
	1.1	 	 Defined Terms
	  	 	1	 
	1.2	 	 Other Interpretive Provisions
	  	 	10	 
	1.3	 	 Rounding
	  	 	10	 
	1.4	 	 Times of Day
	  	 	11	 
	
	ARTICLE II	 
	
	THE COMMITMENTS AND BORROWINGS	 
			
	2.1	 	 Commitments
	  	 	11	 
	2.2	 	 Borrowings and Continuations of Loans
	  	 	11	 
	2.3	 	 Prepayments
	  	 	12	 
	2.4	 	 Termination or Reduction of Commitments
	  	 	12	 
	2.5	 	 Repayment
	  	 	12	 
	2.6	 	 Interest
	  	 	13	 
	2.7	 	 [Reserved]
	  	 	13	 
	2.8	 	 Computation of Interest
	  	 	13	 
	2.9	 	 Evidence of Debt
	  	 	13	 
	2.10	 	 Payments Generally
	  	 	14	 
	2.11	 	 Inability to Determine Applicable Interest Rate
	  	 	14	 
	2.12	 	 Taxes
	  	 	15	 
	
	ARTICLE III	 
	
	SUBORDINATION	 
			
	3.1	 	 Subordination of Obligations to Senior Debt
	  	 	16	 
	3.2	 	 Payment Over of Proceeds Upon Dissolution, Etc.
	  	 	17	 
	3.3	 	 Prior Payment to Senior Debt Upon Acceleration of Senior Debt
	  	 	17	 
	3.4	 	 No Payment When Senior Debt in Default
	  	 	18	 
	3.5	 	 Payment Permitted in Certain Situations
	  	 	18	 
	3.6	 	 Subrogation to Rights of Holders of Senior Debt
	  	 	18	 
	3.7	 	 Provisions Solely to Define Relative Rights
	  	 	19	 
	3.8	 	 No Waiver of Subordination Provisions
	  	 	19	 
	3.9	 	 Notice to the Lender
	  	 	19	 
	3.10	 	 Reliance on Judicial Order or Certificate of Liquidating Agent
	  	 	20	 
	3.11	 	 Lender Not Fiduciary for Holders of Senior Debt
	  	 	20	 
	3.12	 	 Rights of Lender as Holder of Senior Debt; Preservation of Lender’s Rights
	  	 	20	 

  
 i 

							
	
	ARTICLE IV	 
	
	CONDITIONS PRECEDENT TO EFFECTIVENESS AND BORROWINGS	 
			
	4.1	 	 Conditions of Effectiveness
	  	 	21	 
	4.2	 	 Conditions to All Borrowings
	  	 	21	 
	
	ARTICLE V	 
	
	REPRESENTATIONS AND WARRANTIES	 
			
	5.1	 	 Existence, Qualification and Power
	  	 	22	 
	5.2	 	 Authorization; No Contravention
	  	 	22	 
	5.3	 	 Governmental Authorization; Other Consents
	  	 	22	 
	5.4	 	 Binding Effect
	  	 	23	 
	5.5	 	 Use of Proceeds
	  	 	23	 
	5.6	 	 Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws
	  	 	23	 
	5.7	 	 Solvency
	  	 	24	 
	
	ARTICLE VI	 
	
	COVENANTS	 
			
	6.1	 	 Reports to Lender; Notice of Default
	  	 	24	 
	6.2	 	 Use of Proceeds
	  	 	24	 
	6.3	 	 Sanctions; Anti-Corruption Laws
	  	 	25	 
	6.4	 	 Further Instruments and Acts
	  	 	25	 
	
	ARTICLE VII	 
	
	EVENTS OF DEFAULT AND REMEDIES	 
			
	7.1	 	 Events of Default
	  	 	25	 
	7.2	 	 Remedies Upon Event of Default
	  	 	26	 
	7.3	 	 Other Remedies
	  	 	27	 
	
	ARTICLE VIII	 
	
	MISCELLANEOUS	 
			
	8.1	 	 Amendments, Etc.
	  	 	27	 
	8.2	 	 Notices; Effectiveness; Electronic Communication
	  	 	27	 
	8.3	 	 No Waiver; Cumulative Remedies
	  	 	28	 
	8.4	 	 Successors and Assigns
	  	 	29	 
	8.5	 	 Treatment of Certain Information; Confidentiality
	  	 	29	 
	8.6	 	 Interest Rate Limitation
	  	 	30	 
	8.7	 	 Counterparts; Integration; Effectiveness
	  	 	30	 
	8.8	 	 Survival of Representations and Warranties
	  	 	30	 

  
 ii 

							
	8.9	 	 Severability
	  	 	31	 
	8.10	 	 Governing Law; Jurisdiction; Etc.
	  	 	31	 
	8.11	 	 Waiver of Jury Trial
	  	 	32	 
	8.12	 	 Delivery of Signature Page
	  	 	32	 
	8.13	 	 Electronic Execution of Documents
	  	 	32	 
	8.14	 	 ENTIRE AGREEMENT
	  	 	32	 
	8.15	 	 USA Patriot Act Notice
	  	 	33	 
	8.16	 	 Subordination Agreement
	  	 	33	 

  
 iii 

 SCHEDULES 
  

	2.1	Commitments 

  

	10.2	Certain Addresses for Notices 

 EXHIBITS 

 

	A	Form of Committed Loan Notice 

  

	B	Form of Revolving Note 

  

	C	Form of Prepayment Notices 

  
 iv 

 SUBORDINATED REVOLVING CREDIT AGREEMENT 

This SUBORDINATED REVOLVING CREDIT AGREEMENT, dated as of April 11, 2018 (as amended, restated, supplemented or otherwise modified from
time to time, this “Agreement”), among VRIO FINCO 1 LLC, a Delaware limited liability company, as borrower (the “Borrower”), and AT&T INC., a Delaware corporation, as lender (together with its permitted assigns,
the “Lender”). 
 WHEREAS, the Borrower has requested that the Lender provide a subordinated revolving credit facility
pursuant to the terms of this Agreement, and the Lender is willing to do so on the terms and conditions set forth herein. 
 NOW, THEREFORE,
in consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows: 
 ARTICLE I

 DEFINITIONS AND ACCOUNTING TERMS 

1.1 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the Person specified; provided that the Lender shall not be considered an Affiliate with respect to the Borrower and its Subsidiaries. 

“Agreement” has the meaning specified in the introductory paragraph hereto. 

“Anti-Corruption Laws” means the Brazilian Federal Law No. 12,846, dated August 1, 2013, Brazilian Decree
No. 8,420, dated March 18, 2015, the U.S. Foreign Corrupt Practices Act of 1977, the OECD Convention on Bribery of Foreign Public Officials in International Business Transactions, the U.K. Bribery Act of 2010, or any other similar
anti-bribery and anti-corruption laws of any other applicable jurisdiction, or the rules or regulations thereunder. 
 “Applicable
Rate” means for any day with respect to any Loan, 3.00% per annum. 
 “Availability Period” means the period from
and including the Closing Date to the earliest of (a) the Commitment Termination Date; (b) any date of termination of the Commitments pursuant to Section 2.4; and (c) any date of termination of the
Commitments pursuant to Section 7.2. 
 “Bankruptcy Code” means the U.S. Bankruptcy Reform Act of
1978, as heretofore and hereafter amended, as codified at 11 U.S.C. § 101 et seq., and the rules and regulations promulgated thereunder, or any successor provision thereto. 

 “Base Rate” means, for any day a fluctuating rate per annum equal to the highest
of (a) the Federal Funds Effective Rate plus 1/2 of 1.0%, (b) the Prime Rate in effect for such day as announced from time to time and (c) the Eurocurrency Rate for a one-month Interest Period for a
deposit in Dollars on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1.0%. Any change in such rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Eurocurrency Rate shall be
effective as of the opening of business on the day of such change in the Prime Rate, the Federal Funds Effective Rate or the Eurocurrency Rate, as the case may be; provided that for the purpose of clause (c), the Eurocurrency Rate for any day
shall be based on the rate determined on such day at approximately 11:00 a.m. (London, England time). 
 “Base Rate Loan”
means a Loan bearing interest at a rate determined by reference to the Base Rate. All Base Rate Loans shall be denominated in Dollars. 

“Borrower” has the meaning specified in the introductory paragraph hereto. 

“Borrowing” means a borrowing consisting of simultaneous Loans having the same Interest Period made by the Lender pursuant to
Section 2.1. 
 “Business Day” means any day excluding Saturday, Sunday and any other day on
which banking institutions in New York City are authorized by law or other governmental actions to close, and, if such day relates to (a) any interest rate settings as to a Eurocurrency Rate Loan, (b) any fundings, disbursements,
settlements and payments in respect of any such Eurocurrency Rate Loan, or (c) any other dealings pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, such day shall be a day on which dealings in deposits in Dollars are
conducted by and between banks in the London interbank eurodollar market. 
 “CCB” means each Bank Credit Note
(Cédula de Crédito Bancário) issued pursuant to the Term Loan Agreement. 
 “Change of Control”
means a “change of control” occurs under the Term Loan Agreement (as in effect on the date hereof), the Indenture (as in effect on the date hereof) or any other indebtedness for borrowed money having an aggregate principal amount in excess
of $250,000,000. 
 “Closing Date” means the first date on which all the conditions precedent in
Section 4.1 are satisfied or waived in accordance with Section 9.1. 

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

“Commitment” means the Lender’s obligation to make Loans to the Borrower pursuant to
Section 2.1, in an aggregate principal amount at any one time outstanding which does not exceed the sum of the amounts set forth opposite the Lender’s name on Schedule 2.1, as such amount shall be reduced from
time to time in accordance with Section 2.4. 
 “Commitment Termination Date” means the date that
is the earliest of (a) April 11, 2023, (b) one year after the consummation of the Parent Spin and (c) any acceleration of the Loans pursuant to Section 7.2. 

