Document:

EX-4.1

 EXHIBIT 4.1 

ON SEMICONDUCTOR CORPORATION 

as Issuer, 
 the GUARANTORS
named herein 
 as Guarantors, 

and 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION 
 as Trustee, 

INDENTURE 
 Dated as of
August 21, 2020 
 $700,000,000 

3.875% Senior Notes Due 2028 

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
	ARTICLE 1	 
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 
			
	 Section 1.01.
	 	 Rules of Construction
	  	 	1	
	 Section 1.02.
	 	 Definitions
	  	 	2	
	 Section 1.03.
	 	 Compliance Certificates and Opinions
	  	 	25	
	 Section 1.04.
	 	 Form of Documents Delivered to Trustee
	  	 	26	
	 Section 1.05.
	 	 Acts of Holders
	  	 	26	
	 Section 1.06.
	 	 Notices, Etc., to Trustee, Issuer, any Guarantor and Agent
	  	 	28	
	 Section 1.07.
	 	 Notice to Holders; Waiver
	  	 	28	
	 Section 1.08.
	 	 Effect of Headings and Table of Contents
	  	 	29	
	 Section 1.09.
	 	 Successors and Assigns
	  	 	29	
	 Section 1.10.
	 	 Severability Clause
	  	 	29	
	 Section 1.11.
	 	 Benefits of Indenture
	  	 	29	
	 Section 1.12.
	 	 Governing Law
	  	 	30	
	 Section 1.13.
	 	 Legal Holidays
	  	 	30	
	 Section 1.14.
	 	 No Personal Liability of Directors, Managers, Officers, Employees and Stockholders
	  	 	30	 
	 Section 1.15.
	 	 Concerning the TIA
	  	 	30	
	 Section 1.16.
	 	 Counterparts
	  	 	30	
	 Section 1.17.
	 	 USA PATRIOT Act
	  	 	30	
	 Section 1.18.
	 	 Waiver of Jury Trial
	  	 	31	
	 Section 1.19.
	 	 Force Majeure
	  	 	31	
	
	ARTICLE 2	 
	NOTE FORMS	 
			
	 Section 2.01.
	 	 Form and Dating
	  	 	31	
	 Section 2.02.
	 	 Execution, Authentication, Delivery and Dating
	  	 	31	
	
	ARTICLE 3	 
	THE NOTES	 
			
	 Section 3.01.
	 	 Title and Terms
	  	 	33	
	 Section 3.02.
	 	 Note Registrar, Transfer Agent and Paying Agent
	  	 	34	
	 Section 3.03.
	 	 Denominations
	  	 	35	
	 Section 3.04.
	 	 Temporary Notes
	  	 	35	
	 Section 3.05.
	 	 Registration of Transfer and Exchange
	  	 	35	
	 Section 3.06.
	 	 Mutilated, Destroyed, Lost and Stolen Notes
	  	 	36	
	 Section 3.07.
	 	 Payment of Interest; Interest Rights Preserved
	  	 	37	
	 Section 3.08.
	 	 Persons Deemed Owners
	  	 	38	
	 Section 3.09.
	 	 Cancellation
	  	 	38	
	 Section 3.10.
	 	 Computation of Interest
	  	 	38	

  
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	 Section 3.11.
	 	 Transfer and Exchange
	  	 	38	
	 Section 3.12.
	 	 CUSIP, ISIN and Common Code Numbers
	  	 	39	
	 Section 3.13.
	 	 Issuance of Additional Notes
	  	 	39	
	
	ARTICLE 4	 
	SATISFACTION AND DISCHARGE	 
			
	 Section 4.01.
	 	 Satisfaction and Discharge of Indenture
	  	 	39	
	 Section 4.02.
	 	 Application of Trust Money
	  	 	41	
	
	ARTICLE 5	 
	REMEDIES	 
			
	 Section 5.01.
	 	 Events of Default
	  	 	41	
	 Section 5.02.
	 	 Acceleration of Maturity; Rescission and Annulment
	  	 	44	
	 Section 5.03.
	 	 Additional Interest
	  	 	45	
	 Section 5.04.
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	45	
	 Section 5.05.
	 	 Trustee May File Proofs of Claim
	  	 	46	
	 Section 5.06.
	 	 Trustee May Enforce Claims Without Possession of Notes
	  	 	47	
	 Section 5.07.
	 	 Application of Money Collected
	  	 	47	
	 Section 5.08.
	 	 Limitation on Suits
	  	 	48	
	 Section 5.09.
	 	 Unconditional Right of Holders to Receive Principal, Premium and Interest
	  	 	48	 
	 Section 5.10.
	 	 Restoration of Rights and Remedies
	  	 	49	
	 Section 5.11.
	 	 Rights and Remedies Cumulative
	  	 	49	
	 Section 5.12.
	 	 Delay or Omission Not Waiver
	  	 	49	
	 Section 5.13.
	 	 Control by Holders
	  	 	49	
	 Section 5.14.
	 	 Waiver of Past Defaults
	  	 	50	
	 Section 5.15.
	 	 Waiver of Stay or Extension Laws
	  	 	50	
	 Section 5.16.
	 	 Undertaking for Costs
	  	 	50	
	
	ARTICLE 6	 
	THE TRUSTEE	 
			
	 Section 6.01.
	 	 Duties of the Trustee
	  	 	50	
	 Section 6.02.
	 	 Notice of Defaults
	  	 	51	
	 Section 6.03.
	 	 Certain Rights of Trustee
	  	 	52	
	 Section 6.04.
	 	 Trustee Not Responsible for Recitals or Issuance of Notes
	  	 	53	
	 Section 6.05.
	 	 May Hold Notes
	  	 	54	
	 Section 6.06.
	 	 Money Held in Trust
	  	 	54	
	 Section 6.07.
	 	 Compensation and Reimbursement
	  	 	54	
	 Section 6.08.
	 	 Corporate Trustee Required; Eligibility
	  	 	55	
	 Section 6.09.
	 	 Resignation and Removal; Appointment of Successor
	  	 	56	
	 Section 6.10.
	 	 Acceptance of Appointment by Successor
	  	 	57	
	 Section 6.11.
	 	 Merger, Conversion, Consolidation or Succession to Business
	  	 	57	
	 Section 6.12.
	 	 Appointment of Authenticating Agent
	  	 	57	
	 Section 6.13.
	 	 Preferential Collection of Claims Against Issuer
	  	 	59	

  
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	ARTICLE 7	  

	HOLDERS LISTS AND REPORTS BY TRUSTEE AND ISSUER	

			
	 Section 7.01.
	 	 Issuer to Furnish Trustee Names and Addresses
	  	 	59	
	 Section 7.02.
	 	 Reports by Trustee
	  	 	59	
	
	ARTICLE 8	  

	MERGER, CONSOLIDATION OR SALE OF ALL OR SUBSTANTIALLY ALL
ASSETS	

			
	 Section 8.01.
	 	 Issuer May Consolidate, Etc., Only on Certain Terms
	  	 	59	
	 Section 8.02.
	 	 Successor Substituted
	  	 	61	
	
	ARTICLE 9	  

	AMENDMENTS, SUPPLEMENTS AND WAIVERS	 

			
	 Section 9.01.
	 	 Amendments or Supplements Without Consent of Holders
	  	 	61	
	 Section 9.02.
	 	 Amendments, Supplements or Waivers with Consent of Holders
	  	 	62	
	 Section 9.03.
	 	 Execution of Amendments, Supplements or Waivers
	  	 	63	
	 Section 9.04.
	 	 Effect of Amendments, Supplements or Waivers
	  	 	64	
	 Section 9.05.
	 	 [Reserved]
	  	 	64	
	 Section 9.06.
	 	 Reference in Notes to Supplemental Indentures
	  	 	64	
	 Section 9.07.
	 	 Notice of Supplemental Indentures
	  	 	64	
	
	ARTICLE 10	  

	COVENANTS	 

			
	 Section 10.01.
	 	 Payment of Principal, Premium, if any, and Interest
	  	 	64	
	 Section 10.02.
	 	 Maintenance of Office or Agency
	  	 	64	
	 Section 10.03.
	 	 Money for Notes Payments to Be Held in Trust
	  	 	65	
	 Section 10.04.
	 	 Organizational Existence
	  	 	66	
	 Section 10.05.
	 	 [Reserved]
	  	 	66	
	 Section 10.06.
	 	 [Reserved]
	  	 	66	
	 Section 10.07.
	 	 [Reserved]
	  	 	66	
	 Section 10.08.
	 	 Statement by Officer as to Default
	  	 	66	
	 Section 10.09.
	 	 Reports and Other Information
	  	 	66	
	 Section 10.10.
	 	 Limitation on Liens
	  	 	69	
	 Section 10.11.
	 	 [Reserved]
	  	 	70	 
	 Section 10.12.
	 	 Limitation on Sale and Leaseback Transactions
	  	 	70	
	 Section 10.13.
	 	 Change of Control Repurchase Event
	  	 	72	
	
	ARTICLE 11	  

	REDEMPTION OF NOTES	 

			
	 Section 11.01.
	 	 Right of Redemption
	  	 	74	
	 Section 11.02.
	 	 [Reserved]
	  	 	75	
	 Section 11.03.
	 	 Election to Redeem; Notice to Trustee
	  	 	75	
	 Section 11.04.
	 	 Selection by Trustee of Notes to Be Redeemed
	  	 	75	

  
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	 Section 11.05.
	 	 Notice of Redemption
	  	 	76	
	 Section 11.06.
	 	 Deposit of Redemption Price
	  	 	77	
	 Section 11.07.
	 	 Notes Payable on Redemption Date
	  	 	77	
	 Section 11.08.
	 	 Notes Redeemed in Part
	  	 	78	
	
	ARTICLE 12	 
	GUARANTEES	 

			
	 Section 12.01.
	 	 Note Guarantees
	  	 	78	
	 Section 12.02.
	 	 Severability
	  	 	79	
	 Section 12.03.
	 	 Additional Guarantors
	  	 	80	
	 Section 12.04.
	 	 Limitation of Guarantors’ Liability
	  	 	80	
	 Section 12.05.
	 	 Contribution
	  	 	80	
	 Section 12.06.
	 	 Subrogation
	  	 	80	
	 Section 12.07.
	 	 Reinstatement
	  	 	81	
	 Section 12.08.
	 	 Release of a Guarantor
	  	 	81	
	 Section 12.09.
	 	 Benefits Acknowledged
	  	 	81	
	 Section 12.10.
	 	 Effectiveness of Note Guarantees
	  	 	81	
	
	ARTICLE 13	 
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	 
			
	 Section 13.01.
	 	 Issuer’s Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	82	
	 Section 13.02.
	 	 Legal Defeasance and Discharge
	  	 	82	
	 Section 13.03.
	 	 Covenant Defeasance
	  	 	82	
	 Section 13.04.
	 	 Conditions to Legal Defeasance or Covenant Defeasance
	  	 	83	
	 Section 13.05.
	 	 Deposited Money and Government Securities To Be Held in Trust Other Miscellaneous
Provisions
	  	 	84	 
	 Section 13.06.
	 	 Reinstatement
	  	 	85	

  
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 APPENDIX & EXHIBITS 

 

	
	APPENDIX I – Rule 144A / Regulation S
	 EXHIBIT 1 to APPENDIX I – Rule 144A / Regulation S – Form of Initial Note

	 EXHIBIT 2 to APPENDIX I – Rule 144A / Regulation S – Form of Transferee Letter of
Representation

	EXHIBIT A – Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors

  
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 INDENTURE dated as of August 21, 2020 (this “Indenture”), between ON
SEMICONDUCTOR CORPORATION, a Delaware corporation (the “Issuer”), the Guarantors party hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee (as defined below). 

RECITALS OF THE ISSUER 

The Issuer has duly authorized the creation of an issue of 3.875% Senior Notes due 2028 issued on the date hereof (the “Initial
Notes”) and, to provide therefor, the Issuer and the Guarantors have duly authorized the execution and delivery of this Indenture. 

All things necessary to make the Notes (as defined herein), when executed by the Issuer and authenticated and delivered hereunder and duly
issued by the Issuer, the valid and legally binding obligations of the Issuer, the Note Guarantees the valid and legally binding obligations of the Guarantors and to make this Indenture a valid and legally binding agreement of the Issuer and the
Guarantors, in accordance with their and its terms, have been done. 
 Each of the parties hereto is entering into this Indenture for the
benefit of the other parties and for the equal and ratable benefit of the Holders (as defined below) of (i) the Initial Notes and (ii) any Additional Notes (as defined herein) that may be issued from time to time under this Indenture. 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the
equal and ratable benefit of all Holders, as follows: 
 ARTICLE 1 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION 
 Section 1.01.    Rules of Construction. (a) For all purposes of this
Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 (i)    the
terms defined in this Article or the Appendix have the meanings assigned to them in this Article or the Appendix and words in the singular include the plural and words in the plural include the singular; 

(ii)    all accounting terms not otherwise defined herein have the meanings assigned to them in accordance
with GAAP (as defined herein); 
 (iii)    the words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 
  

 (iv)    all references to Articles, Sections, Exhibits
and Appendices shall be construed to refer to Articles and Sections of, and Exhibits and Appendices to, this Indenture; 

(v)    “or” is not exclusive; 

(vi)    “including” means including without limitation; 

(vii)    all references to the date the Notes were originally issued shall refer to the Issue Date; and

 (viii)    any reference to interest on, or in respect of, any Note in this Indenture shall be deemed
to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to Section 5.03; any express mention of Additional Interest in any provision of this Indenture shall not be construed as excluding
Additional Interest in those provisions of this Indenture where such express mention is not made. 

Section 1.02.    Definitions. 

“2020 Notes” means the $690,000,000 aggregate principal amount of 1.000% Convertible Senior Notes due 2020 issued by the
Issuer and Guaranteed by certain Subsidiaries of the Issuer. 
 “2023 Notes” means the $575,000,000 aggregate principal
amount of 1.625% Convertible Senior Notes due 2020 issued by the Issuer and Guaranteed by certain Subsidiaries of the Issuer. 

“Act”, when used with respect to any Holder, has the meaning specified in Section 1.05. 

“Additional Interest” has the meaning specified in Section 5.03. 

“Additional Notes” means any Notes issued by the Issuer pursuant to Section 3.13. 

“Adjusted Net Assets” has the meaning specified in Section 12.05. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control”, as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control
with” have correlative meanings. 

  
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 “Agent” means any Note Registrar, Transfer Agent, co-registrar, Notes Custodian, Paying Agent or other agent appointed in accordance with this Indenture to perform any function that this Indenture authorized such agent to perform. 

“Amended Credit Agreement” means the Credit Agreement, dated as of April 15, 2016, among the Issuer, as borrower, the
subsidiary guarantors party thereto, the lenders party thereto, Deutsche Bank AG New York Branch, as administrative agent, and the other agents party thereto together with the documents related thereto (including the term loans and revolving loans
thereunder, any guarantees and security documents), as amended, extended, renewed, restated, supplemented or otherwise modified (in whole or in part, and without limitation as to amount, terms, conditions, covenants and other provisions) from time
to time, and any agreement (and related documents) governing Indebtedness, including any Credit Facility, incurred to Refinance, in whole or in part, the borrowings and commitments then outstanding or permitted to be outstanding under such Credit
Agreement or a successor Credit Agreement. 
 “Appendix” has the meaning specified in Section 2.01. 

“Applicable Measurement Period” in effect at any time means the Issuer’s most recently ended four fiscal quarters
immediately preceding the applicable date of determination for which internal financial statements are available (as determined in good faith by the Issuer). 

For purposes of calculating the aggregate principal amount of Indebtedness outstanding under clauses (1) through (38) of the definition
of “Permitted Liens”, Section 10.12(b)(vi) and the definition of “Secured Leverage Ratio”, investments, acquisitions, dispositions, mergers, consolidations and disposed operations (as determined in accordance with GAAP) that
have been made by the Issuer or any Restricted Subsidiary of the Issuer during the Applicable Measurement Period or subsequent to such Applicable Measurement Period and on or prior to or simultaneously with the applicable date of determination shall
be calculated on a pro forma basis assuming that (each of the following, a “significant transaction”) all such investments, acquisitions, dispositions, mergers, consolidations and disposed operations (and the change in any associated
Indebtedness and the change in EBITDA resulting therefrom) had occurred on the first day of the Applicable Measurement Period. If since the beginning of such period any Person (that subsequently became a Restricted Subsidiary of the Issuer or was
merged with or into the Issuer or any Subsidiary of the Issuer since the beginning of such period) shall have made any investment, acquisition, disposition, merger, consolidation or disposed operation that would have required adjustment pursuant to
this definition, then the applicable amount shall be calculated giving pro forma effect thereto for such Applicable Measurement Period as if such Investment, acquisition, disposition, merger, consolidation or disposed operation had occurred at the
beginning of the Applicable Measurement Period. 
 For purposes of this definition, whenever pro forma effect is to be given to any
significant transaction, the calculations made on a pro forma basis shall be made in good faith by a responsible financial or accounting officer of the Issuer and include, for the 

  
 3 

 
avoidance of doubt, the amount of “run-rate” cost savings, operating expense reductions, other operating improvements and synergies projected by
the Issuer in good faith to be realized as a result of any significant transaction (calculated on a pro forma basis as though such cost savings, operating expense reductions, other operating improvements and synergies had been realized on the first
day of such period and as if such cost savings, operating expense reductions, other operating improvements and synergies were realized during the entirety of such period), and “run-rate” means the
full recurring benefit for a period in connection with any significant transaction, as applicable, (including any savings expected to result from the elimination of a public target’s compliance costs with public company requirements) net of the
amount of actual benefits realized during such period from such actions; provided that (i) such amounts are reasonably anticipated to be realized and reasonably factually supportable and quantifiable in the good faith judgment of the Issuer,
(ii) such actions are to be taken within 18 months after the consummation of the significant transaction, which is expected to result in such cost savings, expense reductions, other operating improvements or synergies and (iii) and no cost
savings, operating expense reductions and synergies shall be added pursuant to this paragraph to the extent duplicative of any expenses or charges otherwise added back in computing EBITDA, whether through a pro forma adjustment or otherwise, with
respect to such period; provided further that any increase to EBITDA as a result of cost savings, operating expense reductions, other operating improvements and synergies pursuant to this paragraph shall be subject to the limitation set forth in
clause (2)(vii) of the definition of “EBITDA”. 
 “Applicable Premium” means, with respect to any Note on any
Redemption Date, the greater of: 
 (1)    1.00% of the then-outstanding principal amount of such Note;
and 
 (2)    the excess, if any, of (a) the present value at such Redemption Date of (i) the
Redemption Price (such Redemption Price being in the amount set forth in the table appearing in Section 11.01) of such Note at September 1, 2023, plus (ii) all required interest payments due on such Note through
September 1, 2023 (excluding accrued interest to the Redemption Date), computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over (b) the then-outstanding principal amount of such
Note. 
 Calculation of the Applicable Premium will be made by the Issuer or on behalf of the Issuer by such Person as the Issuer shall
designate; provided, however, that such calculation or the correctness thereof shall not be a duty or obligation of the Trustee. 

“Applicable Procedures” means, with respect to any payment, tender, redemption, transfer or exchange of or for beneficial
interests in any Global Note, the rules and procedures of the Depositary that apply to such payment, tender, redemption, transfer or exchange. 

“Attributable Debt” means, with respect to any Sale and Leaseback Transaction, at the time of determination, the lesser of
(a) the sale price of the property so leased 

  
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multiplied by a fraction the numerator of which is the remaining portion of the base term of the lease included in such transaction and the denominator of which is the base term of such lease,
and (b) the total obligation (discounted to the present value at the implicit interest factor, determined in accordance with GAAP, included in the rental payments) of the lessee for rental payments (other than amounts required to be paid on
account of property taxes as well as maintenance, repairs, insurance, water rates and other items which do not constitute payments for property rights) during the remaining portion of the base term of the lease included in such transaction.
Notwithstanding the foregoing, if such Sale and Leaseback Transaction results in a Finance Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of “Finance Lease Obligation”.

 “Authenticating Agent” has the meaning specified in Section 6.12. 

“Bankruptcy Law” means Title 11, United States Bankruptcy Code of 1978, as amended, or any similar United States federal or
state law and the law of any other jurisdiction relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization or relief of debtors or any amendment to, succession to or change in
any such law. 
 “Board of Directors” means, with respect to the Issuer or any Guarantor, the board of directors (or
similar body) of the Issuer or such Guarantor, as the case may be, or a committee of such board of directors (or similar body) duly authorized to act for it. 

“Board Resolution” means with respect to the Issuer, a duly adopted resolution of the Board of Directors of the Issuer or any
committee of such Board of Directors. 
 “Business Day” means any day other than a Saturday, a Sunday or a day on which the
Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed. 
 “Capital
Stock” means, for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that entity. 

“Change of Control” means the occurrence of any of the following: 

(1)    the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of
merger, consolidation or other business combination transaction), in one or a series of related transactions, of all or substantially all of the assets of the Issuer and its Subsidiaries taken as a whole to any “person” (as that term is
used in Section 13(d) and Section 14(d) of the Exchange Act) other than to the Issuer or one of its Subsidiaries; 

(2)    the consummation of any transaction (including any merger or consolidation or purchase of Capital
Stock) the result of which is that any “person” (as that term is used in Section 13(d) and Section 14(d) of the Exchange Act), including any group acting for the purpose of acquiring, holding, voting or

  
 5 

 
disposing of securities within the meaning of Rule 13d-5(b)(1) under the Exchange Act (other than the Issuer, its Wholly-Owned Subsidiaries and the
employee benefit plans of the Issuer and its Wholly-Owned Subsidiaries), becomes the “beneficial owner” (as defined in Rule 13d-3 and Rule 13d-5 under the
Exchange Act), directly or indirectly, of more than 50.00% of the outstanding Voting Stock of the Issuer, or other Voting Stock into which the Voting Stock of the Issuer is reclassified, consolidated, exchanged or changed, measured by voting power
rather than number of shares; 
 (3)    the Issuer consolidates with, or merges with or into, any Person
(other than any of the Issuer’s Wholly-Owned Subsidiaries), or any Person (other than any of the Issuer’s Wholly-Owned Subsidiaries) consolidates with, or merges with or into, the Issuer, in any such event pursuant to a transaction in
which any of the outstanding Voting Stock of the Issuer or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Voting Stock of the Issuer outstanding
immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person immediately after giving effect to such transaction; or 

(4)    the adoption of a plan relating to the liquidation or dissolution of the Issuer. 

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (a) the Issuer becomes a direct
Subsidiary of a holding company, (b) such holding company owns no assets other than the Capital Stock of the Issuer and (c) upon completion of such transaction, the ultimate beneficial ownership of the Issuer has not been modified by such
transaction. 
 “Change of Control Offer” has the meaning specified in Section 10.13. 

“Change of Control Payment” has the meaning specified in Section 10.13. 

“Change of Control Payment Date” has the meaning specified in Section 10.13. 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Ratings Event. 

“Consolidated Net Tangible Assets” of any Person as of any date means the total assets of such Person and its Subsidiaries as
of the most recent fiscal quarter end for which a consolidated balance sheet of such Person and its Subsidiaries is available, minus all current liabilities of such Person and its Subsidiaries reflected on such balance sheet and minus
total goodwill and other intangible assets of such Person and its Subsidiaries reflected on such balance sheet, all calculated on a consolidated basis in accordance with GAAP. 

  
 6 

 “Consolidated Total Assets” means the total consolidated assets of the
Issuer and its Restricted Subsidiaries, on a consolidated basis, as shown on the most recent balance sheet of the Issuer, calculated in accordance with GAAP. 

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

“continuing” means, with respect to any Default, that such Default has not been cured or waived. 

“Corporate Trust Office” means the corporate trust office of the Trustee, at which at any particular time its corporate trust
business in relation to this Indenture shall be principally administered, which office at the date of execution of this Indenture is located at Wells Fargo Bank, National Association, 600 South Fourth Street, Sixth Floor, MAC N9300-060 Minneapolis, MN 55415, Attn: Corporate Trust Services, and for Agent services such office shall also mean the office or agency of the Trustee located at Corporate Trust Operations, MAC N9300-070, 600 South Fourth Street, Seventh Floor, Minneapolis, MN 55415. 
 “Covenant
Defeasance” has the meaning specified in Section 13.03. 
 “Credit Facility” means, with respect to the
Issuer or any Subsidiary of the Issuer, (1) the Amended Credit Agreement and (2) one or more debt facilities or other financing arrangements (including commercial paper facilities with banks or other institutional lenders or investors or
indentures) providing for revolving credit loans, term loans, letters of credit or other long-term indebtedness, including any notes, mortgages, Guarantees, collateral documents, instruments and agreements executed in connection therewith, and any
amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof, in whole or in part, and any indentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors that
renew, refund, refinance or replace any part of the loans, notes or other securities, other credit facilities or commitments thereunder, including any such refinancing facility or indenture that increases the amount permitted to be borrowed or
issued thereunder or alters the maturity thereof or adds Subsidiaries of the Issuer as additional borrowers or guarantors thereunder and whether by the same or any other agent, trustee, lender or group of lenders or holders. 

“Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 “Defaulted Interest” has the meaning specified in Section 3.07(b). 

“Depositary” means The Depository Trust Company, its nominees and their respective successors. 

“Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is
convertible, or for which it is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, other than as a result of a change of control, asset

  
 7 

 
sale or casualty or condemnation event pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder of the Capital Stock, other than as a result of a change of
control, asset sale or casualty or condemnation event, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this
Indenture will be the maximum amount that the Issuer and its Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. 

“Domestic Subsidiary” means any Restricted Subsidiary of the Issuer that is a “United States Person,” as defined in
the Code, other than a Foreign Subsidiary. 
 “EBITDA” means, for any period, 

(1)    the net income or loss of the Issuer and its Restricted Subsidiaries for such period determined on a
consolidated basis in accordance with GAAP, provided that there shall be excluded from such net income or loss (a) the income of any Person (other than a consolidated Restricted Subsidiary) in which any other Person (other than the Issuer or
any consolidated Restricted Subsidiary or any director holding qualifying shares in compliance with applicable law) owns Capital Stock, except to the extent of the amount of dividends or other distributions actually paid to the Issuer or any of the
consolidated Restricted Subsidiaries by such Person during such period and (b) the income or loss of any Person accrued prior to the date on which it becomes a Restricted Subsidiary or is merged into or consolidated with the Issuer or any
consolidated Restricted Subsidiary or the date on which such Person’s assets are acquired by the Issuer or any consolidated Subsidiary, plus 

(2)    without duplication and to the extent deducted in determining such amount calculated in clause
(1) above: 
 (i)    the interest expense (including without limitation interest expense under
Finance Lease Obligations that is treated as interest in accordance with GAAP) of the Issuer and its Restricted Subsidiaries calculated on a consolidated basis for such period with respect to all outstanding Indebtedness of the Issuer and its
Restricted Subsidiaries allocable to such period in accordance with GAAP (including, without limitation, net costs under interest rate Hedge Agreements to the extent such net costs are allocable to such period in accordance with GAAP), for such
period, 
 (ii)    consolidated income tax expense for such period, 

(iii)    all amounts attributable to depreciation and amortization for such period, 

(iv)    all extraordinary charges during such period and costs, expenses, awards and the amount of any
judgment actually paid in connection with proceedings brought by Power Integrations against Fairchild Semiconductor International, Inc. and any successor-in-interest or
Affiliate thereof, 

  
 8 

 (v)    noncash expenses during such period resulting
from the grant of stock options and restricted stock, restricted stock units or other awards to management, directors, consultants or employees of the Issuer or any of its Restricted Subsidiaries, 

(vi)    any non-recurring fees, expenses or premiums related to the
redemption, repayment or repurchase of any securities of the Issuer, 
 (vii)    (A) cash restructuring
expenses to the extent expensed, including all non-recurring restructuring costs, facilities relocation costs, acquisition integration costs and fees in connection therewith, including cash severance payments
and (B) the amount of “run rate” cost savings, operating expense reductions, other operating improvements and synergies projected by the Issuer in good faith to be realized as a result of any significant transaction after the Issue
Date (calculated on a pro forma basis as though such cost savings, operating expense reductions, other operating improvements and synergies had been realized on the first day of such period and as if such cost savings, operating expense reductions,
other operating improvements and synergies were realized during the entirety of such period), net of the amount of actual benefits realized during such period from such actions; provided that (x) such cost savings, operating expense reductions,
other operating improvements and synergies are reasonably anticipated to be realized and factually supportable and quantifiable in the good faith judgment of the Issuer, (y) such actions are to be taken within 18 months after the consummation
of the significant transaction, which is expected to result in such cost savings, expense reductions, other operating improvements or synergies and (z) and no cost savings, operating expense reductions and synergies shall be added pursuant to
this clause (vii)(B) to the extent duplicative of any expenses or charges otherwise added to EBITDA, whether through a pro forma adjustment or otherwise, for such period (with the total add-back pursuant to
this clause (vii)(B) to be limited to 25% of EBITDA in any period of four consecutive fiscal quarters of the Issuer (determined after giving effect to any add-backs pursuant to this clause (vii)(B)), 

(viii)    all other noncash expenses or losses of the Issuer or any of its Restricted Subsidiaries for such
period (excluding any such expense or loss that constitutes an accrual of or a reserve for cash payments to be made in any future period), 

(ix)    any non-recurring fees, expenses or charges recognized by
the Issuer or any of its Restricted Subsidiaries for such period related to any offering of capital stock, incurrence of Indebtedness or in connection with any acquisition; minus 

  
 9 

 (3)    without duplication and to the extent included in
determining such amount pursuant to clause (1) above, the sum of: 
 (i)    any extraordinary gains
for such period, 
 (ii)    all noncash items increasing the amount calculated pursuant to clause
(1) above (excluding any items that represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period), and 

(iii)    all gains during such period attributable to any sale or disposition of assets (other than in the
ordinary course of business). 
 “Equity Interests” means Capital Stock and all warrants, options or other rights to
acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity
Offering” means a public or private sale of common stock or preferred stock (excluding Disqualified Stock) of the Issuer consummated after the Issue Date, other than (i) public offerings with respect to common stock registered on Form S-4 or Form S-8 (or any similar offering in any other jurisdiction or otherwise issuable under any employee benefit plan of the Issuer) or (ii) an issuance to any
Subsidiary of the Issuer. 
 “Event of Default” has the meaning set forth in Section 5.01. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Existing Notes” means the 2020 Notes and the 2023 Notes. 

“Finance Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a
lease that would at that time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of
rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 

“Finance Subsidiary” means any Restricted Subsidiary, whether now existing or hereafter created or acquired, (a) of
which at least ninety percent (90%) of all of the issued and outstanding voting and beneficial Equity Interests are owned, directly or indirectly, by the Issuer; (b) that has no material assets, operations, revenues or cash flows other than
those related to the incurrence, administration and repayment of Indebtedness; and (c) whose Indebtedness is Guaranteed by the Issuer. 

“Foreign Subsidiary” means (a) any Restricted Subsidiary of the Issuer (i) that has no material assets other than
Capital Stock in one or more Foreign Subsidiaries or (ii) that is not a “United States person” within the meaning of Section 7701(a)(30) of the Code or (b) any other Restricted Subsidiary of the Issuer, for so long as such
Restricted Subsidiary would not be able to execute a guaranty or pledge without creating an investment in “United States property” (within the meaning of Section 956 of the Code). 

  
 10 

 “Funding Guarantor” has the meaning specified in Section 12.05. 

“GAAP” means generally accepted accounting principles in the United States as are in effect on the Issue Date. 

“Global Notes” means Notes issued in global form. 

“Government Securities” means direct obligations of, or obligations Guaranteed by, the United States of America, and the
payment for which the United States pledges its full faith and credit. 
 “Guarantee” means a guarantee other than by
endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in
respect thereof, of all or any part of any Indebtedness. 
 “Guarantors” means any Subsidiary of the Issuer that executes a
Note Guarantee in accordance with the provisions of this Indenture, and their respective successors and assigns, in each case, until the Note Guarantee of such Person has been released in accordance with the provisions of this Indenture. 

“Hedge Agreements” means any agreement with respect to any cap, swap, forward, future or derivative transaction or option or
similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or
interest rate, commodities and foreign exchange protection agreements or any similar transaction or any combination of these transactions; provided that (a) no phantom stock or similar plan providing for payments only on account of services
provided by current or former directors, officers, employees or consultants of the Issuer or the Subsidiaries shall be a Hedge Agreement and (b) the Existing Notes shall not be Hedge Agreements.  

“Holder” means a registered holder of the Notes. 

“Indebtedness” means, with respect to any Person, 

(1)    any indebtedness (including principal and premium) of such Person, 

(a)    in respect of borrowed money, 

(b)    evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’
acceptances (or, without double counting, reimbursement agreements in respect thereof), 

  
 11 

 (c)    representing the balance, deferred and unpaid, of
the purchase price of any property, except (i) any such balance that constitutes a trade payable or similar obligation to a trade creditor, in each case accrued in the ordinary course of business and (ii) any indemnification, adjustment of
purchase price earn-out or similar obligation until such obligation, after 60 days of becoming due and payable, has not been paid and is reflected as a liability on the balance sheet of such Person in
accordance with GAAP, 
 (d)    representing Finance Lease Obligations, or 

(e)    representing any Hedge Agreements, 

(2)    to the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as
obligor, guarantor or otherwise, on the obligations of the type referred to in clause (1) of another Person (whether or not such items would appear upon the balance sheet of such obligor or guarantor), other than by endorsement of negotiable
instruments for collection in the ordinary course of business, and 
 (3)    to the extent not otherwise
included, the obligations of the type referred to in clause (1) of another Person secured by a Lien on any assets owned by such Person, whether or not such Indebtedness is assumed by such Person; provided, however, that the amount
of such Indebtedness will be the lesser of: (a) the fair market value of such assets at such date of determination, and (b) the amount of such Indebtedness of such other Person; 

if and to the extent any of the preceding items (other than letters of credit and Hedge Agreements) would appear as a liability upon a balance
sheet (excluding the footnotes thereto) of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset owned by the specified Person
(whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person (other than by endorsement of negotiable instruments for
collection in the ordinary course of business). Indebtedness shall be calculated without giving effect to the effects of Statement of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise
increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting for any embedded derivatives created by the terms of such Indebtedness; provided, however, that notwithstanding the foregoing,
Indebtedness shall be deemed not to include Contingent Obligations incurred in the normal course of business and not in respect of borrowed money. 

“Indenture” means this instrument as originally executed and as it may from time to time be supplemented or amended by one or
more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this Indenture and any such supplemental indenture, any provisions of the TIA that are deemed to be part of and govern this
instrument and any such supplemental indenture, respectively, if applicable. 

  
 12 

 “Initial Default” has the meaning specified in Section 5.02(c). 

“Initial Notes” has the meaning set forth in the first recital. 

“Intellectual Property” means, collectively, all United States and foreign (a) patents, patent applications,
certificates of inventions, industrial designs (whether established or registered or recorded in the United States or any other country or any political subdivision thereof), together with any and all inventions described and claimed therein, and
reissues, divisions, continuations, renewals, extensions and continuations-in-part thereof and amendments thereto; (b) trademarks, service marks,
certification marks, tradenames, rights in slogans, logos and trade dress, Internet Domain Names, and other source identifiers, whether statutory or common law, whether registered or unregistered, and whether established or registered in the United
States or any other country or any political subdivision thereof, together with any and all registrations and applications for any of the foregoing, and reissues, continuations, extensions and renewals thereof and amendments thereto;
(c) copyrights (whether statutory or common law, whether established, registered or recorded in the United States or any other country or any political subdivision thereof, and whether published or unpublished), rights in copyrightable subject
matter, and all mask works (as such term is defined in 17 U.S.C. Section 901, et seq.), together with any and all registrations and applications therefor, and renewals and extensions thereof and amendments thereto; (d) rights in computer
programs (whether in source code, object code, or other form), algorithms, databases, compilations and data, technology supporting the foregoing, and all documentation, including user manuals and training materials, related to any of the foregoing;
(e) trade secrets and rights in proprietary or confidential information, data and databases, know-how and proprietary processes, designs, inventions, invention disclosures, engineering or other
technical data, financial data, procedures, designs personal information, supplier lists, customer lists, business, production or marketing plans, formulae, methods (whether or not patentable), processes, compositions, schematics, ideas, algorithms,
techniques, analyses, proposals, source code, object code and any other similar intangible rights, to the extent not covered by the foregoing, whether statutory or common law, whether registered or unregistered, and whether established or registered
in the United States or any other country or any political subdivision thereof; (f) rights to income, fees, royalties, damages and payments now and hereafter due and/or payable under or with respect to any of the foregoing, including, without
limitation, damages, claims and payments for past, present or future infringements, misappropriations or other violations thereof, (g) rights and remedies to sue for past, present and future infringements, misappropriations and other violations
of any of the foregoing, and (h) rights, priorities, and privileges corresponding to any of the foregoing or other similar intangible assets throughout the world. 

“Interest Payment Date” means the Stated Maturity of an installment of interest on the Notes. 

  
 13 

 “Investment Grade” means
(a) BBB- (with a stable outlook) or above, in the case of S&P (or its equivalent under any successor rating categories of S&P) and Baa3 (with a stable outlook) or above, in the case of
Moody’s (or its equivalent under any successor rating categories of Moody’s), or (b) the equivalent in respect of the rating categories of any Rating Agency. 

“Issue Date” means August 21, 2020. 

“Issuer” has the meaning set forth in the preamble hereto. 

“Issuer Request” or “Issuer Order” means a written request or order signed in the name of the Issuer by an
Officer of the Issuer, and delivered to the Trustee. 
 “Joint Venture” means, with respect to any Person, any partnership,
corporation or other entity in which up to and including 50% of the Equity Interests is owned, directly or indirectly, by such Person and/or one or more of its Subsidiaries. A Joint Venture is not treated as a Subsidiary. 

“Legal Defeasance” has the meaning specified in Section 13.02. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a
security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall an operating lease be deemed to constitute a
Lien. 
 “Material Indebtedness” means of any Person at any date, (a) Indebtedness the outstanding principal amount of
which exceeds in the aggregate $50,000,000, (b) Indebtedness under the Amended Credit Agreement, (c) the Existing Notes and (d) the Notes. 

“Material Intellectual Property” means any Intellectual Property owned by the Issuer or any of its Subsidiaries (or any
intellectual property with respect to which any of the Issuer or any of its Subsidiaries hold an exclusive license) that is material to the ordinary conduct of the business of the Issuer and its Subsidiaries taken as a whole (as determined by the
Issuer in good faith). 
 “Maturity” when used with respect to any Note, means the date on which the principal of such Note
or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption or otherwise. 

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

  
 14 

 “Note Guarantee” means the Guarantee by each Guarantor of the Issuer’s
obligations under this Indenture and the Notes, executed pursuant to the provisions of this Indenture. 
 “Note Register”
and “Note Registrar” have the respective meanings specified in Section 3.02. 
 “Notes” means any
Notes authenticated and delivered under this Indenture. 
 “Notes Custodian” means the custodian with respect to a Global
Note (as appointed by the Depositary) or any successor Person thereto, which shall initially be the Trustee. 

“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements (including, without
limitation, reimbursement obligations with respect to letters of credit), damages and other liabilities, and Guarantees of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable
under the documentation governing any Indebtedness. 
 “Offering Memorandum” means that certain offering memorandum dated
August 18, 2020, relating to the Notes issued on the Issue Date. 
 “Officer” means, with respect to any Person, the
Chairman of the Board of Directors, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Assistant Secretary or any Vice
President of such Person. 
 “Officer’s Certificate” means a certificate signed on behalf of the Issuer by an Officer
of the Issuer, provided the Officer signing the annual certificate regarding Defaults shall be the principal financial officer, the treasurer or the principal accounting officer, or the equivalent, of the Issuer. 

“Opinion of Counsel” means a written opinion from legal counsel (which may be subject to customary assumptions, exclusions,
limitations and exceptions). The counsel may be an employee of or counsel to the Issuer or other counsel reasonably acceptable to the Trustee. 

“Outstanding”, when used with respect to Notes, means, as of the date of determination, all Notes theretofore
authenticated and delivered under this Indenture, except: 
 (1)    Notes theretofore cancelled by the
Trustee or delivered to the Trustee for cancellation; 
 (2)    Notes, or portions thereof, for whose
payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Issuer or any of its Subsidiaries) in trust or set aside and segregated in trust by the Issuer (if the Issuer
shall act as its own Paying 

  
 15 

 
Agent) for the Holders of such Notes in accordance with any applicable provisions of this Indenture; provided, however, that, if such Notes are to be redeemed, written notice of
such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

(3)    Notes, except to the extent provided in Sections 13.02 and 13.03, with respect to which the Issuer
has effected Legal Defeasance or Covenant Defeasance as provided in Article Thirteen; and 
 (4)    Notes
which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to
the Trustee proof satisfactory to it that such Notes are held by a Protected Purchaser in whose hands the Notes are valid obligations of the Issuer; 

provided, however, that, in determining whether the Holders of the requisite principal amount of Outstanding Notes have given any request, demand,
authorization, direction, consent, notice or waiver hereunder, Notes owned by the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes which a Responsible Officer of the Trustee actually knows to
be so owned shall be so disregarded. 
 “Paying Agent” means any Person (including the Issuer acting as Paying Agent)
authorized by the Issuer to pay the principal of, and premium, if any, or interest on, any Notes on behalf of the Issuer. 

“Payment Default” has the meaning specified in Section 5.01(f)(i). 

“Permitted Liens” means, with respect to any Person: 

(1)    Liens securing Indebtedness on any Principal Property existing at the time of its acquisition and
Liens created contemporaneously with or within 270 days after (or created pursuant to firm commitment financing arrangements obtained within that period) the later of (a) the acquisition or completion of construction or completion of
reconstruction, renovation, remodeling, expansion or improvement (each, an “improvement”) of such Principal Property or (b) the placing in operation of such Principal Property after the acquisition or completion of any such
construction or improvement; 
 (2)    Liens on property or assets or shares of Capital Stock securing
Indebtedness of a Person existing at the time it is merged, combined or amalgamated with or into or consolidated with, or its assets or Capital Stock are acquired by, the Issuer or any of its Subsidiaries or it otherwise becomes a Subsidiary of the
Issuer; provided, however, that in each case (a) the Indebtedness secured by such Lien was not incurred in contemplation of such merger, 

  
 16 

 
combination, amalgamation, consolidation, acquisition or transaction in which such Person becomes a Subsidiary of the Issuer and (b) such Lien extends only to the Capital Stock and assets of
such Person (and Subsidiaries of such Person) and/or to property other than any Principal Property; 

(3)    Liens securing Indebtedness in favor of the Issuer and/or one or more of its Subsidiaries; 

(4)    Liens in favor of or required by a governmental unit in any relevant jurisdiction, including any
department or instrumentality thereof, to secure payments under any contract or statute, or to secure debts incurred in financing the acquisition or construction of or improvements or alterations to property subject thereto; 

(5)    Liens in favor of any customer arising in respect of and not exceeding the amount of performance
deposits and partial, progress, advance or other payments by that customer for goods produced or services rendered to that customer in the ordinary course of business and consignment arrangements (whether as consignor or as consignee) or similar
arrangements for the sale or purchase of goods in the ordinary course of business; 
 (6)    Liens
existing on the Issue Date (other than Liens incurred or to be incurred under the Amended Credit Agreement or any other Credit Facility); 

(7)    Liens to secure any extension, renewal, refinancing, refunding or replacement (or successive
extensions, renewals, refinancings, refundings or replacements), in whole or in part, of any Indebtedness secured by Liens referred to in clauses (1), (2) or (6) above or clause (11) below or Liens created in connection with any amendment,
consent or waiver relating to such Indebtedness, so long as (a) such Lien is limited to (i) all or part of substantially the same property which secured the Indebtedness extended, renewed, refinanced, refunded or replaced and/or
(ii) property other than any Principal Property and (b) the amount of Indebtedness secured is not increased (other than by the amount equal to any costs, expenses, premiums, fees or prepayment penalties incurred in connection with any
extension, renewal, refinancing, refunding or replacement and except that commitments as referenced in clause (11) shall be deemed outstanding for this purpose); provided that any such Lien incurred pursuant to this clause (7) with
respect to clause (11) shall, for purposes of determining amounts outstanding and the availability under clause (11), be deemed to be outstanding under clause (11) and not this clause (7); 

(8)    Liens in respect of cash in connection with the operation of cash management programs and Liens
associated with the discounting or sale of letters of credit and customary rights of set-off, banker’s Lien, revocation, refund or chargeback or similar rights under deposit disbursement, concentration
account agreements or under the Uniform Commercial Code or arising by operation of law; 

  
 17 

 (9)    Liens resulting from the deposit of funds or
evidences of Indebtedness in trust for the purpose of defeasing or effecting a satisfaction and discharge of any Indebtedness of the Issuer or any of its Subsidiaries, and legal or equitable encumbrances deemed to exist by reason of negative
pledges; 
 (10)    [Reserved]; 

(11)    Liens securing (a) Indebtedness (including any unfunded commitments) under the Amended Credit
Agreement outstanding as of the Issue Date and (b) obligations of the Issuer or any Subsidiary in respect of any Hedge Agreement provided by any lender party to the Amended Credit Agreement or Affiliate of such lender (or any Person that was a
lender or an Affiliate of a lender at the time the applicable agreements in respect of such Hedge Agreement were entered into); 

(12)    Liens imposed by law or regulation, such as carriers’, warehousemen’s,
materialmen’s, contractors’, landlords’ and mechanic’s Liens and other similar Liens arising in the ordinary course of business, Liens in connection with legal proceedings and Liens arising solely by virtue of any statutory or
common law provision relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution; 

(13)    Liens for taxes, assessments, charges or other governmental levies which are not yet delinquent for
more than sixty (60) days or being contested in good faith by appropriate proceedings; provided that adequate reserves with respect thereto are maintained on the books of the Issuer or its Subsidiaries, as the case may be, in
conformity with GAAP; 
 (14)    Liens, pledges, deposits or security to secure the performance of bids,
trade or commercial contracts, government contracts, purchase, construction, sales and servicing contracts (including utility contracts), leases, statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations
of a like nature, in each case in the ordinary course of business and to secure letters of credit, guarantees, bonds or other sureties or similar instruments given in connection with the foregoing or in connection with workers’ compensation,
unemployment insurance, employers’ health tax or other types of social security or similar laws and regulations; 

(15)    licenses of Intellectual Property of the Issuer and its Subsidiaries granted in the ordinary course
of business and Liens on Intellectual Property immaterial to the business of the Issuer and its Subsidiaries to secure payments to any developer of such Intellectual Property; 

(16)    Liens on, and consisting of, deposits made by the Issuer or a Guarantor to discharge or defease the
Notes and this Indenture or any other Indebtedness; 

  
 18 

 (17)    Liens on stock, partnership or other Equity
Interests in any Joint Venture of the Issuer or any of its Subsidiaries or in any Subsidiary of the Issuer that owns an Equity Interest in a Joint Venture to secure Indebtedness contributed or advanced solely to that Joint Venture; provided
that, in each case, the Indebtedness secured by such Lien is not secured by a Lien on any other property of the Issuer or any Subsidiary of the Issuer; 

(18)    Liens and deposits securing netting services, business credit card programs, overdraft protection
and other treasury, depository and cash management services or incurred in connection with any automated clearing-house transfers of funds or other fund transfer or payment processing services; 

(19)    Liens on insurance policies and the proceeds thereof incurred in connection with the financing of
insurance premiums; 
 (20)    easements, rights of way, minor encroachments, protrusions, municipal and
zoning and building ordinances and similar charges, encumbrances, title defects or other irregularities, governmental restrictions on the use of property or conduct of business, and Liens in favor of governmental authorities and public utilities,
that do not materially interfere with the ordinary course of business of the Issuer and its Subsidiaries, taken as a whole; 

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

(22)    leases (including Finance Leases), subleases, licenses or sublicenses (including of intellectual
property) to or from third parties granted in the ordinary course of business; 
 (23)    Liens arising
from Uniform Commercial Code (or equivalent statute) financing statement filings regarding operating leases or consignments entered into by the Issuer or any Subsidiary of the Issuer in the ordinary course of business; 

(24)    Liens on equipment of the Issuer or any Subsidiary of the Issuer granted in the ordinary course of
business to the Issuer’s or such Subsidiary’s client at which such equipment is located; 

(25)    Liens arising by operation of law under Article 2 of the Uniform Commercial Code; 

(26)    Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of
customs duties in connection with the importation of goods in the ordinary course of business; 

  
 19 

 (27)    Liens (i) of a collection bank arising
under Section 4-210 of the Uniform Commercial Code or any comparable or successor provision on items in the course of collection, (ii) attaching to pooling, commodity trading accounts or other commodity brokerage accounts incurred in the
ordinary course of business and (iii) in favor of banking or other financial institutions or electronic payment service providers arising as a matter of law encumbering deposits (including the right of
set-off) and which are within the general parameters customary in the banking or finance industry; 

(28)    restrictive covenants affecting the use to which real property may be put; provided,
however, that such restrictive covenants are complied with; 
 (29)    security given to a public
utility or any municipality or governmental authority when required by such utility or authority in connection with the operations of that Person in the ordinary course of business; 

(30)    zoning by-laws and other land use restrictions, including
site plan agreements, development agreements and contract zoning agreements; 
 (31)    Liens securing
Indebtedness of Foreign Subsidiaries; provided that the aggregate principal amount of all such Indebtedness so secured shall not exceed at any one time the greater of (x) $250,000,000 and (y) 3.0% the Consolidated Total Assets of the
Issuer (measured at the time of incurrence); 
 (32)    Liens arising out of judgments, decrees, orders
or awards in respect of which the Issuer or any Subsidiary shall in good faith be prosecuting an appeal or proceedings for review, which appeal or proceedings shall not have been finally terminated, or if the period within which such appeal or
proceedings may be initiated shall not have expired; 
 (33)     any encumbrance or restriction with
respect to the transfer of the Capital Stock in any joint venture or similar arrangement pursuant to the terms of the joint venture documents; 

(34)     Liens on cash, Cash Equivalents or other property arising in connection with any defeasance,
discharge or redemption of Indebtedness; 
 (35)     Liens arising out of conditional sale, title
retention, consignment or similar arrangements for sale of goods entered into by the Issuer or any of its Subsidiaries in the ordinary course of business; 

(36)     Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens
attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 

(37)     (y) Liens that are customary contractual rights of setoff (i) relating to the establishment
of depository relations with banks or other financial 

  
 20 

 
institutions not given in connection with the incurrence of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Issuer or any of its Subsidiaries to permit satisfaction of
overdraft or similar obligations incurred in the ordinary course of business of the Issuer or any of its Subsidiaries, or (iii) relating to purchase orders and other agreements entered into with customers of the Issuer or any of its
Subsidiaries in the ordinary course of business; and 
 (38)     Liens on property or assets under
construction or development (and related rights) in favor of a contractor or developer or arising from progress or partial payments by a third party relating to such property or assets. 

