Document:

EX-4.1

 EXECUTION VERSION 

INVESTMENT AGREEMENT 
 by and
among 
 XPO LOGISTICS, INC. 

and 
 THE PURCHASERS 

set forth on Schedule I hereto 

Dated as of September 11, 2014 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	 ARTICLE I

DEFINITIONS
	   
   

			
	 Section 1.01.
	 	 Definitions
	  	 	1	  
			
	 Section 1.02.
	 	 General Interpretive Principles
	  	 	6	  
	
	ARTICLE II	  
	SALE AND PURCHASE OF THE PURCHASED SECURITIES	  
			
	 Section 2.01.
	 	 Sale and Purchase of the Purchased Securities
	  	 	7	  
			
	 Section 2.02.
	 	 Closing
	  	 	7	  
	
	ARTICLE III	  
	REPRESENTATIONS AND WARRANTIES	  
			
	 Section 3.01.
	 	 Representations and Warranties of the Company
	  	 	9	  
			
	 Section 3.02.
	 	 Representations and Warranties of Each Purchaser
	  	 	16	  
	
	ARTICLE IV	  
	ADDITIONAL AGREEMENTS	  
			
	 Section 4.01.
	 	 Taking of Necessary Action
	  	 	19	  
			
	 Section 4.02.
	 	 Restrictions on Transfer
	  	 	19	  
			
	 Section 4.03.
	 	 Standstill
	  	 	20	  
			
	 Section 4.04.
	 	 Securities Laws; Legends
	  	 	22	  
			
	 Section 4.05.
	 	 Lost, Stolen, Destroyed or Mutilated Securities
	  	 	23	  
			
	 Section 4.06.
	 	 Regulatory Matters; Efforts
	  	 	24	  
			
	 Section 4.07.
	 	 Proxy Statement
	  	 	25	  
			
	 Section 4.08.
	 	 Board Observer
	  	 	26	  
			
	 Section 4.09.
	 	 Voting
	  	 	27	  
			
	 Section 4.10.
	 	 Listing
	  	 	27	  
			
	 Section 4.11.
	 	 Reservation of Shares
	  	 	27	  
			
	 Section 4.12.
	 	 Recapitalization, Exchange, Etc. Affecting the Company’s Capital Stock
	  	 	28	  
			
	 Section 4.13.
	 	 Right of First Offer
	  	 	28	  
			
	 Section 4.14.
	 	 Certain Tax Matters
	  	 	29	  
	
	ARTICLE V	  
	REGISTRATION RIGHTS	  
			
	 Section 5.01.
	 	 Demand Registration Rights
	  	 	29	  
			
	 Section 5.02.
	 	 Demand Registration Obligations and Procedures
	  	 	30	  

  
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	 Section 5.03.
	 	 Piggyback Registration Rights
	  	 	31	  
			
	 Section 5.04.
	 	 Underwriters’ Cutback
	  	 	32	  
			
	 Section 5.05.
	 	 Participation in Underwritten Offerings
	  	 	33	  
			
	 Section 5.06.
	 	 Copies of Registration Statements
	  	 	34	  
			
	 Section 5.07.
	 	 Rule 144 Reporting
	  	 	34	  
			
	 Section 5.08.
	 	 Expenses
	  	 	35	  
			
	 Section 5.09.
	 	 Certain Non-U.S. Securities Law Matters
	  	 	35	  
	
	ARTICLE VI	  
	MISCELLANEOUS	  
			
	 Section 6.01.
	 	 Survival of Representations and Warranties
	  	 	35	  
			
	 Section 6.02.
	 	 Notices
	  	 	35	  
			
	 Section 6.03.
	 	 Entire Agreement; Third-Party Beneficiaries; Amendment
	  	 	38	  
			
	 Section 6.04.
	 	 Counterparts
	  	 	38	  
			
	 Section 6.05.
	 	 Governing Law
	  	 	38	  
			
	 Section 6.06.
	 	 Public Announcements
	  	 	39	  
			
	 Section 6.07.
	 	 Expenses
	  	 	39	  
			
	 Section 6.08.
	 	 Indemnification
	  	 	39	  
			
	 Section 6.09.
	 	 Successors and Assigns
	  	 	42	  
			
	 Section 6.10.
	 	 Arbitration
	  	 	42	  
			
	 Section 6.11.
	 	 Severability
	  	 	44	  
			
	 Section 6.12
	 	 Specific Performance
	  	 	44	  
			
	 Section 6.13.
	 	 Headings
	  	 	44	  
			
	 Section 6.14.
	 	 Independent Nature of Purchasers
	  	 	44	  

  
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 INVESTMENT AGREEMENT 

This INVESTMENT AGREEMENT (this “Agreement”), dated as of September 11, 2014, is by and among XPO Logistics, Inc., a
Delaware corporation (the “Company”), and the Purchasers set forth on Schedule I hereto (each a “Purchaser” and collectively, “Purchasers”). Capitalized terms not otherwise defined where used shall
have the meanings ascribed thereto in Article I. 
 WHEREAS, the Purchasers have agreed to purchase from the Company, and the Company has
agreed to sell to the Purchasers, the Purchased Securities on the terms and subject to the conditions set forth in this Agreement, the proceeds of which the Company intends to use primarily for unspecified acquisitions; 

WHEREAS, (a) each Purchaser has individually negotiated this Agreement with the Company, (b) each Purchaser’s rights and
obligations under this Agreement are several and not joint with the obligations of any other Purchaser and (c) the rights and obligations of the Company with respect to each Purchaser are several and not joint with respect to any other
Purchaser; and 
 WHEREAS, the Company and each Purchaser desire to set forth certain agreements herein. 

NOW THEREFORE, in consideration of the premises and the representations, warranties and agreements herein contained and intending to be
legally bound hereby, the parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01. Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Affiliate” shall mean, with respect to any Person, any other Person which directly or indirectly controls or is controlled
by or is under common control with such Person. As used in this definition, “control” (including its correlative meanings, “controlled by” and “under common control with”) shall mean possession, directly or indirectly,
of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise); provided, however, the term Affiliate shall not include
(a) direct or indirect portfolio companies of a Purchaser or an Affiliate of a Purchaser or (b) any third-party investment manager with discretionary authority to trade on behalf of a Purchaser or an Affiliate of a Purchaser, so long as in
each of clauses (a) and (b), such Person excepted from the definition has not been provided by such Purchaser with confidential information regarding the Company obtained in its capacity as a Purchaser, including through its right to appoint a
Board of Directors observer (it being understood and agreed that, (i) confidential information regarding the Company will presumptively not be deemed to have been shared if such Person is restricted from accessing such information through
compliance with standard practices and procedures restricting the flow of information and (ii) with respect to 

 
Purchaser C, the disclosure of such confidential information to a director, officer or employee of Purchaser C or an Affiliate thereof does not, in and of itself, constitute disclosure to a
Person described in clause (a) above of which such director, officer or employee is also a director, officer or employee). Notwithstanding the foregoing, with respect to Purchaser A, the term “Affiliate” shall only mean Purchaser
A’s controlled Affiliates to which Purchaser A had disclosed confidential information regarding the Company obtained in its capacity as a Purchaser, including through its right to appoint a Board of Directors observer and shall in no event
include the Government of Canada or any Crown Corporation other than Purchaser A. 
 “Agreement” shall have the meaning set
forth in the preamble hereto. 
 “Beneficial Ownership” shall have the meaning set forth in Section 4.03(b). 

“Board of Directors” shall mean the board of directors of the Company. 

“Business Day” shall mean any day, other than a Saturday, Sunday or a day on which banking institutions in the City of New
York, New York is authorized or obligated by law or executive order to remain closed. 
 “Certificate of Designations”
shall mean the Certificate of Designations for the Series B Preferred Stock in the form attached hereto as Exhibit A. 

“Closing” shall have the meaning set forth in Section 2.02(a). 

“Closing Date” shall have the meaning set forth in Section 2.02(a). 

“Company” shall have the meaning set forth in the preamble hereto. 

“Company Common Stock” shall mean the common stock, par value $0.001 per share, of the Company. 

“Company Disclosure Schedule” shall have the meaning set forth in Section 3.01. 

“Company Preferred Stock” shall mean the preferred stock, par value $0.001 per share, of the Company. 

“Company Registration” shall have the meaning set forth in Section 5.03. 

“Company Reports” shall have the meaning set forth in Section 3.01(g)(i). 

“Covered Person” shall have the meaning set forth in Section 6.10(b). 

“Demand Notice” shall have the meaning set forth in Section 5.01(a). 

“Enforceability Exceptions” shall have the meaning set forth in Section 3.01(d). 

“Environmental Laws” shall have the meaning set forth in Section 3.01(1). 

  
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 “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended.

 “Existing Registration Rights Agreement” means the Registration Rights Agreement, dated as of September 2, 2011, by
and among the Company, Jacobs Private Equity, LLC and each of the other holders and designated secured lenders party thereto.

“FCPA” shall have the meaning set forth in Section 3.01(p). 

“GAAP” shall mean U.S. generally accepted accounting principles. 

“Governmental Entity” shall mean any court, administrative agency or commission or other governmental authority or
instrumentality, whether federal, state, local or foreign, and any applicable industry self-regulatory organization. 
 “HSR
Act” shall mean Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder. 

“ICC” shall have the meaning set forth in Section 6.10. 

“Indemnified Parties” shall have the meaning set forth in Section 6.08(c). 

“Indemnifying Party” shall have the meaning set forth in Section 6.08(c). 

“Loss” shall have the meaning set forth in Section 6.08(a). 

“Material Adverse Effect” shall mean an event, change or development that has a material adverse effect on the business,
financial condition or results of operations of the Company and its Subsidiaries, taken as a whole, other than any event, change or development resulting from or arising out of the following: (a) events, changes or developments generally
affecting the economy, the financial or securities markets, or political, legislative or regulatory conditions, in each case in the United States or elsewhere in the world, (b) events, changes or developments in the industries in which the
Company or any of its Subsidiaries conducts its business, (c) any adoption, implementation, promulgation, repeal, modification, reinterpretation or proposal of any rule, regulation, ordinance, order, protocol or any other law of or by any
national, regional, state or local Governmental Entity, or market administrator, (d) any changes in GAAP or accounting standards or interpretations thereof, (e) earthquakes, any weather-related or other force majeure event or natural
disasters or outbreak or escalation of hostilities or acts of war or terrorism, (f) the announcement or the existence of, compliance with or performance under, this Agreement or the transactions contemplated hereby, (g) any taking of any
action at the request of a Purchaser, (h) any failure by the Company to meet any financial projections or forecasts or estimates of revenues, earnings or other financial metrics for any period (provided that the exception in this clause
(h) shall not prevent or otherwise affect a determination that any event, change, effect or development underlying such failure has resulted in a Material Adverse Effect so long as it is not otherwise excluded by this definition) or
(i) any changes in the share price or trading volume of the Company Common Stock or in the Company’s credit rating (provided that the exception in this clause (i) shall not prevent or otherwise affect a determination that any event,
change, effect or development underlying such change has resulted 

  
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in a Material Adverse Effect so long as it is not otherwise excluded by this definition); except, in each case with respect to clauses (a) through (e), to the extent that such event,
change or development materially and disproportionately affects the Company and its Subsidiaries, taken as a whole, relative to other similarly situated companies in the industries in which the Company and its Subsidiaries operate. 

“Material Contracts” shall have the meaning set forth in Section 3.01(n). 

“Meeting End Date” shall have the meaning set forth in Section 4.07. 

“NYSE” shall mean the New York Stock Exchange. 

“Permitted Transfers” shall have the meaning set forth in Section 4.02(a). 

“Person” or “person” shall mean an individual, corporation, association, partnership, trust, joint venture,
business trust or unincorporated organization, or a government or any agency or political subdivision thereof. 
 “Principal
Purchasers” shall mean Purchaser A and Purchaser B. 
 “Purchased Common Shares” shall have the meaning set forth
in Section 2.01(a); provided, that, following the conversion of any Purchased Preferred Shares into shares of Company Common Stock, the shares of Company Common Stock resulting from such conversion shall be deemed Purchased Common Shares. 

“Purchased Preferred Shares” shall have the meaning set forth in Section 2.01(b). 

“Purchased Securities” shall have the meaning set forth in Section 2.01(b). 

“Purchaser A” shall mean Public Sector Pension Investment Board. 

“Purchaser B” shall mean Coral Blue Investment Pte. Ltd. 

“Purchaser C” shall mean Ontario Teachers’ Pension Plan Board. 

“Purchasers” shall have the meaning set forth in the preamble hereto. 

“Purchaser Authorized Agent” shall have the meaning set forth in Section 6.10(b). 

“Registrable Shares” shall mean the Purchased Common Shares and shares of Company Common Stock issued upon conversion of the
Purchased Preferred Shares and any other securities issued or issuable with respect to any such Purchased Common Shares by way of share split, share dividend, recapitalization, exchange or similar event; provided that any Registrable Share will
cease to be a Registrable Share when (a) such Registrable Share has been disposed of pursuant to an effective Registration Statement, (b) it is sold under circumstances in which all of the applicable conditions of Rule 144 (or any similar
provisions then in force) under the Securities Act are met or (c) it shall have been otherwise transferred and a new certificate for it not bearing a legend restricting further transfer under the Securities Act shall have been

  
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delivered by the Company; provided, further, that any security that has ceased to be a Registrable Share shall not thereafter become a Registrable Share and any security that is issued or
distributed in respect of securities that have ceased to be Registrable Shares is not a Registrable Share. 
 “Registration
Demand” shall have the meaning set forth in Section 5.01(a). 
 “Registration Expenses” shall mean all
expenses incurred by the Company in complying with Article V, including all registration and filing fees, printing expenses, road show expenses, fees and disbursements of counsel and independent public accountants for the Company, fees and expenses
(including counsel fees) incurred in connection with complying with state securities or “blue sky” laws, fees of the Financial Industry Regulatory Authority, Inc., transfer taxes, fees of transfer agents and registrars, and the reasonable
fees and disbursements of one counsel for the selling holders of Registrable Shares, which counsel shall be selected by the Requesting Holder and be reasonably acceptable to the Company, but excluding any underwriting discounts and selling
commissions to the extent applicable to the Registrable Shares of the selling holders. 
 “Registration Statement” shall
mean any registration statement of the Company filed or to be filed with the SEC under the rules and regulations promulgated under the Securities Act, including the related prospectus, amendments and supplements to such registration statement, and
including pre- and post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement. 

“Requesting Holder” shall have the meaning set forth in Section 5.01(a). 

“Restricted Transactions” shall have the meaning set forth in Section 4.02(a). 

“Right of First Offer Period” shall have the meaning set forth in Section 4.13(a)(ii). 

“Rule 144” shall mean Rule 144 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same effect as such rule. 

“SEC” shall mean the U.S. Securities and Exchange Commission. 

“Section 5.04(a) Sale Number” shall have the meaning set forth in Section 5.04(a). 

“Section 5.04(b) Sale Number” shall have the meaning set forth in Section 5.04(b). 

“Securities Act” shall mean the U.S. Securities Act of 1933, as amended. 

“Series A Preferred Stock” shall have the meaning set forth in Section 3.01(c). 

  
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 “Series A Preferred Stockholder Approval” shall have the meaning set forth in
Section 2.02(b)(ii). 
 “Series B Preferred Stock” shall mean the Series B Mandatorily Convertible Perpetual Preferred
Stock, par value $0.001 per share, of the Company. 
 “Shortfall Amount” shall have the meaning set forth in
Section 4.06(c). 
 “Shortfall Number” shall have the meaning set forth in Section 4.06(c). 

“Standstill Period” shall have the meaning set forth in Section 4.03(a). 

“Stockholder Proposal” shall have the meaning set forth in Section 4.07. 

“Stockholder Registration” shall have the meaning set forth in Section 5.03(a). 

“Subsidiary” shall mean, with respect to any Person, any other Person of which 50% or more of the shares of the voting
securities or other voting interests are owned or controlled, or the ability to select or elect 50% or more of the directors or similar managers is held, directly or indirectly, by such first Person or one or more of its Subsidiaries, or by such
first Person, or by such first Person and one or more of its Subsidiaries. 
 “Substituted Preferred Stock” shall have the
meaning set forth in Section 4.06(c). 
 “Tax” or “Taxes” shall mean all federal, state, local, and
foreign income, excise, gross receipts, gross income, ad valorem, profits, gains, property, capital, sales, transfer, use, payroll, employment, severance, withholding, duties, intangibles, franchise, backup withholding, value-added, and other taxes,
charges, levies or like assessments imposed by a Governmental Entity, together with all interest, penalties and additions to tax thereon. 

“Tax Return” shall mean a report, return or other information (including any amendments thereto) required to be supplied to a
Governmental Entity with respect to Taxes including, where permitted or required, combined or consolidated returns for any group of entities that includes the Company or any of its Subsidiaries. 

“Transactions” shall have the meaning set forth in Section 2.02(b). 

“Underwritten Offering” shall mean a sale of shares of Company Common Stock to an underwriter for reoffering to the public.

 “Voting Securities” shall mean shares of any class of capital stock of the Company that are entitled to vote generally
in the election of directors, and any security that is convertible or exchangeable into any such shares. 
 Section 1.02. General
Interpretive Principles. Whenever used in this Agreement, except as otherwise expressly provided or unless the context otherwise requires, any noun or pronoun shall be deemed to include the plural as well as the singular and to cover all
genders. The name assigned this Agreement and the section captions used herein are for convenience of 

  
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reference only and shall not be construed to affect the meaning, construction or effect hereof. Whenever the words “include,” “includes,” or “including” are used in
this Agreement, they shall be deemed to be followed by the words “without limitation.” Unless otherwise specified, the terms “hereto,” “hereof,” “herein” and similar terms refer to this Agreement as a whole
(including the exhibits, schedules and disclosure statements hereto), and references herein to Articles or Sections refer to Articles or Sections of this Agreement. 

ARTICLE II 
 SALE AND
PURCHASE OF THE PURCHASED SECURITIES 
 Section 2.01. Sale and Purchase of the Purchased Securities. Subject to the terms
and conditions of this Agreement and subject to adjustment pursuant to Section 4.06(c), at the Closing: 
 (a) The
Company shall issue and sell to each Purchaser shares of Company Common Stock (the “Purchased Common Shares”) in the amount set forth opposite such Purchaser’s name on Schedule I, and each Purchaser shall purchase and acquire
from the Company such Purchased Common Shares at a per share price equal to $30.66; and 
 (b) The Company shall issue and
sell to each Purchaser shares of Series B Preferred Stock (the “Purchased Preferred Shares” and, together with the Purchased Common Shares, the “Purchased Securities”) in the amount set forth opposite such
Purchaser’s name on Schedule I, and each Purchaser shall purchase and acquire from the Company such Purchased Preferred Shares at a per share price equal to $1,000.00. 

Section 2.02. Closing. 

(a) The closing (the “Closing”) of the purchase and sale of the Purchased Securities hereunder shall take place at the
offices of Wachtell, Lipton, Rosen & Katz located at 51 West 52nd Street, New York, New York 10019 at 9:00 a.m. local time on the fourth (4th) Business Day after the date hereof, or on such other date and/or time as is mutually agreed
to in writing by the Company and the Purchasers. The date on which the Closing occurs is referred to in this Agreement as the “Closing Date.” 

(b) To effect the purchase and sale of Purchased Securities and the other transactions contemplated by this Agreement, upon the terms and
subject to the conditions set forth in this Agreement (the “Transactions”), at the Closing: 
 (i) The
Company shall deliver to the Purchasers a certificate of the Secretary of State of the State of Delaware certifying that the Certificate of Designations has been filed and is effective. 

(ii) The Company shall deliver to the Purchasers the written consent of the holders of at least a majority of the outstanding
shares of Series A Preferred Stock as necessary for the adoption and filing of the Certificate of Designations and the issuance and sale of the Purchased Preferred Shares hereunder (the “Series A Preferred Stockholder Approval”).

  
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 (iii) The Company shall issue and deliver to each Purchaser a certificate or
certificates or evidence of book-entry notation, registered in the name of such Purchaser, representing the Purchased Common Shares and Purchased Preferred Shares to be issued and delivered to such Purchaser as set forth in Schedule I hereto,
against payment in full by such Purchaser of the purchase price for such Purchased Common Shares and Purchased Preferred Shares. 

(iv) The Company shall deliver to the Purchasers a certificate, duly executed by an executive officer of the Company, dated as
of the Closing Date, certifying (i) as to the Company being in good standing (including attaching a certificate of good standing dated not more than five (5) Business Days prior to the Closing issued by the Secretary of State of the State
of Delaware, (ii) that the Certificate of Designations is in full force and effect in accordance with Delaware law as of the Closing, and (iii) that the representations and warranties of the Company contained in Article III are true and
correct as of the Closing Date. 
 (v) Each Purchaser shall deliver to the Company a certificate, duly executed by an
executive officer of such Purchaser (or an individual authorized to act on behalf of such Purchaser), dated as of the Closing Date, certifying (i) that the representations and warranties of such Purchaser contained in Article III are true and
correct as of the Closing Date and (ii) that such Purchaser has designated a Purchaser Authorized Agent pursuant to Section 6.10(b) and identifying such agent. 

(vi) Each Purchaser shall cause a wire transfer in same day funds to an account of the Company designated in writing by the
Company to the Purchasers in an amount equal to the purchase price for such Purchaser’s Purchased Securities as set forth in Schedule I hereto. 

(vii) Each Purchaser shall deliver to the Company the acknowledgment set forth in Exhibit B. 

(viii) Each Purchaser shall deliver to the Company a duly completed and executed IRS Form W-9 (or, in the case of a Purchaser
that is a non-U.S. person, a duly completed and executed IRS Form W-8BEN-E, W-8ECI, W-8IMY or W-8EXP, as applicable). 

  
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 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Section 3.01. Representations and Warranties of the Company. Except as disclosed in the Company Reports filed with or furnished to
the SEC and publicly available prior to the date hereof or in the disclosure schedule (the “Company Disclosure Schedule”) delivered by the Company to each Purchaser prior to the execution of this Agreement, the Company represents
and warrants to each Purchaser, as of the date hereof, as follows: 
 (a) Existence and Power. The Company is duly
organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to own, operate and lease its properties and to carry on its business as it is being conducted on the date
of this Agreement, and, except as would not reasonably be expected to have a Material Adverse Effect, has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each other jurisdiction
in which it owns or leases properties, or conducts any business so as to require such qualification. Except as would not reasonably be expected to have a Material Adverse Effect, each Subsidiary of the Company that is a “significant
subsidiary” (as defined in Rule 1.02(w) of the SEC’s Regulation S-X) has been duly organized and is validly existing in good standing (to the extent that the concept of “good standing” is recognized by the applicable
jurisdiction) under the laws of its jurisdiction of organization. 
 (b) Subsidiaries. Each Subsidiary of the Company
and its place and form of organization is set forth in the Company Reports. All the outstanding shares of capital stock of, or other equity or voting interests in, each such Subsidiary are owned by the Company, by one or more wholly owned
Subsidiaries of the Company or by the Company and one or more wholly owned Subsidiaries of the Company, free and clear of all liens except for transfer restrictions imposed by applicable securities laws, and are duly authorized, validly issued,
fully paid and nonassessable. Each of the outstanding shares of capital stock or other equity securities of each of the Company’s Subsidiaries is duly authorized, validly issued, fully paid and nonassessable. Except for the capital stock of, or
other equity or voting interests in, those Subsidiaries set forth in the Company Reports, the Company does not own, directly or indirectly, any capital stock of, or other equity or voting interests in, any Person. 

(c) Capitalization. The authorized capital stock of Company consists of 150,000,000 shares of Company Common Stock and
10,000,000 shares of Company Preferred Stock. As of September 2, 2014, (i) 73,335 shares of Series A Convertible Perpetual Preferred Stock (“Series A Preferred Stock”) are issued and outstanding, and 10,476,429 shares of
the Company Common Stock are issuable upon the conversion of shares of Series A Preferred Stock, (ii) 53,783,390 shares of Company Common Stock are issued and outstanding, (iii) 10,565,319 shares of Company Common Stock are issuable upon
the exercise of outstanding warrants to purchase Company Common Stock, (iv) 7,341,459 shares of Company Common Stock are issuable upon the conversion of the Company’s outstanding 4.5% Convertible Senior Notes and (v) 3,229,078 shares
of Company Common Stock are issuable upon the settlement or exercise of restricted stock units and stock options granted pursuant to the Company’s incentive compensation plans. Each of the outstanding shares of capital stock or other equity
securities of each of the Company’s Subsidiaries is duly authorized, validly issued, fully paid and nonassessable. Except as set forth above, Company has not issued any securities, the holders of which have the right to vote with the
shareholders of Company on any matter. Except as set forth above, there are no (i) authorized or outstanding securities, rights (preemptive or other), subscriptions, calls, commitments, warrants, options, stock appreciation rights, phantom
stock or other agreements that give any Person the right to purchase, subscribe for, or otherwise receive or be issued capital stock of the Company, (ii) outstanding debt 

  
 9 

 
or equity securities of the Company that upon the conversion, exchange or exercise thereof would require the issuance, sale or transfer by the Company of any new or additional capital stock of
the Company (or any other securities of the Company which, whether after notice, lapse of time, or payment of monies, are or would be convertible into or exchangeable or exercisable for capital stock of the Company), (iii) agreements or
commitments obligating the Company to repurchase, redeem, or otherwise acquire capital stock or other securities of the Company or its Subsidiaries or (iv) stockholder rights agreements, “poison pill” or similar anti-takeover
agreements or plans. 
 (d) Authorization. The Company has the requisite corporate power to execute and deliver this
Agreement, to consummate the Transactions and to comply with the provisions of this Agreement, subject to the obtaining of the Series A Stockholder Approval. The execution, delivery and performance of this Agreement have been duly authorized by all
necessary corporate action on the part of the Company, and this Agreement has been duly executed and delivered by the Company and is a valid and binding obligation of the Company, enforceable against it in accordance with its terms, subject to the
limitation of such enforcement by (i) the effect of bankruptcy, insolvency, reorganization, receivership, conservatorship, arrangement, moratorium or other laws affecting or relating to creditors’ rights generally or (ii) the rules
governing the availability of specific performance, injunctive relief or other equitable remedies and general principles of equity, regardless of whether considered in a proceeding in equity or at law (the “Enforceability
Exceptions”). The Board of Directors of the Company unanimously adopted resolutions (A) approving this Agreement and the Transactions, (B) declaring that this Agreement and the Transactions are advisable and in the best interests
of the Company and the Company’s stockholders, (C) directing that the Stockholder Proposal be submitted to a vote at a meeting of the Company’s stockholders to be held as set forth in Section 4.07 and (D) recommending that
the Company’s stockholders approve the Stockholder Proposal, which resolutions have not been rescinded, modified or withdrawn in any way. 