  
 2 

 “Committed Loan Notice” means a notice of (a) a Borrowing, or (b) a
continuation of Eurocurrency Rate Loans, in each case provided to the Lender pursuant to Section 2.2(a), which shall be substantially in the form of Exhibit A or such other form as may be approved by the Lender
(including any form on an electronic platform or electronic transmission system as shall be approved by the Lender), appropriately completed and signed by a Responsible Officer of the Borrower. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the
benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States, Brazil, Argentina, Colombia, Peru or other applicable jurisdictions from time to time in effect and
affecting the rights of creditors generally. 
 “Default” means any event or condition that constitutes an Event of Default
or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 
 “Default Rate”
means, with respect to overdue principal, an interest rate equal to the interest rate otherwise applicable to such Loan plus 2.0% per annum. 

“Dollar” and “$” mean lawful money of the United States. 

“Eurocurrency Rate” means for any Interest Period as to any Eurocurrency Rate Loan, (a) (i) the rate per annum
determined by the Lender to be the offered rate which appears on the page of the Reuters Screen which displays the London interbank offered rate administered by ICE Benchmark Administration Limited (such page currently being the LIBOR01 page) (or
other commercially available source providing quotations of ICE LIBOR as determined by the Lender from time to time) (the “LIBO Rate”) for deposits (for delivery on the first day of such Interest Period) with a term equivalent to
such Interest Period in Dollars, determined as of approximately 11:00 a.m. (London, England time), two (2) Business Days prior to the commencement of such Interest Period, or (ii) in the event the rate referenced in the preceding clause
(i) does not appear on such page or service or if such page or service shall cease to be available, the rate determined by Lender to be the offered rate on such other page or other service which displays the LIBO Rate for deposits (for delivery
on the first day of such Interest Period) with a term equivalent to such Interest Period in Dollars, determined as of approximately 11:00 a.m. (London, England time) two (2) Business Days prior to the commencement of such Interest Period; or
(b) if LIBO Rates are quoted under either of the preceding clauses (a)(i) or (a)(ii), but there is no such quotation for the Interest Period elected, the LIBO Rate shall be equal to the Interpolated Rate; provided that if (a) and
(b) are not available, the terms of Section 2.11 shall apply. Notwithstanding anything to the contrary contained herein, in no event shall the Eurocurrency Rate be less than 1.00% per annum. 

  
 3 

 “Eurocurrency Rate Loan” means a Loan that bears interest at a rate based on the
Eurocurrency Rate. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, or any successor statute
or statutes thereto. 
 “Excluded Taxes” means any of the following Taxes imposed on or with respect to a recipient or
required to be withheld or deducted from a payment to a recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such recipient
being organized under the laws of, or having its principal office or, in the case of the Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other
Connection Taxes, (b) in the case of the Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of the Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the
date on which (i) the Lender acquires such interest in the Loan or Commitment or (ii) the Lender changes its Lending Office, except in each case to the extent that amounts with respect to such Taxes were payable either to the Lender’s
assignor immediately before the Lender became a party hereto or to the Lender immediately before it changed its Lending Office, (c) Taxes attributable to such recipient’s failure to comply with Section 2.12(c) and (d) any U.S.
federal withholding Taxes imposed under FATCA. 
 “Event of Default” has the meaning specified in
Section 7.1. 
 “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 and any agreement entered into pursuant to
Section 1471(b)(1) of the Code. 
 “Federal Funds Effective Rate” means for any day, the rate per annum equal to the
weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that
(i) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, (ii) if no such rate is so published
on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average of the quotations for the day for such transactions received by the Lender from three depository institutions of recognized standing selected by it and
(iii) if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero. 
 “GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently
applied. 

  
 4 

 “Governmental Authority” means the government of the United States or any other
nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government (including any supranational bodies such as the European Union or the European Central Bank). 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any obligation of the Borrower under the Loan Documents and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indenture” means that certain Indenture dated as of April 5, 2018, among the Borrower and Vrio Finco 2 Inc., as
issuers, the guarantors party thereto, the trustee party thereto and the collateral agent party thereto. 
 “Interest Payment
Date” means the last day of each Interest Period applicable to such Loan and the Maturity Date. 
 “Interest
Period” means, as to each Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan and ending on the date three months thereafter;
provided that: 
 (i) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next
succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

(ii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(iii) no Interest Period shall, with respect to any Loan, extend beyond the Maturity Date. 

“Interpolated Rate” means, in relation to the LIBO Rate, the rate which results from interpolating on a linear basis between:

 (i) the applicable LIBO Rate for the longest period (for which that LIBO Rate is available) which is less than the Interest Period of
that Loan; and 
 (ii) the applicable LIBO Rate for the shortest period (for which that LIBO Rate is available) which exceeds the Interest
Period of that Loan, each as of approximately 11:00 a.m. (London, England time) two (2) Business Days prior to the commencement of such Interest Period of that Loan. 

  
 5 

 “Laws” means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes, executive orders and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having
the force of law. 
 “Lender” has the meaning specified in the introductory paragraph hereto. 

“LIBO Rate” has the meaning specified in the definition of “Eurocurrency Rate.” 

“Lending Office” means the office or offices of the Lender designated on Schedule 10.2, or such
other office or offices as the Lender may from time to time notify the Borrower. 
 “Lien” means any mortgage, pledge,
security interest, encumbrance or lien of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof or any agreement to give any security interest) that has not been terminated or released. 

“Loan” has the meaning specified in Section 2.1. 

“Loan Documents” means this Agreement and the Revolving Note. 

“Material Adverse Effect” means a material adverse effect on (i) the business or financial condition of Borrower and its
Subsidiaries, taken as whole; (ii) the ability of the Borrower to perform any of its payment obligations under this Agreement or any other Loan Documents to which it is a party, and (iii) the rights and/or remedies of the Lender under this
Agreement or any other Loan Document. 
 “Maturity Date” means the Commitment Termination Date. 

“Notes” means the 6.250% Notes due 2023 and the 6.875% Notes due 2028, in each case issued by the Borrower and Vrio Finco 2
Inc. on April 5, 2018 pursuant to the Indenture. 
 “Note Documents” means the Indenture and all other instruments,
agreements and other documents evidencing or governing the Notes or providing for any other rights in respect thereof. 
 “Notes
Trustee” means the trustee under the Indenture. 
 “Obligations” means all advances to, and debts, liabilities,
obligations, covenants and duties of the Borrower arising under any Loan Document or otherwise with respect to any Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing
or hereafter arising and including interest, fees and other amounts that accrue after the commencement by or against the Borrower or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such
proceeding, regardless of whether such interest, fees and other amounts are allowed claims in such proceeding. 

  
 6 

 “OFAC” means the United States Department of the Treasury’s Office of
Foreign Assets Control of the United States. 
 “Officer’s Certificate” means a certificate signed on behalf of the
Borrower by one of its Responsible Officers. 
 “Organization Documents” means, (a) with respect to any corporation,
the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company,
the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of
formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization
and, if applicable, any certificate or articles of formation or organization of such entity. 
 “Other Connection Taxes”
means, with respect to any recipient, Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient having executed, delivered, become a
party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan
Document). 
 “Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or
similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any
such Taxes that are Other Connection Taxes imposed with respect to an assignment. 
 “Outstanding Amount” means with
respect to Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Loans occurring on such date. 

“Parent IPO” means the initial public offering of common equity of Vrio Corp. 

“Parent Spin” means the first date on which the Lender and its Affiliates own, directly or indirectly, less than a majority
of the shares of stock with the power to vote for the election of directors of Vrio Corp. 
 “Person” means any natural
person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Prime Rate” means the rate of interest quoted in the print edition of The Wall Street Journal, Money Rates Section as
the Prime Rate (currently defined as the base rate on corporate loans posted by at least 75% of the nation’s 30 largest banks), as in effect from time to time. The Prime Rate is a reference rate and does not necessarily represent the lowest or
best rate actually charged to any customer. The Lender may make commercial loans or other loans at rates of interest at, above or below the Prime Rate. 

  
 7 

 “Reporting Entity” has the meaning specified in
Section 6.4(a). 
 “Responsible Officer” means the chief executive officer, president, chief
financial officer, any executive vice president, any senior vice president, the treasurer, and the assistant treasurer of the Borrower or any entity authorized to act on behalf of the Borrower, solely for purposes of the delivery of incumbency
certificates pursuant to Section 4.1, the secretary or any assistant secretary of the Borrower or entity authorized to act on behalf of the Borrower and, solely for purposes of notices given pursuant to Article II,
any other officer or employee of the Borrower or entity authorized to act on behalf of the Borrower so designated by any of the foregoing officers in a notice to the Lender or any other officer or employee of the Borrower or entity authorized to act
on behalf of the Borrower designated in or pursuant to an agreement between the Borrower or entity authorized to act on behalf of the Borrower and the Lender. Any document delivered hereunder that is signed by a Responsible Officer shall be
conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of the Borrower and such Responsible Officer shall be conclusively presumed to have acted on behalf of the Borrower. 

“Revolving Note” means a promissory note made by the Borrower in favor of the Lender evidencing Loans made by the Lender,
substantially in the form of Exhibit B. 
 “Same Day Funds” means immediately available funds. 

“Sanctioned Country” means any country or territory that is the subject or target of Sanctions (on the date hereof, Cuba,
Iran, North Korea, Syria and the Crimea region of Ukraine; provided that this list is subject to change at any time and from time to time). 

“Sanctioned Person” means any Person that is (i) listed on, or owned or controlled, as such terms may be interpreted in
the relevant Sanctions or in any official guidance in relation to such Sanctions, by a Person listed on, or acting on behalf of a Person listed on, any Sanctions-related list of designated persons maintained by any Sanctions Authority
(“Sanctions List”), or (ii) otherwise a Person with whom a U.S. Person or other national of the United States, the European Union, the United Kingdom, any member state of the European Union or Brazil, if applicable, would be
prohibited or restricted under any Sanctions from engaging in trade, business or other activities. 
 “Sanctions” means
economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by a Sanctions Authority. 

“Sanctions Authority” means (i) the United States government or any Governmental Authority with jurisdiction over the
Borrower, its Affiliates or any party to the Loan Documents; or (ii) the respective governmental institutions and agencies of any of the foregoing, including, without limitation, OFAC and the United States Department of State. 

“SDN List” means the Specially Designated Nationals and Blocked Persons List, maintained by the OFAC. 