In the event that an item of secured Indebtedness meets the criteria of more than one of the categories of Permitted Liens described in
clauses (1) through (38) above on the date of incurrence, the Issuer will be permitted on the date of incurrence to classify such item of Indebtedness, and such item of secured Indebtedness will be treated as having been incurred, pursuant to
only one of such categories. For purposes of clause (7) and (11) above, (a) with respect to any revolving Credit Facility secured by a Lien, the full amount of Indebtedness that may be borrowed thereunder will be deemed to be incurred at
the time any revolving credit commitment thereunder is first extended or increased and will not be deemed to be incurred when such revolving Credit Facility is drawn upon and (b) if a Lien by the Issuer or any of its Subsidiaries is granted to
secure Indebtedness that was previously unsecured, such Indebtedness will be deemed to be incurred as of the date such Indebtedness is secured. Any Lien permitted under clauses (1) through (38) above that secures Indebtedness shall also be
permitted to secure any Obligations associated with such Indebtedness. 
 “Permitted Parties” has the meaning specified in
Section 10.09(b). 
 “Person” means any individual, corporation, partnership, joint venture, association, joint stock
company, trust, unincorporated organization, limited liability company, government or any other entity. 
 “Predecessor
Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under
Section 3.06 in exchange for a mutilated Note or in lieu of a destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Note. 

“preferred stock” means any Equity Interest with preferential rights of payment of dividends or upon liquidation, dissolution
or winding up. 
 “Principal Property” means, with respect to any Person, all of such Person’s interests in any kind
of property or asset (including the capital stock in and other securities of any other Person), except such as the Board of Directors by resolution determines in good faith (taking into account, among other things, the materiality of such property
to the business, financial condition and earnings of the Issuer and its Subsidiaries taken as a whole) not to be material to the business of the Issuer and its Subsidiaries, taken as a whole. 

  
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 “Protected Purchaser” has the meaning specified in Section 3.06. 

“Qualifying Trustee” has the meaning specified in Section 13.05. 

“Rating Agencies” means (a) S&P and Moody’s or (b) if S&P or Moody’s or both of them are not
making ratings publicly available, a nationally recognized statistical rating organization within the meaning of Rule 15c3-1(c)(2) under the Exchange Act, as the case may be, selected by the Issuer, which will
be substituted for S&P or Moody’s or both, as the case may be. 
 “Rating Date” means the date that is 60 days
prior to the earlier of (a) a Change of Control or (b) public notice of the occurrence of a Change of Control or the intention by the Issuer to effect a Change of Control. 

“Ratings Event” means the occurrence of either event described in clause (a) or (b) of this definition on, or within 60
days after, the earlier of (i) the occurrence of a Change of Control or (ii) public notice of the occurrence of a Change of Control or the intention by the Issuer to effect a Change of Control (which period shall be extended so long as the
rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies): 

(a)    if the Notes are rated by one or both Rating Agencies on the Rating Date as Investment Grade, the
rating of the Notes shall be reduced so that the Notes are rated below Investment Grade by both Rating Agencies; or 

(b)    if the Notes are rated below Investment Grade by both Rating Agencies on the Rating Date, the rating
of the Notes shall be reduced by both Rating Agencies; 
 provided, however, that a Rating Event otherwise arising by virtue of a particular
reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Ratings Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply
do not announce or publicly confirm or inform the Issuer that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not
the applicable Change of Control has occurred at the time of the Ratings Event). The Trustee shall not have any obligation to monitor the occurrence or dates of any Ratings Event and may rely conclusively on such Officer’s Certificate related
to such Change of Control Repurchase Event. The Trustee shall not have any obligation to notify the holders of the occurrence or dates of any Ratings Event. 

“Redemption Date” means, with respect to any redemption of Notes, the date of redemption with respect thereto. 

  
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 “Redemption Price”, when used with respect to any Note to be
redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 
 “Regular Record Date” has the
meaning specified in Section 3.01. 
 “Responsible Officer” means any vice president, any assistant treasurer, any
trust officer or assistant trust officer, or any other officer of the Trustee within the Corporate Trust Office customarily performing functions similar to those performed by any of the above designated officers, who shall have direct responsibility
for the administration of this Indenture, and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such person’s knowledge of and familiarity with the particular subject.

 “Restricted Subsidiary” means any Subsidiary of the Issuer other than an Unrestricted Subsidiary. 

“S&P” means S&P Global Ratings (a division of S&P Global, Inc.) or any successor to the rating agency business
thereof. 
 “Sale and Leaseback Transaction” has the meaning specified in Section 10.12. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Secured Leverage Ratio” means, at any date, the ratio of (x)(i) the sum of, without duplication, (a) all Indebtedness
secured by a Lien on any asset or property of the Issuer or any Restricted Subsidiary and (b) all Attributable Debt of the Issuer or any Restricted Subsidiary minus (ii) unrestricted cash of the Issuer and its Restricted Subsidiaries at
such date to (y) EBITDA for the Applicable Measurement Period. 
 “Securities Act” means the Securities Act of 1933,
as amended, and the rules and regulations of the SEC promulgated thereunder. 
 “Significant Subsidiary” means any
Restricted Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the
Issue Date. 
 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Issuer pursuant to
Section 3.07. 
 “Stated Maturity” means, with respect to any installment of interest or principal on any series of
Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the Issue Date, and will not include any contingent obligations to repay, redeem or repurchase any
such interest or principal prior to the date originally scheduled for the payment thereof. 
 “Subsidiary” means, with
respect to any specified Person, 

  
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 (1)    any corporation, association or other business
entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively
transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person (or a combination thereof); and 
 (2)    any partnership or limited
liability company of which (a) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (b) such Person or any Wholly Owned Subsidiary of
such Person is a controlling general partner or otherwise controls such entity. 
 “Successor Company” has the meaning
specified in Section 8.01(a)(i). 
 “TIA” means the Trust Indenture Act of 1939, as amended. 

“Transfer Agent” has the meaning specified in Section 3.02. 

“Treasury Rate” means, as of the applicable Redemption Date, the yield to maturity as of such Redemption Date of United
States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to such Redemption Date (or, if such
Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Redemption Date to September 1, 2023; provided, however, that if the period from such Redemption
Date to September 1, 2023 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trustee” means Wells Fargo Bank, National Association, until a successor replaces it in accordance with the applicable
provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted Subsidiary” means
(i) any Subsidiary of the Issuer designated by the Issuer as an Unrestricted Subsidiary and (ii) any Subsidiary of an Unrestricted Subsidiary. 

The Board of Directors of the Issuer may, at any time from and after the Issue Date, designate any Restricted Subsidiary as an Unrestricted
Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that (i) immediately before and after such designation, no Default or Event of Default shall have occurred and be continuing, (ii) no Restricted Subsidiary may
be designated as an Unrestricted Subsidiary 

  
 24 

 
if it was previously designated as an Unrestricted Subsidiary, (iii) if a Restricted Subsidiary is being designated as an Unrestricted Subsidiary hereunder, such Restricted Subsidiary,
together with all other Unrestricted Subsidiaries as of such date of designation, must not have contributed greater than the greater of (A) $50,000,000 and (B) 1.0% of Consolidated Total Assets (but, notwithstanding the definition of
“Consolidated Total Assets”, calculated inclusive of all Unrestricted Subsidiaries), as of the last day of the Applicable Measurement Period then most recently ended and (iv) no Restricted Subsidiary may be designated as an
Unrestricted Subsidiary if, upon the effectiveness of such designation, such Subsidiary is and would continue to be a “restricted subsidiary” under the terms of any Material Indebtedness of the Issuer or any of its Restricted Subsidiaries.
None of the Issuer or any Restricted Subsidiary shall at any time be directly or indirectly liable for any Indebtedness that provides the holder thereof may (with the passage of time or notice or both) declare a default thereon or cause the payment
thereof to be accelerated upon the occurrence of a default with respect to any Indebtedness, Lien or other obligation of an Unrestricted Subsidiary (including any right to take enforcement action against such Unrestricted Subsidiary). The
designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the time of designation of any Indebtedness or Liens of such Subsidiary existing at such time. Notwithstanding the foregoing, (i) the
Issuer shall not be permitted to be an Unrestricted Subsidiary and (ii) no Unrestricted Subsidiary shall own, or hold an exclusive license in, any Material Intellectual Property. 

“U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 

“Vice President”, when used with respect to the Issuer or the Trustee, means any vice president, whether or not
designated by a number or a word or words added before or after the title “vice president”. 
 “Voting Stock” of
any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 

“Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% of the outstanding Capital Stock or other
ownership interests of which (other than directors’ qualifying shares and shares issued to foreign nationals under applicable law) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person or by such
Person and one or more Wholly Owned Subsidiaries of such Person. 
 Section 1.03.    Compliance Certificates and
Opinions. Upon any application or request by the Issuer to the Trustee to take or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent,
if any, provided for in this Indenture (including any covenant compliance with which constitutes a condition precedent) relating to the proposed action have been complied with, an Opinion of Counsel stating that in the opinion of such counsel all
such conditions precedent, if any, have been complied with, except that in the 

  
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case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or
request, no additional certificate or opinion need be furnished. 
 Every certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than pursuant to Section 10.08) shall include: 
 (a)    a
statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 

(b)    a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained in such certificate or opinion are based; 
 (c)    a statement that, in the opinion of each such
individual, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d)    a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied
with. 
 Section 1.04.    Form of Documents Delivered to Trustee. In any case where several matters are
required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion may be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Issuer stating that the information with respect to such factual matters is in the possession of the Issuer, unless such
counsel knows that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required
to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Section 1.05.    Acts of Holders. (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially 

  
 26 

 
similar tenor signed by such Holders in person or by agents duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument
or instruments are delivered to and reasonably satisfactory to the Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive
in favor of the Trustee and the Issuer, if made in the manner provided in this Section. 
 (b)    The fact and date of
the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that
the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient
proof of authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 

(c)    The principal amount and serial numbers of Notes held by any Person, and the date of holding the same, shall be
proved by the Note Register. 
 (d)    If the Issuer shall solicit from the Holders any request, demand, authorization,
direction, notice, consent, waiver or other Act, the Issuer may, at its option, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but
the Issuer shall have no obligation to do so. Such record date shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed.
If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be
deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and
for that purpose the Outstanding Notes shall be computed as of such record date; provided, however, that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective
pursuant to the provisions of this Indenture not later than eleven months after the record date. Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the same
Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, the Issuer or any Guarantor in reliance
thereon, whether or not notation of such action is made upon such Note. 

  
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 Section 1.06.    Notices, Etc., to Trustee, Issuer, any
Guarantor and Agent. Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 

(a)    the Trustee by any Holder or by the Issuer or any Guarantor shall be sufficient for every purpose hereunder if
made, given, furnished or filed in writing via facsimile, email in PDF format or mailed, first class postage prepaid, or delivered by recognized overnight courier, to or with the Trustee at the Corporate Trust Office, or 

(b)    the Issuer or any Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless
otherwise herein expressly provided) if made, given, furnished or delivered in writing via facsimile, or email in PDF or mailed, first class postage prepaid, or delivered by recognized overnight courier, to the Issuer or such Guarantor addressed to
ON Semiconductor Corporation, 5005 East McDowell Road, Phoenix, Arizona 85008, Attention: General Counsel, or at any other address previously furnished in writing to the Trustee by the Issuer or such Guarantor. 

A copy of all notices to any Agent shall be sent to the Trustee at the address shown above. Any Person may change its address by giving notice
of such change as set forth herein. 
 Section 1.07.    Notice to Holders; Waiver. Where this Indenture
provides for notice of any event to Holders by the Issuer or the Trustee, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and delivered electronically or mailed, first class postage prepaid, to each
Holder affected by such event, at his address as it appears in the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Holders is given by mail,
neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Notices given by publication shall be deemed given on the first date
on which publication is made; notices given by first-class mail, postage prepaid, shall be deemed given five calendar days after mailing; notices sent by overnight delivery service will be deemed given when delivered; and notices given
electronically shall be deemed given when sent. Any notices required to be given to the Holders of Notes that are in global form will be given to the Depositary pursuant to Applicable Procedures. 

The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to give such
instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Issuer elects to give the
Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such
instructions shall be 

  
 28 

 
deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions
notwithstanding that such instructions conflict or are inconsistent with a subsequent written instruction. The Issuer agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee,
including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

In case by reason of the suspension of or irregularities in regular mail service or by reason of any other cause, it shall be impracticable to
mail notice of any event to Holders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such
notice for every purpose hereunder. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by the
Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver. 
 Holders may communicate pursuant to TIA Section 312(b) with other Holders
with respect to their rights under this Indenture or the Notes. The Issuer, the Guarantors, the Trustee, each Agent and any other Person shall have the protection of TIA Section 312(c). 

Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event
(including any notice of redemption or repurchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing instructions from the
Depositary or its designee, including by electronic mail in accordance with Applicable Procedures. 

Section 1.08.    Effect of Headings and Table of Contents. The Article and Section headings herein and the
Table of Contents are for convenience of reference only, are not intended to be considered a part hereof and shall not affect the construction hereof. 

Section 1.09.    Successors and Assigns. All agreements of the Issuer in this Indenture and the Notes will
bind its successors. All agreements of the Trustee in this Indenture will bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 12.08 hereof. 

Section 1.10.    Severability Clause. In case any provision in this Indenture or in the Notes shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 1.11.    Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall
give to any Person, other than the parties hereto, any Agent, Paying Agent, any Note Registrar and their respective successors hereunder and the Holders any benefit or any legal or equitable right, remedy or claim under this Indenture. 

  
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 Section 1.12.    Governing Law. This Indenture, the Notes
and the Note Guarantees shall be governed by and construed in accordance with the laws of the State of New York. THE PARTIES HERETO AGREE TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN,
IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE NOTES. 

Section 1.13.    Legal Holidays. In any case where any Interest Payment Date, Redemption Date or Stated
Maturity or Maturity of any Note shall not be a Business Day, then (notwithstanding any other provision of this Indenture or of the Notes) payment of principal, and premium, if any, or interest need not be made on such date, but may be made on the
next succeeding Business Day with the same force and effect as if made on the Interest Payment Date, Redemption Date, or at the Stated Maturity or Maturity; provided, however, that no interest shall accrue for purposes of such payment
for the period from and after such Interest Payment Date, Redemption Date, Stated Maturity or Maturity, as the case may be. 

Section 1.14.    No Personal Liability of Directors, Managers, Officers, Employees and Stockholders. No past,
present or future director, manager, officer, employee, incorporator or stockholder of the Issuer or any Guarantor or any of their Subsidiaries, as such, shall have any liability for any obligations of the Issuer or the Guarantors under the Notes,
the Note Guarantees or this Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability to the fullest extent permitted by applicable
law. The waiver and release are part of the consideration for issuance of the Notes. 

Section 1.15.    Concerning the TIA. The TIA shall not be applicable to, and shall not govern, this Indenture
and the Notes. 
 Section 1.16.    Counterparts. This Indenture may be executed in any number of
counterparts, each of which shall be original; but such counterparts shall together constitute but one and the same instrument. One signed copy is enough to prove this Indenture. The exchange of copies of this Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile
or PDF shall be deemed to be their original signatures for all purposes. 
 Section 1.17.    USA PATRIOT
Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account. The Issuer agrees that it will provide the Trustee with information about the Issuer as the Trustee may reasonably
request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act. 

  
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 Section 1.18.    Waiver of Jury Trial. EACH OF THE ISSUER,
ANY GUARANTOR AND THE TRUSTEE AND EACH HOLDER OF A NOTE, BY ITS ACCEPTANCE THEREOF, THEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING
TO THIS INDENTURE, THE NOTES OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY OR HEREBY. 

Section 1.19.    Force Majeure. In no event shall the Trustee be responsible or liable for any failure or
delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, pandemics, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, or other unavailability of the Federal Reserve Bank wire or
facsimile or other wire or communication facility; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the
circumstances. 
 ARTICLE 2 

NOTE FORMS 

Section 2.01.    Form and Dating. Provisions relating to the Initial Notes are set forth in Appendix I
attached hereto (the “Appendix”) which is hereby incorporated in, and expressly made part of, this Indenture. The Initial Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit 1 to
the Appendix which is hereby incorporated in, and expressly made a part of, this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Issuer is subject, if any, or usage
(provided, however, that any such notation, legend or endorsement is in a form reasonably acceptable to the Issuer). Each Note shall be dated the date of its authentication. The terms of the Note set forth in the Appendix are part of
the terms of this Indenture. 
 Section 2.02.    Execution, Authentication, Delivery and Dating. The Notes
shall be executed on behalf of the Issuer by at least one Officer. The signature of any Officer on the Notes may be manual or facsimile signatures of the present or any future such authorized officer and may be imprinted or otherwise reproduced on
the Notes. 
 Notes bearing the manual or facsimile signature of an individual who was at any time the proper officer of the Issuer shall
bind the Issuer, notwithstanding that such individual has ceased to hold such office prior to the authentication and delivery of such Notes or did not hold such office at the date of such Notes. 

  
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 At any time and from time to time after the execution and delivery of this Indenture, the
Issuer may deliver Notes executed by the Issuer to the Trustee for authentication, together with an Issuer Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Issuer Order shall authenticate and deliver
such Notes. 
 On the Issue Date, the Issuer shall deliver the Initial Notes in the aggregate principal amount of $700,000,000 executed by
the Issuer to the Trustee for authentication, together with an Issuer Order for the authentication and delivery of such Notes, specifying the principal amount and registered holder of each Note and directing the Trustee to authenticate the Notes and
deliver the same to the persons named in such Issuer Order and the Trustee in accordance with such Issuer Order shall authenticate and deliver such Initial Notes. At any time and from time to time after the Issue Date, the Issuer may deliver
Additional Notes executed by the Issuer to the Trustee for authentication, and in connection with any Automatic Exchange pursuant to Section 2.3(c)(vii) in the Appendix, the Global Note that is not a Transfer Restricted Note, together with an
Issuer Order for the authentication and delivery of such Additional Notes, or Global Note that is not a Transfer Restricted Note in connection with such Automatic Exchange, specifying the principal amount of and registered holder of each Note,
directing the Trustee to authenticate the Additional Notes, or Global Note that is not a Transfer Restricted Note in connection with such Automatic Exchange and deliver the same to the persons in such Issuer Order and the Trustee in accordance with
such Issuer Order shall authenticate and deliver such Additional Notes, or Global Note that is not a Transfer Restricted Note in connection with such Automatic Exchange. In each case, the Trustee shall receive an Officer’s Certificate and an
Opinion of Counsel of the Issuer that it may reasonably require in connection with such authentication of Notes. Such Issuer Order shall specify the amount of Notes to be authenticated and the date on which such Notes are authenticated. 

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a
certificate of authentication substantially in the form provided for herein duly executed by the Trustee by manual signature of an authorized signatory, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that
such Note has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. 
 In case the Issuer or
any Guarantor, pursuant to Article Eight of this Indenture, shall be consolidated or merged with or into any other Person or shall convey, transfer, lease or otherwise dispose of its properties and assets substantially as an entirety to any Person,
and the successor Person resulting from such consolidation, or surviving such merger, or into which the Issuer or such Guarantor shall have been merged, or the Person which shall have received a conveyance, transfer, lease or other disposition as
aforesaid, shall have executed a supplemental indenture hereto with the Trustee pursuant to Article Eight of this Indenture, any of the Notes authenticated or delivered prior to such consolidation, merger, conveyance, transfer, lease or other
disposition may, from time to time, at the request of the successor Person, be exchanged for other Notes executed in the name of the successor Person with such changes in phraseology and form as may be

  
 32 

 
appropriate, but otherwise in substance of like tenor as the Notes surrendered for such exchange and of like principal amount; and the Trustee, upon Issuer Request of the successor Person, shall
authenticate and deliver Notes as specified in such request for the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new name of a successor Person pursuant to this Section in exchange or substitution for or
upon registration of transfer of any Notes, such successor Person, at the option of the Holders but without expense to them, shall provide for the exchange of all Notes at the time Outstanding for Notes authenticated and delivered in such new name.

 The Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate Notes. An authenticating agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an affiliate of the
Issuer. 
 ARTICLE 3 

THE NOTES 

Section 3.01.    Title and Terms. The aggregate principal amount of Notes which may be authenticated and
issued under this Indenture is not limited; provided, however, that any Additional Notes issued under this Indenture are issued in accordance with Sections 2.02 and 3.13 hereof, as part of the same series as the Initial Notes. 

The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture, and the Issuer, the
Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be controlling. 
 The Notes shall be known and designated as the “3.875%
Senior Notes Due 2028” of the Issuer. The Stated Maturity of the Notes shall be September 1, 2028, and the Notes shall bear interest at the rate of 3.875% per annum from the Issue Date, or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, payable on March 1, 2021 and semiannually thereafter on March 1 and September 1 in each year and at said Stated Maturity, until the principal thereof is paid or duly provided for and
to the Person in whose name the Note (or any Predecessor Note) is registered at the close of business on February 15 and August 15 immediately preceding such Interest Payment Date, whether or not a Business Day (each, a “Regular
Record Date”). 
 The principal of, and premium, if any, and interest on, the Notes shall be payable at the offices or agencies of
the Issuer set forth in Section 3.02, or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders of the Notes at their respective addresses set forth in the Note Register; provided, however, that all
payments of principal, premium, if any, and interest with respect to Notes represented by one or more permanent Global Notes registered in the name of or held by the Depositary will be made by wire transfer of immediately available funds to the
Depositary. 

  
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 Holders shall have the right to require the Issuer to purchase their Notes, in whole or in
part, in the event of a Change of Control Repurchase Event pursuant to Section 10.13. 
 The Notes shall be redeemable as provided in
Article Eleven. 
 The due and punctual payment of principal of, and premium, if any, and interest on, the Notes payable by the Issuer is
fully and unconditionally Guaranteed, to the extent set forth herein, by each of the Guarantors. 

Section 3.02.    Note Registrar, Transfer Agent and Paying Agent. The Issuer shall maintain one or more Paying
Agents for the Notes in the continental United States. The Issuer hereby appoints the Trustee as the initial Paying Agent. 
 The Issuer
shall be responsible for making calculations called for under the Notes, including but not limited to determination of Redemption Price or other amounts payable on the Notes. The Issuer will make the calculations in good faith and, absent manifest
error, its calculations will be final and binding on the Holders. The Issuer will provide a schedule of its calculations to the Trustee when requested by the Trustee, and the Trustee is entitled to rely conclusively on the accuracy of the
Issuer’s calculations without independent verification. The Trustee shall forward the Issuer’s calculations to any Holder of the Notes upon the written request of such Holder. 

The Issuer will also maintain one or more registrars (each, a “Note Registrar”) with offices in the continental United
States. The Issuer will also maintain a transfer agent (each, a “Transfer Agent”) in the continental United States. The Issuer hereby appoints the Trustee as the initial Note Registrar and Transfer Agent. The Note Registrar and the
Transfer Agent shall keep a register of the Notes and of their transfer and exchange (the register maintained in such office and in any other office or agency designated pursuant to Section 10.02 being herein sometimes referred to as the
“Note Register”). The Note Register shall be in written form or any other form capable of being converted into written form within a reasonable time. At all reasonable times, the Note Register shall be open to inspection by the
Trustee. The Issuer may change the Paying Agents, the Note Registrars or the Transfer Agents without prior notice to the Holders. The Issuer may have one or more co-registrars and one or more additional paying
agents. The term “Note Registrar” includes any co-registrars. 
 If any Notes are
listed on an exchange and the rules of such exchange so require, the Issuer will satisfy any requirement of such exchange as to paying agents, registrars and transfer agents and will comply with any notice requirements required under such exchange
in connection with any change of Paying Agent, Registrar or Transfer Agent. 
 The Issuer shall enter into an appropriate agency agreement
with any Note Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Issuer shall notify the 

  
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Trustee in writing of the name and address of any such Agent. If the Issuer fails to maintain a Note Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate
compensation therefor pursuant to Section 6.07. The Issuer or any Affiliate thereof may act as Paying Agent or Note Registrar. 
 The
Issuer acknowledges that neither the Trustee nor any Agent makes any representations as to the interpretation or characterization of the transactions herein undertaken for tax or any other purpose, in any jurisdiction. 

Section 3.03.    Denominations. The Notes shall be issuable only in registered form without coupons and only
in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 Section 3.04.    Temporary
Notes. Pending the preparation of definitive Notes, the Issuer may execute, and upon Issuer Order the Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, in
any authorized denomination, substantially of the tenor of the definitive Notes in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Notes may determine,
as conclusively evidenced by their execution of such Notes. 
 If temporary Notes are issued, the Issuer will cause definitive Notes to be
prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes shall be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer designated for such purpose
pursuant to Section 10.02, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of
definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as definitive Notes. 

Section 3.05.    Registration of Transfer and Exchange. Upon surrender for registration of transfer of any
Note at the office or agency of the Issuer designated pursuant to Section 10.02, the Issuer shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any
authorized denomination or denominations of a like aggregate principal amount. 
 At the option of the Holder, Notes may be exchanged for
other Notes of any authorized denomination and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, the Issuer shall execute, and the Trustee
shall authenticate and deliver, the Notes which the Holder making the exchange is entitled to receive. 
 All Notes issued upon any
registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.

  
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 Every Note presented or surrendered for registration of transfer or for exchange shall (if
so required by the Issuer or the Note Registrar) be duly endorsed, or be accompanied by written instruments of transfer, in form satisfactory to the Issuer and the Note Registrar, duly executed by the Holder thereof or his attorney duly authorized
in writing. The transferor of any Note shall also provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis
reporting obligations under Internal Revenue Code Section 6045. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. Neither the Note Registrar nor the Issuer
will be required to register the transfer or exchange of any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) or any Notes for a period of 15 days before a selection of
Notes to be redeemed. 
 No service charge shall be made for any registration of transfer or exchange or redemption of Notes, but the Issuer
may require payment of a sum sufficient to cover any taxes, fees or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Sections 2.02, 3.04, 9.06, 10.13
or 11.08 not involving any transfer. 
 Section 3.06.    Mutilated, Destroyed, Lost and Stolen Notes. If
(a) any mutilated Note is surrendered to the Trustee, or (b) the Issuer and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, and there is delivered to the Issuer and the Trustee such
security or indemnity to save each of them harmless from any claim, loss, cost or liability resulting from such lost or stolen Note, then, in the absence of written notice to the Issuer or the Trustee that such Note has been acquired by a Protected
Purchaser (as defined in Section 8-303 of the Uniform Commercial Code) (a “Protected Purchaser”), the Issuer shall execute and upon Issuer Order the Trustee shall authenticate and deliver, in exchange for any such mutilated
Note or in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal amount, bearing a number not contemporaneously outstanding. 

In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Issuer in its discretion may,
instead of issuing a new Note, pay such Note. 
 Upon the issuance of any new Note under this Section, the Issuer may require the payment of
a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Note issued pursuant to this Section in lieu of any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer and each Guarantor, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder. 

  
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 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

Section 3.07.    Payment of Interest; Interest Rights Preserved. (a) Interest on any Note which is
payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such
interest at the office or agency of the Issuer maintained for such purpose pursuant to Section 10.02; provided, however, that, subject to Section 3.01 hereof, each installment of interest may at the Issuer’s option be paid by
mailing a check for such interest, payable to or upon the written order of the Person entitled thereto pursuant to Section 3.08, to the address of such Person as it appears in the Note Register; provided, however, that payment by wire
transfer of immediately available funds shall be required with respect to principal of, premium, if any, and interest on, all Notes in global form and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuer
and the Paying Agent to an account within the United States at least ten days in advance of the applicable payment date. 

(b)    Any interest on any Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment
Date shall forthwith cease to be payable to the Holder on the Regular Record Date by virtue of having been such Holder, and such defaulted interest and (to the extent lawful) interest on such defaulted interest at the rate borne by the Notes (such
defaulted interest and interest thereon herein collectively called “Defaulted Interest”) may be paid by the Issuer, at its election in each case, as provided in clause (i) or (ii) below: 

(i)    the Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the
Notes (or their respective Predecessor Notes) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Issuer shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect
of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted
Interest as in this clause provided. Thereupon the Issuer shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not
less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Issuer shall promptly notify the Trustee of such Special Record Date, and in the name and at the expense of the Issuer, the Trustee shall cause notice of
the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given in the manner provided for in Section 1.07, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such
Defaulted Interest and the 

  
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Special Record Date therefor having been so given, such Defaulted Interest shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the
close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (ii); or 

(ii)    the Issuer may make payment of any Defaulted Interest in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after written notice given by the Issuer to the Trustee of the proposed payment pursuant to this clause,
such manner of payment shall be deemed practicable by the Trustee. 
 (c)    Subject to the foregoing provisions of this
Section, each Note delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. 

Section 3.08.    Persons Deemed Owners. Prior to the due presentment of a Note for payment or registration of
transfer, the Issuer, any Guarantor, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose name such Note is registered as the owner of such Note for the purpose of receiving payment of principal of, and premium, if
any, and (subject to Sections 3.05 and 3.07) interest on, such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Trustee or any agent of the Issuer or the Trustee shall be affected by notice
to the contrary. 
 Section 3.09.    Cancellation. All Notes surrendered for payment, redemption,
registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be cancelled by the Trustee in accordance with its customary procedures. The Issuer may at any time deliver to the
Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any
Notes previously authenticated hereunder which the Issuer has not issued and sold, and all Notes so delivered shall be cancelled by the Trustee in accordance with its customary procedures. If the Issuer shall so acquire any of the Notes, however,
such acquisition shall not operate as a satisfaction of the indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for cancellation. No Notes shall be authenticated in lieu of or in exchange for any Notes
cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes held by the Trustee shall be disposed of by the Trustee in accordance with its customary procedures. 

Section 3.10.    Computation of Interest. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 

Section 3.11.    Transfer and Exchange. The Notes shall be issued in registered form and shall be transferable
only upon the surrender of a Note for registration of 

  
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transfer. When a Note is presented to the Note Registrar or a co-registrar with a request to register a transfer, the Note Registrar shall register the
transfer as requested if the requirements of this Indenture are met. When Notes are presented to the Note Registrar or a co-registrar with a request to exchange them for an equal principal amount of Notes of
other denominations, the Note Registrar shall make the exchange as requested if the same requirements are met. Notwithstanding anything herein to the contrary, neither the Trustee nor the Note Registrar shall be responsible for ascertaining whether
any transfer complies with the registration provisions of or exceptions from the Securities Act, applicable state securities laws or other applicable federal or state laws. 

Section 3.12.    CUSIP, ISIN and Common Code Numbers. The Issuer in issuing the Notes may use CUSIP, ISINs and
“Common Code” numbers (in each case, if then generally in use) in addition to serial numbers, and, if so, the Trustee shall use such CUSIP, ISINs and “Common Code” numbers in addition to serial numbers in notices of redemption,
repurchase or other notices to Holders as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such CUSIP, ISINs and “Common Code” numbers either
as printed on the Notes or as contained in any notice of a redemption or repurchase or other notice and that reliance may be placed only on the serial or other identification numbers printed on the Notes, and any such redemption or repurchase or
other notice shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee in writing of any change in the CUSIP, ISINs and “Common Code” numbers applicable to the Notes. 

Section 3.13.    Issuance of Additional Notes. The Issuer may with or without the consent of holders issue
additional Notes having identical terms and conditions to the Initial Notes issued on the Issue Date (the “Additional Notes”). The Initial Notes issued on the Issue Date and any Additional Notes subsequently issued shall be treated
as a single class for all purposes under this Indenture; provided, however, that Additional Notes will not be issued with the same CUSIP, if any, as Initial Notes unless such Additional Notes are fungible with Initial Notes for U.S.
Federal income tax purposes. 
 ARTICLE 4 

SATISFACTION AND DISCHARGE 

Section 4.01.    Satisfaction and Discharge of Indenture. This Indenture shall upon Issuer Request and at the
Issuer’s expense cease to be of further effect (except as set forth in the last paragraph of this Section and as to surviving rights of registration of transfer or exchange of Notes expressly provided for herein or pursuant hereto) and the
Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture when: 

(i)    either, 

(A)    all Notes that have been authenticated (other than (1) Notes which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 3.06 and (2) Notes for whose 

  
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payment money has been irrevocably deposited in trust with the Trustee or any Paying Agent or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from
such trust, as provided in Section 10.03) have been delivered to the Trustee for cancellation; or 

(B)    all such Notes that have not been delivered to the Trustee for cancellation, 

(1)    have become due and payable by reason of the giving of a notice of redemption pursuant to
Section 11.05 or otherwise, or 
 (2)    will become due and payable by reason of the giving of a
notice of redemption or otherwise within one year, 
 and the Issuer or any Guarantor, in the case of (1) or (2) above, (x) has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of the Notes, cash in U.S. dollars, non-callable Government Securities, or a combination
thereof, in amounts as will be sufficient, without consideration of any reinvestment of interest to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation, for principal of, and interest and premium, if
any, on, the Notes to the Stated Maturity or Redemption Date, as the case may be, and (y) solely in the case in which Government Securities are being deposited with the Trustee pursuant to the foregoing clause (x), deliver to the Trustee an
opinion of an investment bank, appraisal firm or firm of independent public accountants, in each case, that is nationally recognized in the United States, stating that such amounts deposited are sufficient, without consideration of any reinvestment
of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal of, and interest or premium, if any, on, the Notes to the Stated Maturity or Redemption Date; 

(ii)    in respect of clause (i)(B), no Default has occurred and is continuing on the date of the deposit
(other than a Default resulting from the borrowing of funds to be applied to such deposit and any similar deposit relating to other Indebtedness and, in each case, the granting of Liens to secure such borrowings) and the deposit shall not result in
a breach or violation of, or constitute a default under any other instrument to which the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound (other than with respect to the borrowing of funds to be applied
concurrently to make the deposit required to effect such satisfaction and discharge and any similar concurrent deposit relating to other Indebtedness and, in each case, the granting of Liens to secure such borrowings); 

(iii)    the Issuer or any Guarantor has paid or caused to be paid all sums payable by it under this
Indenture; 

  
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 (iv)    the Issuer has delivered irrevocable
instructions to the Trustee under this Indenture to apply the deposited money toward the payment of such Notes at the Stated Maturity or on the Redemption Date, as the case may be; and 

(v)    the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel,
each stating that all conditions precedent herein to the satisfaction and discharge of this Indenture have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Issuer to the Trustee under Section 6.07, the
obligations of the Issuer to any Authenticating Agent under Section 6.12 and, if money or Government Securities shall have been deposited with the Trustee pursuant to subclause (B) of clause (i) of this Section, the obligations of the
Trustee under Section 4.02 and the last paragraph of Section 10.03 shall survive such satisfaction and discharge. 

Section 4.02.    Application of Trust Money. Subject to the provisions of the last paragraph of
Section 10.03, all money or Government Securities deposited with the Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Issuer acting as its own Paying Agent) of the principal (and premium, if any) and interest for whose payment such money or Government Securities has been deposited with the Trustee; but such money
or Government Securities need not be segregated from other funds except to the extent required by law. 
 If the Trustee or Paying Agent is
unable to apply any money or Government Securities in accordance with Section 4.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Issuer’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 4.01 until such time as the Trustee or Paying
Agent is permitted to apply all such money or Government Securities in accordance with Section 4.01; provided, however, that if the Issuer has made any payment of principal of, and premium, if any, or interest on, any Notes because of
the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 

ARTICLE 5 
 REMEDIES

 Section 5.01.    Events of Default. “Event of Default”, wherever used herein, means any
one of the following events (whatever the reason for such Event of Default and whether it be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body): 
 (a)    a default in the payment of interest on the Notes when due that
continues for 30 days; 

  
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 (b)    a default in the payment when due (at maturity, upon optional
redemption, upon required purchase or otherwise) of the principal of, or premium, if any, on the Notes; 
 (c)    the
failure by the Issuer to comply with any of the provisions described under Article Eight hereof; 
 (d)    the failure
by the Issuer for a period of 30 days after written notice to the Issuer by the Trustee, or by the Holders of at least 30% in aggregate principal amount of the Outstanding Notes to the Issuer and the Trustee, to comply with the provisions under
Section 10.13 (other than a failure to purchase the Notes); 
 (e)    the failure by the Issuer or any of its
Restricted Subsidiaries for 60 days after written notice by the Trustee or the Holders of at least 30% in aggregate principal amount of the Outstanding Notes to the Issuer and the Trustee to comply with any of the agreements in this Indenture (other
than those failures referred to in clauses (a), (b), (c) and (d) above); 
 (f)    a default under any mortgage,
indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness for money borrowed by the Issuer or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by the Issuer or any of its
Restricted Subsidiaries, other than Indebtedness owed to the Issuer or any of its Subsidiaries), whether such Indebtedness or Guarantee now exists or is created after the Issue Date, if that Default: 

(i)    is caused by a failure to make principal payments (including a payment at final maturity)
aggregating in excess of $50,000,000 on any such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or 

(ii)    results in the acceleration of such Indebtedness prior to its express stated maturity, and, in each
case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $50,000,000 or more at
one time outstanding; 
 (g)    the failure by the Issuer or any Significant Subsidiary to pay final judgments entered
by a court or courts of competent jurisdiction aggregating in excess of $75,000,000 (net of amounts covered by insurance policies issued by reputable insurance companies), which final judgments are not paid, discharged or stayed, for a period of
more than 60 days after the applicable judgment becomes final and is not discharged, waived or stayed with 10 days after receipt of notice, and, with respect to any such judgments covered by insurance, an enforcement proceeding has been commenced by
any creditor upon such judgment or decree which is not promptly stayed; 

  
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 (h)    except as permitted by this Indenture, any Note Guarantee of any
Subsidiary of the Issuer that is a Significant Subsidiary, or of any group of Subsidiaries of the Issuer that, taken together as of the date of the most recent audited financial statements of the Issuer, would constitute a Significant Subsidiary, is
held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect or any Guarantor denies or disaffirms its obligations under its Note Guarantee, other than by reason of the release of such Note
Guarantee in accordance with the terms of this Indenture; and 
 (i)    any of the following events with respect to the
Issuer or any Significant Subsidiary: 
 (i)    the Issuer or any Significant Subsidiary (or any group of
Subsidiaries that taken together (as of the latest consolidated financial statements of the Issuer made available to the Holders) would constitute a Significant Subsidiary) pursuant to or within the meaning of any Bankruptcy Law: 

(A)    commences a voluntary case; 

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

(C)    consents to the appointment of a custodian of it or for all or substantially all of its property;

 (D)    takes any comparable action under any foreign laws relating to insolvency; or 

(ii)    a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(A)    is for relief against the Issuer or any Significant Subsidiary (or any group of Subsidiaries that
taken together (as of the latest consolidated financial statements of the Issuer made available to the Holders) would constitute a Significant Subsidiary) in an involuntary case; 

(B)    appoints a custodian of the Issuer or any Significant Subsidiary (or any group of Subsidiaries that
taken together (as of the latest consolidated financial statements of the Issuer made available to the Holders) would constitute a Significant Subsidiary) or for all or substantially all of its property; or 

(C)    orders the winding up or liquidation of the Issuer or any Significant Subsidiary (or any group of
Subsidiaries that taken together (as of the latest consolidated financial statements of the Issuer made available to the Holders) would constitute a Significant Subsidiary); 

  
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 (D)    and the order or decree remains unstayed and in
effect for 60 days. 
 Section 5.02.    Acceleration of Maturity; Rescission and Annulment. (a) If any
Event of Default (other than an Event of Default specified in Section 5.01(i) above with respect to the Issuer) occurs and is continuing, the Trustee or the Holders of at least 30% in principal amount of the Outstanding Notes issued under this
Indenture may declare the principal of, and interest, premium, if any, and any other monetary obligations on, all the Outstanding Notes to be due and payable immediately, by a notice in writing to the Issuer (and to the Trustee if given by Holders).

 (b)    Upon the effectiveness of a declaration under Section 5.02(a), such principal, premium, if any, and
interest will be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising under Section 5.01(i) with respect to the Issuer, any Subsidiary of the Issuer that is a Significant Subsidiary or any group
of Subsidiaries of the Issuer that, taken together, would constitute a Significant Subsidiary, all Outstanding Notes will become due and payable immediately without further action or notice on the part of the Trustee or any Holder. 

(c)    If a Default for a failure to report or failure to deliver a required certification in connection with another
Default (the “Initial Default”) occurs, then at the time such Initial Default is cured, such Default for a failure to report or failure to deliver a required certificate in connection with another Default that resulted solely
because of that Initial Default will also be cured without any further action. Any Default for the failure to comply with the provisions under Section 10.09 or otherwise to deliver any notice or certificate pursuant to any other provision of
this Indenture shall be deemed to be cured upon the delivery of any such report required by Section 10.09 or such notice or certificate, as applicable, even though such delivery is not within the prescribed period specified in this Indenture.

 (d)    Holders of a majority in aggregate principal amount of the Outstanding Notes, by written notice to the
Trustee, may (i) at any time after a declaration of acceleration has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article, rescind and annul such
declaration and its consequences, so long as such rescission and annulment would not conflict with any judgment of a court of competent jurisdiction and all amounts owing to the Trustee have been paid and (ii) waive an existing Default or Event
of Default and its consequences hereunder (except a continuing Default in the payment of principal of, or interest or premium, if any, on, any Outstanding Note held by a non-consenting Holder which has become
due otherwise than by such declaration of acceleration); provided, however, that no such rescission or waiver shall affect any subsequent default or impair any right consequent thereon. 

(e)    Notwithstanding the preceding paragraph, in the event of any Event of Default specified in Section 5.01(f)
above, such Event of Default and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or
the Holders, if within 20 days after such Event of Default arose, 

  
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 (i)    the Indebtedness or Guarantee that is the basis
for such Event of Default has been discharged, or 
 (ii)    the holders thereof have rescinded or waived
the acceleration, notice or action (as the case may be) giving rise to such Event of Default, or 

(iii)    if the default that is the basis for such Event of Default has been cured or is no longer
continuing. 
 Section 5.03.    Additional Interest. Notwithstanding anything else in this Indenture or in
the Notes, in the event of the Issuer’s failure to comply with its obligations under Section 10.09: (a) the sole remedy of the Holders and the Trustee after the occurrence of any such failure shall, for the first 180 days following the
occurrence of such failure, consist exclusively of the right to receive additional interest (“Additional Interest”) with respect to the Notes at a rate equal to 0.25% per annum of the principal amount of such Notes, which Additional
Interest shall accrue from and including the date on which such failure first occurred to the 180th day thereafter (or such earlier date on which such failure shall have been cured or waived); (b) during such 180 day period, any such failure shall
be deemed to not be an Event of Default; and (c) on the 181st day after such failure (if such failure shall not have been cured or waived prior to such 181st day), such failure will then constitute an Event of Default without any further notice
or lapse of time and the Notes will be subject to acceleration as provided in Section 5.02. If Additional Interest is payable on the Notes, the Issuer shall provide an Officer’s Certificate to the Trustee on or before the Regular Record
Date for each Interest Payment Date such Additional Interest is payable setting forth the accrual period and the amount of such Additional Interest payable. The Trustee may provide a copy of such Officer’s Certificate relating to Additional
Interest to any holder upon request. Unless and until a Responsible Officer of the Trustee receives such a certificate, the Trustee may assume without inquiry that no such Additional Interest is payable. The Trustee shall not at any time be under
any duty or responsibility to any Holder to determine whether any Additional Interest is payable, or with respect to the nature, extent, or calculation of the amount of any Additional Interest owed, or with respect to the method employed in such
calculation of any Additional Interest. If the Issuer shall have paid Additional Interest directly to the persons entitled to it, the Issuer shall deliver to the Trustee an Officer’s Certificate setting forth the particulars of such payment.

 Section 5.04.    Collection of Indebtedness and Suits for Enforcement by Trustee. The Issuer covenants
that if: 
 (a)    default is made in the payment of any installment of interest on any Note when such interest becomes
due and payable and such default continues for a period of 30 days, or 

  
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 (b)    default is made in the payment of the principal of or premium, if
any, on any Note at the Maturity thereof, 
 the Issuer will, upon demand of the Trustee, pay to the Trustee for the benefit of the Holders of such Notes,
the whole amount then due and payable on such Notes for principal of, and interest or premium, if any, on, the Notes when due, and interest or premium, if any, on any overdue principal, and, to the extent that payment of such interest shall be
legally enforceable, upon any overdue installment of interest, at the rate borne by the Notes, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel. 
 If the Issuer fails to pay such amounts forthwith upon such
demand, the Trustee, in its own name as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the
Issuer, any Guarantor or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Issuer, any Guarantor or any other obligor upon the Notes, wherever situated.

 If an Event of Default occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the
rights of the Holders under this Indenture and the Note Guarantees by such appropriate judicial proceedings as the Trustee shall deem necessary to protect and enforce any such rights, including seeking recourse against any Guarantor, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy, including seeking recourse against any Guarantor. 

Section 5.05.    Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Issuer or any other obligor including any Guarantor, upon the Notes or the property of the Issuer or of such other obligor or
their creditors, the Trustee (irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Issuer for
the payment of overdue principal, premium, if any, or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, 

(a)    to file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in
respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
 (b)    to collect and receive any
moneys or other property payable or deliverable on any such claims and to distribute the same; 

  
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 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or similar official in any such
judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay the Trustee any amount due it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07. To the extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee under Section 6.07 hereof out of the estate in any such proceeding, shall be unpaid for any reason, payment of the same shall be secured by a Lien on, and
shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.

 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. The Trustee may, on behalf
of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ committee or other similar committee. 

Section 5.06.    Trustee May Enforce Claims Without Possession of Notes. All rights of action and claims under
this Indenture or the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in
its own name and as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Holders in respect of which such judgment has been recovered. 
 Section 5.07.    Application of
Money Collected. Any money or property collected by the Trustee pursuant to this Article, or after the occurrence and during the continuance of an Event of Default any money or property distributable in respect of the Issuer’s or
Guarantors’ obligations under this Indenture, shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal, interest or premium, if any, upon
presentation of the Notes and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 

FIRST: To the payment of all amounts due the Trustee (including any predecessor Trustee) under Section 6.07; 

SECOND: To the payment of the amounts then due and unpaid for principal of, and interest or premium, if any, on, the Notes in respect
of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for principal, and interest or premium, if any, respectively; and 

  
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 THIRD: The balance, if any, to the Issuer or as a court of competent jurisdiction may
direct in writing; provided, however, that all sums due and owing to the Holders and the Trustee have been paid in full as required by this Indenture. 

The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 5.07. 

Section 5.08.    Limitation on Suits. Except to enforce the right to receive payment of principal, premium, if
any, or interest when due, no Holder of a Note shall pursue any remedy with respect to this Indenture or the Notes, unless: 

(a)    such Holder has previously given the Trustee written notice that an Event of Default is continuing; 

(b)    Holders of at least 30% in aggregate principal amount of the Outstanding Notes have requested in writing the
Trustee to pursue the remedy; 
 (c)    such Holder or Holders have offered and, if requested, provided to the Trustee
security or indemnity reasonably satisfactory to the Trustee against any loss, liability or expense; 
 (d)    the
Trustee does not comply with such request within 60 days after receipt of the request and the offer of security or indemnity; and 

(e)    during such 60-day period, Holders of a majority in aggregate principal
amount of the Outstanding Notes do not give the Trustee a direction inconsistent with such request, 
 it being understood and intended that no one or more
Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture or the Note Guarantees to affect, disturb or prejudice the rights of any other Holders, or to obtain or to seek to obtain priority
or preference over any other Holders or to enforce any right under this Indenture or the Note Guarantees, except in the manner herein provided and for the equal and ratable benefit of all the Holders (it being further understood that the Trustee
does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 

Section 5.09.    Unconditional Right of Holders to Receive Principal, Premium and Interest. Notwithstanding
any other provision in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment, as provided herein (including, if applicable, Article Eleven) and in such Note of the principal of, and
premium, if any, and (subject to Section 3.07) interest on, such Note on the respective Stated Maturities expressed in such Note (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such
payment on or after such respective dates, and such rights shall not be impaired without the consent of such Holder. 

  
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 Section 5.10.    Restoration of Rights and Remedies. If the
Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture or the Note Guarantees and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or
to such Holder, then and in every such case, subject to any determination in such proceeding, the Issuer, any Guarantor, any other obligor of the Notes, the Trustee and the Holders shall be restored severally and respectively to their former
positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

Section 5.11.    Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Notes in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 5.12.    Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any
Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to
the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

Section 5.13.    Control by Holders. The Holders of not less than a majority in principal amount of the
Outstanding Notes shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or of exercising any trust or power conferred on the Trustee with respect to the Notes;
provided, however, that: 
 (a)    such direction shall not be in conflict with any rule of law or with
this Indenture, and such Holders have complied with Section 6.03(f), 
 (b)    the Trustee may take any other
action deemed proper by the Trustee which is not inconsistent with such direction, and 
 (c)    the Trustee need not
take any action which might involve it in personal liability or be unjustly prejudicial to the Holders not consenting (it being further understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or
forbearances are unjustly prejudicial to such Holders). 