(e) Valid Issuance of Shares. The Purchased Securities have been duly authorized by all necessary corporate action of
the Company. When issued and sold against receipt of the consideration therefor, the Purchased Securities will be validly issued, fully paid and nonassessable, free and clear of all liens, except for restrictions on transfer imposed by applicable
securities laws or under this Agreement and except for liens created by the Purchasers. The Purchased Preferred Shares, when issued, will have the designations, preferences and relative, participating, optional and other rights and qualifications,
limitations and restrictions set forth in the Certificate of Designations. The shares of Company Common Stock issued upon conversion of the Purchased Preferred Shares pursuant to the Certificate of Designations will be validly issued, fully paid and
nonassessable, free and clear of all liens, except for restrictions on transfer imposed by applicable securities laws or under this Agreement and except for liens created by the Purchasers. The Company has reserved a sufficient number of shares of
Company Common Stock for issuance upon conversion of the Purchased Preferred Shares. 
 (f) Non-Contravention/No
Consents. The execution, delivery and performance of this Agreement, and the consummation by the Company of the 

  
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Transactions, does not conflict with, violate or result in a breach of any provision of, or constitute a default under, or result in the termination of or accelerate the performance required by,
or result in a right of termination or acceleration under, (i) the Amended and Restated Certificate of Incorporation or Bylaws of the Company, (ii) any mortgage, note, indenture, deed of trust, lease, loan agreement or other contract or
agreement binding upon the Company or any of its Subsidiaries or (iii) any permit, license, judgment, order, decree, ruling, injunction, statute, law, ordinance, rule or regulation applicable to the Company or any of its Subsidiaries, other
than in the cases of clauses (ii) and (iii) as would not reasonably be expected to have a Material Adverse Effect. Assuming the accuracy of the representations of the Purchasers set forth herein, other than (A) the filing of a proxy
statement and obtaining the approval of the Stockholder Proposal, (B) the filing of the Certificate of Designations with the Secretary of State of the State of Delaware, (C) any required filings under the HSR Act, (D) the filing of a
Supplemental Listing Application with the NYSE or (E) as have been obtained prior to the date of this Agreement, no material consent, approval, order or authorization of, or material registration, declaration or filing with, any Governmental
Entity is required on the part of the Company or any of its Subsidiaries in connection with the execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the Transactions. 

(g) Reports; Financial Statements. 

(i) The Company has filed or furnished, as applicable, (A) its annual report on Form 10-K for the fiscal years ended
December 31, 2013 and 2012, (B) its quarterly reports on Form 10-Q for its fiscal quarters ended after December 31, 2013, (C) its proxy or information statements relating to meetings of, or actions taken without a meeting by, the
shareholders of the Company held since December 31, 2013 and (D) all other forms, reports, schedules, and other statements required to be filed or furnished by it with the SEC under the Exchange Act or the Securities Act since
December 31, 2012 (collectively, the “Company Reports”). No Subsidiary of the Company is required to file or furnish any report, schedule, form, statement or other document with, or make any other filing with, or furnish any
other material to, the SEC. As of its respective date, and, if amended, as of the date of the last such amendment, each Company Report complied in all material respects with the applicable requirements of the Securities Act, the Exchange Act and the
Sarbanes-Oxley Act of 2002, and any rules and regulations promulgated thereunder applicable to such Company Report. As of its respective date, and, if amended, as of the date of the last such amendment, no Company Report contained any untrue
statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances in which they were made, not misleading. 

(ii) Each of the consolidated balance sheets, and the related consolidated statements of income, changes in stockholders’
equity and cash flows, included in or incorporated by reference into the Company Reports filed with the SEC under the Exchange Act (A) have been prepared from, and are in 

  
 11 

 
accordance with, the books and records of the Company and its Subsidiaries, (B) fairly present in all material respects the consolidated financial position of the Company and its
consolidated Subsidiaries as of the dates shown and the results of the consolidated operations, changes in stockholders’ equity and cash flows of the Company and its consolidated Subsidiaries for the respective fiscal periods or as of the
respective dates therein set forth, subject, in the case of any unaudited financial statements, to normal recurring year-end audit adjustments and (C) have been prepared in accordance with GAAP consistently applied during the periods involved,
except as otherwise set forth in the notes thereto. 
 (iii) The Company has established and maintains a system of internal
accounting controls over financial reporting (as defined in Rule 13a-15 under the Exchange Act) that is sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific
authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with
management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 

(h) Absence of Certain Changes. Since June 30, 2014 until the date hereof, (i) the Company and its
Subsidiaries have conducted their respective businesses in all material respects in the ordinary course of business, and (ii) no event has occurred that has had or would reasonably be expected to have a Material Adverse Effect. 

(i) No Undisclosed Liabilities, etc. There are no material liabilities of the Company or any of its Subsidiaries that
would be required by GAAP to be reflected on the face of the balance sheet, except (i) liabilities reflected or reserved against in the financial statements (including the notes thereto) contained in the Company Reports, (ii) liabilities
incurred since June 30, 2014 in the ordinary course of business and (iii) liabilities that would not reasonably be expected to have a Material Adverse Effect. 

(j) Compliance with Applicable Law; Permits. Since January 1, 2013, each of the Company and its Subsidiaries has
complied in all respects and is not in default or violation in any respect of, any law, statute, order, rule, regulation, policy or guideline of any federal, state or local governmental authority applicable to the Company or such Subsidiary, other
than such non-compliance, defaults or violations that have not had and would not reasonably be expected to have a Material Adverse Effect. Except for matters that, individually or in the aggregate, would not reasonably be expected to have a Material
Adverse Effect, the Company and its Subsidiaries have in effect all certificates, permits, licenses, franchises, approvals, concessions, qualifications, registrations, certifications and similar authorizations from any Governmental Entity that are
necessary for them to own, lease or operate their properties and assets and to carry on their businesses as currently conducted. 

  
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 (k) Legal Proceedings. Neither the Company nor any of its Subsidiaries is
a party to any, and there are no pending, or to the knowledge of the Company, threatened, legal, administrative, arbitral or other proceedings, orders, claims, suits, litigations, actions, arbitrations, mediations or governmental investigations of
any nature against the Company or any of its Subsidiaries (i) that have had or would reasonably be expected to have a Material Adverse Effect or (ii) that challenges the validity of the Transactions. Neither the Company nor any of its
Subsidiaries is subject to any order, writ, judgment or decree of a Governmental Entity that has had or would reasonably be expected to have a Material Adverse Effect. Except as has not had and would not reasonably be expected to have a Material
Adverse Effect, there is no investigation or review pending (or, to the knowledge of the Company, threatened) by any Governmental Entity with respect to the Company or any of its Subsidiaries. 

(l) Environmental Compliance. Except as has not had and would not reasonably be expected to have a Material Adverse
Effect, the Company and its Subsidiaries are in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or
wastes, pollutants or contaminants (“Environmental Laws”). Except as has not had and would not reasonably be expected to have a Material Adverse Effect, there are no costs or liabilities associated with Environmental Laws
(including, without limitation, any capital or operating expenditures required for cleanup, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any
potential liabilities to third parties). 
 (m) Taxes and Tax Returns. 

(i) Except as has not had and would not reasonably be expected to have a Material Adverse Effect, the Company and each of its
Subsidiaries has timely filed (including all applicable extensions) all Tax Returns required to be filed, and all such Tax Returns were correct and complete in all respects, and the Company and each of its Subsidiaries has paid (or has had paid on
its behalf) to the appropriate Governmental Entity all Taxes that are required to be paid (or that have been asserted in writing by a Governmental Entity), except, in each case, with respect to matters contested in good faith or for which adequate
reserves have been established in accordance with GAAP. 
 (ii) Except as has not had and would not reasonably be expected to
have a Material Adverse Effect, there are no disputes pending, or claims asserted in writing, for Taxes or assessments upon the Company or any of its Subsidiaries for which the Company does not have reserves that are adequate under GAAP. 

(iii) Except as has not had and would not reasonably be expected to have a Material Adverse Effect, there is no lien, charge or
encumbrance for Taxes upon any of the assets or properties of the Company or any of its Subsidiaries, except for liens, charges, or encumbrances for Taxes not yet due and payable. 

(iv) As of the date of Closing, the Company is not a “United States real property holding corporation” within the
meaning of Section 897(c) of the Internal Revenue Code. 

  
 13 

 (n) Material Contracts. For purposes of this Agreement, “Material
Contracts” means each outstanding contract or agreement to which the Company or any of its Subsidiaries is a party, which is or would be required to be filed by the Company as a “material contract” pursuant to Item 601(b)(4)
or Item 601(b)(10) of Regulation S-K under the Securities Act. Except as has not had and would not reasonably be expected to have a Material Adverse Effect, (i) each Material Contract is in full force and effect (except for those contracts
or agreements that have expired in accordance with their terms), is a legal, valid and binding agreement of the Company or such Subsidiary, as the case may be, and, to the knowledge of the Company, of each other party thereto, enforceable against
the Company or such Subsidiary, as the case may be, and, to the knowledge of the Company, against the other party or parties thereto, in each case, in accordance with its terms, subject to the Enforceability Exceptions, (ii) each of the Company
and its Subsidiaries has performed or is performing all obligations required to be performed by it under the Material Contracts and is not (with or without notice or lapse of time or both) in breach or default thereunder, and has not knowingly
waived or failed to enforce any rights or benefits thereunder (other than in the ordinary course of business consistent with past practice), and, (iii) to the knowledge of the Company, no other party to any of the Material Contracts is (with or
without notice or lapse of time or both) in breach in any material respect or default thereunder. 
 (o) Properties.
Except as has not had and would not reasonably be expected to have a Material Adverse Effect, (i) each of the Company and its Subsidiaries has good and marketable title to, or in the case of leased tangible property and leased tangible assets,
has valid and enforceable leasehold interests in, all of its material properties and tangible assets, free and clear of all liens and (ii) the material properties and tangible assets owned or leased by the Company and its Subsidiaries, or which
they otherwise have the right to use, are sufficient (subject to normal wear and tear) to operate their businesses in substantially the same manner as they are currently conducted. 

(p) Unlawful Payments. Except as has not had and would not reasonably be expected to have a Material Adverse Effect,
(i) neither the Company nor any of its Subsidiaries, nor any of the directors, officers, agents acting at its direction, employees, representatives, franchisees or distributors of the Company or any of its Subsidiaries, has taken any action,
directly or indirectly, that: (A) violated the Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”) or (B) would have violated the FCPA (in any case where the Company, any of its Subsidiaries, or any other person
referenced above may not have been subject to the FCPA) and (ii) there have been no false or fictitious entries made in the books or records of the Company or any of its Subsidiaries relating to any payment that the FCPA prohibits, and neither
the Company nor any of its Subsidiaries has established or maintained a secret or unrecorded fund for use in making any such payments. 

  
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 (q) Office of Foreign Asset Control. Except as has not had and would not
reasonably be expected to have a Material Adverse Effect, there is not, and has not been, any pending or, to the Company’s knowledge, threatened, legal, administrative, arbitral or other material proceeding, investigation (formal or informal),
litigation, claim, suit or action by any Governmental Entity against the Company or any of its Subsidiaries, nor is there any judgment, order or decree imposed (or, to the knowledge of the Company, threatened to be imposed) upon the Company or any
of its Subsidiaries by or before any Governmental Entity, in each case, in connection with an alleged violation of laws relating to the import or export (including deemed export) of data, goods or services to any foreign jurisdiction against which
the United States or the United Nations maintains sanctions or export controls, including applicable regulations of the United States Department of Commerce, the United States Department of State and the Office of Foreign Asset Control of the United
States Department of Treasury. 
 (r) Voting Requirements. (i) The affirmative vote at a stockholders’
meeting or any adjournment or postponement thereof of the holders of a majority of the shares of Company Common Stock present or represented and entitled to vote at a meeting of stockholders of the Company to voting with respect to the Stockholder
Proposal and (ii) the Series A Preferred Stockholder Approval, which has been obtained prior to the Closing Date, are the only votes of the holders of any class or series of the Company’s capital stock necessary to approve this Agreement
and the consummation of the Transactions. 
 (s) Brokers and Finders. Except for Morgan Stanley & Co. LLC,
neither the Company nor any of its Subsidiaries has used any broker, finder, placement agent or financial advisor or incurred any liability for any brokers’, finders’ or similar fees or commissions in connection with any of the
Transactions. 
 (t) Securities Law Compliance. Neither the Company nor any of its Affiliates, nor any person acting
at its or their instruction, has conducted any general solicitation or general advertising (as those terms are used in Regulation D under the Securities Act) in connection with the offer or sale of any of the Purchased Securities. Neither the
Company nor any of its Affiliates, nor any person acting at its or their instruction, has, directly or indirectly, made any offers or sales of any Company security or solicited any offers to buy any security, under circumstances that would require
registration under the Securities Act of the offer or sale of the Purchased Securities as contemplated hereby. Assuming the accuracy of the representations and warranties made by the Purchasers in Section 3.02, the offer, sale and issuance by
the Company of the Purchased Securities, and the issuance of the shares of Company Common Stock upon conversion of the Purchased Preferred Shares, are exempt from the registration requirements under the Securities Act, and the rules and regulations
promulgated thereunder. 
 (u) Reporting Company; Form S-3. The Company is, and will be immediately after the
consummation of the Transactions, eligible to register the Purchased Common Shares and the shares of Company Common Stock issuable upon conversion of the Purchased Preferred Shares for resale by the Purchasers on a registration statement on Form S-3
under the Securities Act. 

  
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 (v) Listing and Maintenance Requirements. The Company Common Stock is
registered pursuant to Section 12(b) of the Exchange Act, and the Company has taken no action designed to terminate, or reasonably likely to have the effect of terminating, the registration of the Company Common Stock under the Exchange Act nor
has the Company received any notification in writing that the SEC is contemplating terminating such registration. The Company has not, in the two (2) years preceding the date hereof, received notice from the NYSE in writing to the effect that
the Company is not in compliance with the listing or maintenance requirements of such exchange. 
 (w) Canadian Securities
Law Matters. To the knowledge of the Company, immediately after the Closing, (i) less than 5% of the holders (beneficial or otherwise) of Company Common Stock are residents of Canada and (ii) less than 5% of the outstanding shares of
Company Common Stock are beneficially owned by residents of Canada, excluding, in each case of clauses (i) and (ii), the Purchasers. 

Section 3.02. Representations and Warranties of Each Purchaser. Each Purchaser severally represents and warrants to, the Company,
as of the date hereof, solely as to such Purchaser, as follows: 
 (a) Organization; Ownership. Purchaser A is a
Canadian Crown Corporation, duly organized, validly existing and in good standing under the laws of Canada. Purchaser B is a private limited liability company, incorporated, duly organized and validly existing under the laws of the Republic of
Singapore. Purchaser C is a corporation without share capital, duly organized and validly existing under the Teachers’ Pension Act (Ontario). 

(b) Authorization; No Conflicts. 

(i) Each Purchaser has full corporate power and authority to execute and deliver this Agreement and to consummate the
Transactions. The execution, delivery and performance by each Purchaser of this Agreement and the consummation of the Transactions have been duly authorized by all necessary corporate action on behalf of such Purchaser. No other corporate
proceedings on the part of Purchaser are necessary to authorize the execution, delivery and performance by Purchaser of this Agreement and consummation of the Transactions. This Agreement has been duly and validly executed and delivered by each
Purchaser. This Agreement is a valid and binding obligation of each Purchaser, enforceable against such Purchaser in accordance with its terms, subject to the Enforceability Exceptions. 

(ii) The execution, delivery and performance of this Agreement by each Purchaser, the consummation by such Purchaser of the
Transactions and the compliance by such Purchaser with any of the provisions hereof and thereof will not conflict with, violate or result in a breach of any provision of, or constitute a 

  
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default under, or result in the termination of or accelerate the performance required by, or result in a right of termination or acceleration under, (A) any provision of such
Purchaser’s organizational documents, (B) any mortgage, note, indenture, deed of trust, lease, loan agreement or other agreement binding upon such Purchaser or (C) any permit, license, judgment, order, decree, ruling, injunction,
statute, law, ordinance, rule or regulation applicable to such Purchaser or any of its Affiliates, other than in the cases of clauses (B) and (C) as would not reasonably be expected to materially and adversely affect or delay the
consummation of the Transactions. 
 (c) Consents and Approvals. No material consent, approval, order or authorization
of, or registration, declaration or filing with, or exemption or review by, any Governmental Entity is required on the part of each Purchaser in connection with the execution, delivery and performance by such Purchaser of this Agreement and the
consummation by such Purchaser of the Transactions, except for any consent, approval, order, authorization, registration, declaration, filing, exemption or review the failure of which to be obtained or made, individually or in the aggregate, would
not reasonably be expected to adversely affect or delay the consummation of the Transactions by such Purchaser. 
 (d)
Securities Act Representations. 
 (i) Each Purchaser is an accredited investor (as defined in Rule 501 of the
Securities Act) and is aware that the sale of the Purchased Securities is being made in reliance on a private placement exemption from registration under the Securities Act. Each Purchaser is acquiring the Purchased Securities for its own account,
and not with a view toward, or for sale in connection with, any distribution thereof in violation of any federal or state securities or “blue sky” law, or with any present intention of distributing or selling such Purchased Securities in
violation of the Securities Act. Each Purchaser has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of its investment in such Purchased Securities and is capable of bearing
the economic risks of such investment. Each Purchaser has been provided a reasonable opportunity to undertake and has undertaken such investigation and has been provided with and has evaluated such documents and information as it has deemed
necessary to enable it to make an informed and intelligent decision with respect to the execution, delivery and performance of this Agreement. 

(ii) Except with respect to the right of the Purchaser A to appoint a Board of Directors observer pursuant to
Section 4.08, each Purchaser is acquiring the Purchased Securities for passive investment purposes only, and is not acquiring the Purchased Securities with the purpose or with the effect of determining, directing, influencing, changing or
controlling the management, board of directors, governing instruments or policies or affairs of the Company or its Subsidiaries or in connection with or as a participant in any transaction having that purpose or effect. 

  
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 (iii) Each Purchaser is not acting in concert, and does not have any
agreement or understanding, with any Person that is not an Affiliate, and is not otherwise a member of a “group” (as such term is used in Section 13(d)(3) of the Exchange Act), with respect to the Company or its securities, other than
as may be deemed to arise after the Closing as a result of any transaction by Purchaser not prohibited by this Agreement. 

(iv) Each Purchaser acknowledges that the Company makes no representation or warranty with respect to any matters relating to
the Company, its business, financial condition, results of operations, prospects or otherwise, except to the extent expressly provided in Section 3.01 hereof or in any certificate delivered by the Company pursuant to this Agreement. 

(e) Brokers and Finders. No Purchaser or any of such Purchaser’s officers, directors, employees or agents has
utilized any broker, finder, placement agent or financial advisor or incurred any liability for any brokers’, finders’ or similar fees or commissions in connection with any of the Transactions. 

(f) No Additional Representations. 

(i) Each Purchaser acknowledges that the Company does not make any representation or warranty as to any matter whatsoever
except as expressly set forth in Section 3.01 or in any certificate delivered by the Company pursuant to this Agreement, and specifically (but without limiting the generality of the foregoing), that the Company makes no representation or
warranty with respect to (A) any projections, estimates or budgets delivered or made available to such Purchaser (or any of its Affiliates, officers, directors, or employees) of future revenues, results of operations (or any component thereof),
cash flows or financial condition (or any component thereof) of the Company and its Subsidiaries or (B) the future business and operations of the Company and its Subsidiaries, and such Purchaser has not relied on such information or any other
representations or warranties not set forth in Section 3.01 and in any certificate delivered by the Company pursuant to this Agreement. 

(ii) Each Purchaser has conducted its own independent review and analysis of the business, operations, assets, liabilities,
results of operations, financial condition and prospects of the Company and its Subsidiaries and acknowledges such Purchaser has been provided sufficient access for such purposes. Except for the representations and warranties expressly set forth in
Section 3.01 by the Company in accordance with the terms hereof, in entering into this Agreement, each Purchaser has relied solely upon its independent investigation and analysis of the Company and its Subsidiaries, and each Purchaser
acknowledges and agrees that it has not been induced by and has not relied upon any representations, warranties or statements, whether express or implied, made by the Company, its Subsidiaries, Morgan Stanley & Co. LLC or any of their
respective Affiliates, stockholders, controlling persons or representatives that, with respect to the Company, are not expressly set forth in 

  
 18 

 
Section 3.01 and in any certificate delivered by the Company pursuant to this Agreement, whether or not such representations, warranties or statements were made in writing or orally. Each
Purchaser acknowledges and agrees that, except for the representations and warranties expressly set forth in Section 3.01 and in any certificate delivered by the Company pursuant to this Agreement, (A) each of the Company and Morgan
Stanley & Co. LLC does not make, or has not made, any representations or warranties relating to the Company or the Company’s business or otherwise in connection with the transactions contemplated hereby and such Purchaser is not
relying on any representation or warranty except for those expressly set forth in this Agreement, (B) no person has been authorized by the Company to make any representation or warranty relating to itself or its business or otherwise in
connection with the transactions contemplated hereby, and if made, such representation or warranty must not be relied upon by such Purchaser as having been authorized by the Company, and (C) any estimates, projections, predictions, data,
financial information, memoranda, presentations or any other materials or information provided or addressed to such Purchaser or any of its Affiliates or representatives are not and shall not be deemed to be or include representations or warranties
of the Company or Morgan Stanley & Co. LLC unless any such materials or information is the subject of any express representation or warranty set forth in Section 3.01 of this Agreement or in any certificate delivered by the Company
pursuant to this Agreement. 
 ARTICLE IV 

ADDITIONAL AGREEMENTS 

Section 4.01. Taking of Necessary Action. Each of the parties hereto agrees to use its reasonable best efforts promptly to take or
cause to be taken all action and promptly to do or cause to be done all things necessary, proper or advisable under applicable laws and regulations to consummate and make effective the Transactions. In case at any time before or after the Closing
any further action is necessary or desirable to carry out the purposes of this Agreement, the proper officers and directors of each party to this Agreement shall take all such necessary action as may be reasonably requested by, and at the sole
expense of, the requesting party. 
 Section 4.02. Restrictions on Transfer. 

(a) Subject to Section 4.02 of the Company Disclosure Schedule, until the six (6) month anniversary of the Closing Date, no
Principal Purchaser shall, and no Principal Purchaser shall request that the Company permit it to (a) sell, transfer, assign or similarly dispose of, or to enter into any contract, option or other arrangement or understanding with respect to
the sale, transfer, assignment or similar disposition of, any of the Purchased Securities (other than any sale or transfer to an Affiliate that agrees in writing to be bound by the terms and provisions of this Agreement to the same extent as such
Principal Purchaser) or (b) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Purchased Securities (clauses (a) and (b) together, “Restricted
Transactions”), other than in each of clauses (a) and (b), (i) through a registered Underwritten Offering in 

  
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accordance with Article V, (ii) the sale or transfer of the Principal Purchaser’s Purchased Securities to a third party in a transaction not involving a registered offering under the
Securities Act; provided, that, in the case of any sale or transfer under clause (ii), such transferee agrees to be bound to the provisions of Section 4.02 and Section 4.13 (to the same extent applicable to such Principal Purchaser) or
(iii) in response to a tender offer for the shares of the Company that is (A) announced by the Company or (B) announced by a third party and such tender offer is recommended by the Board of Directors (clauses (i), (ii) and
(iii) collectively, the “Permitted Transfers”); provided that, nothing in this Section 4.02 shall prohibit any Principal Purchaser or any Affiliate of Principal Purchaser from (A) undertaking currency hedging
transactions, (B) undertaking hedging transactions with respect to an index where the Company is a constituent member of a stock index or, (C) in the ordinary course of business consistent with past practice to the extent applicable,
undertaking hedging transactions involving companies in the logistics sector (other than the Company); provided, that the foregoing exceptions shall not be available for transactions that are permitted by clauses (A), (B) or (C) but have
the primary purpose or effect of circumventing the prohibition on Restricted Transactions. 
 (b) Subject to Section 4.02 of the
Company Disclosure Schedule, during the period commencing on the six (6) month anniversary of the Closing Date and ending on the earlier of (i) the one (1) year anniversary of the Closing Date and (ii) the date on which such
Principal Purchaser no longer has Beneficial Ownership over more than five percent (5%) of the Company Common Stock on an as-converted, fully diluted basis, no Principal Purchaser shall, without the Company’s prior written consent, engage
in any Restricted Transaction other than Permitted Transfers. In the event that, during such period, a Principal Purchaser requests the Company’s consent to engage in any Restricted Transaction other than Permitted Transfers during the time
specified in the first sentence of this Section 4.02(b), then the Company will work in good faith with the Purchaser to seek to agree upon a manner of sale that would minimize any disruptive impact to the share price of the Company Common Stock
(including a transaction effected in the manner contemplated under Section 4.13(a)(ii)), and in the event that the Company and such Principal Purchaser are unable to agree upon such a manner of sale after such good faith negotiations and the
Company withholds its consent to a Restricted Transaction that is proposed to be effected other than by way of a Permitted Transfer, the Company will promptly provide such Principal Purchaser the reasons for its refusal in writing. 

