Document:

EX-10.5

 Exhibit 10.5 
 Execution Version 
  

			
	 BARCLAYS
 745 Seventh Avenue
 New York, NY 10019
	  	 DEUTSCHE BANK TRUST
 COMPANY AMERICAS
 DEUTSCHE BANK AG CAYMAN

ISLANDS BRANCH
 DEUTSCHE BANK SECURITIES INC.
 60 Wall Street

New York, New York 10005

		
	 CREDIT SUISSE AG
 CREDIT SUISSE SECURITIES (USA) LLC
 Eleven Madison Avenue

New York, NY 10010
	  	 GOLDMAN SACHS BANK USA
 200 West Street
 New York, NY 10282

 CONFIDENTIAL 
 June 29, 2012 
 Syniverse Holdings, Inc. 

8125 Highwoods Palm Way 
 Tampa, Florida 33647

 Attention: David Hitchcock 
 Project Magellan 
 Commitment Letter 

Ladies and Gentlemen: 

Syniverse Holdings, Inc. (the “Company” or “you”) has advised each of Barclays Bank PLC
(“Barclays”), Deutsche Bank Trust Company Americas (“DBTCA”), Deutsche Bank AG Cayman Islands Branch (“DBCI”), Deutsche Bank Securities Inc. (“DBSI” and, together with DBTCA and
DBCI, “Deutsche Bank”), Credit Suisse AG (“CS Bank”), Credit Suisse Securities (USA) LLC (“CS Securities” and, together with CS Bank, “Credit Suisse”) and Goldman Sachs Bank USA
(“GS Bank” and, collectively with Barclays, Deutsche Bank and Credit Suisse, “we,” “us” or the “Commitment Parties”) that you intend to acquire (the “Acquisition”),
directly or indirectly, an entity previously identified to us by you as “Magellan” (the “Target”). You have further advised us that, in connection with the foregoing, you intend to consummate the other Transactions
described in the Transaction Description attached hereto as Exhibit A (the “Transaction Description”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Transaction Description or the
Summaries of Principal 

 
Terms and Conditions attached hereto as Exhibits B and C (collectively, the “Term Sheets”; this commitment letter, the Transaction Description, the Term Sheets and the Summary of
Additional Conditions attached hereto as Exhibit D, collectively, the “Commitment Letter”). 
 1.
Commitments. In connection with the Transactions, each of Barclays, DBTCA, CS Bank and GS Bank (together with any other initial lender with respect to the Term Facility that becomes a party hereto pursuant to the first proviso of the next
succeeding paragraph, each an “Initial Term Lender” and, collectively, the “Initial Term Lenders”) is pleased to advise you of its several, but not joint, commitment to provide 35%, 35%, 15% and 15%, respectively,
of the entire aggregate principal amount of the Term Facility subject only to the satisfaction of the conditions referenced in Section 6 hereof and, if applicable, the sixth sentence of the Escrow Provisions. In connection with the
Transactions, each of Barclays, DBCI, CS Bank and GS Bank (together with any other initial lender with respect to the Backstop Facility that becomes a party hereto pursuant to the first proviso of the next succeeding paragraph, each an
“Initial Backstop Lender” and, collectively, the “Initial Backstop Lenders”; and together with the Initial Term Lenders, the “Initial Lenders”) is pleased to advise you of its several, but not joint
commitment to provide 35%, 35%, 15% and 15% , respectively, of the entire aggregate principal amount of the Backstop Facility subject only to the satisfaction of the conditions referenced in Section 6 hereof. 

2. Titles and Roles. It is agreed that (i) each of Barclays, DBSI, CS Securities and GS Bank will act as lead arranger for
each of the Facilities (together with any other joint lead arranger appointed pursuant to this paragraph, each a “Lead Arranger” and collectively the “Lead Arrangers”), (ii) each of Barclays DBSI, CS
Securities and GS Bank will act as bookrunner for each of the Facilities (together with any other joint bookrunners appointed pursuant to this paragraph, each a “Joint Bookrunner” and, collectively with the Lead Arrangers, the
“Joint Bookrunners”), (iii) Barclays will act as administrative agent and collateral agent (in such capacity, the “Term Administrative Agent”) for the Term Facility and (iv) DBCI will act as
administrative agent for the Backstop Facility (in such capacity, the “Backstop Administrative Agent”). You agree that (i) Barclays shall have “left” placement in any and all marketing materials or other documentation used
in connection with the Term Facility and shall hold the leading role, rights and responsibilities conventionally associated with such “left” placement, including maintaining sole “physical books” in respect of the Term Facility
and (ii) DBSI shall have “left” placement in any and all marketing materials or other documentation used in connection with the Backstop Facility and shall hold the leading role, rights and responsibilities conventionally associated with
such “left” placement, including maintaining sole “physical books” in respect of the Backstop Facility. You agree that no other agents, co-agents, arrangers or bookrunners will be appointed, no other titles will be awarded and no
compensation (other than compensation expressly 

  
 2 

 
contemplated by this Commitment Letter and the Fee Letter referred to below) will be paid to any Lender (as defined below) in order to obtain its commitment to participate in the Facilities
unless you and we shall so agree; provided that, within 14 days of the date hereof, you may appoint one or more additional lead arrangers, joint bookrunners, agents and/or co-agents in a manner determined by you in consultation with (and
reasonably acceptable to) the Joint Bookrunners (it being understood that, to the extent you appoint additional agents, co-agents, lead arrangers or bookrunners or confer other titles in respect of any Facility, such financial institution or
affiliates thereof shall commit to provide the percentage of the aggregate principal amount of each of the Term Facility and the Backstop Facility at least commensurate with the economics and fees awarded to such financial institution and its
affiliates and the commitments of the Initial Lenders in respect of the Facilities will be reduced by the amount of the commitments of such appointed entities (or their relevant affiliates), with such reduction allocated to reduce the commitments of
the Initial Lenders at such time on a pro rata basis according to the respective amounts of their commitments, upon the execution by such financial institution (and any relevant affiliate) of customary joinder documentation and, thereafter, each
such financial institution (and any relevant affiliate) shall constitute a “Commitment Party” and “Joint Bookrunner” hereunder and it or its relevant affiliate providing such commitment shall constitute an “Initial
Lender” hereunder); provided further that in no event will the sum of the commitments of the Initial Lenders as of the date hereof be less than 100% of the aggregate principal amount of each of the Term Facility and Backstop
Facility. 
 3. Syndication. The Joint Bookrunners reserve the right, prior to or after the Closing Date (as defined
below), to syndicate all or a portion of the Initial Lenders’ respective commitments hereunder to a group of banks, financial institutions and other institutional lenders and investors (together with the Initial Lenders, the
“Lenders”) identified by the Joint Bookrunners in consultation with you and reasonably acceptable to the Joint Bookrunners and you; provided that (a) we agree not to syndicate our commitments to (i) certain
banks, financial institutions and other entities that have been specified to us by you in writing at any time on or prior to the date hereof, and their respective affiliates or (ii) competitors of the Company or the Target and their
respective subsidiaries and affiliates (except for those affiliates which are bona fide diversified debt funds, so long as such funds are managed independently from any competitor and any affiliate of a competitor that manages a competitor) in each
case that have been specified to us by you in writing from time to time (collectively, the “Disqualified Lenders”) and that no Disqualified Lenders may become Lenders and (b) notwithstanding the Joint Bookrunners’ right
to syndicate the Facilities and receive commitments with respect thereto, (i) no Initial Lender shall be relieved, released or novated from its obligations hereunder (including its obligation to fund the Facilities on the Funding Date or the
Closing Date, as the case may be) in connection with any syndication, assignment or participation of the Facilities, including its commitments in respect thereof, until after the 

  
 3 

 
initial funding of such Facility on the Funding Date or the Closing Date, as applicable, has occurred, (ii) no assignment or novation shall become effective with respect to all or any
portion of any Initial Lender’s commitments in respect of any Facility until the initial funding of such Facility, (iii) unless you otherwise agree in writing, each Initial Lender shall retain exclusive control over all rights and
obligations with respect to its commitments in respect of any Facility, including all rights with respect to consents, modifications, supplements, waivers and amendments, until the initial funding under such Facility on the Funding Date or the
Closing Date, as applicable, has occurred, and (iv) the Initial Lenders shall not assign prior to the Closing Date more than 49% of their aggregate commitments under the Backstop Facility unless you agree otherwise in writing; provided
that the preceding clauses (i) through (iv) shall not apply to any reduction of commitments in connection with the appointment of an additional lead arranger, joint bookrunner, agent and/or co-agent pursuant to Section 2 above. As
used herein, the term “Closing Date” means the later of the date of the initial funding under the Term Facility (the “Funding Date”) and the date on which the Acquisition is consummated (the “Acquisition
Date”). 
 Without limiting your obligations to assist with syndication efforts as set forth herein, it is understood
that the Initial Lenders’ commitments hereunder are not conditioned upon the syndication of, or receipt of commitments in respect of, the Facilities and in no event shall the commencement or successful completion of syndication of the
Facilities constitute a condition to the availability of the Facilities on the Funding Date or the Closing Date, as applicable. The Joint Bookrunners may commence syndication efforts promptly upon the execution of this Commitment Letter and as part
of their syndication efforts it is their intent to have Lenders commit to the Term Facility and the Backstop Facility prior to the Closing Date (subject to the limitations set forth in the preceding paragraph). Until the earlier of (i) the
date upon which a Successful Syndication (as defined in the Fee Letter referred to below) is achieved and (ii) the 45th day following the Closing Date (the “Syndication Date”), you agree actively to assist (and to use
commercially reasonable efforts to cause the Target to assist) the Joint Bookrunners in completing a syndication that is reasonably satisfactory to us and you. Such assistance shall include, without limitation, (a) your using commercially
reasonable efforts to ensure that any syndication efforts benefit from your existing lending and investment banking relationships and the existing lending and investment banking relationships of The Carlyle Group (the “Sponsor”) and
to the extent practical and appropriate, the Target’s existing lending and investment banking relationships, (b) direct contact between appropriate members of senior management, certain representatives and certain non-legal advisors of
you and the Sponsor, on the one hand, and the proposed Lenders, on the other hand (and your using commercially reasonable efforts to ensure such contact between appropriate members of senior management of the Target, on the one hand, and the
proposed Lenders, on the other hand), in all such cases at times mutually agreed upon, (c) your and the Sponsor’s 

  
 4 

 
assistance (including the use of commercially reasonable efforts to cause the Target to assist) in the preparation of the Information Materials and other customary offering and marketing
materials to be used in connection with the syndication no later than 20 calendar days prior to the Closing Date (or, in the case of the syndication of the Term Facility if an Escrow Election has been made and not rescinded, the Funding Date),
provided that in each case such 20 calendar day period shall be subject to the Blackout Periods, (d) using your commercially reasonable efforts to, at your expense, (i) at least 20 calendar days prior to the Closing Date (or,
if the Company has made and not rescinded an Escrow Election, the Funding Date), procure ratings for the Term Facility, (ii) if the Company has made a Backstop Election, at least 20 calendar days prior to the Closing Date, procure ratings for
the Notes, in each case from each of Standard & Poor’s Ratings Services (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”), and (iii) confirm or procure a public corporate
credit rating and a public corporate family rating in respect of the Borrower after giving effect to the Transactions from each of S&P and Moody’s, respectively (but no specific rating in each case), (e) the hosting, with the
Joint Bookrunners, of a reasonable number of meetings to be mutually agreed upon of prospective Lenders at times and locations to be mutually agreed upon (and your using commercially reasonable efforts to cause certain officers of the Target to be
available for such meetings) and (f) prior to the Syndication Date, there being no competing issues, offerings or placements of debt securities or commercial bank or other credit facilities by or on behalf of you or any of your
subsidiaries (and your using commercially reasonable efforts to ensure there are no competing issues, offerings or placements of debt securities or commercial bank or other credit facilities by or on behalf of the Target and its subsidiaries) being
offered, placed or arranged (other than the Facilities and, if the Company has made a Backstop Election, the offering of the Notes, or any indebtedness of the Target and its subsidiaries permitted to be incurred pursuant to the Purchase Agreement),
without the consent of the Joint Bookrunners, if such issuance, offering, placement or arrangement would reasonably be expected to materially impair the primary syndication of the Facilities or, if the Company has made a Backstop Election, the
offering of the Notes. The Joint Bookrunners acknowledge and agree that any information relating to the Company, the Target and their respective subsidiaries provided in connection with preparing the Information Memorandum (as defined below) shall
consist of such financial and other information as may be customary or otherwise necessary or reasonably requested by the Joint Bookrunners to prepare the Information Memorandum. Notwithstanding anything to the contrary contained in this Commitment
Letter or the Fee Letter or any other letter agreement or undertaking concerning the financing of the Transactions to the contrary, the obtaining of the ratings referenced above shall not constitute a condition to the commitments hereunder or the
funding of the Facilities on the Funding Date or the Closing Date, as applicable. 

  
 5 

 The Joint Bookrunners, in their capacities as such, will manage, in
consultation with you, all aspects of any syndication of the Facilities, including decisions as to the selection of institutions reasonably acceptable to you (your consent not to be unreasonably withheld or delayed) to be approached and when they
will be approached, when their commitments will be accepted, which institutions will participate (subject to your consent rights and rights of appointment set forth in the second preceding paragraph and excluding Disqualified Lenders), the
allocation of the commitments among the Lenders and the amount and distribution of fees among the Lenders. To assist the Joint Bookrunners in their syndication efforts, you agree to promptly prepare and provide (and to cause the Sponsor to provide
and to use commercially reasonable efforts to cause the Target to provide) to us all customary and reasonably available information with respect to you, the Target and each of your and its respective subsidiaries and the Transactions, including
customary financial information and projections prepared by the Borrower and reasonably available to you (including financial estimates, forecasts and other forward-looking information, the “Projections”), as the Joint Bookrunners
may reasonably request in connection with the structuring, arrangement and syndication of the Facilities (it being understood that the Joint Bookrunners may engage in two or more syndication periods and, until the earlier of the date upon which a
Successful Syndication is achieved and the 45th day
following the Closing Date, you agree to assist the Joint Bookrunners to the extent required by this and the preceding paragraphs of this Section 3 in connection with all syndication efforts). Notwithstanding anything herein to the contrary,
the only financial statements that shall be required to be provided to the Commitment Parties in connection with the syndication of the Facilities shall be those required to be delivered pursuant to Exhibit D hereto. We agree that the Facilities
Documentation will initially be drafted by your counsel. 
 You hereby acknowledge that (a) the Joint Bookrunners
will make available Information (as defined below), Projections and other customary offering and marketing material and presentations, including confidential information memoranda to be used in connection with the syndication of the Facilities (the
“Information Memorandum”) (such Information, Projections, other customary offering and marketing material and the Information Memorandum, collectively, with the Term Sheets, the “Information Materials”) on a
confidential basis to the proposed syndicate of Lenders by posting the Information Materials on Intralinks, Debt X, SyndTrak Online or by similar electronic means and (b) certain of the Lenders may be “public side” Lenders
(i.e., Lenders that wish to receive only information that (i) is publicly available, (ii) is not material with respect to you, the Target or your or its respective securities for purposes of United States federal and state
securities laws or (iii) constitutes information of a type that would be publicly available if you and the Target were public reporting companies (as reasonably determined by you) (collectively, the “Public Side
Information”)) (each, a “Public Sider” and each Lender that is not a Public Sider, a “Private Sider”). 