  
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 Section 5.14.    Waiver of Past Defaults. Subject to
Sections 5.09 and 9.02, the Holders of not less than a majority in principal amount of the Outstanding Notes by written notice to the Trustee may on behalf of the Holders of all such Notes waive any existing Default or Event of Default and its
consequences hereunder (except (a) a continuing Default or Event of Default in the payment of principal of, or interest or premium, if any, on, such Note held by a non-consenting Holder, or (b) in
respect of a covenant or provision hereof or in any Note Guarantee which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Note affected, which shall require the consent of all such Holders) and
rescind any acceleration and its consequences with respect to the Notes; provided, however, such rescission would not conflict with any judgment of a court of competent jurisdiction. 

Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 

Section 5.15.    Waiver of Stay or Extension Laws. Each of the Issuer, the Guarantors and any other obligor on
the Notes covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, which may affect the covenants or the performance of this Indenture; and each of the Issuer, the Guarantors and any other obligor on the Notes (to the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 5.16.    Undertaking for Costs. In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its
discretion may assess reasonable costs, including reasonable attorney’s fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 5.16 does not apply to a suit by the Trustee, a suit by a Holder relating to right to payment hereof, or a suit by Holders of more than 10% in principal amount of the then Outstanding Notes. 

ARTICLE 6 
 THE
TRUSTEE 
 Section 6.01.    Duties of the Trustee. (a) Except during the continuance of
an Event of Default, 
 (i)    the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

  
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 (ii)    in the absence of bad faith, gross negligence or
willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; but in the case of any such certificates or opinions specifically required by any provision hereof to be provided to it, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the
requirements of this Indenture, but not to verify the contents thereof including, any mathematical calculations or other facts stated therein. 

(b)    If an Event of Default has occurred and is continuing of which a Responsible Officer has actual knowledge or of
which written notice of such Event of Default shall have been given to a Responsible Officer by the Issuer, any other obligor of the Notes or by Holders of at least 30% of the aggregate principal amount of the Notes, the Trustee shall exercise such
of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

(c)    No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent
action, its own negligent failure to act, or its own willful misconduct, except that 
 (i)    this
paragraph (c) shall not be construed to limit the effect of paragraph (a) of this Section; 

(ii)    the Trustee shall not be liable for any error of judgment made in good faith by a Responsible
Officer or Agent, unless it shall be proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii)    the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in
good faith in accordance with the direction of the Holders of a majority in aggregate principal amount of the Outstanding Notes relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture. 
 (d)    Whether or not therein
expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 

(e)    No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers vested in it by this Indenture. 

Section 6.02.    Notice of Defaults. Within 90 days after the earlier of receipt from the Issuer of notice of
the occurrence of any Default or Event of Default hereunder or the 

  
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date when such Default or Event of Default becomes actually known to a Responsible Officer of the Trustee, the Trustee shall transmit notice of such Default or Event of Default hereunder known to
the Trustee to the Holders, unless such Default or Event of Default shall have been cured or waived; provided, however, that, except in the case of a Default or Event of Default in the payment of the principal of, or interest or
premium, if any, on, any Note, the Trustee shall be protected in withholding such notice if and so long as Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Holders. 

Section 6.03.    Certain Rights of Trustee. (a) the Trustee may conclusively rely and shall be fully
protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document
(whether in original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b)    any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or
Issuer Order or Officer’s Certificate and any resolution of the Board of Directors may be sufficiently evidenced by a certified Board Resolution; 

(c)    whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may conclusively rely upon an Issuer Request, Issuer Order, Officer’s Certificate or Opinion of
Counsel and shall be full and complete authorization in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(d)    the Trustee shall not be charged with knowledge of any fact, Default or Event of Default with respect to the Notes
unless either (i) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (ii) written notice of such fact, Default or Event of Default shall have been given by the Issuer or by the Holders of at least 30%
of the aggregate principal amount of the Notes and received by a Responsible Officer of the Trustee at the Corporate Trust Office and references this Indenture and the Notes. Delivery of reports to the Trustee pursuant to Section 10.09 shall
not constitute knowledge of, or notice to, the Trustee of the information contained therein; 
 (e)    the Trustee may
consult with counsel of its own selection and the written or verbal advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good
faith and in accordance with the advice or opinion of such counsel or Opinion of Counsel; 
 (f)    the Trustee shall be
under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of the Notes pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or
indemnity satisfactory to it against any loss, liability or expense; 

  
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 (g)    the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, or inquire as to the
performance by the Issuer or the Guarantors of any of their covenants in this Indenture or inquire as to the performance by the Issuer or the Guarantors of any of their covenants in this Indenture, but the Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer,
personally or by agent or attorney at the expense of the Issuer and shall incur no liability of any kind by reason of such inquiry or investigation; 

(h)    the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by
or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(i)    the Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and believed by it to
be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (j)    the rights,
privileges, protections, immunities and benefits given to the Trustee, including its rights to be compensated, reimbursed and indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder whether as an
Agent or otherwise, and each agent, custodian and other Person employed to act hereunder; 
 (k)    the Trustee may
request that the Issuer deliver an Incumbency Certificate substantially in the form of Exhibit B hereto setting forth the names of individuals or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which
Incumbency Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded; 

(l)    the Trustee shall not be required to give any note, bond or surety in respect of the execution of the trusts and
powers under this Indenture; 
 (m)    the permissive right of the Trustee to take actions permitted by this Indenture
shall not be construed as an obligation or duty to do so; and 
 (n)    in no event shall the Trustee be responsible or
liable for any special, punitive, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action. 
 Section 6.04.    Trustee Not Responsible for Recitals or Issuance of
Notes. The recitals contained herein and in the Notes, except for the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer, and neither the Trustee nor 

  
 53 

 
any Agent assumes responsibility for their correctness. Neither the Trustee nor any Agent makes representations as to and shall not be responsible for the validity or sufficiency of this
Indenture or of the Notes or Note Guarantees, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Notes and perform its obligations hereunder. Neither the Trustee nor any Agent shall
be accountable for the use or application by the Issuer of Notes or the proceeds thereof or the Offering Memorandum or any other documents used in connection with the sale or distribution of the Notes. The Trustee shall not be accountable for any
money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture. The Trustee shall not be bound to ascertain or inquire as to the performance, observance, or breach of any covenants, conditions, representations,
warranties or agreements on the part of the Issuer or the Guarantors but the Trustee may require full information and advice as to the performance of the aforementioned covenants. Under no circumstances shall the Trustee be liable in its individual
capacity for the obligations evidenced by the Notes or the Note Guarantees. The Trustee shall have no obligation to pursue any action that is not in accordance with applicable law. The Trustee shall have no obligation to independently determine or
verify if any Rating Event or other event has occurred or notify the Holders of any event dependent upon the rating of the Notes, or if the rating on the Notes has been changed, suspended or withdrawn by any Rating Agency. The Trustee shall have no
obligation to independently determine or verify if any Change of Control, Change of Control Repurchase Event, or any other event has occurred or if a Change of Control Offer is required to be made, or notify the Holders of any such event. 

Section 6.05.    May Hold Notes. The Trustee, any Paying Agent, any Note Registrar or any other agent of the
Issuer or of the Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer with the same rights it would have if it were not the Trustee, Paying Agent, Note Registrar or such
other agent; provided, however, that, if it acquires any “conflicting interest” (within the meaning of TIA Section 310(b)), it must eliminate such conflict within 90 days or resign. 

Section 6.06.    Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from
other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Issuer. 

Section 6.07.    Compensation and Reimbursement. The Issuer and the Guarantors, jointly and severally, agree:

 (a)    to pay to the Trustee from time to time such compensation as shall be agreed in writing between the Issuer and
the Trustee for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(b)    except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the 

  
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reasonable compensation and the reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as shall be determined to have been caused by
its own negligence or willful misconduct as finally adjudicated by a court of competent jurisdiction; and 
 (c)    to
indemnify the Trustee (including its officers, directors, employees and agents) and any predecessor Trustee for, and to hold it harmless against, any and all loss, liability, claim, damage or fee, cost or other expense, including taxes (other than
the taxes based on the income of the Trustee) and reasonable attorneys’ fees and expenses, incurred without negligence or willful misconduct on its part as finally adjudicated by a court of competent jurisdiction, arising out of or in
connection with the acceptance or administration of this trust, including the reasonable costs and expenses of defending itself against any claim regardless of whether the claim is asserted by the Issuer, a Guarantor, a Holder or any other Person or
liability in connection with the exercise or performance of any of its powers or duties hereunder, including the reasonable costs and expenses of enforcing this Indenture or a Note Guarantee against the Issuer or a Guarantor (including this
Section 6.07), and including reasonable attorneys’ fees and expenses and court costs incurred in connection with any action, claim or suit brought to enforce the Trustee’s right to compensation, reimbursement or indemnification. 

The obligations of the Issuer and the Guarantors under this Section to compensate the Trustee, to pay or reimburse the Trustee for expenses,
disbursements and advances and to indemnify and hold harmless the Trustee shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture and resignation or removal of the Trustee. As security
for the performance of such obligations of the Issuer, the Trustee shall have a claim prior to the Notes upon all property and funds held or collected by the Trustee as such, except funds held in trust solely for the benefit of the Holders entitled
thereto for the payment of principal of, or interest or premium, if any, on, particular Notes. 
 When the Trustee incurs expenses or
renders services in connection with an Event of Default specified in Section 5.01(g), the expenses (including the reasonable charges and expenses of its counsel) of and the compensation for such services are intended to constitute expenses of
administration under any applicable Bankruptcy Law. “Trustee” for the purposes of this Section 6.07 shall include any predecessor Trustee and the Trustee in each of its capacities hereunder and each agent, custodian and other
person employed to act hereunder as permitted by this Indenture; provided, however, that the negligence or willful misconduct of any predecessor Trustee hereunder shall not affect the rights of any other successor Trustee hereunder (other
than a successor Trustee that is successor by merger or consolidation to such predecessor Trustee). 
 The provisions of this Section shall
survive the satisfaction and discharge of this Indenture and resignation or removal of the Trustee. 

Section 6.08.    Corporate Trustee Required; Eligibility. There shall be at all times a Trustee hereunder
which shall be eligible to act as Trustee under TIA Section 310(a)(1) and Section 310(a)(5) and shall have a combined capital and surplus of at least 

  
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$50,000,000. If such corporation or national association publishes reports of condition at least annually, pursuant to law or to the requirements of federal, State, territorial or District of
Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

Section 6.09.    Resignation and Removal; Appointment of Successor. (a) No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.10. 

(b)    The Trustee may resign at any time by giving written notice thereof to the Issuer. Upon receiving such notice of
resignation, the Issuer shall promptly appoint a successor trustee by written instrument, a copy of which shall be delivered to the resigning Trustee and a copy to the successor Trustee. If the instrument of acceptance by a successor Trustee
required by Section 6.10 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Issuer, any court of competent jurisdiction for the
appointment of a successor Trustee. 
 (c)    The Trustee may be removed at any time by Act of the Holders of not less
than a majority in principal amount of the Outstanding Notes, delivered to the Trustee and to the Issuer. If the instrument of acceptance by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee within 30
days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor Trustee. 

(d)    The Trustee shall comply with TIA Section 310(b); provided, however, that, there shall be excluded from
the operation of TIA Section 310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Issuer are outstanding if the requirements for such exclusion set forth in
TIA Section 310(b)(1) are met. 
 (e)    If the Trustee shall resign, be removed or become incapable of acting, or
if a vacancy shall occur in the office of Trustee for any cause, the Issuer shall promptly appoint a successor Trustee. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee shall
be appointed by Act of the Holders of a majority in principal amount of the Outstanding Notes delivered to the Issuer and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the
successor Trustee and supersede the successor Trustee appointed by the Issuer. If no successor Trustee shall have been so appointed by the Issuer or the Holders and accepted appointment in the manner hereinafter provided, any Holder who has been a
bona fide Holder of a Note for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee. 

  
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 (f)    The Issuer shall give notice of each resignation and each removal
of the Trustee and each appointment of a successor Trustee to the Holders in the manner provided for in Section 1.07. Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office. 

Section 6.10.    Acceptance of Appointment by Successor. (a) Every successor Trustee appointed hereunder
shall execute, acknowledge and deliver to the Issuer and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without
any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request of the Issuer or the successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder. Upon request of any such successor Trustee, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts. 

(b)    No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee
shall be qualified and eligible under this Article. 
 Section 6.11.    Merger, Conversion, Consolidation or
Succession to Business. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or
any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder; provided, however, such corporation shall be otherwise qualified and eligible under
this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Notes shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes. In case at that time any of the
Notes shall not have been authenticated, any successor Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor Trustee. In all such cases such certificates shall have the full force and
effect which this Indenture provides for the certificate of authentication of the Trustee shall have; provided, however, that, the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Notes in
the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 

Section 6.12.    Appointment of Authenticating Agent. At any time when any of the Notes remain Outstanding,
the Trustee may appoint one or more agents (each an 

  
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“Authenticating Agent”) with respect to the Notes which shall be authorized to act on behalf of the Trustee to authenticate Notes and the Trustee shall give written notice of
such appointment to all Holders of Notes with respect to which such Authenticating Agent will serve, in the manner provided for in Section 1.07. Notes so authenticated shall be entitled to the benefits of this Indenture and shall be valid and
obligatory for all purposes as if authenticated by the Trustee hereunder. Any such appointment shall be evidenced by an instrument in writing signed by an authorized signatory of the Trustee, and a copy of such instrument shall be promptly furnished
to the Issuer. Wherever reference is made in this Indenture to the authentication and delivery of Notes by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on
behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Issuer. 

Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all the corporate agency or corporate trust business of an Authenticating Agent, shall
continue to be an Authenticating Agent; provided, however, such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating
Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Issuer. The Trustee may
at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Issuer. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Issuer and shall give written notice of such appointment to
all Holders of Notes, in the manner provided for in Section 1.07. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like
effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 

The Issuer agrees to pay to each Authenticating Agent from time to time such compensation for its services under this Section as shall be
agreed in writing between the Issuer and such Authenticating Agent. 
 If an appointment is made pursuant to this Section, the Notes may
have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form: 

This is one of the Notes designated therein referred to in the within-mentioned Indenture. 

  
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	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	
                     
                                         
          

		 	as Authenticating Agent

  

	
	 Date:
                    

 Section 6.13.    Preferential Collection of Claims Against Issuer. The Trustee
is subject to TIA Section 3.11(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein. 

ARTICLE 7 
 HOLDERS
LISTS AND REPORTS BY TRUSTEE AND ISSUER 

Section 7.01.    Issuer to Furnish Trustee Names and Addresses. The Issuer will furnish or cause to be
furnished to the Trustee: 
 (a)    semiannually, not more than 10 days after each Regular Record Date, a list, in such
form as the Trustee may reasonably require, of the names and addresses of the Holders as of such Regular Record Date; and 

(b)    at such other times as the Trustee may reasonably request in writing, within 30 days after receipt by the Issuer of
any such request, a list of similar form and content to that in clause (a) hereof as of a date not more than 15 days prior to the time such list is furnished; 

provided, however, that, if and so long as the Trustee shall be a Note Registrar, no such list need be furnished. 

Section 7.02.    Reports by Trustee. Within 60 days after August 1 of each year commencing with
August 1, 2021, the Trustee shall transmit to the Holders of Notes (with a copy to the Issuer at the address specified in Section 1.06), in the manner and to the extent provided in TIA Section 313(c), a brief report dated as of such
August 1 that complies with TIA Section 313(a). The Trustee also shall comply with TIA Section 313(b). A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange, if
any, upon which the Notes are listed, and with the SEC and mailed to the Issuer. The Issuer will promptly notify the Trustee in writing when the Notes are listed on any stock exchange and any delisting thereof. 

ARTICLE 8 
 MERGER,
CONSOLIDATION OR SALE OF ALL OR SUBSTANTIALLY ALL ASSETS 

Section 8.01.    Issuer May Consolidate, Etc., Only on Certain Terms. (a) The Issuer will not, directly
or indirectly: (i) consolidate or merge with or into another Person 

  
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(whether or not the Issuer is the surviving Person), or (ii) sell, assign, transfer, convey, lease or otherwise dispose of all or substantially all of the properties or assets of the Issuer
and its Subsidiaries, taken as a whole, in one or more related transactions, to another Person unless: 

(i)    either (A) in the case of a consolidation or merger, the Issuer is the surviving Person or
(B) the Person formed by or surviving any such consolidation or merger (if other than the Issuer) or to which such sale, assignment, transfer, conveyance, lease or other disposition has been made (the “Successor Company”) is an
entity organized or existing under the laws of the United States, any state of the United States or the District of Columbia; and, if the Successor Company is not a corporation, a co-obligor of the Notes is a
corporation organized or existing under any such laws; 
 (ii)    the Successor Company assumes all the
obligations of the Issuer under this Indenture and the Notes pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee; 

(iii)    immediately after such transaction, no Default has occurred and is continuing; and 

(iv)    in any transaction in which the Issuer is not the surviving Person, the Successor Company shall
have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, conveyance, lease or other disposition and such supplemental indentures, if any, comply
with this Indenture. 
 (b)    The Successor Company will succeed to, and be substituted for, the Issuer under this
Indenture and the Notes, as applicable and the Issuer will automatically be released and discharged from its obligations thereunder; provided that, in the case of a lease of all or substantially all of the Issuer’s assets, the
predecessor company shall not be so released. 
 (c)    Notwithstanding anything else herein, (i) Section 8.01
shall not apply to any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among the Issuer and its Subsidiaries and (ii) clause (iii) of Section 8.01, shall not apply to (A) the Issuer
consolidating with, merging into or selling, assigning, transferring, conveying, leasing or otherwise disposing of all or part of its properties and assets to one of the Issuer’s Subsidiaries for any purpose, (B) any Subsidiary
consolidating with, merging into or selling assigning, transferring, conveying, leasing or otherwise disposing of all or part of its properties and assets to the Issuer or to another Subsidiary for any purpose (provided that, in the event
that such Subsidiary is a Guarantor, it may consolidate with, merge into or sell, assign transfer, convey, lease or otherwise dispose of all or part of its properties and assets solely to the Issuer or another Subsidiary who becomes a Guarantor),
(C) the Issuer merging with or into an Affiliate solely for the purpose of reincorporating in another jurisdiction, or (D) the Issuer converting into a Person organized or existing under the laws of a jurisdiction in the United States. 

  
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 Section 8.02.    Successor Substituted. Upon any
consolidation or merger, or any sale, assignment, conveyance, transfer, lease or disposition of all or substantially all of the assets of the Issuer in accordance with Section 8.01 hereof, the successor Person formed by such consolidation or
into which the Issuer is merged or the successor Person to which such sale, assignment, conveyance, transfer, lease or disposition is made, shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this
Indenture with the same effect as if such successor Person had been named as the Issuer herein. When a successor Person assumes all obligations of its predecessor hereunder and under the Notes such predecessor shall be released from all obligations;
provided, however, that in the event of a transfer or lease, the predecessor shall not be released from the payment of principal and interest or other obligations on the Notes. 

ARTICLE 9 

AMENDMENTS, SUPPLEMENTS AND WAIVERS 

Section 9.01.    Amendments or Supplements Without Consent of Holders. Without the consent of any Holder, the
Issuer, any Guarantor (with respect to any amendment relating to its Note Guarantee) and the Trustee, at any time and from time to time, may amend or supplement this Indenture, the Notes and any related Note Guarantee, in form reasonably
satisfactory to the Trustee, for any of the following purposes: 
 (a)    to cure any ambiguity, omission, mistake,
defect or inconsistency; 
 (b)    to provide for uncertificated Notes in addition to or in place of certificated Notes;

 (c)    to provide for the assumption of the Issuer’s or a Guarantor’s obligations to Holders of the Notes
and the Note Guarantees in the case of a merger or consolidation or sale of all or substantially all of the Issuer’s or such Guarantor’s assets, as applicable, or to comply with Article Eight; 

(d)    to make any change that would provide any additional rights or benefits to the Holders or that does not materially
adversely affect the legal rights under this Indenture of any such Holder; 
 (e)    to conform the text of this
Indenture, the Note Guarantees or the Notes to any provision of the “Description of Notes” section of the Offering Memorandum; 

(f)    to provide for the issuance of Additional Notes, in accordance with this Indenture; 

(g)    to allow any Guarantor to execute a supplemental indenture or Note Guarantee with respect to the Notes;
provided that any such supplemental indenture may be signed by the Issuer, the Guarantor providing the Note Guarantee, and the Trustee. 

  
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 (h)    to secure the Notes or add covenants for the benefit of the
Holders of Notes or to surrender any right or power conferred upon the Issuer or any Guarantor; 
 (i)    at the
Issuer’s election, to comply with the requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA; 

(j)    to amend the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this
Indenture, including to facilitate the issuance and administration of the Notes; provided, however, that, (i) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or
any applicable securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer Notes; 

(k)    to evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee pursuant to
the requirements of Sections 6.09 and 6.10 hereof; 
 (l)    to release a Guarantor of the Notes upon its sale or other
permitted release from its Note Guarantee; provided that such sale, designation, or release is in accordance with the applicable provisions of this Indenture; or 

(m)    to comply with SEC rules and regulations or changes in applicable law. 

Section 9.02.    Amendments, Supplements or Waivers with Consent of Holders. (a) With the consent of the
Holders of not less than a majority in principal amount of the Outstanding Notes (including any Additional notes, if any) voting as a single class (including consents obtained in connection with a tender offer or exchange offer for, or purchase of,
the Notes), by Act of said Holders delivered to the Issuer and the Trustee, the Issuer, any Guarantor (with respect to any Note Guarantee to which it is a party or this Indenture) and the Trustee may amend or supplement this Indenture, any Note
Guarantee or the Notes for the purpose of adding any provisions hereto or thereto, changing in any manner or eliminating any of the provisions or of modifying in any manner the rights of the Holders hereunder or thereunder and any existing Default
(other than a Default in the payment of the principal of, or interest or premium, if any, on, the Notes, except for a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the
Notes or the Note Guarantees may be waived with the consent of the Holders of not less than a majority in principal amount of the Outstanding Notes (including, Additional Notes, if any) voting as a single class (including consents obtained in
connection with a purchase of, or tender offer or exchange offer for, Notes); provided, however, that, without consent of the Holder of each Outstanding Note affected thereby, no such amendment, supplement or waiver shall, with respect to any
Notes held by a non-consenting Holder: 
 (i)    reduce the
principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 

  
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 (ii)    reduce the principal of or change the Stated
Maturity of any such Note or alter or waive any of the provisions with respect to the redemption of the Notes (except those provisions set forth in Section 10.13); 

(iii)    reduce the rate of or change the time for payment of interest, including Additional Interest on
any Note; 
 (iv)    waive a Default in the payment of principal of, or interest or premium, if any, on,
the Notes, except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Outstanding Notes and a waiver of the payment default that resulted from such acceleration; 

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

(vi)    make any change in Section 5.14 or the rights of Holders of the Notes to receive payments of
principal of, or interest or premium, if any, on, the Notes; 
 (vii)    waive a redemption payment with
respect to any Note (other than a payment required by Section 10.13); 
 (viii)    release any
Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this Indenture; or 

(ix)    make any changes to this Section 9.02. 

(b)    It shall not be necessary for the consent of Holders under this Section 9.02 to approve the particular form of
any proposed amendment or waiver, and it shall be sufficient if such consent approves the substance thereof. 

Section 9.03.    Execution of Amendments, Supplements or Waivers. In executing, or accepting the additional
trusts created by, any amendment, supplement or waiver permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be provided with, and shall be fully protected in relying upon, the provision to
the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the Holders of Notes if applicable, and an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amendment, supplement or waiver is
authorized and permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer and any Guarantors party thereto, enforceable against them in accordance with its terms, subject to
customary exceptions and qualifications, and complies with the provisions hereof. Guarantors may, but shall not be required to, execute supplemental indentures that do not modify such Guarantor’s Note Guarantee. The Trustee may, but shall not
be obligated to, enter into any such amendment, supplement or waiver that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

  
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 Section 9.04.    Effect of Amendments, Supplements or
Waivers. Upon the execution of any supplemental indenture, amendment or waiver under this Article, this Indenture shall be modified in accordance therewith, and such amendment, supplement or waiver shall form a part of this Indenture for all
purposes; and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

Section 9.05.    [Reserved]. 

Section 9.06.    Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Issuer shall so
determine, new Notes so modified as to conform, in the opinion of the Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Trustee in exchange for Outstanding
Notes. 
 Section 9.07.    Notice of Supplemental Indentures. Promptly after the execution by the Issuer,
any Guarantor and the Trustee of any supplemental indenture pursuant to the provisions of Section 9.02, the Issuer shall give notice thereof to the Holders of each Outstanding Note affected, in the manner provided for in Section 1.07,
setting forth in general terms the substance of such supplemental indenture. 
 ARTICLE 10 

COVENANTS 

Section 10.01.    Payment of Principal, Premium, if any, and Interest. The Issuer covenants and agrees for the
benefit of the Holders that it will duly and punctually pay the principal of, and premium, if any, and interest on, the Notes in accordance with the terms of the Notes and this Indenture. Principal, premium, if any, and interest shall be considered
paid on the date due if the Paying Agent, if other than the Issuer, holds as of 12:00 noon Eastern Time on the due date money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all principal, premium, if
any, and interest then due. 
 Section 10.02.    Maintenance of Office or Agency. The Issuer will maintain
in the continental United States an office or agency where Notes may be presented or surrendered for payment, where Notes may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Issuer in respect of
the Notes and this Indenture may be served. The Corporate Trust Office of the Trustee shall be such office or agency of the Issuer in continental United States, unless the Issuer shall designate and maintain some other office or agency for one or
more of such purposes. The Issuer will give prompt written notice to the Trustee of any change in the location of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Issuer hereby appoints the Trustee as its agent to receive all such presentations,
surrenders, notices and demands. 

  
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 The Issuer may also from time to time designate one or more other offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind any such designation; provided, however, that no such designation or rescission shall in any manner relieve the Issuer of its obligation
to maintain an office or agency in continental United States. The Issuer will give prompt written notice to the Trustee of any such designation or rescission and any change in the location of any such other office or agency. 

Section 10.03.    Money for Notes Payments to Be Held in Trust. If the Issuer shall at any time act as its own
Paying Agent, it will, on or before each due date of the principal of, or premium, if any, or interest on, any of the Notes, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal, or
premium, if any, or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee in writing of its action or failure so to act. 

Whenever the Issuer shall have one or more Paying Agents for the Notes, it will, on or before each due date of the principal of, or premium,
if any, or interest on, any Notes in accordance with Section 10.01, deposit with a Paying Agent a sum sufficient to pay the principal, interest or premium, if any, so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Issuer will promptly notify the Trustee in writing of such action or any failure so to act. 

Each Paying Agent agrees: 

(a)    that it will hold all sums received by it as Paying Agent for the payment of the principal of or interest on any
Notes in trust for the benefit of the Holders or of the Trustee; 
 (b)    that it will give the Trustee notice of any
failure by the Issuer to make any payment of the principal of or interest on any Notes and any other payments to be made by or on behalf of the Issuer under this Indenture or the Notes when the same shall be due and payable; and 

(c)    that it will pay any such sums so held in trust by it to the Trustee forthwith upon the Trustee’s written
request at any time during the continuance of the failure referred to in clause (b) above. 
 The Issuer may at any time, for the
purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Issuer or such Paying Agent, such sums to be held by
the Trustee upon the same trusts as those upon which such sums were held by the Issuer or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to
such sums. 

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

Section 10.04.    Organizational Existence. Subject to Article Eight, the Issuer will do or cause to be done
all things necessary to preserve and keep in full force and effect its organizational existence and its organizational rights (charter and statutory) and franchises; provided, however, that the Issuer shall not be required to preserve
any such right or franchise if the Board of Directors of the Issuer shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Issuer and its Subsidiaries, taken as a whole. 

Section 10.05.    [Reserved]. 

Section 10.06.    [Reserved]. 

Section 10.07.    [Reserved]. 

Section 10.08.    Statement by Officer as to Default. (a) The Issuer will deliver to the Trustee within
120 days after the end of each fiscal year, a brief certificate (which need not comply with the requirements of the definition of “Officer’s Certificate” set forth herein) from the principal executive officer, the principal financial
officer, the treasurer or the principal accounting officer, or the equivalent, of the Issuer on its behalf as to his or her knowledge of the Issuer’s and the Guarantors’ compliance with all covenants and agreements under this Indenture
required to be complied with by the Issuer or such Guarantor. Such certificate need not include a reference to any non-compliance that has been fully cured prior to the date as of which such certificate
speaks. 
 (b)    When any Default has occurred and is continuing under this Indenture, the Issuer shall deliver to the
Trustee by registered or certified mail or facsimile transmission an Officer’s Certificate specifying such event, notice or other action within ten Business Days of any Officer becoming aware of such occurrence. 

Section 10.09.    Reports and Other Information. (a) Notwithstanding that the Issuer may not be subject
to the reporting requirements of Section 13 or 15(d) of the Exchange Act or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC,
from and after the Issue Date, the Issuer will furnish to the Trustee: 
 (i)    within 120 days after
the end of each fiscal year (or if such day is not a Business Day, on the next succeeding Business Day), all financial information that would be required to be contained in an annual report on Form 

  
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10-K, or any successor or comparable form, filed with the SEC, including a “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and a report on the annual financial statements by the Company’s independent registered public accounting firm; 

(ii)    within 60 days after the end of each of the first three fiscal quarters of each fiscal year (or if
such day is not a Business Day, on the next succeeding Business Day), all financial information that would be required to be contained in a quarterly report on Form 10-Q, or any successor or comparable form,
filed with the SEC, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and financial statements prepared in accordance with GAAP applicable to interim financial statements; and 

(iii)    within 15 days after the occurrence of any of the following events, all current reports that would
be required to be filed with the SEC on Form 8-K as in effect on the Issue Date; provided, that the foregoing shall not obligate the Issuer to make available (i) any information regarding the occurrence
of any of the following events if the Company determines in its reasonable determination that such event that would otherwise be required to be disclosed is not material to the noteholders or the business, assets, operations, financial positions or
prospects of the Issuer and its Subsidiaries taken as a whole, (ii) an exhibit or a summary of the terms of, any employment or compensatory arrangement, agreement, plan or understanding between the Issuer or any of its Subsidiaries and any
director, officer or manager of the Issuer or any of its Subsidiaries, (iii) copies of any agreements, financial statements or other items that would be required to be filed as exhibits to a current report on Form
8-K or (iv) any trade secrets, privileged or confidential information obtained from another Person and competitively sensitive information: 

(A)    the entry into or termination of material agreements; 

(B)    significant acquisitions or dispositions (which shall only be with respect to acquisitions or
dispositions that are significant within the meaning of Item 2.01 of Form 8-K as in effect on the Issue Date); 

(C)    bankruptcy; 

(D)    cross-default under direct material financial obligations; 

(E)    a change in the Issuer’s certifying independent auditor; 

(F)    the appointment or departure of directors or executive officers (with respect to the principal
executive officer, president, principal financial officer, principal accounting officer and principal operating officer only); 

(G)    non-reliance on previously issued financial statements; and

  
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 (H)    change of control transactions, 

in each case, in a manner that complies in all material respects with the requirements specified in such form, except as described above or
below and subject to exceptions consistent with the presentation of information in the offering memorandum; provided, however, that the Issuer shall not be required to provide (i) segment reporting and disclosure (including any
required by FASB Accounting Standards Codification Topic 280), (ii) separate financial statements or other information contemplated by Rules 3-03(e), 3-05, 3-09, 3-10, 3-16 or 4-08 of Regulation S-X (or any
successor provisions) or any schedules required by Regulation S-X, (iii) information required by Regulation G under the Exchange Act or Item 10, Item 302, Item 402 or Item 601 of Regulation S-K (or any successor provision), (iv) XBRL exhibits, (v) earnings per share information, (vi) information regarding executive compensation and related party disclosure related to SEC Release Nos. 33-8732A, 34-54302A and IC-27444A, and (vii) other information customarily excluded from an offering memorandum, including any
information that is not otherwise of the type and form currently included in this offering memorandum. In addition, notwithstanding the foregoing, the Issuer will not be required to (i) comply with Sections 302, 906 and 404 of the
Sarbanes-Oxley Act of 2002, as amended, or (ii) otherwise furnish any information, certificates or reports required by Items 307 or 308 of Regulation S-K (or any successor provision). 

To the extent any such information is not so filed or furnished, as applicable, within the time periods specified above and such information
is subsequently filed or furnished, as applicable, the Issuer will be deemed to have satisfied its obligations with respect thereto at such time and any Event of Default with respect thereto shall be deemed to have been cured; provided that
such cure shall not otherwise affect the rights of Holders under Section 5.01 if Holders of at least 30% of Outstanding Notes have declared the principal, premium, if any, interest and any other monetary obligations on all Outstanding Notes to
be due and payable immediately and such declaration shall not have been rescinded or cancelled prior to such cure. 
 (b)
    To the extent not satisfied by Section 10.09(a), the Issuer shall, for so long as any Notes are outstanding, furnish to Holders and prospective investors, upon their request, the information required to be delivered
pursuant to Rule 144A(d)(4) under the Securities Act. 
 (c)     Substantially concurrently with the furnishing or
making such information available to the Trustee pursuant to the Section 10.09(b), the Issuer shall also use its commercially reasonable efforts to post copies of such information required by the immediately preceding paragraph on a website
(which may be nonpublic and may be maintained by the Issuer or a third party) to which access will be given to Holders, prospective investors in the Notes (which prospective investors shall be limited to “qualified institutional buyers”
within the meaning of Rule 144A of the Securities Act or non-U.S. persons (as defined in Regulation S under the Securities Act) that certify their status as such to the reasonable satisfaction of the Issuer),
and securities analysts and market making financial institutions that are reasonably satisfactory to the Issuer. To the extent the Issuer determines in good faith that it cannot make such reports available in the

  
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manner described in the preceding sentence after the use of its commercially reasonable efforts, the Issuer shall furnish such reports to the noteholders, upon their request. The Issuer may
condition the delivery of any such reports to such noteholders, prospective investors in the Notes and securities analysts and market making financial institutions on the agreement of such Persons to (i) treat all such reports (and the
information contained there) and information as confidential, (ii) not use such reports (and the information contained therein) and information for any purpose other than their investment or potential investment in the Notes and (iii) not
publicly disclose any such reports (and the information contained therein) and information. 
 (d)    The Issuer will
use its commercially reasonable efforts, consistent with its judgment as to what is prudent at the time, to participate in quarterly conference calls (which may be a single conference call together with investors and lenders holding other securities
or Indebtedness of the Issuer and/or its Subsidiaries) to discuss the Issuer’s results of operations. 

(e)    Notwithstanding anything else contained in this Indenture, if the Issuer has filed with the SEC the reports
described in Section 10.09(a) (including via the EDGAR system or any successor electronic filing system), the Issuer shall be deemed to be in compliance with clauses (a) and (b) above. 

(f)    Delivery of reports, information and documents to the Trustee is for informational purposes only and its receipt of
such reports shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants under this Indenture or the Notes (as to
which the Trustee is entitled to rely exclusively on Officer’s Certificates). The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, our compliance with the covenants or with respect to any reports or
other documents filed with the SEC or EDGAR or website under this Indenture, or participate in any conference calls. 

Section 10.10.    Limitation on Liens. The Issuer shall not, and shall not permit any of its Restricted
Subsidiaries to, create, incur or assume any Lien (other than Permitted Liens) upon any Principal Property to secure Indebtedness of the Issuer, any Restricted Subsidiary of the Issuer, without securing the Notes equally and ratably with or, at the
option of the Issuer, prior to, such other Indebtedness for so long as such other Indebtedness is so secured. Any Lien that is granted to secure the Notes under this Section 10.10 shall be automatically released and discharged at the same time
as the release of the Lien that gave rise to the obligation to secure the Notes under this Section 10.10. 
 Notwithstanding the
restrictions described above, the Issuer and the Restricted Subsidiaries may create, incur, issue, assume or guarantee Indebtedness secured by Liens without equally and ratably securing the Notes if, at the time of such creation, incurrence,
issuance, assumption or guarantee, after giving effect thereto and to the retirement of any Indebtedness which is concurrently being retired, 

  
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 (i)    the aggregate amount of all such Indebtedness
secured by Liens which would otherwise be subject to such restrictions (other than any Indebtedness (or any guarantee thereof) secured by Liens permitted by clauses (1) through (10) and (12) through (38) of the definition of
“Permitted Liens”); plus 
 (ii)    all Attributable Debt of the Issuer and the Restricted
Subsidiaries in respect of Sale/Leaseback Transactions with respect to Principal Properties (with the exception of such transactions that are permitted under Section 10.12(b)(i) through (v)) 

would not exceed the greatest of (a) $4,100,000,000, (b) 15% of the Consolidated Net Tangible Assets of the Issuer measured as of the date any
such Indebtedness is incurred (after giving pro forma effect to the application of the net proceeds therefrom and any transaction in connection with which such Indebtedness is incurred), and (c) an amount that is equal to (i) an amount
such that on a pro forma basis (after giving pro forma effect to the application of the net proceeds therefrom and any transaction in connection with which such Indebtedness is incurred) the Secured Leverage Ratio would not exceed 3.25:1.00 plus
(ii) $500,000,000. 
 For purposes of the preceding paragraph, with respect to any revolving Credit Facility secured by a Lien, the full
amount of Indebtedness that may be borrowed thereunder will be deemed to be incurred when such revolving Credit Facility is drawn upon and will not be deemed to be incurred when such revolving credit commitment thereunder is first extended or
increased. 
 Section 10.11.    [Reserved] 

Section 10.12.    Limitation on Sale and Leaseback Transactions. (a) The Issuer will not, nor will it
permit any of its Restricted Subsidiaries to, enter into any arrangement with any other Person pursuant to which the Issuer or any of its Restricted Subsidiaries leases any Principal Property that has been or is to be sold or transferred by the
Issuer or a Restricted Subsidiary to such other Person (a “Sale and Leaseback Transaction”). 

(b)    The following Sale and Leaseback Transactions are not subject to the limitation above or the restrictions set forth
in Section 10.10: 
 (i)    temporary leases for a term, including renewals at the option of the
lessee, of not more than three years; 
 (ii)    leases between only the Issuer and a Subsidiary of the
Issuer or only between Subsidiaries of the Issuer; 
 (iii)    leases where the proceeds from the sale of
the subject property are at least equal to the fair market value (as determined in good faith by the Issuer) of the subject property and the Issuer applies an amount equal to the net proceeds of the sale to the retirement of all or a portion of the
Notes, other long term Indebtedness or the purchase, construction, development, expansion or 

  
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improvement of other property or equipment used or useful in its business, within 360 days of the closing date of such sale; provided that in lieu of applying such amount to the retirement
of long-term Indebtedness, the Issuer may deliver Notes to the Trustee or other debt securities to the trustee of such long-term Indebtedness for cancellation; 

(iv)    leases of property executed by the time of, or within 360 days after the latest of, the
acquisition, the completion of construction, development, expansion or improvement, or the commencement of commercial operation, of the subject property; 

(v)    if the Issuer or such Guarantor would (at the time of entering into such arrangement) be entitled as
described in clauses (1) through (38) of the definition of “Permitted Liens” without equally and ratably securing the Notes then outstanding under this Indenture, to create, incur, issue, assume or guarantee Indebtedness secured by a
Lien on such property in the amount of the Attributable Debt arising from such Sale/Leaseback Transaction; and 

(vi)    if, after giving effect thereto, (a) the Attributable Debt of the Issuer and the Guarantors in
respect of such Sale/Leaseback Transaction and all other Sale/Leaseback Transactions entered into after the Issue Date (other than any such Sale/Leaseback Transaction as would be permitted as described in clauses (i) through (v) above), plus

 (b)     the aggregate principal amount of Indebtedness secured by Liens on Properties then outstanding (not including
any such Indebtedness secured by Liens described in clauses (1) through (10) and (12) through (38) of the definition of “Permitted Liens” but including Indebtedness secured by Liens described in clause (11) of such
definition) that are not equally and ratably secured with the outstanding Notes (or not secured on a basis junior to the outstanding Notes) 

would not exceed the greatest of (a) $4,100,000,000, (b) 15% of the Consolidated Net Tangible Assets of the Issuer measured as of the date any
such Indebtedness is incurred (after giving pro forma effect to the application of the net proceeds therefrom and any transaction in connection with which such Indebtedness is incurred), and (c) an amount that is equal to (i) an amount
such that on a pro forma basis (after giving pro forma effect to the application of the net proceeds therefrom and any transaction in connection with which such Indebtedness is incurred) the Secured Leverage Ratio would not exceed 3.25:1.00 plus
(ii) $500,000,000. 
 For purposes of this Section 10.12, with respect to any revolving Credit Facility secured by a Lien, the full
amount of Indebtedness that may be borrowed thereunder will be deemed to be incurred when such revolving Credit Facility is drawn upon and will not be deemed to be incurred when such revolving credit commitment thereunder is first extended or
increased. 

  
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 Section 10.13.    Change of Control Repurchase Event.
(a) If a Change of Control Repurchase Event occurs, unless the Issuer at such time has given notice of redemption pursuant to Article Four or Eleven with respect to all the Outstanding Notes and all conditions to such redemption have been
either satisfied or waived, each Holder will have the right to require the Issuer to repurchase all or any part (in a principal amount equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes pursuant to an
offer to repurchase on the terms described below (the “Change of Control Offer”). In the Change of Control Offer, the Issuer will offer a price in cash (the “Change of Control Payment”) equal to 101.00% of the
aggregate principal amount of Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased to, but not including the date of purchase, subject to the rights of Holders of record on the relevant Regular Record Date to receive
interest due on an Interest Payment Date that is on or prior to the Change of Control Payment Date. Within 30 days following any Change of Control Repurchase Event, unless the Issuer at such time has given notice of redemption pursuant to Article
Four or Eleven with respect to all of the Outstanding Notes, the Issuer will mail by first class mail or overnight mail or otherwise deliver in accordance with the procedures of the Depositary, with a copy to the Trustee sent in the same manner, to
each Holder (such mailing to be sent to the address of such Holder appearing in the Note Register or otherwise delivered in accordance with the procedures of the Depositary) and to the Trustee describing the transaction or transactions that
constitute the Change of Control and offering to repurchase the Notes on the date specified in the notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed or otherwise sent (the “Change
of Control Payment Date”), and such notice shall include the following information: 
 (i)    that,
unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest on the Change of Control Payment Date; 

(ii)    if such notice is delivered prior to the occurrence of a Change of Control Repurchase Event,
stating that the Change of Control Offer is conditional on the occurrence of such Change of Control Repurchase Event and if applicable, shall state that, in the Issuer’s discretion, the Change of Control Payment Date may be delayed until such
time as the Change of Control Repurchase Event shall occur, or that such redemption may not occur and such notice may be rescinded in the event that the Issuer shall determine that such condition will not be satisfied by the Change of Control
Payment Date, or by the Change of Control Payment Date as so delayed; and 
 (iii)    the other
instructions, as determined by the Issuer, consistent with this Section 10.13, that a Holder must follow. 

  
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 (b)    The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of
Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 10.13, the Issuer shall comply with the applicable securities laws and regulations and shall not be
deemed to have breached its obligations under this Section 10.13 by virtue of such compliance, and the foregoing procedures will be deemed modified as necessary to permit such compliance. 

(c)    On the Change of Control Payment Date, the Issuer shall, to the extent lawful, 

(i)    accept for payment all Notes or portions of Notes (in a principal amount equal to $2,000 or an
integral multiple of $1,000 in excess thereof) properly tendered and not properly withdrawn pursuant to the Change of Control Offer, 

(ii)    on or before 11:00 a.m. (New York City time) deposit with the Paying Agent an amount equal to the
aggregate Change of Control Payment in respect of all Notes or portions of Notes properly tendered and not properly withdrawn and 

(iii)    deliver, or cause to be delivered, to the Trustee the Notes properly accepted together with an
Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuer. 

(d)    In the event that the Issuer makes a Change of Control Payment, the Paying Agent shall promptly mail or deliver to
each Holder of Notes properly tendered and not properly withdrawn the Change of Control Payment for such Notes, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in
principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each such new Note shall be in a principal amount equal to $2,000 or an integral multiple of $1,000 in excess thereof. The Issuer shall publicly
announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 

(e)    The Issuer shall not be required to make a Change of Control Offer following a Change of Control Repurchase Event
if (i) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer and purchases all such
Notes properly tendered and not properly withdrawn under such Change of Control Offer, or (ii) a notice of redemption has been given pursuant to Article Four or Article Eleven at any time prior to 30 days following any Change of Control
Repurchase Event with respect to all outstanding Notes, unless and until there is a Default in the payment of the applicable redemption price. Notwithstanding anything else herein, a Change of Control Offer may be made in

  
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advance of a Change of Control Repurchase Event, conditioned upon the consummation of such Change of Control, if a definitive agreement is in place for the Change of Control at the time of the
making of such Change of Control Offer. 
 ARTICLE 11 

REDEMPTION OF NOTES 

Section 11.01.    Right of Redemption. At any time prior to September 1, 2023, the Issuer may, at its
option, on any one or more occasions redeem all or a part of the Notes, upon notice as set forth in Section 11.05, at a Redemption Price equal to 100.00% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and
accrued and unpaid interest, if any, to, but not including, the Redemption Date, subject to the rights of Holders of record of Notes on the relevant Regular Record Date to receive interest due on an Interest Payment Date that is on or prior to such
Redemption Date). In connection with any such redemption, the Issuer will notify the Trustee of the Applicable Premium promptly after the calculation has been determined. 

On and after September 1, 2023, the Issuer may, at its option, redeem the Notes, in whole or in part, on any one or more occasions, upon
notice as set forth in Section 11.05, at the Redemption Prices (expressed as percentages of principal amount of Notes to be redeemed) set forth below, plus accrued and unpaid interest thereon, if any, to, but not including, the applicable
Redemption Date, if such Redemption Date for the Notes being redeemed occurs during the twelve-month period beginning on September 1 of each of the years indicated below, subject to the right of Holders of record of Notes on the relevant
Regular Record Date to receive interest due on an Interest Payment Date that is on or prior to such Redemption Date: 
  

					
	 Year
	  	Percentage	 
	 2023
	  	 	101.938	% 
	 2024
	  	 	100.969	% 
	 2025 and thereafter
	  	 	100.000	% 

 In addition, at any time prior to September 1, 2023, the Issuer may, at its option, upon notice as set
forth in Section 11.05, on one or more occasions redeem up to 40.00% of the aggregate principal amount of Notes issued under this Indenture (calculated after giving effect to any issuance of Additional Notes) at a Redemption Price equal to
103.875% of the aggregate principal amount of the Notes redeemed, plus accrued and unpaid interest thereon, if any, to, but not including, the applicable Redemption Date, subject to the right of Holders of record of Notes on the relevant Regular
Record Date to receive interest due on an Interest Payment Date that is on or prior to such Redemption Date, with an amount of cash equal to the net cash proceeds of an Equity Offering by the Issuer; provided, however, that at least 60.00% of
the aggregate principal amount of Notes issued under this Indenture (calculated after giving effect to any Additional Notes issued under this Indenture after the Issue Date and excluding Notes held by the Issuer and its Subsidiaries) remains
outstanding immediately after the occurrence of each such redemption; provided further, however, that each such redemption occurs within 180 days of the date of closing of such Equity Offering. 

  
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 Section 11.02.    [Reserved]. 

Section 11.03.    Election to Redeem; Notice to Trustee. If the Issuer elects to redeem some or all of the
Notes pursuant to Section 11.01, it shall furnish to the Trustee, at or prior to the date notice of such redemption is required to be given to Holders, an Officer’s Certificate stating (a) the clause of Section 11.01 of this
Indenture pursuant to which the redemption shall occur, (b) the Redemption Date, (c) the principal amount of Notes to be redeemed, (d) the Redemption Price (or manner of calculation if not then known), (e) that such election has been
duly authorized by all requisite corporate action on the part of the Issuer, and (f) that such redemption complies, or will comply, with any applicable covenants or conditions precedent set forth in this Indenture. Notice of redemption of Notes
to be redeemed at the election of the Issuer shall be given to the Trustee by the Issuer or, at the Issuer’s request and provision of the notice to be given containing such notice information five Business Days (unless a shorter notice shall be
agreed to by the Trustee) prior to the date notice is to be given to the Holders, by the Trustee in the name and at the expense of the Issuer. Any redemption may be cancelled by the Issuer upon written notice to the Trustee at any time prior to
notice of redemption being sent to any Holder and thereafter shall be null and void. If the Redemption Price is not known at the time such notice is to be given, the actual Redemption Price, calculated as described in the terms of the Notes, will be
set forth in an Officer’s Certificate delivered to the Trustee no later than two Business Days prior to the Redemption Date. 

Section 11.04.    Selection by Trustee of Notes to Be Redeemed. If less than all of the Notes are to be
redeemed at any time, the Trustee will select the Notes for redemption on a pro rata basis (or, in the case of Notes issued in global form, subject to the applicable procedures of the Depositary) unless otherwise required by law or applicable stock
exchange or depositary requirements. 
 No Notes with a principal amount of $2,000 or less can be redeemed in part. Notices of redemption
shall be delivered by first class mail (or otherwise in accordance with the procedures of the Depositary), at least 10 but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at such Holder’s registered
address, except that redemption notices may be mailed or sent more than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture. If any Note is to
redeemed in part only, any notice of redemption that relates to such Note shall state the portion of the principal amount thereof that has been or is to be redeemed. 

If any Notes are to be redeemed in part only, the Issuer shall issue a new Note (or cause to be transferred by book entry) in principal amount
equal to the unredeemed portion of the original Note in the name of the Holder thereof upon cancellation of the original Note. Notes called for redemption become due on the date fixed for redemption, subject to the satisfaction of any applicable
conditions. On and after the Redemption Date, unless the Issuer defaults in payment of the Redemption Price, interest shall cease to accrue on Notes or portions of Notes called for redemption. 