(c) In the event that, during the twelve (12) months following the date of this Agreement, there is a sustained material decline in
equity trading markets in the United States as compared to the other countries in which a Principal Purchaser has similar equity investments, the Company agrees to consider in good faith (but shall have no obligation to grant) requests from such
Principal Purchaser to release the restrictions set forth in this Section 4.02 in order to allow such Principal Purchaser to engage in Restricted Transactions other than through Permitted Transfers. 

Section 4.03. Standstill. 

(a) Each Principal Purchaser covenants to and agrees with the Company that, without the Company’s prior written consent, neither such
Principal Purchaser nor any of its Affiliates will, directly or indirectly until the date that is eighteen (18) months after the Closing Date (the “Standstill Period”): 

(i) in any way acquire, offer or propose to acquire or agree to acquire legal title to or Beneficial Ownership of any Voting
Securities; 

  
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 (ii) make any public announcement with respect to, or submit to the Company or
any of its directors, officers, representatives, trustees, employees, attorneys, advisors, agents or Affiliates, any proposal for the acquisition of any Voting Securities or with respect to any merger, consolidation, business combination,
restructuring, recapitalization or purchase of any substantial portion of the assets of the Company of any of its Subsidiaries, in which such Principal Purchaser and its Affiliates are involved, and whether or not such proposal might require the
making of a public announcement by the Company unless the Company shall have made a prior written request to such Principal Purchaser to submit such a proposal (provided that the foregoing shall not prohibit such Principal Purchaser from submitting
a proposal to the Chief Executive Officer or Chief Financial Officer of the Company on a confidential basis so long as such proposal would not require the making of any public announcement by the Company); 

(iii) seek or propose to influence, advise, change or control the management, Board of Directors, governing instruments or
policies or affairs of the Company by way of any public communication or communication with any Person other than the Company, or make, or in any way participate in, any “solicitation” of “proxies” (as such terms are defined or
used in Regulation 14A under the Exchange Act) to vote any Voting Securities or become a “participant” in any “election contest” (as such terms are defined and used in Rule 14a-11 under the
Exchange Act) with respect to Voting Securities; provided, however, that nothing in this clause (iii) shall prevent a Principal Purchaser or its Affiliates from (x) other than as set forth in Section 4.09, voting in any manner any
Voting Securities over which Principal Purchaser or such Affiliates has Beneficial Ownership or (y) communicating privately with stockholders of the Company to the extent such communication does not constitute a “solicitation” of
“proxies,” as such terms are defined or used in Regulation 14A under the Exchange Act and the number of persons with whom Principal Purchaser communicates is fewer than ten (10); or 

(iv) make a request to amend or waive any provision of this Section 4.03(a). 

(b) For purposes of this Agreement, a Person shall be deemed to have “Beneficial Ownership” of any securities in respect of
which such Person or any of such Person’s Affiliates is considered to be a “Beneficial Owner” under Rule 13d-3 under the Exchange Act as in effect on the date hereof. 

(c) This Section 4.03 shall not apply with respect to any actions that are not in respect of the Purchased Securities by (i) any
person who holds or acquires Voting Securities (A) on behalf of a Principal Purchaser or an Affiliate of a Principal Purchaser as a third-party investment manager with discretionary authority or (B) as, or by or through, investment funds,

  
 21 

 
managed funds, managed accounts or other pooled investment vehicles in which a Principal Purchaser or an Affiliate of a Principal Purchaser, directly or indirectly, has invested or may invest and
that are managed by third parties or (ii) any direct or indirect portfolio company of a Principal Purchaser or an Affiliate of a Principal Purchaser or any trading group of a Principal Purchaser or an Affiliate of a Principal Purchaser so long
as, in each of clauses (i) and (ii), such Principal Purchaser has not disclosed to such Affiliate any confidential information regarding the Company obtained in its capacity as a Principal Purchaser, including, through its right to appoint a
Board of Directors observer (it being understood and agreed that confidential information regarding the Company will presumptively not be deemed to have been shared if such Person is restricted from accessing such information through compliance with
standard practices and procedures restricting the flow of information from such Principal Purchaser to such Affiliate). In addition, the provisions of this Section 4.03 shall not prohibit a Principal Purchaser from engaging in ordinary course
index-replicating activities consistent with past practice to the extent applicable, provided that such Principal Purchaser traders effecting such trades have not been provided by such Principal Purchaser with confidential information regarding the
Company obtained in its capacity as a Principal Purchaser, including through Purchaser A’s right to appoint a Board of Directors observer. 

(d) The Standstill Period shall immediately terminate and expire if: (i) any person (other than a Principal Purchaser or its Affiliates)
or “group” as such term is defined under Section 13(d) of the Exchange Act (which does not comprise a Principal Purchaser or its Affiliates) shall have acquired or entered into a binding definitive agreement that has been approved by
the Board of Directors or any duly constituted committee thereof to acquire more than fifty percent (50%) of the outstanding Voting Securities or all or substantially all of the assets of the Company or (ii) any person (other than a
Principal Purchaser or its Affiliates) commences a tender or exchange offer which, if consummated, would result in such person’s acquisition of Beneficial Ownership of more than fifty percent (50%) of the outstanding Voting Securities.

 Section 4.04. Securities Laws; Legends. 

(a) Each Purchaser acknowledges and agrees that as of the date hereof the Purchased Securities have not been registered under the Securities
Act or the securities laws of any state and that they may be sold or otherwise disposed of only in one or more transactions registered under the Securities Act and, where applicable, such laws, or as to which an exemption from the registration
requirements of the Securities Act and, where applicable, such laws, is available. Each Purchaser acknowledges that, except as provided in Article V, such Purchaser has no right to require the Company to register the Purchased Securities. Each
Purchaser further acknowledges and agrees that any certificate or evidence of book-entry notation for the Purchased Securities shall bear a legend substantially as set forth in paragraph (b) of this Section 4.04 (and any shares evidenced
in book entry form shall contain appropriate comparable notation and reflect related stop transfer instructions). 

  
 22 

 (b) Any certificates for the Purchased Securities shall bear a legend in substantially the
following form: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO A REGISTRATION STATEMENT IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR
SUCH LAWS. 
 In addition, any certificates for the Purchased Securities issued to the Principal Purchasers shall bear a legend in
substantially the following form: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON
TRANSFER SET FORTH IN THAT CERTAIN INVESTMENT AGREEMENT BY AND AMONG XPO LOGISTICS, INC. AND THE PURCHASERS SET FORTH ON SCHEDULE I THERETO, DATED AS OF SEPTEMBER 11, 2014, AS SUCH AGREEMENT MAY FROM TIME TO TIME BE AMENDED, MODIFIED OR
SUPPLEMENTED, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH RESTRICTIONS. 
 (c) When issued pursuant hereto, the certificates
evidencing the Purchased Securities shall also bear any legend required by any applicable state blue sky law. 
 (d) Any holder of Purchased
Securities may request the Company to remove any or all of the legends described in this Section 4.04 from the certificates evidencing such Purchased Securities by submitting to the Company such certificates, and, in the case of the legend
relating to restrictions on transfer under the Securities Act or applicable state laws, together with an opinion of counsel, to the effect that such legend or legends are no longer required under the Securities Act or applicable state laws, as the
case may be. Following the first anniversary of the Closing Date, the Company shall, if requested by a Purchaser, promptly remove the restrictive legend relating to restrictions on transfer in the Investment Agreement from any certificates
representing such Purchaser’s Purchased Securities. 
 Section 4.05. Lost, Stolen, Destroyed or Mutilated Securities. Upon
receipt of evidence satisfactory to the Company of the loss, theft, destruction or mutilation of any certificate for any security of the Company and, in the case of loss, theft or destruction, upon delivery of an undertaking by the holder thereof to
indemnify the Company (and, if requested by the Company, the delivery of an indemnity bond sufficient in the reasonable judgment of the Company to protect the Company from any loss it may suffer if a certificate is replaced), or, in the case of
mutilation, upon surrender and cancellation thereof, the Company will issue a new certificate or, at the Company’s option, a share ownership statement representing Purchased Securities for an equivalent number of shares or another security of
like tenor, as the case may be. 

  
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 Section 4.06. Regulatory Matters; Efforts. 

(a) Each Purchaser and the Company shall use reasonable best efforts to promptly prepare and file all necessary documentation, to effect all
applications, notices, petitions and filings, and to obtain as promptly as practicable all permits, consents, approvals and authorizations of all third parties and Governmental Entities which are necessary or advisable to consummate the
Transactions. With respect to such applications, notices, petitions and filings: 
 (i) The Company and each Purchaser shall
have the right to consult the other, in each case subject to applicable laws relating to the exchange of information, with respect to any filing made with, or written materials submitted to, any third party or any Governmental Entity in connection
with the Transactions. In exercising the foregoing right, each of the parties hereto shall act reasonably and as promptly as practicable. The parties hereto agree that they will consult with each other with respect to the obtaining of all permits,
consents, approvals and authorizations of all third parties and Governmental Entities necessary or advisable to consummate the Transactions and each party will keep the other apprised of the status of matters relating to completion of the
Transactions. 
 (ii) Each Purchaser and the Company shall, upon request, furnish each other, on a confidential basis, with
all information concerning themselves, their Subsidiaries, directors, officers and stockholders and such other matters as may be reasonably necessary or advisable in connection with any statement, filing, notice or application made by or on behalf
of such Purchaser, the Company or any of their respective Subsidiaries to any Governmental Entity in connection with the Transactions; provided, that, in lieu of providing such confidential information to another party, a party which is obligated to
furnish information pursuant to this clause 4.06(a)(ii) to another party may instead elect to directly provide such information, on a confidential basis, to a Governmental Entity in any statement, filing, notice or application required to be made by
or on behalf of such party to such Governmental Entity in connection with the Transactions so long as the failure to provide and share such information with another party does not adversely affect the ability of such other party from making any
statement, filing, notice or application required to be made by or on behalf of such other party to such Governmental Entity. 

(iii) Each Purchaser and the Company shall promptly furnish the other with copies of written communications received by them or
their Subsidiaries from, or delivered by any of the foregoing to, any Governmental Entity in respect of the Transactions (other than in respect of information filed or otherwise submitted confidentially to any such Governmental Entity). 

(b) Each Purchaser and the Company shall, and shall cause their Subsidiaries to, use all reasonable best efforts to (i) take, or cause to
be taken, all actions necessary, proper or advisable to comply promptly with all legal requirements that may be imposed on them or their Subsidiaries with respect to the Transactions and to consummate the Transactions and (ii) to

  
 24 

 
obtain (and to cooperate with the other party to obtain) any consent, authorization, order or approval of, or any exemption by, any Governmental Entity and any other third party which is required
to be obtained by the Company or such Purchaser or any of their respective Subsidiaries in connection with the Transactions, and to comply with the terms and conditions of such consent, authorization, order or approval. 

(c) In the event that the purchase and sale to any Principal Purchaser of the entire amount of the Purchased Common Shares designated to be
purchased by such Principal Purchaser pursuant to Section 2.01(a) would require a filing under the HSR Act, then, in lieu of purchasing and selling such entire amount at the Closing, the Company shall issue and sell to Principal Purchaser, and
Principal Purchaser shall purchase and acquire from the Company, the maximum number of shares of Company Common Stock that it may purchase without making a filing under the HSR Act and, in lieu of purchasing the remaining Purchased Common Shares
that it otherwise would be required to purchase pursuant to Section 2.01(a) (such number of unpurchased shares of Company Common Stock, the “Shortfall Number” and, the aggregate purchase price for the Shortfall Number of
Purchased Common Shares, the “Shortfall Amount”), such Principal Purchaser shall purchase an additional number of shares of Series B Preferred Stock equal to the Shortfall Amount divided by $1,000.00 (such additional shares of
Series B Preferred Stock, the “Substituted Preferred Stock”). Shares of the Substituted Preferred Stock shall be deemed to be the Purchased Preferred Shares for all purposes of this Agreement. Upon written notice to the Company
by a holder of Substituted Preferred Stock that the applicable waiting periods under the HSR Act have expired or been terminated, the Company shall reasonably promptly take all action required under the Certificate of Designations to convert the
Substituted Preferred Stock into a number of shares of Company Common Stock equal to the Shortfall Number (as such number may be adjusted under the terms of the Certificate of Designations) and, following such conversion, such shares of Company
Common Stock shall be deemed to be the Purchased Common Shares for all purposes under this Agreement. 
 Section 4.07. Proxy
Statement. If the Closing occurs, the Company shall call and hold a special meeting of its stockholders, as promptly as reasonably practicable after the Closing, but no later than six (6) months following the Closing Date (the
“Meeting End Date”) to vote on proposals (collectively, the “Stockholder Proposal”) to approve the issuance of shares of Company Common Stock in connection with the conversion of the Purchased Preferred Shares into
Company Common Stock, for purposes of Section 312.03 of the NYSE Listed Company Manual. The Board of Directors shall recommend to the Company’s stockholders that such stockholders approve the Stockholder Proposal, and shall not modify or
withdraw such resolution. In connection with such meeting, the Company shall promptly prepare (and the Purchasers will reasonably cooperate with the Company to prepare) and file (but in no event more than ninety (90) days following the Closing)
with the SEC a preliminary proxy statement, shall use its reasonable best efforts to solicit proxies for such stockholder approval and shall use its reasonable best efforts to respond to any comments of the SEC or its staff and to cause a definitive
proxy statement related to such stockholders’ meeting to be mailed to the Company’s stockholders as promptly as practicable after clearance by the SEC. If at any time prior to such stockholders’ meeting there shall occur any event
that is required to be set forth in an amendment or supplement to the proxy statement, the Company shall as promptly as practicable prepare and mail to its stockholders such an amendment or supplement. The Company agrees that each proxy statement
referred to in this Section 4.07 shall comply as to form in all material respects 

  
 25 

 
with the requirements of the Exchange Act and the rules and regulations promulgated thereunder and that none of the information included or incorporated by reference in any such proxy statement
will, at the date it is filed with the SEC or mailed to the stockholders of the Company or at the time of the stockholders’ meeting, or at the time of any amendment or supplement thereof, contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading, except for statements made in such proxy statement based
exclusively on information supplied in writing by or on behalf of the Purchasers specifically and explicitly for inclusion or incorporation by reference therein. Each of the Purchasers and the Company agrees promptly to correct any information
provided by it or on its behalf for use in the proxy statement if and to the extent that such information shall have become false or misleading in any material respect, and the Company shall as promptly as practicable prepare and mail to its
stockholders an amendment or supplement to correct such information to the extent required by applicable laws and regulations. The Company shall consult with the Purchasers prior to mailing any proxy statement, or any amendment or supplement
thereto, and provide the Purchasers with a reasonable opportunity to comment thereon. The Company shall promptly notify the Purchasers upon the receipt of any comments from the SEC or its staff or any request from the SEC or its staff for amendments
or supplements to any proxy statement and shall provide the Purchasers with copies of all correspondence between it and its representatives, on the one hand, and the SEC, on the other hand. The directors’ recommendation described in this
Section 4.07 shall be included in the proxy statement filed in connection with obtaining such stockholder approval. In the event that the approval of the Stockholder Proposal is not obtained at such special stockholders’ meeting, the
Company shall include a proposal to approve (and, the Board of Directors shall recommend approval of) such Stockholder Proposal at a meeting of its stockholders (which may be an annual meeting) no less than once in each six (6)-month period
beginning on the Meeting End Date until such approval is obtained or made, and the other applicable provisions of this Section 4.07 shall apply with respect to seeking such Stockholder Proposal. 

Section 4.08. Board Observer. 

(a) For so long as Purchaser A holds a number of the Purchased Securities in an amount in excess of seventy-five percent (75%) of the
Purchased Securities purchased by Purchaser A as of the date of this Agreement (as adjusted for any recapitalization, reclassification, stock dividend, stock split or like change in its capitalization), the Company shall, if requested by
Purchaser A, (a) permit a single representative of Purchaser A, who shall be reasonably acceptable to the Company, to attend all meetings of the Board of Directors, as an observer, (b) permit such observer to discuss the affairs,
finances and accounts of the Company and its Subsidiaries with the Board of Directors, without voting, recognizing that the ultimate discretion with respect to all such matters shall be retained by the Board of Directors and (c) provide such
observer with copies of materials generally distributed to the Board of Directors for purposes of general and special meetings of the Board of Directors. Purchaser A shall not be permitted to send an alternate observer to meetings of the Board of
Directors, and any permanent substitution of the observer shall be subject to the Company’s reasonable consent with respect to the identity of such observer. 

  
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 (b) For so long as Purchaser B holds a number of the Purchased Securities in an amount in excess
of seventy-five percent (75%) of the Purchased Securities purchased by Purchaser B as of the date of this Agreement (as adjusted for any recapitalization, reclassification, stock dividend, stock split or like change in its capitalization), the
Company shall, if requested by such Purchaser, provide such Purchaser with copies of materials generally distributed to the Board of Directors for purposes of general and special meetings of the Board of Directors. 

(c) Notwithstanding anything to the contrary herein, the Company and the Board of Directors shall have the right to limit the information
provided pursuant to this Section 4.08 in order to maintain attorney-client privilege and in order to protect information that is reasonably determined to be competitively sensitive. 

Section 4.09. Voting. Until the second anniversary of the Closing Date, or such earlier date on which a Principal Purchaser no
longer has Beneficial Ownership over more than five percent (5%) of the Company Common Stock on an as-converted, fully diluted basis: 

(a) Such Principal Purchaser shall take such action (including, if applicable, through the execution of one or more written consents if
stockholders of the Company are requested to vote through the execution of an action by written consent in lieu of any such annual or special meeting of shareholders of the Company) as may be required so that with respect to the election of nominees
to the Board of Directors all Purchased Common Shares over which it has Beneficial Ownership it are voted in the same manner (“for,” “against,” “withheld,” “abstain” or otherwise) as recommended by the Board
of Directors to the other holders of Voting Securities with respect to such nominees. Each Principal Purchaser further agrees not to take any other actions as a stockholder of the Company intended to or reasonably likely to, directly or indirectly,
circumvent, avoid or nullify the voting arrangements required by this Section 4.09. 
 (b) Such Principal Purchaser shall use its
reasonable best efforts to be present, in person or by proxy, at all meetings of the stockholders of the Company so that all Purchased Common Shares over which such Principal Purchaser has Beneficial Ownership from time to time may be counted for
the purposes of determining the presence of a quorum at such meetings. The foregoing provision shall also apply to the execution by such Principal Purchaser of any written consent in lieu of a meeting of holders of Voting Securities. 

Section 4.10. Listing. The Company shall, following the Closing Date, take all action reasonably necessary to effect the listing
of the shares of the Purchased Common Shares and shares of Company Common Stock issuable upon conversion of the Purchased Preferred Shares on the NYSE, upon official notice of issuance. Following the initial listing of such shares, the Company shall
use its reasonable best efforts to maintain the listing of such shares for so long as Company Common Stock continues to be listed on the NYSE. 

Section 4.11. Reservation of Shares. From and after the Closing, the Company shall at all times reserve and keep available out of
its authorized but unissued shares of Company Common Stock, solely for the purpose of providing for the conversion of the Purchased Preferred Shares, such number of shares of Company Common Stock as shall from time to time equal the number of shares
sufficient to permit the conversion of the shares of Purchased 

  
 27 

 
Preferred Shares issued pursuant to this Agreement in accordance with their respective terms. The Company covenants that all shares of Company Common Stock issuable upon conversion of the
Purchased Preferred Shares shall, upon such issue, be duly and validly issued and fully paid and non-assessable. If at any time the number of authorized but unissued shares of Company Common Stock shall not be sufficient to effect the conversion of
the Purchased Preferred Shares or otherwise to comply with the terms of this Agreement, the Company shall take all corporate action as may be necessary to increase its authorized but unissued shares of Company Common Stock to such number of shares
as shall be sufficient for such purposes. The Company will use its reasonable best efforts to obtain any authorization, consent, approval or other action by, and shall make any filing with any court or administrative body that may be required under,
applicable state securities laws in connection with the issuance of shares of Company Common Stock upon conversion of the Purchased Preferred Shares. 

Section 4.12. Recapitalization, Exchange, Etc. Affecting the Company’s Capital Stock. For so long as any Purchaser continues
to hold any Purchased Securities, the Company shall not, and shall not permit any of its Subsidiaries to, (a) issue, sell, redeem, or repurchase any shares of capital stock of the Company or any of its Subsidiaries, (b) effect any
recapitalization, reclassification, stock dividend, stock split or like change in its capitalization or (c) undertake any other transaction that is not covered in the foregoing clauses (a) or (b), in each case, that reasonably would cause
or result in a Purchaser, directly or indirectly, holding a number of shares of any class of capital stock of the Company that is entitled to vote generally in the election of directors representing an amount in excess of thirty percent
(30%) of all shares of capital stock that are entitled to vote generally in the election of directors without promptly notifying all Purchasers at least thirty (30) days in advance of such transaction, to the extent practicable, and the
Company shall release such Purchaser from any obligations under Section 4.02 in order to allow such Purchaser to sell, transfer, assign or similarly dispose of any of the Purchased Securities to the extent necessary such that following such
action the Purchased Securities held by such Purchaser represent less than thirty percent (30%) of all shares of any class of capital stock of the Company that are entitled to vote generally in the election of directors. 

Section 4.13. Right of First Offer. 

(a) Until the second anniversary of the Closing Date, or such earlier date on which a Principal Purchaser no longer has Beneficial Ownership
over more than five percent (5%) of the Company Common Stock on an as-converted, fully diluted basis, in the event that such Principal Purchaser wishes to engage in any Restricted Transaction, it shall: 

(i) without limiting the obligation pursuant to clause (ii) below, provide notice to the Company as soon as reasonably
practicable of such Principal Purchaser’s intent to engage in such a Restricted Transaction and the anticipated terms on which it would propose to complete such transaction; and 

(ii) provide the Company a period of ten (10) Business Days (the “Right of First Offer Period”) during
which such Principal Purchaser shall consider in good faith any proposal made or arranged by the Company with respect to (i) the repurchase of the relevant Purchased Securities by the Company 

  
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or (ii) the sale of the relevant Purchased Securities to a third-party arranged by the Company; provided, however, that such Principal Purchaser’s determination as to whether to accept
such offer shall be at its sole and absolute discretion. 
 (b) In the event that a Principal Purchaser and the Company are unable to agree
upon a transaction pursuant to clause (b)(ii) above during such Right of First Offer Period, such Principal Purchaser shall: (i) use its commercially reasonable efforts to effect such Restricted Transaction in a manner reasonably intended to
reduce disruptive impact to the share price of the Company Common Stock to the extent practicable in light of the circumstances and (ii) provide the Company with prompt further notice of any material change in the terms on which it proposes to
complete such Restricted Transaction. 
 Section 4.14. Certain Tax Matters. 

(a) At the Closing (and at any other time or times prescribed by applicable law or as reasonably requested by the Company), each Purchaser
shall deliver to the Company a properly completed and duly executed IRS Form W-8EXP (or successor form thereto) and/or IRS Form W-8BEN-E (or successor form thereto), as applicable, together with any other information necessary in order to establish
an exemption from U.S. federal income tax withholding. Provided a Purchaser satisfies the requirements described in the previous sentence, and except to the extent otherwise required by applicable law, all payments of dividends made by the
Company to such Purchaser in respect of the Purchased Securities shall be made without deduction or withholding for or on account of U.S. federal income Taxes. Each Purchaser shall (i) promptly notify the Company at any time such
previously delivered IRS forms or information are no longer correct or valid and (ii) if any such previously delivered form expires or becomes obsolete or inaccurate in any respect, update any such form. 

(b) The Company agrees to provide each Purchaser with such cooperation as such Purchaser may reasonably request in determining and documenting
any eligibility for an exemption from taxation under Section 897 of the Internal Revenue Code; provided that the Company shall not be required to incur any material unreimbursed costs. 

ARTICLE V 
 REGISTRATION RIGHTS

 Section 5.01. Demand Registration Rights. 