  
 6 

 You agree to assist (and to cause the Sponsor to assist and to use commercially reasonable
efforts to cause the Target to assist) us in preparing an additional version of the Information Materials to be used in connection with the syndication of the Facilities that consists exclusively of Public Side Information to be used by Public
Siders. It is understood that in connection with your assistance described above, each of the Borrower and the Target shall provide us with customary authorization letters for inclusion in any Information Materials that authorize the distribution
thereof to prospective Lenders, represent that the additional version of the Information Materials only includes Public Side Information with respect to it and exculpate you, the Sponsor, the Target and us with respect to any liability related to
the unauthorized use or misuse of the contents of the Information Materials or related offering and marketing materials by the recipients thereof. Before distribution of any Information Materials, you agree to identify that portion of the
Information Materials that may be distributed to the Public Siders as containing solely “Public Information,” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof. By marking
Information Materials as “PUBLIC,” you shall be deemed to have authorized the Commitment Parties and the proposed Lenders to treat such Information Materials as containing only Public Side Information (it being understood that you shall
not be under any obligation to mark the Information Materials “PUBLIC”). Subject to the following paragraph, you agree that, unless expressly identified as “Public Information,” each document to be disseminated by the Joint
Bookrunners (or any other agent) to any Lender in connection with the Facilities will be deemed to contain non-public information. 
 You acknowledge and agree that the following documents, without limitation, may be distributed to both Private Siders and Public Siders, unless you advise the Joint Bookrunners in writing (including by
email) within a reasonable time prior to their intended distribution that such materials should only be distributed to Private Siders (provided that such materials have been provided to you and your counsel for review a reasonable period of
time prior thereto): (a) administrative materials prepared by the Joint Bookrunners for prospective Lenders (such as a lender meeting invitation, bank allocation, if any, and funding and closing memoranda), (b) term sheets
and notification of changes in the Facilities’ terms and conditions, and (c) drafts and final versions of the Facilities Documentation. If you advise us in writing within a reasonable period of time (including by email), prior to
dissemination, that any of the foregoing should be distributed only to Private Siders, then Public Siders will not receive such materials without your consent. You will be solely responsible for the contents of the Information Materials and each of
the Commitment Parties shall be entitled to use and rely upon the information contained therein without responsibility for independent verification thereof. 
 4. Information. You hereby represent and warrant that, (a) (to the best of your knowledge as to the Target and its subsidiaries and businesses) all written information and written data
(other than the Projections and other than information of a general economic or industry specific nature) (the “Information”) that has been or will be made available to any Commitment Party by you or by any of your representatives

  
 7 

 
(including the Sponsor) on your behalf in connection with the transactions contemplated hereby, when taken as a whole, is or will be, when furnished, correct in all material respects and does not
or will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such
statements are made (giving effect to all supplements and updates thereto) and (b) the Projections that have been or will be made available to any Commitment Party by you or by any of your representatives (including the Sponsor) on your
behalf in connection with the transactions contemplated hereby have been, or will be, prepared in good faith based upon assumptions that are believed by you to be reasonable at the time prepared and at the time the related Projections are so
furnished; it being understood that the Projections are as to future events and are not to be viewed as facts, the Projections are subject to significant uncertainties and contingencies, many of which are beyond your control, that no assurance can
be given that any particular Projections will be realized and that actual results during the period or periods covered by any such Projections may differ significantly from the projected results and such differences may be material. You agree that,
if at any time prior to the Syndication Date, you become aware that any of the representations and warranties in the preceding sentence would be incorrect in any material respect if the Information and the Projections were being furnished, and such
representations were being made, at such time, then you will promptly supplement the Information and the Projections such that (with respect to the Information relating to the Target and its subsidiaries, to the best of your knowledge) such
representations and warranties are correct in all material respects under those circumstances. In arranging and syndicating the Facilities, each of the Commitment Parties (i) will be entitled to use and rely primarily on the Information
and the Projections without responsibility for independent verification thereof and (ii) does not assume responsibility for the accuracy or completeness of the Information or the Projections. 

5. Fees. As consideration for the commitments of the Initial Lenders hereunder and for the agreement of the Joint Bookrunners to
perform the services described herein, you agree to pay (or cause to be paid) the fees set forth in the Fee Letter dated the date hereof and delivered herewith with respect to the Facilities (the “Fee Letter”), if and to the extent
payable. Once paid, except as otherwise expressly provided in the Fee Letter, such fees shall not be refundable under any circumstances. 
 6. Conditions. The commitments of the Initial Lenders hereunder to fund the Facilities on the Closing Date and the agreements of the Joint Bookrunners to perform the services described herein are
subject solely to (a) the conditions set forth in the section entitled “Conditions to Initial Borrowings” in Exhibit B hereto, solely in the case of the Term Facility, and Exhibit C hereto, solely in the case of the Backstop
Facility, and (b) the conditions set forth in Exhibit D hereto, and upon satisfaction (or waiver by all Commitment Parties) of such conditions the initial funding of the Facilities shall occur

  
 8 

 
(except, if the Company has made a Backstop Election, to the extent Notes are issued in lieu of the Backstop Facility or a portion thereof). Without limiting the conditions precedent to funding
provided herein, the Joint Bookrunners will reasonably cooperate with you as reasonably requested in coordinating the timing and procedures for the funding of the Facilities in a manner consistent with the Purchase Agreement. 

Notwithstanding anything in this Commitment Letter (including each of the exhibits attached hereto), the Fee Letter, the Facilities
Documentation or any other letter agreement or other undertaking concerning the financing of the Transactions to the contrary, (i) the only representations the accuracy of which shall be a condition to the availability of the Facilities on
the Closing Date shall be the Major Representations (as defined below) made by the Borrower in the Facilities Documentation relating to the Borrower and the Guarantors, (ii) the only events of default the absence of which shall be a condition
to the availability of the Facilities on the Closing Date shall be the Major Defaults (as defined below) in the Facilities Documentation relating to the Borrower and the Guarantors and (iii) the terms of the Facilities Documentation shall be
in a form such that they do not impair the availability of the Facilities on the Closing Date if the conditions set forth in the section entitled “Conditions to Initial Borrowings” in Exhibit B hereto, solely in the case of the Term
Facility, and in Exhibit C hereto, solely in the case of the Backstop Facility, and in Exhibit D hereto are satisfied (it being understood that, to the extent any security interest in any Collateral is not or cannot be provided and/or perfected on
the Closing Date (other than (i) the pledge and perfection of the security interests in certificated equity securities of the Borrower and its wholly-owned domestic subsidiaries (and, if the Target becomes a subsidiary of a Domestic
Subsidiary (as defined in the Existing Credit Agreement) of the Company, the Target), (ii) assets with respect to which a lien may be perfected by the filing of a financing statement under the Uniform Commercial Code and (iii) the
delivery of customary “short form” intellectual property security agreements in form to be filed with the United States Patent and Trademark Office and/or the United States Copyright Office, if applicable (in each case of clauses (i), (ii)
and (iii), to the extent required in Exhibit B); provided that (i) stock certificates evidencing equity interests of the subsidiaries of the Target will not be required to be delivered prior to, or constitute a condition to,
funding and (ii) stock certificates evidencing equity interests of the Target will be required to be delivered solely to the extent received from the Target) after your use of commercially reasonable efforts to do so without undue burden
or expense, then the provision and/or perfection of a security interest in such Collateral shall not constitute a condition precedent to the availability of the Facilities on the Closing Date, but instead shall be required to be delivered after the
Closing Date pursuant to arrangements and timing to be mutually agreed by the Term Administrative Agent and the Borrower, in each case acting reasonably but in any event not more than 120 days after the Closing Date, as such period may be extended
by the Term Administrative Agent in its sole discretion). For the avoidance of doubt, none of the Target or its subsidiaries will be a Guarantor, and no 

  
 9 

 
security interest in the capital stock of the Target’s subsidiaries or any assets of the Target or its subsidiaries shall be required to be granted or perfected on the Closing Date. For
purposes hereof: “Major Representations” means the representations and warranties of the Borrower and the Guarantors set forth in the Facilities Documentation relating to corporate existence, power and authority, due authorization,
execution and delivery, validity and enforceability and no violations of, or conflict with, organizational documents of the Borrower and the Guarantors, in each case, related to the entering into and performance of the Facilities Documentation;
solvency as of the Closing Date (after giving effect to the Transactions) of the Borrower and its subsidiaries on a consolidated basis (solvency to be defined in a manner consistent with the solvency definitions set forth in Annex I to Exhibit D
hereto), Federal Reserve margin regulations, the Investment Company Act, OFAC1 and the PATRIOT Act and, subject to the provisions of this paragraph, creation, validity, and perfection of security interests in the Collateral; and “Major Defaults” means the events of
default in the Facilities Documentation relating to nonpayment of principal, fees and interest, bankruptcy or other insolvency events of the Borrower or any Guarantor that is a “significant” subsidiary, a change of control of the Borrower,
violation of the dispositions covenant in respect of all or substantially all of the assets of the Borrower and its subsidiaries, actual or asserted (by the Borrower or the applicable Guarantor) invalidity of guarantees or material security
documents by the Borrower or any Guarantor that is a “significant” subsidiary, and the inaccuracy of any Major Representation in any material respect (or, in all respects if qualified by materiality). This paragraph, and the provisions
herein, shall be referred to as the “Certain Funds Provision.” 
 7. Indemnity. To induce the Commitment
Parties to enter into this Commitment Letter and the Fee Letter and to proceed with the documentation of the Facilities, you agree (a) to indemnify and hold harmless each Commitment Party, its affiliates and the respective officers,
directors, employees, agents, advisors, and other representatives of each of the foregoing (each an “Indemnified Person”; provided that any of the foregoing solely in its capacity as financial advisor to the Seller or the
Target in connection with the Acquisition (each a “Sell-Side Advisor”) shall not be an Indemnified Person) from and against any and all losses, claims, damages and liabilities of any kind or nature and reasonable and documented
out-of-pocket fees and expenses, joint or several, 
  
  

	1 	 For purposes of the “Major Representations”, the OFAC representation shall consist of the following: (1) The proceeds of the Term
Loans and Initial Backstop Loans, as applicable, will not be used to facilitate (as such term is used in rules and regulations promulgated by OFAC) any business with any person, entity, organization, country or government that is the target of OFAC
sanctions where such business would be prohibited as to U.S. persons, giving effect to any and all general or specific licenses that have been granted by OFAC. (2) As of the Closing Date, after giving effect to the Transactions, neither the
Target nor any of its Subsidiaries nor any Loan Party is a person that is named as, or owned or controlled by, a specially designated national or blocked person on the current list published by the U.S. Treasury Department's Office of Foreign
Assets Control (OFAC). 

  
 10 

 
to which any such Indemnified Person may become subject to the extent arising out of, resulting from or in connection with this Commitment Letter, the Fee Letter, the Purchase Agreement, the
Transactions, the Facilities or any use of proceeds thereof (including, without limitation, to the extent arising out of, resulting from or in connection with any claim, litigation, investigation or proceeding resulting from this Commitment Letter,
the Fee Letter, the Purchase Agreement, the Transactions, the Facilities or any use of the proceeds thereof (any of the foregoing, a “Proceeding”), regardless of whether any such Indemnified Person is a party thereto, whether or not
such Proceedings are brought by you, your equity holders, affiliates, creditors, the Sponsor, the Target or any other third person), and to reimburse each such Indemnified Person upon demand for any reasonable and documented out-of-pocket legal
expenses of one firm of counsel for all such Indemnified Persons, taken as a whole and, if reasonably necessary, of a single local counsel in each appropriate jurisdiction (which may include a single special counsel acting in multiple jurisdictions)
for all such Indemnified Persons, taken as a whole (and, in the case of an actual or perceived conflict of interest where the Indemnified Person affected by such conflict informs you of such conflict and thereafter retains its own counsel, of
another firm of counsel for each such affected Indemnified Person) and other reasonable and documented or invoiced out-of-pocket fees and expenses incurred in connection with investigating or defending any of the foregoing; provided that the
foregoing indemnity will not, as to any Indemnified Person, apply to losses, claims, damages, liabilities or related expenses to the extent that they have resulted from (i) the willful misconduct, bad faith or gross negligence of such
Indemnified Person or any of such Indemnified Person’s affiliates or any of its or their respective officers, directors, employees, agents, advisors or other representatives (other than, in each case, any Sell-Side Advisor) (as determined by a
court of competent jurisdiction in a final and non-appealable decision), (ii) a material breach of the obligations of such Indemnified Person or any of such Indemnified Person’s affiliates (other than any Sell-Side Advisor) under
this Commitment Letter or the Fee Letter (as determined by a court of competent jurisdiction in a final and non-appealable decision) or (iii) any Proceeding that does not involve an act or omission by you or any of your affiliates and
that is brought by an Indemnified Person against any other Indemnified Person (other than any claims against any Commitment Party in its capacity or in fulfilling its role as an Administrative Agent, bookrunner or arranger or any similar role under
the Term Facility or Backstop Facility) and (b) to the extent that the Closing Date occurs, to reimburse each Commitment Party from time to time, upon presentation of a reasonably detailed summary statement, for all reasonable and
documented or invoiced out-of-pocket expenses, syndication expenses, travel expenses and reasonable fees, disbursements and other charges of counsel to the Commitment Parties identified in the Term Sheets and of a single local counsel to the
Commitment Parties in each appropriate jurisdiction (which may include a single special counsel acting in multiple jurisdictions) and of such other counsel retained with your prior written consent (such consent not to be unreasonably withheld or
delayed) or retained in connection with enforcement of this Commitment Letter or the Fee Letter), in each case incurred in connection with the Facilities and the preparation, negotiation and 

  
 11 

 
enforcement of this Commitment Letter, the Fee Letter, the Facilities Documentation and any security arrangements in connection therewith (collectively, the “Expenses”). The
foregoing provisions in this paragraph shall be superseded in each case, to the extent covered thereby, by the applicable provisions contained in the Facilities Documentation upon execution thereof and thereafter shall have no further force and
effect. 
 You shall not, without the prior written consent of the applicable Indemnified Person (which consent shall not be
unreasonably withheld or delayed), effect any settlement of any pending or threatened proceedings in respect of which indemnity could have been sought hereunder by such Indemnified Person unless such settlement (i) includes an
unconditional release of such Indemnified Person in form and substance reasonably satisfactory to such Indemnified Person from all liability or claims that are the subject matter of such proceedings and (ii) does not include any
statement as to or any admission of fault, culpability, wrongdoing or a failure to act by or on behalf of any Indemnified Person. 
 Notwithstanding any other provision of this Commitment Letter or the Fee Letter, (i) no Indemnified Person shall be liable for any damages arising from the use by others of information or
other materials obtained through internet, electronic, telecommunications or other information transmission systems, except to the extent that such damages have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified
Person or any of such Indemnified Person’s affiliates or any of its or their respective officers, directors, employees, agents, controlling persons, advisors or other representatives (as determined by a court of competent jurisdiction in a
final and non-appealable decision) and (ii) none of we, you, the Sponsor, the Target or any Indemnified Person shall be liable for any indirect, special, punitive or consequential damages in connection with this Commitment Letter, the
Fee Letter, the Transactions (including the Facilities and the use of proceeds thereunder), or with respect to any activities related to the Facilities, including the preparation of this Commitment Letter, the Fee Letter and the Facilities
Documentation; provided that nothing contained in this clause (ii) shall limit your indemnity and reimbursement obligations to the extent such indirect, special, punitive or consequential damages are included in any third party claim
with respect to which the applicable Indemnified Party is entitled to indemnification under the first paragraph of this Section 7. 
 You shall not be liable for any settlement of any Proceeding effected without your consent (which consent shall not be unreasonably withheld or delayed), but if settled with your written consent or if
there is a final and non-appealable judgment by a court of competent jurisdiction for the plaintiff in any such Proceeding, you agree to indemnify and hold harmless each Indemnified Person from and against any and all losses, claims, damages,
liabilities and expenses by reason of such settlement or judgment in accordance with and to the extent provided in the other provisions of this Section 7. 

  
 12 

 It is further agreed that the Initial Lenders shall be severally liable in respect of their
respective commitments to the Facilities, on a several, and not joint, basis with any other Initial Lender, and no Initial Lender shall be responsible for the commitment of any other Initial Lender. 

8. Sharing of Information, Absence of Fiduciary Relationships, Affiliate Activities. You acknowledge that the Commitment Parties
and their affiliates may be providing debt financing, equity capital or other services (including, without limitation, financial advisory services) to other persons in respect of which you, the Target, the Sponsor and your and their respective
affiliates may have conflicting interests regarding the transactions described herein and otherwise. None of the Commitment Parties or their affiliates will use confidential information obtained from you by virtue of the transactions contemplated by
this Commitment Letter or their other relationships with you in connection with the performance by them or their affiliates of services for other persons, and none of the Commitment Parties or their affiliates will furnish any such information to
other persons, except to the extent permitted below. You also acknowledge that none of the Commitment Parties or their affiliates has any obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to
you, confidential information obtained by them from other persons. 
 As you know, certain of the Commitment Parties may be full
service securities firms engaged, either directly or through their affiliates, in various activities, including securities trading, commodities trading, investment management, financing and brokerage activities and financial planning and benefits
counseling for both companies and individuals. In the ordinary course of these activities, certain of the Commitment Parties and their respective affiliates may actively engage in commodities trading or trade the debt and equity securities (or
related derivative securities) and financial instruments (including bank loans and other obligations) of you, the Target and other companies which may be the subject of the arrangements contemplated by this Commitment Letter for their own account
and for the accounts of their customers and may at any time hold long and short positions in such securities. Certain of the Commitment Parties or their affiliates may also co-invest with, make direct investments in, and invest or co-invest client
monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of you, the Target or other companies which may be the subject of the arrangements
contemplated by this Commitment Letter or engage in commodities trading with any thereof. 