  
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 Section 11.05.    Notice of Redemption. Notice of redemption
shall be given in the manner provided for in Section 1.07 not less than 10 nor more than 60 days prior to the Redemption Date, to each Holder to be redeemed. 

All notices of redemption shall identify the Notes and state: 

(a)    the Redemption Date, 

(b)    the Redemption Price (or manner of calculation if not then known) and the amount of accrued interest to the
Redemption Date payable as provided in Section 11.07, if any, 
 (c)    if less than all Outstanding Notes are to
be redeemed, the identification (and, in the case of a partial redemption, the principal amounts) of the particular Notes to be redeemed, 

(d)    in case any Note is to be redeemed in part only, the notice which relates to such Note shall state that on and
after the Redemption Date, upon surrender of such Note, the Holder will receive, without charge, a new Note or Notes of authorized denominations for the principal amount thereof remaining unredeemed, 

(e)    that on the Redemption Date the Redemption Price (and accrued interest, if any, to the Redemption Date payable as
provided in Section 11.07) will become due and payable upon each such Note, or the portion thereof, to be redeemed, and that, if the redemption occurs, interest thereon will cease to accrue on and after said date, 

(f)    any condition precedent to the redemption; 

(g)    the place or places where such Notes are to be surrendered for payment of the Redemption Price and accrued
interest, if any, 
 (h)    the name and address of the Paying Agent, 

(i)    that Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price, 

(j)    the CUSIP, ISIN or “Common Code” number and that no representation is made as to the accuracy or
correctness of the CUSIP, ISIN or “Common Code” number, if any, listed in such notice or printed on the Notes, and 

(k)    the clause of Section 11.01 and/or the paragraph of the Notes pursuant to which the Notes are to be redeemed.

 Any redemption may, at the Issuer’s discretion, be subject to one or more conditions precedent, which shall be set forth in the
related notice of redemption, including, but not limited to, completion of an Equity Offering, other offering or other transaction or event. In addition, if such redemption is subject to satisfaction of one or more conditions precedent, such notice
shall describe each such condition, and if 

  
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applicable, shall state that, in the Issuer’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not
occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date, or by the Redemption Date as so delayed. 

If any such condition precedent has not been satisfied, the Issuer shall provide written notice to the Trustee prior to the close of business
two Business Days prior to the Redemption Date (or such shorter period as may be acceptable to the Trustee). Upon receipt of such notice, the notice of redemption shall be rescinded or delayed, and the redemption of the Notes shall be rescinded or
delayed as provided in such notice. Upon receipt, the Trustee shall provide such notice to each Holder in the same manner in which the notice of redemption was given. 

The Issuer or its Affiliates may acquire Notes by means other than a redemption, whether by tender offer, open market purchases, negotiated
transactions or otherwise, so long as such acquisition does not otherwise violate the terms of this Indenture. 

Section 11.06.    Deposit of Redemption Price. No later than 12:00 noon (New York City time) on any Redemption
Date, the Issuer shall deposit with the Trustee or with a Paying Agent (or, if the Issuer is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money sufficient to pay the Redemption Price of,
and accrued interest on, all the Notes which are to be redeemed on that date. 
 Section 11.07.    Notes Payable
on Redemption Date. Notice of redemption having been given to the Holders in accordance with Section 11.05, the Notes so to be redeemed shall, on the Redemption Date, become due and payable, unless such redemption is conditioned on the
happening of a future event, at the Redemption Price therein specified (together with accrued interest to the Redemption Date), and from and after such date (unless the Issuer shall default in the payment of the Redemption Price and accrued
interest) such Notes shall cease to bear interest. Upon surrender of any such Note for redemption in accordance with said notice, the Redemption Price for such Note , together with accrued interest to the Redemption Date, shall be paid by the Issuer
and such Notes shall be canceled by the Trustee; provided, however, that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Notes, or one or more Predecessor
Notes, registered as such at the close of business on the relevant Regular Record Dates according to their terms and the provisions of Section 3.07. 

If the Redemption Price for any Note called for redemption, together with accrued interest to the Redemption Date, shall not be so paid upon
surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate borne by the Notes, unless such redemption is conditioned on the happening of a future event. 

  
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 Section 11.08.    Notes Redeemed in Part. Any Note which is
to be redeemed only in part (pursuant to the provisions of this Article) shall be surrendered at an office or agency of the Issuer maintained for such purpose pursuant to Section 10.02 (with, if the Issuer or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and the Issuer shall execute, and the Trustee
shall authenticate and deliver (or transfer by book entry) to the Holder of such Note without service charge, a new Note or Notes, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for
the unredeemed portion of the principal of the Note so surrendered. 
 ARTICLE 12 

GUARANTEES 

Section 12.01.    Note Guarantees. Subject to this Article Twelve, each Guarantor hereby jointly and
severally, fully and unconditionally Guarantees, on a senior basis, the Notes and Obligations of the Issuer hereunder and thereunder, and Guarantees to each Holder of a Note authenticated and delivered by the Trustee, and to the Trustee for itself
and on behalf of such Holder, that: (a) the principal of, and interest and premium, if any, on, the Notes will be paid in full when due, whether at Stated Maturity, by acceleration or otherwise (including the amount that would become due but
for the operation of the automatic stay under Section 362(a) of the Bankruptcy Law), together with interest on the overdue principal, if any, and interest on any overdue interest, to the extent lawful, and all other obligations of the Issuer to
the Holders or the Trustee hereunder or thereunder will be paid in full or performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or of any such other
obligations, the same shall be paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise, subject, however, in the case of clauses (a) and (b) above, to
the limitation set forth in Section 12.04 hereof. 
 Each Guarantor hereby agrees (to the extent permitted by applicable law) that its
obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any
provisions hereof or thereof, any release of any other Guarantor, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of
a Guarantor. 
 Each Guarantor hereby waives (to the extent permitted by law) the benefits of diligence, presentment, demand for payment,
filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer or any other Person, protest, notice and all demands whatsoever and covenants that the Note Guarantee of
such Guarantor shall not be discharged as to any Note except by complete performance of the obligations contained in such Note, this Indenture and such Note Guarantee. Each Guarantor acknowledges that the Note Guarantee is a Guarantee of payment,
performance and compliance when due and not of collection. Each of the 

  
 78 

 
Guarantors hereby agrees that, in the event of a default in payment of principal, interest or premium, if any, with respect to such Note, whether at its Stated Maturity, by acceleration, purchase
or otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by, the Holder of such Note, subject to the terms and conditions set forth in this Indenture, directly against each of the Guarantors to enforce such Guarantor’s
Note Guarantee without first proceeding against the Issuer or any other Guarantor. Each Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders are prevented by applicable
law from exercising their respective rights to accelerate the Maturity of the Notes, to collect interest on the Notes or to enforce or exercise any other right or remedy with respect to the Notes, such Guarantor shall pay to the Trustee for the
account of the Holder the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders. 

If any Holder or the Trustee is required by any court or otherwise to return to the Issuer or any Guarantor, or any custodian, trustee,
liquidator or other similar official acting in relation to either the Issuer or any Guarantor, any amount paid by any of them to the Trustee or such Holder, the Note Guarantee of each of the Guarantors, to the extent theretofore discharged, shall be
reinstated in full force and effect. Each Guarantor further agrees that, as between each Guarantor, on the one hand, and the Holders and the Trustee on the other hand, (1) subject to this Article Twelve, the Maturity of the obligations
Guaranteed hereby may be accelerated as provided in Article Five hereof for the purposes of the Note Guarantee of such Guarantor notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations
Guaranteed hereby, and (2) in the event of any acceleration of such obligation as provided in Article Five hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by each Guarantor for the purpose of the
Note Guarantee of such Guarantor. 
 Each Note Guarantee shall remain in full force and effect and continue to be effective should any
petition be filed by or against the Issuer for liquidation, reorganization, should the Issuer become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the
Issuer’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in
amount, or must otherwise be restored or returned by any obligee on the Notes, whether as a “voidable preference”, “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that
any payment or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

 Section 12.02.    Severability. In case any provision of any Note Guarantee shall be invalid, illegal or
unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby to the extent permitted by applicable law. 

  
 79 

 Section 12.03.    Additional Guarantors. If, after the Issue
Date, any of the Issuer’s Subsidiaries becomes a borrower or a guarantor with respect to any indebtedness under the Amended Credit Facility, then such Subsidiary will become a Guarantor by executing a supplemental indenture substantially in the
form of Exhibit A hereto and delivering it to the Trustee within 20 Business Days of the date on which it becomes a borrower or guarantor under the Amended Credit Facility, together with an Opinion of Counsel. For the avoidance of doubt, the Notes
shall not be Guaranteed at any time by any of the Issuer’s Foreign Subsidiaries, including any Subsidiary organized in the United States that is itself a Subsidiary of a Foreign Subsidiary. 

Section 12.04.    Limitation of Guarantors’ Liability. Each Guarantor and by its acceptance
hereof each Holder confirms that it is the intention of all such parties that the Guarantee by each such Guarantor pursuant to its Note Guarantee not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform
Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law or the provisions of its local law relating to fraudulent transfer or conveyance. To effectuate the foregoing intention, the Holders and each such
Guarantor hereby irrevocably agree that the obligations of such Guarantor under its Note Guarantee shall be limited to the maximum amount that will not, after giving effect to all other contingent and fixed liabilities of such Guarantor and after
giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Note Guarantee or pursuant to this Section 12.04, result in the obligations of such
Guarantor under its Note Guarantee constituting such fraudulent transfer or conveyance. 

Section 12.05.    Contribution. In order to provide for just and equitable contribution among the Guarantors,
the Guarantors agree, inter se, that in the event any payment or distribution is made by any Guarantor (a “Funding Guarantor”) under a Note Guarantee, such Funding Guarantor shall be entitled to a contribution from all other
Guarantors in a pro rata amount based on the Adjusted Net Assets (as defined below) of each Guarantor (including the Funding Guarantor) for all payments, damages and expenses incurred by that Funding Guarantor in discharging the Issuer’s
obligations with respect to the Notes or any other Guarantor’s obligations with respect to the Note Guarantee of such Guarantor. “Adjusted Net Assets” of such Guarantor at any date shall mean the lesser of (a) the amount
by which the fair value of the property of such Guarantor exceeds the total amount of liabilities, including contingent liabilities (after giving effect to all other fixed and contingent liabilities incurred or assumed on such date), but excluding
liabilities under the Note Guarantee of such Guarantor at such date and (b) the amount by which the present fair salable value of the assets of such Guarantor at such date exceeds the amount that will be required to pay the probable liability
of such Guarantor on its debts (after giving effect to all other fixed and contingent liabilities incurred or assumed on such date), excluding debt in respect of the Note Guarantee of such Guarantor, as they become absolute and matured. 

Section 12.06.    Subrogation. Each Guarantor shall be subrogated to all rights of Holders against the Issuer
in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 12.01; provided, however, that, if an Event of Default has 

  
 80 

 
occurred and is continuing, no Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by
the Issuer under this Indenture or the Notes shall have been paid in full. 

Section 12.07.    Reinstatement. Each Guarantor hereby agrees (and each Person who becomes a Guarantor shall
agree) that the Note Guarantee provided for in Section 12.01 shall continue to be effective or be reinstated, as the case may be, if at any time, payment, or any part thereof, of any obligations or interest thereon is rescinded or must
otherwise be restored by a Holder to the Issuer upon the bankruptcy or insolvency of the Issuer or any Guarantor. 

Section 12.08.    Release of a Guarantor. Any Note Guarantee by a Guarantor of the Notes shall be
automatically and unconditionally released and discharged under this Indenture upon: 
 (a)    any sale, assignment,
transfer, conveyance, exchange or other disposition (by merger, consolidation or otherwise) of the Capital Stock of such Guarantor after which the applicable Guarantor is no longer a Subsidiary; provided that all guarantees and other
obligations of such Guarantor in respect of the Amended Credit Agreement terminate upon consummation of such transaction; 

(b)    the release or discharge of such Guarantor from its guarantee of Obligations under the Amended Credit Agreement
(including, by reason of the termination of the Amended Credit Agreement); 
 (c)    the discharge of the Issuer’s
obligations under this Indenture in accordance with the terms of this Indenture; 
 (d)    the release of a Guarantor as
described in Article Nine hereof. 
 ARTICLE 13 

Section 13.01.    Benefits Acknowledged. Each Guarantor acknowledges that it will receive direct and indirect
benefits from the financing arrangements contemplated by this Indenture and from its Guarantee and waivers pursuant to its Note Guarantees under this Article Twelve. 

Section 13.02.    Effectiveness of Note Guarantees. This Indenture and the Note Guarantees shall be effective
upon its execution and delivery by the parties hereto. Each Guarantor hereby agrees that its Note Guarantee pursuant to this Article Twelve shall be effective notwithstanding the absence of an endorsement of any notation of such Note Guarantee on
the Notes. 

  
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 ARTICLE 14 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 14.01.    Issuer’s Option to Effect Legal Defeasance or Covenant Defeasance. The
Issuer may, at its option, at any time, with respect to the Notes, elect to have either Section 13.02 or Section 13.03 be applied to all Outstanding Notes upon compliance with the conditions set forth below in this Article 13. 

Section 14.02.    Legal Defeasance and Discharge. Upon the Issuer’s exercise under Section 13.01 of
the option applicable to this Section 13.02, the Issuer and each of the Guarantors shall be deemed to have been discharged from their respective obligations with respect to all Outstanding Notes, the Note Guarantees and this Indenture on the
date the conditions set forth in Section 13.04 are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means that the Issuer and each of the Guarantors shall be deemed to have paid and
discharged the entire indebtedness represented by the Outstanding Notes (including the Note Guarantees), which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 13.05 and the other Sections of this
Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under such Notes, the Note Guarantees and this Indenture (and the Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging
the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of Outstanding Notes to receive payments in respect of the principal of, and interest or premium, if any, on,
such Notes when such payments are due, from the trust described in Section 13.05, (b) the Issuer’s obligations with respect to such Notes under Sections 3.03, 3.04, 3.05, 3.06, 10.02 and 10.03 and (c) the rights, powers, trusts,
duties and immunities of the Trustee hereunder, and the obligations of each of the Guarantors and the Issuer in connection therewith. Subject to compliance with this Section 13.02, the Issuer may exercise its option under this
Section 13.02 notwithstanding the prior exercise of its option under Section 13.03 with respect to the Notes. 

Section 14.03.    Covenant Defeasance. Upon the Issuer’s exercise under Section 13.01 of the option
applicable to this Section 13.03, each of the Issuer and the Guarantors shall be released from its respective obligations under Sections 8.01 and 10.04 and Sections 10.09 through and including 10.13 with respect to the Outstanding Notes on and
after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not to be “Outstanding” for the purposes of any direction, waiver, consent or
declaration or Act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such Covenant Defeasance means that,
with respect to the Outstanding Notes, the Issuer or any Guarantor, as applicable, may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or Event of Default
under Section 5.01, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. 

  
 82 

 Section 14.04.    Conditions to Legal Defeasance or Covenant
Defeasance. The following shall be the conditions to application of either Section 13.02 or Section 13.03 to the Outstanding Notes: 

(a)    the Issuer shall (i) have irrevocably deposited or caused to be irrevocably deposited with the Trustee (or
another trustee satisfying the requirements of Section 6.08 who shall agree to comply with the provisions of this Article Thirteen applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged
as security for, and dedicated solely to the benefit of the Holders of such Notes; cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in amounts as will be sufficient, to pay
the principal of, and interest or premium, if any, on, the Outstanding Notes on the stated date for payment thereof or on the applicable Redemption Date, as the case may be, (ii) solely in the case in which Government Securities are being
deposited with the Trustee pursuant to the foregoing clause (i), deliver to the Trustee an opinion of an investment bank, appraisal firm or firm of independent public accountants, in each case, that is nationally recognized in the United States,
stating that such amounts deposited are sufficient to pay the principal of, and interest or premium, if any, on, the Outstanding Notes on the stated date for payment thereof or on the applicable Redemption Date, as the case may be, and
(iii) specify whether the Notes are being defeased to such stated date for payment or to a particular Redemption Date; provided, however, that the Trustee shall have been irrevocably instructed to apply such cash or the proceeds of such
Government Securities or combination thereof to said payments with respect to the Notes. Before such a deposit, the Issuer may give to the Trustee, in accordance with Section 11.03 hereof, a notice of its election to redeem all of the
Outstanding Notes at a future date in accordance with Article Eleven hereof, which notice shall be irrevocable. Such irrevocable redemption notice, if given, shall be given effect in applying the foregoing; 

(b)    in the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel to the
Trustee confirming that, 
 (i)    the Issuer has received from, or there has been published by, the
United States Internal Revenue Service a ruling, or 
 (ii)    since the Issue Date, there has been a
change in the applicable U.S. Federal income tax law, 
 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that,
subject to customary assumptions and exclusions, the Holders of the Outstanding Notes will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. Federal income tax on
the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

  
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 (c)    in the case of Covenant Defeasance, the Issuer shall have
delivered to the Trustee an Opinion of Counsel to the Trustee confirming that, the Holders of the Outstanding Notes will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of such Covenant Defeasance and will be
subject to U.S. Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(d)    no Default shall have occurred and be continuing on the date of such deposit (other than a Default resulting from
the borrowing of funds to be applied to such deposit (and any similar and concurrent deposit relating to other Indebtedness), and the granting of Liens to secure such borrowings); 

(e)    such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default
under any material agreement or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased, discharged or replaced) to which, the Issuer or any of its Subsidiaries is a party or by which any of them is
bound; 
 (f)    the Issuer shall have delivered to the Trustee an Officer’s Certificate stating that the deposit
was not made by the Issuer with the intent of preferring the Holders over the other creditors of the Issuer or with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuer or others; and 

(g)    the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating
that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with. 

Section 14.05.    Deposited Money and Government Securities To Be Held in Trust Other Miscellaneous
Provisions. Subject to the provisions of the last paragraph of Section 10.03, all cash and Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this
Section 13.05, the “Qualifying Trustee”) pursuant to Section 13.04 in respect of the Outstanding Notes shall be held in trust and applied by the Qualifying Trustee, in accordance with the provisions of such Notes and this
Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as its own Paying Agent) as the Qualifying Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect
of principal, interest and premium, if any, but such money or Government Securities need not be segregated from other funds except to the extent required by law. 

The Issuer shall pay and indemnify the Qualifying Trustee against any tax, fee or other charge imposed on or assessed against the Government
Securities deposited pursuant to Section 13.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the Outstanding Notes. 

  
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 Anything in this Article Thirteen to the contrary notwithstanding, the Qualifying Trustee
shall deliver or pay to the Issuer from time to time upon Issuer Request any money or Government Securities held by it as provided in Section 13.04 which are in excess of the amount thereof which would then be required to be deposited to effect
an equivalent Legal Defeasance or Covenant Defeasance, as applicable, in accordance with this Article; provided that, solely in a case involving Government Securities, such determination shall be accompanied by an opinion of an investment
bank, appraisal firm or firm of independent public accountants, in each case, that is nationally recognized in the United States, expressed in a written certification thereof delivered to the Qualifying Trustee to the effect that such amounts are in
excess of the amount thereof which would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance, as applicable, in accordance with this Article. 

Section 14.06.    Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or Government
Securities in accordance with Section 13.05 by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s and each Guarantor’s obligations
under this Indenture and the Outstanding Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 13.02 or 13.03, as the case may be, until such time as the Trustee or Paying Agent is permitted to apply all
such money or Government Securities in accordance with Section 13.05; provided, however, that, if the Issuer makes any payment of principal of, or interest or premium, if any, on, any Note following the reinstatement of its
obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 

[Signature Pages Follow] 

  
 85 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, all
as of the date first above written. 
  

					
	ON SEMICONDUCTOR CORPORATION
		
	By:	 	 /s/ Bernard Gutmann

		 	Name:	 	Bernard Gutmann
		 	Title:	 	Chief Financial Officer, Executive Vice President and Treasurer
	
	 GUARANTORS: 
  

SEMICONDUCTOR COMPONENTS INDUSTRIES, LLC 

		
	By:	 	 /s/ Bernard Gutmann

		 	Name:	 	Bernard Gutmann
		 	Title:	 	Chief Financial Officer, Executive Vice President and Treasurer
	
	APTINA, LLC 
		
	By:	 	 /s/ Bernard Gutmann

		 	Name:	 	Bernard Gutmann
		 	Title:	 	Chief Financial Officer, Vice President and Treasurer
	
	FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC. 
		
	By:	 	 /s/ Bernard Gutmann

		 	Name:	 	Bernard Gutmann
		 	Title:	 	Chief Financial Officer, Senior Vice President and Treasurer
	
	FAIRCHILD SEMICONDUCTOR CORPORATION
		
	By:	 	 /s/ Bernard Gutmann

		 	Name:	 	Bernard Gutmann
		 	Title:	 	Chief Financial Officer, Senior Vice President and Treasurer

  
 [Signature Page to
Indenture] 

 
					
	FAIRCHILD SEMICONDUCTOR CORPORATION OF CALIFORNIA 
		
	By:	 	 /s/ Bernard Gutmann

		 	Name:	 	Bernard Gutmann
		 	Title:	 	Chief Financial Officer, Senior Vice President and Treasurer
	
	GIANT HOLDINGS, INC. 
		
	By:	 	 /s/ Bernard Gutmann

		 	Name:	 	Bernard Gutmann
		 	Title:	 	Chief Financial Officer, Senior Vice President and Treasurer
	
	SILICON PATENT HOLDINGS 
		
	By:	 	 /s/ Bernard Gutmann

		 	Name:	 	Bernard Gutmann
		 	Title:	 	Chief Financial Officer, Senior Vice President and Treasurer
	
	GIANT SEMICONDUCTOR CORPORATION 
		
	By:	 	 /s/ Bernard Gutmann

		 	Name:	 	Bernard Gutmann
		 	Title:	 	Chief Financial Officer, Senior Vice President and Treasurer
	
	MICRO-OHM CORPORATION 
		
	By:	 	 /s/ Bernard Gutmann

		 	Name:	 	Bernard Gutmann
		 	Title:	 	Chief Financial Officer, Senior Vice President and Treasurer
	
	FAIRCHILD ENERGY, LLC 
		
	By:	 	 /s/ Bernard Gutmann

		 	Name:	 	Bernard Gutmann
		 	Title:	 	Chief Financial Officer, Senior Vice President and Treasurer

  
 [Signature Page to
Indenture] 

 
					
	ON SEMICONDUCTOR CONNECTIVITY SOLUTIONS, INC. 
		
	By:	 	 /s/ Bernard Gutmann

		 	Name:	 	Bernard Gutmann
		 	Title:	 	Chief Financial Officer, Senior Vice President and Treasurer
	
	ON MANAGEMENT, INC. 
		
	By:	 	 /s/ Bernard Gutmann

		 	Name:	 	Bernard Gutmann
		 	Title:	 	Chief Financial Officer, Senior Vice President and Treasurer
	
	QUANTENNA, INC. 
		
	By:	 	 /s/ Bernard Gutmann

		 	Name:	 	Bernard Gutmann
		 	Title:	 	Chief Financial Officer, Senior Vice President and Treasurer
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Maddy Hughes

		 	Name:	 	Maddy Hughes
		 	Title:	 	Vice President

  
  

  
 [Signature Page to
Indenture] 

 APPENDIX I - Rule 144A / Regulation S 

PROVISIONS RELATING TO THE NOTES 
  

	1.	 Definitions 

1.1.    Definitions. 

For the purposes of this Appendix the following terms shall have the meanings indicated below: 

“Definitive Note” means a certificated Note that is not a Global Note bearing, if required, the appropriate restricted notes
legend set forth in Section 2.3(d). 
 “Depositary” means The Depository Trust Company, its nominees and their
respective successors. 
 “Distribution Compliance Period”, with respect to any Notes, means the period of 40 consecutive
days beginning on and including the latest of the Issue Date, the original issue date of the issuance of any Additional Notes and the date on which any such Notes (or any predecessor of such Notes) were first offered to persons other than
distributors (as defined in rule 902 of Regulation S) in reliance on Regulation S. 
 “Initial Purchasers” means
(1) with respect to the Notes issued on the Issue Date, BofA Securities, Inc., BBVA Securities Inc., BMO Capital Markets Corp., Citigroup Capital Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities
LLC, MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc., Barclays Capital Inc., BOK Financial Securities, Inc., KBC Securities USA LLC and Morgan Stanley & Co. LLC and (2) with respect to each issuance of Additional
Notes, the Persons purchasing such Additional Notes under the related Purchase Agreement. 
 “Notes” means (1) $700,000,000
aggregate principal amount of 3.875% Senior Notes Due 2028 issued on the Issue Date and (2) Additional Notes, if any. 
 “Notes
Custodian” means the custodian with respect to a Global Note (as appointed by the Depositary), or any successor Person thereto and shall initially be the Trustee. 

“Purchase Agreement” means (1) with respect to the Notes issued on the Issue Date, the Purchase Agreement dated
August 18, 2020, among the Issuer, the Guarantors party thereto and the Representatives on behalf of the Initial Purchasers, and (2) with respect to each issuance of Additional Notes, the purchase agreement or underwriting agreement among
the Issuer, the Guarantors and the Persons purchasing such Additional Notes. 
 “QIB” means a “qualified
institutional buyer” as defined in Rule 144A. 

  
 APP I-1 

 “Regulation S Global Note” means a Global Note in the form of Exhibit 1
hereto bearing the applicable restricted notes legend set forth in Exhibit 1 hereto and deposited with or on behalf of and registered in the name of the Depositary, issued in a denomination equal to the outstanding principal amount of the Regulation
S Global Notes; provided, however, that any such Regulation S Global Note shall be deemed to be a “temporary global security” for purposes of Rule 904 under Regulation S until the expiration of the Distribution Compliance
Period. 
 “Representative” means BofA Securities, Inc., as representative of the Initial Purchasers. 

“Rule 144A Notes” means all Notes offered and sold to QIBs in reliance on Rule 144A. “Securities Act” means
the Securities Act of 1933. 
 “Transfer Restricted Notes” means Notes that bear or are required to bear the legend
relating to restrictions on transfer relating to the Securities Act set forth in Section 2.3(d) hereto. 

1.2.    Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	 “Agent Members”
	  	2.1(b)
	 “Automatic Exchange”
	  	2.3(c)
	 “Automatic Exchange Date”
	  	2.3(c)
	 “Automatic Exchange Notice”
	  	2.3(c)
	 “Automatic Exchange Notice Date”
	  	2.3(c)
	 “Global Notes”
	  	2.1(a)
	 “Regulation S”
	  	2.1(a)
	 “Rule 144A”
	  	2.1(a)
	 “Rule 144A Global Note”
	  	2.1(a)

 2.     The Notes. 

2.1.    (a) Form and Dating. The Notes will be offered and sold by the Issuer pursuant to a Purchase Agreement. The
Notes will be resold initially only to (i) QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”) and (ii) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S under the
Securities Act (“Regulation S”). Notes may thereafter be transferred to, among others, QIBs and purchasers in reliance on Regulation S, subject to the restrictions on transfer set forth herein. Notes initially resold pursuant to
Rule 144A shall be issued initially in the form of one or more permanent global notes in fully registered form (collectively, the “Rule 144A Global Note”); and Notes initially resold pursuant to Regulation S shall be issued
initially in the form of one or more Regulation S Global Notes, in each case without interest coupons and with the global notes legend and the applicable restricted notes legend set forth in Exhibit 1 hereto, which shall be deposited on behalf of
the purchasers of the Notes represented thereby with the Notes Custodian and registered in the name of 

  
 APP I-2 

 
the Depositary, duly executed by the Issuer and authenticated by the Trustee as provided in this Indenture. Beneficial ownership interests in the Regulation S Global Note will not be
exchangeable for interests in a Rule 144A Global Note, or any other Note prior to the expiration of the Distribution Compliance Period and then, after the expiration of the Distribution Compliance Period, may be exchanged for interests in a Rule
144A Global Note, a Regulation S Global Note or a Definitive Note only (i) upon certification in form reasonably satisfactory to the Trustee that beneficial ownership interests in such Regulation S Global Note are owned either by non-U.S. persons or U.S. persons who purchased such interests in a transaction that did not require registration under the Securities Act, and (ii) in the case of an exchange for a Definitive Note, in
compliance with the requirements of Section 2.4(a) hereof. 
 Beneficial interests in a Rule 144A Global Note may be transferred to a
Person who takes delivery in the form of an interest in a Regulation S Global Note, whether before or after the expiration of the Distribution Compliance Period, only if the transferor first delivers to the Trustee a written certificate (in the form
provided in this Indenture) to the effect that such transfer is being made in accordance with Rule 903 or 904 of Regulation S or Rule 144 (if applicable). 

The Rule 144A Global Note and the Regulation S Global Note are collectively referred to herein as “Global Notes”. The
aggregate principal amount of the Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary as hereinafter provided. 

(b)    Book-Entry Provisions. This Section 2.1(b) shall apply only to a Global Note deposited with or on
behalf of the Depositary. 
 The Issuer shall execute and the Trustee shall, in accordance with this Section 2.1(b), authenticate and
deliver initially one or more Global Notes that (a) shall be registered in the name of the Depositary and (b) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions or held by the Trustee as
custodian for the Depositary. The Issuer has entered into a letter of representations with the Depositary in the form provided by the Depositary and the Trustee and each Agent is hereby authorized to act in accordance with such letter and Applicable
Procedures. 
 Members of, or participants in the Depositary (“Agent Members”) shall have no rights under this Indenture
with respect to any Global Note held on their behalf by the Depositary or by the Trustee as the custodian of the Depositary or under such Global Note, and the Issuer, the Trustee and any agent of the Issuer or the Trustee shall be entitled to treat
the Depositary as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or impair as between the Depositary and its Agent Members, the operation of customary practices of the Depositary governing the exercise of the rights of a holder of a
beneficial interest in any Global Note. 

  
 APP I-3 

 (c)    Definitive Notes. Except as provided in this
Section 2.1, 2.3 or 2.4, owners of beneficial interests in Global Notes shall not be entitled to receive physical delivery of Definitive Notes. 

(d)    Certain Authorizations. Subject to the provisions of Section 2.4(b) hereof, the registered Holder of a
Global Note shall be entitled to grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the
Notes. 
 2.2.    Authentication. The Trustee shall authenticate and deliver: (1) on the Issue Date, an
aggregate principal amount of $700,000,000 of 3.875% Senior Notes Due 2028, (2) any Additional Notes for an original issue in an aggregate principal amount specified in the written order of the Issuer pursuant to Section 2.02 of this Indenture
and (3) in connection with any Automatic Exchange pursuant to Section 2.3(c)(vii) of this Appendix, the Global Note that is not a Transfer Restricted Note, in each case upon a written order of the Issuer signed by two Officers or by an
Officer and either an Assistant Treasurer or an Assistant Secretary of the Issuer. Such order shall specify the amount of the Notes to be authenticated and the date on which the original issue of Notes is to be authenticated. 

2.3.    Transfer and Exchange. 

(a)    Transfer and Exchange of Definitive Notes. When Definitive Notes are presented to the Note Registrar with a
request: 
 (x)    to register the transfer of such Definitive Notes; or 

(y)    to exchange such Definitive Notes for an equal principal amount of Definitive Notes of other authorized
denominations, the Note Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided, however, that the Definitive Notes surrendered for transfer or exchange: 

(i)    shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably
satisfactory to the Issuer and the Note Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing; and 

(ii)    if such Definitive Notes are required to bear a restricted notes legend, they are being transferred
or exchanged pursuant to an effective registration statement under the Securities Act, pursuant to Section 2.3(b) or pursuant to clause (A), (B) or (C) below, and are accompanied by the following additional information and documents, as
applicable: 
 (A)    if such Definitive Notes are being delivered to the Note Registrar by a Holder for
registration in the name of such Holder, without transfer, a certification from such Holder to that effect; or 

  
 APP I-4 

 (B)    if such Definitive Notes are being transferred to
the Issuer, a certification to that effect; or 
 (C)    if such Definitive Notes are being transferred
(x) pursuant to an exemption from registration in accordance with Rule 144A, Regulation S or Rule 144 under the Securities Act; or (y) in reliance upon another exemption from the requirements of the Securities Act: (i) a certification
to that effect (in the form set forth on the reverse of the Note) and (ii) if the Issuer so requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the legend set
forth in Section 2.3(d)(i). 
 (b)    Restrictions on Transfer of a Definitive Note for a Beneficial Interest in
a Global Note. A Definitive Note may not be exchanged for a beneficial interest in a Rule 144A Global Note or a Regulation S Global Note except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive
Note, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the Trustee, together with: 

(i)    certification, in the form set forth on the reverse of the Note, that such Definitive Note is either
(A) being transferred to a QIB in accordance with Rule 144A or (B) being transferred after expiration of the Distribution Compliance Period by a Person who initially purchased such Note in reliance on Regulation S to a buyer who elects to
hold its interest in such Note in the form of a beneficial interest in the Regulation S Global Note; and 

(ii)    written instructions directing the Trustee to make, or to direct the Notes Custodian to make, an
adjustment on its books and records with respect to such Rule 144A Global Note (in the case of a transfer pursuant to clause (b)(i)(A)) or Regulation S Global Note (in the case of a transfer pursuant to clause (b)(i)(B)) to reflect an increase in
the aggregate principal amount of the Notes represented by the Rule 144A Global Note or Regulation S Global Note, as applicable, such instructions to contain information regarding the Agent Member account to be credited with such increase, 

then the Trustee shall cancel such Definitive Note and cause, or direct the Notes Custodian to cause, in accordance with the standing instructions and
procedures of the Depositary and the Notes Custodian, the aggregate principal amount of Notes represented by the Rule 144A Global Note or Regulation S Global Note, as applicable, to be increased by the aggregate principal amount of the Definitive
Note to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Rule 144A Global Note or Regulation S Global Note, as applicable, equal to the principal amount of
the Definitive Note so canceled. If no Rule 144A Global Notes or Regulation S Global Notes, as applicable, are then outstanding, the Issuer shall issue and the Trustee shall authenticate, upon written order of the Issuer in the form of an
Officer’s Certificate of the Issuer, a new Rule 144A Global Note or Regulation S Global Note, as applicable, in the appropriate principal amount. 

  
 APP I-5 

 (c)    Transfer and Exchange of Global Notes. 

(i)    The transfer and exchange of Global Notes or beneficial interests therein shall be effected through
the Depositary, in accordance with this Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depositary therefor. A transferor of a beneficial interest in a Global Note shall deliver to the
Note Registrar a written order given in accordance with the Depositary’s procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in the Global Note. The Note Registrar
shall, in accordance with such instructions instruct the Depositary to credit to the account of the Person specified in such instructions a beneficial interest in the Global Note and to debit the account of the Person making the transfer the
beneficial interest in the Global Note being transferred. 
 (ii)    If the proposed transfer is a
transfer of a beneficial interest in one Global Note to a beneficial interest in another Global Note, the Note Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such
interest is being transferred in an amount equal to the principal amount of the interest to be so transferred, and the Note Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global
Note from which such interest is being transferred. 
 (iii)    Notwithstanding any other provisions of
this Appendix (other than the provisions set forth in Section 2.4), a Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee
of the Depositary or by the Depositary or any such nominee to a successor depositary or a nominee of such successor depositary. 

(iv)    In the event that a Global Note is exchanged for a Definitive Note pursuant to Section 2.4 of
this Appendix, such Notes may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.3 (including the certification requirements set forth on the reverse of the Notes intended
to ensure that such transfers comply with Rule 144A, Regulation S or another applicable exemption under the Securities Act, as the case may be) and such other procedures as may from time to time be adopted by the Issuer. 

(v)    During the Distribution Compliance Period, beneficial ownership interests in Regulation S Global
Notes may only be sold, pledged or transferred in accordance with the Applicable Procedures and only (i) to the Issuer, (ii) in an offshore transaction in accordance with Regulation S (other than a transaction resulting in an exchange for
an interest in a Regulation S Global Note) or (iii) pursuant to an effective registration statement under the Securities Act, in each case in accordance with any applicable securities laws of any State of the United States. 

  
 APP I-6 

 (vi)    In the event that a Global Note is exchanged for
Definitive Notes pursuant to Section 2.4, such Notes may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.3 (including the certification requirements set forth on
the reverse of the Initial Notes intended to ensure that such transfers comply with Rule 144A, Regulation S or such other applicable exemption from registration under the Securities Act, as the case may be) and such other procedures as may from time
to time be adopted by the Issuer. 
 (vii)    Upon the Issuer’s satisfaction that the Notes are no
longer Transfer Restricted Notes and the legends in Section 2.3(e) below shall no longer be required in order to maintain compliance with the Securities Act, beneficial interests in a Transfer Restricted Note that is a Global Note may, at the
Issuer’s option, be automatically exchanged into beneficial interests in a Global Note that is not a Transfer Restricted Note without any action required by or on behalf of the Holder (the “Automatic Exchange”) at any time on
or after the date that is the 366th calendar day after (A) with respect to the Initial Notes issued on the Issue Date, the Issue Date or (B) with respect to Additional Notes, if any, the issue date of such Additional Notes, or, in each
case, if such day is not a Business Day, on the next succeeding Business Day (the “Automatic Exchange Date”). Upon the Issuer’s satisfaction that the Notes are no longer Transfer Restricted Notes and the legend in
Section 2.3(d) below shall no longer be required in order to maintain compliance with the Securities Act, the Issuer may (i) provide written notice to the Trustee at least 10 calendar days prior to any Automatic Exchange, instructing the
Trustee to direct the Depositary to exchange all of the outstanding beneficial interests in a particular Transfer Restricted Note that is a Global Note to a Global Note that is not a Transfer Restricted Note, which the Issuer shall have previously
otherwise made eligible for exchange with the Depositary, (ii) provide prior written notice (the “Automatic Exchange Notice”) to each Holder at such Holder’s address appearing in the register of Holders at least 10
calendar days prior to any Automatic Exchange (an “Automatic Exchange Notice Date”), which notice must include (w) the Automatic Exchange Date, (x) the section of this Indenture pursuant to which the Automatic Exchange
shall occur, (y) the “CUSIP” number of the Transfer Restricted Note from which such Holder’s beneficial interests will be transferred and (z) the “CUSIP” number of the Global Note that is not a Transfer Restricted
Note into which such Holder’s beneficial interests will be transferred, and (iii) on or prior to the date of the Automatic Exchange, deliver to the Trustee for authentication one or more Global Notes that are not Transfer Restricted Notes,
duly executed by the Issuer, in an aggregate principal amount equal to the aggregate principal amount of Transfer Restricted Notes to be exchanged. At the Issuer’s request on no less than five calendar days’ notice, the Trustee shall
deliver, in the Issuer’s name and at its expense, the Automatic Exchange Notice to each Holder at such Holder’s address appearing in the register of Holders. Notwithstanding anything to the contrary in this Section 2.3(c)(vii),

  
 APP I-7 

 
during the 10 day period between the Automatic Exchange Notice Date and the Automatic Exchange Date, no transfers or exchanges other than pursuant to this Section 2.3(c)(vii) shall be
permitted without the prior written consent of the Issuer. As a condition to any Automatic Exchange, the Issuer shall provide, and the Trustee shall be entitled to rely upon, an Officer’s Certificate reasonably acceptable to the Trustee to the
effect that such Automatic Exchange shall be effected in compliance with the Securities Act and that the restrictions on transfer contained herein and in the legends in Section 2.3(d) below shall no longer be required in order to maintain
compliance with the Securities Act, and that the aggregate principal amount of the particular Global Notes that are Transfer Restricted Notes may be transferred to the particular Global Notes that are note Transfer Restricted Notes by adjustment
made on the records of the Trustee, as the depositary custodian, to reflect such Automatic Exchange. Upon such exchange of beneficial interests pursuant to this Section 2.3(c)(vii), the aggregate principal amount of the Global Notes shall be
increased or decreased by adjustments made on the records of the Trustee, as depositary custodian, to reflect the relevant increase or decrease in the principal amount of such Global Note resulting from the applicable exchange. The Transfer
Restricted Note from which beneficial interests are transferred pursuant to an Automatic Exchange shall be canceled following such Automatic Exchange. 

(d)    Legend. 

(i)    Except as permitted by the following paragraphs (ii) and (iii), each Note certificate
evidencing the Global Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form: 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF
ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: SIX MONTHS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE
ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER

  
 APP I-8 

 
THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST
OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S], ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE
UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS
DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF
SECURITIES OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D),
(E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. [IN
THE CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE
WITH REGULATION S UNDER THE SECURITIES ACT.] 
 BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED
AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 

  
 APP I-9 

 
OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR
REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE
ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER Section 406 OF ERISA OR Section 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE
SIMILAR LAWS. 
 Each Definitive Note shall also bear the following additional legend: 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER SHALL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION REQUIRED
BY THE INDENTURE OR AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

(ii)    Upon any sale or transfer of a Transfer Restricted Note (including any Transfer Restricted Note
represented by a Global Note) pursuant to Rule 144 under the Securities Act, the Note Registrar shall permit the transferee thereof to exchange such Transfer Restricted Note for a certificated Note that does not bear the legend set forth above and
rescind any restriction on the transfer of such Transfer Restricted Note, if the transferor thereof certifies in writing to the Note Registrar that such sale or transfer was made in reliance on Rule 144 (such certification to be in the form set
forth on the reverse of the Note). 
 (iii)    After a transfer of any Initial Notes during the period of
the effectiveness of a Shelf Registration Statement with respect to such Initial Notes, all requirements pertaining to the restricted notes legend on such Initial Securities shall cease to apply and the requirements that any such Initial Notes be
issued in global form shall continue to apply. 
 (e)    Cancellation or Adjustment of Global Note. At such time
as all beneficial interests in a Global Note have either been exchanged for Definitive Notes, redeemed, purchased or canceled, such Global Note shall be returned to the Depositary for cancellation or retained and canceled by the Trustee. At any time
prior to such cancellation, if any beneficial interest in a Global Note is exchanged for certificated Notes, redeemed, purchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be
made on the books and records of the Trustee (if it is then the Notes Custodian for such Global Note) with respect to such Global Note, by the Trustee or the Notes Custodian, to reflect such reduction. 

  
 APP I-10 

 (f)    No Obligation of the Trustee. 

(i)    The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a
member of, or a participant in the Depositary or other Person with respect to the accuracy of the records of the Depositary or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery
to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Notes. All notices and communications to be given
to the Holders and all payments to be made to Holders under the Notes shall be given or made only to or upon the order of the registered Holders (which shall be the Depositary in the case of a Global Note). The rights of beneficial owners in any
Global Note shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to
its members, participants and any beneficial owners. Neither the Trustee nor any Agent shall have responsibility for any actions taken or not taken by the Depositary. 

(ii)    The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with
any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among the Depositary participants, members or beneficial owners in any
Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof. 
 2.4.    Definitive Notes. 

(a)    A Global Note deposited with the Depositary or with the Trustee as Notes Custodian for the Depositary pursuant to
Section 2.1 shall be transferred to the beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal to the principal amount of such Global Note, in exchange for such Global Note, only if such transfer
complies with Section 2.3 hereof and (i) the Depositary notifies the Issuer that it is unwilling or unable to continue as depositary for such Global Note and a successor depositary is not appointed within 90 days, (ii) the Depositary
ceases to be a registered “clearing agency” under the Exchange Act and a successor depositary is not appointed within 90 days, or (iii) the Issuer, at its option, notifies the Trustee that it elects to cause the issuance of
Definitive Notes and any participant requests a Definitive Note in accordance with the Depositary’s procedures. 

(b)    Any Global Note that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be
surrendered by the Depositary to the Trustee located at its Corporate Trust Office to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each

  
 APP I-11 

 
portion of such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. Any portion of a Global Note transferred pursuant to this Section 2.4 shall
be executed, authenticated and delivered only in denominations of $2,000 principal amount and any integral multiple of $1,000 in excess thereof and registered in such names as the Depositary shall direct. Any Definitive Note delivered in exchange
for an interest in the Transfer Restricted Note shall, except as otherwise provided by Section 2.3(d) hereof, bear the applicable restricted notes legend and definitive notes legend set forth in Exhibit 1 hereto. 

(c)    In the event of the occurrence of one of the events specified in Section 2.4(a) hereof, the Issuer shall
promptly make available to the Trustee a reasonable supply of Definitive Notes in definitive, fully registered form without interest coupons. In the event that such Definitive Notes are not issued, the Issuer expressly acknowledges, with respect to
the right of any Holder to pursue a remedy pursuant to this Indenture, including pursuant to Section 5.07, the right of any beneficial owner of Notes to pursue such remedy with respect to the portion of the Global Note that represents such
beneficial owner’s Notes as if such Definitive Notes had been issued. 
 (d)    In connection with any proposed
transfer of Definitive Notes in exchange for Global Notes, the Issuer or the Depositary shall be required to provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting
obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of
such information. 
  

  
 APP I-12 

 EXHIBIT 1 

to APPENDIX I 
 [FORM OF FACE
OF INITIAL NOTE] 
 [Global Notes Legend] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DEPOSITARY”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE DEPOSITARY, TO NOMINEES OF THE DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [Restricted Notes Legend] 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF
ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: SIX MONTHS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE
ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE 

  
 A-1 

 
OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE
ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S], ONLY (A) TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN
THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES
ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF SECURITIES OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE
COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. [IN THE CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT
PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 

BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE
ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS

  
 A-2 

 
AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY
WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT
PROHIBITED TRANSACTION UNDER Section 406 OF ERISA OR Section 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 

[Definitive Notes Legend] 
 IN
CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

  
 A-3 

			
	No     	  	$            

 ON Semiconductor Corporation, a Delaware corporation, promises to pay to
[                    ]1 a, or registered assigns, the principal sum [of U.S. dollars]2 on September 1, 2028. 
 Interest Payment Dates: March 1 and September 1
(commencing on March 1, 2021). 
 Record Dates: February 15 and August 15. 

Additional provisions of this Note are set forth on the other side of this Note. 

Dated: 
  

			
	ON SEMICONDUCTOR CORPORATION
		
	By:	 	
                     
                    

		 	Name:
		 	Title:

  

	1 	 For Global Notes insert: Cede & Co. 

	2 	 For Global Notes insert: set forth on the Schedule of Increases or Decreases of Global Note attached hereto.

  
 A-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

Dated:                      

This is one of the Notes designated therein referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee
		
	By:	 	
                     
                    

		 	Authorized Signatory

  
 A-5 

 [FORM OF REVERSE SIDE OF INITIAL NOTE] 

3.875% Senior Note Due 2028 
  

	1.	 Principal and Interest. 

The Issuer will pay the principal of this Note on September 1, 2028. 

The Issuer promises to pay interest on the principal amount of this Note on each Interest Payment Date, as set forth below, at the rate of
3.875% per annum. 
 Interest will be payable semi-annually (to the Holders of record of the Notes (or any Predecessor Notes) at the close
of business on September 1 or March 1 immediately preceding the Interest Payment Date) on each Interest Payment Date, commencing March 1, 2021. 

Interest on this Note will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from
August 21, 2020; provided, however, that, if there is no existing Default in the payment of interest and if this Note is authenticated between a Regular Record Date referred to on the face hereof and the next succeeding Interest Payment Date,
interest shall accrue from such Interest Payment Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

The Issuer shall pay interest on overdue principal and premium, if any, and interest on overdue installments of interest, to the extent
lawful, at a rate per annum equal to the rate of interest applicable to the Notes. 
  

	2.	 Method of Payment. 

The Issuer will pay interest (except Defaulted Interest) on the principal amount of the Notes on each March 1 and September 1
(commencing on March 1, 2021) to the Persons who are Holders (as reflected in the Note Register at the close of business on February 15 and August 15 immediately preceding the Interest Payment Date), in each case, even if the Note is
cancelled on registration of transfer or registration of exchange after such Regular Record Date; provided, however, that, with respect to the payment of principal, the Issuer will make payment to the Holder that surrenders this Note
to any Paying Agent on or after September 1, 2028. 
 The Issuer will pay principal, interest and premium, if any in U.S. dollars. 

However, the Issuer may pay principal, interest or premium, if any, by its check payable in such money; provided, that all payments of
principal, premium, if any, and interest with respect to Notes represented by one or more permanent Global Notes registered in the name of or held by the Depositary will be made by wire transfer of immediately available funds to the Depositary;
provided, further, that all payments of principal, premium, if any, and interest with respect to certificated Notes will be made by wire transfer of immediately available funds to any Holder of such Notes in certificate form in immediately available
funds to accounts within the United States specified by the holders of such certificate notes at least ten days in advance of the applicable payment 

  
 A-6 

 
date. Subject to the foregoing sentence, the Issuer may make payments on the Notes by mailing a check for such interest to a Holder’s registered address (as reflected in the Note Register).
If a payment date is a date other than a Business Day at a place of payment, payment may be made at that place on the next succeeding day that is a Business Day and no interest shall accrue for the intervening period. 

 

	3.	 Paying Agent and Note Registrar. 

The Issuer initially appoints Wells Fargo Bank, National Association, as Paying Agent and Note Registrar. The Issuer may change any Paying
Agent or Note Registrar upon written notice thereto. The Issuer, any Subsidiary or any Affiliate of any of them may act as Paying Agent, Note Registrar or co-registrar. 

 

	4.	 Indenture. 

The Issuer issued the Notes under an Indenture dated as of August 21, 2020 (the “Indenture”), among the Issuer, the
Guarantors party thereto and the Trustee. Capitalized terms herein are used as defined in the Indenture unless otherwise indicated. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of all such terms.
To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture shall control. 

The Notes are unsecured senior obligations of the Issuer. The Indenture does not limit the aggregate principal amount of the Notes. 

 

	5.	 Redemption. 

Optional Redemption. At any time prior to September 1, 2023, the Issuer may at its option on any one or more occasions redeem all
or a part of the Notes, upon written notice as described in Section 11.05 of the Indenture, at a Redemption Price equal to 100.00% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if
any, to, but not including, the Redemption Date, subject to the rights of Holders of record of Notes on the relevant Regular Record Date to receive interest due on an Interest Payment Date that is on or prior to such Redemption Date. 