(a) Subject to the provisions of Section 5.02, at any time and from time to time after the date of this Agreement, each Principal
Purchaser may make up to two (2) written demands (each, a “Registration Demand”) and Purchaser C may make one (1) written demand (each Purchaser in such capacity, a “Requesting Holder”) to the Company
requiring the Company to register, under and in accordance with the provisions of the Securities Act, all or part of the Requesting Holder’s Registrable Shares in an Underwritten Offering. All Registration Demands made pursuant to this
Section 5.01 will specify the aggregate amount of shares of Company Common Stock to be registered, the intended methods of disposition thereof and the registration procedures to be undertaken by the Company in connection therewith (a
“Demand 

  
 29 

 
Notice”). Subject to Section 5.02, promptly upon receipt of any such Demand Notice, the Company will file the applicable Registration Statement (or amend an existing registration
statement to allow the resale by holders of Registrable Shares) as soon as reasonably practicable and in any event within sixty (60) days thereafter. The Company will use its reasonable best efforts to, in accordance with the terms set forth in
the Demand Notice, effect as reasonably promptly as practicable thereafter and in any event within one hundred fifty (150) days of the filing of such Registration Statement the registration under the Securities Act (including, without
limitation, appropriate qualification under applicable blue sky or other state securities laws and appropriate compliance with the applicable regulations promulgated under the Securities Act) of the shares of Company Common Stock that the Company
has been so required to register, except that if the Company is a “well known seasoned issuer” as defined in Rule 405 under the Securities Act as of the date of filing the applicable Registration Statement, the Company shall file or amend
an “automatic shelf registration statement” as defined in Rule 405 under the Securities Act; provided, that any amendment of such automatic shelf registration statement to register all Purchased Securities for resale shall not constitute
the use of a Registration Demand. 
 (b) A Registration Statement shall not count as requested pursuant to a Registration Demand unless and
until it has become effective and the Requesting Holder is able to register at least fifty percent (50%) of the Registrable Shares requested by such holders. In addition, a Registration Demand shall not count against the number of available
Registration Demands if (i) after the applicable Registration Statement has become effective, such Registration Statement or the related offer, sale or distribution of Registrable Shares thereunder becomes the subject of any stop order,
injunction or other order or restriction imposed by the SEC or any other governmental agency or court for a reason solely attributable to the Company and such interference is not thereafter eliminated so as to permit the completion of the
contemplated distribution of Registrable Shares, or (ii) if the conditions specified in the related underwriting agreement, if any, are not satisfied or waived for a reason solely attributable to the Company, and as a result of any such
circumstances described in clause (i) or (ii), less than fifty percent (50%) of the Registrable Shares covered by the applicable Registration Statement are sold by the Requesting Holder pursuant thereto. 

Section 5.02. Demand Registration Obligations and Procedures. 

(a) If the Company receives a Registration Demand and the Company furnishes to the Requesting Holder making such demand a copy of a resolution
of the Board of Directors certified by the secretary of the Company stating that in the good faith judgment of the Board of Directors it would be materially adverse to the Company for a Registration Statement to be filed (or amended, as applicable)
on or before the date such filing would otherwise be required hereunder, the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the demand for such registration. The Company shall
not be permitted to provide such notice more than twice in any three hundred sixty (360)-day period. If the Company receives a Registration Demand and the Company is then in the process of preparing to engage in a public offering, the Company shall
inform the Requesting Holder of the Company’s intent to engage in a public offering and may require the Requesting Holder to withdraw such Registration Demand for a period of up to ninety (90) days so that the Company may complete its
public offering. In the event that the Company ceases to pursue such public offering, it shall promptly inform the Requesting Holder that submitted the Registration Demand, and such Requesting Holder shall be permitted to submit a new Registration
Demand. 

  
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 (b) Registrations under Section 5.01 shall be on such appropriate registration form of the
SEC (i) as shall be selected by the Company and (ii) as shall permit the disposition of such shares in accordance with the intended method or methods of disposition specified in the Demand Notice. If, in connection with any registration
under Section 5.01 that is proposed by the Company to be on Form S-3 or any successor form, the managing underwriter, if any, shall advise the Company in writing that in its opinion the use of another permitted form is of material
importance to the success of the offering, then such registration shall be on such other permitted form. 
 (c) The Company shall use its
reasonable best efforts to keep any Registration Statement filed in response to a Registration Demand effective for as long as is necessary for the participating holders to dispose of all of the covered securities. 

(d) The Company shall select the underwriters for each Underwritten Offering; provided that the managing underwriter shall be reasonably
acceptable to the Requesting Holder; provided, further, that any nationally recognized “bulge bracket” investment banking firm shall be deemed to be acceptable to the Requesting Holder. The Company and the Requesting Holder shall jointly
determine the pricing of the Registrable Shares offered pursuant to any such Registration Statement in connection with a Registration Demand, the material terms of the applicable underwriting agreement and determine the timing of any such
registration and sale, subject to this Section 5.02. The Requesting Holder shall determine the applicable underwriting discount and other financial terms, and the holders of the Registrable Shares sold in the Underwritten Offering shall be
solely responsible for all such discounts and fees payable to such underwriters in such Underwritten Offering. 
 Section 5.03.
Piggyback Registration Rights. 
 (a) Subject to Sections 5.03(b) and 5.04, until the one (1)-year anniversary of this Agreement, if
the Company at any time proposes to register any Company Common Stock or effect a take-down from a shelf Registration Statement for its own account (a “Company Registration”) or for the account of any Purchaser possessing demand
rights (including in connection with a Registration Demand) (a “Stockholder Registration”) under the Securities Act by registration on Form S-1 or Form S-3 or any successor or similar form(s) (except registrations on any such form
or similar form(s) for registration of securities in connection with an employee benefit plan, a dividend reinvestment plan or a merger or consolidation, or incidental to an issuance of securities under Rule 144A under the Securities Act), it
will at such time give written notice as promptly as reasonably practicable to the holders of Registrable Shares of its intention to do so, including the anticipated filing date of the Registration Statement or prospectus supplement, as the case may
be, and, if known, the number of shares of Company Common Stock that are proposed to be included in such Registration Statement or prospectus supplement, as the case may be, and of the rights under this Section 5.03. Upon the written request of
a holder of Registrable Shares (which request shall specify the maximum number of Registrable Shares intended to be disposed of by such holder and such other information as is reasonably required to effect the registration of such shares of Company
Common Stock), made as promptly 

  
 31 

 
as practicable and in any event within fifteen (15) Business Days after the receipt of any such notice (five (5) Business Days if the Company states in such written notice or gives
telephonic notice to such Purchaser, with written confirmation to follow promptly thereafter, stating that (i) such registration will be on Form S-3 and (ii) such shorter period of time is required because of a planned filing date), the
Company, subject to Section 5.04, shall use its commercially reasonable efforts to effect the registration under the Securities Act of all Registrable Shares which the Company has been so requested to register by the holders of Registrable
Shares; provided, however, that if, at any time after giving written notice of its intention to register any securities and prior to the effective date of the Registration Statement filed in connection with such registration or, if applicable,
filing of a prospectus supplement with respect to such offering, the Company shall determine for any reason not to register or to delay registration of such securities, the Company shall give written notice of such determination to the holders of
Registrable Shares requesting registration under this Section 5.03 (which such holders will maintain in strict confidence) and (A) in the case of a determination not to register, shall be relieved of its obligation to register any
Registrable Shares in connection with such registration (but not from any obligation of the Company to pay the Registration Expenses in connection therewith), and (B) in the case of a determination to delay registering, shall be permitted to
delay registering any Registrable Shares, for the same period as the delay in registering such other securities. 
 (b) The piggyback
registration rights in Section 5.03(a) shall not be available in respect of any Company Registration in which a stated use of proceeds in such offering is the financing by the Company of the acquisition of a business or assets announced prior
to the date of the Company Registration; provided, however that if any Company officer or member of the Board of Directors or stockholder holding 1% or more of the outstanding shares of Company Common Stock is participating in such offering, the
Company shall to the extent reasonably practicable allow holders of Registrable Shares to participate on substantially similar terms. 
 (c)
Each holder of Registrable Shares shall have the right to withdraw its request for inclusion of such Registrable Shares in any Registration Statement pursuant to this Section 5.03 at any time prior to the launch of the roadshow with respect to
such offering (or if there is no roadshow, the filing of the final preliminary prospectus with respect to such offering) by giving written notice to the Company of its request to withdraw. 

Section 5.04. Underwriters’ Cutback. 

(a) In the case of a Company Registration, if the managing underwriter of any Underwritten Offering shall inform the Company by letter of its
belief that the number of Registrable Shares requested to be included in such registration pursuant to Section 5.03, when added to the number of other securities to be offered in such registration by the Company, would adversely affect such
offering, then the Company shall include in such registration, to the extent of the total number of securities which the Company is so advised can be sold in (or during the time of) such offering without so adversely affecting such offering (the
“Section 5.04(a) Sale Number”), securities in the following priority: 
 (i) First, all Company Common
Stock or securities convertible into, or exchangeable or exercisable for, Company Common Stock that the Company proposes to register for its own account; 

  
 32 

 (ii) Second, to the extent that the number of securities to be included in the
registration pursuant to Section 5.04(a)(i) is less than the Section 5.04(a) Sale Number, any shares of Company Common Stock required to be included pursuant to the Existing Registration Rights Agreement; and 

(iii) Third, to the extent that the number of securities to be included in the registration pursuant to
Sections 5.04(a)(i) and (ii) is less than the Section 5.04(a) Sale Number, the Registrable Shares requested to be included by holders exercising piggyback rights pursuant to Section 5.03; the securities requested to be included
pursuant to this Section 5.04(a)(iii) shall be included on a pro rata basis based on the number of Registrable Shares subject to registration rights owned by each holder requesting inclusion in relation to the number of Registrable Shares then
owned by all holders requesting inclusion. 
 (b) In the case of a Stockholder Registration, if the managing underwriter of any Underwritten
Offering shall inform the Company by letter of its belief that the number of shares of Company Common Stock and Registrable Shares requested to be included in such registration would materially adversely affect such offering, then the Company shall
include in such registration, to the extent of the total number of securities which the Company is so advised can be sold in (or during the time of) such offering without so materially adversely affecting such offering (the “Section 5.04(b)
Sale Number”), securities in the following priority: 
 (i) First, the Registrable Shares requested to be included
by the Persons exercising demand rights in connection with such Stockholder Registration; 
 (ii) Second, to the extent that
the number of securities to be included in the registration pursuant to Section 5.04(b)(i) is less than the Section 5.04(b) Sale Number, any shares of Company Common Stock required to be included pursuant to the Existing Registration
Rights Agreement; and 
 (iii) Third, to the extent that the number of securities to be included in the registration pursuant
to Sections 5.04(b)(i) and (ii) is less than the Section 5.04(b) Sale Number, the Registrable Shares requested to be included by holders exercising piggyback rights pursuant to Section 5.03; the securities requested to be
included pursuant to this Section 5.04(b)(iii) shall be included on a pro rata basis based on the number of Registrable Shares subject to registration rights owned by each holder requesting inclusion in relation to the number of Registrable
Shares then owned by all holders requesting inclusion. 
 Section 5.05. Participation in Underwritten Offerings. 

(a) Any participation by a holder of Registrable Shares in a registration by the Company shall be in accordance with the plan of distribution
of the Company. Except as provided in Section 5.02(d), in all Underwritten Offerings, the Company shall have sole discretion to select the underwriters. 

  
 33 

 (b) In connection with any proposed registered offering of securities of the Company in which any
holder of Registrable Shares has the right to include Registrable Shares pursuant to Section 5.03, such holder agrees (i) to supply any information reasonably requested by the Company in connection with the preparation of a Registration
Statement and/or any other documents relating to such registered offering, (ii) to execute and deliver, or cause the execution or delivery of, and to perform under, or cause the performance under, any agreements and instruments being executed
by all holders on substantially the same terms reasonably requested by the Company to effectuate such registered offering, including, without limitation, underwriting agreements, custody agreements, lock-ups, “hold back” agreements
pursuant to which such holder agrees not to sell or purchase any securities of the Company for the same period of time following the registered offering as is agreed to by the other participating holders (subject to carve-outs for actions taken by
any Person excepted from the definition of Affiliate pursuant to clause (a) or (b) of such definition and for index-based swaps), powers of attorney (subject to applicable law), opinions of counsel and questionnaires, in each case, in
customary form, scope and substance. If the Company requests that the participating holders of Registrable Shares take any of the actions referred to in this Section 5.05(b), such holders shall take such action promptly but in any event within
three (3) Business Days following the date of such request. The Company shall enter into such customary agreements (including an underwriting agreement in customary form) and take all such other actions as are reasonably required in order to
effect a registered offering and facilitate the disposition of Registrable Shares pursuant to this Article V, including (A) to furnish customary opinions of counsel representing the Company addressed to the underwriters, if any, in customary
form, scope and substance, (B) to provide a comfort letter from the independent auditors of the Company addressed to the underwriters, if any, in customary form, scope and substance and (C) if necessary and requested by the Requesting
Holder, the reasonable participation of Company management in roadshows in a manner and for a duration customary for offerings of such size. 

Section 5.06. Copies of Registration Statements. The Company will, if requested, prior to filing any Registration Statement
pursuant to this Article V or any amendment or supplement thereto, furnish to the holders of Registrable Shares participating in the offering related to such Registration Statement, and thereafter furnish to such holders, such number of copies of
such Registration Statement, amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein) and the prospectus included in such Registration Statement (including each preliminary
prospectus) as such holders may reasonably request in order to facilitate the sale of the Registrable Shares by such holders. 

Section 5.07. Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the SEC which
may at any time permit the sale of the Registrable Shares to the public without registration, while a public market exists for the Company Common Stock, the Company will use its commercially reasonable efforts to: 

(a) make and keep public information available, as those terms are understood and defined in Rule 144, at all times while Registrable Shares
are outstanding; and 
 (b) file with the SEC in a timely manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act (at any time it is subject to such reporting requirements). 

  
 34 

 Section 5.08. Expenses. The Company shall pay all Registration Expenses in connection
with a Company Registration or any Stockholder Registration, provided that each holder of Registrable Shares participating in an offering shall pay all applicable underwriting fees, discounts and similar charges. 

Section 5.09. Certain Non-U.S. Securities Law Matters. To the extent requested by Purchaser C, the Company will cooperate and use
commercially reasonable efforts to provide to Purchaser C a certificate of an officer of the Company providing details as to the beneficial ownership, to the knowledge of the Company, of the Company’s securities by residents of Canada based on
inquiries consistent with Rule 14a-13 of the Exchange Act, with reference to the ownership measures set out in the Company’s representation set forth in Section 3.01(w). 

ARTICLE VI 
 MISCELLANEOUS

 Section 6.01. Survival of Representations and Warranties. Other than those covenants and agreements which by their terms
apply in whole or in part after the Closing (which shall survive the Closing and continue in full force until performed), all covenants and agreements contained herein shall terminate as of the Closing. Except for the warranties and representations
contained in clauses (a), (b) (c), (d), (e) and (f) of Section 3.01 and (a), (b) and (c) contained in Section 3.02, which shall survive the Closing indefinitely, the warranties and representations made herein shall
survive until the later of (a) April 30, 2015 or (b) one (1) month after the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2014 has been filed, and shall then expire. 

Section 6.02. Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly
given, if delivered personally, by facsimile or sent by overnight courier as follows: 
  

					
	(a)	 	If to Purchaser A, to:
		
		 	Public Sector Pension Investment Board - Value Opportunity Portfolio
		 	1250 René-Lévesque Blvd. West, Suite 900
		 	Montreal, QC H3B 4W8
		 	Canada
		
		 	Attention: Timothy P. Leyne
			
		 	Tel:	  	+1-514-989-4975
		 	Fax:	  	+1-514-925-1519
		 	Email:	  	TPLeyne@investpsp.ca

  
 35 

					
		 	with a copy to:
		
		 	Public Sector Pension Investment Board
		 	1250 René-Lévesque Blvd. West, Suite 900
		 	Montreal, QC H3B 4W8
		 	Canada
		
		 	Attention: Senior Vice-President and Chief Legal Officer
			
		 	Tel:	  	+1-514-939-5339
		 	Fax:	  	+1-514-937-0403
		 	Email:	  	legalnotices@investpsp.ca
		
		 	with a copy (which shall not constitute notice) to:
		
		 	Weil, Gotshal & Manges LLP
		 	767 Fifth Avenue
		 	New York, New York 10153
		 	USA
		
		 	Attn: Douglas P. Warner, Esq.
			
		 	Tel:	  	+1-212-310-8751
		 	Fax:	  	+1-212-310-8007
		 	Email:	  	douglas.warner@weil.com
		
		 	If to Purchaser B, to:
		
		 	c/o Coral Blue Investment Pte. Ltd. (GIC)
		 	168 Robinson Road
		 	37-01 Capital Tower
		 	Singapore 068912
		
		 	Attention: Tim Lee and Jesley Chua
			
		 	Tel:	  	+65 6889 8068
		 	Fax:	  	+65 6889 8068 / +65 6889 6771
		
		 	with a copy (which shall not constitute notice) to:
		
		 	O’Melveny & Myers LLP
		 	2765 Sand Hill Road
		 	Menlo Park, CA 94025
		 	Attention: David Makarechian
		 	Fax:	  	+1-650-473-2601

  
 36 

					
		 	If to Purchaser C, to:
		
		 	Ontario Teachers’ Pension Plan Board
		 	5650 Yonge Street
		 	Toronto, Ontario M2M 4H5
		 	Canada
		
		 	Attention: Legal Department
			
		 	E-mail:	  	law_investments@otpp.com
		 	Fax:	  	+1-416-730-3771
		
		 	with a copy to:
		
		 	Ontario Teachers’ Pension Plan Board
		 	5650 Yonge Street
		 	Toronto, Ontario M2M 4H5
		 	Canada
		
		 	Attention: Geoffrey Barratt / Theresa Tam
			
		 	Tel:	  	+1-416-730-6544 / +1-416-730-3792
		 	E-mail:	  	geoff_barratt@otpp.com / theresa_tam@otpp.com
		 	Fax:	  	+1-416-730-5143
		
		 	with a copy (which shall not constitute notice) to:
		
		 	Torys LLP
		 	1114 Avenue of the Americas
		 	New York, New York 10036
		
		 	Attention: Andrew J. Beck / Joseph J. Romagnoli
			
		 	Tel:	  	+1-212-880-6010 / +1-212-880-6034
		 	E-mail:	  	abeck@torys.com / jromagnoli@torys.com
		 	Fax:	  	+1-212-682-0200
		
	(b)	 	If to the Company, to:
		
		 	XPO Logistics, Inc.
		 	Five Greenwich Office Park
		 	Greenwich, CT 06831
		
		 	Attention: Gordon E. Devens
			
		 	Fax:	  	+1 (203) 629-7073

  
 37 

					
		 	with a copy (which shall not constitute notice) to:
		
		 	Wachtell, Lipton, Rosen & Katz
		 	51 West 52nd Street
		 	New York, NY 10019
			
		 	Attention:	  	Adam O. Emmerich
		 		  	David K. Lam
		
		 	Fax:       +1 (212) 403-2000

 or to such other address or addresses as shall be designated in writing. All notices shall be effective when received. 

Section 6.03. Entire Agreement; Third-Party Beneficiaries; Amendment. This Agreement, together with each of the confidentiality
agreements between the Company and each Purchaser, sets forth the entire agreement between the parties hereto with respect to the Transactions and there are no other contracts, agreements or other arrangements with any Purchaser with respect
thereto, and, other than as set forth in Section 4.04(d) and Section 6.08, are not intended to and shall not confer upon any person other than the parties hereto any rights or remedies hereunder. Notwithstanding the above, Morgan
Stanley & Co. LLC will be a third-party beneficiary with respect to the representations and warranties contained in Section 3.02. Any provision of this Agreement may be amended or modified in whole or in part at any time by an
agreement in writing executed in the same manner as this Agreement between the Company and, with respect to any rights or obligations of any Purchaser, such Purchaser and solely by such Purchaser. The Company and any Purchaser may make amendments or
modifications to the respective rights and obligations of such Purchaser and of the Company as though this Agreement were a separate agreement of the Company and such Purchaser without effect on the rights and obligations of each other Purchaser
with respect to the Company, on one hand, and of the Company to each other Purchaser, on the other hand. No amendment or modification of this Agreement by the Company and any Purchaser shall require notice to be given to any other Purchaser. No
failure on the part of any party to exercise, and no delay in exercising, any right shall operate as a waiver thereof nor shall any single or partial exercise by any party of any right preclude any other or future exercise thereof or the exercise of
any other right. 
 Section 6.04. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall
be deemed to constitute an original, but all of which together shall constitute one and the same document. Signatures to this Agreement transmitted by facsimile transmission, by electronic mail in “portable document format”
(“.pdf”) form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document will have the same effect as physical delivery of the paper document bearing the original signature. 

Section 6.05. Governing Law. This Agreement shall be governed by, and interpreted in accordance with, the laws of the State of New
York. 

  
 38 

 Section 6.06. Public Announcements. No press release, public announcement or other
announcement related to this Agreement or the transactions contemplated herein shall be issued or made by any Purchaser or their respective Affiliates without the prior written approval of the Company (which consent shall not be unreasonably
withheld), unless required by law (in the reasonable opinion of counsel) in which case the Company shall have the right to review such press release, announcement or communication prior to issuance, distribution or publication. The Company may
issue one or more press releases and may provide information about the subject matter of this Agreement in connection with fund raising, debt issuances, or marketing, informational or reporting activities; provided, that each Purchaser shall have
the right to consent to the use of its name and description of its participation in the Transactions (which consent shall not be unreasonably withheld); provided, further, that it is agreed that such consent shall not be required with respect to any
information included in the press release announcing the Transactions, which was approved by such Purchaser. 
 Section 6.07.
Expenses. Except as otherwise expressly provided herein, each party hereto shall bear its own costs and expenses (including attorneys’ fees) incurred in connection with this Agreement and the Transactions. Notwithstanding the foregoing,
following the Closing, upon the receipt from a Purchaser of appropriate invoices, the Company shall within ten (10) Business Days reimburse such Purchaser for (i) up to $150,000 of out-of-pocket costs and expenses actually incurred by such
Purchaser for engaging legal counsel and other professional advisors and agents in connection with this Agreement and the Transactions, by wire transfer of same-day funds to an account or accounts designated by such Purchaser and (ii) all
customary and reasonable out-of-pocket expenses incurred by the board observer designated pursuant to Section 4.08 in its capacity as the board observer. 

Section 6.08. Indemnification. 

(a) From and after the Closing, the Company agrees to indemnify and hold harmless each Purchaser, each person who controls such Purchaser
within the meaning of the Exchange Act, and each of the respective officers, directors, employees, agents and Affiliates of the foregoing in their respective capacities as such, to the fullest extent lawful, from and against any and all actions,
suits, claims, proceedings, costs, losses, damages, liabilities, Taxes judgments, amounts paid in settlement (subject to Section 6.08(c)) and reasonable out-of-pocket expenses (including attorneys’ fees and disbursements) (collectively,
“Loss”) arising out of or resulting from (i) any misrepresentation or breach of any representation or warranty made by the Company in this Agreement or in any certificate delivered by the Company pursuant to this Agreement or
any breach or non-fulfillment of any covenant or agreement made or to be performed by the Company in this Agreement, (ii) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or prospectus
relating to the Registrable Shares (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary or summary prospectus or any of the documents incorporated therein, or any omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided, however, that such indemnity shall not apply to that portion of such Losses caused by, or arising
out of, any untrue statement, or alleged untrue statement or any such omission or alleged omission, to the extent such statement or omission was made in reliance upon and in conformity with information furnished in writing to the Company by or on
behalf of a holder of 

  
 39 

 
Registrable Shares expressly for use therein and (iii) any violation by the Company of any federal, state or common law rule, regulation or law applicable to the Company and relating to
action required of or inaction by the Company in connection with any registration or offering of securities. Notwithstanding the preceding sentence, the Company shall not be liable in any such case to the extent that any such Loss arises out of or
is based upon an untrue statement or alleged untrue statement or omission or alleged omission (x) made in any preliminary prospectus if (A) such selling stockholder failed to deliver or cause to be delivered a copy of the prospectus to the
Person asserting such Loss after the Company has furnished such selling Purchaser with a sufficient number of copies of the same and (B) the prospectus completely corrected in a timely manner such untrue statement or omission, or (y) in
the prospectus, if such untrue statement or alleged untrue statement or omission or alleged omission is completely corrected in an amendment or supplement to the prospectus and the selling stockholder thereafter fails to deliver such prospectus as
so amended or supplemented prior to or concurrently with the sale of the securities to the Person asserting such Loss after the Company had furnished such selling Purchaser with a sufficient number of copies of the same. 

(b) From and after the Closing, each Purchaser agrees to indemnify and hold harmless, severally and not jointly, the Company, each person who
controls the Company within the meaning of the Exchange Act, and each of the respective officers, directors, employees, agents and Affiliates of the foregoing in their respective capacities as such, to the fullest extent lawful, from and against any
and all Losses arising out of or resulting from (i) any misrepresentation or breach of any representation or warranty made by such Purchaser in this Agreement or in any certificate delivered by such Purchaser pursuant to this Agreement or any
breach or non-fulfillment of any covenant or agreement made or to be performed by such Purchaser in this Agreement or (ii) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or prospectus
relating to Registrable Shares (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary or summary prospectus or any documents incorporated by reference therein, or any omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, only to the extent such statement or omission was made in reliance upon and in conformity with information
furnished in writing by or on behalf of such Purchaser expressly for use in any Registration Statement or prospectus relating to the Registrable Shares, or any amendment or supplement thereto, or any preliminary prospectus. Each such Purchaser shall
also indemnify, severally and not jointly, underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, their officers and directors and each Person who controls such Persons (within
the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Company, its officers and directors and each Person (if any) that controls the Company, if requested. Notwithstanding the preceding
sentence, each Purchaser shall not be liable in any such case to the extent that any Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission (i) made in any preliminary prospectus if
the prospectus completely corrected in a timely manner such untrue statement or omission, or (ii) in the prospectus, if such untrue statement or alleged untrue statement or omission or alleged omission is completely corrected in an amendment or
supplement to the prospectus. In no event shall the liability of any Purchaser hereunder be greater in amount than the dollar amount of the net proceeds received by such Purchaser under the sale of Registrable Shares giving rise to such
indemnification obligation. The Company and 

  
 40 

 
the selling stockholders shall be entitled to receive indemnities from underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the
distribution, to the same extent as provided above with respect to information so furnished in writing by such Persons specifically for inclusion in any prospectus or Registration Statement. 