  
 8 

 “SEC” means the U.S. Securities and Exchange Commission, or any Governmental
Authority succeeding to any of its principal functions. 
 “Senior Debt” means all indebtedness and obligations (other than
the Obligations, but including any debentures, notes or other evidence of indebtedness issued under the Senior Debt Documents) of, or guaranteed or assumed by, the Borrower that (i) are for borrowed money, (ii) are evidenced by bonds,
debentures, notes or other similar instruments, or (iii) are in respect of hedging or swap obligations, in each case, whether outstanding on the date of this Agreement or thereafter created, incurred, assumed or guaranteed, and all amendments,
renewals, extensions, modifications and refundings of such indebtedness and obligations, unless in any such case the instrument by which such indebtedness or obligations are created, incurred, assumed or guaranteed by the Borrower, or are evidenced,
provides that they are subordinated, or are not superior, in right of payment to the Obligations. 
 “Senior Debt
Documents” means the each of the Term Loan Agreement, the CCBs, the other Term Loan Documents, the Indenture, the Notes and the other Note Documents and all other agreements, guarantees, documents and instruments executed from time to time
in connection with any of the foregoing, in each case, as the same may be amended, supplemented, restated, replaced, refinanced or otherwise modified from time to time. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity
the accounts of which are consolidated with the accounts of such Person in the Person’s consolidated financial statements prepared in accordance with GAAP. Unless otherwise specified, all references herein to a “Subsidiary” or to
“Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower. 
 “Taxes” means all present or
future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Loan Agent” means the administrative agent under the Term Loan Agreement. 

“Term Loan Agreement” means that that Master Facilities Agreement, dated April 9, 2018, among Sky Serviços de
Banda Larga Ltda., as borrower, the Borrower and certain subsidiaries of the Borrower from time to time party thereto, as guarantors, the lending institutions party thereto from time to time, and the Term Loan Agent. 

“Term Loan Documents” means the “Loan Documents” as defined in the Term Loan Agreement. 

“Total Revolving Outstandings” means the aggregate Outstanding Amount of all Loans. 

“Transaction Agreements” means the Loan Documents, the Note Documents and the Term Loan Documents. 

  
 9 

 “Transactions” means, collectively, (a) the Parent IPO and the other
transactions contemplated thereby, including the entering into of the Transaction Agreements, (b) the entering into of the Term Loan Agreement, the other Term Loan Documents and the issuance of the CCBs, (c) the entering into of the
Indenture, the other Note Documents and the issuance of the Notes, (d) the entering into of this Agreement and any borrowings thereunder and (e) the payment of fees and expenses in connection with the foregoing. 

“United States” and “U.S.” mean the United States of America. 

1.2 Other Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or
in such other Loan Document: 
 (a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase
“without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement,
instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein,”
“hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a
Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include
all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented
from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities,
accounts and contract rights. 
 (b) In the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including” the words “to” and “until” each mean “to but excluding” and the word “through” means “to and including.” 

(c) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the
interpretation of this Agreement or any other Loan Document. 
 1.3 Rounding. Any financial ratios required to be maintained by the
Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up
or down to the nearest number (with a rounding-up if there is no nearest number). 

  
 10 

 1.4 Times of Day. Unless otherwise specified, all references herein to times of day shall
be references to Eastern time (daylight or standard, as applicable). 
 ARTICLE II 

THE COMMITMENTS AND BORROWINGS 

2.1 Commitments. Subject to the terms and conditions set forth herein, the Lender agrees to make revolving loans (each such revolving
loan, a “Loan”) to the Borrower in Dollars from time to time, on any Business Day during the Availability Period, in each case in an amount not to exceed the unused Commitment at such time (as such Commitment may be reduced pursuant
to Section 2.4); provided, however, that after giving effect to any Borrowing, the Total Revolving Outstandings shall not exceed the aggregate Commitment at such time. Within the limits set forth above, and
subject to the other terms and conditions hereof (including the conditions set forth in Section 4.2 hereof), the Borrower may borrow under this Section 2.1, prepay under
Section 2.3, and reborrow under this Section 2.1. 
 2.2 Borrowings and Continuations
of Loans. 
 (a) Each Borrowing and each continuation of Eurocurrency Rate Loans shall be made upon the Borrower’s irrevocable
notice to the Lender, which shall be given by a Committed Loan Notice. Each such notice must be received by the Lender not later than 1:00 p.m. New York time three (3) Business Days prior to the requested date of any Borrowing of, or
continuation of Eurocurrency Rate Loans. Each Borrowing of or continuation of Eurocurrency Rate Loans shall be in a minimum principal amount of $5,000,000 and in increments of $1,000,000. 

(b) Each Committed Loan Notice shall specify (i) whether the Borrower is requesting a Borrowing or a continuation of Eurocurrency Rate
Loans, (ii) the requested date of the Borrowing or continuation, as the case may be (which shall be a Business Day) and (iii) the principal amount of Loans to be borrowed or continued. If the Borrower fails to give a timely notice
requesting a continuation, then the applicable Loans shall be made as, or continued as, Eurocurrency Rate Loans with an Interest Period of three months. 

(c) Upon satisfaction or waiver of the applicable conditions set forth in Section 4.2, the Lender shall make the Loan
available to the Borrower wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Lender by the Borrower. 

(d) Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest Period for
such Eurocurrency Rate Loan. 

  
 11 

 (e) The Lender shall promptly notify the Borrower of the interest rate applicable to any Interest
Period for Eurocurrency Rate Loans upon determination of such interest rate. 
 2.3 Prepayments. 

(a) Voluntary Prepayments. The Borrower may, upon notice to the Lender, at any time or from time to time, voluntarily prepay Loans in
whole or in part without premium or penalty; provided that (i) such notice must be in a form reasonably acceptable to the Lender and be received by the Lender not later than 11:00 a.m. New York time three (3) Business Days (or such
shorter period as the Lender shall agree) prior to any date of prepayment of Loans and (ii) any prepayment of Loans shall be in a minimum principal amount of $5,000,000. Each such notice shall specify the date and amount of such prepayment and
the Loans to be prepaid. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. 

(b) Mandatory Prepayments. If the Lender notifies the Borrower at any time prior to the Commitment Termination Date that the Total
Revolving Outstandings at such time exceed the Commitments then in effect, the Borrower shall promptly (and in any event within one (1) Business Day) prepay the applicable Loans in an aggregate amount equal to such excess. 

(c) Any prepayment pursuant to Sections 2.3(a) or (b) above shall be given by a notice substantially in the form of
Exhibit C and shall be accompanied by all accrued and unpaid interest on the amount prepaid. 
 2.4 Termination or Reduction of
Commitments. 
 (a) Unless previously terminated pursuant to Sections 2.4(b) or (c) or
Section 7.2, the Commitment will automatically terminate on the Commitment Termination Date. 
 (b) The Borrower
may, upon notice to the Lender, terminate the Commitments, or from time to time permanently reduce the Commitments; provided that (i) any such notice shall be received by the Lender not later than 12:00 noon three (3) Business Days
prior to the date of termination or reduction (or such shorter period as the Lender may reasonably agree), (ii) any such partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof,
(iii) the Borrower shall not terminate or reduce the Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Outstandings would exceed the Commitments. 

(c) Each notice of termination or reduction shall specify such election to terminate or reduce, as applicable, and the effective date thereof.

 2.5 Repayment. 
 (a)
The Borrower shall repay to the Lender on the Commitment Termination Date, the Total Revolving Outstandings, together with accrued but unpaid interest, fees and all other sums with respect thereto. 

  
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 (b) Prior to any prepayment of any Loan under any Commitment hereunder, the Borrower shall select
the Borrowing or Borrowings under the applicable Commitment to be prepaid and shall notify the Lender in writing of such selection not later than 2:00 p.m. New York time at least three (3) Business Days before the scheduled date of such
prepayment (or, in each case such shorter period acceptable to the Lender). All repayments of Loans shall be accompanied by accrued interest on the amount repaid to the extent required hereunder. 

2.6 Interest. 
 (a)
Applicable Interest. Subject to the provisions of subsection (b) below, (i) each Loan shall bear interest on the outstanding principal amount thereof for each Interest Period applicable thereto at a rate per annum equal to the
Eurocurrency Rate for such Interest Period plus the Applicable Rate. 
 (b) Default Interest. 

(i) If any amount of principal or interest of any Loan, or any amount hereunder is not, in each case, paid or reimbursed when due, whether at
stated maturity, upon acceleration or otherwise, the relevant overdue amount shall bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws; 

(ii) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand. 

(c) Interest Payments. Interest on each Loan shall be due and payable in cash in arrears on each Interest Payment Date applicable
thereto and at such other times as may be specified herein (each such payment, an “Interest Payment”). 
 2.7
[Reserved]. 
 2.8 Computation of Interest. All other computations of interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the
day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; provided that any Loan that is repaid on the same day on which it is made shall, subject to
Section 2.10(a), bear interest for one day. Each determination by the Lender of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error. 

2.9 Evidence of Debt. The Borrowings made by the Lender shall be evidenced by one or more accounts or records maintained by the Lender
in the ordinary course of business. The accounts or records maintained by the Lender shall be conclusive absent manifest error of the amount of the Borrowings made by the Lender to the Borrower and the interest and payments thereon. Any failure to
so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. Upon the request of the Lender, the Borrower shall execute and deliver
to the Lender a Revolving Note, which shall evidence the Lender’s Loans in addition to such accounts or records. The Lender may attach schedules to its Revolving Note and endorse thereon the date, amount and maturity of its Loans and payments
with respect thereto. 

  
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 2.10 Payments Generally. 