On and after September 1, 2023, the Issuer may at its option redeem the Notes, in whole or in part, on any one or more occasions, upon
notice as described in Section 11.05 of the Indenture, at the Redemption Prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but not including, the
applicable Redemption Date, if such Redemption Date for the Notes being redeemed occurs during the twelve-month period beginning on September 1 of each of the years indicated below, subject to the right of Holders of record of Notes on the
relevant Regular Record Date to receive interest on an Interest Payment Date that is on or prior to such Redemption Date: 
  

					
	 Year
	  	Percentage	 
	 2023
	  	 	101.938	% 
	 2024
	  	 	100.969	% 
	 2025 and thereafter
	  	 	100.000	% 

  
 A-7 

 In addition, at any time prior to September 1, 2023, the Issuer may, at its option,
upon notice as described in Section 11.05 of the Indenture, on any one or more occasions redeem up to 40.00% of the aggregate principal amount of Notes issued under the Indenture (calculated after giving effect to any issuance of Additional
Notes) at a Redemption Price equal to 103.875% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but not including, the applicable Redemption Date, subject to the right of Holders of record of notes on
the relevant Regular Record Date to receive interest due on an Interest Payment Date that is on or prior to such Redemption Date, with an amount of cash equal to the net cash proceeds of an Equity Offering by the Issuer; provided, however, that at
least 60.00% of the aggregate principal amount of Notes issued under the Indenture (calculated after giving effect to any issuance of Additional Notes and excluding Notes held by the Issuer and its Subsidiaries) remains outstanding immediately after
the occurrence of each such redemption; provided further, however, that each such redemption occurs within 180 days of the date of closing of each such Equity Offering. 
  

	6.	 Repurchase upon a Change of Control. 

Upon the occurrence of a Change of Control Repurchase Event, the Holders of the Notes will have the right to require that the Issuer purchase
such Holder’s outstanding Notes, in whole or in part, at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the date of purchase. 

 

	7.	 Denominations; Transfer; Exchange. 

The Notes are in registered form without coupons in denominations of $2,000 principal amount and integral multiples of $1,000 in excess
thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Note Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law
or permitted by the Indenture. The Note Registrar need not register the transfer or exchange of any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) or any Notes for a
period of 15 days before a selection of Notes to be redeemed. 
  

	8.	 Persons Deemed Owners. 

A registered Holder may be treated as the owner of a Note for all purposes. 

 

	9.	 Unclaimed Money. 

Subject to applicable escheatment laws, if money for the payment of principal (and premium, if any) or interest remains unclaimed for two
years, the Trustee and the 

  
 A-8 

 
Paying Agent will pay the money back to the Issuer at its written request. After that, Holders entitled to the money must look to the Issuer for payment, unless an abandoned property law
designates another Person, and all liability of the Trustee and such Paying Agent with respect to such money shall cease. 
  

	10.	 Discharge and Defeasance Prior to Redemption or Maturity. 

If the Issuer irrevocably deposits, or causes to be deposited, with the Trustee money or Government Securities sufficient to pay the then
outstanding principal of, and premium, if any, and accrued interest on, the Notes (a) to the Redemption Date or Maturity Date, the Issuer will be discharged from its obligations under the Indenture and the Notes, except in certain circumstances
for certain covenants set forth in the Indenture, and (b) to the Stated Maturity, the Issuer will be discharged from certain covenants set forth in the Indenture. 
  

	11.	 Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented with the consent of the Holders of at least a majority
in aggregate principal amount of the Outstanding Notes, and any existing Default or compliance with any provision may be waived with the consent of the Holders of a majority in aggregate principal amount of the Outstanding Notes. Without notice to
or the consent of any Holder, the parties thereto may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, omission, mistake, defect or inconsistency and make any change that does not adversely affect the rights
of any Holder. 
  

	12.	 Restrictive Covenants. 

The Indenture contains certain covenants, including covenants with respect to the following matters: (i) Limitation on Liens;
(ii) Limitation on Sale and Leaseback Transactions; (iii) mergers, consolidations and certain transfers of assets; and (iv) purchase of Notes upon a Change of Control Repurchase Event. Within 120 days after the end of each fiscal
year, the Issuer must report to the Trustee on compliance with such limitations. 
  

	13.	 Successor Persons. 

When a successor Person or other entity assumes all the obligations of its predecessor under the Notes and the Indenture in accordance with the
terms of the Indenture, the predecessor Person will be released from those obligations. 
  

	14.	 Remedies for Events of Default. 

If an Event of Default, as defined in the Indenture, occurs and is continuing, the Trustee or the Holders of at least 30% in principal amount
of the Outstanding Notes may declare all the Notes to be immediately due and payable. If a bankruptcy or insolvency Default with respect to the Issuer occurs and is continuing, the Notes automatically become immediately due and payable. Subject to
the provisions of the Indenture relating 

  
 A-9 

 
to the duties of the Trustee, in case an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any rights or powers under the Indenture at the request or
direction of any of the Holders of the Notes unless such Holders have offered indemnity or security against any loss, liability or expense satisfactory to the Trustee. Subject to certain restrictions, the Holders of a majority in principal amount of
the outstanding Notes are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to
follow any direction that conflicts with law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder of a Note or that would involve the Trustee in personal liability. 

 

	15.	 Guarantees. 

The Issuer’s obligations under the Notes are fully and unconditionally guaranteed on a senior unsecured basis, to the extent set forth in
the Indenture, by each of the Guarantors. 
  

	16.	 Trustee Dealings with Issuer. 

The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may make loans to,
accept deposits from, perform services for, and otherwise deal with, the Issuer and its Affiliates as if it were not the Trustee. 
  

	17.	 Authentication. 

This Note shall not be valid until the Trustee manually signs the certificate of authentication on the other side of this Note. 

 

	18.	 Abbreviations. 

Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A (= Uniform Gifts to Minors Act). 
  

	19.	 CUSIP Numbers. 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to
be printed on the Notes and the Trustee may use CUSIP numbers in notices as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice and reliance may be
placed only on the other identification numbers placed thereon. 

  
 A-10 

	20.	 Governing Law. 

THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. THE PARTIES HERETO AGREE TO SUBMIT
TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY OR THE INDENTURE. 

The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to ON
Semiconductor Corporation, [●]. 
 Capitalized terms used herein but not defined herein shall have the meanings given to such terms in
the Indenture. 

  
 A-11 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

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

and irrevocably appoint                      agent
to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

					
	 Date:
                    
	 		 	 Your Signature:

			
		 		 	
                   
                                         
                    

  
  

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

In connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the date that is one year after the later of the date of
original issuance of such Notes and the last date, if any, on which such Notes were owned by the Issuer or any “Affiliate” of the Issuer within the meaning of the Securities Act of 1933, as amended (the “Securities
Act”), the undersigned confirms that such Notes are being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW 

☐  to the Issuer or a Subsidiary of the Issuer; or 

(1)    ☐ to the Registrar for registration in the name of the Holder, without transfer; or 

(2)    ☐ pursuant to an effective registration statement under the Securities Act; or 

(3)    ☐ inside the United States to a “qualified institutional buyer” (as defined in Rule 144A
under the Securities Act) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with
Rule 144A under the Securities Act; or 
 (4)    ☐ outside the United States in an offshore transaction within the
meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act; or 

  
 A-12 

 (5)    ☐ pursuant to the exemption from registration
provided by Rule 144 under the Securities Act; or 
 (6)    ☐ to an institutional “accredited
investor” (as defined in Rule 501(a)(1), (2), (3) or under the Securities Act), that has furnished to the Trustee a signed letter in the form of Exhibit 2 to Appendix I containing certain representations and agreements relating to the
transfer of this Note. 
 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name
of any person other than the registered holder thereof; provided, however, that if box (4) is checked, the Trustee shall be entitled to require, prior to registering any such transfer of the Notes, such legal opinions, certifications and
other information as the Issuer has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, such as the exemption
provided by Rule 144 under such Act. 
  

					
	  
 Signature
	 		 	
			
	Signature Guarantee:	 		 	
			
	  
	 		 	  

	Signatures must be guaranteed	 		 	Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Note Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition
to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
 TO BE COMPLETED BY PURCHASER IF
(2) ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this Note for its own account or an account with
respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act, and is aware that the sale to it is being made in
reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is
relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

			
	Dated                     	  	Notice: To be executed by an executive officer

  
 A-13 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The Initial principal amount of this Global Note is $            . The following increases or
decreases in this Global Note have been made: 
  

			
	 Dated:
                    
	  	 Notice: To be executed by an executive officer

  

																	
	 Date of

Exchange
	  	Amount of
decrease in
Principal
amount of this
Global Note	 	  	Amount of
increase in
Principal
amount of this
Global Note	 	  	Principal
amount of this
Global Note
following such
decrease or
increase	 	  	Signature of
authorized
signatory of
Trustee or
Notes
Custodian	 
	     
	  				  				  				  			
	     
	  				  				  				  			
	     
	  				  				  				  			

  
 A-14 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 10.13 of the Indenture, check the
box:  ☐ 
 ☐ If you want to elect to have only part of this Note purchased by the Issuer pursuant to
Section 10.13 of the Indenture, state the amount in principal amount: $             
  

							
	Date                     	 		 	Your Signature:	 	  

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

  

			
	Signature Guarantee:	  	  

		  	(Signature must be guaranteed)

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

  
 A-15 

 EXHIBIT 2 

to APPENDIX I 
 Form of 

Transferee Letter of Representation 
 ON
Semiconductor Corporation 
 [●] 
 Wells Fargo Bank,
National Association 
 MAC: N9300-070 

Minneapolis, MN 55415 
 Attn:
Bondholdercommunications@wellsfargo.com 
 Ladies and Gentlemen: 

This certificate is delivered to request a transfer of $             principal amount of the
3.875% Senior Notes Due 2028 (the “Notes”) of ON Semiconductor Corporation, a Delaware corporation (the “Issuer”). 
 Upon
transfer, the Notes would be registered in the name of the new beneficial owner as follows: 

Name:                         
                                         
   

Address:                        
                                         
                                    

Taxpayer ID Number:              

The undersigned represents and warrants to you that: 

1.    We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
(7) under the Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of
the Notes, and we are acquiring the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of our investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk
of our or its investment. 
 2.    We understand that the Notes have not been registered under the Securities Act and,
unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date
that is one year after the later of the date of original issue and the last date on which the Issuer or any affiliate of the Issuer was the owner of such Notes (or any 

  
 A-16 

 
predecessor thereto) (the “Resale Restriction Termination Date”) only (i) to the Issuer, (ii) pursuant to a registration statement that has been declared effective
under the Securities Act, (iii) in a transaction complying with the requirements of Rule 144A under the Securities Act (“Rule 144A”), to a person we reasonably believe is a qualified institutional buyer under Rule 144A (a
“QIB”) that is purchasing for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (iv) pursuant to offers and sales that occur outside the United
States within the meaning of Regulation S under the Securities Act, (v) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is purchasing for its own
account or for the account of such an institutional “accredited investor,” in each case in a minimum principal amount of Securities of $250,000, or (vi) pursuant to any other available exemption from the registration requirements of
the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of our property or the property of such investor account or accounts be at all times within our or their control and in compliance with any
applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause (v) above prior
to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Issuer and the Trustee, which shall provide, among other things, that the transferee is an
institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Notes for investment purposes and not for distribution in violation of the Securities
Act. Each purchaser acknowledges that the Issuer and the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes pursuant to clause (iv), (v) or (vi) above to require
the delivery of an opinion of counsel, certifications or other information satisfactory to the Issuer and the Trustee. 
  

			
	TRANSFEREE:	 	  

 
			
		
	By:	 	  

 Signature Guarantee*:
                                         
        
  

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

  
 A-17 

 EXHIBIT A 

FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS 

  
 A-1 

 ON SEMICONDUCTOR CORPORATION 

and 
 THE GUARANTORS NAMED HEREIN

  
  

3.875% SENIOR NOTES DUE 2028 
  

 
 FORM OF SUPPLEMENTAL INDENTURE AND
AMENDMENT –GUARANTEE 
 DATED AS OF             
        ,      
  

 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION, 
 Trustee 
  

 

  
 A-2 

 This SUPPLEMENTAL INDENTURE, dated as of
            ,          is among ON Semiconductor Corporation, a Delaware corporation (the “Company”), [names of Additional Guarantors]
identified under the caption “Additional Guarantors” on the signature page hereto (the “Additional Guarantors”) and Wells Fargo Bank, National Association, a national banking association, as Trustee. 

RECITALS 
 WHEREAS, the Company,
the initial Guarantors and the Trustee entered into an Indenture, dated as of August 21, 2020 (the “Indenture”), pursuant to which the Company has issued $700,000,000 in principal amount of 3.875% Senior Notes due 2028 (the
“Notes”); and 
 WHEREAS, Section 9.01 of the Indenture provides that the Company, the Additional Guarantors and the Trustee
may amend or supplement the Indenture in order to add Guarantors with respect to the Notes, without the consent of the Holders; and 

WHEREAS, all acts and things prescribed by the Indenture, by law and by the Certificate of Incorporation and the Bylaws (or comparable
constituent documents) of the Company and of the Additional Guarantors necessary to make this Supplemental Indenture a valid instrument legally binding on the Company and the Additional Guarantors, in accordance with its terms, have been duly done
and performed, and the Trustee is authorized to execute and deliver this Supplemental Indenture; 
 NOW, THEREFORE, to comply with the
provisions of the Indenture and in consideration of the above premises, the Company, the Additional Guarantors and the Trustee covenant and agree for the equal and proportionate benefit of the respective Holders as follows: 

ARTICLE 1 
 Section 1.01
This Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes. 

Section 1.02 This Supplemental Indenture shall become effective immediately upon its execution and delivery by each of the Company, the
Guarantors and the Trustee. 
 ARTICLE 2 

From this date, by executing this Supplemental Indenture, the Additional Guarantors whose signatures appear below shall be Guarantors with
respect to the Notes on terms contemplated by and subject to the provisions of Article 13 of the Indenture. 

  
 A-3 

 ARTICLE 3 

Section 3.01 Except as specifically modified herein, the Indenture and the Notes are in all respects ratified and confirmed (mutatis
mutandis) and shall remain in full force and effect in accordance with their terms with all capitalized terms used herein without definition having the same respective meanings ascribed to them as in the Indenture. 

Section 3.02 Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed
to be assumed, by the Trustee by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those
terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto. The Trustee makes no representation as to and shall not be responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company and the Additional Guarantors. 

Section 3.03 THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

Section 3.04 The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of
such executed copies together shall represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this
Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all
purposes. 
 [NEXT PAGE IS SIGNATURE PAGE] 

  
 A-4 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the date first written above. 
  

			
	ON SEMICONDUCTOR CORPORATION
		
	By	 	
                     
                    

	Name:	 	[                    ]
	Title:	 	[                    ]
	
	ADDITIONAL GUARANTOR:
	
	[NAME]
		
	By	 	  

	Name:	 	[                    ]
	Title:	 	[                    ]
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

  
 A-5EX-4.1

 Exhibit 4.1 

INVESTMENT AGREEMENT 
 by and
among 
 DESPEGAR.COM, CORP., 

and 
 LCLA DAYLIGHT LP 

Dated as of August 20, 2020 

 TABLE OF CONTENTS 
  

							
	ARTICLE I	  

	
	Definitions	  

			
	 Section 1.01
	 	Definitions	  	 	1	 
	
	ARTICLE II	  

	
	Purchase and Sale	  

			
	 Section 2.01
	 	Purchase and Sale at the Closing	  	 	9	 
	 Section 2.02
	 	Closing	  	 	9	 
	
	ARTICLE III	  

	Representations and Warranties of the Company	  

			
	 Section 3.01
	 	Organization; Standing	  	 	12	 
	 Section 3.02
	 	Capitalization	  	 	13	 
	 Section 3.03
	 	Authority; Noncontravention	  	 	14	 
	 Section 3.04
	 	Governmental Approvals	  	 	15	 
	 Section 3.05
	 	Company SEC Documents; Undisclosed Liabilities	  	 	15	 
	 Section 3.06
	 	Absence of Certain Changes	  	 	16	 
	 Section 3.07
	 	Legal Proceedings	  	 	16	 
	 Section 3.08
	 	Compliance with Laws; Permits; OFAC; Sanctions; FCPA	  	 	16	 
	 Section 3.09
	 	Tax Matters	  	 	18	 
	 Section 3.10
	 	Environmental Matters	  	 	18	 
	 Section 3.11
	 	No Rights Agreement; Anti-Takeover Provisions	  	 	19	 
	 Section 3.12
	 	Brokers and Other Advisors	  	 	19	 
	 Section 3.13
	 	Sale of Securities	  	 	19	 
	 Section 3.14
	 	Listing and Maintenance Requirements	  	 	19	 
	 Section 3.15
	 	Status of Securities	  	 	19	 
	 Section 3.16
	 	Indebtedness	  	 	20	 
	 Section 3.17
	 	Intellectual Property; Security	  	 	20	 
	 Section 3.18
	 	Labor	  	 	22	 
	 Section 3.19
	 	Transactions with Affiliates and Employees	  	 	22	 
	 Section 3.20
	 	No Other Representations or Warranties	  	 	22	 
	 Section 3.21
	 	No Other Purchaser Representations or Warranties	  	 	23	 

  
 i 

							
	ARTICLE IV	  

	
	Representations and Warranties of the Purchaser	  

			
	 Section 4.01
	 	Organization; Standing	  	 	23	 
	 Section 4.02
	 	Authority; Noncontravention	  	 	24	 
	 Section 4.03
	 	Governmental Approvals	  	 	24	 
	 Section 4.04
	 	Financing	  	 	24	 
	 Section 4.05
	 	Ownership of Company Shares	  	 	25	 
	 Section 4.06
	 	Brokers and Other Advisors	  	 	25	 
	 Section 4.07
	 	Non-Reliance on Company Estimates, Projections, Forecasts, Forward-Looking Statements and Business Plans	  	 	25	 
	 Section 4.08
	 	Purchase for Investment	  	 	25	 
	 Section 4.09
	 	No Other Company Representations or Warranties	  	 	26	 
	 Section 4.10
	 	No Other Purchaser Representations or Warranties	  	 	27	 
	
	ARTICLE V	  

	
	Additional Agreements	  

			
	 Section 5.01
	 	Corporate Actions	  	 	27	 
	 Section 5.02
	 	Public Disclosure	  	 	27	 
	 Section 5.03
	 	Confidentiality	  	 	28	 
	 Section 5.04
	 	NYSE Listing of Shares	  	 	29	 
	 Section 5.05
	 	Registration Rights Agreement	  	 	29	 
	 Section 5.06
	 	Standstill	  	 	29	 
	 Section 5.07
	 	Transfer Restrictions	  	 	30	 
	 Section 5.08
	 	Legend	  	 	31	 
	 Section 5.09
	 	Director Rights	  	 	31	 
	 Section 5.10
	 	Voting	  	 	32	 
	 Section 5.11
	 	Tax Matters	  	 	32	 
	 Section 5.12
	 	Participation	  	 	34	 
	 Section 5.13
	 	Director and Officer Insurance	  	 	36	 
	
	ARTICLE VI	  

			
	 Section 6.01
	 	Survival and Limitation on Liability	  	 	36	 
	 Section 6.02
	 	Termination	  	 	37	 
	 Section 6.03
	 	Effects of Termination	  	 	37	 

  
 ii 

							
	ARTICLE VII	  

	
	Miscellaneous	  

			
	 Section 7.01
	 	Amendments; Waivers	  	 	38	 
	 Section 7.02
	 	Extension of Time, Waiver, Etc.	  	 	38	 
	 Section 7.03
	 	Assignment	  	 	38	 
	 Section 7.04
	 	Counterparts	  	 	38	 
	 Section 7.05
	 	Entire Agreement; No Third-Party Beneficiaries; No Recourse	  	 	39	 
	 Section 7.06
	 	Governing Law; Jurisdiction	  	 	39	 
	 Section 7.07
	 	Specific Enforcement	  	 	40	 
	 Section 7.08
	 	WAIVER OF JURY TRIAL	  	 	40	 
	 Section 7.09
	 	Notices	  	 	40	 
	 Section 7.10
	 	Severability	  	 	41	 
	 Section 7.11
	 	Expenses	  	 	42	 
	 Section 7.12
	 	Interpretation	  	 	42	 

  
 iii 

 INVESTMENT AGREEMENT, dated as of August 20, 2020 (this “Agreement”),
Despegar.com, Corp., a BVI business company incorporated in the British Virgin Islands with company number 19365519 (the “Company”) and LCLA Daylight LP, a Delaware limited partnership (the “Purchaser” ). 

WHEREAS, pursuant to the terms and conditions set forth in this Agreement, the Company desires to issue, sell and deliver to the Purchaser,
and the Purchaser desires to purchase from the Company, at the Closing, (a) 150,000 series A preferred shares (the “Preferred Shares”), having the rights, privileges, restrictions and conditions as specified in the form of the
amended and restated memorandum and articles of association of the Company attached hereto as Annex I and which, for the avoidance of doubt, may incorporate the terms of any Additional Financing Transaction (the “Amended and Restated
Memorandum and Articles”) and (b) warrants to purchase 11,000,000 Common Shares (subject to adjustment in accordance with its terms) substantially in the form attached hereto as Annex II (the
“Warrants” and the Common Shares underlying the Warrants, the “Warrant Shares”); 
 NOW, THEREFORE, in
consideration of the mutual covenants, representations, warranties and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

ARTICLE I 
 Definitions

 Section 1.01 Definitions. (a) As used in this Agreement (including the recitals hereto), the following terms shall
have the following meanings: 
 “50% Beneficial Ownership Requirement” means, as of the applicable time of determination,
that the Purchaser and its Permitted Transferees continue to beneficially own (a) (1) at least 50% of the Preferred Shares purchased by the Purchaser pursuant to this Agreement, and (2) Warrants and/or Common Shares that were issued
upon exercise of Warrants purchased by the Purchaser pursuant to this Agreement that represent in the aggregate and on an as exercised basis at least 50% of the total number of Warrant Shares underlying the Warrants on an as exercised basis as of
the Closing Date, or (b) if the Company shall have redeemed the Preferred Shares in full, Warrants and/or Common Shares that were issued upon exercise of Warrants purchased by the Purchaser pursuant to this Agreement that represent in the
aggregate and on an as exercised basis at least 50% of the total number of Warrant Shares underlying the Warrants on an as exercised basis as of the Closing Date. 

“Additional Financing Transaction” means the issuance of a further series of preferred shares on terms reasonably acceptable
to the Purchaser; provided that an Additional Financing Transaction shall be deemed accepted by the Purchaser so long as long as it meets the Additional Financing Transaction Requirements. 

“Additional Financing Transaction Requirements” means an Additional Financing Transaction that is an issuance by the Company
of debt or preferred shares with aggregate proceeds of no more than $50 million and with interest coupon or required dividends in cash not greater than 5.0% per annum. 

  
 1 

 “Affiliate” means, as to any Person, any other Person that, directly or
indirectly, controls, or is controlled by, or is under common control with, such Person; provided, however, that (i) the Company and its Affiliates shall not be deemed to be Affiliates of any Purchaser Party or any of its
Affiliates, and (ii) portfolio companies of any Purchaser Party or any Affiliate thereof shall not be deemed to be Affiliates of any Purchaser Party solely to the extent that any such portfolio company has not received any Confidential
Information (as defined in the Confidentiality Agreement) pertaining to the Company from any holder (provided that no Person will be deemed to be in receipt of any Confidential Information solely because any such person serves as a director, officer
or employee of such portfolio company). For this purpose, “control” (including, with its correlative meanings, “controlled by” and “under common control with”) shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of management or policies of a Person, whether through the ownership of securities or partnership or other ownership interests, by contract or otherwise. 

Any Person shall be deemed to “beneficially own,” to have “beneficial ownership” of, or to be
“beneficially owning” any securities (which securities shall also be deemed “beneficially owned” by such Person) that such Person is deemed to “beneficially own” within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act; provided that any Person shall be deemed to beneficially own any securities that such Person has the right to acquire, whether
or not such right is exercisable immediately (including assuming exercise of all Warrants, if any, owned by such Person to Common Shares). 

“Amended and Restated Memorandum and Articles” means the amended and restated memorandum and articles of association of the
Company in the form attached hereto at Annex I. 
 “Board” means the board of directors of the Company. 

“Business Day” means any day except a Saturday, a Sunday or other day on which the SEC or banks in the City of New York or in
the British Virgin Islands are authorized or required by Law to be closed. 
 “Change of Control” shall mean (i) any
person or group (other than the Purchaser), in a single transaction or in a related series of transactions, by way of merger, consolidation, other business combination transaction, contract or otherwise, acquiring beneficial ownership representing
more than 50% of the total voting power of the Company’s Common Shares or the right to appoint a majority of the Company’s Board; (ii) the Common Shares are no longer listed or admitted to trading on the NYSE or another National
Securities Exchange; (iii) the direct or indirect sale, lease, transfer, conveyance or other disposition (including by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the assets of
the Company and its Subsidiaries, taken as a whole, to any person or group (other than the Purchaser); or (iv) any transaction or event that constitutes a “change of control” under any of the Company’s then-outstanding
indebtedness; provided that for so long as any preferred shares issued pursuant to an Additional Financing Transaction are outstanding, 50% in clause (i) of this definition shall instead be 33.3%. 

  
 2 

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

 “Common Shares” means the ordinary shares, without par value, of the Company. 

“Company RSU Award” means an award of restricted stock units corresponding to Common Shares. 

“Company Stock Option” means an option to purchase Common Shares. 

“Company Stock Plans” means the stock-based compensation plans of the Company and its Subsidiaries, including the
Decolar.com, Inc. 2015 Stock Plan and the Despegar.com, Corp. Amended and Restated 2016 Stock Incentive Plan, in each case as amended. 

“Competitor” means any person or entity which engages, directly or indirectly (including through any partnership, limited
liability company, corporation, joint venture or similar arrangement (whether now existing of formed hereafter)), in the business of travel distribution. 

“Credit Facility” means the Company’s committed revolving credit facility with Citibank. 

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

 “Fair Market Value” means, with respect to any security or other property, the fair market value of such security or
other property as reasonably determined in good faith by a majority of the Board (excluding any Purchaser Director), or an authorized committee thereof. 

“Fall-Away of Purchaser Board Rights” means the first day on which the 50% Beneficial Ownership Requirement is not satisfied.

 “Fee Agreement” means the agreement, dated as of the date hereof, between Catterton Latin America Management Co. and the
Company. 
 “Fraud” means common law fraud under the laws of the State of New York; provided, that the term
“Fraud” does not include the doctrine of constructive or equitable fraud. 
 “GAAP” means generally accepted
accounting principles in the United States. 
 “Governmental Authority” means any government, court, regulatory or
administrative agency, commission, arbitrator or authority or other legislative, executive or judicial governmental entity (in each case including any self-regulatory organization), whether federal, state or local, domestic, foreign or
multinational. 
 “Investors’ Rights Agreement” means the Sixth Amended and Restated Investors’ Rights Agreement,
dated as of August 29, 2017, by and among the Company and certain holders of the Company’s Common Shares listed in the schedules thereto, as amended from time to time. 

  
 3 

 “Knowledge” means, with respect to the Company, the actual knowledge of
Damian Scokin (Chief Executive Officer), Alberto Lopez Gaffney (Chief Financial Officer) and Mariano Scagliarini (General Counsel) after reasonable inquiry of each such Person’s direct reports who routinely deal with subject matter relevant to
the applicable matter in question in the ordinary course of their duties. 
 “Liens” means any mortgage, pledge, lien
(statutory or other), charge, encumbrance, hypothecation, assignment, security interest or similar restriction. 
 “Lookback
Date” means January 1, 2018. 
 “Material Adverse Effect” means any effect, change, event or occurrence that
has or would reasonably be expected to have, individually or in the aggregate, a material adverse effect on (x) the business, results of operations or financial condition of the Company and its Subsidiaries, taken as a whole; or (y) the
ability of the Company to consummate the Transactions on a timely basis; provided that, for purposes of clause (x) above, none of the following, and no effect, change, event or occurrence arising out of, or resulting from, the following, shall
constitute or be taken into account in determining whether a Material Adverse Effect has occurred or would reasonably be expected to occur: any effect, change, event or occurrence (A) generally affecting (1) the industries in which the
Company and its Subsidiaries operate or (2) the economy, or credit, financial or capital markets, in the United States or elsewhere in the world, including changes in interest or exchange rates or taxation, or (B) to the extent arising out
of, resulting from or related to (1) changes or prospective changes in Law or in GAAP or in accounting standards, or any changes or prospective changes in the interpretation or enforcement of any of the foregoing, or any changes or prospective
changes in general legal, regulatory or political conditions, including any elections and changes in government, (2) the negotiation, execution or announcement of the Transaction Documents or the consummation of the Transactions, including the
impact thereof on relationships, contractual or otherwise, with customers, suppliers, distributors, partners, employees or regulators, (3) acts of war (whether or not declared), sabotage or terrorism, or any escalation or worsening of any such
acts of war (whether or not declared), sabotage or terrorism, (4) volcanoes, tsunamis, pandemics (including COVID-19), earthquakes, hurricanes, tornados or other natural disasters, in each case including
the impact thereof (including through any changes in Law or customer or supplier behavior) on liquidity, access to capital, increases in cancellations and decreases in demand with respect to the Company’s offerings and/or across the travel
industry, as well as on relationships, contractual or otherwise, with customers, suppliers, distributors, partners, employees or regulators, (5) any action taken by the Company or its Subsidiaries that is required by the Transaction Documents
or with the Purchaser’s express written consent or at the Purchaser’s express written request, (6) any change resulting or arising from the identity of, or any facts or circumstances relating to, the Purchaser or any of its
Affiliates, (7) any decline in the market price, or change in trading volume, of the shares of the Company or (8) any failure to meet any internal or public projections, forecasts, guidance, estimates, milestones, budgets or internal or
published financial or operating predictions of revenue, earnings, cash flow or cash position (it being understood that the exceptions in clauses (7) and (8) shall not prevent or otherwise affect a determination that the underlying cause of any
such change, decline or failure referred to therein (if not otherwise falling within any of the exceptions provided by clause (A) and clauses (B)(1) through (8) hereof) is a Material Adverse Effect); provided, further, that any effect,
change, event or occurrence referred to in clause (A), (B)(1) (except to the extent such effect is covered under clause (B)(4)) or (B)(3) may be taken into account in determining whether there has been, or would reasonably be expected to be,
individually or in the aggregate, a Material Adverse Effect to the 

  
 4 

 
extent such effect, change, event or occurrence has a disproportionate adverse effect on the business, results of operations or financial condition of the Company and its Subsidiaries, taken as a
whole, as compared to other similarly situated participants in the industries in which the Company and its Subsidiaries operate (in which case only the incremental disproportionate impact or impacts may be taken into account in determining whether
there has been, or would reasonably be expected to be, a Material Adverse Effect). 
 “National Securities Exchange” means
a securities exchange that has registered with the U.S. Securities and Exchange Commission under Section 6 of the Exchange Act. 

“NYSE” means the New York Stock Exchange. 

“Permitted Transferee” means, with respect to any transferor, (i) any Affiliate of such transferor, so long as it
remains such, (ii) any successor entity of such transferor, and (iii) with respect to any transferor that is an investment fund, vehicle or similar entity, any other investment fund, vehicle or similar entity of which such transferor or an
Affiliate, advisor or manager of such transferor serves as the general partner, manager or advisor; provided that portfolio companies of the Purchaser or any controlled Affiliates of such portfolio companies shall not be Permitted Transferees
of any Purchaser Party hereunder. 
 “Person” means an individual, corporation, limited liability company, partnership,
joint venture, association, trust, unincorporated organization or any other entity, including a Governmental Authority. 

“Preferred Shares” means the series A preferred shares, without par value, of the Company, having the rights, privileges,
restrictions and conditions set out in the Amended and Restated Memorandum and Articles. 
 “Purchaser Director” means a
member of the Board who was appointed by the Purchaser in accordance with the provisions of the Amended and Restated Memorandum and Articles. 

“Purchaser Material Adverse Effect” means any effect, change, event or occurrence that would reasonably be expected to
prevent (i) the consummation by the Purchaser of any of the Transactions on a timely basis or (ii) the compliance by the Purchaser with its obligations under this Agreement. 

“Purchaser Parties” means the Purchaser and each Permitted Transferee of the Purchaser to whom Securities or Common Shares
are transferred pursuant to Section 5.07(b)(i).  
 “Registration Rights Agreement” means
a registration rights agreement to be entered into by the Company and the Purchaser, substantially in the form set forth as Annex III hereto. 

“Representatives” means, with respect to any Person, its officers, directors, principals, partners, managers, members,
employees, consultants, agents, financial advisors, investment bankers, attorneys, accountants, other advisors and other representatives. 

“SEC” means the Securities and Exchange Commission. 

  
 5 

 “Securities” means shares the Preferred Shares and the Warrants. 

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

“Standstill Period” means the period beginning on the Closing Date and ending on the later of (x) the third anniversary
of the Closing Date and (y) the Fall-Away of Purchaser Board Rights. 
 “Subsidiary,” when used with respect to any
Person, means any corporation, limited liability company, partnership, association, trust or other entity of which (x) securities or other ownership interests representing 50% or more of the ordinary voting power (or, in the case of a
partnership, 50% or more of the general partnership interests) or (y) sufficient voting rights to elect at least a majority of the board of directors or other governing body are, as of such date, owned by such Person or one or more Subsidiaries
of such Person or by such Person and one or more Subsidiaries of such Person. 
 “Supplier” means any person or entity
which engages, directly or indirectly (including through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing of formed hereafter)), in the air travel or lodging business. 

“Taxes” means (i) any and all taxes, including any income, excise, gross receipts, gross income, ad valorem, profits,
gains, property, capital, sales, transfer, use, payroll, employment, severance, environmental, escheat or unclaimed property, windfall, custom, duties, levies, imposts, deductions, withholdings (including backup withholding), fees, commercial
activity, hotel or room occupancy, accommodations, transient lodging, tourist development, tourist conventions, intangibles, franchise, value-added, and other like assessment or charge of any kind whatsoever imposed by a Governmental Authority,
together with any interest, fines, penalties or additions to tax with respect to the foregoing and (ii) any liability for the amounts described in clause (i) as a result of transferee liability or otherwise through operation of law or by
contract (other than any contract entered into in the ordinary course of business, the primary purpose of which is not Taxes). 

“Tax Return” means any return, report, declaration, information return, form, filing, statement or other document required to
be filed with any Governmental Authority with respect to Taxes, including any schedules, attachments or amendments thereto. 

“Transaction Documents” means this Agreement, the Amended and Restated Memorandum and Articles, the Warrants, the
Registration Rights Agreement, the Equity Commitment Letter, the Management Services Agreement, the Fee Agreement and all other documents, certificates or agreements executed in connection with the transactions contemplated by this Agreement, the
Amended and Restated Memorandum and Articles, the Warrants and the Registration Rights Agreement, the Equity Commitment Letter, the Management Services Agreement and the Fee Agreement. 

“Transactions” means the Purchase and the other transactions expressly contemplated by this Agreement and the other
Transaction Documents, including, without limitation, the exercise by any Purchaser Party of Warrants. 

  
 6 

 “Transfer” by any Person means, directly or indirectly, to sell, transfer,
assign, pledge, encumber, hypothecate or otherwise dispose of or transfer (by the operation of law or otherwise), either voluntarily or involuntarily, or to enter into any contract, option or other arrangement, agreement or understanding with
respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or other disposition or transfer (by the operation of law or otherwise), of any interest in any securities beneficially owned by such Person; provided that,
notwithstanding anything to the contrary in this Agreement, a Transfer shall not include (i) the exercise of Warrants pursuant to their terms, (ii) the redemption or other acquisition of Common Shares, Warrants or Series A Preferred
Shares by the Company or (iii) the transfer (other than by a Purchaser or an Affiliate of a Purchaser) of any limited partnership interests or other equity interests in a Purchaser (or any direct or indirect parent entity of such Purchaser)
(provided that if any transferor or transferee referred to in this clause (iii) ceases to be controlled (directly or indirectly) by the Person (directly or indirectly) controlling such Person immediately prior to such transfer, such event shall
be deemed to constitute a “Transfer”). 
 “U.S. Person” means any Person that is a “United States
person” as defined in Section 7701(a)(30) of the Code or any successor provision thereof. 
 (b) In addition to the terms defined
in Section 1.01(a), the following terms have the meanings assigned thereto in the Sections set forth below: 
  

			
	 Term
	  	 Section

	 Action
	  	3.07
	 Agreement
	  	Preamble
	 Amended and Restated Memorandum and Articles
	  	Recitals
	 Announcement
	  	5.02
	 Anti-Corruption Laws
	  	3.08(b)
	 Anti-Money Laundering Laws
	  	3.08(c)
	 Balance Sheet Date
	  	3.05(c)
	 Bankruptcy and Equity Exception
	  	3.03(a)
	 Capitalization Date
	  	3.02(a)
	 Closing
	  	2.02(a)
	 Closing Date
	  	2.02(a)
	 Company
	  	Preamble
	 Company Proprietary Tools
	  	3.17(b)
	 Company SEC Documents
	  	3.05(a)
	 Company Securities
	  	3.02(b)
	 Company’s Proposed Valuation
	  	5.11(c)
	 Confidential Information
	  	5.03
	 Confidentiality Agreement
	  	5.03
	 Contract
	  	3.03(b)
	 Environmental Laws
	  	3.10
	 Equity Commitment Letter
	  	4.04
	 Equity Financing
	  	4.04
	 Equity Investor
	  	4.04
	 Excluded Issuance
	  	5.12(a)

  
 7 

			
	 Filed SEC Documents
	  	Article III
	 Final Warrant Valuation
	  	5.11(c)
	 Fundamental Representations
	  	6.01(a)
	 Government Official
	  	3.08(b)
	 Intellectual Property
	  	3.17(a)
	 IRS
	  	2.02(b)
	 IT Assets
	  	3.17(c)
	 Judgments
	  	3.07
	 Laws
	  	3.08(a)
	 Non-Recourse Party
	  	7.05(b)
	 OFAC
	  	3.08(d)
	 Open Source Materials
	  	3.17(b)
	 Permits
	  	3.08(a)
	 Permitted Purpose
	  	5.03
	 Personal and Device Data
	  	3.17(d)
	 Privacy Commitments
	  	3.17(d)
	 Proposed Securities
	  	5.12(b)
	 Purchase
	  	2.01
	 Purchase Price
	  	2.01
	 Purchaser
	  	Preamble
	 Purchaser’s Proposed Valuation
	  	5.11(c)
	 Sanctions
	  	3.08(d)
	 Transfer Tax
	  	5.11(d)
	 Valuation Methodology
	  	5.11(c)
	 Warrant Shares
	  	Recitals
	 Warrants
	  	Recitals

  
 8 

 ARTICLE II 

Purchase and Sale 

Section 2.01 Purchase and Sale at the Closing. On the terms and conditions of this Agreement, at the Closing, the Purchaser
shall subscribe for, purchase and acquire from the Company, and the Company shall issue, sell and deliver to the Purchaser (i) 150,000 Preferred Shares and (ii) the Warrants to acquire 11,000,000 Common Shares, for an aggregate purchase price
equal to $150 million (the “Purchase Price”). The purchase and sale of the Preferred Shares and Warrants pursuant to this Section 2.01 is referred to as the “Purchase.” 

Section 2.02 Closing. (a) On the terms of this Agreement, the closing of the Purchase (the “Closing”) shall
occur at 10:00 am New York City time on the earlier of (1) subject to the satisfaction or waiver of the conditions set forth in Section 2.02(c), the date notified by the Purchaser to the Company at least three
(3) Business Days in advance, but in any event not later than September 19, 2020, and (2) another date agreed by the Company and Purchaser, at the offices of Simpson Thacher & Bartlett, LLP, 425 Lexington Avenue, New York,
New York 10017 (such date is referred to herein as the “Closing Date”).  
 (b) At the Closing: 

(i) Subject to the Purchaser’s compliance with Section 2.02(b)(ii), the Company shall issue and
deliver to the Purchaser (1) the Securities purchased by them pursuant to Section 2.01 registered in the name of any Purchaser, free and clear of all Liens, except restrictions on transfer imposed by the Amended and
Restated Memorandum and Articles, the Securities Act, Section 5.07 and any applicable securities Laws and record the Purchaser as the owner of such Securities on the books and records of the Company and (2) the
Transaction Documents to which it is a party, duly executed by the Company; and 
 (ii) Subject to the Company’s
compliance with Section 2.02(b)(i) and the satisfaction or waiver of the conditions set forth in Section 2.02(c), the Purchaser shall (1) pay the Purchase Price to the Company, by wire
transfer in immediately available U.S. federal funds, to the account designated by the Company in writing, (2) deliver to the Company the Transaction Documents to which it is a party, duly executed by the Purchaser and (3) deliver to the
Company a duly executed, valid, accurate and properly completed Internal Revenue Service (“IRS”) Form W-9 from the Purchaser, certifying that Purchaser is a U.S. Person. 

  
 9 

 (c) (i) The respective obligations of the Company and the Purchaser to consummate the
Closing shall be subject to the satisfaction (or waiver, if permissible under applicable Law) on or prior to the Closing Date of the following condition: 

a. No temporary or permanent judgment shall have been enacted, promulgated, issued, entered, amended or enforced by any
Governmental Authority, nor shall any proceeding brought by a Governmental Authority seeking any of the foregoing be pending, or any applicable Law shall be in effect enjoining or otherwise prohibiting consummation of the Transactions. 

(ii) The obligations of the Purchaser to effect the Closing shall be further subject to the satisfaction (or waiver, if permissible under
applicable Law) on or prior to the Closing Date of the following conditions: 
 a. The representations and warranties of the
Company (a) set forth in the Fundamental Representations shall be true and correct (disregarding all qualifications or limitations as to “materiality,” “Material Adverse Effect” and words of similar import) in all material
respects as of the date hereof and as of the Closing Date with the same effect as though made on and as of the Closing Date (except to the extent expressly made as of an earlier date, in which case as of such earlier date) and (b) other than
the Fundamental Representations, shall be true and correct (disregarding all qualifications or limitations as to “materiality,” “Material Adverse Effect” and words of similar import) as of the date hereof and as of the Closing
Date with the same effect as though made on and as of the Closing Date (except to the extent expressly made as of an earlier date, in which case as of such earlier date), except, in the case of this clause (b), where the failure to be true and
correct has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; 

b. The Company shall have complied with or performed in all material respects its obligations required to be complied with or
performed by it pursuant to this Agreement at or prior to the Closing Date. 
 c. From the date hereof to the Closing Date,
there shall not have occurred any event that has had or is reasonably likely to have, individually or in the aggregate, a Material Adverse Effect. 

d. The Company shall have delivered a certificate, signed on behalf of the Company by a duly authorized officer thereof,
certifying that the conditions set forth in Section 2.02(c)(ii)a., b., and c. have been satisfied. 

  
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 e. The Company shall have duly adopted and filed the Amended and Restated
Memorandum and Articles (provided that (i) in the event an Additional Financing Transaction occurs, the Amended and Restated Memorandum and Articles may be amended to include a second schedule thereto setting out the rights of any further
investor involved in an Additional Financing Transaction which meets the Additional Financing Transaction Requirements and which include such additional provisions as are consistent with the documentation provided to Purchaser’s legal counsel
on the date hereof and to be filed with the SEC on the date hereof or the subsequent date by the Company on a Form 6-K and/or (ii) other minor, insubstantial amendments may be made to the Amended and
Restated Memorandum and Articles which are deemed to be reasonably necessary to the Company, and that do not affect any rights, privileges or designations of the Series A Preferred Shares) with the Registrar of Corporate Affairs of the British
Virgin Islands and delivered to the Purchaser a stamped copy of such Amended and Restated Memorandum and Articles duly registered by the Registrar of Corporate Affairs of the British Virgin Islands. 

f. The Common Shares issuable upon exercise of the Warrants shall have been approved for listing on the NYSE. 

g. The Credit Facility shall have been amended such that by its terms it allows the Company to pay dividends in form and the
amounts contemplated by the Amended and Restated Memorandum and Articles and any Additional Financing Transaction, and the Company shall have delivered a copy of such amendment to the Purchaser. 

h. The Board shall have approved the appointment of a Purchaser Director and an observer nominated by the Purchaser to the
Board, which shall be effective immediately upon Closing. 
 i. The Company shall have delivered, or will deliver upon
Closing, to the Purchaser, and the Purchaser shall have confirmed its receipt of: (i) a certified copy of an extract of the register of shareholders of the Company evidencing the issuance of the Preferred Shares; (ii) a certified copy of
director resolutions of the Company approving (amongst other things) consummation of the Transactions and entry into this Agreement (and any other documents to be entered into pursuant to this Agreement) and approval of all matters noted therein,
including (without limitation) issuance of the Securities, amending and restating the Amended and Restated Memorandum and Articles and the appointment of the new director nominated by the Purchaser; (iii) a certified copy of the
Company’s register of directors showing the appointment of the new director nominated by the Purchaser; (iv) a certificate of good standing for the Company dated no earlier than five Business Days before the Closing Date; (v) a
registered agent’s certificate for the Company dated no earlier than five Business Days before the Closing Date; (vi) a new share certificate for the Preferred Shares issued in the name of the Purchaser, and (vii) a legal opinion from
British Virgin Islands counsel to the Company, addressed to the Purchaser and dated the Closing Date, substantially in the form attached hereto as Annex IV; 

  
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 (iii) The obligations of the Company to effect the Closing shall be further subject to the
satisfaction (or waiver, if permissible under applicable Law) on or prior to the Closing Date of the following conditions: 

a. The representations and warranties of the Purchaser set forth in this Agreement shall be true and correct in all material
respects as of the Closing Date with the same effect as though made as of the Closing Date (except to the extent expressly made as of an earlier date, in which case as of such earlier date). 

b. The Purchaser shall have complied with or performed in all material respects its obligations required to be complied with or
performed by it pursuant to this Agreement at or prior to the Closing Date. 
 c. The Purchaser shall have delivered a
certificate, signed on behalf of the Purchaser by a duly authorized officer thereof, certifying that the conditions set forth in Section 2.02(c)(iii)a. and b. have been satisfied. 

ARTICLE III 

Representations and Warranties of the Company1 

The Company represents and warrants to Purchaser as of the date hereof and as of the Closing Date (except to the extent made only as of a
specified date or period, in which case such representation and warranty is made as of such date or period) that, except as disclosed in any report, schedule, form, statement or other document (including exhibits) filed by the Company with, or
publicly furnished by the Company to, the SEC and publicly available after December 31, 2019 and prior to the date hereof, including the Forms 6-K to be filed by the Company on or about the date of this
Agreement related to, among other things, the Transactions, the Company’s earnings results and any acquisitions, drafts of which have been provided to the Purchaser (collectively, the “Filed SEC Documents”): 

Section 3.01 Organization; Standing. (a) The Company has been duly incorporated, is validly existing as a BVI business
company limited by shares and is in good standing under the Laws of the British Virgin Islands, has the corporate power and authority to own its property and to conduct its business and is duly qualified to transact business and is in good standing
in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification (to the extent such concepts are applicable under such Laws), except where the failure to be so qualified or in good
standing (save for good standing in the British Virgin Islands) would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, reasonably be expected to prevent the consummation by the Company of any of the
Transactions on a timely basis or the compliance by the Company with its obligations under this Agreement. True and complete copies of the Company’s amended and restated memorandum and articles of association are included in the Filed SEC
Documents. 
  

	1 	 NTD: Company representations under continuing review of the Company. 

  
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 (b) Each significant subsidiary (as such term is defined in
Rule 1-02 of Regulation S-X) of the Company has been duly incorporated (or formed), is validly existing as a corporation (or other entity) in good
standing (where such concept is applicable) under the Laws of the jurisdiction of its incorporation (or formation), has the corporate (or other similar) power and authority to own its property and to conduct its business and is duly qualified to
transact business and is in good standing (where such concept is applicable) in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, in each case except where the failure would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, reasonably be expected to prevent the consummation by the Company of any of the Transactions on a timely basis or the compliance by the Company with its
obligations under this Agreement. 
 Section 3.02 Capitalization. (a) At the date of this Agreement, the Company is
authorized to issue an unlimited number of Common Shares. At the close of business on June 30, 2020 (the “Capitalization Date”), (i) 69,946,439 Common Shares were issued and outstanding (excluding Common Shares held in
treasury), (ii) 5,008,307 Common Shares were held in treasury by the Company or owned by its Subsidiaries, (iii) 5,461,777 Common Shares were reserved for issuance pursuant to the Company Stock Plans, (iv) 1,928,349 Common Shares were
underlying outstanding Company RSU Awards (assuming target performance in the case of any performance-based Company RSU Awards), (v) 981,457 Common Shares were reserved for issuance upon the exercise of outstanding unexercised Company Stock
Options, and (vi) no other shares of, or other equity interests (or any securities convertible into or exchangeable for or any rights exercisable for any such equity securities) in, the Company were issued, reserved for issuance or outstanding.
Upon the registration of the Amended and Restated Memorandum and Articles by the Registrar of Corporate Affairs of the British Virgin Islands in accordance with the provisions of this Agreement, the Company will be authorized to issue (A) an
unlimited number of Common Shares; (B) 150,000 Preferred Shares, and (C) no more than 50,000 shares of a further series of preferred shares pursuant to an Additional Financing Transaction. 