  
 13 

 The Commitment Parties and their respective affiliates may have economic interests that
conflict with those of the Target and you. You agree that the Commitment Parties will act under this letter as independent contractors and that nothing in this Commitment Letter or the Fee Letter will be deemed to create an advisory, fiduciary or
agency relationship or fiduciary or other implied duty between the Commitment Parties and you and the Target, your and their respective equity holders or your and their respective affiliates. You acknowledge and agree that (i) the
transactions contemplated by this Commitment Letter and the Fee Letter are arm’s-length commercial transactions between the Commitment Parties and their affiliates, on the one hand, and you, on the other, (ii) in connection
therewith and with the process leading to such transaction each Commitment Party and its applicable affiliates (as the case may be) is acting solely as a principal and not as agents or fiduciaries of you, the Target, your and their management,
stockholders, creditors, affiliates or any other person, (iii) the Commitment Parties and their applicable affiliates (as the case may be) have not assumed an advisory or fiduciary responsibility or any other obligation in favor of you
or your affiliates with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether the Commitment Parties or any of their respective affiliates have advised or are currently advising you or the Target on
other matters) except the obligations expressly set forth in this Commitment Letter and the Fee Letter and (iv) you have consulted your own legal and financial advisors to the extent you deemed appropriate. You further acknowledge and
agree that neither we nor any of our affiliates are advising you as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction and you are responsible for making your own independent judgment with respect to the transactions
contemplated hereby and the process leading thereto. 
 You agree that you will not claim that the Commitment Parties or their applicable
affiliates, as the case may be, have rendered advisory services of any nature or respect, or owe a fiduciary or similar duty to you or your affiliates, in connection with the Transactions or the process leading thereto. You waive, to the fullest
extent permitted by law, any claims you may have against us or our affiliates for breach of fiduciary duty or alleged breach of fiduciary duty and agree that we and our affiliates shall have no liability (whether direct or indirect) to you in
respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of you, including your equity holders, employees or creditors. In addition, please note that Barclays Capital Inc. has been retained by
the Target as financial advisor (in such capacity, the “Financial Advisor”) to the Target in connection with the Acquisition. You agree to such retention, and further agree not to assert any claim you might allege based on any
actual or potential conflicts of interest that might be asserted to arise or result from, on the one hand, the engagement of the Financial Advisor and/or its affiliates’ arranging or providing or contemplating arranging or providing financing
for a competing bidder and, on the other hand, our and our affiliates’ relationships with you as described and referred to herein. You acknowledge that, in such capacity, the Financial Advisor may recommend that the Target not pursue or accept
your offer or proposal for the Acquisition or advise the 

  
 14 

 
Target in other manners adverse to your interests. You further acknowledge that we shall not be imputed to have knowledge of confidential information provided to or obtained by Barclays Capital
Inc. in its capacity as financial advisor to the Target. 
 9. Confidentiality. You agree that you will not disclose the
Fee Letter and the contents thereof or this Commitment Letter and the contents hereof to any person or entity without prior written approval of the Joint Bookrunners (such approval not to be unreasonably withheld or delayed), except
(a) to the Sponsor, and to your and any of the Sponsor’s affiliates and your and their respective officers, directors, agents, employees, attorneys, accountants, advisors, controlling persons or equity holders and to actual and
potential co-investors who are informed of the confidential nature hereof (and, in each case, each of their attorneys) on a confidential basis, (b) if the Commitment Parties consent in writing to such proposed disclosure or
(c) pursuant to the order of any court or administrative agency in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law or legal process or to the extent requested or required by
governmental and/or regulatory authorities, in each case based on the advice of your legal counsel (in which case you agree, to the extent practicable and not prohibited by applicable law, to inform us promptly thereof prior to disclosure);
provided that (i) you may disclose this Commitment Letter (but not the Fee Letter and the contents thereof) and the contents hereof to the Target, its subsidiaries and their respective officers, directors, agents, employees,
attorneys, accountants, advisors, controlling persons or equity holders (and each of their attorneys), on a confidential and need to know basis, (ii) you may disclose this Commitment Letter and the contents hereof (but not the Fee Letter
and the contents thereof) in any syndication or other marketing materials in connection with the Facilities, in any offering memoranda relating to the Notes or in connection with any public release or filing relating to the Transactions,
(iii) you may disclose this Commitment Letter and the Fee Letter and the contents hereof and thereof to potential Lead Arrangers under the first proviso to Section 2 on a confidential and need to know basis, and you may disclose
this Commitment Letter and the contents hereof (but not the Fee Letter) to rating agencies in connection with obtaining ratings for the Borrower, the Facilities and the Notes, (iv) you may disclose the aggregate fee amounts contained in
the Fee Letter as part of the Projections, pro forma information or a generic disclosure of aggregate sources and uses related to fee amounts related to the Transactions to the extent customary or required in offering and marketing materials for the
Facilities and/or the Notes or in any public release or filing relating to the Transactions and (v) to the extent portions thereof have been redacted in a customary manner (including the portions thereof addressing fees and other
economic terms), you may disclose the Fee Letter and the contents thereof to the Target, its subsidiaries and their respective officers, directors, agents, employees, attorneys, accountants, advisors, controlling persons or equity holders (and each
of their attorneys), in each case on a confidential and need to know basis. The obligations under this paragraph with respect to the Commitment Letter (but not the Fee Letter) shall terminate automatically after the Term Facility Documentation shall
have been executed and delivered by the parties 

  
 15 

 
thereto. To the extent not earlier terminated, the provisions of this paragraph with respect to the Commitment Letter (but not the Fee Letter) shall automatically terminate on the second
anniversary hereof. 
 The Commitment Parties and their affiliates will use all confidential information provided to them or
such affiliates by or on behalf of you hereunder or in connection with the Acquisition and the related Transactions solely for the purpose of providing the services which are the subject of this Commitment Letter and shall treat confidentially all
such confidential information and shall not publish, disclose or otherwise divulge, such information; provided that nothing herein shall prevent the Commitment Parties and their affiliates from disclosing any such information
(a) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law or compulsory legal process or to the extent requested or required
by governmental and/or regulatory authorities, in each case, based on the advice of counsel (in which case the Commitment Parties agree (except with respect to any routine audit or examination conducted by bank accountants or any governmental bank
regulatory authority exercising examination or regulatory authority), to the extent practicable and not prohibited by applicable law, to inform you promptly thereof prior to disclosure), (b) upon the request or demand of any regulatory
authority having jurisdiction over the Commitment Parties or any of their respective affiliates (in which case the Commitment Parties agree, to the extent practicable and not prohibited by applicable law, to inform you promptly thereof prior to
disclosure (except with respect to any routine audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority)), (c) to the extent that such information
becomes publicly available other than by reason of improper disclosure by the Commitment Parties or any of their affiliates or any related parties thereto in violation of any confidentiality obligations owing to you, the Sponsor, the Target or any
of your or their respective affiliates or related parties (including those set forth in this paragraph), (d) to the extent that such information is received by the Commitment Parties from a third party that is not, to the Commitment
Parties’ knowledge, subject to contractual or fiduciary confidentiality obligations owing to you, the Sponsor, the Target or any of your or their respective affiliates, (e) to the extent that such information is independently
developed by the Commitment Parties, (f) to the Commitment Parties’ affiliates and to its and their respective employees, legal counsel, independent auditors, professionals and other experts or agents who need to know such
information in connection with the Transactions and who are informed of the confidential nature of such information and are or have been advised of their obligation to keep information of this type confidential, (g) to potential or
prospective Lenders, participants or assignees and to any direct or indirect contractual counterparty to any swap or derivative transaction relating to the Borrower or any of its subsidiaries, in each case who agree to be bound by the terms of this
paragraph (or language substantially similar to this paragraph), (h) for purposes of establishing a “due diligence” defense, (i) to ratings 

  
 16 

 
agencies, in connection with obtaining the ratings described above, in consultation and coordination with you or (j) to the extent you shall have consented to such disclosure in
writing; provided that (i) the disclosure of any such information to any Lenders or prospective Lenders or participants or prospective participants referred to above shall be made subject to the acknowledgment and acceptance by such
Lender or prospective Lender or participant or prospective participant that such information is being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as is otherwise reasonably acceptable to you and
each Commitment Party, including, without limitation, as agreed in any Information Materials or other marketing materials) in accordance with the standard syndication processes of such Commitment Party or customary market standards for dissemination
of such type of information and (ii) no such disclosure shall be made by such Commitment Party to any Disqualified Lender. The Commitment Parties’ obligations under this paragraph shall automatically terminate and be superseded by the
confidentiality provisions in the definitive documentation relating to the Facilities upon the initial funding thereunder, if and to the extent the Commitment Parties are party thereto, and shall in any event terminate upon the second anniversary of
the date hereof. 
 10. Miscellaneous. This Commitment Letter and the commitments hereunder shall not be assignable by
any party hereto (other than in connection with an assignment to an additional agent as contemplated by the first proviso in Section 2 hereof), without the prior written consent of each other party hereto (such consent not to be unreasonably
withheld or delayed) and any attempted assignment without such consent shall be null and void. This Commitment Letter and the commitments hereunder are, and are intended to be, solely for the benefit of the parties hereto (and the Indemnified
Persons) and do not, and are not intended to, confer any benefits upon, or create any rights in favor of, any person other than the parties hereto (and Indemnified Persons to the extent expressly set forth herein). Subject to the limitations set
forth in Section 3 above, the Commitment Parties reserve the right to employ the services of their affiliates or branches in providing services contemplated hereby and to allocate, in whole or in part, to their affiliates or branches certain
fees payable to the Commitment Parties in such manner as the Commitment Parties and their affiliates or branches may agree in their sole discretion and, to the extent so employed, such affiliates and branches shall be entitled to the benefits and
protections afforded to, and subject to the provisions governing the conduct of the Commitment Parties hereunder. Except as contemplated by the first proviso in Section 2 hereof, this Commitment Letter may not be amended or any provision hereof
waived or modified except by an instrument in writing signed by each of the Commitment Parties and you. This Commitment Letter may be executed in any number of counterparts, each of which shall be deemed an original and all of which, when taken
together, shall constitute one agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile transmission or other electronic transmission (i.e., a “pdf” or “tiff”) shall be effective
as delivery of a manually executed 

  
 17 

 
counterpart hereof. This Commitment Letter, together with the Fee Letter dated the date hereof, (i) are the only agreements that have been entered into among the parties hereto with
respect to the Facilities and (ii) supersede all prior understandings, whether written or oral, among us with respect to the Facilities and set forth the entire understanding of the parties hereto with respect thereto. THIS COMMITMENT
LETTER AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS COMMITMENT LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER
APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS THEREOF. 
 Each of the parties hereto agrees that (i) this Commitment Letter is
a binding and enforceable agreement (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether
considered in a proceeding in equity or law)) with respect to the subject matter contained herein, including an agreement to negotiate in good faith the Facilities Documentation by the parties hereto in a manner consistent with this Commitment
Letter, it being acknowledged and agreed that the commitment provided hereunder is subject to conditions precedent as provided herein and (ii) the Fee Letter is a binding and enforceable agreement (subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law)) of the parties thereto with
respect to the subject matter set forth therein. 
 EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN
ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS COMMITMENT LETTER OR THE FEE LETTER OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER. 

Each of the parties hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive
jurisdiction of any New York State court or Federal court of the United States of America sitting in New York County, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Commitment Letter, the Fee
Letter or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment, and agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New York State court or, to
the extent permitted by law, in such Federal court, (b) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising
out of or 

  
 18 

 
relating to this Commitment Letter, the Fee Letter or the transactions contemplated hereby in any such New York State court or in any such Federal court, (c) waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and (d) agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other matter provided by law. Each of the parties hereto agrees that service of process, summons, notice or document by registered mail addressed to such party at its address set
forth above shall be effective service of process for any suit, action or proceeding brought in any such court. 
 We hereby
notify you that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “PATRIOT Act”), each of us and each of the Lenders may be required to obtain, verify and
record information that identifies the Borrower and the Guarantors, which information may include their names, addresses, tax identification numbers and other information that will allow each of us and the Lenders to identify the Borrower and the
Guarantors in accordance with the PATRIOT Act. This notice is given in accordance with the requirements of the PATRIOT Act and is effective for each of us and the Lenders. 
 The indemnification, compensation (if applicable), reimbursement (if applicable), jurisdiction, governing law, venue, waiver of jury trial, syndication (if applicable), absence of fiduciary relationships,
affiliate activities and confidentiality provisions contained herein and in the Fee Letter shall remain in full force and effect regardless of whether Facilities Documentation shall be executed and delivered and notwithstanding the termination or
expiration of this Commitment Letter or the Initial Lenders’ commitments hereunder; provided that your obligations under this Commitment Letter (other than your obligations with respect to (a) assistance to be provided in
connection with the syndication thereof (including supplementing and/or correcting Information and Projections) prior to the Syndication Date and (b) confidentiality of the Fee Letter and the contents thereof) shall automatically
terminate and be superseded by the corresponding provisions of the Facilities Documentation upon the initial funding thereunder, and you shall automatically be released from all liability in connection therewith at such time. You may terminate this
Commitment Letter and/or, on a pro rata basis, the Initial Lenders’ commitments with respect to the Facilities hereunder at any time subject to the provisions of the preceding sentence. 

Section headings used herein are for convenience of reference only and are not to affect the construction of, or to be taken into
consideration in interpreting, this Commitment Letter. 

  
 19 

 If the foregoing correctly sets forth our agreement, please indicate your acceptance of the
terms of this Commitment Letter and of the Fee Letter by returning to Barclays on behalf of the Commitment Parties, executed counterparts hereof and of the Fee Letter not later than 5:00 P.M., New York City time, on July 1, 2012. The Initial
Lenders’ commitments and the obligations of the Joint Bookrunners hereunder will expire at such time in the event that Barclays has not received such executed counterparts in accordance with the immediately preceding sentence. If you do so
execute and deliver to us this Commitment Letter and the Fee Letter, we agree to hold our commitment available for you until the earliest of (i) the consummation of the Acquisition with or without the funding of the Facilities,
(ii) July 1, 2013 and (iii) any termination of the Purchase Agreement (such earliest time, the “Expiration Date”), it being understood and agreed, however, that if the Company makes and does not rescind an
Escrow Election, (x) the commitments of the Initial Term Lenders hereunder in respect of the Term Facility shall automatically terminate upon the funding of the Term Loans on the Funding Date and (y) the occurrence of the
Funding Date shall have no effect on the commitments of the Initial Backstop Lenders in respect of the Backstop Facility, which commitments shall remain available until the Expiration Date. Upon the occurrence of any of the events referred to in the
preceding sentence, this Commitment Letter and the commitments of each of the Commitment Parties hereunder and the agreement of the Joint Bookrunners to provide the services described herein shall automatically terminate unless the Commitment
Parties shall, in their discretion, agree to an extension in writing, subject to your surviving obligations as set forth in the third to last paragraph of this Commitment Letter and the Fee Letter. 

[Remainder of this page intentionally left blank] 

  
 20 

 We are pleased to have been given the opportunity to assist you in connection with the
financing for the Transactions. 
  

			
	 Very truly yours,

 

	 BARCLAYS BANK PLC

 

	By:	 	 /s/ Timothy Broadbent

	Name:	 	Timothy Broadbent
	Title:	 	Authorized Signatory

 [Commitment Letter Signature Page] 

 
			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS
  

	By:	 	 /s/ Catherine Madigan

	Name:	 	Catherine Madigan
	Title:	 	Managing Director
		
	By:	 	 /s/ Seamus Toal

	Name:	 	Seamus Toal
	Title:	 	Managing Director
	  
 DEUTSCHE BANK AG CAYMAN ISLANDS
BRANCH
  

	By:	 	 /s/ Catherine Madigan

	Name:	 	Catherine Madigan
	Title:	 	Managing Director
		
	By:	 	 /s/ Seamus Toal

	Name:	 	Seamus Toal
	Title:	 	Managing Director

 [Commitment Letter Signature Page] 

 
			
	 DEUTSCHE BANK SECURITIES INC.

 

	By:	 	 /s/ Scott Sartorius

	Name:	 	Scott Sartorius
	Title:	 	Managing Director
		
	By:	 	 /s/ Christopher Blum

	Name:	 	Christopher Blum
	Title:	 	Managing Director

 [Commitment Letter Signature Page] 

 
			
	 CREDIT SUISSE AG, CAYMAN
 ISLANDS BRANCH
  

	By:	 	 /s/ Doreen Barr

	Name:	 	Doreen Barr
	Title:	 	Director
		
	By:	 	 /s/ Vipul Dhadda

	Name:	 	Vipul Dhadda
	Title:	 	Associate
	
	CREDIT SUISSE SECURITIES
	 (USA) LLC

 

	By:	 	 /s/ Sarah Marie Martin

	Name:	 	Sarah Marie Martin
	Title:	 	Managing Director

 [Commitment Letter Signature Page] 

 
			
	 GOLDMAN SACHS BANK USA

 

	By:	 	 /s/ Robert Ehudin

	Name:	 	Robert Ehudin
	Title:	 	Authorized Signatory

 [Commitment Letter Signature Page] 

 
			
	Accepted and agreed to as of
	 the date first above written:

 

	 SYNIVERSE HOLDINGS, INC.

 

	By:	 	 /s/ David W. Hitchcock

	Name:	 	David W. Hitchcock
	Title:	 	 Chief Financial Officer and

Chief Administrative Officer

 [Commitment Letter Signature Page] 

 EXHIBIT A 
 Project Magellan 
 Transaction Description 

Capitalized terms used but not defined in this Exhibit A shall have the meanings set forth in the Commitment Letter. In the case of any
such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in this Exhibit A shall be determined by reference to the context in which it is used. 

The Company intends to consummate the Acquisition pursuant to the Purchase Agreement (as defined below). 

In connection with the foregoing, it is intended that: 

(a) Pursuant to the agreement for the purchase and sale of WP Roaming III S.à r.l. (together with all exhibits and
schedules thereto, collectively, the “Purchase Agreement”) to be entered into on or about the date hereof with WP Roaming S.à r.l. (the “Seller”), the Company will, directly or indirectly, consummate the
Acquisition and, if applicable, the other transactions described therein or related thereto. 
 (b) The Company
will (or, if the Company has made and not rescinded an Escrow Election, the Escrow Borrower will) obtain up to $700 million under a senior secured term loan facility described in Exhibit B to the Commitment Letter (the “Term
Facility”), provided that if the Company makes a Backstop Election (as defined below), the amount of the Term Facility shall be decreased by the Term Loan Decrease Amount (as defined below). 