(a) General. All payments to be made by the Borrower to the Lender shall be made without condition or deduction for any counterclaim,
defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower to the Lender hereunder shall be made to the Lender, at the address and account set forth on Schedule 10.2 (or such other address or
account as the Lender may from time to time notify the Borrower) in Dollars and in Same Day Funds not later than 2:00 p.m. (New York City time) on the date specified herein. Without limiting the generality of the foregoing, the Lender may require
that any payments due under this Agreement be made in the United States. All payments received by the Lender after 2:00 p.m. (New York City time) shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall
continue to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, such due date shall be extended to the next following Business Day, and such extension of time shall be reflected in computing interest
or fees, as the case may be. 
 (b) Funding Source. Nothing herein shall be deemed to obligate the Lender to obtain the funds for any
Loan in any particular place or manner or to constitute a representation by the Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

2.11 Inability to Determine Applicable Interest Rate. 

(a) If prior to the commencement of any Interest Period for a Eurocurrency Rate Loan: 

(i) the Lender determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for
ascertaining the Eurocurrency Rate for such Interest Period; or 
 (ii) the Lender determines that the Eurocurrency Rate for such Interest
Period will not adequately and fairly reflect the cost to the Lender of making or maintaining such Loans included for such Interest Period (each of clause 2.11(a)(i) and (ii), a “Market Disruption Event”) 

then the Lender shall give notice thereof to Borrower by telephone, facsimile transmission or PDF attachment to an
e-mail as promptly as practicable thereafter and, until the Lender notifies Borrower that the circumstances giving rise to such notice no longer exist, (x) any Committed Loan Notice that requests the
continuation of any such Loan as a Eurocurrency Rate Loan shall be ineffective and such Eurocurrency Rate Loan shall be continued as, on the last day of the Interest Period applicable thereto, a Base Rate Loan and (y) if any Committed Loan
Notice requests a Eurocurrency Rate Loan, such Eurocurrency Rate Loan shall be made as a Base Rate Loan. During any period in which a Market Disruption Event is in effect, the Borrower may request that the Lender confirm that the circumstances
giving rise to the Market Disruption Event 

  
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continue to be in effect; provided that (A) the Borrower shall not be permitted to submit any such request more than once in any 30-day period and (B) nothing contained in
this Section 2.11 or the failure to provide confirmation of the continued effectiveness of such Market Disruption Event shall in any way affect the Lender’s right to provide any additional notices of a Market
Disruption Event as provided in this Section 2.11. If the Lender has not confirmed within 10 Business Days after request of such report from the Borrower that a Market Disruption Event has occurred, then such Market
Disruption Event shall be deemed to be no longer existing. 
 (b) Notwithstanding any provision to the contrary set forth in this Agreement,
if at any time the Lender determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in this Section 2.11 have arisen with respect to the Eurocurrency Rate and such
circumstances are unlikely to be temporary or (ii) the circumstances set forth in this Section 2.11 have not arisen with respect to the Eurocurrency Rate but the supervisor for the administrator of such benchmark rate
or a governmental authority having jurisdiction over the Lender has made a public statement identifying a specific date after which such benchmark rate shall no longer be used for determining interest rates for loans in the applicable currency, then
the Eurocurrency Rate shall be (x) replaced by a comparable successor rate that is, at such time, broadly accepted by the syndicated loan market for loans denominated in Dollars in lieu of the rate set forth herein (as determined by the Lender
with the consent of the Borrower) or (y) if no such broadly accepted comparable successor rate exists at such time, a successor index rate as the Lender may determine with the consent of the Borrower (such consent not to be unreasonably
withheld or delayed). Any such successor rate determined pursuant to clauses (x) or (y) of the preceding sentence shall become effective at 5:00 p.m., New York City time, on the fifth Business Day after the Lender shall have posted such
proposed amendment to the Borrower. Until an alternate rate of interest shall be determined in accordance with this Section 2.11 (but, in the case of the circumstances described in clause (ii) of the first sentence of
Section 2.11(a), only to the extent the applicable benchmark rate for such Interest Period is not available or published at such time on a current basis), (A) any Committed Loan Notice that requests the continuation of any
Loan as a Eurocurrency Rate Loan based on such benchmark rate shall be ineffective and (B) if any Committed Loan Notice requests a Eurocurrency Rate Loan based on such benchmark rate, such Loan shall be made as a Base Rate Loan. 

2.12 Taxes. Any and all payments made by the Borrower to the Lender shall be made without deduction or withholding for any Taxes,
except as required by applicable law. If any applicable law (as determined in the good faith discretion of the Borrower) requires the deduction or withholding of any Tax from any such payment, then the Borrower shall be entitled to make such
deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be
increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable recipient receives an amount equal to the sum it
would have received had no such deduction or withholding been made. 
 (a) Payment of Other Taxes by the Borrower. The Borrower shall
timely pay to the relevant Governmental Authority in accordance with applicable law any Other Taxes. 

  
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 (b) Indemnification by the Borrower. The Borrower shall indemnify the Lender, within 10
days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by the Lender or required to be withheld or deducted
from a payment to the Lender and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the
amount of such payment or liability delivered to the Borrower by the Lender shall be conclusive absent manifest error. 
 (c) Status of
Lender. To the extent that the Lender is entitled to an exemption from or reduction of withholding tax with respect to payments made by the Borrower, the Lender shall deliver to the Borrower, at the time or times reasonably requested by the
Borrower, such properly completed and executed documentation reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, the Lender, if reasonably requested by
the Borrower, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower as will enable the Borrower to determine whether or not the Lender is subject to backup withholding or information reporting
requirements. The Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower of its legal inability to
do so. 
 (d) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has
received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.12 (including by the payment of additional amounts pursuant to this Section 2.12), it shall pay to the indemnifying party an amount equal to such
refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to
such indemnified party the amount paid over pursuant to this paragraph (d) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to
such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (d), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (d) the payment of which would
place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted,
withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. 

ARTICLE III 

SUBORDINATION 
 3.1
Subordination of Obligations to Senior Debt. The Lender covenants and agrees, and the Borrower likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article III, the Obligations are hereby
expressly subordinated in right 

  
 16 

 
of payment to the prior payment in full of all Senior Debt. In addition, to the extent at any time guarantees are provided in respect of the Obligations by the Borrower or any Subsidiary of the
Borrower which also guarantees any of the Senior Debt, such guarantee shall be subordinated to the same extent as described in, and be subject to, this Article III. 

3.2 Payment Over of Proceeds Upon Dissolution, Etc.. 

(a) In the event of (i) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar
case or proceeding in connection therewith, relative to the Borrower or to its creditors, as such, or to its assets, or (ii) any liquidation, dissolution or other winding up of the Borrower, whether voluntary or involuntary and whether or not
involving insolvency or bankruptcy, or (iii) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of the Borrower, then and in any such event the holders of Senior Debt shall be entitled to receive
payment in full of all amounts due or to become due on or in respect of all Senior Debt (including any interest accruing thereon after the commencement of any such case or proceeding), or provision shall be made for such payment in cash or cash
equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, before the Lender is entitled to receive any payment on account of the Obligations, and to that end the holders of Senior Debt shall be entitled to receive, for
application to the payment thereof, any payment or distribution of any kind or character, whether in cash, property or securities, including any such payment or distribution which may be payable or deliverable by reason of the payment of any other
indebtedness of the Borrower being subordinated to the payment of the Obligations, which may be payable or deliverable in respect of the Obligations in any such case, proceeding, liquidation, dissolution, other winding up event, assignment or other
marshalling. 
 (b) In the event that, notwithstanding the foregoing provisions of this Section 3.2, the Lender
shall have received any payment or distribution of assets of the Borrower of any kind or character, whether in cash, property or securities, including any such payment or distribution which may be payable or deliverable by reason of the payment of
any other indebtedness of the Borrower being subordinated to the payment of the Obligations, before all Senior Debt is paid in full or payment thereof provided for, and if such fact shall, at or prior to the time of such payment or distribution,
have been made known to the Lender, then and in such event such payment or distribution shall be paid over or delivered forthwith to the holders of the Senior Debt or their representatives, as their respective interests may appear, for application
to the payment of all Senior Debt remaining unpaid, to the extent necessary to pay all Senior Debt in full, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. Any taxes that have been withheld or
deducted from any payment or distribution in respect of the Obligations, or any taxes that ought to have been withheld or deducted from any such payment or distribution that have been remitted to the relevant taxing authority, shall not be
considered to be an amount that the Lender receives for purposes of this Section 3.2. 
 3.3 Prior Payment to
Senior Debt Upon Acceleration of Senior Debt. In the event that any Loans are declared due and payable before their stated maturity, then and in such event the holders of Senior Debt shall be entitled to receive payment in full of all amounts
due or to become due on or in respect of all Senior Debt or provision shall be made for such payment in cash or cash equivalents, before the Lender is entitled to receive any payment (including any 

  
 17 

 
payment which may be payable by reason of the payment of any other indebtedness of the Borrower being subordinated to the payment of the Obligations) by the Borrower on account of the
Obligations. In the event that, notwithstanding the foregoing, the Borrower shall make any payment to the Lender prohibited by the foregoing provisions of this Section 3.3, then and in such event such payment shall be paid
over and delivered forthwith to the Borrower. 
 3.4 No Payment When Senior Debt in Default. 