(b) Except as described in this Section 3.02, as of the Capitalization Date, there were (i) no outstanding
shares of, or other equity or voting interests in, the Company, (ii) no outstanding securities of the Company convertible into or exchangeable for shares of, or other equity or voting interests in, the Company, (iii) no outstanding
options, warrants, rights or other commitments or agreements to acquire from the Company, or that obligate the Company to issue, any shares of, or other equity or voting interests (or voting debt) in, or any securities convertible into or
exchangeable for shares of, or other equity or voting interests in, the Company other than obligations under the Company Stock Plans in the ordinary course of business, (iv) no obligations of the Company to grant, extend or enter into any
subscription, warrant, right, convertible or exchangeable security or other similar agreement or commitment relating to any shares of, or other equity or voting interests in, the Company (the items in clauses (i), (ii), (iii) and
(iv) being referred to collectively as “Company Securities”) and (v) no other obligations by the Company or any of its Subsidiaries to make any payments based on the price or value of any Company Securities. There are no
outstanding agreements of any kind which obligate the Company or any of its Subsidiaries to repurchase, redeem or otherwise acquire any Company Securities (other than pursuant to the cashless exercise of Company Stock Options (or of the warrants
issued hereunder) or require the satisfaction of Tax withholding with respect to the exercise of Company Stock Options or the vesting of Company RSUs Awards, or pursuant to the Amended and Restated 

  
 13 

 
Memorandum and Articles), or obligate the Company to grant, extend or enter into any such agreements relating to any Company Securities, including any agreements granting any preemptive rights,
subscription rights, anti-dilutive rights, rights of first refusal or similar rights with respect to any Company Securities (other than pursuant to (x) this Agreement, including the Amended and Restated Memorandum and Articles and the Warrants
issued hereunder, and (y) an Additional Financing Transaction). Other than this Agreement and in connection with an Additional Financing Transaction, neither the Company nor any Subsidiary of the Company is a party to any shareholders’
agreement, voting trust agreement, registration rights agreement or other similar agreement or understanding relating to any Company Securities or any other agreement relating to the disposition, voting or dividends with respect to any Company
Securities. From the close of business on the Capitalization Date through the date of this Agreement, other than in connection with an Additional Financing Transaction, there have been no issuances of (I) any Common Shares or any other equity
or voting securities or interests in the Company, other than issuances of Common Shares (A) pursuant to the exercise, vesting or settlement, as applicable, of Company RSU Awards or Company Stock Options outstanding as of the close of business
on the Capitalization Date in accordance with the terms of such Company equity awards or (II) any other Company Securities, including equity-based awards, other than 31,300 Company RSU Awards. From the date of this Agreement and through the
Closing, the Company shall not take any action with respect to any Series A Reserved Matter set forth in Section 8 of Schedule 1 of the Amended and Restated Memorandum and Articles that would have required the
consent of the holders of the Preferred Shares had such Amended and Restated Memorandum and Articles been in effect beginning as of the date hereof. 

Section 3.03 Authority; Noncontravention. (a) The Company has all necessary corporate power and corporate authority to
execute and deliver this Agreement and the other Transaction Documents and to perform its obligations hereunder and thereunder and to consummate the Transactions. The execution, delivery and performance by the Company of this Agreement and the other
Transaction Documents, and the consummation by it of the Transactions, have been duly authorized by the Board and no other corporate action on the part of the Company is necessary to authorize the execution, delivery and performance by the Company
of this Agreement and the other Transaction Documents and the consummation by it of the Transactions. This Agreement and the other Transaction Documents have been duly executed and delivered by the Company and, assuming due authorization, execution
and delivery hereof and thereof by the Purchaser, constitute a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except that such enforceability (i) may be limited by bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and other similar Laws of general application affecting or relating to the enforcement of creditors’ rights generally and (ii) is subject to general principles of equity, whether
considered in a proceeding at law or in equity (the “Bankruptcy and Equity Exception”).  
 (b) Neither the execution
and delivery of this Agreement or the other Transaction Documents by the Company, nor the consummation by the Company of the Transactions, nor performance or compliance by the Company with any of the terms or provisions hereof or thereof, will
(i) conflict with or violate any provision of the Amended and Restated Memorandum and Articles, (ii) violate any Law or Judgment applicable to the Company or any of its Subsidiaries or (iii) violate or constitute a default (or
constitute an event which, with notice or lapse of time or both, would violate or constitute a default) under any of the terms or provisions of 

  
 14 

 
any loan or credit agreement, indenture, debenture, note, bond, mortgage, deed of trust, lease, sublease, license, contract or other agreement (each, a “Contract”) to which the
Company or any of its Subsidiaries is a party or, with or without notice, lapse of time or both, accelerate or increase the Company’s or, if applicable, any of its Subsidiaries’, obligations under any such Contract, result in the loss of a
material benefit of the Company or its Subsidiaries under any such Contract, or give rise to a right of termination under any such Contract, except, in the case of clause (iii), as would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect, reasonably be expected to prevent the consummation by the Company of any of the Transactions on a timely basis or reasonably be expected to prevent the compliance by the Company with their obligations under this
Agreement; provided, however, that for the purposes of this Section 3.03(b), the definition of Material Adverse Effect shall not include clause (B)(2) in the proviso of such definition. 

Section 3.04 Governmental Approvals. Except for (a) the filing of the Amended and Restated Memorandum and Articles with the
Registrar of Corporate Affairs of the British Virgin Islands in accordance with the provisions of this Agreement, (b) compliance with any applicable state securities or blue sky laws, no consent or approval of, or filing, license, permit or
authorization, declaration or registration with, any Governmental Authority is necessary for the execution and delivery of this Agreement and the other Transaction Documents by the Company, the performance by the Company of its obligations hereunder
and thereunder and the consummation by the Company of the Transactions, other than such other consents, approvals, filings, licenses, permits or authorizations, declarations or registrations that, if not obtained, made or given, would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, reasonably be expected to prevent the consummation by the Company of any of the Transactions on a timely basis or reasonably be expected to prevent the
compliance by the Company with their obligations under this Agreement. 
 Section 3.05 Company SEC Documents; Undisclosed
Liabilities. (a) The Company has filed with the SEC, on a timely basis, all required reports, schedules, forms, statements and other documents required to be filed by the Company with the SEC pursuant to the Exchange Act since the Lookback
Date (collectively, the “Company SEC Documents”). As of their respective SEC filing dates, the Company SEC Documents complied as to form in all material respects with the requirements of the Securities Act, the Exchange Act or the
Sarbanes-Oxley Act of 2002 (and the regulations promulgated thereunder), as the case may be, applicable to such Company SEC Documents, and none of the Company SEC Documents as of such respective dates (or, if amended prior to the date hereof, the
date of the filing of such amendment, with respect to the disclosures that are amended) contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. 
 (b) The annual consolidated financial statements of
the Company (including all related notes or schedules) and the quarterly interim consolidated financial information included in the Company’s earnings results filed on Form 6-K included in the Company SEC
Documents complied as to form, as of their respective dates of filing with the SEC, in all material respects with the published rules and regulations of the SEC with respect thereto, have been prepared in all material respects in accordance with
GAAP, applied on a consistent basis during the periods involved (except (i) as may be indicated in the notes thereto or (ii) as permitted by Regulation S-X) and fairly presented in all material
respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods shown (subject, in the case of unaudited quarterly
interim financial information, to normal year-end adjustments and the absence of note disclosures). 

  
 15 

 (c) Neither the Company nor any of its Subsidiaries has any liabilities of any nature
(whether accrued, absolute, contingent or otherwise) that would be required under GAAP, as in effect on the date hereof, to be reflected on a consolidated balance sheet of the Company (including the notes thereto), except liabilities
(i) reflected or reserved against in the balance sheet (or the notes thereto) of the Company and its Subsidiaries as of December 31, 2019 (the “Balance Sheet Date”) included in the Filed SEC Documents, (ii) incurred
after the Balance Sheet Date in the ordinary course of business, (iii) as expressly contemplated by this Agreement or otherwise incurred in connection with the Transactions, (iv) that have been discharged or paid prior to the date of this
Agreement, (v) in connection with transactions disclosed in the Filed SEC Documents, or (vi) as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(d) The Company has established and maintains, and at all times since the Lookback Date has maintained, disclosure controls and procedures and
a system of internal controls over financial reporting (as such terms are defined in paragraphs (e) and (f), respectively, of Rule 13a-15 under the Exchange Act) in accordance with Rule 13a-15 under the Exchange Act in all material respects. Neither the Company nor, to the Company’s Knowledge, the Company’s independent registered public accounting firm, has identified or been made aware
of “material weaknesses” (as defined by the Public Company Accounting Oversight Board) in the design or operation of the Company’s internal controls over and procedures relating to financial reporting which would reasonably be
expected to adversely affect in any material respect the Company’s ability to record, process, summarize and report financial data, in each case which has not been subsequently remediated. 

Section 3.06 Absence of Certain Changes. Since January 1, 2020, through the date of this Agreement, there has not been any
Material Adverse Effect (other than, for the avoidance of doubt, as a result of the impact of developments relating to COVID-19). 

Section 3.07 Legal Proceedings. Except as would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect, as of the date of this Agreement, there is no (a) pending or, to the Knowledge of the Company, threatened legal, regulatory or administrative proceeding, suit, investigation, arbitration or action (an “Action”)
against the Company or any of its Subsidiaries or (b) outstanding order, judgment, injunction, ruling, writ or decree of any Governmental Authority (“Judgments”) imposed upon the Company or any of its Subsidiaries, in each
case, by or before any Governmental Authority. 
 Section 3.08 Compliance with Laws; Permits;
OFAC; Sanctions; FCPA. (a) The Company and each of its Subsidiaries are and since January 1, 2015 have been, in compliance with all state or federal laws, common law, statutes, ordinances, codes,
rules or regulations or other similar requirement enacted, adopted, promulgated, or applied by any Governmental Authority (“Laws”) or Judgments, in each case, that are applicable to the Company or any of its Subsidiaries, except as
would not, individually or in the aggregate, reasonably be expected to have a Material 

  
 16 

 
Adverse Effect. The Company and each of its Subsidiaries hold all licenses, franchises, permits, certificates, approvals and authorizations from Governmental Authorities
(“Permits”) necessary for the lawful conduct of their respective businesses, except where the failure to hold the same would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b) (i) None of the Company or its Subsidiaries, or any director, officer or employee, or, to the Company’s Knowledge, any other person
acting on behalf of the Company or of any of its Subsidiaries, has taken or will take any action in furtherance of an offer, payment, gift, promise to pay, or authorization or approval of the payment, giving or receipt of money, property or anything
else of value, directly or indirectly, to any government official (including any officer or employee of a government or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for
or on behalf of any of the foregoing, or any political party or party official or candidate for political office) (“Government Official”) in order to influence official action, or to any other person, in violation of the U.S.
Foreign Corrupt Practices Act, the UK Bribery Act or any other applicable anti-bribery or anti-corruption law (collectively, the “Anti-Corruption Laws”); (ii) the Company and its Subsidiaries have conducted their businesses in
compliance with all Anti-Corruption Laws and have instituted and maintain policies and procedures specifically and reasonably designed to promote and achieve compliance with all Anti-Corruption Laws and with the representations and warranties
contained herein; (iii) neither the Company nor its Subsidiaries will use, directly or indirectly, the proceeds of the offering in furtherance of an offer, payment, promise to pay, gift, or authorization of the payment or giving of money, or
anything else of value, to any person in violation of any Anti-Corruption Law; and (iv) to the Company’s Knowledge, there are no allegations, investigations, actions, suits or proceedings with regard to a potential violation of any
Anti-Corruption Law by the Company, its Subsidiaries or any director, officer or employee or other person acting on behalf of the Company or its Subsidiaries. 

(c) The operations of the Company and its Subsidiaries are and have been conducted at all times since the January 1, 2015 in material
compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company and its Subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or
body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the Knowledge of the Company, threatened. 

(d) (i) None of the Company, any of its Subsidiaries, or any director, officer, or, to the Company’s Knowledge, any employee of the
Company or any of its subsidiaries, is, or is owned or controlled by, one or more Persons that are: 
 (A) the subject of any sanctions
administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”), the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions
authority (collectively, “Sanctions”), or 

  
 17 

 (B) located, organized or resident in a country or territory that is the subject of
Sanctions (including, without limitation, Crimea, Cuba, Iran, North Korea, Sudan and Syria). 
 (ii) The Company will not, directly or
indirectly, use the net proceeds of the Transactions, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person: 

(A) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or
facilitation, is the subject of Sanctions to the extent such activities or business would be prohibited by Sanctions if conducted by a corporation incorporated in the United States; or 

(B) in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the Transactions,
whether as broker, dealer, advisor, investor or otherwise). 
 (iii) Since the January 1, 2015, the Company and its Subsidiaries have
not Knowingly engaged in, are not now Knowingly engaged in, and will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions, to
the extent prohibited by applicable law. 
 Section 3.09 Tax Matters. The Company and each of its Subsidiaries have prepared (or
caused to be prepared) and timely filed (taking into account valid extensions of time within which to file) all material Tax Returns required to be filed by any of them, and all such filed Tax Returns (taking into account all amendments thereto) are
true, complete and correct in all material respects, and all material Taxes (whether or not shown on any Tax Return) for which the Company and each of its Subsidiaries are liable have been timely paid except for Taxes that are being contested in
good faith by appropriate proceedings or for which adequate reserves have been established in accordance with GAAP. No examination, claim, action, suit, investigation or audit by any Governmental Authority is currently in progress or threatened in
writing against or with respect to the Company or any of its Subsidiaries in respect of any material Tax or assessment other than any examination, claim, action, suit, investigation or audit presenting issues for which adequate reserves have been
established in accordance with GAAP. Within the past six (6) years, neither the Company nor any of its Subsidiaries has engaged in any “listed transaction” within the meaning of Treasury Regulations
Section 1.6011-4(b)(2) (or any similar provision of state, local or non-U.S. Law). 

Section 3.10 Environmental Matters. Except as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, (a) the Company and each of its Subsidiaries have complied since the Lookback Date with and is in compliance with all applicable Laws relating to pollution or the protection of the environment or natural resources
(“Environmental Laws”), and the Company has not received any written notice since the Lookback Date alleging that the Company is in violation of or has liability under any Environmental Law, (b) the Company and its Subsidiaries possess and
have complied since the Lookback Date with and are in compliance with all Permits required under Environmental Laws for the operation of their respective businesses. 

  
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 Section 3.11 No Rights Agreement; Anti-Takeover Provisions. The Company is not
party to a shareholder rights agreement, “poison pill” or similar anti-takeover agreement or plan. 
 Section 3.12 Brokers
and Other Advisors. Except for Morgan Stanley & Co. LLC andCitigroup Global Markets Inc., the fees and expenses of which will be paid by the Company, no broker, investment banker, financial advisor or other Person is entitled to any
broker’s, finder’s, financial advisor’s or other similar fee or commission, or the reimbursement of expenses in connection therewith, in connection with the Transactions based upon arrangements made by or on behalf of the Company or
any of its Subsidiaries. 
 Section 3.13 Sale of Securities. Assuming the accuracy of the representations and warranties set
forth in Section 4.08, the sale of the Securities pursuant to this Agreement is exempt from the registration and prospectus delivery requirements of the Securities Act and the rules and regulations thereunder. Without
limiting the foregoing, neither the Company nor, to the Knowledge of the Company, any other Person authorized by the Company to act on its behalf, has engaged in a general solicitation or general advertising (within the meaning of Regulation D of
the Securities Act) of investors with respect to offers or sales of Securities, and neither the Company nor, to the Knowledge of the Company, any Person acting on its behalf has made any offers or sales of any security or solicited any offers to buy
any security, under circumstances that would cause the offering or issuance of Securities under this Agreement to be integrated with prior offerings by the Company for purposes of the Securities Act that would result in none of Regulation D or any
other applicable exemption from registration under the Securities Act to be available, nor will the Company take any action or step that would cause the offering or issuance of Securities under this Agreement to be integrated with other offerings by
the Company. 
 Section 3.14 Listing and Maintenance Requirements. The Common Shares are registered pursuant to
Section 12(b) of the Exchange Act and listed on the NYSE, and the Company has taken no action designed to, or which, to the Knowledge of the Company, is reasonably likely to have the effect of, terminating the registration of the Common Shares
under the Exchange Act or delisting the Common Shares from the NYSE, nor has the Company received as of the date of this Agreement any notification that the SEC or the NYSE is contemplating terminating such registration or listing. 

Section 3.15 Status of Securities. As of the Closing, the Securities acquired pursuant to this Agreement and the Common Shares
issuable upon exercise of the Warrants will be, when issued, duly authorized by all necessary corporate action on the part of the Company, validly issued, fully paid and nonassessable and issued in compliance with the Amended and Restated Memorandum
and Articles and all applicable laws and will not be subject to preemptive rights of any other Person, and will be free and clear of all encumbrances and Liens, except restrictions imposed by the Securities Act,
Section 5.07 and any applicable securities Laws. 

  
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 Section 3.16 Indebtedness. Other than the Credit Facility, the Company is not
party to any material Contract, and is not subject to any provision in the Amended and Restated Memorandum and Articles or resolutions of the Board that, in each case, by its terms prohibits or prevents the Company from paying dividends in form and
the amounts contemplated by the Amended and Restated Memorandum and Articles or from redeeming the Company’s Preferred Shares in the manner and at the times contemplated by the Amended and Restated Memorandum and Articles. 

Section 3.17 Intellectual Property; Security. (a) (i) The Company and its Subsidiaries own, possess or have the right to use,
or, with respect to the conduct of their respective businesses as currently proposed to be conducted only, can acquire on commercially reasonable terms, adequate rights to use all inventions, patents, trademarks, service marks, trade names, domain
names, copyrights, licenses, technology, know-how, trade secrets and all other intellectual property, industrial property and proprietary rights, and proprietary or confidential information, systems or
procedures (including all registrations and applications by the Company and its Subsidiaries for registration of any of the foregoing) (collectively, “Intellectual Property”) necessary or material to the conduct of their respective
businesses as currently conducted by them except where the failure to own, possess or acquire any of the foregoing would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect; (ii) to the
Company’s Knowledge, the conduct of the respective businesses of the Company and its Subsidiaries does not infringe, misappropriate or otherwise violate any Intellectual Property of others in any material respect; (iii) except as would
not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, there is no pending or, to the Company’s Knowledge, threatened in writing action, suit, proceeding, notice, or claim (A) challenging the
Company’s or any Subsidiary of the Company’s rights in or to, or alleging the violation by the Company or any Subsidiary of any of the terms of, any of their Intellectual Property; (B) alleging that the Company or any of its
Subsidiaries has infringed, misappropriated or otherwise violated or conflicted with any Intellectual Property of any third party; or (C) challenging the validity, scope or enforceability of any Intellectual Property owned by or exclusively
licensed to the Company or any of its subsidiaries; (iv) all material Intellectual Property owned by the Company or its subsidiaries is owned solely by the Company or its Subsidiaries, and is owned free and clear of all options, licenses,
liens, encumbrances, and defects (except for non-exclusive licenses granted to the Company’s end customers in the Company’s standard website terms of services); and (v) to the Knowledge of the
Company, no third party has infringed, misappropriated or otherwise violated any Intellectual Property owned by or exclusively licensed to the Company or any of its Subsidiaries in any material respect. 

(b) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (1) the Company and
its Subsidiaries have used all software (including source code) and other materials that are distributed under a “free,” “open source,” or similar licensing model or under a license which, by its terms, (A) does not prohibit
licensees of such software from licensing or otherwise distributing such software in source code form, (B) does not prohibit licensees of such software from making modifications thereof, and (C) does not require a royalty or other payment
for the licensing or other distribution, or the modification, of such software (other than a reasonable charge to compensate the provider for the cost of providing a copy thereof), including any software governed under the Apache License, GNU
General Public License, GNU Lesser General Public License, GNU Affero General Public License, New BSD License, MIT License, Common Public License and other licenses approved as Open Source licenses under the Open Source Definition of the Open Source
Initiative (“Open Source  

  
 20 

 
Materials”), in compliance in all material respects with all license terms applicable to such Open Source Materials, and (2) none of the Company’s proprietary
internally-developed software or other internally-developed technology (such software and technology, “Company Proprietary Tools”), incorporates any Open Source Material in a manner that requires or has required (i) the Company
or any of its Subsidiaries to permit reverse engineering of any Company Proprietary Tools of the Company or any of its Subsidiaries or (ii) any Company Proprietary Tools of the Company or any of its Subsidiaries to be (A) disclosed or
distributed in source code form, (B) licensed for the purpose of making derivative works, or (C) redistributed at no charge or minimal charge. 

(c) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the information technology
systems, equipment and software owned by the Company or any of its Subsidiaries in their respective businesses (the “IT Assets”) (A) operate and perform in all material respects in accordance with their documentation and functional
specifications and otherwise as required by the Company’s and its subsidiaries’ respective businesses as currently conducted, (B) have not materially malfunctioned or failed since the Lookback Date and (C) to the Company’s
Knowledge are free of any viruses, “back doors,” “Trojan horses,” “time bombs, “worms,” “drop dead devices” or other software or hardware components that are designed to interrupt use of, permit
unauthorized access to, or disable, damage or erase, any software material to the business of the Company or any of its Subsidiaries; (ii) the Company and its Subsidiaries have implemented commercially reasonable backup and disaster recovery
technology processes consistent with industry standard practices; and (iii) to the Company’s Knowledge, since the Lookback Date no person has gained unauthorized access to any IT Asset and there has been no material security breach or
attack. 
 (d) Since the Lookback Date, the Company and its Subsidiaries (A) have operated their respective businesses in a manner
compliant in all material respects with all privacy, data security and data protection laws and regulations, and third-party obligations (imposed by applicable law, contract or otherwise) applicable to the Company’s and its Subsidiaries’
receipt, collection, handling, processing, sharing, transfer, usage, protection, disclosure, disposal, or storage of Personal and Device Data (“Privacy Commitments”), where “Personal and Device Data” means all user
data and all other information, including personally identifiable information, financial data, IP addresses, mobile device identifiers and website usage activity, (B) have implemented, maintain and are in compliance with policies and procedures
reasonably designed to protect the privacy, integrity, security and confidentiality of all Personal and Device Data handled, processed, collected, shared, transferred, used, disclosed, disposed, and/or stored by the Company or its subsidiaries in
connection with the Company’s and its Subsidiaries’ operation of their respective businesses, (C) have required and do require, in all material respects, all third parties to which they provide any Personal and Device Data to maintain
the privacy and security of the same, (D) have not experienced any material security incident that has compromised the privacy and/or security of any Personal and Device Data, and (E) there is no pending or, to the Company’s
Knowledge, threatened in writing action, suit, proceeding, notice or claim challenging the Company’s or any Subsidiary of the Company’s rights in or to Personal and Device Data, or alleging the material violation by the Company or any
Subsidiary of any Privacy Commitments. 

  
 21 

 Section 3.18 Labor. 

No material labor dispute with the employees of the Company or any of its Subsidiaries exists, or, to the Knowledge of the Company, is
imminent. There are no material unfair labor practice complaints pending, or to the Knowledge of the Company, threatened, against the Company or any of its Subsidiaries before any Governmental Authority, and the Company is not aware of any existing,
threatened or imminent labor disturbance by the employees of any of its principal suppliers, manufacturers or contractors that would not reasonable be expected to have Material Adverse Effect on the Company and its Subsidiaries, taken as a whole.
Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, each of the Company and its Subsidiaries complies with all Laws relating to employment and employment practices (including without
limitation, terms and conditions of employment, termination of employment, mandatory severance benefits, pension programs, social insurance programs, employee health and safety, equal employment, employment of veterans and the handicapped, and
prohibition of discrimination) in all material aspects. There is no material claim with respect to payment of wages, salary, overtime pay, withholding individual income taxes, social security fund or housing fund that has been asserted and is now
pending or, to the Knowledge of the Company, threatened before any Governmental Authority with respect to any persons currently or formerly employed by the Company or any of its Subsidiaries. 

Section 3.19 Transactions with Affiliates and Employees.

All related party transactions required to be disclosed under applicable rules of the NYSE or the applicable securities law have been
accurately described in the Company SEC Documents in all material respects. Any such related party transaction was entered into on terms and conditions no less favorable to the Company or its applicable Subsidiary than those applicable in
comparable transactions between independent parties acting at arm’s length. 
 Section 3.20 No Other Representations or
Warranties. Except for the representations and warranties made by the Company in this Article III, neither the Company nor any other Person acting on its behalf makes any other express or implied representation or
warranty with respect to the Securities, the Common Shares, the Company or any of its Subsidiaries or their respective businesses, operations, properties, assets, liabilities, condition (financial or otherwise) or prospects, notwithstanding the
delivery or disclosure to the Purchaser or any of their Representatives of any documentation, forecasts or other information with respect to any one or more of the foregoing, and the Purchaser acknowledge the foregoing. In particular, and without
limiting the generality of the foregoing, except for the representations and warranties made by the Company in this Article III, neither the Company nor any other Person makes or has made any express or implied
representation or warranty to the Purchaser or any of its Representatives with respect to (a) any financial projection, forecast, estimate, budget or prospect information relating to the Company, any of its Subsidiaries or their respective
businesses or (b) any oral or written information presented to the Purchaser or any of its Representatives in the course of its due diligence investigation of the Company, the negotiation of this Agreement or the course of the Transactions or
any other transactions or potential transactions involving the Company and the Purchaser. 

  
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 Section 3.21 No Other Purchaser Representations or Warranties. Except for the
representations and warranties expressly set forth in Article IV, the Company hereby acknowledges that no Purchaser nor any other Person (a) has made or is making any other express or implied representation or warranty
with respect to Purchaser or any of its Subsidiaries or their respective businesses, operations, assets, liabilities, condition (financial or otherwise) or prospects, including with respect to any information provided or made available to the
Company or any of its Representatives or any information developed by the Company or any of its Representatives or (b) except in the case of Fraud in connection with the representations and warranties expressly set forth in
Article IV, will have or be subject to any liability or indemnification obligation to the Company resulting from the delivery, dissemination or any other distribution to the Company or any of its Representatives, or the use
by the Company or any of its Representatives, of any information, documents, estimates, projections, forecasts or other forward-looking information, business plans or other material developed by or provided or made available to the Company or any of
its Representatives, including in due diligence materials, in anticipation or contemplation of any of the Transactions or any other transactions or potential transactions involving the Company and the Purchaser. The Company, on behalf of itself and
on behalf of its respective Affiliates, expressly waives any such claim relating to the foregoing matters, except with respect to Fraud in connection with the representations and warranties expressly set forth in
Article IV. 
 Section 3.22 British Virgin Islands specific Representations and Warranties. The
Company is not insolvent within the meaning of Section 8 of the British Virgin Islands Insolvency Act 2003 and (to the best of the Company’s knowledge and belief) no steps have been taken, or resolutions passed, to appoint a liquidator of
the Company or a receiver in respect of the Company or any of its assets. The Company has never carried on any financial services business (as defined in the British Virgin Islands Financial Services Commission Act 2001) and does not (and nor does
any of its subsidiaries) have an interest in any land located in the British Virgin Islands or shares, debt obligations or other securities of any body corporate which has an interest in any land located in the British Virgin Islands. 

ARTICLE IV 

Representations and Warranties of the Purchaser 

Purchaser represents and warrants to the Company, as of the date hereof and as of the Closing Date (except to the extent made only as of a
specified date or period, in which case such representation and warranty is made as of such date or period): 
 Section 4.01
Organization; Standing. Purchaser is the type of entity set forth on the signature pages hereto, duly organized, validly existing and in good standing under the Laws of its jurisdiction of incorporation or formation, as applicable, and is a
U.S. Person, and Purchaser has all requisite power and authority necessary to carry on its business as it is now being conducted and is duly licensed or qualified to do business and is in good standing (where such concept is recognized under
applicable Law) in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes such licensing or qualification necessary, except where the failure to be
so licensed, qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Purchaser Material Adverse Effect. 

  
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 Section 4.02 Authority; Noncontravention. Purchaser has all necessary power and
authority to execute and deliver this Agreement and the other Transaction Documents, to perform its obligations hereunder and thereunder and to consummate the Transactions. The execution, delivery and performance by Purchaser of this Agreement and
the other Transaction Documents and the consummation by Purchaser of the Transactions have been duly authorized and approved by all necessary action on the part of Purchaser, and no further action, approval or authorization by any of its
shareholders, partners, members or other equity owners, as the case may be, is necessary to authorize the execution, delivery and performance by Purchaser of this Agreement and the other Transaction Documents and the consummation by Purchaser of the
Transactions. This Agreement has been and at the Closing, the other Transaction Documents will be, duly executed and delivered by Purchaser and, assuming due authorization, execution and delivery hereof or thereof, as applicable, by the Company,
constitutes (or in the case of the other Transaction Documents, at the Closing will constitute) a legal, valid and binding obligation of Purchaser, enforceable against it in accordance with its terms, subject to the Bankruptcy and Equity Exception.
Neither the execution and delivery of this Agreement or the other Transaction Documents by the Purchaser, nor the consummation of the Transactions by the Purchaser, nor performance or compliance by the Purchaser with any of the terms or provisions
hereof or thereof, will (i) conflict with or violate any provision of the certificate or articles of incorporation, bylaws or other comparable charter or organizational documents of Purchaser or (ii) violate any Law or Judgment applicable
to Purchaser or any of its Subsidiaries or violate or constitute a default (or constitute an event which, with notice or lapse of time or both, would violate or constitute a default) under any of the terms, conditions or provisions of any Contract
to which Purchaser or any of its Subsidiaries is a party or accelerate Purchaser’s or any of its Subsidiaries’, if applicable, obligations under any such Contract, except, in the case of clause (ii), as would not, individually or in
the aggregate, reasonably be expected to have a Purchaser Material Adverse Effect. 
 Section 4.03 Governmental Approvals.
Except for the filing by the Company of the Amended and Restated Memorandum and Articles with the Registrar of Corporate Affairs of the British Virgin Islands, no consent or approval of, or filing, license, permit or authorization, declaration or
registration with, any Governmental Authority is necessary for the execution and delivery of this Agreement and the other Transaction Documents by Purchaser, the performance by Purchaser of its obligations hereunder and thereunder and the
consummation by Purchaser of the Transactions, other than such other consents, approvals, filings, licenses, permits, authorizations, declarations or registrations that, if not obtained, made or given, would not, individually or in the aggregate,
reasonably be expected to have a Purchaser Material Adverse Effect. 
 Section 4.04 Financing. On the Closing Date the Purchaser
will have at the Closing all immediately available funds necessary to consummate the Purchase and pay the Purchase Price for the Securities to be acquired hereunder on the terms and conditions contemplated by this Agreement, and to pay any fees and
expenses of or payable by the Purchaser, as and when expressly contemplated by this Agreement, and to pay or otherwise perform all obligations of the Purchaser under the other Transaction Documents. The Purchaser is a party to and has accepted a
fully executed commitment letter, dated as of the date hereof (the “Equity Commitment Letter”), from a certain Person (the “Equity Investor”) pursuant to which the Equity Investor has agreed, subject to the terms
and conditions thereof, to invest in the Purchaser the amounts set forth therein. The Equity Commitment Letter provides that the Company is a third-party beneficiary thereof, in accordance with and subject to the terms and conditions set forth
therein, and is entitled to enforce such agreement. The equity financing committed pursuant to the Equity Commitment Letter is 

  
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referred to in this Agreement as the “Equity Financing”. The Purchaser has delivered to the Company a true, complete and correct copy of the executed Equity Commitment Letter.
Except as expressly set forth in the Equity Commitment Letter, there are no conditions precedent to the obligations of the Equity Investor to provide the Equity Financing or any contingencies that would permit the Equity Investor to reduce the total
amount of the Equity Financing. The Equity Commitment Letter constitutes the legal, valid binding and enforceable obligations of the Purchaser and all the other parties thereto and is in full force and effect. As of the date of this Agreement, the
Equity Commitment Letter has not been modified, amended or altered, no such amendment, modification, or alteration is contemplated and none of the commitments under the Equity Commitment Letter have been terminated, reduced, withdrawn or rescinded
in any respect. The Equity Commitment Letter will not be amended, modified or altered at any time through the Closing.  

Section 4.05 Ownership of Company Shares. None of the Purchaser nor any of its Affiliates owns any capital stock or other equity
or equity-linked securities of the Company. 
 Section 4.06 Brokers and Other Advisors. No broker, investment banker, financial
advisor or other Person is entitled to any broker’s, finder’s, financial advisor’s or other similar fee or commission, or the reimbursement of expenses in connection therewith, in connection with the Transactions based upon
arrangements made by or on behalf of the Purchaser or any of its Affiliates, except for Persons, if any, whose fees and expenses will be paid by the Purchaser. 

Section 4.07 Non-Reliance on Company Estimates, Projections, Forecasts, Forward-Looking
Statements and Business Plans. In connection with the due diligence investigation of the Company by Purchaser and its Representatives, Purchaser and its Representatives have received and may continue to receive from the Company and its
Representatives certain estimates, projections, forecasts and other forward-looking information, as well as certain business plan information containing such information, regarding the Company and its Subsidiaries and their respective businesses and
operations. Purchaser hereby acknowledges that there are uncertainties inherent in attempting to make such estimates, projections, forecasts and other forward-looking statements, as well as in such business plans, with which Purchaser is familiar,
that Purchaser is making its own evaluation of the adequacy and accuracy of all estimates, projections, forecasts and other forward-looking information, as well as such business plans, so furnished to Purchaser (including the reasonableness of the
assumptions underlying such estimates, projections, forecasts, forward-looking information or business plans), and that except for Fraud in connection with the representations and warranties expressly set forth in
Article III, Purchaser will have no claim against the Company or any of its Subsidiaries, or any of their respective Representatives, with respect thereto. 

Section 4.08 Purchase for Investment. Purchaser acknowledges that the Securities and the Common Shares issuable upon the exercise
of the Warrants have not been registered under the Securities Act or under any state or other applicable securities laws. Purchaser (a) acknowledges that it is acquiring the Securities and the Common Shares issuable upon the exercise of the
Warrants pursuant to an exemption from registration under the Securities Act solely for investment with no intention to distribute any of the foregoing to any Person, (b) will not sell, transfer, or otherwise dispose of any of the Securities or
the Common Shares issuable upon the exercise of the Warrants, except in compliance with this Agreement and the registration requirements or 

  
 25 

 
exemption provisions of the Securities Act and any other applicable securities Laws, (c) is a sophisticated institutional investor with extensive knowledge and experience in financial and
business matters and in investments of this type that it is capable of evaluating the merits and risks of its investment in the Securities and the Common Shares issuable upon the exercise of the Warrants and of making an informed investment
decision, (d) is an “accredited investor” (as that term is defined by Rule 501 of the Securities Act), and (e) (1) has been furnished with or has had full access to all the information that it considers necessary or appropriate
to make an informed investment decision with respect to the Securities and the Common Shares issuable upon the exercise of the Warrants, (2) has had an opportunity to discuss with the Company and its Representatives the intended business and
financial affairs of the Company and to obtain information necessary to verify any information furnished to it or to which it had access and (3) can bear the economic risk of (i) an investment in the Securities and the Common Shares
issuable upon the exercise of the Warrants indefinitely and (ii) a total loss in respect of such investment. Purchaser has such knowledge and experience in business and financial matters so as to enable it to understand and evaluate the risks
of, and form an investment decision with respect to its investment in, the Securities and the Common Shares issuable upon the exercise of the Warrants, and to protect its own interest in connection with such investment. 

Section 4.09 No Other Company Representations or Warranties. Except for the representations and warranties expressly set forth in
Article III, the Purchaser hereby acknowledges that neither the Company nor any of its Subsidiaries, nor any other Person (including Morgan Stanley & Co. LLC and Citigroup Global Markets Inc.), (a) has made or
is making any other express or implied representation or warranty with respect to the Securities, the Common Shares of the Company, the Company or any of its Subsidiaries or their respective businesses, operations, assets, liabilities, condition
(financial or otherwise) or prospects, including with respect to any information provided or made available to the Purchaser or any of its Representatives or any information developed by the Purchaser or any of its Representatives or (b) except
in the case of Fraud in connection with the representations and warranties expressly set forth in Article III, will have or be subject to any liability or indemnification obligation to the Purchaser resulting from the
delivery, dissemination or any other distribution to the Purchaser or any of its Representatives, or the use by the Purchaser or any of its Representatives, of any information, documents, estimates, projections, forecasts or other forward-looking
information, business plans or other material developed by or provided or made available to the Purchaser or any of its Representatives, including in due diligence materials, “data rooms” or management presentations (formal or informal),
in anticipation or contemplation of any of the Transactions or any other transactions or potential transactions involving the Company and the Purchaser. The Purchaser, on behalf of itself and on behalf of its Affiliates, expressly waives any such
claim relating to the foregoing matters, except with respect to Fraud in connection with the representations and warranties expressly set forth in Article III. The Purchaser hereby acknowledges (for itself and on behalf of
its Affiliates and Representatives) that it has conducted, to its satisfaction, its own independent investigation of the business, operations, assets and financial condition of the Company and its Subsidiaries and its own in-depth analysis of the merits and risks of the Transactions in making its investment decision and, in making its determination to proceed with the Transactions, the Purchaser and its Affiliates and Representatives
have relied on the results of their own independent investigation and analysis. 

  
 26 

 Section 4.10 No Other Purchaser Representations or Warranties. Except for the
representations and warranties expressly set forth in Article IV, neither the Purchaser nor any other Person on its behalf has made or is making any other express or implied representation or warranty. 

ARTICLE V 
 Additional
Agreements 
 Section 5.01 Corporate Actions. 

(a) At any time that Warrants remain outstanding, the Company shall, if applicable, from time to time take all lawful action within its control
to (i) cause the authorized shares of the Company to include a sufficient number of authorized but unissued Common Shares to satisfy the exercise requirements of the Warrants then outstanding and (ii) issue the Warrant Shares in accordance
with the terms of the Warrants. 
 (b) Prior to the Closing, the Company shall file with the Registrar of Corporate Affairs of the British
Virgin Islands the Amended and Restated Memorandum and Articles and attend to those actions noted in Section 2.02(c)(ii)(i) of this Agreement. 

(c) The Company shall use commercially reasonable efforts to continue to duly and validly rely on the exemption for foreign private issuers
from applicable rules and regulations of the NYSE with respect to corporate governance to rely on “home country practice” in connection with the transactions contemplated hereunder (including an exemption from any NYSE rules that
would otherwise require seeking shareholder approval in respect of such transactions), including without limitation, to the extent necessary, making disclosures, notices and filings to or with the SEC and NYSE and obtaining an adequate opinion of
counsel in respect of the home country practice exemption. The Company will use commercially reasonable efforts to continue the listing and trading of its Common Shares on the NYSE and, in accordance, therewith, will use commercially reasonable
efforts to comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of such market or exchange, as applicable. Notwithstanding the foregoing, nothing in this
Section 5.01(c) shall restrict or preclude the Company from entering into a business combination or similar transaction in accordance with the terms of the Preferred Shares. 

Section 5.02 Public Disclosure. The Purchaser Parties and the Company shall consult with each other before issuing, and give each
other the opportunity to review and comment upon, any press release or other public statements with respect to the Transaction Documents, the Transactions or an Additional Financing Transaction, and shall not issue any such press release or make any
such public statement prior to such consultation, except as may be required by applicable Law, Judgment, court process or the rules and regulations of any national securities exchange or national securities quotation system. The Purchaser and the
Company agree that the initial press release to be issued with respect to the Transactions following execution of this Agreement shall be in the form mutually agreed by the parties (the “Announcement”). 

  
 27 

 Section 5.03 Confidentiality. The Purchaser will, and will cause its Affiliates
and their respective Representatives to, keep confidential any information (including oral, written and electronic information) concerning the Company, its Subsidiaries or its Affiliates that may be furnished to the Purchaser, its Affiliates or its
or their respective Representatives by or on behalf of the Company or any of its Representatives pursuant to (x) this Agreement, including any such information provided pursuant to Section 5.12, or (y) pursuant to
the non-disclosure agreement dated May 5, 2020 by and between Catterton Latin America Management Co. and the Company (the “Confidentiality Agreement”) (the information
referred to in clauses (x) and (y), collectively referred to as the “Confidential Information”) and to use the Confidential Information solely for the purposes of monitoring, administering or managing the Purchaser
Parties’ investment in the Company made pursuant to this Agreement (a “Permitted Purpose”); provided that the Confidential Information shall not include information that (i) was or becomes available to the public
other than as a result of a disclosure by the Purchaser, any of its Affiliates or any of their respective Representatives in violation of this Section 5.03, (ii) was or becomes available to the Purchaser, any of its
Affiliates or any of their respective Representatives on a non-confidential basis from a source other than the Company or its Representatives; provided that such source was not, to the Purchaser’s
knowledge after due inquiry, subject to any legally binding obligation (whether by agreement or otherwise) to keep such information confidential, (iii) at the time of disclosure is already in the possession of the Purchaser, any of its
Affiliates or any of their respective Representatives, provided that such information is not, to the Purchaser’s knowledge after due inquiry, subject to any legally binding obligation (whether by agreement or otherwise) to keep such
information confidential, or (iv) is independently developed by the Purchaser, any of its Affiliates or any of their respective Representatives without reference to, incorporation of, reliance on or other use of any Confidential Information.
Purchaser agrees, on behalf of itself and its Affiliates and its and their respective Representatives, that Confidential Information may be disclosed solely (i) to Purchaser’s Affiliates and Permitted Transferees and its and their
respective Representatives to the extent required for a Permitted Purpose, and in any event shall not be shared with any such Representative who, to the knowledge of the Purchaser, has an employment, director, officer, operating partner or similar
relationship with a Competitor, (ii) to its shareholders, limited partners, members or other owners, as the case may be, regarding the general status of its investment in the Company (without disclosing specific confidential information), and
(iii) in the event that Purchaser, any of its Affiliates or any of its or their respective Representatives are requested or required by applicable Law, Judgment, stock exchange rule or other applicable judicial or governmental process
(including by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar process) to disclose any Confidential Information, in each of which instances Purchaser, its Affiliates and its and their respective
Representatives, as the case may be, shall, to the extent legally permitted, provide notice to the Company promptly so that the Company will have a reasonable opportunity to timely seek to limit, condition or quash such disclosure (in which case
Purchaser shall use reasonable efforts to assist the Company in this respect). The obligations of this Section 5.03 shall remain in full force and effect until the later of (1) two (2) years from the Closing Date and
(2) the Purchaser Parties no longer satisfying the 50% Beneficial Ownership Requirement. 

  
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 Section 5.04 NYSE Listing of Shares. The Company shall promptly apply to cause
the aggregate number of Warrant Shares to be approved for listing on the NYSE. From time to time following the Closing Date, the Company shall cause the number of Warrant Shares then issuable upon exercise of the then outstanding Warrants to be
approved for listing on the NYSE, or such other primary exchange as to which the Common Shares are then admitted for trading. 

Section 5.05 Registration Rights Agreement. On the Closing Date, the Company and the Purchaser shall enter into the Registration
Rights Agreement. 
 Section 5.06 Standstill. The Purchaser agrees that during the Standstill Period, without the prior written
approval of the Board, the Purchaser will not, directly or indirectly, and will cause its Affiliates not to: 
 (a) acquire, offer or seek to
acquire equity securities or rights to acquire any equity securities of the Company or any of its Subsidiaries, any securities convertible into or exchangeable for any such equity securities, or any options or other derivative securities or
contracts or instruments in any way related to the price of the Common Shares or any assets or property of the Company or any of its Subsidiaries; 

(b) make or participate in any “solicitation” of “proxies” (whether or not relating to the election or removal of
directors), as such terms are used in the rules of the SEC, with respect to any voting securities of the Company; 
 (c) make any public
announcement with respect to any offer or interest in, any merger, consolidation, business combination, tender or exchange offer for the Company’s equity securities, recapitalization, reorganization or purchase of any material assets of the
Company or its Subsidiaries or any other extraordinary transaction involving the Company or any Subsidiary of the Company or any of their respective equity securities, or enter into any arrangements, understandings or agreements (whether written or
oral) with any third party regarding any of the foregoing; 
 (d) otherwise act, alone or in concert with others, to control or seek to
control or influence management or the Board (other than the Purchaser Director acting in his or her capacity as a member of the Board or voting at a meeting of the Company’s shareholders); 

(e) disclose any intention, plan or arrangement inconsistent with any of the foregoing; 

(f) advise, assist, knowingly encourage or direct any Person to do, or to advise, assist, encourage or direct any other Person to do, any of
the foregoing; 
 (g) enter into any agreements or understandings with any third party (including security holders of the Company, but
excluding, for the avoidance of doubt, the Purchaser Parties) with respect to any of the foregoing,; or 
 (h) contest the validity of any of
the provisions of this Section 5.06; 

  
 29 

 provided, that nothing in this Section 5.06 will limit (1) any private
proposals made to the Chief Executive Officer of the Company or the Chairman of the Board (so long as the manner or content of any such communication would not reasonably be expected to require any public disclosure by any Person) or (2) any
actions taken by the Purchaser Director, or the ability of the Purchaser Director to vote or otherwise exercise his or her legal duties, in each case in his or her capacity as a member of the Board. Notwithstanding the foregoing, this
Section 5.06 shall not prevent or impair the ability of the Purchaser or any of its Affiliates to (x) exercise any of its rights set forth in Section 5.12 or pursuant to the terms of the
Preferred Shares or the Warrants, (y) acquire, offer or seek to acquire, equity securities of the Company (or rights to acquire any equity securities of the Company or any of its Subsidiaries, any securities convertible into or exchangeable for
any such equity securities, or any options or other derivative securities or contracts or instruments in any way related to the price of the Common Shares or any assets or property of the Company or any of its Subsidiaries) that would result in the
Purchaser beneficially owning Common Shares (on a fully as converted, as exercised basis) representing up to 19.99% of the outstanding Common Shares (taking into account, on a fully as exercised basis, any Common Shares underlying the Warrants).

 Section 5.07 Transfer Restrictions. (a) Except as otherwise permitted in Section 5.07(b),
until the second anniversary of the Closing Date, the Purchaser will not, without prior written consent of the Board, (i) Transfer any Preferred Shares, Warrants or any Warrant Shares or (ii) make any short sale of, grant any option for
the purchase of, or enter into any hedging or similar transaction with the same economic effect as a short sale of or the purpose of which is to offset the loss that results from a decline in the market price of, any shares of Preferred Shares,
Warrants or any Common Shares, or otherwise establish or increase, directly or indirectly, a put equivalent position, as defined in Rule 16a-1(h) under the Exchange Act, with respect to any of the Preferred
Shares, the Warrants or the Common Shares. 
 (b) Notwithstanding Section 5.07(a), the Purchaser Parties shall be
permitted to Transfer any portion or all of their Preferred Shares, Warrants or Warrant Shares, at any time (unless otherwise indicated herein), under the following circumstances: 

(i) Transfers to any Permitted Transferees of the Purchaser or a Purchaser Party, but only (1) if the transferee agrees in
writing prior to such Transfer for the express benefit of the Company (in form and substance reasonably satisfactory to the Company and with a copy thereof to be furnished to the Company) to be bound by the terms of this Agreement and (2) if
the transferee and the transferor agree in writing prior to such Transfer for the express benefit of the Company (in form and substance reasonably satisfactory to the Company and with a copy thereof to be furnished to the Company) that the
transferee shall Transfer the Preferred Shares, Warrants and/or Warrant Shares so Transferred back to the transferor or another Permitted Transferee at or before such time as the transferee ceases to be a Permitted Transferee of the transferor. 

(ii) Transfers pursuant to a merger, consolidation or other business combination, acquisition of assets or similar transaction
or any change of control transaction involving the Company or any of its Subsidiaries that, in each case, have been approved by the Board; 

(iii) Transfers pursuant to a tender offer or exchange offer for equity securities of the Company made by a Person who is not a
Purchaser Party or any of their Affiliates that have been approved by the Board, subject to such conditions as the Board determines; and 

  
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 (iv) Transfers to the Company or any of its Subsidiaries. 

(c) Notwithstanding Sections 5.07(a) and (b), the Purchaser Parties will not at any time, directly or indirectly (without the
prior written consent of the Board) Transfer any Preferred Shares, Warrants or Warrant Shares to any Person that is (1) a Competitor, or (2) a Supplier; provided, that the foregoing clauses (1) and (2) of this
Section 5.07(c) shall not restrict (i) any Transfer effected through a registered offering, or (ii) any Transfer to a broker-dealer or market maker on a securities exchange, so long as the Purchaser has no
knowledge that a Supplier or Competitor is the buyer in such sale. 
 (d) Any attempted Transfer in violation of this
Section 5.07 shall be null and void ab initio. 
 Section 5.08 Legend. (a) All
certificates or other instruments representing the Preferred Shares, Warrants or Warrant Shares will bear a legend substantially to the following effect: 

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND
MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS.

 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN AN INVESTMENT AGREEMENT, DATED AS OF
AUGUST 20, 2020, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE ISSUER. 
 (b) Upon request of the applicable Purchaser Party
and, if requested by the Company, receipt by the Company of an opinion of counsel reasonably satisfactory to the Company to the effect that such legend is no longer required under the Securities Act and applicable state securities laws, the Company
shall promptly cause the first paragraph of the legend to be removed from any certificate or other instrument for any Preferred Shares, Warrant or Common Shares to be Transferred in accordance with the terms of this Agreement and the second
paragraph of the legend shall be removed upon the expiration of such transfer and other restrictions set forth in this Agreement. 

Section 5.09 Director Rights. The Purchaser shall have the right to appoint a director and observer to the Board as set out in the
provisions of the Amended and Restated Memorandum and Articles. 

  
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 Section 5.10 Voting. From and after the Closing and until the Fall-Away of
Purchaser Board Rights: 
 (a) At each meeting of the shareholders of the Company involving the election of directors following the execution
of this Agreement and at every postponement or adjournment thereof, the Purchaser shall, and shall cause the Purchaser Parties to, take such action as may be required so that all of the voting equity securities of the Company beneficially owned,
directly or indirectly, by the Purchaser Parties and entitled to vote at such meeting of shareholders are voted (i) in favor of each director nominated or recommended by the Board for election. at any such meeting, (ii) against any
shareholder nominations for director which are not approved the Board for election, and (iii) in accordance with the recommendation of the Board with respect to any proposed Liquidation Event (as defined in the Investors’ Rights Agreement)
that constitutes a Change of Control. 
 (b) The Purchaser shall, and shall (to the extent necessary to comply with this
Section 5.10) cause the Purchaser Parties to, be present, in person or by proxy, at all meetings of the shareholders of the Company so that all voting equity of the Company beneficially owned by the Purchaser or the
Purchaser Parties may be counted for the purposes of determining the presence of a quorum and voted in accordance with Section 5.10(a) at such meetings (including at any adjournments or postponements thereof). 