(c) If the Company makes a Backstop Election, the Company will (or, if the Company has made and not rescinded an Escrow
Election, the Escrow Borrower will), at the Company’s option, (i) issue and sell (solely in the case of the Company) additional notes under the Existing Indenture or other senior unsecured notes (the “Notes”) in a
Rule 144A or other private placement on or prior to the Closing Date yielding gross cash proceeds equal to the Term Loan Decrease Amount and/or (ii) if and to the extent that less than the Term Loan Decrease Amount in Notes are issued on
or prior to the Closing Date, borrow senior unsecured bridge loans in an amount equal to the Term Loan Decrease Amount (less the amount of Notes issued on or prior to the Closing Date) (the “Backstop Loans”) under a senior unsecured
credit facility described in Exhibit C to the Commitment Letter (the “Backstop Facility” and, together with the Term Facility, the “Facilities”). 

  
 A-1

 (d) As of the Closing Date, other than the principal amount permitted to
remain outstanding pursuant to Section 8.8 of the Purchase Agreement as in effect on or about the date hereof, all existing third party indebtedness for borrowed money of the Target and its subsidiaries (which may exclude certain limited
indebtedness that the Joint Bookrunners and the Company reasonably agree may remain outstanding after the Closing Date) will be refinanced, repaid, redeemed, defeased or otherwise discharged and, if the Company made a Backstop Election and made and
did not rescind an Escrow Election, a principal amount of Term Loans equal to the Term Loan Decrease Amount, if any, will be repaid in accordance with clause (e) below with the proceeds of the Backstop Facility and/or the Notes (collectively,
the “Refinancing”), except for any capital leases existing on the date hereof or permitted to be incurred under the Purchase Agreement, which may remain outstanding after the Closing Date. 

(e) The proceeds of the Facilities borrowed (or Released, if applicable) on the Closing Date, together with cash on hand and the proceeds
of the issuance of the Notes, if any, will be applied (i) to pay the purchase price in connection with the Acquisition, (ii) to pay the fees, costs and expenses incurred in connection with the Transactions (such fees and
expenses, the “Transaction Costs”) and (iii) to pay for the Refinancing (the amounts set forth in clauses (i) through (iii) above, collectively, the “Acquisition Costs”). 

To the extent that the Company determines, in its sole discretion, that it is in the best interest of the Company to effectuate the
initial funding of the Term Facility prior to the Acquisition Date, you may at any time elect in writing by notice to the Initial Term Lenders (the “Escrow Election”) for the borrowing of the Term Loans to take place prior to the
Acquisition Date. An Escrow Election may be rescinded prior to the Funding Date at the option of the Company. In connection with the Escrow Election, the Company will form a new shell company and wholly owned subsidiary, organized under Delaware law
(the “Escrow Borrower”) which it will designate as an Unrestricted Subsidiary under, and as defined in, each of the Existing Credit Agreement and the Existing Indenture (each as defined below). In the event of an Escrow Election,
the Escrow Borrower will be the borrower under the Term Facility and shall borrow the Term Loans on the Funding Date and shall deposit the Term Loan proceeds into escrow, and prior to the Acquisition Date (the period from the Funding Date through
the Acquisition Date, the “Escrow Period”) there shall be no other obligors in respect of the Term Loans other than the Escrow Borrower. During the Escrow Period, the obligations of the Escrow Borrower in respect of the Term
Facility shall be secured on a first lien basis solely by the assets of the Escrow Borrower, including the proceeds of the Term Loans and any cash contributed, or 

  
 A-2

 
invested, in the Escrow Borrower by the Company to cover interest accruing on the Term Loans through the Expiration Date. In connection with an Escrow Election, the only conditions to the
availability of Term Facility on the Funding Date shall be (w) the deposit into the escrow by the Escrow Borrower of an amount of cash sufficient to pay accrued and unpaid interest on the Term Loans, to but excluding the three month
anniversary of the Funding Date (such three month period, and each succeeding three month period prior to the Release, an “Escrow Interest Period”), (x) the execution and delivery of an escrow agreement substantially
consistent with the escrow agreement, dated as of December 21, 2010 among Buccaneer Merger Sub, Inc., Barclays and Barclays Capital, Inc., by the Escrow Borrower, (y) the conditions set forth in the section entitled “Conditions
to Initial Borrowing” in Exhibit B hereto and (z) the conditions numbered 3, (solely with respect to the Escrow Borrower) 4, (solely with respect to the Escrow Borrower) 5, (solely with respect to the Ticking Fee, the Term Upfront
Fees and the Term Agent Fee) (each as defined in the Fee Letter)) 7, 9 and (solely with respect to the Escrow Borrower) 10 in Exhibit D hereto, in each case as if the term “Closing Date” were replaced with the term “Funding
Date”, including in the Certain Funds Provisions. The only conditions to the release of the Term Loan proceeds from escrow (the “Release”) following the Funding Date shall be (x) the designation by the Company of
the Escrow Borrower as a Restricted Subsidiary under, and as defined in, each of the Existing Credit Agreement and the Existing Indenture, (y) the conditions set forth in the section entitled “Conditions to Initial Borrowing”
in Exhibit B hereto and (z) conditions numbered 1, 2, (with respect to the Company and the Guarantors) 4, (with respect to the Company and the Guarantors) 5, 6, 7 and (with respect to the Company and the Guarantors) 10 in Exhibit D
hereto, in each case as if the term “availability of the Facilities on the Closing Date” (or, words or phrases of a similar import) in the Certain Funds Provisions were replaced with the term “Release on the Closing Date”. On the
date that is at least 15 days prior to the end of any Escrow Interest Period, the Escrow Borrower shall deposit an amount of cash, when taken together with the amount then on deposit in the escrow, sufficient to pay accrued and unpaid interest on
the Term Loans, to the last date of the next succeeding Escrow Interest Period; provided that the failure to deposit any such amount within five business days after the same becomes due shall constitute an event of default under the Term
Facility Documentation. If the Release has not occurred on or prior to the Expiration Date, on the first business day following the Expiration Date, the Escrow Borrower shall prepay in full, at par, the Term Loans together with all accrued interest
thereon (the “Special Mandatory Prepayment”). Promptly following the Release (and in any event within one business day), the Escrow Borrower shall assign, and the Company shall assume, the obligations of the Escrow Borrower under
the Term Facility (the “Term Assignment”). This paragraph, and the provisions herein, shall be referred to as the “Escrow Provisions.” 

  
 A-3

 To the extent the Company determines, in its sole discretion, that the amount of Term Loans
permitted to be incurred (including in the case of an Escrow Election, as a result of the Company designating the Escrow Borrower as a Restricted Subsidiary under the Existing Credit Agreement and the Existing Indenture) on the Closing Date (the
lesser of the amounts permitted by the following clauses (x) and (y), which shall be determined by the Company in its sole discretion, the “Permitted Amount”) pursuant to either (x) Section 7.03(b)(xxxi)(i) of
the Credit Agreement as in effect on the date hereof (the “Existing Credit Agreement”), dated as of April 23, 2012, among the Company, Buccaneer Holdings, Inc., Barclays, as administrative agent, swing line lender and l/c
issuer, and the lenders and financial institutions party thereto, in reliance on clause (ii) of the definition of “Maximum Incremental Facilities Amount” in the Existing Credit Agreement or (y) clause 24 of the definition
of “Permitted Liens” in the Indenture as in effect on the date hereof (the “Existing Indenture”), dated as of December 22, 2010, between the Company (as successor to Buccaneer Merger Sub, Inc.) and Wilmington Trust,
National Association (as successor to Wilmington Trust, FSB) (the foregoing clauses (x) and (y), the “Existing Leverage Conditions”) is less than $700 million (the greater of (a) the difference between $700 million
and the Permitted Amount (the “Deficit Amount”) and (b) $200 million (or, if the Notes are fungible with the notes issued under the Existing Indenture, $25 million) (the “Backstop Minimum Amount”), the
“Term Loan Decrease Amount”), the Company may elect in writing by notice to the Initial Backstop Lenders (the “Backstop Election”), on or prior to the date that is 20 calendar days prior to the Closing Date
(provided that such 20 calendar day period shall be subject to the Blackout Periods), to decrease the Term Facility by the Term Loan Decrease Amount. 
 If a Backstop Election is made, (i) the Initial Backstop Lenders’ collective commitments in respect of the Backstop Facility shall equal the Term Loan Decrease Amount and
(ii) the Initial Term Lenders’ collective commitments in respect of the Term Facility shall terminate, on a pro rata basis, with respect to commitments equal to the Term Loan Decrease Amount on the date thereof. 

The transactions described above (including the payment of Acquisition Costs and, if applicable, the Term Assignment and the Backstop
Assignment) are collectively referred to herein as the “Transactions”. 
  

  
 A-4

 EXHIBIT B 
 Project Magellan 
 Term Facility 

Summary of Principal Terms and Conditions2 
  

			
	Borrower:	  	The Company (or, if the Company has made and not rescinded an Escrow Election, (a) initially the Escrow Borrower and (b) after giving effect to the Term Assignment, the Company)
(such relevant entity, the “Borrower”).
		
	Transaction:	  	As set forth in Exhibit A to the Commitment Letter.
		
	Administrative Agent and Collateral Agent:	  	Barclays will act as sole administrative agent (the “Administrative Agent”) and sole collateral agent (the “Collateral Agent,” and together with
its capacity as the Administrative Agent, the “Term Administrative Agent”) for a syndicate of banks, financial institutions and other entities reasonably acceptable to the Borrower (excluding any Disqualified Lender) (together with
the Initial Term Lenders, the “Term Lenders”), and will perform the duties customarily associated with such roles.
		
	Lead Arranger and Joint Bookrunners:	  	Each of Barclays DBSI, CS Securities and GS Bank, will act as a joint lead arranger and bookrunner for the Term Facility and will perform the duties customarily associated with
such roles.
		
	Syndication Agent:	  	A financial institution to be designated by the Borrower in accordance with the Commitment Letter.
		
	Documentation Agent:	  	A financial institution or institutions to be designated by the Borrower in accordance with the Commitment Letter.
		
	Term Facility:	  	A senior secured term loan facility (the “Term Facility”) in an aggregate principal amount of up to $700 million (the loans thereunder, the “Term
Loans”); provided that if the Company makes a Backstop Election, the amount of the Term Facility shall be decreased by the Term Loan Decrease Amount.

  
  

	2 	 All capitalized terms used but not defined herein shall have the meanings given to them in the Commitment Letter to which this term sheet is attached,
including Exhibit A thereto. 

  
 B-1

			
	Incremental Facilities:	  	The Facilities Documentation (as defined below) will permit the Borrower (after the end of any Escrow Period) to add Incremental Term Loan Commitments (as defined in the Existing
Credit Agreement), in an amount not exceeding (together with any “Incremental Commitments” under the Existing Credit Agreement), at the time the respective Incremental Commitments become effective, the Maximum Incremental Facilities Amount
(as defined in the Existing Credit Agreement); provided that such Incremental Commitments shall be subject solely to terms and conditions consistent with the Term Documentation Principles (including a proxy for pro forma compliance with the
financial covenant in the Existing Credit Agreement as if fully set forth in the Term Facility Documentation).
		
		  	The Term Facility will permit the Borrower (after the end of any Escrow Period) to utilize availability under the Maximum Incremental Facilities Amount to issue or incur
Additional Permitted Obligations (as defined in the Existing Credit Agreement) on terms and conditions consistent with the Term Documentation Principles.
		
	Purpose:	  	The proceeds of borrowings under the Term Facility will be used by the Borrower on the Closing Date, together with proceeds, if any, from borrowings under the Borrower’s
existing revolving facility, cash on hand at the Borrower and, if the Borrower makes a Backstop Election, the proceeds from the incurrence of the Backstop Facility and/or the Notes, to pay the Acquisition Costs.
		
	Availability:	  	The Term Facility will be available in a single drawing on the Closing Date (or, if the Company has made and not rescinded an Escrow Election, the Funding Date). Amounts borrowed
under the Term Facility that are repaid or prepaid may not be reborrowed.

  
 B-2

			
	Interest Rates and Fees:	  	As set forth on Annex I hereto.
		
	Default Rate:	  	With respect to overdue principal, the applicable interest rate plus 2.00% per annum, and with respect to any other overdue amount (including overdue interest), the
interest rate applicable to ABR loans (as defined in Annex I hereto) plus 2.00% per annum and in each case, shall be payable on demand.
		
	Final Maturity and Amortization:	  	Subject to the Special Mandatory Prepayment, the Term Facility will mature on the date that is seven years after the Closing Date; provided that the Term Facility will be
subject to earlier maturity pursuant to terms consistent with the proviso contained in clause (b) of the definition of “Maturity Date” in the Existing Credit Agreement. The Term Facility will amortize in equal quarterly installments,
commencing with the last day of the first full fiscal quarter ending after the Closing Date, in aggregate annual amounts equal to 1% of the original principal amount of the Term Facility, with the balance payable on the seventh anniversary of the
Closing Date.
		
		  	The Term Facility Documentation shall provide the right for individual Term Lenders to agree to extend the maturity date of the outstanding Term Loans subject solely to terms and
conditions consistent with the Term Documentation Principles.
		
	Guarantees:	  	All obligations of the Borrower (the “Borrower Term Obligations”) under the Term Facility and, at the option of the Borrower, under any interest rate protection
or other swap or hedging arrangements or cash management arrangements entered into with a Term Lender, the Term Administrative Agent or any affiliate of a Term Lender or the Term Administrative Agent (“Hedging /Cash Management
Arrangements”) will be unconditionally guaranteed jointly and severally on a senior secured first-lien basis (the “Term Guarantees”) by each existing or subsequently acquired or organized direct or indirect

  
 B-3

			
		  	wholly owned domestic restricted subsidiary of the Borrower which would be required to guaranty the obligations of the Borrower under the Existing Credit Agreement (the
“Existing Credit Agreement Obligations”) (whether or not the Existing Credit Agreement is then in effect) and by the direct parent of the Borrower (the “Guarantors”); provided that if the Company has made and not
rescinded an Escrow Election, during the Escrow Period there shall be no Term Guarantees.
		
	Security:	  	Subject to the limitations set forth below in this section and subject to the Certain Funds Provision (and, if the Borrower has made and not rescinded and Escrow Election, the
Escrow Provisions), the Borrower Term Obligations, the Term Guarantees and, at the option of the Borrower, the Hedging/Cash Management Arrangements will be secured on a pari passu basis with the Existing Credit Agreement Obligations solely by
those assets of the Borrower and of each Guarantor required to secure the Existing Credit Agreement Obligations (whether or not the Existing Credit Agreement is then in effect).
		
		  	All pledges, security interests and mortgages shall be created on terms consistent with the Term Documentation Principles.
		
		  	For the avoidance of doubt, no actions in any non-U.S. jurisdiction or required by the laws of any non-U.S. jurisdiction shall be required in order to create any security
interests in assets located or titled outside of the U.S. or to perfect any security interests therein (it being understood that there shall be no security agreements or pledge agreements governed under the laws of any non-U.S
jurisdiction).
		
		  	As of the Closing Date, the priority of security interests and relative rights of the Lenders under the Term Facility and the lenders under the Existing Credit Agreement shall be
subject to intercreditor arrangements set forth in the form of intercreditor agreement attached as Exhibit J to the Existing Credit Agreement or, at the Borrower’s option, to an Other Intercreditor Agreement (as defined in the Existing Credit
Agreement) reasonably satisfactory to the Term Administrative Agent (the “Intercreditor Agreement”).

  
 B-4

			
	Mandatory Prepayments:	  	Loans under the Term Facility shall be prepaid with:
		
		  	 (A)     commencing with the fiscal year ended December 31, 2013 (or, if the Closing Date occurs after
June 30, 2013, the fiscal year ended December 31, 2014), 50% of Excess Cash Flow (as defined in the Existing Credit Agreement) (the “ECF Prepayment Amount”), with a step-down to zero upon achievement of a Consolidated Senior Secured
Debt Ratio (as defined in the Existing Credit Agreement) of 2.75:1.00; provided that, (x) the portion of such ECF Prepayment Amount required by the terms of any other debt with pari passu lien priority with the Term Facility (“Pari
Passu Debt”) to be applied to prepay such other debt on a pro rata basis with the Term Facility (and so long as the Term Facility receives a ratable share of such ECF Prepayment Amount) and (y) in any fiscal year, at the Borrower’s
option, any voluntary prepayments of loans under the Term Facility or Pari Passu Debt (but, in the case of revolving loans, only to the extent commitments thereunder are permanently reduced) made during such year or, without duplication, after year
end and prior to the time such Excess Cash Flow payment is due, shall in case of each of clauses (x) and (y) be credited against excess cash flow prepayment obligations on a dollar-for-dollar basis for such fiscal year on terms and conditions
consistent with the Term Documentation Principles;

		
		  	 (B)     100% of the Net Cash Proceeds (as defined in the Existing Credit Agreement) from any Asset
Sale (as defined in the Existing Credit Agreement) by the Borrower or any restricted subsidiaries and Casualty Events (as defined in

  
 B-5

			
		  	 the Existing Credit Agreement), in each case, in excess of amounts reinvested (or committed to be reinvested) in the business of the Borrower or
its restricted subsidiaries within 365 days and, if so committed to be reinvested, so long as such reinvestment is completed within 180 days after such 365 day period, with such proceeds being applied to the Term Loans and Pari Passu Debt on a pro
rata basis, and on terms and conditions, consistent with the Term Documentation Principles;

		
		  	 (C)     100% of the Net Cash Proceeds of issuances of debt obligations of the Borrower and its
restricted subsidiaries after the Closing Date (other than debt permitted under the Term Facility Documentation, except Permitted Refinancing Obligations (as defined in the Existing Credit Agreement) in respect of the Term Facility) on terms and
conditions consistent with the Term Documentation Principles.