(a) Subject to the last paragraph of this Section 3.4, (x) in the event and during the continuation of any default in
the payment of principal of or interest on any Senior Debt beyond any applicable grace period with respect thereto, or (y) in the event that any event of default with respect to any Senior Debt shall have occurred and be continuing permitting
the holders of such Senior Debt (or a trustee on behalf of the holders thereof) to declare such Senior Debt due and payable prior to the date on which it would otherwise have become due and payable(provided that, in the case of clause (x) or
clause (y), if such default in payment or event of default shall have been cured or waived or shall have ceased to exist and any such declaration of acceleration shall have been rescinded or annulled, then such default in payment or event of
default, as the case may be, shall be deemed not to have occurred for the purpose of this Section 3.4), then no payment (including any payment which may be payable by reason of the payment of any other indebtedness of the
Borrower being subordinated to the payment of the Obligations) shall be made by the Borrower on account of the Obligations. 
 (b) In the
event that, notwithstanding the foregoing, the Borrower shall make any payment to the Lender prohibited by the provisions of this Section 3.4, and if such fact shall, at or prior to the time of such payment, have been made
known to the Lender, then and in such event such payment shall be paid over and delivered forthwith to the Borrower. 
 3.5 Payment
Permitted in Certain Situations. Nothing contained in this Article III or elsewhere in this Agreement or any Loan Document shall prevent the Borrower, at any time except during the pendency of any case, proceeding, dissolution,
liquidation or other winding up, assignment for the benefit of creditors or other marshalling of assets and liabilities of the Borrower referred to in Section 3.2 or under the conditions described in Sections 3.3 or
3.4, from making payments at any time of or on account of the principal of or interest on the Loans or on account of any Obligation, or (b) the retention of such payment by the Lender, if, at the time of receipt by the Lender, it did not
have knowledge that such payment would have been prohibited by the provisions of this Article III. 
 3.6 Subrogation to Rights of
Holders of Senior Debt. Subject to the payment in full of all Senior Debt or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Lender shall be subrogated to the
extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article III (equally and ratably with the holders of indebtedness of the Borrower which by its express terms is subordinated to
indebtedness of the Borrower to substantially the same extent as the Obligations are subordinated to the Senior Debt and is entitled to like rights of subrogation) to the rights of the holders of such Senior Debt to receive payments and
distributions of cash, property and securities applicable to the Senior Debt until the Obligations shall be paid in full. For purposes of such subrogation, no payments or distributions 

  
 18 

 
to the holders of the Senior Debt of any cash, property or securities to which the Lender would be entitled except for the provisions of this Article III, and no payments over pursuant to
the provisions of this Article III to the holders of Senior Debt by the Lender, shall, as among the Borrower, its creditors other than holders of Senior Debt and the Lender, be deemed to be a payment or distribution by the Borrower to or on
account of the Senior Debt. 
 3.7 Provisions Solely to Define Relative Rights. The provisions of this Article III are and are
intended solely for the purpose of defining the relative rights of the Lender on the one hand and the holders of Senior Debt on the other hand. Nothing contained in this Article III or elsewhere in this Agreement or in any other Loan Document
is intended to or shall (a) impair, as among the Borrower, its creditors other than holders of Senior Debt and the Lender, the obligation of the Borrower, which is absolute and unconditional (and which, subject to the rights under this
Article III of the holders of Senior Debt, is intended to rank equally with all other general obligations of the Borrower), to pay to the Lender the Obligations as and when the same shall become due and payable in accordance with their terms;
or (b) affect the relative rights against the Borrower of the Lender and creditors of the Borrower other than the holders of Senior Debt; or (c) prevent the Lender from exercising all remedies otherwise permitted by applicable law upon
default under this Agreement or any other Loan Document, subject to the rights, if any, under this Article III of the holders of Senior Debt to receive cash, property and securities otherwise payable or deliverable to the Lender. 

3.8 No Waiver of Subordination Provisions. 

(a) No right of any present or future holder of any Senior Debt to enforce subordination as herein provided shall at any time in any way be
prejudiced or impaired by any act or failure to act on the part of the Borrower or by any act or failure to act, in good faith, by any such holder, or by any non-compliance by the Borrower with the terms,
provisions and covenants of this Agreement, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 
 (b)
Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Debt may, at any time and from time to time, without the consent of or notice to the Lender, without incurring responsibility to the Lender and without
impairing or releasing the subordination provided in this Article III or the obligations hereunder of the Lender to the holders of Senior Debt, do any one or more of the following: (i) change the manner, place or terms of payment or
extend the time of payment of, or renew or alter, Senior Debt or otherwise amend or supplement in any manner Senior Debt or any instrument evidencing the same or any agreement under which Senior Debt is outstanding; (ii) sell, exchange, release
or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Debt; (iii) release any Person liable in any manner for the collection of Senior Debt; and (iv) exercise or refrain from exercising any rights against the
Borrower and any other Person. 
 3.9 Notice to the Lender. 

(a) The Borrower shall give prompt written notice to the Lender of any fact known to the Borrower which would prohibit the making of any
payment to the Lender in respect of the Obligations. Notwithstanding the provisions of this Article III or any other 

  
 19 

 
provision of this Agreement, the Lender shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment to the Lender in respect of the
Obligations, unless and until the Lender (x) shall have received written notice thereof from the Borrower or a holder of Senior Debt or from any trustee or agent therefor; and, prior to the receipt of any such written notice, the Lender shall
be entitled in all respects to assume that no such facts exist or (y) or the Lender has actual knowledge thereof. 
 (b) The Lender
shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior Debt (or a trustee or agent therefor) to establish that such notice has been given by a holder of Senior Debt (or a trustee
or agent therefor). In the event that the Lender determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Debt to participate in any payment or distribution pursuant to this Article
III, the Lender may request such Person to furnish evidence to the reasonable satisfaction of the Lender as to the amount of Senior Debt held by such Person, the extent to which such Person is entitled to participate in such payment or
distribution and any other facts pertinent to the rights of such Person under this Article III, and if such evidence is not furnished, the Lender may defer any payment to such Person pending judicial determination as to the right of such
Person to receive such payment. 
 3.10 Reliance on Judicial Order or Certificate of Liquidating Agent. Upon any payment or
distribution of assets of the Borrower referred to in this Article III, the Lender shall be entitled to rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation,
reorganization, dissolution, winding up or similar case or proceeding is pending, or a certificate of the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit of creditors, agent or other Person making such
payment or distribution, delivered to the Lender, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of Senior Debt and other indebtedness of the Borrower, the amount thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article III. 
 3.11 Lender
Not Fiduciary for Holders of Senior Debt. The Lender shall not be deemed to owe any fiduciary duty to the holders of Senior Debt and shall not be liable to any such holders or creditors if it shall in good faith retain or pay over or distribute
to the Company or to any other Person cash, property or securities to which any holders of Senior Debt shall be entitled by virtue of this Article III or otherwise. 

3.12 Rights of Lender as Holder of Senior Debt; Preservation of Lender’s Rights. The Lender shall be entitled to all
the rights set forth in this Article III with respect to any Senior Debt which may at any time be held by it (other than in connection with its rights of subrogation), to the same extent as any other holder of Senior Debt and nothing in this
Agreement shall deprive the Lender of any of its rights as such holder. 

  
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 ARTICLE IV 

CONDITIONS PRECEDENT TO EFFECTIVENESS AND BORROWINGS 

4.1 Conditions of Effectiveness. The effectiveness of this Agreement are subject to satisfaction or waiver of the Lender’s receipt
of the following, each of which shall be originals or telecopies or electronic copies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of
certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Lender: 

(a) executed counterparts of this Agreement, executed and delivered by the Borrower and the Lender; 

(b) a Revolving Note executed by the Borrower in favor of the Lender; 

(c) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers as the Lender
may reasonably require evidencing the identity, authority and capacity of each Responsible Officer authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents; and 

(d) such documents and certifications as the Lender may reasonably require to evidence that the Borrower is duly organized or formed, and that
the Borrower is validly existing, in good standing and qualified to engage in business in its state of organization and in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such
qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 4.2
Conditions to All Borrowings. The obligation of the Lender to honor any request for a Borrowing (other than a Committed Loan Notice requesting only a continuation of Loans) is subject to the following conditions precedent: 

(a) the representations and warranties of the Borrower contained in Article V or any other Loan Document, or which are contained in any
document required to be furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (except to the extent that any representation or warranty that is qualified by materiality or Material
Adverse Effect shall be true and correct in all respects) on and as of the date of such Borrowing, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in
all material respects as of such earlier date; 
 (b) no Default or Event of Default shall exist on the date of such Borrowing, or would
result from such proposed Borrowing or from the application of the proceeds thereof; 
 (c) after giving effect to such Borrowing, the Total
Revolving Outstandings shall not exceed the aggregate Commitment at such time; 

  
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 (d) the amount of such Borrowing shall not exceed the unused Commitment at such time (as such
Commitment may be reduced pursuant to Section 2.4); and 
 (e) the Lender shall have received a Committed Loan
Notice in accordance with the requirements hereof. 
 Each request for a Borrowing submitted by the Borrower shall be deemed to be a representation and
warranty that the conditions specified in Sections 4.2(a) through (e) have been satisfied on and as of the date of the applicable Borrowing. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Lender that: 

5.1 Existence, Qualification and Power. Each of the Borrower and its Subsidiaries (a) is duly organized or formed, validly existing
and in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own its assets
and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party and (c) is duly qualified and is licensed and in good standing (to the extent applicable) under the Laws of
each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in clause (a) (solely as to Subsidiaries), (b)(i) or (c), to the extent
that failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 5.2 Authorization; No Contravention. The
execution, delivery and performance by the Borrower of each Loan Document to which it is a party has been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of the
Borrower’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any contractual obligation to which the Borrower is party
or affecting the Borrower or the properties of the Borrower or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or its property is subject; or
(c) violate any Law; except in each case referred to in clause (b) or (c), or to the extent such conflict, breach, contravention or violation, or creation of any such Lien, could not reasonably be expected to have a Material Adverse
Effect. 
 5.3 Governmental Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or
notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the Borrower of any Loan Document, except for such as have been
made or obtained and are in full force and effect, such actions, consents and approvals the failure of which to be obtained or made would not reasonably be expected to have a Material Adverse Effect. 

  
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 5.4 Binding Effect. This Agreement has been, and each other Loan Document, when delivered
hereunder, will have been, duly executed and delivered by the Borrower. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of the Borrower, enforceable against the
Borrower in accordance with its terms, except as enforceability may be limited by applicable Debtor Relief Laws and equitable principles relating to enforceability. 