(c) A party obligated to provide indemnification under this Section 6.08 (an “Indemnifying Party”) shall reimburse the
indemnified parties of the other party (the “Indemnified Parties”) for all reasonable out-of-pocket expenses (including attorneys’ fees and disbursements) as they are incurred in connection with investigating, preparing to
defend or defending any action, suit, claim or proceeding (including any inquiry or investigation) with respect to which the Indemnified Party is entitled to indemnification under Section 6.08(a) or (b), whether or not an Indemnified Party is a
party thereto; provided that such reimbursement shall be repaid to the Indemnifying Party if the Indemnified Party is not ultimately entitled to indemnity hereunder; and provided further that the foregoing shall not apply to the extent of the
Indemnifying Party’s right under Section 6.08(d) to assume a defense pursuant thereto. If an Indemnified Party makes a claim under this Section 6.08(c) for payment or reimbursement of expenses, such expenses shall be paid or
reimbursed promptly upon receipt of appropriate documentation relating thereto even if the Indemnifying Party reserves the right to dispute whether this Agreement requires the payment or reimbursement of such expenses, but subject to the provisos of
the preceding sentence. 
 (d) An Indemnified Party shall give written notice to the Indemnifying Party of any claim with respect to which
it seeks indemnification promptly after the discovery by such party of any matters giving rise to a claim for indemnification; provided that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying
Party of its obligations under this Section 6.08 unless and to the extent that the Indemnifying Party shall have been actually prejudiced by the failure of such Indemnified Party to so notify such party. In case any such action, suit, claim or
proceeding is brought against an Indemnified Party, the Indemnified Party shall be entitled to hire, at its own expense, separate counsel and participate in the defense thereof; provided, however, that the Indemnifying Party shall be entitled to
assume and conduct the defense, unless (i) the Indemnifying Party determines otherwise, (ii) the Indemnifying Party shall have failed to assume the defense of such claim within a reasonable time after receipt of notice of such claim from
the Indemnified Party, (iii) the Indemnified Party has reasonably concluded (based upon advice of its counsel) that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Party,
or (iv) in the reasonable judgment of any Indemnified Party (based upon advice of its counsel) a conflict of interest may exist between the Indemnified Party and the Indemnifying Party with respect to such claims, then, in each case, the
Indemnified Party may assume responsibility for conducting the defense (in which case the Indemnifying Party shall be liable for any reasonable legal or other expenses reasonably incurred by the Indemnified Party in connection with assuming and
conducting the defense). No Indemnifying Party shall be liable for any settlement of any action, suit, claim or proceeding effected without its written consent; provided, however, the Indemnifying Party shall not unreasonably withhold its consent.
The Indemnifying Party further agrees that it will not, without the Indemnified Party’s prior written consent, settle or compromise any claim or consent to entry of any judgment in respect thereof in any pending or threatened action, suit,
claim or proceeding in respect of which indemnification could reasonably be expected to be available hereunder (whether or not any Indemnified Party is an actual or 

  
 41 

 
potential party to such action, suit, claim or proceeding) unless such settlement or compromise includes an unconditional release of each Indemnified Party from all liability arising out of such
action, suit, claim or proceeding. If written notice of a bona fide claim for indemnification under Section 6.08 has been given in respect of any breach of the representations or warranties made by a party in this Agreement prior to the
expiration of the applicable representation or warranty, then the obligation to indemnify in respect of such breach shall survive as to such claim, until such claim has been finally resolved. 

(e) In no event shall any Indemnified Party have any liability for (i) Losses computed on a multiple of earnings, book value or similar
basis, (ii) special, speculative, indirect or consequential Loss or lost profits to the extent not the direct and reasonably foreseeable consequence of the relevant breach or (iii) punitive damages. 

(f) The obligations of the Indemnifying Party under this Section 6.08 shall survive the transfer of the Purchased Securities. The
agreements contained in this Section 6.08 shall be in addition to any other rights of the Indemnified Party against the Indemnifying Party or others, at common law or otherwise. The Indemnifying Party consents to personal jurisdiction, service
and venue in any court in the continental United States in which any claim subject to this Agreement is brought against any Indemnified Party. 

Section 6.09. Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the
benefit of, and be binding upon, the Company’s successors and assigns and each Purchaser’s successors and assigns, and no other person; provided, that each Purchaser may assign its rights under this Agreement to one or more of its wholly
owned Subsidiaries, but no such assignment shall relieve such Purchaser of its obligations hereunder. 
 Section 6.10.
Arbitration. 
 (a) Any and all disputes which cannot be settled amicably, including any ancillary claims of any party, arising out
of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement or the Transactions (including the validity, scope and enforceability of this arbitration provision) shall
be finally settled by arbitration conducted in New York in accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce (the “ICC”). The arbitral panel shall consist of three (3) arbitrators.
The Purchasers party to such arbitration and the Company shall each nominate one (1) arbitrator and deliver written notification of such nomination to the other parties to the arbitration and to the ICC within thirty (30) days after
delivery of the initial request for arbitration. In the event the Company or such Purchaser, as the case may be, fails to so nominate an arbitrator, upon request of the other party, such arbitrator shall instead be appointed by the ICC within thirty
(30) days of receiving such request. The first two appointed arbitrators shall nominate the third arbitrator, who shall serve as chairman of the arbitral panel, and notify the parties to the arbitration and the ICC in writing of such nomination
within thirty (30) days of their appointment. The third arbitrator shall be of a different nationality from either the Company or such Purchaser. If the first two appointed arbitrators fail to nominate a third arbitrator or notify the parties
to the arbitration and the ICC of that nomination within thirty (30) days, then, upon request of any party, the third arbitrator shall be appointed by the ICC within 

  
 42 

 
thirty (30) days of receiving such request. In the event of a vacancy, a replacement arbitrator shall be chosen according to the methods specified in this Section 6.10(a). Each
arbitrator shall be licensed to practice law in New York. The arbitrators shall conduct the proceedings in the English language. Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. 

(b) Notwithstanding Section 6.10(a), the parties may bring an action or special proceeding in any court of competent jurisdiction for the
purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this sentence, the party against which such action or proceeding
is brought (a “Covered Person”) (i) expressly consents to the application of paragraph (c) of this Section 6.10 to any such action or proceeding and (ii) agrees that proof shall not be required that monetary
damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate. Each Principal Purchaser agrees that until such date on which such Purchaser no longer has Beneficial Ownership over
more than five percent (5%) of the Company Common Stock on an as-converted, fully diluted basis and Purchaser C agrees that for two (2) years following the Closing Date, it will designate and continuously maintain for such period an agent
in the State of New York (which may be a U.S.-based Affiliate or office of such Purchaser) on behalf of itself and its properties upon whom process may be served (each, a “Purchaser Authorized Agent”) in any such action arising out
of or relating to this Agreement or the Transactions which may be instituted in the United States District Court for the Southern District of New York or the courts of the State of New York by any other party hereto. Each Purchaser shall designate a
Purchaser Authorized Agent at or prior to Closing, and, in the event that for any reason the agent so designated shall cease to serve as agent for such Purchaser to receive service of process in the State of New York on its behalf, such Purchaser
shall promptly appoint a successor and advise the Company thereof in writing (and such replacement agent shall be the Purchaser Authorized Agent). Service of process upon the Purchaser Authorized Agent and written notice of such service to a
Purchaser shall be deemed, in every respect, effective service of process upon such Purchaser. 
 (c) (i) THE COVERED PERSON HEREBY
IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK (AND OF THE APPROPRIATE APPELLATE COURTS
THEREFROM) FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH (B) OF THIS SECTION 6.10, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING
TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The
parties acknowledge that the fora designated by this Section 6.10(c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another. 

(ii) The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may
have to personal 

  
 43 

 
jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in Section 6.10(c)(i) and such parties agree not to plead or claim
the same. The Covered Person further waives any and all immunity (including sovereign immunity) from suit, execution, attachment or other legal process relating to this Agreement or the Transactions. 

Section 6.11. Severability. If any provision of this Agreement is determined to be invalid, illegal, or unenforceable, the
remaining provisions of this Agreement shall remain in full force and effect provided that the economic and legal substance of, any of the Transactions is not affected in any manner materially adverse to any party. In the event of any such
determination, the parties agree to negotiate in good faith to modify this Agreement to fulfill as closely as possible the original intent and purpose hereof. To the extent permitted by law, the parties hereby to the same extent waive any provision
of law that renders any provision hereof prohibited or unenforceable in any respect. 
 Section 6.12. Specific
Performance. The parties hereto agree that if any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached, irreparable damage would occur, no adequate remedy at law would exist
and damages would be difficult to determine, and that the parties will be entitled to specific performance of the terms hereof, in addition to any other remedy at law or equity. 

Section 6.13. Headings. The headings of Articles and Sections contained in this Agreement are for reference purposes only and are
not part of this Agreement. 
 Section 6.14. Independent Nature of Purchasers. The obligations of each Purchaser under this
Agreement are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under this Agreement. Each Purchaser shall be responsible
only for its own representations, warranties, agreements and covenants hereunder. The decision of each Purchaser to purchase the Purchased Securities pursuant to this Agreement has been made by such Purchaser independently of any other Purchaser and
independently of any information, materials, statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects of the Company or any of its
Subsidiaries which may have been made or given by any other Purchaser or by any agent or employee of any other Purchaser, and no Purchaser or any of its agents or employees shall have any liability to any other Purchaser (or any other person)
relating to or arising from any such information, materials, statements or opinions. Nothing contained herein, and no action taken by any Purchaser pursuant hereto, shall be deemed to constitute the Purchasers as a partnership, an association, a
joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the Transactions. Except as otherwise provided in this Agreement, each
Purchaser shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement or out of the Certificate of Designations, and it shall not be necessary for any other Purchaser to
be joined as an additional party in any proceeding for such purpose. 
 [Remainder of page intentionally left blank.]

  
 44 

 IN WITNESS WHEREOF, this Agreement has been executed by the parties hereto or by their respective
duly authorized officers, all as of the date first above written. 
  

			
	XPO LOGISTICS, INC.
		
	By 	 	  

		 	Name:
		 	Title:

 [Signature Page to Investment Agreement] 

 IN WITNESS WHEREOF, this Agreement has been executed by the parties hereto or by their respective
duly authorized officers, all as of the date first above written. 
  

					
	PUBLIC SECTOR PENSION INVESTMENT BOARD
		
	By 	 	  

		 	Name:	 	Timothy P. Leyne
		 	Title:	 	Managing Director, Value Opportunity Portfolio
		
	By 	 	  

		 	Name:	 	Niall Boland
		 	Title:	 	Senior Director, Value Opportunity Portfolio

 [Signature Page to Investment Agreement] 

 IN WITNESS WHEREOF, this Agreement has been executed by the parties hereto or by their respective
duly authorized officers, all as of the date first above written. 
  

			
	CORAL BLUE INVESTMENT PTE. LTD.
		
	By 	 	  

		 	Name:
		 	Title:

 [Signature Page to Investment Agreement] 

 IN WITNESS WHEREOF, this Agreement has been executed by the parties hereto or by their respective
duly authorized officers, all as of the date first above written. 
  

			
	ONTARIO TEACHERS’ PENSION PLAN BOARD
		
	By 	 	  

		 	Name:
		 	Title:

 [Signature Page to Investment Agreement] 

 Schedule I 
  

									
	 Purchaser
	  	Company Common
Stock	 	  	Series B Preferred
Stock	 
			
	 Public Sector Pension Investment Board
	  	 	5,351,467	  	  	 	185,924	  
			
	 Coral Blue Investment Pte. Ltd.
	  	 	3,822,472	  	  	 	132,803	  
			
	 Ontario Teachers’ Pension Plan Board
	  	 	1,528,995	  	  	 	53,121	  

 EXECUTION COPY 

Exhibit A 
 CERTIFICATE OF
DESIGNATION OF 
 SERIES B CONVERTIBLE PERPETUAL PREFERRED STOCK OF 

XPO LOGISTICS, INC. 
 Pursuant to
Section 151 of the 
 General Corporation Law of the State of Delaware 

XPO Logistics, Inc., a Delaware corporation (the “Company”), certifies that pursuant to the authority contained in its
Amended and Restated Certificate of Incorporation (as amended, the “Certificate of Incorporation”), and in accordance with the provisions of Section 151 of the General Corporation Law of the State of Delaware (the
“DGCL”), the Board of Directors of the Company (the “Board of Directors”), on September 10, 2014, duly approved and adopted the following resolution, which resolution remains in full force and effect on the
date hereof: 
 RESOLVED, that pursuant to the authority vested in the Board of Directors by the Certificate of Incorporation, the Board of
Directors does hereby designate, create, authorize and provide for the issue of a series of the Company’s preferred stock, par value $0.001 per share, with a liquidation preference of $1,000 per share (the “Liquidation
Preference”), which shall be designated as Series B Convertible Perpetual Preferred Stock (the “Series B Preferred Stock”), consisting of 371,848 shares, no shares of which have heretofore been issued by the
Company, having the following powers, designations, preferences and relative, participating, optional and other special rights, and qualifications, limitations and restrictions thereof: 

Certain defined terms used in this Certificate of Designation have the meanings assigned thereto in Section 13. 

Section 1. Ranking. The Series B Preferred Stock shall rank, with respect to payment of dividends and distribution of assets
upon the liquidation, winding-up or dissolution of the Company, (a) senior to the common stock, par value $0.001 per share, of the Company (the “Common Stock”), whether now outstanding or hereafter issued, and to each other
class or series of stock of the Company (including any series of preferred stock established after September [    ], 2014 (the “Issue Date”) by the Board of Directors) the terms of which do not expressly provide
that such class or series ranks senior to, or pari passu, with the Series B Preferred Stock as to payment of dividends and distribution of assets upon the liquidation, winding-up or dissolution of the Company (collectively
referred to as “Junior Stock”); (b) pari passu with the Series A Preferred Stock and each other class or series of stock of the Company (including any series of preferred stock established after the Issue Date by
the Board of Directors) the terms of which expressly provide that such class or series ranks pari passu with the Series B Preferred Stock as to payment of dividends and distribution of assets upon the liquidation, winding-up or
dissolution of the Company (collectively referred to as “Parity Stock”); and (c) junior to each other class or series of stock of the Company (including any series of preferred stock established after the Issue Date by the
Board of Directors) the terms of which expressly provide that such class or series ranks senior to the Series B Preferred Stock as to payment of dividends and distribution of assets upon the liquidation, winding-up or dissolution of the Company
(collectively referred to as “Senior Stock”). The Company’s ability to issue Capital Stock that ranks pari passu with or senior to the Series B Preferred Stock shall be subject to the provisions of
Section 4. 

 Section 2. Dividends. (a) Prior to the Meeting End Date. Prior to the
Meeting End Date, Holders of shares of Series B Preferred Stock shall be entitled to participate equally and ratably with the holders of shares of Common Stock in all dividends on the shares of Common Stock as if immediately prior to each
record date for the Common Stock, shares of Series B Preferred Stock then outstanding were converted into shares of Common Stock. Dividends payable pursuant to this Section 2(a) shall be payable on the same date that such dividends are
payable to holders of shares of Common Stock, and no dividends shall be payable to holders of shares of Common Stock unless dividends contemplated by this Section 2(a) are also paid at the same time in respect of the Series B Preferred
Stock. Each dividend shall be payable to the holders of record of shares of Series B Preferred Stock as they appear on the stock records of the Company at the close of business on the same day as the record date for the payment of dividends to
the holders of shares of Common Stock. 
 (b) Following the Meeting End Date. Commencing on and following the Meeting End Date,
Holders of shares of Series B Preferred Stock shall be entitled to cumulative dividends on the Series B Preferred Stock payable quarterly, which dividend shall be declared by the Board of Directors or a duly authorized committee thereof,
out of the assets of the Company legally available therefor, and thereafter, if so declared, be payable on the 15th calendar day (or the following Business Day if the 15th is not a Business Day) of January, April, July and October of each year (each
such date being referred to herein as a “Dividend Payment Date”) at the rate per annum of 7.5% per share on the Liquidation Preference; provided that the Interim Dividends shall be paid on the first Dividend Payment Date;
provided further that, in the event that on any Dividend Payment Date, the Company is not permitted to declare or pay such dividend or incur such liability either (x) as a matter of law or (y) under the terms of the Amended and
Restated Revolving Loan Credit Agreement dated as of April 1, 2014, among the Company and certain of its subsidiaries, as borrowers, the lenders from time to time party thereto, Morgan Stanley Senior Funding, Inc., as agent, and the other
parties thereto, as amended from time to time (the “Company Credit Agreement”), such dividend (a “Deferred Dividend”) shall not be declared by the Board of Directors, shall not be paid or payable on such Dividend
Payment Date and no liability shall be incurred in respect thereof, and instead, such Deferred Dividend shall be declared, become payable and be paid and the liability in respect thereof be incurred on the first succeeding Dividend Payment Date on
which the Company is not prohibited from declaring, paying and incurring the liability in respect of such Deferred Dividend (and, for the avoidance of doubt, such Deferred Dividend shall be payable in addition to, and not in lieu of, any dividend
which would ordinarily be payable on such succeeding Dividend Payment Date). The amount of dividends payable for any other period that is shorter or longer than a full quarterly dividend period will be computed on the basis of a 360-day year
consisting of twelve 30-day months. 
 Commencing on and following the Meeting End Date, in the event that dividends are paid on shares of
Common Stock in any dividend period with respect to the Series B Preferred Stock, then a dividend shall be payable in respect of each share of Series B Preferred Stock for such period in an amount equal to the greater of (i) the
amount otherwise payable in respect of such share of Series B Preferred Stock in accordance with the foregoing paragraph and (ii) the 

  
 2 

 
product of (A) the aggregate dividends payable per share of Common Stock in such dividend period times (B) the number of shares of Common Stock into which such share of Series B
Preferred Stock is then convertible. 
 For purposes of this Section 2(b), a dividend period with respect to a Dividend Payment Date is
the period commencing on the preceding Dividend Payment Date (or, if there is no preceding Dividend Payment Date, the Meeting End Date) and ending on the day immediately prior to the next Dividend Payment Date. Dividends payable on a Dividend
Payment Date shall be payable to Holders of record on the later of (i) the close of business on the first calendar day (or the following Business Day if such first calendar day is not a Business Day) of the calendar month in which the
applicable Dividend Payment Date falls and (ii) the close of business on the day on which the Board of Directors or a duly authorized committee thereof declares the dividend payable (each, a “Dividend Record Date”). 

(c) Payment of Dividends. The Company may make each dividend payment on the Series B Preferred Stock either (i) in cash (or,
if applicable, in the same form as such dividend is paid to holders of Common Stock) or (ii) at the Company’s option, by the issuance of additional shares of Series B Preferred Stock (including fractional shares) having an aggregate
Liquidation Preference equal to the amount of the dividend to be paid (or, in the case of a non-cash distribution, having an aggregate Liquidation Preference equal to the fair market value of such dividend (as determined in good faith by the Board
of Directors, whose determination shall be conclusive and described in a Board Resolution)). Each fractional share of Series B Preferred Stock outstanding shall be entitled to a ratably proportionate amount of all dividends accumulating with
respect to each outstanding share of Series B Preferred Stock pursuant to Section 2, and all such dividends with respect to such outstanding fractional shares shall accumulate (whether or not declared) and shall be payable in the same
manner and at such times as provided for in Section 2 with respect to dividends on each outstanding share of Series B Preferred Stock. No interest or sum of money in lieu of interest shall be payable in respect of any dividends or payment
that may be in arrears. 
 (d) Payment Restrictions. No dividends or other distributions (other than a dividend or distribution
payable solely in shares of Parity Stock or Junior Stock (in the case of Parity Stock) or Junior Stock (in the case of Junior Stock) and other than cash paid in lieu of fractional shares) may be declared, made or paid, or set apart for payment upon,
any Parity Stock or Junior Stock, nor may any Parity Stock or Junior Stock be redeemed, purchased or otherwise acquired for any consideration (or any money paid to or made available for a sinking fund for the redemption of any Parity Stock or Junior
Stock) by or on behalf of the Company (except by conversion into or exchange for shares of Parity Stock or Junior Stock (in the case of Parity Stock) or Junior Stock (in the case of Junior Stock)), unless all accrued and unpaid dividends shall have
been or contemporaneously are declared and paid (in cash or in kind), or are declared and a sum of cash sufficient for the payment thereof is set apart for such payment, on the Series B Preferred Stock and any Parity Stock for all dividend
payment periods terminating on or prior to the date of such declaration, payment, redemption, purchase or acquisition. Notwithstanding the foregoing, if full dividends have not been paid on the Series B Preferred Stock and any Parity Stock,
dividends may be declared and paid on the Series B Preferred Stock and such Parity Stock so long as the dividends are declared and paid pro rata so that the aggregate amounts of dividends declared per share on, and the amounts of
such dividends 

  
 3 

 
declared in cash or in kind, as applicable, per share on, the Series B Preferred Stock and such Parity Stock will in all cases bear to each other the same ratio that accrued and unpaid
dividends per share on the shares of Series B Preferred Stock and such other Parity Stock bear to each other. 
 Section 3.
Liquidation Preference. In the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company, each Holder shall be entitled to receive out of the assets of the Company available for distribution to stockholders
of the Company, before any distribution of assets is made on the Common Stock or any other Junior Stock, an amount equal to the greater of (i) the aggregate Liquidation Preference attributable to shares of Series B Preferred Stock held by
such Holder plus an amount equal to the sum of all accrued and unpaid cumulative dividends, and (ii) the product of (x) the amount per share that would have been payable upon such liquidation, dissolution or winding-up to the
holders of shares of Common Stock or such other class or series of securities into which the Series B Preferred Stock is then convertible (assuming the conversion of each share of Series B Preferred Stock), multiplied by (y) the
number of shares of Common Stock or such other securities into which the shares of Series B Preferred Stock held by such Holder are then convertible. 

None of (i) the sale of all or substantially all of the property or business of the Company (other than in connection with the voluntary
or involuntary liquidation, dissolution or winding-up of the Company), (ii) the merger, conversion or consolidation of the Company into or with any other Person or (iii) the merger, conversion or consolidation of any other Person into or
with the Company, shall constitute a voluntary or involuntary liquidation, dissolution or winding-up of the Company for the purposes of the immediately preceding paragraph. 

In the event the assets of the Company available for distribution to Holders upon any liquidation, winding-up or dissolution of the Company,
whether voluntary or involuntary, shall be insufficient to pay in full all amounts to which such Holders are entitled pursuant to this Section 3, no such distribution shall be made on account of any shares of Parity Stock upon such liquidation,
dissolution or winding-up unless proportionate distributable amounts shall be paid on account of the shares of Series B Preferred Stock, ratably, in proportion to the full distributable amounts for which Holders and holders of any Parity Stock
are entitled upon such liquidation, winding-up or dissolution, with the amount allocable to each series of such stock determined on a pro rata basis of the aggregate liquidation preference of the outstanding shares of each series and
accrued and unpaid dividends to which each series is entitled. 
 After the payment to the Holders of the full preferential amounts provided
for above, the Holders as such shall have no right or claim to any of the remaining assets of the Company. 
 Section 4. Voting
Rights. (a) The Holders of shares of Series B Preferred Stock will not have any voting rights, including the right to elect any directors, except (i) voting rights, if any, required by law, and (ii) voting rights, if any,
described in this Section 4. 
 (b) So long as any Series B Preferred Stock is outstanding, in addition to any other vote of
stockholders of the Company required under applicable law or the Certificate of Incorporation, the affirmative vote or consent of the Holders of at least a majority of the outstanding shares of Series B Preferred Stock, voting separately as a
single class, will be 

  
 4 

 
required (i) for any amendment of the Certificate of Incorporation if the amendment would alter or change the powers, preferences, privileges or rights of the Holders so as to affect them
adversely; provided that no such consent shall be required for the amendment of Section 7(a)(iv) of the Series A Preferred Stock to conform the anti-dilution calculations therein to Section 7(a)(iv) hereof , (ii) to issue,
authorize or increase the authorized amount of, or issue or authorize any obligation or security convertible into or evidencing a right to purchase, any Parity Stock or Senior Stock, or (iii) to reclassify any authorized stock of the Company
into any Parity Stock or Senior Stock, or any obligation or security convertible into or evidencing a right to purchase any Senior Stock. It is agreed that no such vote shall be required for the Company to issue, authorize or increase the authorized
amount of, or issue or authorize any obligation or security convertible into or evidencing a right to purchase, any Junior Stock. 

Section 5. Conversion. 

(a) Mandatory Conversion. Effective as of the close of business on the Stockholder Approval Date, with respect to the shares of
Series B Preferred Stock of a Holder, such Holder’s shares of Series B Preferred Stock shall automatically, without any action of such Holder, convert into a number of shares of Common Stock equal to the aggregate Liquidation
Preference of such shares of Series B Preferred Stock divided by the Conversion Price then in effect (such quotient, the “Conversion Shares”). 

(b) In addition, effective as of the close of business on the Stockholder Approval Date, a Holder of Series B Preferred Stock shall be
entitled to receive, at the election of the Company, either (i) cash in an amount equal to the then unpaid Deferred Dividends in respect of shares of Series B Preferred Stock held by such Holder or (ii) a number of shares of Common Stock
equal to the amount of any then unpaid Deferred Dividends in respect of shares of Series B Preferred Stock held by such Holder divided by the Conversion Price then in effect (such quotient, the “Dividend Shares”). 

No Holder may convert shares of Series B Preferred Stock other than pursuant to Section 5(a). 

(c) Conversion Procedures. 