		
		  	Such other terms and conditions applicable to mandatory prepayments, including applications thereof, shall be consistent with the Term Documentation Principles.
		
	 Voluntary Prepayments and

Reductions in Commitments:
	  	Voluntary prepayments of borrowings under the Term Facility shall be subject to terms and conditions consistent with the Term Documentation Principles; provided that,
subject to reimbursement of the Term Lenders’ redeployment cost in the case of a prepayment of Adjusted LIBOR borrowings other than on the last day of the relevant interest period (on a basis consistent with the Term Documentation Principles),
voluntary prepayments shall not be subject to any premium or penalty.
		
	Documentation:	  	The definitive documentation for the Term Facility (the “Term Facility Documentation”) shall be “covenant-lite”, with incurrence based covenants based
on and substantially consistent with the Existing Credit Agreement (and the related security,

  
 B-6

			
		  	pledge, collateral and guarantee agreements executed and/or delivered in connection with the foregoing), as modified by the terms set forth herein and subject to (i)
modifications (other than release of Collateral) not inconsistent with the express provisions of this Term Sheet necessary to ensure compliance with the Existing Credit Agreement and the Existing Indenture, subject to the consent of the Initial Term
Lenders (not to be unreasonably withheld), (ii) modifications to reflect customary provisions included in credit agreements with respect to which Barclays serves as administrative agent (including with respect to loan, operational, assignment
and other similar agency provisions), (iii) modifications to address technical matters and (iv) if the Company has made and not rescinded an Escrow Election, modifications to reflect the Escrow Provisions. The Term Facility
Documentation will contain only those conditions to borrowing, mandatory prepayments, representations, warranties, covenants and events of default expressly set forth in this Term Sheet (subject to modification in accordance with the flex provisions
of the Fee Letter, and in no event modifying the conditions to borrowing on the Closing Date). The foregoing provisions are referred to collectively as the “Term Documentation Principles”.
		
	Representations and Warranties:	  	 Same as the Existing Credit Agreement.
  

The representations and warranties will be required to be made in connection with each extension of credit (including the extensions of credit on the
Closing Date), except that the failure of any representation or warranty (other than the Major Representations relating to the Borrower and the Guarantors) to be true and correct on the Closing Date will not in and of itself constitute the failure
of a condition precedent to funding or a default under the Term Facility.

		
	Conditions to Initial Borrowing:	  	The availability of the initial borrowing under the Term Facility on the Closing Date will be subject

  
 B-7

			
		  	solely to (a) the conditions set forth in the Certain Funds Provisions and Exhibit D to the Commitment Letter, (b) the accuracy of the Major Representations in all
material respects (or, in all respects, if qualified by materiality) and (c) the absence of Major Defaults after giving effect to the making of such initial borrowing and other extension of credit on the Closing Date.
		
	Conditions to All Subsequent Borrowings:	  	After the Closing Date, the making of each extension of credit under the Term Facility shall be conditioned upon (a) delivery of a customary borrowing notice,
(b) the accuracy of representations and warranties in all material respects (or, in all respects, if qualified by materiality) and (c) the absence of defaults or events of default at the time of, or after giving effect to the making
of, such extension of credit.
		
	Affirmative Covenants:	  	Same as the Existing Credit Agreement; provided that (a) the Borrower shall not be required to deliver any certificate of calculations with respect to the financial
covenant under the Existing Credit Agreement and (b) if the Company has made and not rescinded an Escrow Election, there shall be a covenant to make the Term Assignment promptly (and in any event within one business day) following the
Release.
		
	Negative Covenants:	  	Same as the Existing Credit Agreement; provided that if the Company has made and not rescinded an Escrow Election, during the Escrow Period the Escrow Borrower shall be
subject to a customary “special-purpose” conduct of business covenant which limits the activities of the Escrow Borrower on terms to be agreed, which in any event shall permit the Transactions.
		
	Financial Maintenance Covenant:	  	None.
		
	Unrestricted Subsidiaries:	  	Same as the Existing Credit Agreement.

  
 B-8

			
	Events of Default:	  	Same as the Existing Credit Agreement, including cross acceleration (and not cross default) to a breach of the financial covenant under the Existing Credit
Agreement.
		
	Voting:	  	Same as the Existing Credit Agreement, subject to appropriate modifications to reflect the absence of a revolving credit facility in the Term Facility Documentation and to allow the
Term Assignment.
		
	Cost and Yield Protection:	  	Same as the Existing Credit Agreement.
		
	Assignments and Participations:	  	Same as the Existing Credit Agreement, subject to appropriate modifications to reflect the absence of a revolving credit facility in the Term Facility
Documentation.
		
	Successor Administrative Agent:	  	Same as the Existing Credit Agreement.
		
	Expenses and Indemnification:	  	Same as the Existing Credit Agreement.
		
	Governing Law and Forum:	  	Same as the Existing Credit Agreement.
		
	Counsel to the Term Administrative Agent and Lead Arrangers:	  	Latham & Watkins LLP

  
 B-9

 ANNEX B-I 
  

			
	Interest Rates:	  	The interest rates under the Term Facility will be as follows:
		
		  	At the option of the Borrower, initially, Adjusted LIBOR plus 4.25% or ABR plus 3.25%.
		
		  	Term Facility
		
		  	The Borrower may elect interest periods of 1, 2, 3 or 6 months (or, if agreed to by all relevant Term Lenders, 9 or 12 months) for Adjusted LIBOR borrowings.
		
		  	Calculation of interest shall be on the basis of the actual days elapsed in a year of 360 days (or 365 or 366 days, as the case may be, in the case of ABR loans based on the
Prime Rate).
		
		  	Interest shall be payable in arrears (a) for loans accruing interest at a rate based on Adjusted LIBOR, at the end of each interest period and, for interest periods of
greater than 3 months, every three months, and on the applicable maturity date and (b) for loans accruing interest based on the ABR, quarterly in arrears and on the applicable maturity date.
		
		  	ABR is the Alternate Base Rate, which is the highest of (i) the rate of interest publicly announced by the Term Administrative Agent as its prime rate in effect at its
principal office in New York City (the “Prime Rate”), (ii) the Federal Funds Effective Rate plus 1/2 of 1.0% and (iii) the one-month Adjusted LIBOR rate plus 1.0% per annum, giving effect to the Adjusted LIBOR
floor described below.
		
		  	“Adjusted LIBOR” on any date, means the rate (adjusted for statutory reserve requirements for eurocurrency liabilities) for eurodollar deposits of the relevant
term, appearing on the LIBOR01 Page published by Reuters two business days prior to such date, as set at the beginning of each applicable interest period.

  
 B-I-1

			
		 	There shall be a minimum Adjusted LIBOR (i.e., Adjusted LIBOR prior to adding any applicable interest rate margins thereto) requirement of 1.25% per annum.

  

  
 B-I-2

 EXHIBIT C 
 Project Magellan 
 Backstop Facility 

Summary of Principal Terms and Conditions3 
  

			
		
	Borrower:	  	The Company (or, if the Company has made and not rescinded an Escrow Election, (a) initially the Escrow Borrower and (b) after giving effect to the assignment by the Escrow
Borrower of its obligations under the Backstop Facility to the Company (the “Backstop Assignment”), the Company) (such relevant entity, the “Borrower”).
		
	Transaction:	  	As set forth in Exhibit A to the Commitment Letter.
		
	Administrative Agent:	  	DBCI will act as sole administrative agent (in such capacity, the “Administrative Agent”) for a syndicate of banks, financial institutions and other entities
reasonably acceptable to the Borrower (excluding Disqualified Lenders) (together with the Initial Lenders, the “Backstop Lenders”), and will perform the duties customarily associated with such role.
		
	Lead Arranger and Joint Bookrunner:	  	Each of DBSI, Barclays, CS Securities and GS Bank will act as joint lead arranger and bookrunner for the Backstop Facility and will perform the duties customarily associated with
such roles.
		
	Syndication Agent:	  	A financial institution to be designated by the Borrower in accordance with the Commitment Letter.
		
	Documentation Agent:	  	A financial institution or institutions to be designated by the Borrower in accordance with the Commitment Letter.
		
	Initial Backstop Loans:	  	If the Company has made a Backstop Election and notified the Backstop Lenders thereof at least 20 consecutive calendar days prior to the Closing Date (such 20 consecutive day to
be subject to the

  
  

	3 	 All capitalized terms used but not defined herein shall have the meanings given to them in the Commitment Letter to which this term sheet is attached,
including the exhibits thereto. 

  
 C-1

			
		  	Blackout Periods), the Backstop Lenders will make senior unsecured increasing rate loans (the “Initial Backstop Loans”) to the Borrower on the Backstop Funding
Date in an aggregate principal amount of up to the Term Loan Decrease Amount minus the aggregate amount of proceeds from the Notes available to the Borrower on the Backstop Funding Date.
		
	Availability:	  	The Backstop Lenders will make the Initial Backstop Loans on the Closing Date in a single drawing contemporaneously with the consummation of the Acquisition and the initial
funding under the Term Facility. The date of funding of the Initial Backstop Loans is referred to herein as the “Backstop Funding Date”.
		
	Purpose:	  	The proceeds of borrowings of the Initial Backstop Loans will be used by the Borrower on the Closing Date, together with the proceeds of borrowings under the Term Facility, the
proceeds of the issuance of the Notes, if any, the proceeds, if any, from borrowings under the Borrower’s existing revolving facility, and cash on hand at the Company, to pay the Acquisition Costs.
		
	Ranking:	  	The Initial Backstop Loans will rank pari passu in right of payment with the Existing Credit Agreement, the Term Facility and other senior indebtedness of the
Borrower, and will not be secured.
		
	Guarantees:	  	The Initial Backstop Loans will be jointly and severally guaranteed by each Guarantor (as defined in Exhibit B to the Commitment Letter) (other than the direct parent of the
Borrower) on a senior basis (such guarantees, the “Backstop Guarantees”). The Backstop Guarantees will automatically be released upon the release of the corresponding guarantees of the Term Facility and the Existing Credit Agreement
to the extent that the release is not a result of the termination of the Term Facility and the Existing Credit Agreement, as applicable. The Backstop Guarantees will rank pari passu with guarantees of the Term Facility and the Existing Credit
Agreement.

  
 C-2

			
	Maturity:	  	All Initial Backstop Loans will have an initial maturity date that is the one-year anniversary of the Backstop Funding Date (the “Initial Backstop Loan Maturity
Date”), which shall be extended as provided below. If any of the Initial Backstop Loans have not been previously repaid in full on or prior to the Initial Backstop Loan Maturity Date, such Initial Backstop Loans shall, subject to no
bankruptcy event of default having occurred, automatically be converted into senior unsecured term loans (each an “Extended Term Loan”) due on the date that is eight years after the Backstop Funding Date (the “Extended
Maturity Date”) having the terms set forth on Annex I hereto. The date on which Initial Backstop Loans are converted into Extended Term Loans is referred to as the “Conversion Date.” At any time or from time to time on or
after the Conversion Date, at the option of the Backstop Lenders, the Extended Term Loans may be exchanged in whole or in part for senior unsecured exchange notes (the “Exchange Notes”) having an equal principal amount and having
the terms set forth in Annex II hereto; provided that the Borrower may defer the first issuance of Exchange Notes until such time as the Borrower shall have received requests to issue an aggregate of at least $50.0 million (or, if less, an
amount equal to the aggregate principal amount of Extended Term Loans outstanding) in aggregate principal amount of Exchange Notes; provided, further, that the Borrower may defer each subsequent issuance of Exchange Notes until such
time as the Borrower shall have received requests to issue an aggregate of at least $25.0 million (or, if less, an amount equal to the aggregate principal amount of Extended Term Loans outstanding) in Exchange Notes.
		
		  	The Initial Backstop Loans, the Extended Term Loans and the Exchange Notes shall be pari passu for all purposes. In connection with any Backstop

  
 C-3

			
		  	Lender’s exchange of Extended Term Loans for Exchange Notes or their subsequent resale, if reasonably requested by any Joint Bookrunner or an exchanging Backstop Lender, the
Borrower shall use its commercially reasonable efforts to take such actions and deliver such documents as may be deemed reasonably necessary to permit such Backstop Lender to resell Exchange Notes (which may include customary opinions,
accountant’s comfort letters and offering documents).
		
	Interest Rates:	  	Prior to the Initial Backstop Loan Maturity Date, the Initial Backstop Loans will accrue interest at a rate per annum equal to Adjusted LIBOR (as defined below), plus 650 basis
points (the “Initial Margin”). The Initial Margin will increase by an additional 50 basis points on the three month anniversary of the Backstop Funding Date and a further additional 50 basis points for each additional three-months
period thereafter so long as any of the Initial Backstop Loans are outstanding.
		
		  	Notwithstanding the foregoing, the interest rate in effect on the Initial Backstop Loans shall not exceed the Total Cap (as defined in the Fee Letter) (excluding interest at the
Default Rate as described below).
		
		  	Calculation of interest shall be on the basis of actual days elapsed in a year of 360 days.
		
		  	“Adjusted LIBOR” on any date, means the greater of (i) 1.25% and (ii) the rate (adjusted for statutory reserve requirements for eurocurrency
liabilities) for eurodollar deposits for 1, 2, 3 or 6 months, as selected by the Borrower, appearing on the LIBOR01 Page published by Reuters two business days prior to such date, as set at the beginning of each applicable interest
period.
		
		  	Interest will be payable (or shall accrue) in arrears, (a) for the Initial Backstop Loans, at the end of each fiscal quarter of the Borrower following the Backstop Funding
Date and on the Initial Backstop

  
 C-4

			
		  	Loan Maturity Date, and (b) for the Extended Term Loans, semi-annually, commencing on the date that is six months after the Initial Backstop Loan Maturity Date and on the final
maturity date.
		
	Default Rate:	  	Overdue principal and any other overdue amount (including overdue interest) shall bear interest at the applicable interest rate plus 2.00% per annum and shall be payable
on demand, whether or not in excess of the Total Cap
		
	Mandatory Prepayment:	  	Subject to the mandatory prepayment provisions of the Term Facility and the Existing Credit Agreement, the Borrower will be required to prepay the Initial Backstop Loans on a pro
rata basis at 100% of the outstanding principal amount thereof plus accrued and unpaid interest with (i) the net cash proceeds from the issuance of the Securities (as defined in the Fee Letter); provided that in the event any Initial
Lender or affiliate of an Initial Lender purchases debt securities from the Borrower pursuant to a “securities demand” under the Fee Letter at an issue price above the level at which such Initial Lender or affiliate has determined such
debt securities can be resold by such Initial Lender or affiliate to a bona fide third party at the time of such purchase (and notifies the Borrower thereof), the net cash proceeds received by the Borrower in respect of such debt securities may, at
the option of such Initial Lender or affiliate, be applied first to repay the Initial Bridge Loans of such Initial Lender or affiliate (provided that if there is more than one such Initial Lender or affiliate then such net cash proceeds will
be applied pro rata to repay the Initial Bridge Loans of all such Initial Lenders or affiliates in proportion to such Initial Lenders’ or affiliates’ principal amount of debt securities purchased from the Borrower) prior to being applied
to prepay the Initial Bridge Loans held by other Initial Lenders; (ii) the net cash proceeds from the issuance of any indebtedness of the Borrower or any of its restricted subsidiaries other than indebtedness permitted under the Term Facility
or the Existing Credit Agreement;

  
 C-5

			
		  	(iii) the net cash proceeds of any public equity issuances by the Company (subject to exceptions to be agreed) and (iv) the net cash proceeds from all specified,
non-ordinary course asset sales or dispositions by the Borrower or any restricted subsidiary and insurance, casualty and condemnation proceeds, in excess of an amount to be agreed, and subject to the right of the Borrower to reinvest 100% of such
proceeds (including to make permitted acquisitions and other investments), if such proceeds are reinvested (or committed to be reinvested) within 12 months and, if so committed to be reinvested, so long as such reinvestment is actually completed
within 180 days thereafter, and other exceptions to be set forth in the Backstop Facility Documentation, in the case of any such prepayments pursuant to the foregoing clauses (iii) and (iv) above with exceptions and baskets consistent with the
Precedent Indenture Documentation Principles (as defined below) including, but not limited to exceptions and baskets no more restrictive than those applicable to the Term Facility.
		
		  	The Borrower will also be required to offer to prepay the Initial Backstop Loans following the occurrence of a change of control (to be defined in a manner consistent with the
Precedent Indenture Documentation Principles) at 100% of the outstanding principal amount thereof, plus accrued and unpaid interest to the date of repayment.
		
	Optional Prepayment:	  	The Initial Backstop Loans may be prepaid at any time, in whole or in part, at par plus accrued and unpaid interest to the date of prepayment but without premium or penalty (but
with breakage costs related to prepayments not made on the last day of the relevant interest period), upon not less than one business days’ prior written notice, at the option of the Borrower.
		