5.5 Use of Proceeds. The proceeds of the Loans hereunder will be used by the Borrower and its Subsidiaries solely for general corporate
purposes, including working capital requirements. The Borrower will not request any Borrowing nor directly or to its knowledge indirectly use the proceeds of any Borrowing, in each case (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, or (ii) in any manner that would result in the violation of any Sanctions applicable to the Borrower or its
Subsidiaries or, to the knowledge of the Borrower, any other party hereto. 
 5.6 Sanctions; Anti-Corruption Laws; Anti-Money Laundering
Laws. 
 (a) None of the Borrower or its Affiliates, and to the best of their knowledge, their respective directors, officers or
employees, any Persons which own or control the Borrower or any Affiliate (whether directly or indirectly), or any Persons acting on behalf of the Borrower or its Affiliates is in violation of any Anti-Corruption Laws or anti-money laundering laws;

 (b) None of Borrower or its Affiliates, and to the best of their knowledge, their respective directors, officers, agents or employees, any
Persons which own or control the Borrower or any Affiliate (whether directly or indirectly) or any Person acting on behalf of the Borrower or its Affiliates is a Sanctioned Person or acting for or on behalf of any Sanctioned Person; 

(c) Other than pursuant to general or specific license, none of Borrower or its Affiliates, and to the best of their knowledge, their
respective directors, officers, agents or employees, any Persons which own or control the Borrower or any Affiliate (whether directly or indirectly) or any Person acting on behalf of the Borrower or any Affiliate (1) deals in, or otherwise
engages in any transaction relating to, any property or interests in property blocked pursuant to any applicable Sanctions; or (2) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or
avoiding, or attempts to violate, any of the prohibitions set forth in any applicable Sanctions; 
 (d) The Borrower has implemented and
maintains in effect policies and procedures designed to ensure compliance by the Borrower and its Subsidiaries and their respective directors, officers and employees with any Sanctions, Anti-Corruption Laws
and anti-money laundering laws; and 
 (e) The Borrower has implemented and maintains in force
corporate policies reasonably designed to promote compliance by the Borrower and its employees, with any law, treaty, rule or regulation or determination promulgated by the OFAC. The Borrower has not been included on the SDN List, and does not have
a physical place of business and is not organized in 

  
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Sanctioned Countries. The Borrower will not, knowingly, use the resources of the Loans, directly or indirectly, to finance the activities or business (1) of or with individuals or entities
included on the SDN List, or (2) in, or with the government of, any of the Sanctioned Countries, except in cases of (a) and (b), insofar as authorized by the Law of the United States of America. Notwithstanding the foregoing, if any
country, region or territory, including the Sanctioned Countries, is no longer subject to comprehensive territorial sanctions administered by OFAC, then it shall no longer be deemed a Sanctioned Country for purposes hereof, and this clause shall not
apply to such country, region or territory. 
 5.7 Solvency. On the Closing Date and each date of a Borrowing, after giving effect to
the consummation of the Transactions and the borrowing of such Loans on such date: 
 (a) the fair value of the assets of the Borrower and
its Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated, contingent or otherwise; 

(b) the Borrower and its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent or
otherwise, as such liabilities become absolute and matured; and 
 (c) the Borrower and its Subsidiaries, on a consolidated basis, are not
engaged in, and are not about to engage in, business for which they have unreasonably small capital. 
 For the purposes hereof, the amount
of any contingent liability at any time shall be computed as the amount that could reasonably be expected to become an actual and matured liability. 

ARTICLE VI 

COVENANTS 
 6.1
Reports to Lender; Notice of Default. 
 (a) The Borrower shall deliver to the Lender all reports and information required to be
provided to the Notes Trustee and holders of the Notes pursuant to Section 4.04 of the Indenture (as in effect on the date hereof), in each case on the same date as delivery is required under the Indenture (as in effect on the date hereof).

 (b) The Borrower shall deliver to the Lender promptly upon (and no later than two Business Days after) the Borrower becoming aware of the
occurrence of any Default or Event of Default an officer’s certificate signed by the principal executive officer, principal financial officer or principal accounting officer of the Borrower, specifying the Default or Event of Default and what
action, if any, the Borrower is taking or propose to take with respect thereto. 
 6.2 Use of Proceeds. The Borrower will not, and
will not permit any of its Subsidiaries to, use the proceeds of the Loans for any purpose other than general corporate purposes, including working capital requirements. The Borrower will not request any Borrowing nor directly or to its knowledge
indirectly use the proceeds of any Borrowing, in each case (i) in 

  
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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, or
(ii) in any manner that would result in the violation of any Sanctions applicable to the Borrower or its Subsidiaries or, to the knowledge of the Borrower, any other party hereto. 

6.3 Sanctions; Anti-Corruption Laws. Borrower will maintain policies and procedures reasonably designed to ensure compliance with
Anti-Corruption Laws and applicable Sanctions by Borrower and its managers, officers, and employees and, in the case of Anti-Corruption Laws, its agents (acting in their capacity as such). Other than pursuant to general or specific license, the
Borrower will not, knowingly, use the resources of the Loans, directly or indirectly, to finance the activities or business (1) of or with individuals or entities included on the SDN List, or (2) in, or with the government of, any of the
Sanctioned Countries, except in cases of (a) and (b), insofar as authorized by the Law of the United States of America. Notwithstanding the foregoing, if any country, region or territory, including the Sanctioned Countries, is no longer subject
to comprehensive territorial sanctions administered by OFAC, then it shall no longer be deemed a Sanctioned Country for purposes hereof, and this clause shall not apply to such country, region or territory. 

6.4 Further Instruments and Acts. Upon the request of the Lender, the Borrower shall execute and deliver such further instruments and
do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Agreement. 
 ARTICLE VII

 EVENTS OF DEFAULT AND REMEDIES 

7.1 Events of Default. Any of the following shall constitute an Event of Default: 

(a) Default in the payment of principal of on the Loans when due and payable whether at maturity, upon acceleration, redemption or otherwise;

 (b) Default in the payment of interest on the Loans when due and payable, and such default continues for a period of thirty
(30) days; 
 (c) The Borrower defaults in the performance of or breaches any other covenant or agreement of such Person in this
Agreement (other than a default specified Section 7.1(a) or (b)) and such default or breach continues for thirty (30) consecutive days after written notice by the Lender; 

(d) The Borrower shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of the Senior Debt
Documents or any other indebtedness of the Borrower in a principal amount in excess of $250,000,000, when and as the same shall become due and payable; 

(e) Any event occurs that results in any indebtedness of the Borrower under the Senior Debt Documents or in a principal amount in excess of
$250,000,000 becoming due prior to its scheduled maturity, or requiring the prepayment, repurchase, redemption or defeasance thereof prior to its scheduled maturity; 

  
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 (f) Any final and non-appealable judgment or order (not
covered by insurance) for the payment of money shall be rendered against the Borrower and shall not be paid or discharged for a period of thirty (30) consecutive days following entry of such final judgment or order and during such thirty
(30) day period a stay of enforcement of such final judgment or order, by reason of a pending appeal or otherwise, shall not be in effect, and the aggregate amount for such unpaid or undischarged final judgments shall exceed $250,000,000; 

(g) A court of competent jurisdiction enters a decree or order for: 

(i) relief in respect of the Borrower in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect; 
 (ii) appointment of a receiver, liquidator, assignee custodian, trustee, sequestrator or similar official of the Borrower or
for all or substantially all of the property and assets of the Borrower; or 
 (iii) the winding up or liquidation of the affairs of the
Borrower and, in each case, such decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days; 
 (h)
The Borrower: 
 (i) commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect,
or consents to the entry of an order for relief in an involuntary case under such law; 
 (ii) consents to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Borrower or for all or substantially all of the property and assets of the Borrower; or 

(iii) effects any general assignment for the benefit of its creditors; or 

(i) A Change of Control shall have occurred following the Parent Spin. 

7.2 Remedies Upon Event of Default. 

(a) If an Event of Default (other than an Event of Default under Sections 7.1(g) or (h)) occurs and is
continuing, the Lender, by written notice to the Borrower, may declare the principal of and accrued interest on the Loans and all other Obligations to be immediately due and payable. Upon a declaration of acceleration, such principal of and accrued
interest on the Loans and all other Obligations shall be immediately due and payable and the obligation to make Loans and the Commitments shall terminate. If an Event of Default specified in Sections 7.1(g) or
(h) occurs with respect to the Borrower, the principal of and accrued interest on the Loans and all other Obligations then outstanding shall automatically become and be immediately due and payable without any declaration or other act on
the part of the Lender. The Lender by written notice to the Borrower may waive all past defaults and rescind and annul a declaration of acceleration and its consequences if: 

  
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 (i) all existing Events of Default, other than the nonpayment of the principal of and interest
on the Loans that have become due solely by such declaration of acceleration, have been cured or waived, and 
 (ii) the rescission would
not conflict with any judgment or decree of a court of competent jurisdiction. 
 No such rescission shall affect any subsequent Default or impair any right
consequent thereto. 
 7.3 Other Remedies. If a Default occurs and is continuing, the Lender may pursue any available remedy by
proceeding at law or in equity to collect the payment of principal of, or interest on, the Loans or to enforce the performance of any provision of this Agreement. 

ARTICLE VIII 

MISCELLANEOUS 
 8.1
Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower therefrom, shall be effective unless in writing signed by the Lender and the Borrower, as
the case may be, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

8.2 Notices; Effectiveness; Electronic Communication. 

(a) Notices Generally. 

(i) Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection
(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 telecopier as follows, and all notices and
other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: if to the Borrower or the Lender, to the address, telecopier number, electronic mail address or telephone
number specified for such Person on Schedule 10.2. 
 (ii) Notices and other communications sent by hand or
overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier 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 and other communications delivered through electronic communications to the extent
provided in subsection (b) below, shall be effective as provided in such subsection (b). 

  
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 (b) Electronic Communications. 

(i) Notices and other communications to the Lender hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Lender, provided that the foregoing shall not apply to notices to the Lender provided pursuant to Article II if the
Lender has notified the Borrower that it is incapable of receiving notices under such Article by electronic communication. The Lender 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. 

(ii) Unless the Lender otherwise prescribes, (x) 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); provided that if such notice 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, and (y) 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 (x) of notification that such notice or communication is available and identifying the website address therefor. 

(c) Change of Address, Etc. Each of the Borrower and the Lender may change its address, telecopier or telephone number for notices and
other communications hereunder by notice to the other parties hereto. 
 (d) Reliance by Lender. The Lender shall be entitled to rely
and act upon any notices (including Committed Loan Notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other
form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. 

8.3 No Waiver; Cumulative Remedies. 

(a) No failure by the Lender to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall
operate as a waiver thereof nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights,
remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

(b) Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against the Borrower shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Lender in accordance
with Section 7.2 for the benefit of the Lender; provided, however, that the foregoing shall not prohibit (i) the Lender from exercising on its own behalf the rights and remedies that inure to its benefit
(solely in its capacity as Lender) hereunder and under the other Loan Documents, or (ii) the Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to the Borrower
under any Debtor Relief Law. 