(i) In the event of conversion pursuant to Section 5(a), the Company shall deliver as promptly as practicable written notice to each
holder specifying: (A) the Stockholder Approval Date; (B) the number of shares of Common Stock to be issued in respect of each share of Series B Preferred Stock that is converted; (C) the place or places where certificates or evidence
of book-entry notation for such shares of Series B Preferred Stock are to be surrendered for issuance of certificates or evidence of book-entry notation representing shares of Common Stock; and (D) that dividends on the shares to be converted
will cease to accrue on such Stockholder Approval Date. Unless the shares of Common Stock issuable upon conversion are to be issued in the same name as the name in which such shares of Series B Preferred Stock are registered, each share surrendered
for mandatory conversion shall be accompanied by instruments of transfer, in form satisfactory to the Company, duly executed by the holder thereof or such holder’s duly authorized attorney and an amount sufficient to pay any transfer or similar
tax in accordance with Section 14(f). 

  
 5 

 (ii) The conversion shall be deemed to have been effected at the close of business on the
Stockholder Approval Date (as applicable). At such time: (A) the person in whose name or names any certificate or certificates for shares of Common Stock shall be issuable upon such mandatory conversion shall be deemed to have become the holder
of record of the shares of Common Stock represented thereby at such time; (B) such shares of Series B Preferred Stock so converted shall no longer be deemed to be outstanding, and all rights of a holder with respect to such shares shall
immediately terminate except the right to receive the Common Stock and other amounts payable pursuant to this Section 5. 
 (iii)
Holders of shares of Series B Preferred Stock at the close of business on a Dividend Record Date shall be entitled to receive the dividend payable on such shares of Series B Preferred Stock on the corresponding Dividend Payment Date notwithstanding
the mandatory conversion thereof following such Dividend Record Date and prior to such Dividend Payment Date. In such event, any such dividend that would otherwise be payable in the form of Series B Preferred Stock shall be payable to such Holder
either (i) in cash or (ii) at the Company’s option, in shares of Common Stock converted at the Conversion Price in effect as of the time of such mandatory conversion. 

(iv) In connection with the mandatory conversion of shares of Series B Preferred Stock, no fractions of shares of Common Stock shall be
issued, but in lieu thereof the Company shall pay an amount of cash in respect of such fractional interest equal to such fractional interest multiplied by the Market Value per share of Common Stock on the Stockholder Approval Date. 

Section 6. Settlement upon Conversion. The Company shall satisfy its obligation to deliver Conversion Shares and, if applicable,
Dividend Shares (or such other class or series of securities into which the Series B Preferred Stock is then convertible) upon conversion of Series B Preferred Stock by delivering to each Holder surrendering shares of Series B Preferred
Stock for conversion a number of shares of Common Stock (or such other class or series of securities into which the Series B Preferred Stock is then convertible) equal to the Conversion Shares and, if applicable, Dividend Shares to which such
Holder is entitled pursuant to Section 5 (provided that the Company will deliver cash in lieu of fractional shares), as soon as practicable after the third Trading Day (but in no event later than the fifth Business Day) following the
Stockholder Approval Date. In the event the Company elects to pay cash pursuant to Section 5(b)(i), such cash payment shall be made on the same date. 

Section 7. Anti-dilution Adjustments. (a) The Conversion Price shall be subject to the following adjustments from time to
time: 
 (i) Stock Dividends. In case the Company shall pay or make a dividend or other distribution on the Common Stock in Common
Stock, the Conversion Price, as in effect at the opening of business on the day following the date fixed for the determination of stockholders of the Company entitled to receive such dividend or other distribution, shall be adjusted by multiplying
such Conversion Price by a fraction of which the numerator shall be the number of shares of Common Stock outstanding at the close of business on the date fixed for such determination and the denominator shall be the sum of such number of shares and
the total 

  
 6 

 
number of shares constituting such dividend or other distribution, such adjustment to become effective immediately after the opening of business on the day following the date fixed for such
determination; provided, however, that no such adjustment to the Conversion Price shall be made if the Holders would be entitled to receive such dividend or other distribution pursuant to Section 2. 

(ii) Stock Purchase Rights. In case the Company shall issue to all holders of its Common Stock options, warrants or other rights
entitling them to subscribe for or purchase shares of Common Stock for a period expiring within 60 days from the date of issuance of such options, warrants or other rights at a price per share of Common Stock less than 95% of the Market Value on the
date fixed for the determination of stockholders of the Company entitled to receive such options, warrants or other rights (other than pursuant to a dividend reinvestment, share purchase or similar plan), the Conversion Price in effect at the
opening of business on the day following the date fixed for such determination shall be adjusted by multiplying such Conversion Price by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding at the close of
business on the date fixed for such determination plus the number of shares of Common Stock which the aggregate consideration expected to be received by the Company upon the exercise, conversion or exchange of such options, warrants or other
rights (as determined in good faith by the Board of Directors, whose determination shall be conclusive and described in a Board Resolution) would purchase at such Market Value and the denominator of which shall be the number of shares of Common
Stock outstanding at the close of business on the date fixed for such determination plus the number of shares of Common Stock so offered for subscription or purchase, either directly or indirectly, such adjustment to become effective
immediately after the opening of business on the day following the date fixed for such determination; provided, however, that no such adjustment to the Conversion Price shall be made if the Holders would be entitled to receive such
options, warrants or other rights pursuant to Section 2; provided, further, however, that if any of the foregoing options, warrants or other rights are only exercisable upon the occurrence of a Triggering Event, then the
Conversion Price will not be adjusted until such Triggering Event occurs. 
 (iii) Stock Splits, Reverse Splits and Combinations. In
case outstanding shares of Common Stock shall be subdivided, split or reclassified into a greater number of shares of Common Stock, the Conversion Price in effect at the opening of business on the day following the day upon which such subdivision,
split or reclassification becomes effective shall be proportionately reduced, and, conversely, in case outstanding shares of Common Stock shall be combined or reclassified into a smaller number of shares of Common Stock, the Conversion Price in
effect at the opening of business on the day following the day upon which such combination or reclassification becomes effective shall be proportionately increased, such reduction or increase, as the case may be, to become effective immediately
after the opening of business on the day following the day upon which such subdivision, split, reclassification or combination becomes effective. 

(iv) Debt, Asset or Security Distributions. (A) In case the Company shall, by dividend or otherwise, distribute to all holders of
its Common Stock evidences of its indebtedness, assets or securities (but excluding any dividend or distribution of options, warrants or other rights referred to in paragraph (ii) of this Section 7(a), any dividend or distribution paid
exclusively in cash, any dividend or distribution of shares of Capital Stock of any class or series, 

  
 7 

 
or similar equity interests, of or relating to a Subsidiary or other business unit in the case of a Spin-off referred to in the next subparagraph, or any dividend or distribution referred to in
paragraph (i) of this Section 7(a)), the Conversion Price shall be reduced by multiplying the Conversion Price in effect immediately prior to the close of business on the date fixed for the determination of stockholders of the Company
entitled to receive such distribution by a fraction, the numerator of which shall be such Market Value minus the fair market value (as determined in good faith by the Board of Directors, whose determination shall be conclusive and described in a
Board Resolution) of the portion of the assets or evidences of indebtedness so distributed applicable to one share of Common Stock and the denominator of which shall be the Market Value on the date fixed for such determination, such adjustment to
become effective immediately prior to the opening of business on the day following the date fixed for the determination of stockholders of the Company entitled to receive such distribution. In any case in which this subparagraph (iv)(A) is
applicable, subparagraph (iv)(B) of this Section 7(a) shall not be applicable. No adjustment to the Conversion Price shall be made if the Holders would be entitled to receive such dividend or distribution pursuant to Section 2. 

(B) In the case of a Spin-off, the Conversion Price in effect immediately prior to the close of business on the date fixed for determination
of stockholders of the Company entitled to receive such distribution shall be reduced by multiplying the Conversion Price by a fraction, the numerator of which shall be the Market Value minus the fair market value (as determined in good faith
by the Board of Directors, whose determination shall be conclusive and described in a Board Resolution) of the shares (or fractions thereof) of Capital Stock or similar equity interests so distributed applicable to one share of Common Stock and the
denominator of which shall be the Market Value. Any adjustment to the Conversion Price under this subparagraph (iv)(B) will occur on the date that is the earlier of (1) the tenth Trading Day from, and including, the effective date of the
Spin-off and (2) the date of the Initial Public Offering of the securities being distributed in the Spin-off, if that Initial Public Offering is effected simultaneously with the Spin-off. No adjustment to the Conversion Price shall be made if
the Holders would be entitled to receive such dividend or distribution pursuant to Section 2. 
 (v) Tender Offers. In the case that
a tender or exchange offer made by the Company or any Subsidiary of the Company for all or any portion of the Common Stock shall expire and such tender or exchange offer (as amended through the expiration thereof) shall require the payment to
stockholders of the Company (based on the acceptance (up to any maximum specified in the terms of the tender or exchange offer) of Purchased Shares) of aggregate consideration having a fair market value (as determined in good faith by the Board of
Directors, whose determination shall be conclusive and described in a Board Resolution) per share of Common Stock that exceeds the Closing Sale Price of the Common Stock on the Trading Day next succeeding the last date on which tenders or exchanges
may be made pursuant to such tender or exchange offer, then, immediately prior to the opening of business on the day after the date of the last time (the “Expiration Time”) tenders or exchanges could have been made pursuant to such
tender or exchange offer (as amended through the expiration thereof), the Conversion Price shall be reduced by multiplying the Conversion Price immediately prior to the close of business on the date of the Expiration Time by a fraction (A) the
numerator of which shall be equal to the product of (x) the Market Value on the date of the Expiration Time and (y) the number of shares of Common Stock outstanding (including any tendered or exchanged shares) on the date of the Expiration
Time, and (B) the denominator of which shall be equal to 

  
 8 

 
(x) the product of (I) the Market Value on the date of the Expiration Time and (II) the number of shares of Common Stock outstanding (including any tendered or exchanged shares) on
the date of the Expiration Time less the number of all shares validly tendered or exchanged, not withdrawn and accepted for payment on the date of the Expiration Time (such validly tendered or exchanged shares, up to any such maximum, being referred
to as the “Purchased Shares”) plus (y) the amount of cash plus the fair market value (determined as aforesaid) of the aggregate consideration payable to stockholders of the Company pursuant to the tender or
exchange offer (assuming the acceptance, up to any maximum specified in the terms of the tender or exchange offer, of Purchased Shares). 

(b) De Minimis Adjustments. Notwithstanding anything herein to the contrary, no adjustment under this Section 7 need be made to
the Conversion Price unless such adjustment would require an increase or decrease of at least 1.0% of the Conversion Price then in effect. Any lesser adjustment shall be carried forward and shall be made at the time of and together with the next
subsequent adjustment, if any, which, together with any adjustment or adjustments so carried forward, shall result in an increase or decrease of at least 1.0% of such Conversion Price. No adjustment under this Section 7 shall be made if such
adjustment will result in a Conversion Price that is less than the par value of the Common Stock. 
 (c) Tax-Related Adjustments. The
Company may make such reductions in the Conversion Price, in addition to those required by this Section 7, as the Board of Directors considers advisable in order to avoid or diminish any income tax to any holders of shares of Common Stock
resulting from any dividend or distribution of stock or issuance of rights or warrants to purchase or subscribe for stock or from any event treated as such for income tax purposes. In the event the Company elects to make such a reduction in the
Conversion Price, the Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder if and to the extent that such laws and regulations are applicable in connection with
the reduction in the Conversion Price. 
 (d) Stockholder Rights Plans. Upon conversion of the Series B Preferred Stock, to the
extent that the Holders receive Common Stock, such Holders shall receive, in addition to the shares of Common Stock, the rights issued under any future stockholder rights plan the Company may establish whether or not such rights are separated from
the Common Stock prior to conversion. A distribution of rights pursuant to any stockholder rights plan will not result in an adjustment to the Conversion Price pursuant to Section 7(a)(ii) or 7(a)(iv), provided that the Company has
provided for the Holders to receive such rights upon conversion. 
 (e) Notice of Adjustment. Whenever the Conversion Price is
adjusted in accordance with this Section 7, the Company shall (i) compute the Conversion Price in accordance with this Section 7 and prepare and transmit to the Transfer Agent an Officer’s Certificate setting forth the Conversion
Price, the method of calculation thereof in reasonable detail, and the facts requiring such adjustment and upon which such adjustment is based and (ii) as soon as practicable following the occurrence of an event that requires an adjustment to
the Conversion Price pursuant to this Section 7 (or if the Company is not aware of such occurrence, as soon as practicable after becoming so aware), the Company or, at the request and expense of the Company, the Transfer Agent shall provide a
written notice to the Holders of the occurrence of such event and a statement setting forth in reasonable detail the method by which the adjustment to the Conversion Price was determined and setting forth the adjusted Conversion Price. 

  
 9 

 (f) Reversal of Adjustment. If the Company shall take a record of the holders of its
Common Stock for the purpose of entitling them to receive a dividend or other distribution, and shall thereafter (and before the dividend or distribution has been paid or delivered to stockholders) legally abandon its plan to pay or deliver such
dividend or distribution, then thereafter no adjustment in the Conversion Price then in effect shall be required by reason of the taking of such record. 

(g) Exceptions to Adjustment. The applicable Conversion Price shall not be adjusted: 

(i) upon the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or
interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock under any such plan; 

(ii) upon the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present or future
employee, director or consultant benefit plan or program of or assumed by the Company or any of its Subsidiaries; 
 (iii) upon the
issuance of any shares of Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or convertible security outstanding as of the Issue Date; 

(iv) upon the issuance of any shares of Common Stock or any other security of the Company in connection with acquisitions of assets or
securities of another Person, including with respect to any merger or consolidation or similar transaction; 
 (v) for a change in the par
value of the Common Stock; or 
 (vi) for accrued and unpaid dividends on the Series A Preferred Stock or the Series B Preferred
Stock. 
 Section 8. Recapitalizations, Reclassifications and Changes in the Company’s Stock. In the event of any
reclassification of outstanding shares of Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value), or any consolidation or merger of the Company with or into another Person (other than
with a Subsidiary of the Company) or any merger of another Person with or into the Company (other than a consolidation or merger in which the Company is the resulting or surviving Person and that does not result in any reclassification or change of
outstanding Common Stock), or any sale or other disposition to another Person of all or substantially all of the assets of the Company (computed on a consolidated basis) (any of the foregoing, a “Transaction”), upon conversion of
its shares of Series B Preferred Stock, a Holder will be entitled to receive the kind and amount of securities (of the Company or another issuer), cash and other property receivable upon such Transaction by a holder of the number of shares of
Common Stock into which such shares of Series B Preferred Stock were convertible immediately prior to such Transaction, after giving 

  
 10 

 
effect to any adjustment event or, in the event holders of Common Stock have the opportunity to elect the form of consideration to be received in any Transaction, the weighted average of the
forms and amounts of consideration received by the holders of the Common Stock. In the event that at any time, as a result of an adjustment made pursuant to this Certificate of Designation, the Holders shall become entitled upon conversion to any
securities other than, or in addition to, shares of Common Stock, thereafter the number or amount of such other securities so receivable upon conversion shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent
as practicable to the provisions with respect to the Common Stock set forth in this Certificate of Designation. 
 Section 9.
Consolidation, Merger and Sale of Assets. (a) The Company, without the consent of the Holders, may consolidate with or merge into any other Person or convey, transfer or lease all or substantially all its assets to any Person or may
permit any Person to consolidate with or merge into, or transfer or lease all or substantially all its properties to, the Company (any of the foregoing, “Reorganization”); provided, however, that (i) the shares of
Series B Preferred Stock will become the kind and amount of securities of such successor, transferee or lessee, cash and other property receivable by a holder of the number of shares of Common Stock into which such shares of Series B
Preferred Stock were convertible immediately prior to such Reorganization; and (ii) the Company delivers to the Transfer Agent an Officer’s Certificate and an Opinion of Counsel, acceptable to the Transfer Agent, stating that such
Reorganization complies with this Certificate of Designation. 
 (b) Upon any consolidation by the Company with, or merger by the Company
into, any other Person or any conveyance, transfer or lease of all or substantially all the assets of the Company as described in Section 9(a), the successor resulting from such consolidation or into which the Company is merged or the
transferee or lessee to which such conveyance, transfer or lease is made, will succeed to, and be substituted for, and may exercise every right and power of, the Company under the shares of Series B Preferred Stock, and thereafter, except in
the case of a lease, the predecessor (if still in existence) will be released from its obligations and covenants with respect to the Series B Preferred Stock. 

Section 10. Notices. (a) When the Company is required, pursuant to this Certificate of Designation, to give notice to Holders
by issuing a press release, rather than directly to Holders, the Company shall do so in a public medium that is customary for such press release; provided, however, that in such cases, publication of a press release through the Dow
Jones News Service shall be considered sufficient to comply with such notice obligation. 
 (b) When the Company is required, pursuant to
this Certificate of Designation, to give notice to Holders without specifying the method of giving such notice, the Company shall do so by sending notice via first class mail or by overnight courier to the Holders of record as of a reasonably
current date. 
 Section 11. Transfer of Securities. (a) The shares of Series B Preferred Stock and the shares of
Common Stock issuable upon conversion of the Series B Preferred Stock (collectively, the “Securities”) have not been registered under the Securities Act or any other applicable securities laws and may not be offered or sold
except in compliance with the registration requirements of the Securities Act and any other applicable securities laws, or pursuant to an 

  
 11 

 
exemption from registration under the Securities Act and any other applicable securities laws, or in a transaction not subject to such laws. The Securities will have the benefit of certain
registration rights under the Securities Act pursuant to an Investment Agreement entered into by the Company and the Holders on the Issue Date, a copy of which may be obtained from the Company by writing to it at XPO Logistics, Inc., Five Greenwich
Office Park, Greenwich, CT 06831, Attention: Secretary of the Board of Directors. 
 (b) Except in connection with a registration statement
relating to the Securities, if shares of Series B Preferred Stock in certificated form are delivered upon the transfer, exchange or replacement of shares of Series B Preferred Stock bearing the Restricted Stock Legend, or if a request is
made to remove such Restricted Stock Legend on shares of Series B Preferred Stock, the shares of Series B Preferred Stock so issued shall bear the Restricted Stock Legend and the Restricted Stock Legend shall not be removed unless there is
delivered to the Company and the Transfer Agent such satisfactory evidence, which may include an Opinion of Counsel licensed to practice law in the State of New York, as may be reasonably required by the Company, that such shares of Series B
Preferred Stock are not “restricted securities” within the meaning of Rule 144 under the Securities Act. Upon provision of such satisfactory evidence, the Transfer Agent, at the direction of the Company, shall countersign and deliver
shares of Series B Preferred Stock that do not bear the Restricted Stock Legend. 
 (c) Shares of Common Stock issued upon a conversion
of the shares of Series B Preferred Stock bearing the Restricted Stock Legend, prior to the first anniversary of the Issue Date, shall be in global form and bear a restricted common stock legend that corresponds to the Restricted Stock Legend
(the “Restricted Common Stock Legend”). 
 (d) The Company will refuse to register any transfer of Securities that is not
made in accordance with the provisions of the Restricted Stock Legend or the Restricted Common Stock Legend, as applicable, provided that the provisions of this Section 11(d) shall not be applicable to any Security that does not bear any
Restricted Stock Legend or any Restricted Common Stock Legend. 
 Section 12. Certain Tax Matters. The Company and the Holders
acknowledge and agree that it is intended that the Series B Preferred Stock not constitute “preferred stock” within the meaning of Section 305 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations
promulgated thereunder, and that neither the Company nor the Holders shall treat the Series B Preferred Stock as such. The Company shall be entitled to deduct and withhold from any payment of cash, shares of Series B Preferred Stock, shares of
Common Stock or other consideration deliverable to a Holder of a share of Series B Preferred Stock, any amounts required to be deducted or withheld under applicable U.S. federal, state, local or foreign tax laws with respect to such payment or
issuance. In the event the Company paid withholding taxes to a governmental authority in respect of any amount treated as a distribution on a share of Series B Preferred Stock, the Company shall be entitled to deduct any such taxes from any
subsequent payment of cash, shares of Series B Preferred Stock, shares of Common Stock or other consideration otherwise deliverable to a Holder of a share of Series B Preferred Stock. 

  
 12 

 Section 13. Definitions. 

(a) “Board of Directors” has the meaning set forth in the first paragraph of this Certificate of Designation. 

(b) “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to
have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Transfer Agent. 

(c) “Business Day” means any day other than a Saturday or Sunday or any other day on which banks in the City of New York are
authorized or required by law or executive order to close. 
 (d) “Capital Stock” of any Person means any and all shares,
interests, participations or other equivalents however designated of corporate stock or other equity participations, including partnership interests, whether general or limited, of such Person and any rights (other than debt securities convertible
or exchangeable into an equity interest), warrants or options to acquire an equity interest in such Person. 
 (e) “Certificate of
Incorporation” has the meaning set forth in the first paragraph of this Certificate of Designation. 
 (f) The “Closing
Sale Price” of the Common Stock on any date means the closing sale price per share (or if no closing sale price is reported, the average of the closing bid and ask prices or, if more than one in either case, the average of the average
closing bid and the average closing ask prices) on such date as reported on the over-the-counter “Pink Sheets” market or, if the Common Stock is listed on a national securities exchange, the principal national securities exchange on which
the Common Stock is traded. In the absence of such a quotation, the Closing Sale Price of the Common Stock will be an amount determined in good faith by the Board of Directors to be the fair market value of such Common Stock, and such determination
shall be conclusive. 
 (g) “Common Stock” has the meaning set forth in Section 1. 

(h) “Company” has the meaning set forth in the first paragraph of this Certificate of Designation. 

(i) “Conversion Price” shall initially equal $30.66 per share of Common Stock, and shall be subject to adjustment as set
forth in Section 7. 
 (j) “Conversion Shares” has the meaning set forth in Section 5(a). 

(k) “DGCL” has the meaning set forth in the first paragraph of this Certificate of Designation. 

(l) “Dividend Payment Date” has the meaning set forth in Section 2(b). 

  
 13 

 (m) “Dividend Record Date” has the meaning set forth in Section 2(b). 

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

(o) “Expiration Time” has the meaning set forth in Section 7(a)(v). 

(p) “Holder” means the Person in whose name a share of Series B Preferred Stock is registered. 

(q) “including” means “including, without limitation”. 

(r) “Initial Public Offering” means, in the event of a Spin-off, the first time securities of the same class or type as the
securities being distributed in the Spin-off are bona fide offered to the public for cash. 
 (s) “Interim Dividends” means
the dividends that would accrue pursuant to Section 2(b) during the period from the date of the first stockholder meeting at which the Company seeks the Stockholder Approval until May 31, 2015. 

(t) “Investment Agreement” means the Investment Agreement, dated as of September 11, 2014, by and among, the Company and
the Purchasers set forth on Schedule I thereto. 
 (u) “Issue Date” has the meaning set forth in Section 1. 

(v) “Junior Stock” has the meaning set forth in Section 1. 

(w) “Liquidation Preference” has the meaning set forth in the second paragraph of this Certificate of Designation. 

(x) “Market Value” means, with respect to any date of determination, the average Closing Sale Price of the Common Stock for a
five consecutive Trading Day period preceding the earlier of (i) the day preceding the date of determination and (ii) the day before the “ex date” with respect to the issuance or distribution requiring such computation. For
purposes of this definition, the term “ex date” when used with respect to any issuance or distribution, means the first date on which the Common Stock trades, regular way, on the over-the-counter “Pink Sheets” market or, if the
Common Stock is listed on a national securities exchange, the principal national securities exchange on which the Common Stock is traded at that time, without the right to receive the issuance or distribution. 

(y) “Meeting End Date” shall mean May 31, 2015. 

(z) “Officer” means the Chairman of the Board, President, Chief Executive Officer, any Vice President, the Chief Financial
Officer, the Chief Accounting Officer, the Treasurer, any Assistant Treasurer, the Controller, any Assistant Controller, the Secretary or any Assistant Secretary of the Company. 

(aa) “Officer’s Certificate” means a certificate signed by two Officers. 

  
 14 

 (bb) “Opinion of Counsel” means a written opinion from legal counsel who is
reasonably acceptable to the Company or the Transfer Agent. The counsel may be an employee of or counsel to the Company or the Transfer Agent. 

(cc) “Parity Stock” has the meaning set forth in Section 1. 

(dd) “Person” means any natural person, corporation, limited liability company, partnership, joint venture, trust, business
association, governmental entity or other entity. 
 (ee) “Purchased Shares” has the meaning set forth in
Section 7(a)(v). 
 (ff) “Reorganization” has the meaning set forth in Section 9(a). 

(gg) “Restricted Common Stock Legend” has the meaning set forth in Section 11(c). 

(hh) “Restricted Stock Legend” means a legend to the following effect: 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON CONVERSION THEREOF HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO A REGISTRATION STATEMENT RELATING THERETO IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE
SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. 
 (ii) “Securities” has the
meaning set forth in Section 11(a). 
 (jj) “Securities Act” means the Securities Act of 1933, as amended. 

(kk) “Senior Stock” has the meaning set forth in Section 1. 

(ll) “Series A Preferred Stock” means the Series A Convertible Perpetual Preferred Stock of the Company. 

(mm) “Series B Preferred Stock” has the meaning set forth in the first paragraph of this Certificate of Designation.

 (nn) “Spin-off” means a dividend or other distribution of shares of Capital Stock of any class or series, or similar
equity interests, of or relating to a Subsidiary or other business unit of the Company. 