	Documentation:	  	The definitive documentation for the Backstop Facility (the “Backstop Facility Documentation”) will be based on and substantially consistent with
the

  
 C-6

			
		  	Existing Indenture (as in effect on the date hereof) (or, if requested by the Company, another precedent of Sponsor acceptable to the Joint Bookrunners), as modified by the terms
set forth herein and subject to (i) modifications not inconsistent with the express provisions of this Term Sheet necessary to ensure compliance with the Existing Credit Agreement and the Existing Indenture, subject to the consent of the
Initial Backstop Lenders (not to be unreasonably withheld), (ii) modifications to reflect customary provisions included in credit agreements with respect to which DBCI serves as administrative agent (including with respect to loan,
operational, assignment and other similar agency provisions), (iii) modifications to reflect credit agreement format and (iv) modifications to address technical matters. The Backstop Facility Documentation will contain only those
conditions to borrowing, mandatory prepayments, representations, warranties, covenants and events of default expressly set forth in this Term Sheet (subject to modification in accordance with the flex provisions of the Fee Letter, and in no event
modifying the conditions to borrowing on the Closing Date), and in any event not less favorable to the Borrower than the provisions of the Term Facility; provided that, notwithstanding the foregoing, prior to the Conversion Date, the debt
incurrence covenant and the restricted payment covenant included in the Backstop Facility Documentation will be more restrictive than those set forth in the Existing Indenture (as in effect on the date hereof) or such other applicable Sponsor
precedent (the provisions of such facilities being referred to collectively as the “Precedent Indenture Documentation Principles”).
		
	Conditions to Initial Borrowings:	  	The availability of the initial borrowing under the Backstop Facility on the Closing Date shall be conditioned solely to the (a) the applicable conditions set forth in the
Certain Funds Provisions and Exhibit D to the Commitment Letter, (b) the accuracy of the Major Representations in all material respects (or, in all respects, if qualified by materiality) and (c) the absence of Major Defaults after
giving effect to the making of such initial borrowing on the Closing Date.

  
 C-7

			
	Representations and Warranties:	  	The Backstop Facility Documentation will contain representations and warranties no less favorable to Borrower than those in the Term Facility Documentation with modifications as
are necessary or appropriate for the Backstop Facility.
		
	Covenants:	  	The Backstop Facility Documentation will contain such affirmative and incurrence-based, negative covenants consistent with the Precedent Indenture Documentation Principles which,
in no event (except as set forth herein), will be more restrictive than, or include any covenants not included in the Term Facility. Prior to the Initial Backstop Loan Maturity Date, the debt and restricted payment covenants of the Backstop Loans
may be more restrictive than those of the Term Facility, the Extended Term Loans and the Exchange Notes, as reasonably agreed by the Administrative Agent and the Borrower. Prior to the Initial Backstop Loan Maturity Date, the affirmative covenants
will be more restrictive, in certain agreed upon respects, than those in the Extended Term Loans and the Exchange Notes (but in any event less restrictive than those set forth in the Term Facility Documentation). In addition, if the Company has made
and not rescinded an Escrow Election, there shall be a covenant to make the Backstop Assignment promptly (and in any event within one business day) following the Release.
		
	Financial Maintenance Covenants:	  	None.
		
	Events of Default:	  	Limited to: nonpayment of principal, interest or other amounts; violation of covenants; incorrectness of representations and warranties in any material respect; cross
acceleration and cross payment default to material indebtedness; bankruptcy or insolvency of the Borrower or its significant subsidiaries; material monetary judgments; and actual or asserted invalidity of guarantees in each case with such exceptions
and cure periods as are consistent with the Precedent Indenture Documentation Principles.

  
 C-8

			
	Cost and Yield Protection:	  	The Backstop Facility Documentation will include customary tax gross-up, cost and yield protection provisions consistent with the Term Documentation Principles.
		
	Assignments and Participation:	  	Subject to the prior notification of the Administrative Agent and the two succeeding paragraphs, the Backstop Lenders will have the right (except to Disqualified Lenders) to
assign all or, subject to minimum amounts to be agreed, a portion of its Initial Backstop Loans after the Backstop Funding Date in consultation with, but without the consent of, the Borrower.
		
		  	Any such assignment shall require the consent of the Borrower if the Initial Backstop Lenders would hold less than 51% of the outstanding Initial Backstop Loans; provided
that no consent of the Borrower shall be required (i) if a Demand Failure Event (as defined in the Fee Letter) has occurred or (ii) after the occurrence and during the continuance of a payment or bankruptcy event of default. For any
assignments for which the Borrower’s consent is required, such consent shall be deemed to have been given if the Borrower has not responded within ten business days of a request for such consent.
		
		  	The Backstop Lenders will have the right to participate their Initial Backstop Loans to other financial institutions in accordance with applicable law, without restriction;
provided that no purchaser of a participation shall have the right to exercise or to cause the selling Backstop Lender to exercise voting rights in respect of the Backstop Facility (except as to certain customary issues). Assignees may not
include Disqualified Lenders.
		
	Voting:	  	Amendments and waivers of the Backstop Facility Documentation will require the approval of Backstop Lenders holding more than 50% of the outstanding Initial Backstop Loans (the
“Required 

  
 C-9

			
		  	Backstop Lenders”), except that (a) the consent of each directly and adversely affected Backstop Lender will be required for (i) reductions of
principal, interest rates or the applicable margin (provided that, waiver of a default or change to financial ratios shall not constitute a reduction of interest for this purpose) or fees or extensions of the dates for payment thereof,
(ii) extensions of the Initial Backstop Loan Maturity Date (except as provided under “Maturity” above) or the Extended Maturity Date, (iii) additional restrictions on the right to exchange Extended Term Loans for Exchange
Notes and (iv) modifications to the pro rata sharing provisions, and (b) the consent of 100% of the Backstop Lenders will be required with respect to modifications to any of the voting percentages, and releases of all or substantially
all of the value of the Guarantees (other than in connection with any release or sale of the relevant Guarantor permitted by the Existing Credit Agreement, the Term Facility Documentation or the Backstop Facility Documentation).
		
	Expenses and Indemnification:	  	The Borrower shall pay, if the Backstop Funding Date occurs, all reasonable and documented or invoiced out-of-pocket costs and expenses of the Backstop Administrative Agent and
the Commitment Parties (without duplication) associated with the syndication of the Backstop Facility and the preparation, execution and delivery, administration, amendment, modification, waiver and/or enforcement of the Backstop Facility
Documentation (including the reasonable fees, disbursements and other charges of one primary counsel to the Commitment Parties (and any special or local counsel) (absent any actual or potential conflict); provided that, prior to the Backstop
Funding Date, such counsel shall be identified herein or otherwise retained with the Borrower’s consent (such consent not to be unreasonably withheld or delayed)).

  
 C-10

			
		 	The Borrower will indemnify the Backstop Administrative Agent, the Commitment Parties, the Backstop Lenders and their affiliates, and the officers, directors, employees, advisors,
agents and other representatives of the foregoing (excluding any Sell-Side Advisor), and hold them harmless from and against all losses, claims, damages, liabilities and reasonable and documented or invoiced out-of-pocket fees and expenses
(including reasonable fees, disbursements and other charges of one counsel for all indemnified parties and, if necessary, one firm of local counsel in each appropriate jurisdiction (which may include a single special counsel acting in multiple
jurisdictions) for all indemnified parties (and, in the case of an actual or perceived conflict of interest, where the indemnified person affected by such conflict informs the Borrower of such conflict and thereafter retains its own counsel, of
another firm of counsel for each such affected indemnified person)) of any such indemnified person arising out of or relating to any claim or litigation or other proceeding (regardless of whether such indemnified person is a party thereto and
whether or not such proceedings are brought by the Borrower, its equity holders, its affiliates, creditors or any other third person) that relates to the Transactions, including the financing contemplated hereby; provided that no indemnified
person will be indemnified for any loss, claim, damage, liability, cost or expense to the extent it has resulted from (i) the gross negligence, bad faith or willful misconduct of such person or any of its affiliates or controlling
persons or any of the officers, directors, employees, agents, advisors, or members of any of the foregoing (other than, in each case, any Sell-Side Advisor) (as determined by a court of competent jurisdiction in a final, non-appealable decision),
(ii) a material breach by any such person or one of its affiliates (other than a Sell-Side Advisor) (as determined by a court of competent jurisdiction in a final, non-appealable judgment) or (iii) any dispute among Indemnified Persons
(other than a dispute involving claims against the Backstop Administrative Agent, any

  
 C-11

			
		  	Lead Arranger, any Joint Bookrunner or any other agent or co-agent (if any) designated with respect to the Backstop Facility, in each case in their respective capacities as such, or
any Commitment Party solely in connection with its syndication activities as contemplated hereunder) that a court of competent jurisdiction has determined did not involve actions or omissions of any direct or indirect parent or controlling person of
the Borrower, the Borrower or its subsidiaries.
		
	Governing Law and Forum:	  	New York.
		
	Counsel to the Administrative Agent and Lead Arrangers:	  	Cahill Gordon & Reindel LLP

  
 C-12

 ANNEX C-I 
 Extended Term Loans 
  

			
	Maturity:	  	The Extended Term Loans will mature on the date that is eight years after the Backstop Funding Date.
		
	Interest Rate:	  	The Extended Term Loans will bear interest at an interest rate per annum (the “Extended Term Loan Interest Rate”) equal to the Total Cap.
		
		  	Interest shall be payable in arrears semi-annually commencing on date that is six months following the Initial Backstop Loan Maturity Date and ending on the maturity date of the
Extended Term Loans, computed on the basis of a 360-day year.
		
	Default Rate:	  	Overdue principal, interest, fees and other amounts shall bear interest at the Total Cap plus 2.00% per annum.
		
	Ranking:	  	Same as the Initial Backstop Loans.
		
	Guarantees:	  	Same as the Initial Backstop Loans.
		
	Covenants, Defaults and Offers to Repurchase:	  	Upon and after the Conversion Date, the covenants, offers to repurchase and defaults that would be applicable to the Exchange Notes, if issued, will also be applicable to the
Extended Term Loans in lieu of the corresponding provisions of the Backstop Facility Documentation.
		
	Optional Prepayment:	  	The Extended Term Loans may be prepaid, in whole or in part, at par, plus accrued and unpaid interest upon not less than one business days’ prior written notice, at the
option of the Borrower at any time.

  
 C-I-1

 ANNEX C-II 
 Exchange Notes 
  

			
	Issuer:	  	The Borrower will issue the Exchange Notes under an indenture capable of being qualified under the Trust Indenture Act of 1939, as amended. The Borrower, in its capacity as the
issuer of the Exchange Notes, is referred to as the “Issuer.”
		
	Principal Amount:	  	The Exchange Notes will be available only in exchange for the Extended Term Loans on or after the Conversion Date. The principal amount of any Exchange Note will equal 100% of
the aggregate principal amount of the Extended Term Loan for which it is exchanged. In the case of a partial exchange, the minimum amount of Extended Term Loans to be exchanged for Exchange Notes will be $50.0 million (or, if less, an amount equal
to the aggregate principal amount of Extended Term Loans outstanding).
		
	Maturity:	  	The Exchange Notes will mature on the date that is eight years after the Backstop Funding Date.
		
	Interest Rate:	  	The Exchange Notes will bear interest payable semi-annually, in arrears, at a rate equal to the Total Cap.
		
	Ranking:	  	Same as Initial Backstop Loans and Extended Term Loans.
		
	Guarantees:	  	Same as Initial Backstop Loans and Extended Term Loans.
		
	Offer to Purchase from Asset Sale Proceeds:	  	The Issuer will be required to make an offer to repurchase the Exchange Notes (and, if outstanding, prepay the Extended Term Loans) on a pro rata basis, which offer shall be at
100% of the principal amount thereof plus accrued and unpaid interest to the date of repurchase with a portion of the net cash proceeds from any specified, non-ordinary course asset sales or dispositions by the Borrower or any Guarantor in excess of
amounts either reinvested in the business of the Borrower or its restricted subsidiaries or required to be paid to the lenders under the Existing Credit Agreement or the Term Facility or the holders of certain other indebtedness, with such proceeds
being applied to the Extended Term Loans, the Exchange Notes and the Notes in a manner to be agreed, subject to other exceptions and baskets consistent with the Precedent Indenture Documentation Principles and in any event not less favorable to the
Borrower than those applicable to the Backstop Facility.

  
 C-II-1

			
	Offer to Purchase upon Change of Control:	  	The Issuer will be required to make an offer to repurchase the Exchange Notes following the occurrence of a change of control (to be defined in a manner consistent with the
Precedent Indenture Documentation Principles) at a price in cash equal to 101% of the outstanding principal amount thereof, plus accrued and unpaid interest to the date of repurchase unless the Issuer shall redeem such Exchange Notes pursuant to the
“Optional Redemption” section below.
		
	Optional Redemption:	  	In the case of Exchange Notes held by an Initial Lender under the Backstop Facility or any affiliate of any Initial Lender (other than an Asset Management Affiliate (as defined
below) and excluding Exchange Notes acquired pursuant to market making activities), the Issuer may redeem such Exchange Notes in whole or in part at par plus accrued and unpaid interest at any time after the issuance thereof. Except as set forth
below, Exchange Notes held by any party that is not an Initial Lender under the Backstop Facility and is not affiliated with any Initial Lender (other than bona fide investment funds and entities that manage assets on behalf of unaffiliated
third-parties (the “Asset Management Affiliates”)), will be non callable until the third anniversary of the Backstop Funding Date. Thereafter, each such Exchange Note may be redeemed, in whole or in part, at the option of the Issuer
at a price equal to 100% of the aggregate principal amount redeemed plus accrued and unpaid interest, if any, plus a premium equal to 75% of the coupon on such Exchange Note, which premium shall decline ratably on each subsequent anniversary of the
Backstop Funding Date to zero on the date that is two years prior to the maturity of the Exchange Notes.
		
		  	Prior to the third anniversary of the Backstop Funding Date, the Issuer may redeem such Exchange Notes at a make-whole price based on U.S. Treasury notes with a maturity closest
to the third anniversary of the Backstop Funding Date plus 50 basis points.

  
 C-II-2

			
		  	Prior to the third anniversary of the Backstop Funding Date, the Issuer may redeem up to 40% of such Exchange Notes with proceeds from an equity offering at a price equal to par
plus the coupon on such Exchange Notes.
		
		  	The optional redemption provisions will be otherwise customary for high yield transactions and consistent with the Precedent Indenture Documentation Principles.
		
	Defeasance and Discharge Provisions:	  	Customary for high yield debt securities and consistent with the Precedent Indenture Documentation Principles.
		
	Modification:	  	Customary for high yield debt securities and consistent with the Precedent Indenture Documentation Principles.
		
	Registration Rights:	  	The Issuer shall use commercially reasonable efforts to file, within 300 days after the first issuance of the Exchange Notes (the date of such issuance, the “Issue
Date”), and will use commercially reasonable efforts to cause to become effective, as soon thereafter as practicable, a shelf registration statement with respect to the Exchange Notes (such registration statement, a “Shelf
Registration Statement”) which Shelf Registration Statement shall contain all financial statements required under the Securities Act of 1933, as amended (the “Act”). If a Shelf Registration Statement is filed, the Borrower
will keep such Shelf Registration Statement effective and available (subject to customary exceptions) until it is no longer needed to permit resales of the Exchange Notes without restrictive legends; provided that in no event shall the
Borrower be required to keep such Shelf Registration Statement effective and available for more than two years after the Initial Backstop Loan Maturity Date. If within 330 days from the Issue Date (the “Effectiveness Date”), a Shelf
Registration Statement has not been declared effective, then the Issuer will pay additional interest of 0.25% per annum on the principal amount of the Exchange Notes (which rate of additional interest shall increase by 0.25% per annum 90 days after
the Effectiveness Date up to a maximum of 0.50% per annum) to the holders of such Exchange Notes, to the extent that such holder is unable to freely transfer such Exchange Note, from and including the 331st day after the Issue Date to but excluding
the effective date of the Shelf Registration Statement with respect to

  
 C-II-3

			
		  	such Exchange Note. The Issuer will also pay such additional interest to the holder of a Exchange Note for any period of time (subject to customary exceptions) following the
effectiveness of the Shelf Registration Statement with respect to such Exchange Note that such Shelf Registration Statement is not available for sales thereunder, subject to the time limitations set forth in the second sentence of this paragraph.
All accrued additional interest will be paid in arrears on each semi-annual interest payment date.
		
		  	In lieu of a Shelf Registration Statement, the Issuer at its option may file a registration statement with respect to notes having terms substantially identical to the Exchange
Notes (the “Substitute Notes”) to effect a registered exchange offer (the “Exchange Registration Statement”) in which the Issuer offers to holders of Exchange Notes registered Substitute Notes in exchange for the
Exchange Notes. In such case, if the Exchange Registration Statement has not been declared effective and an exchange offer for the Exchange Notes pursuant to the Exchange Registration Statement has not been consummated by the Effectiveness Date, the
Issuer will pay additional interest as described in the previous paragraph.
		
	Right to Transfer Exchange Notes:	  	The holders of the Exchange Notes shall have the absolute and unconditional right to transfer such exchange notes in compliance with applicable law to any third
parties.
		
	Covenants:	  	Customary for high yield debt securities and consistent with the Precedent Indenture Documentation Principles.
		