  
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 8.4 Successors and Assigns. The provisions of this Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of
the Lender, and the Lender may not assign or otherwise transfer any of its rights or obligations hereunder except to an Affiliate of Lender without the consent of the Borrower, provided that (x) no consent of the Borrower shall be required if
an Event of Default has occurred and is continuing and (y) in connection with any such assignment by the Lender, the relevant assignee shall acknowledge and agree that the Obligations shall be subject to the provisions of Article III. Any
attempted assignment or transfer by either the Borrower or the Lender without such consent or otherwise in violation of the foregoing set forth in this Section 8.4 shall be null and void. 

8.5 Treatment of Certain Information; Confidentiality. 

(a) The Lender agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed
(i) on a need-to-know basis to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and
representatives (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), (ii) to the extent requested by any
Governmental Authority purporting to have jurisdiction over it or its Affiliates (including any self-regulatory authority), (iii) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process, (iv) to any
other party hereto, (v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or
thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section 8.5, to any actual or prospective counterparty (or its advisors) to any swap or derivative transaction
relating to the Borrower and its obligations, (vii) with the consent of the Borrower, (viii) to the extent such Information (x) becomes publicly available other than as a result of a breach of this
Section 8.5, (y) becomes available to the Lender or any of its respective Affiliates on a non-confidential basis from a source other than the Borrower that the Lender reasonably
believes is not bound by a duty of confidentiality to the Borrower or (z) is independently developed by the Lender or any of its Affiliates, (ix) to any rating agency (provided such rating agencies are advised of the confidential nature of
such information and agree to keep such information confidential) or (x) as reasonably required by the Lender (provided the Lender is advised of the confidential nature of such information and agrees to keep such information confidential). 

(b) For purposes of this Section 8.5, “Information” means all information received from or on behalf
of the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to the Lender on a non-confidential basis
prior to disclosure by the Borrower or any Subsidiary, provided that, in the case of information received from the Borrower or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as
confidential. Any 

  
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Person required to maintain the confidentiality of Information as provided in this Section 8.5 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 or its other similarly situated customers’ confidential information. 

(c) The Lender acknowledges that (i) the Information may include material non-public information
concerning the Borrower or a Subsidiary, as the case may be, (ii) it has developed compliance procedures regarding the use of material non-public information and (iii) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities Laws. 

8.6 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to
be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Lender shall receive interest in an amount
that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the
Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the
effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 

8.7 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents constitute the entire contract among the parties relating to
the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.1, this Agreement shall become effective
when it shall have been executed by the Lender and when the Lender shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of
this Agreement by telecopy or other electronic imaging means (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement. 

8.8 Survival of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document or
other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Lender, regardless of
any investigation made by the Lender or on its behalf and notwithstanding that the Lender may have had notice or knowledge of any Default at the time of any Borrowing, and shall continue in full force and effect as long as any Loan or any other
Obligation hereunder shall remain unpaid or unsatisfied. 

  
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 8.9 Severability. If any provision of this Agreement or the other Loan Documents is held
to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor
in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a
provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 8.10
Governing Law; Jurisdiction; Etc. 
 (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 

(b) SUBMISSION TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK SITTING IN NEW YORK COUNTY, THE COURTS OF THE STATE OF TEXAS SITTING IN DALLAS COUNTY, AND THE
UNITED STATES DISTRICT COURT OF THE NORTHERN DISTRICT OF TEXAS SITTING IN DALLAS COUNTY, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR
RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION 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. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE
BORROWER OR ANY OF ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (c) WAIVER OF VENUE. EACH PARTY HERETO IRREVOCABLY AND
UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN
ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION 8.10. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION
OR PROCEEDING IN ANY SUCH COURT. 

  
 31 

 (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN
THE MANNER PROVIDED FOR NOTICES IN SECTION 8.2. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

8.11 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER
AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.11. 

8.12 Delivery of Signature Page. The Lender to become a party to this Agreement on the date hereof shall do so by delivering to the
Borrower a counterpart of this Agreement duly executed by the Lender. 
 8.13 Electronic Execution of Documents. The words
“execute,” “execution,” “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including
amendments or other modifications, Committed Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Lender, or
the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as
provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
Transactions Act; provided that notwithstanding anything contained herein to the contrary, but subject to the provisions of Section 8.2(b), the Lender is under no obligation to agree to accept electronic signatures
in any form or in any format unless expressly agreed to by the Lender pursuant to procedures approved by it. 
 8.14 ENTIRE
AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS AMONG THE PARTIES. 

  
 32 

 8.15 USA Patriot Act Notice. If the Lender is subject to the Patriot Act (as hereinafter
defined) and hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), 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 the Lender to identify the Borrower in accordance with the
Patriot Act, then the Borrower shall, promptly following a request by the Lender, provide all documentation and other information that the Lender requests in order to comply with its ongoing obligations under applicable “know your
customer” and anti-money laundering rules and regulations, including the Patriot Act. 
 8.16 Subordination Agreement. This
Agreement is intended to be a subordination agreement within the meaning of section 510(a) of the Bankruptcy Code. 

  
 33 

 Each of the parties hereto has caused a counterpart of this Agreement to be duly executed as of
the date first above written. 
  

			
	VRIO FINCO 1 LLC, as Borrower
		
	By:	 	/s/ Michael Hartman
		 	Name: Michael Hartman
		 	Title: General Counsel
	
	AT&T INC., as Lender
		
	By:	 	/s/ Julianne K. Galloway
		 	Name: Julianne K. Galloway
		 	Title: Vice President and Assistant Treasurer

 [Signature Page – Subordinated Revolving Credit Agreement] 

 SCHEDULE 2.1 

COMMITMENTS 
  

					
	 Lender
	  	Revolving
Commitment	 
	 AT&T Inc.
	  	$	250,000,000	 
	 Total
	  	$	250,000,000	 

 SCHEDULE 10.2 

CERTAIN NOTICE AND ACCOUNT INFORMATION 

Borrower 
 Vrio Finco 1 LLC 

One Rockefeller Plaza, 19th Floor 
 New York, New York 10020 

Attention: Michael Hartman 
 Email: mh125w@att.com 

Lender 
 AT&T Inc. 

208 S. Akard Street, Room 1823 
 Dallas, TX 75202 

Attention: Andrew Keiser 
 With a copy to: 

208 S. Akard Street, Room 2908 
 Dallas, TX 75202 

Attention: Lauren Reed 
 Lending Office(s): 

Dallas, Texas 
 Lender Wiring/ACH Instructions: 

ABA Routing Number: 021000089 
 Account Name: AT&T Inc. 

Account Number: 40635262 
 Payment Details: VRIO loan 

 EXHIBIT A 

FORM OF COMMITTED LOAN NOTICE 

Date:                     ,
         
  

	To:	AT&T Inc., as Lender 

 Ladies and Gentlemen: 

Reference is made to that certain Subordinated Revolving Credit Agreement, dated as of April 11, 2018 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined) among Vrio Finco 1 LLC, as borrower, and AT&T Inc., as the lender. 

The undersigned hereby requests (select one): 
  

			
	☐  A Borrowing of Eurocurrency Rate Loans	  	☐  A continuation of Eurocurrency Rate Loans

 1. On
                    (a Business Day). 

2. In an amount of $             

3. With an Interest Period of three months. 

In connection with any Borrowing requested hereunder, each of the conditions set forth in Sections 4.2(a) through (e) of the Credit
Agreement are satisfied as of the date of such Borrowing. 
 Borrower hereby acknowledges that, in accordance with Section 2.2(b) of
the Credit Agreement, if Borrower fails to give a timely notice requesting a continuation of any Loan, then the applicable Loans shall be made as, or continued as, Eurocurrency Rate Loans with an Interest Period of three months. 

 

			
	 VRIO FINCO 1 LLC,
 as
Borrower

		
	By:	 	 
		 	Name:
		 	Title:

  
 A-1 

 EXHIBIT B 

FORM OF REVOLVING NOTE 

FOR VALUE RECEIVED, the undersigned, Vrio Finco 1 LLC, a Delaware limited liability company (the “Borrower”) hereby promises
to pay to the order of AT&T Inc. or registered assigns (the “Lender”), in accordance with the provisions of the Credit Agreement (as hereinafter defined), the principal amount of each Loan from time to time made by the Lender to
the Borrower under that certain Subordinated Revolving Credit Agreement, dated as of April 11, 2018 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”; the
terms defined therein being used herein as therein defined), among the Borrower and the Lender. 
 The Borrower promises to pay interest on
the unpaid principal amount of each Loan from the date of such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Credit Agreement. All payments of principal and interest shall be made to
the account of the Lender in Same Day Funds at the Lending Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and
before as well as after judgment) computed at the per annum rate set forth in the Credit Agreement. 
 This Revolving Note is the Revolving
Note referred to in the Credit Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. 

Upon the occurrence and continuation of one or more of the Events of Default specified in the Credit Agreement, all amounts then remaining
unpaid on this Revolving Note shall become, or may be declared to be, immediately due and payable all as provided in the Credit Agreement. Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender
in the ordinary course of business. The Lender may also attach schedules to this Revolving Note and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto. 

The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand,
dishonor and non-payment of this Revolving Note. 
 THIS REVOLVING NOTE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 

 

			
	VRIO FINCO 1 LLC
		
	By:	 	 
		 	Name:
		 	Title:

  
 B-1 

 EXHIBIT C 

FORM OF PREPAYMENT NOTICES 
 Attention of
                        Telecopy No.              

[Date] 
 Ladies and Gentlemen: 

The undersigned, Vrio Finco 1 LLC, a Delaware limited liability company (the “Borrower”), refers to the Subordinated Revolving
Credit Agreement, dated as of April 11, 2018 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein
defined), among the Borrower and AT&T Inc., as the lender. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. The Borrower hereby gives notice of a prepayment
made by the Borrower pursuant to Section [2.3(a)] [2.3(b)] of the Credit Agreement of Loans in the amount set forth in line (A) below (the “Prepayment Amount”). The portion of the Prepayment Amount to be allocated to the
Loans held by you and the date on which such prepayment will be made to you are set forth below: 
  

			
	 (A)  Total Prepayment Amount
	  	$                
		
	 (B)  Prepayment Date
	  	

  

			
	 VRIO FINCO 1 LLC,
 as
Borrower

		
	By:	 	 
		 	Name:
		 	Title:

  
 C-1Exhibit 10.1

 

SAEXPLORATION HOLDINGS, INC.