  
 15 

 (oo) “Stockholder Approval” means the stockholder approval of the proposals to
issue Common Stock upon conversion of the Series B Preferred Stock for purposes of Rule 312 of the NYSE Listed Company Manual. 
 (pp)
“Stockholder Approval Date” means the date on which the Stockholder Approval is obtained. 
 (qq)
“Subsidiary” of any Person means any other Person (i) more than 50% of whose outstanding shares or securities representing the right to vote for the election of directors or other managing authority of such other Person are,
now or hereafter, owned or controlled, directly or indirectly, by such first Person, but such other Person shall be deemed to be a Subsidiary only so long as such ownership or control exists, or (ii) which does not have outstanding shares or
securities with such right to vote, as may be the case in a partnership, joint venture or unincorporated association, but more than 50% of whose ownership interest representing the right to make the decisions for such other Person is, now or
hereafter, owned or controlled, directly or indirectly, by such first Person, but such other Person shall be deemed to be a Subsidiary only so long as such ownership or control exists. 

(rr) “Substituted Preferred Stock” has the meaning set forth in the Investment Agreement. 

(ss) “Trading Day” means a day during which trading in securities generally occurs on the New York Stock Exchange. 

(tt) “Transaction” has the meaning set forth in Section 8. 

(uu) “Transfer Agent” means Computershare Trust Company, N.A. unless and until a successor is selected by the Company, and
then such successor. 
 (vv) “Triggering Event” means a specified event the occurrence of which entitles the holders of
rights, options or warrants to exercise such rights, options or warrants. 
 Section 14. Miscellaneous. 

(a) The Liquidation Preference and any dividend rate set forth herein each shall be subject to equitable adjustment whenever there shall occur
a stock split, combination, reclassification or other similar event involving the Series B Preferred Stock. Such adjustments shall be determined in good faith by the Board of Directors (and such determination shall be conclusive) and submitted
by the Board of Directors to the Transfer Agent. 
 (b) For the purposes of Section 7, the number of shares of Common Stock at any time
outstanding shall not include shares held in the treasury of the Company but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. 

(c) If the Company shall take any action affecting the Common Stock, other than any action described in Section 7, that in the opinion of
the Board of Directors would materially adversely affect the conversion rights of the Holders, then the Conversion Price for the Series B Preferred Stock may be adjusted, to the extent permitted by law, in such manner, and at such time, as the
Board of Directors may determine to be equitable in the circumstances. 

  
 16 

 (d) The Company covenants that it will at all times reserve and keep available, free from
preemptive rights, out of the aggregate of its authorized but unissued shares of Common Stock for the purpose of effecting conversion of the Series B Preferred Stock, the full number of shares of Common Stock deliverable upon the conversion of
all outstanding shares of Series B Preferred Stock not theretofore converted. For purposes of this Section 14(d), the number of shares of Common Stock that shall be deliverable upon the conversion of all outstanding shares of Series B
Preferred Stock shall be computed as if at the time of computation all such outstanding shares were held by a single Holder. 
 (e) The
Company covenants that any shares of Common Stock issued upon conversion of the Series B Preferred Stock shall be duly and validly issued and fully paid and nonassessable, free from preemptive rights and free from all taxes, liens, charges and
security interests with respect to the issuance thereof, except for transfer restrictions imposed by applicable securities laws and the Investment Agreement. 

(f) The Company shall pay all transfer, stamp and other similar taxes due with respect to the issuance or delivery of shares of Common Stock
or other securities or property upon conversion of the Series B Preferred Stock; provided, however, that the Company shall not be required to pay any tax that may be payable with respect to any transfer involved in the issuance or
delivery of shares of Common Stock or other securities or property in a name other than that of the Holder of the Series B Preferred Stock to be converted, and the Holder shall be responsible for any such tax. 

(g) The Series B Preferred Stock is not entitled to any preemptive or subscription rights in respect of any securities of the Company.

 (h) Whenever possible, each provision hereof shall be interpreted in a manner as to be effective and valid under applicable law, but if
any provision hereof is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating or otherwise adversely affecting the remaining
provisions hereof. If a court of competent jurisdiction should determine that a provision hereof would be valid or enforceable if a period of time were extended or shortened or a particular percentage were increased or decreased, then such court may
make such change as shall be necessary to render the provision in question effective and valid under applicable law. 
 (i) Series B
Preferred Stock may be issued in fractions of a share which shall entitle the Holder, in proportion to such Holder’s fractional shares, to exercise voting rights, receive dividends, participate in distributions and have the benefit of all other
rights of Holders of Series B Preferred Stock. 
 (j) Subject to applicable escheat laws, any monies set aside by the Company in
respect of any payment with respect to shares of the Series B Preferred Stock, or dividends thereon, and unclaimed at the end of two years from the date upon which such payment is due and payable shall revert to the general funds of the
Company, after which reversion the Holders of such shares shall look only to the general funds of the Company for the payment thereof. Any interest accumulated on funds so deposited shall be paid to the Company from time to time. 

  
 17 

 (k) Except as may otherwise be required by law, the shares of Series B Preferred Stock shall
not have any voting powers, preferences and relative, participating, optional or other special rights, other than those specifically set forth in this Certificate of Designation or the Certificate of Incorporation. 

(l) The headings of the various subdivisions hereof are for convenience of reference only and shall not affect the interpretation of any of
the provisions hereof. 
 (m) If any of the voting powers, preferences and relative, participating, optional and other special rights of the
Series B Preferred Stock and qualifications, limitations and restrictions thereof set forth herein is invalid, unlawful or incapable of being enforced by reason of any rule of law or public policy, all other voting powers, preferences and
relative, participating, optional and other special rights of Series B Preferred Stock and qualifications, limitations and restrictions thereof set forth herein which can be given effect without the invalid, unlawful or unenforceable voting
powers, preferences and relative, participating, optional and other special rights of Series B Preferred Stock and qualifications, limitations and restrictions thereof shall, nevertheless, remain in full force and effect, and no voting powers,
preferences and relative, participating, optional or other special rights of Series B Preferred Stock and qualifications, limitations and restrictions thereof herein set forth shall be deemed dependent upon any other such voting powers,
preferences and relative, participating, optional or other special rights of Series B Preferred Stock and qualifications, limitations and restrictions thereof unless so expressed herein. 

(n) Shares of Series B Preferred Stock that (i) have not been issued on or before the Issue Date or (ii) have been issued and
reacquired in any manner, including shares of Series B Preferred Stock purchased or converted, shall (upon compliance with any applicable provisions of the laws of Delaware) have the status of authorized but unissued shares of preferred stock
of the Company undesignated as to series and may be designated or redesignated and issued or reissued, as the case may be, as part of any series of preferred stock of the Company; provided that any issuance of such shares as Series B Preferred
Stock must be in compliance with the terms hereof. 
 (o) If any of the Series B Preferred Stock certificates shall be mutilated, lost,
stolen or destroyed, the Company shall issue, in exchange and in substitution for and upon cancellation of the mutilated Series B Preferred Stock certificate, or in lieu of and substitution for the Series B Preferred Stock certificate
lost, stolen or destroyed, a new Series B Preferred Stock certificate of like tenor and representing an equivalent amount of shares of Series B Preferred Stock, but only upon receipt of evidence of such loss, theft or destruction of such
Series B Preferred Stock certificate and indemnity, if requested, reasonably satisfactory to the Company and the Transfer Agent. 

  
 18 

 IN WITNESS WHEREOF, the Company has caused this Certificate of Designation to be duly executed
this      day of September. 
  

			
	XPO LOGISTICS, INC.
		
	By	 	  

		 	Name:
		 	Title:EX-4.1

 Exhibit 4.1 

Execution Version 

STARWOOD HOTELS & RESORTS WORLDWIDE, INC. 

AND 
 THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A., 
 as Trustee 
  

 
 SUPPLEMENTAL INDENTURE NO. 2

 Dated as of September 15, 2014 
  

 

 SUPPLEMENTAL INDENTURE No. 2 

THIS SUPPLEMENTAL INDENTURE No. 2 (this “Supplemental Indenture No. 2”), dated as of September 15, 2014, is
between STARWOOD HOTELS & RESORTS WORLDWIDE, INC., a Maryland corporation (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (the “Trustee”).

 RECITALS 
 WHEREAS, the
Company has heretofore executed and delivered to the Trustee an Indenture dated as of December 10, 2012, between the Company and the Trustee (the “Base Indenture” and together with this Supplemental Indenture No. 2, the
“Indenture”), providing for the issuance from time to time of series of the Company’s Securities; 
 WHEREAS,
Section 10.01(e) of the Base Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Base Indenture to establish the forms or terms of Securities of any series as permitted by Section 2.01 or
Section 2.02 of the Base Indenture; 
 WHEREAS, pursuant to Section 2.02 of the Base Indenture, the Company wishes to provide for
the issuance of the new series of Securities to be known as its 3.750% Senior Notes due 2025 (the “2025 Senior Notes”) and its 4.500% Senior Notes due 2034 (the “2034 Senior Notes” and, together with the 2025 Senior
Notes, the “Notes”), the form and terms of such Notes and the terms, provisions and conditions thereof to be set forth as provided in this Supplemental Indenture No. 2; and 

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture No. 2 and all requirements necessary
to make this Supplemental Indenture No. 2 a valid, binding and enforceable instrument in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid, binding and
enforceable obligations of the Company, have been done and performed, and the execution and delivery of this Supplemental Indenture No. 2 has been duly authorized in all respects; 

NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01 Relation to Base Indenture. This Supplemental Indenture No. 2 constitutes an integral part of the Base
Indenture. 
 Section 1.02 Definition of Terms. For all purposes of this Supplemental Indenture No. 2: 

 (a) Capitalized terms used herein without definition shall have the meanings set forth in the
Base Indenture; 
 (b) a term defined anywhere in this Supplemental Indenture No. 2 has the same meaning throughout; 

(c) the singular includes the plural and vice versa; 

(d) headings are for convenience of reference only and do not affect interpretation; 

(e) the following terms have the meanings given to them in this Section 1.02(e): 

“Below Investment Grade Rating Event” means the Notes are rated below Investment Grade by both Rating Agencies on any date
from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating
of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be
deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making
the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised
of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 

“Business Day” shall mean, unless otherwise specified, any calendar day that is not a Saturday, Sunday or legal holiday in
New York, New York and on which commercial banks are open for business in New York, New York. 
 “Capitalized Lease-Back
Obligation” shall mean the total net rental obligations of the Company or any Restricted Subsidiary under any lease entered into as part of a sale and lease-back transaction involving a Principal Property discounted to present value at the
rate of 9% per annum. 
 “Change of Control” shall mean the occurrence of any of the following: (1) the direct or
indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole to
any Person other than the Company or one of its Subsidiaries, provided that the Company will be deemed to own any asset that the Company sells, transfers, conveys or otherwise disposes and, following such transaction, manages pursuant to a
management agreement or it is operated by a third party subject to a franchise or license agreement with the Company; (2) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is
that any Person becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding 

  
 2 

 
number of shares of the Company’s Voting Stock; or (3) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors. 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating
Event. 
 “Comparable Treasury Issue” shall mean the United States Treasury security selected by an Independent Investment
Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues
of corporate debt securities of comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price”
shall mean, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the
Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations or, if only one such Quotation is obtained, such Quotation. 

“Continuing Directors” shall mean, as of any date of determination, any member of the Company’s Board of Directors who
(1) was a member of such Board of Directors on the date of the issuance of the Notes; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of
such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director, without objection to such
nomination). 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Fair Value” when used with respect to property, shall mean the fair value as determined in good faith by the Board of
Directors. 
 “Global Note” shall have the meaning set forth in Section 2.04. 

“Independent Investment Banker” shall mean an independent investment banking institution of national standing appointed by
the Company, which may be the Reference Treasury Dealer. 
 “Interest Payment Date” shall have the meaning set forth in
Section 2.05(b). 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any
successor rating categories of Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); and the equivalent investment grade credit rating from any replacement rating agency or rating
agencies selected by the Company. 
 “Maturity Date” shall have the meaning set forth in Section 2.02. 

“Moody’s” means Moody’s Investors Service Inc. 

  
 3 

 “Person” has the meaning set forth in the Base Indenture and includes a
“person” or “group” as these terms are used in Section 13(d)(3) of the Exchange Act. 
 “Principal
Property” shall mean any single property owned by the Company or any of its Restricted Subsidiaries having a gross book value in excess of the greater of (i) $100 million and (ii) 5% of Consolidated Net Assets, except any such
property or portion thereof which the Board of Directors by resolution declares is not of material importance to the total business conducted by the Company and its Restricted Subsidiaries as an entirety. 

“Rating Agency” means (1) each of Moody’s and S&P; and (2) if either of Moody’s or S&P ceases to
rate the notes or fails to make a rating of the Notes publicly available for reasons outside of the control of the Company, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the
Exchange Act, selected by the Company (as certified by a resolution of the Board of Directors) as a replacement agency for Moody’s or S&P, or both, as the case may be. 

“Record Date” shall mean, (i) with respect to any Interest Payment Date for the 2025 Notes, the first day, whether or
not a Business Day, of the calendar month in which such Interest Payment Date falls, and (ii) with respect to any Interest Payment Date for the 2034 Notes, the fifteenth day, whether or not a Business Day, of the calendar month immediately
prior to the month in which such Interest Payment Date falls. 
 “Redemption Date” shall mean, with respect to any
redemption of Notes, the date fixed for such redemption pursuant to the Indenture and such Notes. 
 “Reference Treasury
Dealer” shall mean any primary U.S. government securities dealer in New York City (a “Primary Treasury Dealer”) that the Company selects. The Company has selected Citigroup Global Markets Inc. and its successor as Primary
Treasury Dealer. 
 “Reference Treasury Dealer Quotations” shall mean, with respect to the Reference Treasury Dealer and
any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent
Investment Banker by the Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

“Restricted Subsidiary” shall mean any of the Company’s Subsidiaries organized and existing under the laws of the United
States of America and the principal business of which is carried on within the United States of America (x) which owns, or is a lessee pursuant to a capital lease of, any Principal Property or (y) in which the investment of the Company and
all of its Subsidiaries exceeds 5% of Consolidated Net Assets as of the date of such determination other than, in the case of either clause (x) or (y), (i) each Subsidiary whose principal business consists of finance, banking, credit,
leasing, insurance, financial services or other similar operations, or any combination thereof, (ii) each Subsidiary formed or acquired after the date hereof for the purpose of developing new assets or acquiring the business or assets of
another Person and which does not acquire any part of the business or assets of the Company or any Restricted Subsidiary, (iii) each Subsidiary organized under the laws of the United States of 

  
 4 

 
America whose principal business consists of managing, licensing, supervising, directing or controlling activities outside the United States of America; and (iv) each subsidiary whose
principal business consists of conducting timeshare, fractional, residential and related activities. 
 “S&P” means
Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 
 “Treasury Rate” shall
mean, with respect to any Redemption Date, (i) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15 (519)” or any
successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury
Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month), (ii) if the period from the Redemption Date to the Maturity
Date of the Notes to be redeemed is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used, or (iii) if such release (or any successor release)
is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated by the Company on the third Business Day preceding such Redemption Date. The
Trustee shall not be responsible for any such calculation. 
 “Voting Stock” of any Person as of any date means the capital
stock of such Person that is at the time entitled to vote generally in the election of the Board of Directors or similar governing body of such Person. 

The terms “Company,” “Trustee,” “Indenture,” “Base Indenture,” and
“Notes” shall have the respective meanings set forth in the recitals to this Supplemental Indenture No. 2 and the paragraph preceding such recitals. 

ARTICLE 2 
 GENERAL TERMS
AND CONDITIONS OF THE NOTES 
 Section 2.01 Designation and Principal Amount. The Notes may be issued from time to
time upon written order of the Company for the authentication and delivery of Notes pursuant to Section 2.03 of the Base Indenture. There is hereby authorized (i) a series of Securities designated as the 3.750% Senior Notes due 2025,
limited in aggregate principal amount to U.S. $350,000,000, and (ii) a series of Securities designated as the 4.500% Senior Notes due 2034, limited in aggregate principal amount to U.S. $300,000,000 (in each case, except for Notes authenticated
and delivered in accordance with the last paragraph of Section 2.02 of the Base Indenture or upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.06, 2.07, 2.08, 3.03 or 10.04 of the Base
Indenture). 

  
 5 

 Section 2.02 Maturity. The date upon which the 2025 Senior Notes shall become
due and payable at final maturity, together with any accrued and unpaid interest, is March 15, 2025 (the “2025 Maturity Date”) and the date upon which the 2034 Senior Notes shall become due and payable at final maturity,
together with any accrued and unpaid interest, is October 1, 2034 (the “2034 Maturity Date” and, together with the 2025 Maturity Date, the “Maturity Date”). 

Section 2.03 Form, Payment and Appointment. Except as provided in Section 2.04, the Notes shall be issued in fully
registered, certificated form. Principal of and interest on the Notes will be payable, the transfer of such Notes will be registrable, and such Notes will be exchangeable for Notes of a like aggregate principal amount, at the office or agency of the
Company maintained for such purpose, which shall initially be the Corporate Trust Office of the Trustee; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Person entitled
thereto at such address as shall appear in the Security register or by wire transfer to an account appropriately designated by the Person entitled to payment; provided, that the paying agent shall have received written notice of such account
designation at least five Business Days prior to the date of such payment (subject to surrender of the relevant Note in the case of a payment of interest on a Redemption Date or the applicable Maturity Date). 

No service charge shall be made for any registration of transfer or exchange of the Notes, but the Company may require payment from the holder
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
 The Security registrar and
paying agent for the Notes shall initially be the Trustee. 
 The Notes shall be issuable in denominations of U.S. $2,000 and integral
multiples of U.S. $1,000 in excess thereof. 
 The Specified Currency of the Notes shall be U.S. Dollars. 

Section 2.04 Global Notes. The Notes shall be issued initially in the form of a permanent Global Security in registered
form (a “Global Note”), deposited with The Depository Trust Company or such other Depositary as any officer of the Company may from time to time designate. Unless and until such Global Note is exchanged for Notes in certificated
form, such Global Note may be transferred, in whole but not in part, and any payments on the Notes shall be made only to the Depositary or a nominee of the Depositary, or to a successor Depositary selected or approved by the Company or to a nominee
of such successor Depositary. 
 Section 2.05 Interest. (a) Interest payable on any Interest Payment Date,
the applicable Maturity Date or, if applicable, the Redemption Date, with respect to the Notes shall be the amount of interest accrued from, and including, the immediately preceding Interest Payment Date in respect of which interest has been paid or
duly provided for (or from and including the original issue date of September 15, 2014, if no interest has been paid or duly provided for with respect to the Notes) to, but excluding, such Interest Payment Date, Maturity Date or, if applicable,
Redemption Date, as the case may be (each, an “Interest Period”). 
 (b) The 2025 Senior Notes will bear interest at the
rate of 3.750% per year from the original issue date thereof through and including the 2025 Maturity Date and the 2034 Senior 

  
 6 

 
Notes will bear interest at the rate of 4.500% per year from the original issue date thereof through and including the 2034 Maturity Date. Interest on the 2025 Notes shall be payable
semi-annually in arrears on March 15 and September 15 of each year, commencing March 15, 2015, and interest on the 2034 Notes shall be payable semi-annually in arrears on April 1 and October 1 of each year, commencing
April 1, 2015 (each, an “Interest Payment Date”) to the Persons in whose names the relevant Notes are registered at the close of business on the Record Date for such Interest Payment Date, except as provided in
Section 2.05(d). 
 (c) The amount of interest payable for any full semi-annual Interest Period will be computed on the basis of a
360-day year consisting of twelve 30-day months. The amount of interest payable for any period shorter than a full semi-annual Interest Period for which interest is computed will be computed on the basis of a 30-day month and, for any period less
than a month, on the basis of the actual number of days elapsed per 30-day month. In the event that any scheduled Interest Payment Date for the Notes falls on a day that is not a Business Day, then payment of interest payable on such Interest
Payment Date will be postponed to the next succeeding day which is a Business Day (and no interest on such payment will accrue for the period from and after such scheduled Interest Payment Date). 

(d) In the event that the applicable Maturity Date or a Redemption Date for any Note falls on a day that is not a Business Day, then the
related payments of principal, premium, if any, and interest may be made on the next succeeding day that is a Business Day (and no additional interest will accumulate on the amount payable for the period from and after the applicable Maturity Date).
Interest due on the applicable Maturity Date or a Redemption Date (in each case, whether or not an Interest Payment Date) of any Notes will be paid to the Person to whom principal of such Notes is payable. 

Section 2.06 No Sinking Fund. The Notes are not entitled to the benefit of any sinking fund. 

ARTICLE 3 
 REDEMPTION OF
THE NOTES 
 Section 3.01 Optional Redemption by Company. 

(a) Except as otherwise may be specified in this Supplemental Indenture No. 2, the Company shall have the right to redeem the 2025 Senior
Notes, in whole or in part, at any time or from time to time prior to December 15, 2024, at a redemption price equal to the greater of: 

(i) 100% of the aggregate principal amount of the 2025 Senior Notes being redeemed, plus accrued and unpaid interest to, but excluding, the
Redemption Date; and 
 (ii) the sum, as determined by an Independent Investment Banker, of the present values of the remaining scheduled
payments of principal and interest in respect of the 2025 Senior Notes being redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 25 basis points, plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. 

  
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 At any time on or after December 15, 2024, the Company shall have the right to redeem the
2025 Senior Notes, in whole or in part, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest to, but excluding, the Redemption Date. 

(b) Except as otherwise may be specified in this Supplemental Indenture No. 2, the Company shall have the right to redeem the 2034 Senior
Notes, in whole or in part, at any time or from time to time prior to April 1, 2034, at a redemption price equal to the greater of: 

(i) 100% of the aggregate principal amount of the 2034 Senior Notes being redeemed, plus accrued and unpaid interest to, but excluding, the
Redemption Date; and 
 (ii) the sum, as determined by an Independent Investment Banker, of the present values of the remaining scheduled
payments of principal and interest in respect of the 2034 Senior Notes being redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 25 basis points, plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. 

At any time on or after April 1, 2034, the Company shall have the right to redeem the 2034 Senior Notes, in whole or in part, at a
redemption price equal to 100% of the principal amount plus accrued and unpaid interest to, but excluding, the Redemption Date. 
 The
redemption prices set forth in this Section 3.01 shall be referred to as the “Optional Redemption Prices.” 
 The
Company will deliver notice of such redemption to the registered holders of the Notes to be redeemed not less than 10 nor more than 60 days prior to the Redemption Date. If Notes are only partially redeemed pursuant to this Section 3.01, the
Notes to be redeemed will be selected by the Trustee in such manner as in its sole discretion it shall deem appropriate and fair; provided, that if at the time of redemption the Notes to be redeemed are registered as a Global Note, the
Depositary shall determine, in accordance with its procedures, the principal amount of the Notes to be redeemed held by each of its participants that holds a position in such Notes. The Optional Redemption Price shall be paid prior to 12:00 noon,
New York City time, on the Redemption Date or at such later time as is then permitted by the rules of the Depositary for the Notes (if then registered as a Global Note); provided, that the Company shall deposit with the Trustee an amount
sufficient to pay the Optional Redemption Price by 10:00 a.m., New York City time, on the date such Optional Redemption Price is to be paid. 

If money sufficient to pay the Optional Redemption Price of all of the Notes (or portions thereof) to be redeemed on the Redemption Date is
deposited with the Trustee or paying agent on or before the Redemption Date and certain other conditions are satisfied, then on and after such Redemption Date, interest will cease to accrue on such Notes (or such portion thereof) called for
redemption. 
 Section 3.02 Change of Control. If a Change of Control Repurchase Event occurs, unless the Company has
exercised its right to redeem the Notes as described in Section 3.01, the Company shall make an offer to each holder of the Notes to repurchase all or any part (in excess of $2,000 in integral multiples of $1,000 in excess thereof) of that
holder’s Notes pursuant to the 

  
 8 

 
offer described below (the “Change of Control Offer”) on the terms set forth in the Notes. In the Change of Control Offer, the Company will be required to offer payment in cash
equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to the date of purchase (the “Change of Control Payment”). Within 30 days following any Change of
Control Repurchase Event, or, at the Company’s option, prior to the date of the consummation of any Change of Control, but after the public announcement of the Change of Control, the Company will deliver a notice to each holders of Notes, with
a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase the Notes on the payment date specified in the notice, which date will be no
earlier than 30 days and no later than 60 days from the date such notice is delivered (the “Change of Control Repurchase Event Payment Date”), pursuant to the procedures required by the Notes and described in such notice. The notice
shall, if delivered prior to the date of the consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The
Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a
result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company will comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. 

On the Change of Control Repurchase Event Payment Date, the Company will, to the extent lawful: 

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

(ii) deposit with the paying agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes properly
tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’
Certificate to the effect that the consummation of such Change of Control Offer is in compliance with this Section 3.02. 
 The paying
agent will promptly deliver to each holder of Notes properly tendered the purchase price for the Notes, and the Trustee will promptly authenticate and deliver (or cause to be transferred by book-entry) to each holder a new Note equal in principal
amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a principal amount of U.S. $2,000 or an integral multiple of U.S. $1,000 in excess thereof. The Company will not be required to make an offer
to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all
Notes properly tendered and not withdrawn under its offer. 

  
 9 

 ARTICLE 4 

FORM OF NOTES 

Section 4.01 Form of Notes. The Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be
substantially in the forms attached as Exhibit A hereto, with such changes therein as the officers of the Company executing the Notes (by manual or facsimile signature) may approve, such approval to be conclusively evidenced by their execution
thereof. 
 ARTICLE 5 

ORIGINAL ISSUE OF NOTES 

Section 5.01 Original Issue of Notes. 2025 Senior Notes having an aggregate principal amount of U.S. $350,000,000 and 2034
Senior Notes having an aggregate principal amount of U.S. $300,000,000 (in each case, subject to the last paragraph of Section 2.02 of the Base Indenture) may from time to time, upon execution of this Supplemental Indenture No. 2, be
executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Notes to or upon the written order of the Company pursuant to Section 2.03 of the Base Indenture without any
further action by the Company (other than as required by the Base Indenture). 
 ARTICLE 6 

PARTICULAR COVENANTS OF THE COMPANY 

In addition to the covenants set forth in Article 4 of the Base Indenture, the Notes shall include the following additional covenants,
and such additional covenants shall be subject to covenant defeasance pursuant to Section 12.03 of the Base Indenture. 