Section 5.11 Tax Matters. (a) The Company and its paying agent shall be entitled to deduct and withhold Taxes on all payments
and distributions (or deemed distributions) with respect to the Preferred Shares, the Warrants (or upon the exercise thereof) or the Common Shares issued upon any exercise of Warrants, in each case, to the extent required by applicable Law. To the
extent that any amounts are so deducted or withheld, such deducted or withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction or withholding was made. In the event the
Company previously remitted any amounts to a Governmental Authority on account of Taxes required to be deducted or withheld in respect of any payment or distribution (or deemed distribution) with respect to the Preferred Shares or a Warrant (or upon
the exercise thereof), the Company shall be entitled (i) to offset any such amounts against any amounts otherwise payable in respect of such Preferred Shares or such Warrant (or any Warrant Shares otherwise required to be issued upon the
exercise of such Warrant or any amount otherwise payable in respect of a Warrant Share received upon its exercise) or any other amounts otherwise payable by the Company to the relevant holder or (ii) to require the Person in respect of whom
such deduction or withholding was made to reimburse the Company for such amounts (and such Person shall promptly so reimburse the Company upon demand). The Company shall use commercially reasonable efforts to promptly provide the Purchaser with
prior written notice of any amounts that the Company (or its paying agent, as applicable) intends to deduct or withhold from any payment or distribution (or deemed distributions) with respect to the Preferred Shares or a Warrant (or upon the
exercise thereof) reasonably in advance of the payment or distribution (or deemed distributions) thereof. 
 (b) Notwithstanding anything
herein to the contrary, prior to the date of any payment, distribution or deemed distribution or exercise described in Section 5.11(a), the Purchaser shall have delivered to the Company or its paying agent (including
pursuant to Section 2.02(b)(ii)) a duly executed, valid (as of the time of the applicable payment, distribution or deemed distribution or exercise), accurate and properly completed IRS Form
W-9, certifying that the Purchaser is a U.S. Person, or applicable IRS Form W-8, evidencing that the Purchaser is eligible for a 0% rate of withholding with respect to
U.S.-source dividends under Section 892 of the Code or applicable treaty. The Company shall cooperate in good faith with the Purchaser to minimize or eliminate any withholding or deduction described in Section 5.11(a)
on any payments, distributions or deemed distributions with respect to Preferred Shares or Warrants 

  
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beneficially owned by the Purchaser, including by giving the Purchaser an opportunity to provide additional information or to apply for an exemption from, or a reduced rate of,
withholding. Without the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed, neither the Purchaser nor any Permitted Transferee shall Transfer any Preferred Shares prior to the fifth
anniversary of the Closing Date or any Warrant, in each case, to any Person who has not (i) delivered to the Company a duly executed, valid, accurate and properly completed IRS Form W-9, certifying that
such Person is a U.S. Person, or applicable IRS Form W-8, evidencing that such Person is eligible for a 0% rate of withholding with respect to U.S.-source dividends under Section 892 of the Code or
applicable treaty or (ii) made arrangements reasonably satisfactory to the Company to ensure that the Company will not bear unreimbursed withholding tax liability with respect to the Preferred Shares or Warrant as a result of such Transfer.

 (c) The Purchaser and the Company agree that the Company shall not treat as a dividend for U.S. federal income tax purposes any amount in
respect of the Preferred Shares owned by a Purchaser Party on account of the accrual of dividends at the Dividend Rate (as defined in Schedule 1 of the Amended and Restated Memorandum and Articles), unless and until such dividends are declared and
paid in cash, and shall not file any Tax Return inconsistent with such treatment unless otherwise required by a change in Law or by the IRS or another Governmental Authority following an audit or examination. For the avoidance of doubt, nothing
herein shall be interpreted as precluding the Company from treating the excess of the initial Liquidation Preference (as defined in Schedule 1 of the Amended and Restated Memorandum and Articles) of a Preferred Share over its allocated Purchase
Price as determined pursuant to this Section 5.11(c) as a dividend for U.S. federal income tax purposes, to be taken into account over the five-year period beginning on the Closing Date in accordance with the principles of
Section 1272(a) of the Code. Within twenty (20) days of the Closing Date, the Purchaser shall deliver to the Company a schedule setting forth the fair market value of the Warrants, which shall be based on an independent appraisal
performed by Stout Risius Ross, LLC (the “Purchaser’s Proposed Valuation”). If the Company agrees with such proposed valuation, the proposed valuation shall become the final valuation of the Warrants. If the
Company does not agree with the Purchaser’s Proposed Valuation, then within twenty (20) days of receipt of the Purchaser’s Proposed Valuation the Company shall determine and deliver to the Purchaser a proposed valuation of the
Warrants prepared by Ernst & Young (the “Company’s Proposed Valuation”), which shall use such valuation methodology that would take into account the key characteristics of the Warrants and terms
thereunder (taking into consideration, among other factors, discounts for lack of marketability and for blockage and blackout periods) (the “Valuation Methodology”). The Purchaser and the Company agree that the Valuation Methodology
shall comply with applicable Tax Law. If the Purchaser and the Company are not able to come to an agreement as to the final valuation of the Warrants within twenty (20) days thereafter, the Purchaser and the Company shall agree in good
faith on an independent internationally recognized valuation or financial advisory firm to determine the final valuation of the Warrants, which valuation must be within the range of the Purchaser’s Proposed Valuation and the Company’s
Proposed Valuation and not contrary to the Valuation Methodology. The costs of such valuation or financial advisory firm shall be split fifty-fifty (50-50) by the Purchaser on the one hand and the Company on
the other hand. Once a final valuation of the Warrants (the “Final Warrant Valuation”) is determined pursuant to the terms of this Section 5.11(c), the Purchase Price shall be allocated among the Preferred
Shares and Warrants on the basis of such Final Warrant Valuation. The Purchaser and 

  
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the Company agree to report in a manner consistent with such Final Warrant Valuation solely for Tax purposes (and for the avoidance of doubt, not for GAAP or SEC reporting purposes), and neither
the Purchaser nor the Company shall take any position inconsistent with such allocation of the Purchase Price in any Tax Returns or in any judicial or administrative proceeding in respect of Taxes, unless otherwise required pursuant to a
“determination” within the meaning of Section 1313(a) of the Code (or any similar or corresponding provision of state, local or non-U.S. Law). 

(d) The Company shall be solely responsible for, and fully pay, any and all sales, use, value added, goods and services, documentary, stamp,
transfer, stock transfer, real property transfer or gains, indirect taxes or other similar taxes, fees or charges, together with any interest, penalties or additions in respect thereof (including any fees, costs and expenses incurred by the Company
in complying with this Section 5.11(d)) (“Transfer Tax”) due on (x) the issue of the Preferred Shares and (y) the issue of Warrant Shares pursuant to the exercise of a Warrant. All necessary Tax
Returns with respect to any such Transfer Tax shall be prepared and filed by the Company, and the Company shall provide promptly a copy of such Tax Returns to the Purchaser. The Company hereby agrees to indemnify and hold harmless the Purchaser from
and against any liability with respect to any such Transfer Tax if payable or paid by the Purchaser to the applicable Governmental Authority. However, the Company shall not be required to pay any Transfer Tax that may be payable in respect of the
issue or delivery (or any transfer involved in the issue or delivery) of Preferred Shares or Warrant Shares to a beneficial owner other than the initial beneficial owner of the Preferred Shares or Warrant, and no such issue or delivery shall be made
unless and until the person requesting such issue or delivery has paid to the Company the amount of any such Transfer Tax or has established to the satisfaction of the Company that such Transfer Tax has been paid or is not payable. 

Section 5.12 Participation. (a) For the purposes of this Section 5.12, “Excluded
Issuance” shall mean: (i) the issuance to directors, officers, employees, consultants, service providers or agents of the Company of Common Shares (x) under employee benefit plans, programs or other compensatory arrangements of
the Company or (y) upon the exercise of Company Stock Options, the vesting and settlement of Company RSU Awards, and the vesting and/or settlement of other awards granted under any such employee benefit plan, program or arrangement of the
Company; (ii) the granting to directors, officers, employees, consultants, service providers or agents of the Company of Company equity awards denominated in Common Shares (x) under employee benefit plans, programs or other compensatory
arrangements of the Company or (y) pursuant to the employment inducement exception to the NYSE rules regarding shareholder approval of equity compensation plans; (iii) the issuance of shares of equity securities in connection with any
acquisitions, mergers, “business combination” (as defined in the rules and regulations promulgated by the SEC), Liquidation Event (as defined in the Investors’ Rights Agreement) or otherwise in connection with bona fide
acquisitions of securities or assets of another Person, business unit, division or business; (iv) the issuance of shares of equity securities to strategic counterparties as part of a commercial arrangement, including in connection with
partnerships, joint ventures or similar strategic transactions, but excluding any stand-alone sales of Common Shares or other shares of equity securities to such parties for cash consideration; (v) the issuance of shares of any equity
securities pursuant to the conversion, exercise or exchange of Warrants or relating to the Preferred Shares; (vi) the issuance of shares of any equity securities in connection with an Additional Financing Transaction; (vii) the issuance of
shares of equity securities pursuant to an option, warrant or right outstanding as of the Closing Date; (viii) the issuance of shares of equity 

  
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securities to a Governmental Authority or designee thereof (in each case, excluding a sovereign wealth fund who regularly makes financial investments) in connection with a financing transaction
pursuant to a program developed to address COVID-19 (including the impacts thereof), (ix) the issuance of shares of equity securities in connection with a reclassification, recapitalization, exchange,
division, combination or readjustment of shares or any share dividend or share distribution, or similar transaction, in each case in which holders of the same class of securities participate on a pro rata basis; and (x) the issuance of equity
securities in connection with the implementation of a shareholder rights or similar plan, or the redemption or repurchase of any rights under such plan. 

(b) From and after the Closing Date, until the Purchaser and its Permitted Transferees first cease to beneficially own Warrants and/or Common
Shares that were issued upon exercise of Warrants that represent in the aggregate and on an as exercised basis, at least 30% of the number of Common Shares issuable upon exercise of the Warrants as of the Closing Date (appropriately adjusted for any
divisions, combinations or similar events), if the Company proposes to issue Common Shares (including any warrants, options or other rights to acquire, or any securities that are exercisable for, exchangeable for or convertible into, Common Shares),
other than in an Excluded Issuance, then the Company shall: 
 (i) give written notice to the Purchaser no less than
(A) thirty (30) calendar days, or (B) in the case of a public offering, three (3) Business Days (or, if the Company reasonably expects such public offering to be made in less than three (3) Business Days, such shorter period)
prior to the closing of such issuance, setting forth in reasonable detail (to the extent then known) (A) the designation and all of the material terms and provisions of the securities proposed to be issued (the “Proposed
Securities”); (B) the expected price and other expected material terms of the proposed sale of such securities; and (C) the amount of such securities proposed to be issued; provided that following the delivery of such notice,
the Company shall deliver to the Purchaser any such information the Purchaser may reasonably request in order to evaluate the proposed issuance, except that the Company shall not be required to deliver any information that has not been or will not
be provided to the proposed purchasers of the Proposed Securities; and 
 (ii) offer to issue and sell to the Purchaser
Parties, on such terms as the Proposed Securities are issued and upon full payment by the Purchaser Parties, a portion of the Proposed Securities equal to a percentage determined by dividing (A) the number of Common Shares the Purchaser Parties
beneficially own (including for the avoidance of doubt, all Common Shares underlying Warrants beneficially owned by the Purchaser Parties) by (B) the fully diluted total number of Common Shares then outstanding, and including the shares
described in the immediately foregoing clause (A). 
 (c) The Purchaser will have the option, on behalf of the applicable Purchaser Parties,
exercisable by written notice to the Company, to accept the Company’s offer and irrevocably commit to purchase any or all of the equity securities offered to be sold by the Company to the Purchaser Parties, which notice must be given within
(i) thirty (30) calendar days, or (ii) in the case of a public offering, three (3) Business Days (or, if the Company reasonably expects such public offering to be made in less than three (3) Business Days, such shorter period),
in each case after receipt of such notice from the Company. If the Company offers two (2) or more 

  
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securities in units to the other participants in the offering, the Purchaser Parties must purchase such units as a whole and will not be given the opportunity to purchase only one (1) of the
securities making up such unit. The closing of the exercise of such subscription right shall take place simultaneously with the closing of the sale of the Proposed Securities giving rise to such subscription right. Upon the expiration of the
offering period described above, the Company will be free to sell such Proposed Securities that the Purchaser Parties have not elected to purchase. 

(d) The election by the Purchaser Party not to exercise its subscription rights under this Section 5.12 in any one
instance shall not affect its right as to any subsequent proposed issuance. 
 (e) In the case of an issuance subject to this
Section 5.12 for consideration in whole or in part other than cash, including securities acquired in exchange therefor (other than securities by their terms so exchangeable), the consideration other than cash shall be
deemed to be the Fair Market Value thereof. 
 (f) If between the date hereof and the Closing Date the Company issues shares of Common Stock
(including any warrants, options or other rights to acquire, or any securities that are exercisable for, exchangeable for or convertible into, Common Stock), other than in an Excluded Issuance, then the Company shall, as promptly as practicable
after the Closing, provide the Purchaser the participation rights in Section 5.12 as if such issuance occurred after the Closing Date. If between the date hereof and the Closing Date any event occurred which would have
resulted in an adjustment under Section 6 of the Warrants, then as promptly as practicable after the Closing, the Warrant shall be adjusted as provided in such Section 6 as if such event had
occurred after the Purchaser had acquired such Warrants. 
 Section 5.13 Director and Officer Insurance. The Company
shall use its commercially reasonable efforts (for the avoidance of doubt, without significant additional cost or significant changes in the terms and conditions in the coverage) to amend its current director and officer liability policy prior to
the Closing Date (i) such that such policy shall be primary insurance with respect to: (a) any private equity liability, venture capital liability, general partner liability or other similar management or professional liability insurance
maintained by Catterton Latin America Management Co. related to the Company and (b) any indemnification which may be owed to an insured person by Catterton Latin America Management Co. related to the Company; and (ii) add Catterton Latin
America Management Co. as an indemnitee under such policy to the extent that it is named in a lawsuit arising out of the transactions contemplated by the Transaction Documents. 

ARTICLE VI 
 Survival and
Termination 
 Section 6.01 Survival and Limitation on Liability. 

All of the covenants or other agreements of the parties contained in this Agreement shall survive until fully performed or fulfilled, unless
and to the extent that non-compliance with such covenants or agreements is waived in writing by the party entitled to such performance. The representations and warranties made herein shall survive for 12 months following the Closing

  
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Date, other than the representations and warranties set forth in (i) Section 3.01(a), Section 3.02(a),
Section 3.02(b), Section 3.03(a), Section 3.03(b), Section 3.12, Section 3.13 and
Section 3.15 (such representations and warranties contained therein, the “Fundamental Representations”), which shall survive until the expiration of the applicable statute of limitations, and shall then
expire and (ii) Section 3.09, which shall survive until the expiration of the applicable statute of limitations plus 90 days, and shall then expire; provided that nothing herein shall relieve any party of
liability for any inaccuracy in or breach of such representation or warranty to the extent that any good-faith allegation of such inaccuracy or breach is made in writing prior to such expiration by a Person entitled to make such claim pursuant to
the terms and conditions of this Agreement. For the avoidance of doubt, claims may be made with respect to the breach of any representation, warranty or covenant until the applicable survival period therefor as described above expires.
 
 Section 6.02 Termination. This Agreement may be terminated and the transactions contemplated hereby abandoned at any
time prior to the Closing: 
 (a) by mutual written consent of the Purchaser and the Company; 

(b) by either the Purchaser or the Company if any Governmental Authority of competent jurisdiction shall have issued any order, decree, ruling
or injunction permanently restraining, enjoining or otherwise prohibiting the consummation of the Transactions and such order, decree, ruling or injunction shall have become final and nonappealable (other than, for the avoidance of doubt, any
objections from the NYSE to approve the listing of the Warrant Shares); and 
 (c) by either the Company or the Purchaser if the Closing
shall not have occurred prior to 5:00 p.m., New York City time, on September 30, 2020; provided that (i) the right to terminate this Agreement under this Section shall not be available to any party whose failure to fulfill any of
its covenants or agreements under this Agreement has been the principal cause of the failure of the Closing to occur prior to such time and (ii) the right to terminate this Agreement under this Section 6.02 shall not
be available to any party during the pendency of a legal proceeding by the other party for specific performance. 
 Section 6.03
Effects of Termination. In the event of termination of this Agreement by any party as provided in Section 6.02, this Agreement shall forthwith become void and there shall be no liability or obligation on the part of
any party, except for this Section 6.03; provided, that, notwithstanding anything to the contrary herein, (a) no such termination shall relieve any party from liability for any damages resulting from or arising
out of Fraud or willful breach of this Agreement prior to such termination and (b) the parties hereto acknowledge and agree that nothing contained herein shall be deemed to affect their right to specific performance in accordance with this
Agreement. 

  
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 ARTICLE VII 

Miscellaneous 

Section 7.01 Amendments; Waivers. Subject to compliance with applicable Law, this Agreement may be amended or
supplemented in any and all respects only by written agreement of the parties hereto. 
 Section 7.02 Extension of Time, Waiver,
Etc. The Company and the Purchaser may, subject to applicable Law, (a) waive any inaccuracies in the representations and warranties of the other party contained herein or in any document delivered pursuant hereto, (b) extend the time
for the performance of any of the obligations or acts of the other party or (c) waive compliance by the other party with any of the agreements contained herein applicable to such party or, except as otherwise provided herein, waive any of such
party’s conditions. Notwithstanding the foregoing, no failure or delay by the Company or the Purchaser in exercising any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right hereunder. Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party. 

Section 7.03 Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in
whole or in part, by operation of Law or otherwise, by any of the parties hereto without the prior written consent of the other party hereto; provided that (a) Purchaser or any Purchaser Party may assign its rights, interests and
obligations under this Agreement, in whole or in part (including solely the right to purchase the Securities at the Closing in accordance with Section 2.02), to one or more Permitted Transferees, as contemplated in
Section 5.07, and (b) in the event of such assignment, the assignee shall agree in writing to be bound by the provisions of this Agreement, including the rights, interests and obligations so assigned; provided
that, notwithstanding the foregoing, no such assignment effected prior to the Closing will relieve any Purchaser Party of its obligations hereunder to be performed at or prior to the Closing (but following the Closing, such assignee shall be solely
responsible for the assigned obligations, and the assigning Purchaser Party shall have no further responsibilities or liability with respect to such assigned obligations). Subject to the immediately preceding sentence, this Agreement shall be
binding upon, inure to the benefit of, and be enforceable by the parties hereto and their respective successors and permitted assigns. For the avoidance of doubt, no Transfer by any Purchaser Party of any Security or Warrant Share to a third party
that is not a Purchaser Party shall result in the transfer or assignment of any of the Purchaser Parties’ rights hereunder, including Section 5.12. 

Section 7.04 Counterparts. This Agreement may be executed in one or more counterparts (including by facsimile or electronic mail),
each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the
other parties hereto. Counterparts of this Agreement, and any documents delivered pursuant hereto or in connection herewith, may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of
2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly
delivered and be valid and effective for all purposes. 

  
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 Section 7.05 Entire Agreement; No Third-Party Beneficiaries;
No Recourse. (a) This Agreement, together with the other Transaction Documents, constitutes the entire agreement and supersedes all other prior agreements and understandings, both written and oral, among the parties and their
Affiliates, or any of them, with respect to the subject matter hereof and thereof. 
 (b) Except as expressly provided for in
Article VI and as expressly provided for in the other Transaction Documents no provision of this Agreement shall confer upon any Person other than the parties hereto and their permitted assigns any rights or remedies
hereunder. This Agreement may only be enforced against, and any claims or causes of action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the
entities that are expressly identified as parties hereto, including entities that become parties hereto after the date hereof or that agree in writing for the benefit of the Company to be bound by the terms of this Agreement applicable to the
Purchaser Parties, and no former, current or future equityholders, controlling persons, directors, officers, employees, agents or Affiliates of any party hereto or any former, current or future equityholder, controlling person, director, officer,
employee, general or limited partner, member, manager, advisor, agent or Affiliate of any of the foregoing (each, a “Non-Recourse Party”) shall have any liability for any obligations or
liabilities of the parties to this Agreement or for any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason of, the transactions contemplated hereby or in respect of any representations made or alleged to be made in
connection herewith. Without limiting the rights of any party against the other parties hereto, in no event shall any party or any of its Affiliates seek to enforce this Agreement against, make any claims for breach of this Agreement against, or
seek to recover monetary damages from any Non-Recourse Party. 
 Section 7.06 Governing
Law; Jurisdiction. (a) This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts executed in and to be performed entirely within that State, regardless of
the laws that might otherwise govern under any applicable conflict of Laws principles. 
 (b) All Actions arising out of or relating to this
Agreement shall be heard and determined in the U.S. federal and New York state courts in the Borough of Manhattan in New York City and the parties hereto hereby irrevocably submit to the exclusive jurisdiction and venue of such courts in any such
Action and irrevocably waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action. The consents to jurisdiction and venue set forth in this Section 7.06 shall not constitute
general consents to service of process in the State of New York and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto
agrees that service of process upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in Section 7.09 of this
Agreement. The parties hereto agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law; provided, that nothing in
the foregoing shall restrict any party’s rights to seek any post-judgment relief regarding, or any appeal from, a final trial court judgment. 

  
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 Section 7.07 Specific Enforcement. The parties hereto agree that irreparable
damage for which monetary relief, even if available, would not be an adequate remedy, would occur in the event that the parties hereto do not perform the provisions of this Agreement in accordance with its specified terms or otherwise breach such
provisions. Accordingly the parties acknowledge and agree that the parties shall be entitled to an injunction or injunctions, specific performance or other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms
and provisions hereof (including, for the avoidance of doubt, the right of the Company to specifically enforce the obligation of the Purchaser to cause the Equity Commitment (as defined in the Equity Commitment Letter) to be funded and the Purchase
to be consummated on the terms and subject to the conditions set forth in this Agreement) in the courts without proof of damages or otherwise, this being in addition to any other remedy to which they are entitled under this Agreement and this
right of specific enforcement is an integral part of the Transactions and without that right, the parties would not have entered into this Agreement. The parties agree not to assert that a remedy of specific enforcement is unenforceable, invalid,
contrary to Law or inequitable for any reason, and agree not to assert that a remedy of monetary damages would provide an adequate remedy or that the parties otherwise have an adequate remedy at law. The parties acknowledge and agree that any party
shall not be required to provide any bond or other security in connection with its pursuit of an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof. 

Section 7.08 WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS
LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER,
(C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 7.08. 

Section 7.09 Notices. All notices, requests and other communications to any party hereunder shall be in writing and shall be
deemed given if delivered personally, by facsimile (which is confirmed), emailed (which is confirmed) or sent by overnight courier (providing proof of delivery) to the parties at the following addresses: 

 

	 	(a)	 If to the Company, to it at: 

Despegar.com, Corp. 
 Av. Jujuy
2013, Ciudad Autónoma de Buenos Aires, Argentina 
 Attn: Mariano Scagliarini, General Counsel 

Email: [    ] 

  
 40 

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

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
New York 10017 
 Attn: Juan Francisco Mendez 

Fax: [    ] 

Email: [    ] 
  

	 	(b)	 If to the Purchaser at: 

c/o Catterton Management Company, LLC 

599 West Putnam Avenue 

Greenwich, CT 06830 
 Attn:
Shari Miller 
 Email: [    ] 

with a copy to (which copy alone shall not constitute notice): 

Proskauer Rose LLP 
 Eleven
Times Square 
 New York, NY 10036 

Attn: Daniel Forman 

Lily Desmond 

Phone: [    ] 

Fax: [    ] 

Email: [    ] 
 or such
other address, email address or facsimile number as such party may hereafter specify by like notice to the other parties hereto. All such notices, requests and other communications shall be deemed received on the date of actual receipt by the
recipient thereof if received prior to 5:00 p.m. local time in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the
next succeeding Business Day in the place of receipt. 
 Section 7.10 Severability. If any term, condition or other provision of
this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced by any rule of Law or public policy, all other terms, provisions and conditions of this Agreement shall nevertheless remain in
full force and effect. Upon such determination that any term, condition or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible to the fullest extent permitted by applicable Law. 

  
 41 

 Section 7.11 Expenses. (a) The Purchaser shall be entitled to receive
reimbursement for 50% of its reasonable and documented out-of-pocket fees and expenses, including reasonable travel expenses, incurred through the Closing in connection
with the Transactions (including reasonable and documented fees, charges and disbursements of the Purchaser’s outside accountants, consultants and attorneys, but not including the fees of any investment bank, broker or other financial advisor)
that are invoiced to the Company promptly following the Closing Date, up to a maximum amount of $300,000. Subject to the foregoing, and except as otherwise expressly provided herein, all costs and expenses, including fees and disbursements of
counsel, financial advisors and accountants, incurred in connection with this Agreement and the Transactions shall be paid by the party incurring such costs and expenses. 

(b) The Purchaser shall deliver to the Board a report by McKinsey & Company (the “McKinsey Report”) that includes
analysis on the Company’s industry, online penetration and perspective, competitive dynamics, trends on take-rates, consolidation and consumer surveys. In the event that the Board, at its sole discretion, elects to use the McKinsey Report, the
Company agrees to pay the Purchaser 50% of the cost of such report. 
 Section 7.12 Interpretation. (a) When a reference is
made in this Agreement to an Article, a Section, Exhibit or Schedule, such reference shall be to an Article of, a Section of, or an Exhibit or Schedule to this Agreement unless otherwise indicated. The table of contents and headings contained in
this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in
this Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement unless the context requires otherwise. The words “date hereof” when used in this Agreement shall refer to the date of this
Agreement. The terms “or,” “any” and “either” are not exclusive. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other
thing extends, and such phrase shall not mean simply “if.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” The words “made available to the
Purchaser” and words of similar import refer to documents (A) posted to a diligence website by or on behalf of the Company and made available to the Purchaser or its Representatives or (B) delivered in Person or electronically to
the Purchaser or its Representatives. All terms defined in this Agreement shall have the defined meanings when used in any document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are
applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Any agreement, instrument or statute defined or referred to herein or in any agreement or
instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by
succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. Unless otherwise specifically indicated, all references to “dollars” or “$” shall refer to
the lawful money of the United States. References to a Person are also to its permitted assigns and successors. When calculating the period of time between which, within which or following which any act is to be done or step taken pursuant to this
Agreement, the date that is the reference date in calculating such period shall be excluded (unless otherwise required by Law, if the last day of such period is not a Business Day, the period in question shall end on the next succeeding Business
Day). 

  
 42 

 (b) The parties hereto have participated jointly in the negotiation and drafting of this
Agreement, and in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party
hereto by virtue of the authorship of any provision of this Agreement. 
 [Remainder of Page Intentionally Left Blank] 

  
 43 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the date first above written. 
  

			
	 DESPEGAR.COM, CORP.

		
	 By:
	 	 /s/ Alberto Blas López Gaffney

	 Name:
	 	 Alberto Blas López Gaffney

	 Title:
	 	 Chief Financial Officer

 [Signature Page to Investment Agreement] 

			
	 PURCHASER:

	
	 LCLA DAYLIGHT LP

	
	 By: CALA2 Managers, Ltd

	 Its General Partner

		
	 By:
	 	 /s/ Dirk Donath

		 	 Name: Dirk Donath

		 	 Title: Director

 [Signature Page to Investment Agreement] 

 Annex I 

Form of Amended and Restated Memorandum and Articles 

 BVI Company Number: 1936519 
  

 
 TERRITORY OF THE BRITISH VIRGIN ISLANDS 

THE BVI BUSINESS COMPANIES ACT 

MEMORANDUM OF ASSOCIATION 

AND ARTICLES OF ASSOCIATION 

OF 
 DESPEGAR.COM, CORP.

 Incorporated on February 10, 2017 

Amended and Restated on May 3, 2017 

Amended and Restated on September 18, 2017 

Amended and Restated on September [•], 2020 

Conyers Trust Company (BVI) Limited 

P.O. Box 3140 
 Road Town 

Tortola 
 British Virgin Islands

			
	Despegar.com, Corp.	  	Page 1

  

 TERRITORY OF THE BRITISH VIRGIN ISLANDS 

BVI BUSINESS COMPANIES ACT 

MEMORANDUM OF ASSOCIATION 

OF 
 Despegar.com, Corp.

  

	1.	 NAME 

The name of the Company is Despegar.com, Corp. (the “Company”). 

 

	2.	 STATUS 

The Company is a company limited by shares. 
  

	3.	 REGISTERED OFFICE AND REGISTERED AGENT 

 

	 	(a)	 The first registered office of the Company is Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town,
Tortola, British Virgin Islands VG1110. 

  

	 	(b)	 The first registered agent of the Company is Codan Trust Company (B.V.I.) Ltd. (now called Conyers Trust
Company (BVI) Limited) of Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, British Virgin Islands VG1110. 

  

	4.	 CAPACITY AND POWERS 

Subject to the Act and any other British Virgin Islands legislation, the Company has, irrespective of corporate benefit: 

 

	 	(a)	 full capacity to carry on or undertake any business or activity, do any act or enter into any transaction; and

  

	 	(b)	 for the purposes of sub-Clause 4(a), full rights, powers and
privileges. 

			
	Despegar.com, Corp.	  	Page 2

  

	5.	 NUMBER AND CLASSES OF SHARES 

The Company is authorised to issue an unlimited number of shares without par value divided into three classes as follows: 

 

	 	(a)	 an unlimited number of ordinary shares without par value (the “Common Shares”);

  

	 	(b)	 150,000 series A preferred shares without par value (the “Series A Preferred Shares”); and

  

	 	(c)	 50,000 series B preferred shares without par value (the “Series B Preferred Shares”);

 in each case having the rights, privileges, restrictions and conditions set out in this Memorandum and the Articles.

  

	6.	 RIGHTS ATTACHING TO SHARES 

6.1 Subject to this Memorandum and the Articles and the rights attaching to each Additional Class of Shares (which includes, for the
avoidance of doubt, the Series A Preferred Shares and the Series B Preferred Shares), a Common Share confers on the holder: 
  

	 	(a)	 the right to one vote at a meeting of the Members or on any Resolution of Members; 

 

	 	(b)	 the right to an equal share in any dividend paid by the Company; and 

 

	 	(c)	 the right to an equal share in the distribution of the surplus assets of the Company on a winding up.

 6.2 Subject to this Memorandum and the Articles, a Series A Preferred Share confers on the holder: 

 

	 	(a)	 no right to receive notice of or vote at a meeting of the Members or on any Resolution of Members except that
(i) if the Act expressly requires the holders of the Series A Preferred Shares to vote as a separate class each Series A Preferred Share shall have one vote solely in respect of that class vote; and (ii) the holders of a majority of the
Series Preferred A Shares shall have the right to approve the Series A Reserved Matters set out in Schedule 1 to this Memorandum; 

			
	Despegar.com, Corp.	  	Page 3

  

	 	(b)	 the right to distributions (including Dividends) as set out in Schedule 1 to this Memorandum;

  

	 	(c)	 the right to share and participate in the surplus assets of the Company on a winding up, liquidation or
dissolution as set out in Schedule 1 to this Memorandum; and 

  

	 	(d)	 the other rights set forth on Schedule 1 to this Memorandum, 

and (without limitation) the Series A Preferred Shares shall (x) have the right to appoint a director to the Board and a Board observer;
and (y) have the right, and be subject, to redemption, in each case as set out in Schedule 1 to this Memorandum. 
 6.3 Subject to this
Memorandum and the Articles, a Series B Preferred Share confers on the holder: 
  

	 	(a)	 the right to exercise at any meeting of the Members or on any Resolution of Members the voting rights set out
in Schedule 2 to this Memorandum; 

  

	 	(b)	 the right to distributions (including Dividends) as set out in Schedule 2 to this Memorandum;

  

	 	(c)	 the right to share and participate in the surplus assets of the Company on a winding up, liquidation or
dissolution as set out in Schedule 2 to this Memorandum; and 

  

	 	(d)	 the other rights set forth on Schedule 2 to this Memorandum, 

and (without limitation) the Series B Preferred Shares shall (x) have the right to appoint a director to the Board and a Board observer;
(y) have the right, and be subject, to redemption; (z) have the right, and be subject, to conversion, in each case as set out in Schedule 2 to this Memorandum. 

6.4 In the event of any conflict or inconsistency between the rights, privileges, restrictions and conditions of the Series A Preferred Shares set-out in Schedule 1 and the rights, privileges, restrictions and conditions of the Series B Preferred Shares set-out in Schedule 2, on the one hand, and any other provision
of this Memorandum and the Articles, on the other, the applicable terms of Schedule 1 and Schedule 2 shall take precedence and prevail. 

			
	Despegar.com, Corp.	  	Page 4

  

	7.	 POWER OF DIRECTORS TO AUTHORISE AND ISSUE PREFERRED SHARES 

 

	 	(a)	 Notwithstanding any other provision of this Memorandum or the Articles (but subject always to obtaining any
approval required in respect of the Reserved Matters), the Company may from time to time by Resolution of Directors adopted in accordance with sub-Clause 9(c) below, and without prior notice to or obtaining
the approval of any shareholder, amend this Memorandum and the Articles to authorise the issuance by the Company of any additional class or classes of shares with or without par value (each an “Additional Class of
Shares”) and specify the rights, privileges, restrictions and conditions attaching to each such Additional Class of Shares, as the Board of Directors may determine in their sole and absolute discretion. Without limitation to the
foregoing, the Board of Directors may by Resolution of Directors determine: 

  

	 	i.	 the number of shares constituting an Additional Class of Shares and the distinctive designation of that
class; 

  

	 	ii.	 the dividend and other distribution rights of the Additional Class of Shares and, if the Additional
Class of Shares are preferred shares, the preference rate and/or coupon; whether dividends shall be cumulative and, if so, from which date or dates, and whether they shall be payable in preference to, or in relation to, the dividends payable on
the Common Shares or any other class or classes of shares; 

  

	 	iii.	 whether the Additional Class of Shares shall have voting rights and, if so, the terms and conditions of
such voting rights, including, without limitation, whether they shall vote separately or together as a single class with the Common Shares and/or any other class of shares; 

 

	 	iv.	 whether the Additional Class of Shares shall have conversion and/or exchange rights and privileges and, if
so, the terms and conditions of such conversion and/or exchange, including, without limitation, whether conversion or exchange is at the option of the holder or the Company (or both), the trigger events for conversion or exchange and/or provisions
for adjustment of the conversion or exchange rate; 

  

	 	v.	 whether the Additional Class of Shares shall be redeemable and, if so, the terms and conditions of such
redemption, including, without limitation, the manner of selecting shares for redemption, the trigger events for redemption, whether redemption is at the option of the holder or the Company (or both) and the method for calculating the consideration
(in cash or in kind) that is due in case of redemption, which may be less than the market value and may be variable; 

			
	Despegar.com, Corp.	  	Page 5

  

	 	vi.	 whether a sinking fund shall be applied to the distribution rights and/or purchase, exchange or redemption
rights of the Additional Class of Shares (and the terms and conditions thereof); 

  

	 	vii.	 whether the Additional Class of Shares shall impose conditions and restrictions upon the business and
affairs of the Company and/or any of its subsidiaries or the right to approve and/or veto certain matters (including the issuance of any shares, the making of any distribution and/or the incurrence of indebtedness); 

 

	 	viii.	 the rights of the shares of that Additional Class of Shares in the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Company, including, without limitation, any liquidation preference and whether such rights shall be in preference to, or in relation to, the comparable rights of the Common Shares or any other class or
classes of shares; and 

  

	 	ix.	 any other relative, participating, optional or other special rights, privileges, powers, qualifications,
limitations or restrictions of that Additional Class of Shares, including, without limitation, any right to appoint and/or remove one or more directors of the Company. 

 

	 	(b)	 Unless expressly provided by the terms of any Additional Class of Shares as
set-out in this Memorandum from time to time, the authorisation and issuance by the Company of any Additional Class of Shares and any attendant amendments to this Memorandum and the Articles pursuant to sub-Clause 7(a) above shall be deemed not to constitute a variation of any class rights attaching to the Common Shares or any other class or classes of shares of the Company then in issue, and, for the avoidance of
doubt, no Resolution of Members or other approval of the shareholders or any one of them (except any approval required in respect of the Reserved Matters) shall be required for such authorisation and issuance or the attendant amendments to this
Memorandum and the Articles. 

  

	8.	 REGISTERED SHARES 

The Company shall issue registered shares only. The Company is not authorised to issue bearer shares, convert registered shares to bearer
shares, or exchange registered shares for bearer shares. 

			
	Despegar.com, Corp.	  	Page 6

  

	9.	 AMENDMENT OF MEMORANDUM AND ARTICLES OF ASSOCIATION 

Subject always to obtaining any additional approval required in respect of the Reserved Matters, this Memorandum and the Articles may only be
amended if approved by: 
  

	 	(a)	 both a Resolution of Members and a Resolution of Directors, but subject to the condition that the Resolution of
Directors is adopted in accordance with the Articles not later than the seventh day following the adoption of the Resolution of Members; or 

  

	 	(b)	 a Special Resolution of Members, save that in no circumstances whatsoever may: 

 

	 	i.	 any of the Relevant Provisions be amended pursuant to this sub-Clause
9(b); 

  

	 	ii.	 any amendment be made to the Memorandum or the Articles pursuant to this
sub-Clause 9(b) which limits or reduces the number of shares or classes of shares that may be authorised and issued pursuant to Clause 5 of this Memorandum; 

 

	 	iii.	 any amendment be made to the Memorandum or the Articles pursuant to this
sub-Clause 9(b) that is inconsistent with or that conflicts with, or which circumvents, overrides, fetters or limits (or that otherwise interferes with the intended operation of), any Relevant Provision or sub-Clause 9(b)(ii) (or which purports to do any of the foregoing); or 

  

	 	(c)	 a Resolution of Directors, save that no amendment may be made by a Resolution of Directors:

  

	 	i.	 to restrict the rights or powers of the Members to amend the Memorandum or Articles; 

 

	 	ii.	 to change the percentage of Members required to pass a Resolution of Members to amend the Memorandum or
Articles; or 

  

	 	iii.	 in circumstances where the Memorandum or Articles cannot be amended by the Members (including, without
limitation, in circumstances where the Members can only make an amendment with the approval of the Board of Directors pursuant to sub-Clause 9(a) and in circumstances where the Members cannot amend the
Memorandum or Articles pursuant to sub-Clause 9(b)); 

			
	Despegar.com, Corp.	  	Page 7

  

 and all rights conferred upon shareholders herein are granted subject to the above
reservations, provided that, notwithstanding anything to the contrary in the Memorandum or the Articles, if at any time that Expedia owns 5% or more of the outstanding Common Shares of the Company, Article 26 of the Articles shall not be amended,
altered, changed or repealed without the prior written consent of Expedia. 
  

	10.	 INCORPORATION BY REFERENCE 

For the purposes of section 9 of the Act, any rights, privileges, restrictions and conditions attaching to the Common Shares, each Additional
Class of Shares (including, without limitation, the Series A Preferred Shares and the Series B Preferred Shares) or any other shares of the Company that are set out in Schedule 1 and Schedule 2 to this Memorandum and the Articles are deemed to
be set out and incorporated in full in this Memorandum. 
  

	11.	 DEFINITIONS 

Unless otherwise defined or the context otherwise requires, capitalized words in this Memorandum that are not otherwise defined herein are as
defined in the Articles annexed hereto. 

			
	Despegar.com, Corp.	  	Page 8

  

 SCHEDULE 1 

SERIES A PREFERRED SHARES 
  

	1.	 Classification of shares. This Schedule 1 to the Memorandum sets out the rights,
privileges, restrictions and conditions attaching to the Series A Preferred Shares. 

  

	2.	 Ranking. The Series A Preferred Shares will rank, with respect to dividend rights, rights
on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company and redemption rights: 

  

	 	(a)	 on a parity basis with the Series B Preferred Shares and each other class or series of shares of the Company
hereafter authorized, classified or reclassified in accordance with this Schedule 1 to the Memorandum, the terms of which expressly provide that such class or series ranks on a parity basis with the Series A Preferred Shares as to dividend rights,
rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company and redemption rights (such shares, “Parity Shares”); 

 

	 	(b)	 junior to each other class or series of shares of the Company hereafter authorized, classified or
reclassified in accordance with this Schedule 1 to the Memorandum, the terms of which expressly provide that such class or series ranks senior to the Series A Preferred Shares as to dividend rights, rights on the distribution of assets on any
voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company and redemption rights (such shares, “Senior Shares”); and 

 

	 	(c)	 senior to the Common Shares and each other class or series of shares of the Company now existing or hereafter
authorized, classified or reclassified, the terms of which do not expressly provide that such class or series ranks on a parity basis with or senior to the Series A Preferred Shares as to dividend rights, rights on the distribution of assets on any
voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company and redemption rights (such shares, “Junior Shares”). 

The Company’s power to issue Parity Shares or Senior Shares shall be subject to the provisions of paragraph 8 of this Schedule 1. The
respective definitions of Parity Shares, Senior Shares and Junior Shares shall also include any securities, warrants, rights or options exercisable or exchangeable or convertible into any of Parity Shares, Senior Shares or Junior Shares, as the case
may be. 

			
	Despegar.com, Corp.	  	Page 9

  

	3.	 Specific Schedule 1 Definitions. As used herein with respect to Series A Preferred Shares:

 “50% Beneficial Ownership Requirement” means, as of the applicable time of determination, that the
Investors and its Permitted Transferees continue to beneficially own (a) (1) at least 50% of the Series A Preferred Shares acquired as of the Closing Date, and (2) warrants purchased by the Investors on the Closing Date and/or Common
Shares that were issued upon exercise of those warrants that represent in the aggregate and on an as exercised basis, at least 50% of the total number of Common Shares underlying those warrants on an as exercised basis as of the Closing Date, or
(b) if the Company shall have redeemed the Series A Preferred Shares in full pursuant to paragraph 7, warrants purchased by the Investors on the Closing Date and/or Common Shares that were issued upon exercise of those warrants that represent
in the aggregate and on an as exercised basis, at least 50% of the total number of Common Shares underlying those warrants on an as exercised basis as of the Closing Date; 

“Accrued Dividends” means, as of any date, with respect to any Series A Preferred Share, all Dividends that have accrued
through the most recent Dividend Payment Date on or prior to such date on such Series A Preferred Share pursuant to paragraph 4(b) of this Schedule 1, whether or not declared, but that have not, as of such date, been paid in cash; 

“Change of Control” shall mean (i) any Person or Group (other than the Investors), in a single transaction or in a
related series of transactions, by way of merger, consolidation, other business combination transaction, contract or otherwise, acquiring beneficial ownership representing more than 50 % of the total voting power of the Common Shares or the
right to appoint a majority of the Board of Directors; (ii) the Common Shares are no longer listed or admitted to trading on the New York Stock Exchange or another National Securities Exchange; (iii) the direct or indirect sale, lease,
transfer, conveyance or other disposition (including by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, to any Person or
Group (other than the Investors); or (iv) any transaction or event that constitutes a “change of control” under any of the Company’s then-outstanding Indebtedness; provided that if and for so long as Series B Preferred Shares are
outstanding, the “50%” of the total voting power in clause (i) of this definition shall be deemed to be replaced with any lower percentage threshold specified in respect of any equivalent “Change of Change” definition for
the Series B Preferred Shares (if any); 

			
	Despegar.com, Corp.	  	Page 10

  

 “Change of Control Notice” has the meaning given to it in paragraph 6(c) of
this Schedule 1; 
 “Closing Date” means the date the Series A Preferred Shares were first issued by the Company; 

“Competitor” means any Person which engages, directly or indirectly (including through any partnership, limited liability
company, corporation, joint venture or similar arrangement (whether now existing of formed hereafter)), in the business of travel distribution; 

“Designated Redemption Date” has the meaning given to it in paragraph 6(b) of this Schedule 1; 

“Dividends” has the meaning given to it in paragraph 4(a) of this Schedule 1; 

“Dividend Payment Date” means September 30 and March 31 of each year, commencing on March 31, 2021 (the
“Initial Dividend Payment Date”); provided that if any such Dividend Payment Date is not a Business Day, then the applicable Dividend shall be payable on the next Business Day immediately following such Dividend Payment Date,
without any interest; 
 “Dividend Payment Period” means, the period from and including the Closing Date to, but excluding,
the applicable Initial Dividend Payment Date and, subsequent to such Initial Dividend Payment Date, the period from and including any Dividend Payment Date to, but excluding, the next Dividend Payment Date; 

“Dividend Rate” means 10.0% per annum; 

“Fall-Away of Investor Board Rights” means the first day on which the 50% Beneficial Ownership Requirement is not satisfied;

 “Group” has the meaning given to it in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act; 

“Holder” means a Person in whose name Series A Preferred Shares are registered, which Person shall be treated by the Company
and Transfer Agent as the absolute owner of the Series A Preferred Shares for the purpose of making payment and for all other purposes; provided that, to the fullest extent permitted by law, no Person that has received Series A Preferred Shares in
violation of the terms of the Investment Agreement or the Memorandum or Articles shall be a Holder and the Transfer Agent shall not, unless directed otherwise by the Company, recognize any such Person as a Holder and the Person in whose name the
shares of the Series A Preferred Shares were registered immediately prior to such transfer shall remain the Holder of such shares; 
  

			
	Despegar.com, Corp.	  	Page 11

  

 “Indebtedness” means, without duplication, (a) all obligations of the
Company or any of its subsidiaries for borrowed money, (b) all obligations of the Company or any or any of its subsidiaries evidenced by bonds or similar instruments, and (c) all guarantees by the Company or any of its subsidiaries of any
Indebtedness (as described in clauses (a) and (b) of this definition) of any other Person, provided that any Indebtedness incurred by Koin Administradora de Cartões e Meios de Pagamentos S.A. and its subsidiaries that is non-recourse to the Company and its other subsidiaries, shall not be considered Indebtedness for purposes of this Schedule 1; 

“Indebtedness Agreement” means any agreement, document or instrument governing or evidencing any Indebtedness of the Company
or its subsidiaries; 
 “Investment Agreement” means that certain Investment Agreement, dated as of August 20, 2020
among the Investors and the Company. 
 “Investors” means the holder(s) of all of the issued Series A Preferred Shares as at
the Closing Date; 
 “Junior Shares” has the meaning given to it in paragraph 2(c) of this Schedule 1; 

“Liquidation Preference” means, with respect to any Series A Preferred Share, as of any date, $1,000 per share, plus any
Accrued Dividends per Series A Preferred Share outstanding from time to time; 
 “National Securities Exchange” means a
securities exchange that has registered with the SEC under Section 6 of the Exchange Act; 
 “Notice of Optional
Redemption” has the meaning given to it in paragraph 7(b) of this Schedule 1; 
 “Optional Redemption” has the
meaning given to it in paragraph 7(a) of this Schedule 1; 
 “Parity Shares” has the meaning set forth in paragraph
2(a) of this Schedule 1; 
 “Permitted Acquisitions” means the acquisitions by the Company or its subsidiaries of each of
Viajes Beda S.A. de C.V., Transporturist S.A. de C.V. and Koin Administradora de Cartões e Meios de Pagamentos S.A.; 

			
	Despegar.com, Corp.	  	Page 12

  

 “Permitted Transferee” means, with respect to any Holder, (i) any
Affiliate of such Holder, so long as it remains such, (ii) any successor entity of such Holder, and (iii) with respect to any Holder that is an investment fund, vehicle or similar entity, any other investment fund, vehicle or similar
entity of which such Holder or an Affiliate, advisor or manager of such Holder serves as the general partner, manager or advisor; provided that portfolio companies of such Holder or any of its controlled Affiliates shall not be Permitted
Transferees; 
 “Person” means any individual, corporation, estate, partnership, joint venture, association, joint-stock
company, limited liability company, trust, unincorporated organization or any other entity; 
 “Preferred Purchase Price”
means the initial subscription price per Series A Preferred Share, being US$1,000 per Series A Preferred Share; 
 “Redemption
Date” means with respect to the redemption of Series A Preferred Shares pursuant to this Schedule 1, the date on which the applicable redemption consideration for the Series A Preferred Shares redeemed is paid or delivered; 

“Representatives” means, with respect to any Person, its officers, directors, principals, partners, managers, members,
employees, consultants, agents, financial advisors, investment bankers, attorneys, accountants, other advisors and other representatives; 

“Satisfaction of the Indebtedness Obligations” means, in connection with any Change of Control, (i) the payment in full
in cash of all principal, interest, fees and all other amounts due or payable in respect of any Indebtedness of the Company or any of its subsidiaries (including in respect of any penalty or premium) that is required to be prepaid, repaid, redeemed,
repurchased or otherwise retired as a result of or in connection with such Change of Control or in order for the Series A Preferred Shares not to constitute or be deemed as “indebtedness”, “disqualified stock”, “disqualified
capital stock”, “disqualified equity interests”, or similar instruments, however denominated, under the terms of any Indebtedness Agreement, (ii) the cancellation or termination, or if permitted by the terms of such Indebtedness,
cash collateralization, of any letters of credit or letters of guaranty that are required to be cancelled or terminated or cash collateralized as a result of or in connection with such Change of Control or in order for the Series A Preferred Shares
not to constitute or be deemed as “indebtedness”, “disqualified stock”, “disqualified capital stock”, “disqualified equity interests”, or similar instruments, however denominated, under the terms of any
Indebtedness Agreement, (iii) compliance with any requirement to effect an offer to purchase any bonds, debentures, notes or other instruments of Indebtedness as a result of or in connection with such Change of Control

			
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or in order for the Series A Preferred Shares not to constitute or be deemed as “indebtedness”, “disqualified stock”, “disqualified capital stock”,
“disqualified equity interests”, or similar instruments, however denominated, under the terms of any Indebtedness Agreement, and the purchase of any such instruments tendered in such offer and the payment in full of any other amounts due
or payable in connection with such purchase and (iv) the termination of any lending commitments required to be terminated as a result of or in connection with such Change of Control or in order for the Series A Preferred Shares not to
constitute or be deemed as “indebtedness”, “disqualified stock”, “disqualified capital stock”, “disqualified equity interests”, or similar instruments, however denominated, under the terms of any Indebtedness
Agreement; 
 “Series A Preferred Director” has the meaning given to it in paragraph 9(a) of this Schedule 1; 

“Series A Preferred Majority Approval” has the meaning given to it in paragraph 8 of this Schedule 1; 

“Series A Preferred Observer” has the meaning given to it in paragraph 9(a) of this Schedule 1; 

“Series A Reserved Matters” has the meaning given to it in paragraph 8 of this Schedule 1; 

“Supplier” means any Person which engages, directly or indirectly (including through any partnership, limited liability
company, corporation, joint venture or similar arrangement (whether now existing of formed hereafter)), in the air travel or lodging business; 

“Transfer Agent” means the Person acting as transfer agent, registrar and paying agent for the Series A Preferred Shares, and
its successors and assigns. 
 “Unredeemed Shares” means shares redeemed in accordance with this Schedule 1 in respect of
which the redemption price has not been paid in full; and 
 “USD” or “US$” means the lawful currency for
the time being of the United States of America. 
  