	Events of Default:	  	Customary for high yield debt securities and consistent with the Precedent Indenture Documentation Principles.
		
	Governing Law:	  	New York.

  
 C-II-4

 EXHIBIT D 
 Project Magellan 
 Summary of Additional
Conditions4 

The initial borrowings under the Facilities shall be subject to the following conditions: 

1. The Acquisition shall have been consummated, or substantially simultaneously with the initial borrowing under the Facilities and/or
the issuance of the Notes, shall be consummated, in all material respects in accordance with the terms of the Purchase Agreement, without giving effect to any modifications, amendments, consents or waivers thereto that are material and adverse to
the Lenders or the Joint Bookrunners without the prior consent of the Joint Bookrunners. For purposes of the foregoing condition, it is hereby understood and agreed that any change in the purchase price in connection with the Acquisition shall not
be deemed to be material and adverse to the interests of the Lenders or the Joint Bookrunners, provided that any reduction in the purchase price shall be allocated on a pro rata basis (x) to reduce the Term Facility and, if the
Company has made a Backstop Election, the Backstop Facility (it being understood that any such reduction will first be allocated to reduce the Backstop Facility, with any remaining amounts allocated to reduce the Term Facility; provided that
(i) to the extent necessary to meet the Existing Leverage Conditions and (ii) to the extent that any such reduction would cause the amount of the Backstop Facility to be greater than zero but less than the Backstop Minimum Amount, in each
case the applicable portion of such pro rata reduction will be allocated to the Term Facility) and (y) to reduce the amount of cash on hand at the Company to be utilized to pay Acquisition Costs. The Major Representations relating to the
Borrower and the Guarantors shall be true and correct in all material respects (or, in all respects, if qualified by materiality) and there shall be no Major Defaults relating to the Borrower and the Guarantors after giving effect to the
Transactions. 
 2. The Refinancing shall have been consummated, or substantially simultaneously with (x) if the Company
has not made an Escrow Election (or has rescinded an Escrow Election), the initial borrowing under the Facilities or (y) if the Company has made and not rescinded and Escrow Election, the Release, shall be consummated. 

 
  

	4 	 Capitalized terms used in this Exhibit D shall have the meanings set forth in the Commitment Letter to which this Exhibit D is attached (the
“Commitment Letter”) and the other Exhibits attached to the Commitment Letter. In the case of any such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in this Exhibit D shall
be determined by reference to the context in which it is used. 

  
 D-1

 3. The Joint Bookrunners shall have received (a) audited consolidated balance
sheets of the Company and the Target and related statements of income, changes in equity and cash flows of the Company and the Target for the 3 most recently completed fiscal years ended at least 90 days before the Closing Date in the case of the
Company and 100 days before the Closing Date in the case of the Target and (b) unaudited consolidated balance sheets and related statements of income, changes in equity and cash flows of the Company and the Target for each subsequent
fiscal quarter after the most recent completed fiscal year for which financials have been delivered pursuant to Clause 3(a) above ended at least 45 days before the Closing Date in the case of the Company and 50 days (or in the case of the fiscal
quarter ending on June 30, 2012, 60 days) before the Closing Date in the case of the Target. The Joint Bookrunners hereby acknowledge receipt of the financial statements in the foregoing clause (a) for both the Company and the Target for
the 2009, 2010 and 2011 fiscal years and in the foregoing clause (b) for the Company for the fiscal quarter ended March 31, 2012. 
 4. With respect to the Term Facility, subject in all respects to the Certain Funds Provision, all documents and instruments required to create and perfect the Administrative Agent’s (as defined in
Exhibit B) first priority security interest (to the extent required by the Term Facility Documentation) in the Collateral (as defined in Exhibit B) to the extent required under Exhibit B, and, subject to liens permitted under the Term Facility
Documentation, shall have been executed and delivered by the Borrower and the Guarantors and, if applicable, be in proper form for filing. 
 5. The Initial Lenders shall have received at least 5 days prior to the Closing Date all documentation and other information about the Borrower and the Guarantors as has been reasonably requested in
writing at least 10 days prior to the Closing Date by such Initial Lenders that they reasonably determine is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations,
including without limitation the PATRIOT Act. 
 6. The execution and delivery of a solvency certificate of the Borrower’s
chief financial officer (certifying that, after giving effect to the Transactions, the Borrower and its subsidiaries on a consolidated basis are solvent) in substantially the form of Annex I hereto. 

7. All fees required to be paid on the Closing Date pursuant to the Fee Letter and reasonable out-of-pocket expenses required to be paid
on the Closing Date pursuant to the Commitment Letter, to the extent invoiced at least three business days prior to the Closing Date (or such later date as the Borrower may reasonably agree) shall, upon the initial borrowing under the Facilities,
have been paid (which amounts may be offset against the proceeds of the Facilities). 

  
 D-2

 8. With respect to the Backstop Facility, you shall have provided to the Investment Bank (as
defined in the Fee Letter) no later than 20 consecutive calendar days prior to the Closing Date (provided that such 20 consecutive calendar day period shall be subject to the Blackout Periods) (i) an offering memorandum suitable
for use in a “high yield road show” relating to offering of the Notes, including discussion of the Company, financial statements, pro forma financial statements in accordance with Regulation S-X and other financial data of the type and
form customarily included in offering memoranda, private placements memoranda and similar documents customarily used in Rule 144A offerings, to consummate an offering of the Notes (which, for the avoidance of doubt, shall not include financial
statements or information required by Rules 3-09, 3-10 or 3-16 of Regulation S-X, Compensation Discussion and Analysis required by Regulation S-K Item 402(b) or other information customarily excluded from a Rule 144A offering memorandum);
provided that this condition shall be deemed satisfied if such offering memorandum excludes sections that would customarily be provided by the Investment Banks, but is otherwise complete (collectively, the “Offering
Memorandum”), and (ii) drafts of customary comfort letters by auditors of the Company (including customary “negative assurances”) with respect to the information in the Offering Memorandum, which such auditors are
prepared to issue upon completion of customary procedures. You shall have used commercially reasonable efforts to afford the Investment Bank a period of at least 20 consecutive calendar days following receipt of the information described in the
first sentence of this Section 8 to seek to place the Notes with qualified purchasers thereof; provided that (x) such consecutive day period shall not be required to be consecutive to the extent it would include November 21,
2012 through November 25, 2012 (which dates set forth in this clause (x) shall be excluded for purposes of the 20 calendar day period) and (y) if such consecutive calendar day period has not ended prior to
(i) August 18, 2012, then it will not commence until September 4, 2012 or (ii) December 21, 2012 then it will not commence until January 2, 2013 (such periods described in the foregoing clauses (x) and
(y), collectively, the “Blackout Periods”). 
 9. With respect to the Term Facility, the Company shall have
used commercially reasonable efforts to afford the Joint Bookrunners a period of at least 20 consecutive calendar days prior to the Closing Date to attempt to syndicate the Term Facility following receipt of a customary Information Memorandum (other
than the portions thereof customarily provided by financing arrangers, and limited, in the case of information relating to the Target, to Required Information (as defined in the Purchase Agreement as in effect on or about the date hereof));
provided that such 20 calendar day period shall be subject to the Blackout Periods. 

  
 D-3

 10. The execution and delivery of (i) the Term Facility Documentation and the
Backstop Facility Documentation (collectively, the “Facilities Documentation”) by the Borrower and the Guarantors which shall, in each case, be consistent with the Commitment Letter and the Term Sheets and subject to the Certain
Funds Provision set forth in the Commitment Letter and (ii) customary lien searches requested by the Term Administrative Agent at least 30 days prior to the Closing Date, customary legal opinions of counsel to, customary evidence of
authorization of, customary officer’s certificates of, customary documents and certificates relating to the organization, existence and good standing of (to the extent applicable), a customary borrowing notice and the incumbency and specimen
signature of each officer executing any Facilities Documentation on behalf of each of, in each case, the Borrower and each Guarantor. 

  
 D-4

 ANNEX I to 
 EXHIBIT D 
 SOLVENCY CERTIFICATE 

[            ], 201[    ] 

This Solvency Certificate (this “Certificate”) is furnished to the Administrative Agent and the Lenders pursuant to Section
[        ] of the Credit Agreement, dated as of             , 201[    ], among
[            ] (the “Credit Agreement”). Unless otherwise defined herein, capitalized terms used in this Certificate shall have the meanings set forth in the Credit
Agreement 
 I,
[                    ], the Chief Financial Officer of the Borrower (after giving effect to the Transactions), in that capacity only and not in my
individual capacity (and without personal liability), DO HEREBY CERTIFY on behalf of the Borrower that as of the date hereof, after giving effect to the consummation of the Transactions (including the execution and delivery of the Purchase Agreement
and the Credit Agreement, the making of the Loans and the use of proceeds of such Loans on the date hereof): 
 1. The sum of
the liabilities (including contingent liabilities) of the Borrower and its subsidiaries, on a consolidated basis, does not exceed the fair value of the present assets of the Borrower and its subsidiaries, on a consolidated basis. 

2. The capital of the Borrower and its subsidiaries, on a consolidated basis, is not unreasonably small in relation to their business as
contemplated on the date hereof. 
 3. The present fair saleable value of the assets of the Borrower and its subsidiaries, on a
consolidated basis, is greater than the total amount that will be required to pay the probable liabilities (including contingent liabilities) of the Borrower and its subsidiaries as they become absolute and matured. 

4. The Borrower and its subsidiaries, on a consolidated basis, have not incurred and do not intend to incur, or believe that they will
incur, debts or other liabilities, including current obligations, beyond their ability to pay such debts or other liabilities as they become due (whether at maturity or otherwise). 

5. For purposes of this Certificate, the amount of any contingent liability has been computed as the amount that, in light of all of the
facts and circumstances existing as of the date hereof, represents the amount that can reasonably be expected to become an actual or matured liability. 

  
 D-I-1

 6. In reaching the conclusions set forth in this Certificate, the undersigned has
(i) reviewed the Credit Agreement and other Loan Documents referred to therein and such other documents deemed relevant, (ii) reviewed the financial statements (including the pro forma financial statements) referred to in
Section [    ] of the Credit Agreement (the “Financial Statements”) and (iii) made such other investigations and inquiries as the undersigned has deemed appropriate. The undersigned is familiar with the
financial performance and prospects of the Borrower and its Subsidiaries. 
 7. The assumptions which underlie and form the
basis for the representations made in this Certificate were fair and reasonable when made and were made in good faith and continue to be fair and reasonable as of the date hereof. 

8. The undersigned confirms and acknowledges that the Administrative Agent and the Lenders are relying on the truth and accuracy of this
Certificate in connection with the Commitments and Loans under the Credit Agreement. 
 [Remainder of Page Intentionally Left
Blank] 

  
 D-I-2

 IN WITNESS WHEREOF, I have executed this Certificate this as of the date first written
above. 
  

	
	 [                    ]

 

	 By:
  

	Name:
	Title: Chief Financial Officer

  
 D-I-3Form of Registration Rights Agreement between the Company and S*Bio

 Exhibit 10.1 
 REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is made as of [            ], 2012, by and among (i) MEI Pharma, Inc., a Delaware corporation (the “Company”), (ii) S*BIO Pte Ltd.,
a Singapore private limited company (the “Initial Holder”), and (iii) each person or entity that subsequently becomes a party to this Agreement pursuant to, and in accordance with, the provisions of Section 12
hereof (collectively, the “Holder Permitted Transferees,” and each individually, a “Holder Permitted Transferee”). 
 WHEREAS, pursuant to the terms and conditions set forth in that certain Asset Purchase Agreement, dated of even date herewith, between the Company and the Initial Holder (the “Asset Purchase
Agreement”), the Initial Holder has agreed to sell to the Company, and the Company has agreed to purchase from the Initial Holder, certain assets and assume from the Initial Holder certain liabilities in exchange for consideration payable
in (i) cash and (ii) shares of the Company’s Common Stock, par value $0.00000002 per share (the “Company Common Stock”), all upon the terms and conditions set forth in the Asset Purchase Agreement. 

WHEREAS, the terms of the Asset Purchase Agreement provide that it shall be a condition precedent to the closing of the transactions
thereunder for the Company and the Initial Holder to execute and deliver this Agreement. 
 NOW, THEREFORE, in consideration of
the premises and mutual covenants contained herein, the parties hereto hereby agree as follows: 
 1. Definitions. The following
terms shall have the meanings provided therefor below or elsewhere in this Agreement as described below: 

“Agreement” has the meaning set forth in the Preamble. 

“Asset Purchase Agreement” has the meaning set forth in the Preamble. 

“Blackout Period” has the meaning set forth in Section 4.1. 

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

“Business Day” means any day other than a Saturday, a Sunday or a day on which banks in New York are authorized or
obligated by law or executive order to close. 
 “Closing” and “Closing Date” have the
meanings set forth in the Asset Purchase Agreement. 
 “Company” has the meaning set forth in the Preamble.

 “Company Common Stock” has the meaning set forth in the Preamble. 

“Confidential Information” has the meaning set forth in Section 13. 

  
 1. 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
all of the rules and regulations promulgated thereunder. 
 “Holder Indemnified Person” has the meaning set
forth in Section 9.1. 
 “Holder Permitted Transferee” and “Holder Permitted
Transferees” have the meanings set forth in the Preamble. 
 “Holders” means, collectively, the
Initial Holder and the Holder Permitted Transferees; provided, however, that the term “Holders” shall not include the Initial Holder or any of the Holder Permitted Transferees if such Holder ceases to own or hold any Company
Common Stock. 
 “Initial Holder” has the meaning set forth in the Preamble. 

“Loss” has the meaning set forth in Section 9.1. 

“Mandatory Registration Termination Date” has the meaning set forth in Section 3.2. 

“Majority Holders” means, at the relevant time of reference thereto, those Holders holding more than fifty percent
(50%) of the Registrable Shares held by all of the Holders. 
 “Qualifying Holder” has the meaning set
forth in Section 12. 
 “Registrable Shares” means any shares of Company Common Stock issued or
issuable pursuant to the Asset Purchase Agreement. 
 “Registration Statement” has the meaning set forth in
Section 3.1. 
 “Rule 144” means Rule 144 promulgated under the Securities Act and any successor or
substitute rule, law or provision. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and all of the rules and regulations promulgated
thereunder. 
 “Suspension Period” has the meaning set forth in Section 11. 

2. Effectiveness; Termination. This Agreement shall become effective and legally binding only if the Closing occurs. This Agreement shall
terminate and be of no further force and effect, automatically and without any action being required of any party hereto, upon the termination of the Asset Purchase Agreement. 
 3. Mandatory Registration. 
 3.1. Within thirty (30) calendar days
after the Closing Date, the Company will prepare and file with the SEC a registration statement on Form S-3, or any other available form if the Company is not eligible to use Form S-3, covering the resale by the Holders of all of the

  
 2. 

 
Registrable Shares in an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act (the “Registration Statement”). The Company agrees to use
commercially reasonable efforts to cause the Registration Statement to become effective as soon as practicable after the filing thereof, and in no event later than ninety (90) calendar days following the Closing Date. 

3.2. The Company will use commercially reasonable efforts to keep the Registration Statement effective until such date that is the
earlier of (i) the date as of which all of the Holders may sell all of the Registrable Shares to the public without restriction pursuant to Rule 144(b)(1) (or the successor rule thereto) promulgated under the Securities Act, (ii) the date
when all of the Registrable Shares registered thereunder shall have been sold pursuant to the Registration Statement or Rule 144, or (iii) the one-year anniversary of the Closing Date (such date is referred to herein as the “Mandatory
Registration Termination Date”). Thereafter, the Company shall be entitled to withdraw the Registration Statement and the Holders shall have no further right to offer or sell any of the Registrable Shares pursuant to the Registration
Statement (or any prospectus relating thereto). The offer and sale of the Registrable Shares pursuant to the Registration Statement shall not be underwritten. 
 3.3. The Company shall not, and shall not agree to, allow the holders of any securities of the Company, other than holders of the Registrable Shares, to include any of their securities in the Registration
Statement under Section 3.1 hereof or any amendment or supplement thereto without the consent of the Majority Holders. In addition, the Company shall not offer any securities for its own account or the account of others in the
Registration Statement under Section 3.1 hereof or any amendment or supplement thereto without the consent of the Majority Holders; provided, however, that the Company at all times reserves the right to provide registration
rights, pursuant to a separate registration statement, to the holders of any securities of the Company. 
 4. Filings, Etc. 

4.1. The Company shall prepare and file the Registration Statement as required pursuant to Section 3.1 hereof, and shall use
commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, and in no event later than ninety (90) calendar days following the Closing Date. The Company shall notify the
Holders by facsimile or e-mail (as provided by Holders) as promptly as practicable, and in any event, within twenty-four (24) hours, after the Registration Statement is declared effective and shall simultaneously provide the Holders with copies
of any related prospectus to be used in connection with the sale or other disposition of the securities covered thereby. 
 5.
Obligations of the Company. In connection with the Company’s obligations under Sections 3 and 4 hereof to file the Registration Statement with the SEC and to use commercially reasonable efforts to cause the Registration
Statement to become effective as soon as practicable, the Company shall, as expeditiously as reasonably possible: 
 5.1.
Prepare and file with the SEC such amendments and supplements to the Registration Statement and the prospectus used in connection therewith as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of
all Registrable Shares covered by the Registration Statement; 

  
 3. 