Section 6.01 Limitation on Sale And Lease-Backs. The Company will not, nor will it permit any Restricted Subsidiary to,
enter into any arrangement with any Person providing for the leasing by the Company or any Restricted Subsidiary of any sale and lease-back transaction (except for temporary leases of a term of not more than three years and except for leases between
the Company and a Restricted Subsidiary or between Restricted Subsidiaries) involving the leasing by the Company or any Restricted Subsidiary of any Principal Property, more than 180 days after the acquisition thereof or the completion of
construction and commencement of full operation thereof, unless either: (i) the Company applies an amount equal to the greater of the Fair Value of such property and the net proceeds of such sale, within 180 days to the retirement of Notes or
other indebtedness ranking on a parity with the Notes, or to the acquisition, construction, development or improvement of properties, facilities or equipment used for operating purposes which are, or upon such acquisition, construction, development
or improvement will be, a Principal Property or a part thereof; or (ii) at the time of entering into such transaction, such Principal Property could have been subjected to a mortgage, pledge or lien securing indebtedness in a principal amount
equal to the Capitalized Lease-Back Obligation with respect to such Principal Property under clause (n) of Section 6.02 without securing the Notes pursuant to such Section 6.02. 

Section 6.02 Limitation on Liens. The Company will not, and will not permit any Restricted Subsidiary to, create, suffer to
be created, or assume (directly or indirectly) any 

  
 10 

 
mortgage, pledge or other lien upon any Principal Property, (without securing the Notes equally with such Principal Property and ratably with all other indebtedness secured thereby for so long as
such indebtedness is so secured); provided, however, that this Section shall not apply to any of the following: 
 (a) any
mortgage, pledge or other lien on any Principal Property acquired, constructed or improved by the Company or any Restricted Subsidiary to secure or provide for the payment of any part of the purchase price of such property or the cost of the
construction or improvement, or any mortgage or other lien on any Principal Property existing at the time of acquisition thereof; provided, however, that the indebtedness is incurred and related liens are created within 24 months of
the acquisition, completion of construction or improvement or commencement of full operation, whichever is later; 
 (b) any mortgage,
pledge or other lien on any property or assets of another company existing at the time such company (i) is acquired by merger, consolidation or acquisition of substantially all of its stock or its assets or (ii) becomes a Restricted
Subsidiary; 
 (c) any pledge or deposit to secure payment of workers’ compensation or insurance premiums, or relating to tenders,
bids, contracts (except contracts for the payment of money) or leases; 
 (d) any pledge or liens in connection with tax assessments or
other governmental charges, or as security required by law or governmental regulation as a condition to the transaction of any business or the exercise of any privilege or right; 

(e) any pledge or lien to secure a stay of process in proceedings to enforce a contested liability, or required in connection with the
institution of legal proceedings or required in connection with any other order or decree in any such proceeding or in connection with any contest of any tax or other governmental charge; or the making of any deposit with a governmental agency
entitling the Company or a Restricted Subsidiary to maintain self-insurance or to participate in any fund in connection with workmen’s compensation, unemployment insurance, old age pensions or other social security or to share in any provisions
or other benefits provided for companies participating in any such arrangement or for liability on insurance of credits or other risks; 

(f) any mechanics’, carriers’, workmen’s or other like liens; 

(g) any encumbrance in favor of the United States of America or of any agency, department or other instrumentality thereof to secure progress
or advance payments; 
 (h) any mortgage, pledge or other lien securing any indebtedness incurred to finance the cost to the Company or any
Restricted Subsidiary of any physical property, real or personal, which prior to or simultaneously with the creation of such indebtedness shall have been leased by the Company or a Restricted Subsidiary to the United States of America or a
department or agency thereof at an aggregate rental, payable during that portion of the initial term of such lease (without giving effect to any options of renewal or extension) which shall be unexpired at the date of the creation of such
indebtedness, sufficient (taken together with any amounts required to 

  
 11 

 
be paid by the lessee to the lessor upon any termination of such lease) to pay in full at the stated maturity date or dates thereof the principal of and the interest on such indebtedness; 

(i) any mortgage, pledge or other lien securing indebtedness of a Restricted Subsidiary to the Company or a Restricted Subsidiary; 

(j) any mortgage, pledge or other lien affecting property of the Company or any Restricted Subsidiary securing indebtedness of a governmental
authority issued to finance the cost of a pollution control program with respect to any operations of the Company or any Restricted Subsidiary; 

(k) mortgages, pledges or other liens on property of a Restricted Subsidiary to secure indebtedness with respect to all or part of the
acquisition cost of the Restricted Subsidiary; provided, however, that the indebtedness is incurred and related liens are created within 24 months of the acquisition of the Restricted Subsidiary and such indebtedness does not exceed
the acquisition cost of the Restricted Subsidiary; 
 (l) any renewal, extension, replacement or refinancing of any mortgage, lien, deposit
or encumbrance permitted by the foregoing provisions of this Section; provided that in each case such amount outstanding at that time does not exceed the sum of (i) the greater of (x) the principal amount secured thereby at the time
of such renewal, extension, replacement or refinancing and (y) 85% of the fair market value (in the determination of the Company’s Board of Directors) of the properties subject to such renewal, extension, replacement or refinancing; and
(ii) any reasonable fees and expenses associated with such renewal, extension, replacement or refinancing; 
 (m) any mortgage, pledge
or other liens on any such property of the Company or any Restricted Subsidiary existing on the date of this Supplemental Indenture No. 2; and 

(n) the creation of any other mortgage, pledge or other lien, provided that immediately after giving effect to the creation thereof,
the total of (i) the aggregate principal amount of indebtedness of the Company and its Restricted Subsidiaries secured by all mortgages, pledges or other liens created under the provisions of this clause (n), plus (ii) the aggregate amount
of Capitalized Lease-Back Obligations of the Company and its Restricted Subsidiaries under the entire unexpired terms of all leases entered into in connection with sale and lease-back transactions which would have been precluded by the provisions of
Section 6.01 but for the satisfaction of the condition set forth in clause (ii) thereof, shall not exceed an amount equal to 15% of Consolidated Net Assets. 

The lease of any property by the Company or a Restricted Subsidiary, and rental obligations with respect thereto (whether or not involving a
sale and lease-back and whether or not in accordance with generally accepted principles of accounting such property is carried as an asset and such rental obligations are carried as indebtedness on the Company’s or a Restricted
Subsidiary’s balance sheet) shall not be deemed to create a lien. The sale or other transfer of (a) timber or other natural resources in place for a period of time until, or in an amount such that, the purchaser will realize therefrom a
specified amount of money (however determined) or a 

  
 12 

 
specified amount of such resources, or (b) any other interest in property of the character commonly referred to as a “production payment,” shall in any event be deemed to
create a lien. 
 Section 6.03 Corporate Existence. The Company shall do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence, material rights (charter and statutory) and material franchises (other than as contemplated by Section 11.01 of the Base Indenture); provided, however, that the
Company shall not be required to preserve any such right or franchise if the Board of Directors shall determine that the preservation of such rights or franchises is no longer desirable in the conduct of the business of the Company. 

Section 6.04 Further Instruments and Acts. The Company shall execute and deliver to the Trustee such further instruments
and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of the Indenture. 
 ARTICLE 7

 MISCELLANEOUS 

Section 7.01 Ratification of Indenture. The Base Indenture, as supplemented by this Supplemental Indenture No. 2, is
in all respects ratified and confirmed, and this Supplemental Indenture No. 2 shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. 

Section 7.02 Trustee Not Responsible for Recitals. The recitals herein contained are made by the Company and not by the
Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture No. 2. 

Section 7.03 New York Law To Govern. THIS SUPPLEMENTAL INDENTURE NO. 2 AND EACH NOTE SHALL BE DEEMED TO BE A CONTRACT MADE
UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE. 

Section 7.04 Separability. In case any one or more of the provisions contained in this Supplemental Indenture No. 2 or
in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, then, to the extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provisions of this Supplemental
Indenture No. 2 or of the Notes, but this Supplemental Indenture No. 2 and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

Section 7.05 Counterparts. This Supplemental Indenture No. 2 may be executed in any number of counterparts each of
which shall be an original, but such counterparts shall together constitute but one and the same instrument. 
 [Signature pages
follow] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture No. 2 to be
duly executed, as of the day and year first written above. 
  

			
	STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
		
	By:	 	 /s/ Timothy C. Fetten

	Name:	 	Timothy C. Fetten
	Title:	 	Vice President and Treasurer

  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A,
	as Trustee
		
	By:	 	 /s/ Michael Countryman

		 	Authorized Signatory

 [Signature Page to Supplemental Indenture No. 2] 

 EXHIBIT A-1 

[IF THIS NOTE IS TO BE A GLOBAL SECURITY, INSERT:] 
 THIS NOTE
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE FOR
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER
NOMINEE OF DTC. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

STARWOOD HOTELS & RESORTS WORLDWIDE, INC. 

3.750% Senior Note due 2025 

CUSIP: 85590AAQ7 
  

			
	No.             	 	U.S. $        

 STARWOOD HOTELS & RESORTS WORLDWIDE, INC., a corporation organized and existing under the laws of
Maryland (hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of U.S. $         or such other amount indicated on the Schedule of Increases or Decreases In Note attached hereto on March 15, 2025 (such date is hereinafter referred to as the
“Maturity Date”), and to pay interest thereon from September 15, 2014 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on March 15 and
September 15 of each year (each, an “Interest Payment Date”), commencing March 15, 2015 at the rate of 3.750% per annum, on the basis of a 360-day year consisting of twelve 30-day months, until the principal hereof is
paid or duly provided for or made available for payment. The amount of interest payable for any period shorter than a full semi-annual Interest Period for which interest is computed will be computed on the basis of a 30-day month and, for any period
less than a month, on the basis of the actual number of days elapsed per 30-day month. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the person in
whose name the relevant Notes, or any predecessor Notes, are registered at the close of business on the Record Date for such Interest 

  
 A-1-1 

 
Payment Date; provided that the interest due on the Maturity Date or a Redemption Date (in each case, whether or not an Interest Payment Date) of a Note of this series will be paid to the
Person to whom principal of such Note is payable. 
 Payment of the principal of and interest on this Note will be made at the office or
agency of the Company maintained for that purpose, which shall initially be the Corporate Trust Office of the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the Security register or by wire transfer to an
account appropriately designated by the Person entitled to payment, provided that the paying agent shall have received written notice of such account designation at least five Business Days prior to the date of such payment (subject to
surrender of the relevant Note in the case of a payment of interest on a Redemption Date or on the Maturity Date). 
 Reference is hereby
made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-1-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: 
  

			
	STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 

Dated: 
 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Trustee 
  

			
	By:	 	  

		 	Authorized Officer

 [Signature Page to 2025 Senior Note] 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued
in one or more series under an Indenture (the “Base Indenture”), dated as of December 10, 2012, between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,”
which term includes any successor trustee), as amended and supplemented by Supplemental Indenture No. 2, dated as of September 15, 2014, between the Company and the Trustee (“Supplemental Indenture No. 2” and,
together with the Base Indenture, the “Indenture”), to which Indenture reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern
and be controlling. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to U.S. $350,000,000. 

All terms used in this Note that are defined in the Indenture shall have the meaning assigned to them in the Indenture. 

The Company shall have the right to redeem this Note, in whole or in part, at any time or from time to time prior to December 15, 2024,
at a redemption price equal to the greater of: 
 (i) 100% of the aggregate principal amount of the Notes being redeemed, plus accrued and
unpaid interest to, but excluding, the Redemption Date; and 
 (ii) the sum, as determined by an Independent Investment Banker, of the
present values of the remaining scheduled payments of principal and interest in respect of the Notes being redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. 

At any time on or after December 15, 2024, the Company shall have the right to redeem the Notes, in whole or in part, at a redemption
price equal to 100% of the principal amount plus accrued and unpaid interest to, but excluding, the Redemption Date. 
 The Company’s
right to redeem the Note pursuant to the third and fourth paragraphs of the reverse side of this Note shall be referred to as an “Optional Redemption,” and the redemption price set forth therein shall be referred to as the
“Optional Redemption Price.” 
 The Company will deliver notice of such redemption to the registered holders of the Notes
of this series to be redeemed not less than 10 nor more than 60 days prior to the Redemption Date. If Notes of this series are only partially redeemed pursuant to the preceding paragraph, the Notes of this series to be redeemed will be selected by
the Trustee in such manner as in its sole discretion it shall deem appropriate and fair; provided that if at the time of redemption the Notes of this series to be redeemed are registered as a Global Note, the Depositary will select by lot the
particular interests to be redeemed. The Optional Redemption Price shall be paid prior to 12:00 noon, New York City time, on the Redemption Date or at such 

  
 A-1-4 

 
later time as is then permitted by the rules of the Depositary for the related Notes (if then registered as a Global Note) provided that the Company shall deposit with the Trustee an amount
sufficient to pay the Optional Redemption Price by 10:00 a.m., New York City time, on the date such Optional Redemption Price is to be paid. 

Notes in denominations larger than U.S. $2,000 may be redeemed in part but only in whole multiples of U.S. $1,000 in excess thereof, unless
all of the Notes held by a Securityholder are to be redeemed. 
 In the event of redemption of this Note in part only, a new Note or Notes
of this series for the unredeemed portion hereof shall be issued in the name of the holder hereof upon the cancellation hereof. 
 Except as
set forth in the preceding paragraphs and in Article 3 of Supplemental Indenture No. 2, the Company may not redeem the Notes of this series at its option prior to the Maturity Date. 

If a Change of Control Repurchase Event occurs, unless the Company has exercised its right to redeem the Notes as described in
Section 3.01, the Company shall make an offer to each holder of the Notes to repurchase all or any part (in excess of $2,000 in integral multiples of $1,000 in excess thereof) of that holder’s Notes pursuant to the offer described below
(the “Change of Control Offer”) on the terms set forth in the Notes. In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any
accrued and unpaid interest on the Notes repurchased to the date of purchase (the “Change of Control Payment”). Within 30 days following any Change of Control Repurchase Event, or, at the Company’s option, prior to the date of
the consummation of any Change of Control, but after the public announcement of the Change of Control, the Company will deliver a notice to each holders of Notes, with a copy to the Trustee, describing the transaction or transactions that constitute
or may constitute the Change of Control Repurchase Event and offering to repurchase the Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is delivered
(the “Change of Control Repurchase Event Payment Date”), pursuant to the procedures required by the Notes and described in such notice. The notice shall, if delivered prior to the date of the consummation of the Change of Control,
state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any
securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under
the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. 
 On the Change of Control Repurchase Event
Payment Date, the Company will, to the extent lawful: 

  
 A-1-5 

 (i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of
Control Offer; 
 (ii) deposit with the paying agent an amount equal to the aggregate purchase price in respect of all Notes or portions of
Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officers’ Certificate to the effect that the consummation of such Change of Control Offer is in compliance with this Section 3.02. 

The paying agent will promptly deliver to each holder of Notes properly tendered the purchase price for the Notes, and the Trustee will
promptly authenticate and deliver (or cause to be transferred by book-entry) to each holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a principal amount of
U.S. $2,000 or an integral multiple of U.S. $1,000 in excess thereof. The Company will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the
times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer. 

The Notes of this series are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance of the obligations of the Company at any time upon compliance by the Company with certain
conditions set forth therein, which provisions apply to the Notes of this series. 
 If an Event of Default with respect to Notes of this
series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the holders of the Notes at any time by the Company and the Trustee with the written consent of the holders of a majority in principal amount of the Notes of each series (each series voting as a class) affected
thereby and at the time Outstanding. The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the Notes of a series at the time Outstanding, on behalf of the holders of all Notes of such series,
to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon
the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security registrar duly executed by the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of 

  
 A-1-6 

 
this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes of this series are issuable only in registered form without coupons in denominations of U.S. $2,000 or integral multiples of U.S.
$1,000 in excess thereof, except as provided for in Section 2.04 of Supplemental Indenture No. 2. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate
principal amount of Notes of this series of a different authorized denomination, as requested by the holder surrendering the same. 
 No
service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

The Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

THIS NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF SAID STATE. 

  
 A-1-7 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to: 
  

 
  

 
 (Insert assignee’s social security or tax
identification number) 
  
  

 
  
  

 
 (Insert address and zip code of assignee) 

and irrevocably appoints 
  

 
  

 
  

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

Date:                     

 

			
	 Signature:
  

		
	Signature Guarantee:	 	  

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

  
 A-1-8 

 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-1-9 

 SCHEDULE OF INCREASES OR DECREASES IN NOTE 

The initial principal amount of this Note is U.S. $350,000,000. The following increases or decreases in the principal amount of this Note have been made: 

 

									
	 Date
	  	 Amount of

decrease in

principal
 amount of
this
 Note
	  	 Amount of

increase in

principal
 amount of
this
 Note
	  	 Principal

amount of this
 Note
following
 such decrease or

increase
	  	 Signature of

authorized
 officer
or
 Trustee

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 A-1-10 

 EXHIBIT A-2 

[IF THIS NOTE IS TO BE A GLOBAL SECURITY, INSERT:] 
 THIS NOTE
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE FOR
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER
NOMINEE OF DTC. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

STARWOOD HOTELS & RESORTS WORLDWIDE, INC. 

4.500% Senior Note due 2034 

CUSIP: 85590AAR5 
  

			
	No.             	 	U.S. $        

 STARWOOD HOTELS & RESORTS WORLDWIDE, INC., a corporation organized and existing under the laws of
Maryland (hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of U.S. $         or such other amount indicated on the Schedule of Increases or Decreases In Note attached hereto on October 1, 2034 (such date is hereinafter referred to as the
“Maturity Date”), and to pay interest thereon from September 15, 2014 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on April 1 and
October 1 of each year (each, an “Interest Payment Date”), commencing April 1, 2015 at the rate of 4.500% per annum, on the basis of a 360-day year consisting of twelve 30-day months, until the principal hereof is
paid or duly provided for or made available for payment. The amount of interest payable for any period shorter than a full semi-annual Interest Period for which interest is computed will be computed on the basis of a 30-day month and, for any period
less than a month, on the basis of the actual number of days elapsed per 30-day month. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the person in
whose name the relevant Notes, or any predecessor Notes, are registered at the close of business on the Record Date for such Interest 

  
 A-2-1 

 
Payment Date; provided that the interest due on the Maturity Date or a Redemption Date (in each case, whether or not an Interest Payment Date) of a Note of this series will be paid to the
Person to whom principal of such Note is payable. 
 Payment of the principal of and interest on this Note will be made at the office or
agency of the Company maintained for that purpose, which shall initially be the Corporate Trust Office of the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the Security register or by wire transfer to an
account appropriately designated by the Person entitled to payment, provided that the paying agent shall have received written notice of such account designation at least five Business Days prior to the date of such payment (subject to
surrender of the relevant Note in the case of a payment of interest on a Redemption Date or on the Maturity Date). 
 Reference is hereby
made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: 
  

			
	STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 

Dated: 
 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Trustee 
  

			
	By:	 	  

		 	Authorized Officer

 [Signature Page to 2034 Senior Note] 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued
in one or more series under an Indenture (the “Base Indenture”), dated as of December 10, 2012, between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,”
which term includes any successor trustee), as amended and supplemented by Supplemental Indenture No. 2, dated as of September 15, 2014, between the Company and the Trustee (“Supplemental Indenture No. 2” and,
together with the Base Indenture, the “Indenture”), to which Indenture reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern
and be controlling. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to U.S. $300,000,000. 

All terms used in this Note that are defined in the Indenture shall have the meaning assigned to them in the Indenture. 

The Company shall have the right to redeem this Note, in whole or in part, at any time or from time to time prior to April 1, 2034, at a
redemption price equal to the greater of: 
 (i) 100% of the aggregate principal amount of the Notes being redeemed, plus accrued and unpaid
interest to, but excluding, the Redemption Date; and 
 (ii) the sum, as determined by an Independent Investment Banker, of the present
values of the remaining scheduled payments of principal and interest in respect of the Notes being redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. 

At any time on or after April 1, 2034, the Company shall have the right to redeem the 2034 Senior Notes, in whole or in part, at a
redemption price equal to 100% of the principal amount plus accrued and unpaid interest to, but excluding, the Redemption Date. 
 The
Company’s right to redeem the Note pursuant to the third and fourth paragraphs of the reverse side of this Note shall be referred to as an “Optional Redemption,” and the redemption price set forth therein shall be referred to
as the “Optional Redemption Price.” 
 The Company will deliver notice of such redemption to the registered holders of the
Notes of this series to be redeemed not less than 10 nor more than 60 days prior to the Redemption Date. If Notes of this series are only partially redeemed pursuant to the preceding paragraph, the Notes of this series to be redeemed will be
selected by the Trustee in such manner as in its sole discretion it shall deem appropriate and fair; provided that if at the time of redemption the Notes of this series to be redeemed are registered as a Global Note, the Depositary will
select by lot the particular interests to be redeemed. The Optional Redemption Price shall be paid prior to 12:00 noon, New York City time, on the Redemption Date or at such 

  
 A-2-4 

 
later time as is then permitted by the rules of the Depositary for the related Notes (if then registered as a Global Note) provided that the Company shall deposit with the Trustee an amount
sufficient to pay the Optional Redemption Price by 10:00 a.m., New York City time, on the date such Optional Redemption Price is to be paid. 

Notes in denominations larger than U.S. $2,000 may be redeemed in part but only in whole multiples of U.S. $1,000 in excess thereof, unless
all of the Notes held by a Securityholder are to be redeemed. 
 In the event of redemption of this Note in part only, a new Note or Notes
of this series for the unredeemed portion hereof shall be issued in the name of the holder hereof upon the cancellation hereof. 
 Except as
set forth in the preceding paragraphs and in Article 3 of Supplemental Indenture No. 2, the Company may not redeem the Notes of this series at its option prior to the Maturity Date. 

If a Change of Control Repurchase Event occurs, unless the Company has exercised its right to redeem the Notes as described in
Section 3.01, the Company shall make an offer to each holder of the Notes to repurchase all or any part (in excess of $2,000 in integral multiples of $1,000 in excess thereof) of that holder’s Notes pursuant to the offer described below
(the “Change of Control Offer”) on the terms set forth in the Notes. In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any
accrued and unpaid interest on the Notes repurchased to the date of purchase (the “Change of Control Payment”). Within 30 days following any Change of Control Repurchase Event, or, at the Company’s option, prior to the date of
the consummation of any Change of Control, but after the public announcement of the Change of Control, the Company will deliver a notice to each holders of Notes, with a copy to the Trustee, describing the transaction or transactions that constitute
or may constitute the Change of Control Repurchase Event and offering to repurchase the Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is delivered
(the “Change of Control Repurchase Event Payment Date”), pursuant to the procedures required by the Notes and described in such notice. The notice shall, if delivered prior to the date of the consummation of the Change of Control,
state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any
securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under
the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. 
 On the Change of Control Repurchase Event
Payment Date, the Company will, to the extent lawful: 

  
 A-2-5 

 (i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of
Control Offer; 
 (ii) deposit with the paying agent an amount equal to the aggregate purchase price in respect of all Notes or portions of
Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officers’ Certificate to the effect that the consummation of such Change of Control Offer is in compliance with this Section 3.02. 

The paying agent will promptly deliver to each holder of Notes properly tendered the purchase price for the Notes, and the Trustee will
promptly authenticate and deliver (or cause to be transferred by book-entry) to each holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a principal amount of
U.S. $2,000 or an integral multiple of U.S. $1,000 in excess thereof. The Company will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the
times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer. 

The Notes of this series are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance of the obligations of the Company at any time upon compliance by the Company with certain
conditions set forth therein, which provisions apply to the Notes of this series. 
 If an Event of Default with respect to Notes of this
series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the holders of the Notes at any time by the Company and the Trustee with the written consent of the holders of a majority in principal amount of the Notes of each series (each series voting as a class) affected
thereby and at the time Outstanding. The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the Notes of a series at the time Outstanding, on behalf of the holders of all Notes of such series,
to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon
the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security registrar duly executed by the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of 

  
 A-2-6 

 
this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes of this series are issuable only in registered form without coupons in denominations of U.S. $2,000 or integral multiples of U.S.
$1,000 in excess thereof, except as provided for in Section 2.04 of Supplemental Indenture No. 2. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate
principal amount of Notes of this series of a different authorized denomination, as requested by the holder surrendering the same. 
 No
service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

The Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

THIS NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF SAID STATE. 

  
 A-2-7 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to: 
  

 
  

 
 (Insert assignee’s social security or tax
identification number) 
  
  

 
  
  

 
 (Insert address and zip code of assignee) 

and irrevocably appoints 
  

 
  

 
  

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

Date:                     

 

			
	 Signature:
  

 

		
	Signature Guarantee:	 	  

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

  
 A-2-8 

 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-2-9 

 SCHEDULE OF INCREASES OR DECREASES IN NOTE 

The initial principal amount of this Note is U.S. $300,000,000. The following increases or decreases in the principal amount of this Note have been made: 

 

									
	 Date
	  	 Amount of

decrease in

principal
 amount of
this
 Note
	  	 Amount of

increase in

principal
 amount of
this
 Note
	  	 Principal

amount of this
 Note
following
 such decrease or

increase
	  	 Signature of

authorized
 officer
or
 Trustee

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 A-2-10

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