2018 LONG TERM INCENTIVE PLAN

INITIAL MIP AWARD RESTRICTED STOCK UNIT
NOTICE AND AGREEMENT

 

This Restricted Stock
Unit Notice and Agreement (the “Agreement”) is made as of [DATE], 2018, (the “Grant Date”)
between SAExploration Holdings, Inc., a Delaware corporation (the “Company”), and [NAME] (the “Participant”).

 

1.       Grant.
The Company hereby grants to Participant an award (the “Award”) of [NUMBER] Restricted Stock Units pursuant
to the terms of this Agreement and under Section 11 of the SAExploration Holdings, Inc. 2018 Long-Term Incentive Plan (the “Plan”)
as an inducement for his or her continued and effective performance of services to the Company. This Award constitutes an Initial
MIP Award under Section 11 of the Plan and represents Participant’s right to receive a certain number of shares of Common
Stock upon settlement of the Restricted Stock Units pursuant to Section 3 below, subject to the terms of this Agreement. The Restricted
Stock Units do not constitute shares of Common Stock and Participant shall have no voting or dividend rights relating thereto unless
and until such Restricted Stock Units are settled in accordance with Section 4 below.

 

2.       Vesting
and Forfeiture. This Award shall become vested in accordance with the applicable provisions of Section 11(b) and 11(d) of the
Plan. This Award is subject to forfeiture in accordance with the applicable provisions of the Plan.

 

3.       Settlement.
The Restricted Stock Units shall be settled in accordance with the applicable provisions of Section 11(e) of the Plan.

 

4.       Compliance
with Laws and Regulations. The issuance, transfer, vesting, and ownership of Common Stock shall be subject to compliance by
the Company and Participant with all applicable requirements of federal and state securities laws and with all applicable requirements
of any stock exchange on which the Company’s Common Stock may be listed at the time of such issuance or transfer. Participant
agrees to cooperate with the Company to ensure compliance with such laws and requirements. Prior to issuance or transfer of Common
Stock, the Company may require Participant to execute and deliver a letter of investment intent in such form and containing such
provisions as requested by the Committee.

 

5.       Tax
Withholding. Participant shall be responsible for any federal, state, or local taxes of any kind required by law to be withheld,
if any, with respect to the Restricted Stock Units (“Withholding Taxes”). If Participant does not make
arrangements to timely pay any Withholding Taxes, the Company is authorized to, and shall, withhold the Withholding Taxes from
the shares of Common Stock payable to Participant with respect to the Restricted Stock Units. The Company shall, to the extent
permitted by law, also have the right to deduct any Withholding Taxes from any payment of any kind otherwise due to Participant.

 

     

     

    

 

6.       Fractional
Shares. Any fraction of a share of Common Stock which would be required to be delivered on payment of the Restricted Stock
Units shall be disregarded and the remaining amount due shall be paid in cash by Participant.

 

7.       No
Right to Continued Employment. Nothing in this Agreement shall be deemed by implication or otherwise to impose any limitation
on any right of the Company to terminate Participant’s service at any time and for any reason.

 

8.       No
Rights as a Stockholder. The Restricted Stock Units do not constitute Common Stock and Participant shall have no voting or
dividend rights relating thereto unless and until such Restricted Stock Units are settled in accordance with Section 4.

 

9.       Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without giving
effect to its conflict of law principles. If any provision of this Agreement is determined by a court of law to be illegal or unenforceable,
then such provision will be enforced to the maximum extent possible and the other provisions will remain fully effective and enforceable.

 

10.       Binding
Effect; Modification. This Agreement is binding upon the Company and Participant and their respective heirs, executors, administrators,
legal representatives, successors and assigns. The Agreement may not be modified except in writing signed by both parties.

 

11.       Restrictions.
None of the Restricted Stock Units granted to Participant shall be subject to anticipation, alienation, sale, assignment, transfer,
pledge, encumbrance, or charge, and any attempt to anticipate, alienate, sell, assign, pledge, encumber, or charge the same shall
be void. No Restricted Stock Units shall in any manner be liable or subject to any of Participant’s debts, contracts, liabilities
or torts unless and until such benefit is actually paid and received by Participant.

 

12.       Headings
and Sections. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. Any references to sections in this Agreement shall be to sections of this Agreement
unless otherwise expressly stated as part of such reference.

 

13.       Plan
and Award Agreement. This Award is subject to all of the terms and conditions in this Agreement and in the Plan. The terms
and provisions of the Plan are incorporated herein by reference. In the event of a conflict or inconsistency between the terms
and provisions of the Plan and this Agreement, the Plan shall govern and control. All of the capitalized terms not otherwise defined
in this Agreement will have the same meaning in this Agreement as in the Plan. Participant hereby acknowledges receiving a copy
of the Plan. This Agreement and the Plan constitute the entire agreement of the parties and supersede all prior undertakings and
agreements with respect to the subject matter hereof. Capitalized terms used in this Agreement that are not otherwise defined herein
shall have the meaning given such terms under the Plan.

 

    2 

     

    

 

14.       Representations
and Warranties of Participant. Participant represents and warrants to the Company that Participant has received a copy of the
Plan and has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions.
Participant acknowledges that Participant has been advised to consult with a tax adviser with respect to the possible tax consequences
of the Award.

 

15.       Code
Section 409A. This Agreement is intended to be exempt from the provisions of Section 409A of the Code, and this Agreement shall
be construed and interpreted in accordance with such intent. To the extent the Restricted Stock Units awarded under this Agreement
are determined to constitute “non-qualified deferred compensation” within the meaning
of Section 409A, this Agreement shall be governed by the terms of Section 15 of the Plan. Notwithstanding anything to the
contrary, none of the Company, its officers, directors, Participants, agents or representatives guarantees that this Agreement
complies with the provisions of Section 409A of the Code and none of the foregoing shall have any liability for the failure of
this Agreement to comply with the provisions of Section 409A of the Code.

 

16.       No
Secured Rights. Participant’s right to payments under this Agreement shall not constitute nor be treated as property
or as a trust fund of any kind. Participant’s rights are limited exclusively to the right to receive shares of Common Stock
as provided in the Agreement. Participant shall not have any rights as an owner of the Company with respect to any Restricted Stock
Units granted to Participant. All benefits payable to Participant shall be payable solely from the general assets of the Company
and no separate or special funds shall be established and no segregation of assets shall be made to assure the payment of benefits
to Participant. Participant’s rights shall be limited to those rights which are specifically enumerated in the Agreement,
and such rights shall be for all purposes, unsecured contractual creditors’ rights against the Company only.

 

17.       Provisions
for Canadian Residents. Notwithstanding any provisions in this Agreement, the Restricted Stock Units shall also be subject
to the special terms and conditions set forth on Annex A hereto if you reside in Canada.

 

[Signature Page
Follows]

 

    3 

     

    

 

IN WITNESS WHEREOF,
this Agreement has been duly executed and delivered effective as of the Grant Date.

 

	 	SAEXPLORATION HOLDINGS, INC.
	 	 	 
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	 
	 	PARTICIPANT
	 	 	 
	 	 	 
	 	 
	 	[INSERT NAME]

 

    4 

     

    

 

ANNEX A

 

CANADIAN PROVISIONS APPLICABLE TO
RESTRICTED STOCK UNITS

 

The Restricted Stock Units shall subject
to the special terms and conditions set forth below if you reside in Canada. In addition, if you relocate to Canada, the special
terms and conditions set forth below will apply to you, to the extent the Company determines that the application of such terms
and conditions is necessary or advisable in order to comply with local law or facilitate the administration of the Plan.

 

The information is based on the securities,
exchange control, and other laws in effect in the respective countries as of September 26, 2016. Such laws are often complex and
change frequently. As a result, it is strongly recommended that you not rely on the information below as the only source of information
relating to the consequences of your participation in the Plan because the information may be out of date at the time you vest
in your Restricted Stock Units or sell Common Shares acquired under the Plan.

 

In addition, the information set forth
below is general in nature and may not apply to your particular situation, and the member of the Company Group are not in a position
to assure you of a particular result. Accordingly, you are advised to seek appropriate professional advice as to how the relevant
laws may apply to your situation.

 

Finally, if you are a citizen or resident
of a country other than the one in which you are currently working, transferred employment after the Restricted Stock Units were
granted to you, or are considered a resident of another country for local law purposes, the information contained herein may not
apply.

 

1.       
Units Settled in Common Shares Only. Notwithstanding anything to the contrary in the Plan, the Stock Units awarded to you
hereunder shall be paid in shares only and do not provide any right to receive a cash payment.

 

2.       Additional
Restrictions on Resale. In addition to the restrictions on sale and transfer in Section 11 of the Agreement and under the Plan,
securities acquired under the Plan may be subject to certain restrictions on resale imposed by Canadian provincial securities laws.
You are encouraged to seek legal advice prior to any resale of such securities. In general, participants resident in Canada may
resell their securities in transactions carried out on exchanges outside of Canada.

 

3.       Tax
Reporting. The Income Tax Act (Canada) and the regulations thereunder require a Canadian resident individual (among others)
to file an information return disclosing prescribed information where, at any time in a tax year, the total cost amount of such
individual’s “specified foreign property” (which includes shares, options and stock units) exceeds Cdn.$100,000.
You should consult your own tax advisor regarding this reporting requirement.

  

    5 

     

    

 

The following provision will apply if you
are a resident of Quebec:

 

4.       Language
Consent. The parties acknowledge that it is their express wish that this Agreement, as well as all documents, notices, and
legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

 

Les parties reconnaissent avoir
exigé la rédaction en anglais de cette convention, ainsi que de tous documents, avis et procédures judiciaires,
exécutés, donnés ou intentés en vertu de, ou liés directement ou indirectement à la présente
convention.

  

    6

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