 5.2. Furnish to the Holders such number of copies of a prospectus, including a preliminary
prospectus, in conformity with the requirements of the Securities Act (including, without limitation, prospectus amendments and supplements as are prepared by the Company in accordance with Section 5.1 above) as the Holders may
reasonably request in order to facilitate the disposition of such Holders’ Registrable Shares; 
 5.3. Notify the Holders,
at any time when a prospectus relating to the Registration Statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in or relating to the Registration Statement
contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading; and, thereafter, the Company will promptly prepare (and, when completed, give notice to each Holder) a supplement or amendment
to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Shares, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not
misleading; upon such notification by the Company, the Holders will not offer or sell Registrable Shares until the Company has notified the Holders that it has prepared a supplement or amendment to such prospectus and delivered copies of such
supplement or amendment to the Holders (it being understood and agreed by the Company that the foregoing clause shall in no way diminish or otherwise impair the Company’s obligation to promptly prepare a prospectus amendment or supplement as
above provided in this Section 5.3 and deliver copies of same as above provided in Section 5.2 hereof); 

5.4. Promptly respond to any and all comments received from the SEC, with a view towards causing the Registration Statement or any
amendment thereto to be declared effective by the SEC as soon as practicable, and, subject to the Company’s obligation to promptly prepare a prospectus amendment or supplement as provided in Section 5.3, file an acceleration request
as soon as practicable, but no later than five (5) business days, following the resolution or clearance of all SEC comments or, if applicable, notification by the SEC that any such Registration Statement or any amendment thereto will not be
subject to review; 
 5.5. Use commercially reasonable efforts to register and qualify the Registrable Shares covered by the
Registration Statement under such other securities or Blue Sky laws of such states where such registration and/or qualification is required as shall be reasonably requested by a Holder, provided that the Company shall not be required in connection
therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, and provided further that (notwithstanding anything in this Agreement to the contrary with respect
to the bearing of expenses) if any jurisdiction in which any of such Registrable Shares shall be qualified shall require that expenses incurred in connection with the qualification therein of any such Registrable Shares be borne by the Holders, then
the Holders shall, to the extent required by such jurisdiction, pay their pro rata share of such qualification expenses; 
 5.6.
Subject to the terms and conditions of this Agreement, use commercially reasonable efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the suspension of the qualification of
any of the Registrable Shares for sale in any jurisdiction in the United States, and (ii) if such an order or suspension is issued, obtain the withdrawal of such order or suspension at the earliest practicable

  
 4. 

 
moment and notify each holder of Registrable Shares of the issuance of such order and the resolution thereof or its receipt of notice of the initiation or threat of any proceeding for such
purpose; 
 5.7. Permit a single firm of counsel designated by the Holders to review the Registration Statement and all
amendments and supplements thereto (as well as all requests for acceleration or effectiveness thereof), at Holders’ own cost, a reasonable period of time prior to their filing with the SEC (not less than five (5) business days) and use
commercially reasonable efforts to reflect in such documents any comments as such counsel may reasonably propose (so long as such comments are provided to the Company at least (2) business days prior to the expected filing date) and will not
request acceleration of such Registration Statement without prior notice to such counsel; 
 5.8. Use commercially reasonable
efforts to cause all the Registrable Shares covered by the Registration Statement to be listed on the NASDAQ Capital Market, or such other securities exchange on which the Company’s common stock is then listed; and 

5.9. Comply with all requirements of the Financial Industry Regulatory Authority, Inc. with regard to the issuance of the Registrable
Shares and the listing thereof on the NASDAQ Capital Market, and engage a transfer agent and registrar to maintain the Company’s stock ledger for all Registrable Shares covered by the Registration Statement not later than the effective date of
the Registration Statement. 
 6. Furnish Information. It shall be a condition precedent to the obligations of the Company to take
any action pursuant to this Agreement that the Holders shall furnish to the Company such information regarding them and the securities held by them as the Company shall reasonably request and as shall be required in order to effect any registration
by the Company pursuant to this Agreement. Each Holder shall promptly notify the Company of any changes in the information furnished to the Company. 
 7. Expenses of Registration. All expenses incurred by the Company in connection with the registration of the Registrable Shares pursuant to this Agreement, including, without limitation, all
registration and qualification and filing fees, printing, and fees and disbursements of counsel for the Company, shall be borne by the Company. Any expenses incurred by a Holder, including, without limitation, fees and disbursements of counsel for
such Holder or any brokerage and other selling commissions and discounts, shall be borne by such Holder. 
 8. Delay of
Registration. The Holders shall not take any action to restrain, enjoin or otherwise delay any registration as the result of any controversy which might arise with respect to the interpretation or implementation of this Agreement. In the event
such a delay occurs, the dates by which the Registration Statement is required to be filed and become effective pursuant to this Agreement shall be extended by the same number of days of such delay. 

9. Indemnification. 

9.1. The Company will indemnify and hold harmless each Holder and each person who controls each Holder within the meaning of the
Securities Act or the Exchange Act, if any (in each case, a “Holder Indemnified Person”), against any loss, claim, damage or liability 

  
 5. 

 
(“Loss”), to which such Holder Indemnified Person may become subject under the Securities Act or otherwise, insofar as such Loss arises out of or is based upon (i) any
untrue or alleged untrue statement of any material fact contained in the Registration Statement, in any preliminary prospectus or final prospectus relating thereto or in any amendments or supplements to the Registration Statement or any such
preliminary prospectus or final prospectus, or (ii) the 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 the indemnity agreement contained in this Section 9.1 shall not apply to amounts paid in settlement of any such Loss if such settlement is effected without the consent of the Company, nor shall the Company be liable in any such case
for any such Loss to the extent that it arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in connection with the Registration Statement, any preliminary prospectus or final prospectus
relating thereto or any amendments or supplements to the Registration Statement or any such preliminary prospectus or final prospectus, in reliance upon and in conformity with written information furnished expressly for use in connection with the
Registration Statement or any such preliminary prospectus or final prospectus by a Holder, any underwriter for such Holder or controlling person with respect to such Holder, or any breach by any Holder of this Agreement or the Asset Purchase
Agreement, related to the failure of such Holder to comply with the covenants and agreements contained in this Agreement or the Asset Purchase Agreement respecting sales of the Company Common Stock. 

9.2. Each Holder will severally and not jointly indemnify and hold harmless the Company, each of its directors, each of its officers who
have signed the Registration Statement, each person, if any, who controls the Company within the meaning of the Securities Act, and all other Holders against any Loss to which the Company or any such director, officer, controlling person, or such
other Holder may become subject to, under the Securities Act or otherwise, insofar as such Loss arises out of or is based upon any untrue or alleged untrue statement of any material fact contained in the Registration Statement or any preliminary
prospectus or final prospectus, relating thereto or in any amendments or supplements to the Registration Statement or any such preliminary prospectus or final prospectus, or arises out of or is based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent and only to the extent that such untrue statement or alleged untrue statement or omission or alleged
omission was made in the Registration Statement, in any preliminary prospectus or final prospectus relating thereto or in any amendments or supplements to the Registration Statement or any such preliminary prospectus or final prospectus, in reliance
upon and in conformity with written information furnished by the Holder expressly for use in connection with the Registration Statement, or any preliminary prospectus or final prospectus; and provided, further, however, that the
indemnity agreement contained in this Section 9.2 shall not apply to amounts paid in settlement of any such Loss if such settlement is effected without the consent of those Holder(s) against which the request for indemnity is being made.

 9.3. Promptly after receipt by an indemnified party under this Section 9 of notice of the commencement of any
action, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 9, notify the indemnifying party in writing of the commencement thereof and the indemnifying party shall
have the right to participate in and, to the extent the indemnifying party desires, jointly with any other 

  
 6. 

 
indemnifying party similarly noticed, to assume at its expense the defense thereof with counsel mutually satisfactory to the indemnifying parties and the indemnified parties. In the event that
the indemnifying party assumes any such defense, the indemnified party may participate in such defense with its own counsel and at its own expense, provided, however, that the counsel for the indemnifying party shall act as lead
counsel in all matters pertaining to such defense or settlement of such claim. The failure to notify an indemnifying party promptly of the commencement of any such action shall not relieve such indemnifying party of any liability to the indemnified
party under this Section 9, except to the extent the indemnifying party is actually prejudiced in its ability to defend such action. 
 9.4. If the indemnification provided for in this Section 9 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any Loss referred to therein,
then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative
fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions that resulted in such Loss as well as any other relevant equitable considerations. The relative fault of the
indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by
the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 
 10. Reports Under The Exchange Act. With a view to making available to the Holders the benefits of Rule 144 and any other rule or regulation of the SEC that may at any time permit the
Holders to sell the Company Common Stock to the public without registration until the Mandatory Registration Termination Date, the Company agrees to use commercially reasonable efforts: (i) to make and keep public information available as those
terms are understood in Rule 144, (ii) to file with the SEC in a timely manner all reports and other documents required to be filed by an issuer of securities registered under the Securities Act or the Exchange Act, (iii) as long as any
Holder owns any Company Common Stock, to furnish in writing upon such Holder’s request a written statement by the Company that it has complied with the reporting requirements of Rule 144 and of the Securities Act and the Exchange Act, and
(iv) to furnish such other information as may be reasonably requested to permit the Holders to sell Registrable Shares pursuant to Rule 144 without registration. 
 11. Suspension. Notwithstanding anything in this Agreement to the contrary, if the Company shall furnish to the Holders a certificate signed by the President or Chief Executive Officer of
the Company stating that the Board has made the good faith determination (i) that continued use by the Holders of the Registration Statement for purposes of effecting offers or sales of Registrable Shares pursuant thereto would require, under
the Securities Act, premature disclosure in the Registration Statement (or the prospectus relating thereto) of material, nonpublic information concerning the Company, its business or prospects or any proposed material transaction involving the
Company, (ii) that such premature disclosure would be materially adverse to the Company, its business or prospects or any such proposed material transaction or would make the successful consummation by the Company of any such material
transaction significantly less likely and (iii) that it is therefore essential to suspend the use by the 

  
 7. 

 
Holders of such Registration Statement (and the prospectus relating thereto) for purposes of effecting offers or sales of Registrable Shares pursuant thereto, then the right of the Holders to use
the Registration Statement (and the prospectus relating thereto) for purposes of effecting offers or sales of Registrable Shares pursuant thereto shall be suspended for a period (the “Suspension Period”) of not more than forty-five
(45) days after delivery by the Company of the certificate referred to above in this Section 11; provided that the Company shall be entitled to no more than two (2) such Suspension Periods during any twelve (12) month
period. During the Suspension Period, none of the Holders shall offer or sell any Registrable Shares pursuant to or in reliance upon the Registration Statement (or the prospectus relating thereto). The Company shall use commercially reasonable
efforts to terminate any Suspension Period as promptly as practicable. 
 12. Transfer of Registration Rights. None of the rights
of any Holder under this Agreement shall be transferred or assigned to any person unless (i) such person is a Qualifying Holder (as defined below), and (ii) such person agrees to become a party to, and bound by, all of the terms and
conditions of, this Agreement by duly executing and delivering to the Company an Instrument of Adherence in the form attached as Exhibit A hereto. For purposes of this Section 12, the term “Qualifying Holder”
shall mean, with respect to any Holder, (a) any corporation, partnership controlling, controlled by, or under common control with, such Holder or any partner thereof, or (b) any other direct transferee from such Holder of at least 25% of
those Registrable Shares held by such Holder. None of the rights of any Holder under this Agreement shall be transferred or assigned to any Person (including, without limitation, a Qualifying Holder) that acquires Registrable Shares in the event
that and to the extent that such Person is eligible to immediately resell such Registrable Shares pursuant to Rule 144(b)(1) of the Securities Act or any other exemption from the registration provisions of the Securities Act. After any transfer in
accordance with this Section 12, the rights and obligations of a Holder as to any transferred Registrable Shares shall be the rights and obligations of the Holder Permitted Transferee holding such Registrable Shares. 

13. Confidentiality of Records. Each Holder agrees not to disclose any material non-public information provided by the Company in
connection with a registration (including, without limitation, the contemplated filing and timing of filing of a Registration Statement). 

14. Entire Agreement. This Agreement constitutes and contains the entire agreement and understanding of the parties with respect to the
subject matter hereof, and it also supersedes any and all prior negotiations, correspondence, agreements or understandings with respect to the subject matter hereof. 
 15. Miscellaneous. 
 15.1. This Agreement may not be amended, modified or
terminated, and no rights or provisions may be waived, except with the written consent of the Majority Holders and the Company. 

15.2. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, and shall be
binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors or assigns, provided that the terms and conditions of Section 12 hereof are satisfied. 

  
 8. 

 15.3. This Agreement shall be binding upon and inure to the benefit of any transferee of any
of the Company Common Stock provided that the terms and conditions of Section 12 hereof are satisfied. Notwithstanding anything in this Agreement to the contrary, if at any time any Holder shall cease to own any Company Common Stock, all
of such Holder’s rights under this Agreement shall immediately terminate. 
 15.4. All notices and communications hereunder
shall be deemed to have been duly given and made if in writing and if served by personal delivery upon the party for whom it is intended or delivered by registered or certified mail, return receipt requested, or if sent by facsimile or email,
provided that the facsimile or email is promptly confirmed by telephone confirmation thereof, to the person at the address set forth below, or such other address as may be designated in writing hereafter, in the same manner, by such person:

 If to the Company: 
 MEI Pharma, Inc. 
 11975 El Camino Real, Suite 101 

San Diego, California 92130 
 USA 
 Attention: Chief Executive Officer 

Telephone: (858) 792-6300 
 Facsimile: (858) 792-5406 
 Email: dgold@meipharma.com 

With a copy to: 

Morgan, Lewis & Bockius LLP 
 101 Park Avenue, 40th Floor 
 New York, NY 10178 

USA 
 Attention:
Steven A. Navarro 
 Telephone: +1 (212) 309-6147 
 Fax: +1 (212) 309-6001 
 IF TO THE INITIAL HOLDER: 

S*BIO Pte Ltd. 

c/o EDBI 
 250
North Bridge Rd #28-00 Raffles City Tower 
 Singapore 179101 

Telephone: +65 6832 6326 
 Facsimile: +65 6832 6838 
 Email: hengtong@edbi.com 

Attention: Heng Tong Choo 

  
 9. 

 with a copy to: 
 Cooley LLP 
 4401 Eastgate Mall 

San Diego, CA 92121 
 USA 
 Telephone: +1 (858) 550-6000 

Facsimile: +1 (858) 550-6420 
 Email: adamsjk@cooley.com 
 Attention: Jane K. Adams 

15.5. Any person may change the address to which correspondence to it is to be addressed by notification as provided for herein.

 15.6. The parties acknowledge and agree that in the event of any breach of this Agreement, remedies at law may be inadequate,
and each of the parties hereto shall be entitled to seek specific performance of the obligations of the other parties hereto and such appropriate injunctive relief as may be granted by a court of competent jurisdiction, without the necessity of
showing economic loss and without any bond or other security being required. 
 15.7. This Agreement may be executed in a number
of counterparts, any of which together shall for all purposes constitute one Agreement, binding on all the parties hereto notwithstanding that all such parties have not signed the same counterpart. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 10.

 IN WITNESS WHEREOF, each Holder and the Company have caused their respective signature pages
to this Registration Rights Agreement to be duly executed as of the day and year first above written. 
  

	
	 MEI PHARMA, INC.

	
	  

	 Name:

	 Title:

 [Signature Page to Registration Rights Agreement] 

 IN WITNESS WHEREOF, each Holder and the Company have caused their respective signature pages
to this Registration Rights Agreement to be duly executed as of the day and year first above written. 
  

	
	 S*BIO PTE LTD.

	
	  

	 Name:

	 Title:

 [Signature Page to Registration Rights Agreement] 

 Instrument of Adherence 

Reference is hereby made to that certain Registration Rights Agreement, dated as of
[            ], 2012, among MEI Pharma, Inc., a Delaware corporation (the “Company”), the Initial Holder and the Holder Permitted Transferees, as amended and in effect from
time to time (the “Registration Rights Agreement”). Capitalized terms used herein without definition shall have the respective meanings ascribed thereto in the Registration Rights Agreement. 

The undersigned, in order to become the owner or holder of
[            ] shares of the Company’s Common Stock, par value $0.00000002 per share, hereby agrees that, from and after the date hereof, the undersigned has become a party to the
Registration Rights Agreement in the capacity of a Holder Permitted Transferee, and is entitled to all of the benefits under, and is subject to all of the obligations, restrictions and limitations set forth in, the Registration Rights Agreement that
are applicable to Holder Permitted Transferees. The notice information for purposes of the Registration Rights Agreement is provided below. This Instrument of Adherence shall take effect and shall become a part of the Registration Rights Agreement
immediately upon execution. 
 Executed as of the date set forth below under the laws of New York. 

 

					
	 [NAME OF HOLDER]

		
	 By:
	 	  

	Name:
	Title:
	Date:
	
	Address for notice:
			
		 	  
  
	 	
		 	  
	 	
		 	  
	 	
		 	Telephone:	 	
		 	Facsimile:	 	
		 	Email:	 	

  

			
	 Accepted:

	
	 MEI PHARMA, INC.

		
	 By:
	 	  

	 Name:

	 Title:

	Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}]]