	4.	 Dividends. 

 

	 	(a)	 Dividends. Holders shall be entitled to receive a coupon of the type and in the amount in USD determined
as set forth in this paragraph 4 (such coupon, “Dividends”). 

			
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	 	(b)	 Accrual of Dividends. Dividends on each Series A Preferred Share (i) shall accrue on the Preferred
Purchase Price thereof and on any Accrued Dividends on a daily basis from and including the Closing Date, whether or not declared and whether or not the Company has assets legally available to make payment thereof, at a rate equal to the Dividend
Rate as further specified below, and (ii) shall be payable semi-annually in arrears, if, as and when authorized by the Board, or any duly authorized committee thereof, and declared by the Company, to the extent not prohibited by law, on each
Dividend Payment Date, commencing on the Initial Dividend Payment Date. Dividends on the Series A Preferred Shares shall accrue on the basis of a 365-day year based on actual days elapsed. The amount of
Dividends payable with respect to any Series A Preferred Share for any Dividend Payment Period shall equal the sum of the daily Dividend amounts accrued in accordance with the prior sentence of this paragraph 4(b) with respect to such share during
such Dividend Payment Period. 

  

	 	(c)	 Payment of Dividends and Arrears. Dividends shall be payable in cash, provided that if the Company does
not declare and pay in cash pursuant to this paragraph 4(c) a full Dividend on each Series A Preferred Share on any Dividend Payment Date, then the amount of such unpaid Dividend shall automatically be added to the amount of Accrued Dividends on
such share on the applicable Dividend Payment Date without any action on the part of the Company or any other Person. The Company shall be entitled to declare and pay all or any part of the Accrued Dividends in cash pursuant to this paragraph 4(c)
on subsequent Dividend Payment Dates, and, following such cash payment, any such cash payment shall, from the date of such payment, no longer be deemed to be Accrued Dividends hereunder. 

 

	 	(d)	 Record Date. The record date for payment of Dividends on any relevant Dividend Payment Date will be the
close of business on the fifteenth (15th) day of the calendar month that contains the relevant Dividend Payment Date, whether or not such day is a Business Day. 

			
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	 	(e)	 Priority of Dividends. So long as any Series A Preferred Shares remain outstanding, unless
(w) there are no Accrued Dividends at such time (or all Accrued Dividends contemporaneously are declared and paid in cash), (x) there are no Unredeemed Shares at such time, and (y) the Company complies with the provisions of paragraph
8(a)(iii)(b) of this Schedule 1, the Company may not declare any dividend on, or make any distributions relating to, Junior Shares or make a liquidation payment relating to, any Junior Shares, other than: 

 

	 	(i)	 as a result of an exchange or conversion of any class or series of Junior Shares for any other class or series
of Junior Shares; 

  

	 	(ii)	 payment of any dividends in respect of Junior Shares where the dividend is in the form of the same stock or
rights to purchase the same stock as that on which the dividend is being paid; 

  

	 	(iii)	 distributions of Junior Shares or rights to purchase Junior Shares; or 

 

	 	(iv)	 any dividend or other distribution in connection with the implementation of a shareholder rights or similar
plan, or the redemption or repurchase of any rights under such plan. 

 Subject to the provisions of this paragraph 4(e),
dividends and other distributions may be authorized by the Board, and declared and paid by the Company on any Junior Shares and Parity Shares from time to time and the Holders will not be entitled to participate in those dividends. 

 

	5.	 Liquidation Rights 

 

	 	(a)	 Liquidation. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the
affairs of the Company, the Holders shall be entitled, out of assets legally available therefor, before any distribution or payment out of the assets of the Company may be made to or set aside for the holders of any Junior Shares (including, without
limitation, the Common Shares), and subject to the rights of the holders of any Senior Shares or Parity Shares and the rights of the Company’s existing and future creditors, to receive in full a liquidating distribution in cash and in the
amount per Series A Preferred Share equal to the Liquidation Preference with respect to such Series A Preferred Share. Holders shall not be entitled to any further payments in the event of any such voluntary or

			
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involuntary liquidation, dissolution or winding up of the affairs of the Company after receiving in full what is expressly provided for in this paragraph 5(a), and after such receipt, and will
have no right or claim to any of the Company’s remaining assets. For the avoidance of doubt, Series A Preferred Shares and Series B Preferred Shares shall rank equally in their entitlement to liquidation distributions, but shall rank in
priority as to any liquidation distribution on the Common Shares. 

  

	 	(b)	 Partial Payment. If in connection with any distribution described in paragraph 5(a) above, the assets of
the Company or proceeds therefrom are not sufficient to pay in full the aggregate liquidating distributions required to be paid pursuant to paragraph 5(a) to all Holders and the liquidating distributions payable all holders of any Parity Shares, the
amounts distributed to the Holders and to the holders of all such Parity Shares shall be paid pro rata in accordance with the respective aggregate liquidating distributions to which they would otherwise be entitled if all amounts payable thereon
were paid in full. For the avoidance of doubt, if this paragraph 5(b) applies in respect of any liquidating distribution to the Series A Preferred Shares and the Series B Preferred Shares: 

 

	 	(i)	 the amounts available for distribution shall be allocated between the Series A Preferred Shares and the Series
B Preferred Shares based on the same proportion as the respective liquidation preference of each series bears to the total aggregate liquidation preference of both series of Preferred Shares; and 

 

	 	(ii)	 each Preferred Share of a particular series shall share equally in the amount allocated and distributed in
respect of that series. 

  

	 	(c)	 Change of Control Not Liquidation. For purposes of this paragraph 5, a Change of Control shall not be
deemed a voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. Upon the consummation of a merger or consolidation of the Company with another Person in which the Company is not the surviving entity, any
Series A Preferred Share that is outstanding at such time (including any Unredeemed Shares) shall be converted into or exchanged for preferred shares of the surviving or resulting entity having substantially the same rights, powers, limitations and
restrictions of the Series A Preferred Shares immediately prior to such consummation. 

			
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	6.	 Holder Redemption Right.  

 

	 	(a)	 Each of the Holders will have the right, but not the obligation, to require the Company to redeem all or,
subject to paragraph 6(i) of this Schedule 1, part of such Holder’s then outstanding Series A Preferred Shares either: 

  

	 	(i)	 on or after the fifth anniversary of the Closing Date at a cash price per Series A Preferred Share equal to the
Liquidation Preference plus, without duplication, any accrued and unpaid Dividends to, but excluding, the Redemption Date, or 

  

	 	(ii)	 upon the occurrence of a Change of Control, at a cash price per Series A Preferred Share equal to 110.0% of the
Liquidation Preference plus, without duplication, any accrued and unpaid Dividends to, but excluding, the Redemption Date. 

The Company shall take no action designed to avoid payment of any portion of the premium to Liquidation Preference payable pursuant to
Section 6(a)(ii), including by payment of any Accrued Dividends immediately prior to the applicable Redemption Date. 
  

	 	(b)	 Procedure for Five-Year Redemption: To exercise its redemption right pursuant to paragraph
6(a)(i), a Holder must, at least ninety (90) days prior to the redemption date specified by the Holder therein (the “Designated Redemption Date”), deliver written notice thereof (“Notice of Holder Redemption”)
to the Company (including wire transfer instructions for the payment of the redemption price) and shall, on or prior to the Designated Redemption Date, surrender to the Transfer Agent the certificates (if any) representing the Series A Preferred
Shares to be redeemed by the Company; provided that, such Holder will be entitled to revoke its Notice of Holder Redemption at any time but no later than thirty (30) days prior to the Designated Redemption Date. On such Designated Redemption
Date, the Company shall deliver or cause to be delivered to each Holder that has exercised its redemption right pursuant to paragraph 6(a)(i) by wire transfer the applicable redemption price with respect to such Holder’s Series A Preferred
Shares redeemed. 

			
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	 	(c)	 Procedure for Redemption on Change of Control: On or before the twentieth (20th) Business Day prior to
the date on which the Company anticipates consummating a Change of Control (or, if later, promptly after the Company discovers that a Change of Control may occur), a written notice (a “Change of Control Notice”) shall be sent by or
on behalf of the Company to each Holder at its address as it appears in the records of the Company, which notice shall contain the date on which the Change of Control is anticipated to be effected (or, if applicable, the date on which a Schedule TO
or other schedule, form or report disclosing a Change of Control was filed). The Change of Control Notice shall include (i) a description of the material terms and conditions of the Change of Control; and (ii) the date on which the Change
of Control is anticipated to be consummated. The Holder may exercise its right pursuant to paragraph 6(a)(ii) to require the Company to redeem all of the outstanding Series A Preferred Shares owned by such Holder by delivering a written notice to
the Company stating that the Holder is exercising its right to require the Company to redeem its outstanding Series A Preferred Shares and including wire transfer instructions for the payment of the redemption price no later than ten
(10) Business Days prior to the date on which the Company anticipates consummating a Change of Control (as specified in the Change of Control Notice). In the event that the Holder so exercises it rights pursuant to paragraph 6(a)(ii), the
Company will, as promptly as practicable, deliver to such Holder at its address as it appears in the records of the Company written instructions stating the expected time and place or places at which the Series A Preferred Shares to be redeemed
shall, upon presentation and surrender of the certificates evidencing such Series A Preferred Shares (if any), be redeemed on the date of the Change of Control. 

 

	 	(d)	 Delivery upon Change of Control. If a Holder has exercised its right to redeem, or require redemption
of, any outstanding Series A Preferred Shares pursuant to paragraph 6(a)(ii), then upon the consummation of a Change of Control, after the Satisfaction of the Indebtedness Obligations and subject to paragraph 6(e) below and subject to the Holder
properly surrendering the certificates (if any) evidencing the applicable Series A Preferred Shares, the Company (or its successor) shall promptly deliver or cause to be delivered to the Holder by wire transfer the applicable redemption price with
respect to each of such Holder’s Series A Preferred Shares redeemed. 

			
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	 	(e)	 [Reserved]. 

  

	 	(f)	 Effect of Redemption. Effective immediately prior to the close of business on the Redemption Date for
any Series A Preferred Shares redeemed pursuant to this paragraph 6, Dividends shall no longer accrue or be declared on any such Series A Preferred Shares, and such Series A Preferred Shares shall cease to be outstanding and the Holders shall cease
to have the rights of Members in respect of such shares (except the right to be paid the applicable redemption price). 

  

	 	(g)	 Status of Redeemed Shares. Series A Preferred Shares redeemed in accordance with this paragraph 6 shall
be cancelled or held by the Company as treasury shares. 

  

	 	(h)	 [Reserved]. 

  

	 	(i)	 Partial Redemption. In case of any redemption pursuant to paragraph 6(a)(i) of this Schedule 1 of part
of the Series A Preferred Shares at the time outstanding, the Series A Preferred Shares to be redeemed shall be redeemed by the Company on a pro rata basis based on the then-outstanding Series A Preferred Shares, provided that (i) the Holder
shall be permitted to exercise its right under paragraph 6(a)(i) above to require the Company to redeem less than all outstanding Series A Preferred Shares on no more than one occasion in total, and (ii) the aggregate Liquidation Preference of
the Series A Preferred Shares at the time outstanding immediately following the completion of such partial redemption is equal to an amount not less than US$80 million. If fewer than all the shares represented by any certificate (if any) are
redeemed, new certificates shall be duly issued representing the unredeemed shares without charge to the Holder thereof. 

			
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	7.	 Redemption at the Option of the Company. 

 

	 	(a)	 Optional Redemption. The Company will have the right, but not the obligation, to redeem for cash, in
whole or in part at any time on or after the third anniversary of the Closing Date, the outstanding Series A Preferred Shares (each, an “Optional Redemption”) upon giving the notice described in paragraph 7(b) below, at a price
equal to: 

  

	 	(i)	 with respect to a Redemption Date on or after the third anniversary of the Closing Date but prior to the fourth
anniversary of the Closing Date, the sum of (A) 105.0% of the Liquidation Preference per Series A Preferred Share to be redeemed plus, without duplication, (B) an amount equal to all accrued and unpaid Dividends with respect to each such Series
A Preferred Share to, but excluding, the applicable Redemption Date; 

  

	 	(ii)	 with respect to a Redemption Date on or after the fourth anniversary of the Closing Date but prior to the fifth
anniversary of the Closing Date, the sum of (A) 102.5% of the Liquidation Preference per Series A Preferred Share to be redeemed plus, without duplication, (B) an amount equal to all accrued and unpaid Dividends with respect to each such Series
A Preferred Share to, but excluding, the applicable Redemption Date; 

  

	 	(iii)	 with respect to a Redemption Date after the fifth anniversary of the Closing Date, the sum of (A) the
Liquidation Preference per Series A Preferred Share to be redeemed plus, without duplication, (B) an amount equal to all accrued and unpaid Dividends with respect to each such Series A Preferred Share to, but excluding, the applicable
Redemption Date. 

 The Company shall take no action designed to avoid payment of any portion of the premium to Liquidation
Preference payable pursuant to Section 7(a)(i) or (ii), including by payment of any Accrued Dividends immediately prior to the applicable Redemption Date. 

			
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	 	(b)	 Exercise of Optional Redemption. If the Company elects to effect an Optional Redemption, the Company
shall send, to the Holders of the Series A Preferred Shares to be redeemed at their respective addresses as they shall appear on the register of Members of the Company, a written notice (i) notifying such Holders of the election of the Company
to redeem such Series A Preferred Shares, the number of Series A Preferred Shares to be redeemed from such Holder, and the Redemption Date, and (ii) stating the place or places at which the Series A Preferred Shares called for redemption shall,
upon presentation and surrender of the certificates (if any) evidencing such Series A Preferred Shares, be redeemed (and other instructions a Holder must follow to receive payment), and the redemption price therefor (such notice, a “Notice
of Optional Redemption”). The Redemption Date selected by the Company shall be no less than ten (10) Business Days and no more than thirty (30) Business Days after the date on which the Company provides the Notice of Optional
Redemption to the Holders. 

  

	 	(c)	 Partial Redemption. In case of any redemption pursuant to paragraph 7(a) of part of the Series A
Preferred Shares at the time outstanding, the Series A Preferred Shares to be redeemed shall be redeemed by the Company on a pro rata basis based on the then-outstanding Series A Preferred Shares, provided that (i) the Company shall be
permitted to carry out an Optional Redemption of less than all outstanding Series A Preferred Shares on no more than one occasion in total, and (ii) the aggregate Liquidation Preference of the Series A Preferred Shares at the time outstanding
immediately following the completion of such partial Optional Redemption is equal to an amount not less than US$80 million. If fewer than all the shares represented by any certificate (if any) are redeemed, new certificates shall be authorized
by a Resolution of Directors and issued representing the unredeemed shares without charge to the Holder thereof. 

  

	 	(d)	 Effect of Redemption. Effective immediately prior to the close of business on the Redemption Date for
any Series A Preferred Shares redeemed pursuant to this paragraph 7, Dividends shall no longer accrue or be declared on any such Series A Preferred Shares, and such Series A Preferred Shares shall cease to be outstanding and the Holders shall cease
to have the rights of Members in respect of such shares (except the right to be paid the applicable redemption price). 

  

	 	(e)	 Status of Redeemed Shares. Series A Preferred Shares redeemed in accordance with this paragraph 7 shall
be cancelled or held by the Company as treasury shares. 

			
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	8.	 Series A Reserved Matters. 

Without prejudice to the Series B Reserved Matters, for so long as any Series A Preferred Shares are outstanding, the Company shall not take,
permit to occur, approve, authorise or agree or commit to do any of the following (collectively, the “Series A Reserved Matters”) as follows: 
  

	 	(a)	 without the prior written approval of the Holders of a majority of the Series A Preferred Shares outstanding at
such time (the “Series A Preferred Majority Approval”), whether or not such consent is required pursuant to the Act: 

  

	 	(i)	 amend the Memorandum or Articles in a manner that would have an adverse effect on the rights, preferences or
privileges of the Series A Preferred Shares; 

  

	 	(ii)	 issue additional Series A Preferred Shares or increase the authorized number of Series A Preferred Shares (in
each case, other than as permitted by this Schedule 1) or create or issue any Parity Shares, Senior Shares, or any securities or rights convertible or exchangeable into, or exercisable for, the foregoing; 

 

	 	(iii)	 declare or pay any dividend or distribution, or repurchase or redeem any shares of any class of the Company,
provided that the Company may, without Series A Preferred Majority Approval (but without prejudice to paragraph 4(e)); 

  

	 	(a)	 declare and pay any dividend or coupon with respect to the Series A Preferred Shares in accordance with the
terms of this Schedule 1 (including, without limitation, payment of Accrued Dividends in cash) and the Series B Preferred Shares in accordance with the provisions of Schedule 2 to the Memorandum; 

			
	Despegar.com, Corp.	  	Page 23

  

	 	(b)	 declare and pay any dividend or distribution, or repurchase or redeem any shares, if, at the time of such
dividend or distribution: (1) the Company’s publicly reported Adjusted EBITDA for the immediately preceding two quarters was positive; and (2) the Holders have either: (x) exercised any warrants purchased by the Investors on the
Closing Date in respect of Common Shares, (y) have reasonably sufficient time to exercise such warrants in order to participate in such dividend or distribution in respect of any such Common Shares resulting from the exercise of such warrants,
or (z) are given the ability to participate in any such dividend or distribution on an as-converted basis; and 

  

	 	(c)	 declare and pay any dividend or other distribution in connection with the implementation of a shareholder
rights or similar plan, or the redemption or repurchase of any rights under such plan; 

  

	 	(iv)	 make any fundamental change in the nature of the business in which the Company is primarily engaged;

  

	 	(v)	 initiate, engage in or permit to occur (to the extent within the control of the Company) any liquidation,
dissolution, winding up, bankruptcy or other insolvency procedure of the Company; 

  

	 	(vi)	 continue or re-domicile the Company in any jurisdiction other than the
British Virgin Islands; or 

  

	 	(vii)	 take or permit any of the actions set out in paragraphs 8(a)(iii) (other than any dividend or distribution, or
repurchase or redemption of any shares, by any wholly-owned subsidiary of the Company), (iv) or (v) above to occur with respect to any significant subsidiary of the Company (as defined in Rule 1-02 of
Regulation S-X); 

  

	 	(b)	 without the prior written approval of the Investors (“Series A Investors Approval”), whether
or not such consent is required pursuant to the Act; 

  

	 	(i)	 incur any Indebtedness in excess of the greater of (i) US$60 million, and (ii) an amount equal
to one time the Adjusted EBITDA in respect of the twelve month period ending at the end of the last quarter for which the Company has publicly reported financial results; provided that the Company will be permitted to (A) assume the existing
Indebtedness of the target company in connection with any acquisitions by the Company (including, for the avoidance of doubt, the Permitted Acquisitions and excluding, for the 

			
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avoidance of doubt, any acquisition financing from a third party incurred in contemplation of such acquisition) and (B) (i) incur working capital loans secured by receivables and, for the
avoidance of doubt, enter into receivables factoring transactions and (ii) obtain letters of credit, in each case in the ordinary course of business, (C) incur any Indebtedness owed to the Company or any of its subsidiaries, and
(D) incur any Indebtedness that refinances, in whole or in part, Indebtedness incurred pursuant to this paragraph, provided that the aggregate principal amount of such refinancing Indebtedness does not exceed the aggregate principal amount of
the Indebtedness being refinanced, plus accrued and unpaid interest, premiums, and fees and expenses related to such refinancing; provided further that Series A Investors Approval shall not be required if Indebtedness is incurred and net proceeds
therefrom are used to redeem the Series A Preferred Shares in full. Any Series A Investors Approval required pursuant to this paragraph may be given by resolution of the Company’s Board of Directors that includes the affirmative vote or consent
of the Series A Preferred Director. For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, (i) increases in Indebtedness solely due to fluctuations in the exchange rates of
currencies will not be deemed to exceed the maximum amount that the Company may incur under this paragraph and (ii) the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the
relevant currency exchange rate in effect on the date such Indebtedness was incurred. 

  

	 	(ii)	 sell, dispose of or enter into any exclusive license for (i) any material asset of the Company and its
subsidiaries, as a whole, or (ii) any other asset (or group of related assets) of the Company with a fair market value equal to or greater than 10% of the Company’s consolidated total assets (in each case, including through the sale or
issuance of any subsidiary stock, but excluding the sale of receivables in the ordinary course of business, provided that the following shall not be considered a sale or disposition of assets for purposes of this paragraph: (A) a sale or
disposition to the Company or any of its subsidiaries; provided that, in the case of a 

			
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subsidiary that is not wholly-owned by the Company, the minority shareholders of such subsidiary are not Affiliates of the Company, (B) the disposition of cash or cash equivalents,
(C) the disposition in the ordinary course of business of inventory and other assets acquired and held for resale, (D) the sale or discount of accounts receivable in the ordinary course of business, (E) any sale or disposition
permitted by this Schedule 1, including a Change of Control transaction, (F) the payment or distribution of Dividends in accordance with this Schedule 1, and (G) any sale or disposition of treasury shares by the Company; or

  

	 	(iii)	 enter into any transaction or series of transactions with an Affiliate of the Company that has a value greater
than US$1 million, except for (A) compensation arrangements for services provided to the Company as any employee, consultant, director or otherwise of the Company, that are approved by an action taken by the Company’s Board of
Directors that included the affirmative vote or consent of the Series A Preferred Director, (B) any transaction between the Company and any of its subsidiaries, or among the Company’s subsidiaries, so long as the minority
shareholders of such subsidiary are not Affiliates of the Company, and (C) any transaction between the Company or any of its subsidiaries, on the one hand, and Expedia or any of its Affiliates, on the other hand, including without limitation
amendments or modifications to, or waivers of, the terms and conditions of any agreement between the Company or any of its subsidiaries, on the one hand, and Expedia or any of its Affiliates, on the other hand, provided that such transaction is
approved by the Board of Directors in accordance with the Company’s policies in relation to transactions between the Company and any related parties, if any, as then in effect. 

 

	9.	 Director and Observer Rights. 

 

	 	(a)	 Appointment: Following the Closing and until the occurrence of the Fall-Away of Investor Board Rights,
the Investors will have the right to appoint one director to the Board (the “Series A Preferred Director”) and shall be entitled to appoint one observer to attend (but not vote at) meetings of the Board (the
“Series A Preferred Observer”). 

			
	Despegar.com, Corp.	  	Page 26

  

	 	(b)	 For so long as the Investors have the right to appoint a director pursuant to paragraph 9(a), the Series A
Preferred Director shall be appointed by service on the Company of a written notice nominating the person to be appointed as the Series A Preferred Director (the “Series A Appointment Notice”). The Series A Appointment Notice:

  

	 	(i)	 shall be signed by the Investors; 

 

	 	(ii)	 shall contain the name, residential address and brief biography of the proposed director;

  

	 	(iii)	 shall contain a statement confirming the proposed Series A Preferred Director meets the requirements to act as
a director of the Company set-out in paragraph 9(h) below and Articles 11.5(b) and (c); and 

  

	 	(iv)	 shall enclose a written consent to act in customary form executed by the proposed Series A Preferred Director.

  

	 	(c)	 Upon receipt of the Series A Appointment Notice in accordance with paragraph 9(b), but subject always to
paragraph 9(h) below, the Company shall by Resolution of Directors promptly appoint the proposed Series A Preferred Director to fill the seat on the Board reserved for the Series A Preferred Director (provided that a Series A Preferred Director is
not already appointed to such seat). 

  

	 	(d)	 Upon election to the Board, if requested by the Series A Preferred Director, the Board shall take all
action necessary to cause the Series A Preferred Director to be appointed to serve on the Strategy Committee and the Nomination and Compensation Committee of the Board. 

 

	 	(e)	 Replacement and Removal: For so long as the Investors have the right to appoint a director pursuant to
paragraph 9(a), the Investors may at any time replace that Series A Preferred Director (or fill any vacancy resulting from his or her resignation, incapacity or death) with any other person nominated in accordance with paragraph 9(b). To the extent
required, and notwithstanding any other provision of the Memorandum or the Articles, if a Series A Preferred Director fails 

			
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to resign upon the Investors nominating a replacement, the Board shall have the power and, at the request of the Investors, shall remove the Series A Preferred Director by Resolution of Directors
adopted by a simple majority of the directors excluding the Series A Preferred Director. The Investors requesting removal of any Series A Preferred Director shall indemnify and keep indemnified the Company against any liability arising as a result
of that Series A Preferred Director’s removal from office. 

  

	 	(f)	 Fall-Away of Investor Board Rights: Upon Fall-Away of Investor Board Rights, the Series A Preferred
Director shall automatically vacate office and the Board seat reserved for the Series A Preferred Director shall be eliminated, unless in each case otherwise resolved by Resolution of Directors. 

 

	 	(g)	 Observer Rights. For so long as the Investors have the right to appoint an observer pursuant to
paragraph 9(a), the Series A Preferred Observer shall be appointed by service on the Company of a written notice nominating the person to be appointed as the Series A Preferred Observer. Such notice: 

 

	 	(i)	 shall be signed by the Investors; 

 

	 	(ii)	 shall contain the name, residential address and brief biography of the proposed Series A Preferred Observer;
and 

  

	 	(iii)	 shall contain a statement confirming the proposed Series A Preferred Observer meets the requirements to
act as an observer of the Company set-out in paragraph 9(h) below. 

 The Series A
Preferred Observer may be removed and/or replaced by notice from the Investors. Subject always to paragraph 9(h) below, the Series A Preferred Observer will be entitled to receive notice of all meetings of the Board and attend meetings of the Board,
but shall have no right to vote on any matter. The Company shall give the Series A Preferred Observer copies of all notices, minutes, consents, and other materials that it provides to the directors. The rights of the Series A Preferred Observer to
receive notice of, and attend, meetings of the Board (and receive any related documents, information or materials) shall automatically terminate upon Fall-Away of Investor Board Rights. 

			
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	 	(h)	 Qualifications of Series A Preferred Director and Series A Preferred Observer. The
Company’s obligations to appoint a nominated Series A Preferred Director pursuant to paragraph 9(c) or accept the appointment of a Series A Preferred Observer (as applicable) shall be subject to (A) the nominated Series A Preferred
Director satisfying of all requirements regarding service as a director of the Company under applicable law, applicable stock exchange rules, Articles 11.5(b) and (c) of the Articles and Company policies regarding service as a director of the
Company and all other criteria and qualifications for service as a director applicable to all non-executive directors of the Company; and (B) the nominated Series A Preferred Director or Series A
Preferred Observer not being or becoming a Representative or a significant shareholder of a Competitor or a Supplier. The nominated Series A Preferred Director and Series A Preferred Observer shall make himself or herself reasonably available for
interviews and to consent to such reference and background checks or other investigations as the Board may reasonably request in order to determine such nominee’s eligibility and qualification to serve as contemplated hereunder. No nominated
Series A Preferred Director or Series A Preferred Observer shall be eligible to serve as a director or act as observer (as applicable) if he or she (x) has been involved in any of the events enumerated under Item 2(d) or (e) of Schedule
13D under the Exchange Act or Item 401(f), other than Item 401(f)(1), of Regulation S-K under the Securities Act, or (y) is subject to any judgment prohibiting service as a director of any public company.
In the event that a Series A Preferred Director or Series A Preferred Observer becomes aware that it no longer satisfies all the requirements set forth in this paragraph (h), the Series A Preferred Director shall immediately resign from the Board
and the Series A Preferred Observer shall cease to have the right to receive notice of, and attend, meetings of the Board (as applicable), and the Investors shall be entitled to designate a new Series A Preferred Director and/or Series A Preferred
Observer (as applicable), subject to the terms of this paragraph 9. As a condition to the nominated Series A Preferred Director election to the Board and a Series A Preferred Observer’s attendance at Board Meetings, each nominated Series A
Preferred Director and Series A Preferred Observer must provide to the Company: 

  

	 	(i)	 all information reasonably requested by the Company that is required to be or is customarily disclosed for
directors, candidates for directors and their respective Affiliates and Representatives in a proxy statement or other filings in accordance with applicable law, any stock exchange rules or listing standards or the Memorandum and Articles or
corporate governance guidelines; 

			
	Despegar.com, Corp.	  	Page 29

  

	 	(ii)	 all information reasonably requested by the Company in connection with assessing eligibility, independence and
other criteria applicable to directors or observers or satisfying compliance and legal or regulatory obligations; 

  

	 	(iii)	 an undertaking in writing (a) to be subject to, bound by and duly comply with a standard confidentiality
agreement in a form acceptable to the Company, the code of conduct and other policies of the Company, in each case, solely to the extent applicable to other non-executive directors of the Company; and
(b) to comply with paragraph 9(j) below to the extent invoked by the Board. 

  

	 	(i)	 Compensation. No Series A Preferred Director or Series A Preferred Observer shall be entitled to any
compensation from the Company, other than reimbursement of expenses pursuant to the Company’s reimbursement policies for non-executive directors. 

 

	 	(j)	 Information. The Company shall have the right to withhold any information and exclude any Series A
Preferred Director and Series A Preferred Observer from all or any portion of any Board or Board committee meeting in the event a majority of the members of the Board (excluding the Series A Preferred Director) reasonably believes that there may be
a conflict of interest with respect to the Series A Preferred Director and Series A Preferred Observer in the event that (i) there is any material economic or competitive interest of the Investors or their Affiliates in any potential
transaction, agreement or arrangement of the Company that would be reasonably likely to materially impair the independence or objectivity of such Series A Preferred Director or Series A Preferred Observer, or (ii) the Investors or any of their
Affiliates are a counterparty or have a material economic interest in the counterparty in any potential transaction, agreement or arrangement of the Company. Additionally, the Company shall have the right to exclude any Series A Preferred Director
or Series A Preferred Observer from any meeting of the Strategy Committee of the Board if the Investors and their Affiliates beneficially own any equity interest in a Supplier or Competitor of the Company; provided that this sentence shall not apply
if the Investors and their Affiliates have beneficial ownership of less than a 5.0% equity interest in a public entity in which the Investors and their Affiliates are passive investors. 

			
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	 	(k)	 Investors’ Directors. 

 

	 	(i)	 The Company and the shareholders acknowledge that (1) the Series A Preferred Director has served and may
serve as director, manager, member, officer, employee or agent of the Investors or their affiliates (collectively, the “Investor Group”), (2) the Company and its affiliates may engage in the same, similar or related lines of
business as those engaged in by the Investor Group and other business activities that overlap with or compete with those in which the Investor Group may engage, and (3) the Company may have an interest in the same areas of business opportunity
as the Investor Group. This paragraph 9(k) will, to the fullest extent permitted by law, regulate and define the conduct of business and affairs of the Company and its directors who are Series A Preferred Directors in connection with any Potential
Series A Business Opportunities (as defined below). 

  

	 	(ii)	 If a Series A Preferred Director is presented or offered, or otherwise acquires knowledge of, a potential
transaction or matter that may constitute or present a business opportunity for the Company, in which the Company could, but for the provisions of this paragraph 9(k), have an interest or expectancy (any such transaction or matter, and any such
actual or potential business opportunity, a “Potential Series A Business Opportunity”): (1) such Series A Preferred Director will, to the fullest extent permitted by law, and subject to compliance with the confidentiality
obligations to which the Series A Preferred Director is subject pursuant to any non-disclosure agreement entered into between such director and the Company, have no duty or obligation to refrain from referring
such Potential Series A Business Opportunity to the Investor Group and, if such Series A Preferred Director refers such Potential Series A Business Opportunity to the Investor Group, such Series A Preferred Director shall have no duty or obligation
to refer such Potential Series A Business Opportunity to the Company or any of its shareholders or give any notice 

			
	Despegar.com, Corp.	  	Page 31

  

	 	
to the Company or any of its shareholders regarding such Potential Series A Business Opportunity; (2) if such Series A Preferred Director refers a Potential Series A Business Opportunity to
the Investor Group, such Series A Preferred Director, to the fullest extent permitted by law, and subject to compliance with the confidentiality obligations to which the Series A Preferred Director is subject pursuant to any non-disclosure agreement entered into between such director and the Company, will not be liable to the Company or any of its shareholders as a director, shareholder or otherwise, for any failure to refer such
Potential Series A Business Opportunity to the Company, or for referring such Potential Series A Business Opportunity to the Investor Group, or for any failure to give any notice to the Company or any shareholder regarding such Potential Series A
Business Opportunity or any matter relating thereto; (3) the Investor Group may participate, engage or invest in any such Potential Series A Business Opportunity notwithstanding that such Potential Series A Business Opportunity may have been
referred to the Investor Group by an Series A Preferred Director; and (4) if a director who is an Series A Preferred Director refers a Potential Series A Business Opportunity to the Investor Group, then, as between the Company, on the one hand,
and the Investor Group on the other hand, the Company shall be deemed to have renounced any interest, expectancy or right in or to such Potential Series A Business Opportunity or to receive any income or proceeds derived therefrom solely as a result
of such Series A Preferred Director having been presented or offered, or otherwise acquiring knowledge of, such Potential Series A Business Opportunity, unless in each case referred to in clause (1), (2) (3) or (4) of this paragraph 9(k)(ii),
such Potential Series A Business Opportunity was presented or offered to the Series A Preferred Director solely in his or her capacity as a director of the Company or for the benefit of the Company (a “Restricted Series A Potential Business
Opportunity”). In the event the Board of Directors pursuant to a resolution approved by the majority of the directors (excluding the Series A Preferred Director) declines to pursue a Restricted Series A Potential Business Opportunity, the
Series A Preferred Director shall be free to refer such Restricted Series A Potential Business Opportunity to the Investor 

			
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Group. For the avoidance of doubt, the Company or any subsidiaries of the Company shall not be prohibited from pursuing any Potential Series A Business Opportunity with respect to which it has
been deemed to have renounced any interest or expectancy as a result of this paragraph 9(k). Nothing in this paragraph 9(k) shall be construed to allow any Series A Preferred Director to usurp a Restricted Series A Potential Business Opportunity of
the Company solely for his or her personal benefit. 

  

	10.	 Tax. 

 

	 	(a)	 Withholding. The Company and its paying agent shall be entitled to deduct and withhold taxes on all
payments and distributions (or deemed distributions) on the Series A Preferred Shares to the extent required by applicable law. To the extent that any amounts are so deducted or withheld, such deducted or withheld amounts shall be treated for all
purposes of this Schedule 1 as having been paid to the Person in respect of which such deduction or withholding was made. In the event the Company previously remitted any amounts to a Governmental Authority on account of taxes required to be
deducted or withheld in respect of any payment or distribution (or deemed distribution) with respect to a Series A Preferred Share (or in respect of any payment or distribution (or deemed distribution) with respect to a warrant held by the Holder of
such Series A Preferred Share or upon the exercise thereof), the Company shall be entitled (i) to offset any such amounts against any amounts otherwise payable in respect of such Series A Preferred Share or (ii) to require the Person in
respect of whom such deduction or withholding was made to reimburse the Company for such amounts (and such Person shall promptly so reimburse the Company upon demand). The Company shall use commercially reasonable efforts to promptly provide the
Holder of such Series A Preferred Share with prior written notice of any amounts that the Company (or its paying agent, as applicable) intends to deduct or withhold from any payment or distribution (or deemed distributions) with respect to such
Series A Preferred Shares (or with respect to a warrant held by the Holder of such Series A Preferred Share or upon the exercise thereof) reasonably in advance of the payment or distribution (or deemed distributions) thereof. The Company shall
cooperate in good faith with any Holder of Series A Preferred Shares to minimize or eliminate any withholding or deduction described in this 

			
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paragraph 10(a) on any payments or distributions (or deemed distributions) with respect to Series A Preferred Shares or warrants beneficially owned by the Holder of such Series A Preferred Share,
including by giving the Holder of such Series A Preferred Share an opportunity to provide additional information or to apply for an exemption from, or a reduced rate of, withholding. 

 

	 	(b)	 Transfer Taxes. The Company shall be solely responsible for, and fully pay, any and all sales, use,
value added, goods and services, documentary, stamp, transfer, stock transfer, real property transfer or gains, indirect taxes or other similar taxes, fees or charges, together with any interest, penalties or additions in respect thereof
(including any fees, costs and expenses incurred by the Company in complying with this paragraph 10(b)) (“Transfer Tax”) due on the issue of Series A Preferred Shares or certificates (if any) representing such shares or
securities. All necessary tax returns and other documentation with respect to any such Transfer Tax shall be prepared and filed by the Company, and the Company shall provide promptly a copy of such tax returns to the recipient of such Series A
Preferred Shares. However, the Company shall not be required to pay any Transfer Tax that may be payable in respect of the issue or delivery (or any transfer involved in the issue or delivery) of Series A Preferred Shares to a beneficial
owner other than the initial beneficial owner of the Series A Preferred Shares, and no such issue or delivery shall be made unless and until the person requesting such issue or delivery has paid to the Company the amount of any such Transfer Tax or
has established to the satisfaction of the Company that such Transfer Tax has been paid or is not payable. 

  

	11.	 Transfer Agent, Registrar and Paying Agent. 

 

	 	(a)	 The duly appointed Transfer Agent, registrar and paying agent for the Series A Preferred Shares shall be shall
be [    ]. The Company may, in its sole discretion, appoint any other Person to serve as Transfer Agent, registrar or paying agent for the Series A Preferred Shares and thereafter may remove or replace such other Person at any
time. Upon any such appointment or removal, the Company shall send notice thereof by first class mail, postage prepaid, to the Holders. 

			
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 SCHEDULE 2 

SERIES B PREFERRED SHARES 

 BVI Company Number: 1936519 

TERRITORY OF THE BRITISH VIRGIN ISLANDS 

BVI BUSINESS COMPANIES ACT 

ARTICLES OF ASSOCIATION 

OF 
 Despegar.com, Corp.

 (a company limited by shares) 

 TABLE OF CONTENTS 

 

			
	INTERPRETATION
		
	1.	  	Definitions
	
	SHARES
		
	2.	  	Power to Issue Shares
		
	3.	  	Power of the Company to Purchase its Shares
		
	4.	  	Certificates for Shares
		
	5.	  	Fractional Shares
		
	6.	  	Registered Shareholders
		
	7.	  	Transfer of Registered Shares
		
	8.	  	Transmission of Registered Shares
		
	9.	  	Division and Combination of Shares
		
	10.	  	Fixing a Record Date
	
	SHAREHOLDER MEETINGS
		
	11.	  	Meetings of Shareholders
	
	DIRECTORS
		
	12.	  	Directors
	
	NOTICES
		
	13.	  	Notices
	
	OFFICERS
		
	14.	  	Officers and Agents
		
	15.	  	The Chairman Of The Board
		
	16.	  	The President and Vice Presidents
		
	17.	  	The Secretary and Assistant Secretary
		
	18.	  	The Treasurer And Assistant Treasurers

			
	
	DISTRIBUTIONS
		
	19.	  	Distributions and Dividends
		
	20.	  	Reserve for Distributions
	
	GENERAL PROVISIONS
		
	21.	  	Checks
		
	22.	  	Fiscal Year
		
	23.	  	Corporate Seal
	
	DIRECTOR CONFLICTS AND INDEMNIFICATION
		
	24.	  	Indemnification
		
	25.	  	Conflicts of Interest
		
	26.	  	Expedia Directors
	
	CORPORATE RECORDS
		
	27.	  	Documents to be Kept
	
	ACCOUNTS
		
	28.	  	Books of Account
		
	29.	  	Form of Records
		
	30.	  	Financial Statements
	
	AUDITS
		
	31.	  	Audit
		
	32.	  	Appointment of Auditor
	
	VOLUNTARY LIQUIDATION
		
	33.	  	Liquidation
	
	SECTION 175 AND CONTINUATION
		
	34.	  	Section 175
		
	35.	  	Continuation under Foreign Law
	
	EXCLUSIVE JURISDICTION
		
	36.	  	Exclusive Jurisdiction

 
 

  

			
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 INTERPRETATION 

 

	1.	 Definitions 

  

	 	1.1	 In these Articles, the following words and expressions shall, where not inconsistent with the context, have the
following meanings, respectively: 

  

			
	Act	  	means the BVI Business Companies Act, 2004, as from time to time amended or restated;
		
	Additional Class of Shares	  	has the meaning given to it in Clause 7 of the Memorandum;
		
	Adjusted EBITDA	  	means consolidated net income (loss), minus (i) financial income (expense), (ii) income tax, (iii) depreciation, (iv) amortization, (v) impairment of long-lived assets, and (vi) stock-based compensation
expense;
		
	Affiliates	  	as such term is defined in Rule 405 promulgated under the Exchange Act, provided that, for the purposes of Schedule 1 and Schedule 2, “Affiliate” shall mean as to any Person, any other Person that, directly or
indirectly, controls, or is controlled by, or is under common control with, such Person; provided, however, that (i) the Company and its Affiliates shall not be deemed to be Affiliates of any holder of Preferred Shares or any of its Affiliates,
and (ii) portfolio companies of any holder of Preferred Shares or any Affiliate thereof shall not be deemed to be Affiliates of such holder solely to the extent that any such portfolio company has not received any confidential information
pertaining to the Company from any holder (provided that no Person will be deemed to be in receipt of any confidential information solely because any such person serves as a director, officer or employee of such portfolio company). For this purpose,
“control” (including, with its correlative meanings, “controlled by” and “under common control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction
of management or policies of a Person, whether through the ownership of securities or partnership or other ownership interests, by contract or otherwise.

			
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	Annual Meeting	  	has the meaning given to it in Article 11.1(a);
		
	Articles	  	means these Articles of Association as originally registered or as from time to time amended or restated;
		
	Associates	  	as such term is defined in Rule 405 promulgated under the Exchange Act;
		
	Available Board Seats	  	has the meaning given to it in Article 12.3(b)(i);
		
	Beneficial Owners	  	as such term is defined in Rule 13d-3 promulgated under the Exchange Act;
		
	Board of Directors or Board	  	means the board of directors appointed or elected pursuant to these Articles and acting by Resolution of Directors or, where the context so requires, acting by Special Resolution of Directors;
		
	Business Day	  	means any day except a Saturday, a Sunday or other day on which the SEC or banks in the City of New York or banks in the British Virgin Islands are authorized or required by law to be closed;

			
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	Candidates	  	has the meaning given to it in Article 12.3(b)(i);
		
	Chairman	  	means the Chairman of the Board of Directors appointed pursuant to Article 14.1 from time to time or, where the context requires, a person acting as Chairman pursuant to Article 15.2;
		
	Class I Directors	  	has the meaning given to it in Article 12.2;
		
	Class II Directors	  	has the meaning given to it in Article 12.2;
		
	Class III Directors	  	has the meaning given to it in Article 12.2;
		
	Common Shares	  	has the meaning given to it in Clause 5 of the Memorandum;
		
	Company	  	means Despegar.com, Corp.;
		
	Derivative Instrument	  	means any option, warrant, convertible security, share appreciation right, swap, hedge, stock borrowing agreement, contract for difference, synthetic interest or other contractual right relating to any class or series of shares
of the Company, including without limitation (i) any right whose value is linked to the price of any class or series of shares of the Company or which has an exercise or conversion privilege or a settlement payment or mechanism at a price
related to any class or series of shares of the Company, whether or not such instrument or right shall be subject to settlement in the underlying class or series of shares or otherwise; (ii) any other direct or indirect right, agreement,
understanding or arrangement to profit or share in any profit derived from any increase or decrease in the value of any class or series of shares of the Company; and (iii) any right, agreement, understanding or arrangement that increases or
decreases the voting power or distribution rights of any person or entity with respect to any class or series of shares of the Company;

			
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	Dispute	  	has the meaning given to it in Article 36.4;
		
	Distribution	  	 means:
  

(a)   the direct or indirect transfer of an asset, other than the Company’s own shares, to or
for the benefit of a Member; or
  

(b)   the incurring of a debt to or for the benefit of a Member;

 
 in relation to shares held by a Member and whether by means of the purchase of an
asset, the purchase, redemption or other acquisition of shares, a transfer of indebtedness or otherwise, and includes a dividend, but shall exclude a purchase, redemption or other acquisition of the Company’s shares specified in section 63 of
the Act and any surrender of shares pursuant to section 59(1A) of the Act;

		
	Exchange Act	  	the Securities Exchange Act of 1934 of the United States (as amended from time to time);
		
	Expedia	  	has the meaning given to it in Article 26.1;
		
	Expedia Director	  	has the meaning given to it in Article 26.1;
		
	Family Member	  	any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, civil law partner, sibling, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law, and shall include adoptive relationships;

			
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	Governmental Authority	  	means any government, court, regulatory or administrative agency, commission, arbitrator or authority or other legislative, executive or judicial governmental entity (in each case including any self-regulatory organization),
whether federal, state or local, domestic, foreign or multinational;
		
	Independent	  	means, in relation to any individual, that the person would be eligible to serve on an audit committee pursuant to the applicable requirements of Section 10A(m)(1) of the Exchange Act and Rule
10A-3 promulgated thereunder;
		
	IPO Date	  	means the date on which the Company’s Common Shares are first traded on the New York Stock Exchange;
		
	Member	  	means a person whose name is entered in the register of members as the holder of one or more shares in the Company;
		
	Memorandum	  	means the Memorandum of Association of the Company as originally registered or as from time to time amended or restated;
		
	Person	  	means an individual, corporation, limited liability company, partnership, joint venture, association, trust, unincorporated organization or any other entity, including a Governmental Authority;
		
	 Potential Business Opportunity
	  	has the meaning given to it in Article 26.2;
		
	 Preferred Directors
	  	means the Series A Preferred Director and the Series B Preferred Director;

			
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	 Preferred Shares
	  	means the Series A Preferred Shares and the Series B Preferred Shares;
		
	Proposing Shareholder	  	has the meaning given to it in Article 11.4;
		
	Proposing Shareholder Parties	  	means, in relation to any Proposing Shareholder, collectively, the Proposing Shareholder and the Beneficial Owner(s) of all the shares in respect of which the any proposal or nomination is made, if any, and the Proposing
Shareholder’s and Beneficial Owners’ respective Affiliates, Associates, Family Members and others acting in concert with any of the foregoing and “Proposing Shareholder Party” means any one of them;
		
	Relevant Provisions	  	means (i) Clause 4, Clause 7 and Clause 9 of the Memorandum; (ii) Articles 2, 3, 10, 11.1 to 11.14 (inclusive), 12, 14, 19.1 to 19.3 (inclusive), 24, 25, 26, 31, 32, 33, 34, 35 and 36 of the Articles; and (iii) all
definitions relating to such provisions, including, without limitation, the following definitions in this Article 1.1: Distribution, Derivative Instrument, IPO Date, Proposing Shareholder Parties, Resolution of Directors, Resolution of Members,
Special Resolution of Directors, Special Resolution of Members, Transfer Agent and this definition of Relevant Provisions;
		
	Relevant Time	  	has the meaning given to it in Article 12.2(b);
		
	Representative	  	has the meaning given to it in Article 11.16(g);
		
	Requisition Notice	  	has the meaning given to it in Article 11.3(b);
		
	Requisitioning Shareholders	  	has the meaning given to it in Article 11.3(b)(ii);

			
	Despegar.com, Corp.	  	Page 7

  

 
			
	Reserved Matters	  	means the Series A Reserved Matters and the Series B Reserved Matters;
		
	Resolution of Directors	  	 means:
  

(i) a resolution approved at a duly constituted and quorate meeting of directors (or of a committee of directors, as the case may be) by the affirmative vote
of those directors who are entitled to attend and are present at the meeting and who are entitled to cast not less than a simple majority of the votes at the meeting; or
  

(ii) a resolution consented to in writing by all of the directors (or all of the members of a committee of directors, as the case may be) who are entitled to
vote on the resolution and adopted in accordance with Article 12.10;

		
	Resolution of Members	  	means a resolution approved at a duly constituted and quorate meeting of Members by the affirmative vote of not less than a simple majority of the votes of those Members present at the meeting and entitled to vote and voting on
the resolution, provided always that a Resolution of Members may not be adopted or consented to in writing at any time;
		
	 Restricted Potential Business Opportunity
	  	has the meaning given to it in Article 26.2;
		
	Seal	  	means the common seal of the Company;
		
	SEC	  	the U.S. Securities and Exchange Commission;
		
	Securities Act	  	the Securities Act of 1933 of the United States, as amended from time to time;

			
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	Secretary	  	means the person appointed to perform any or all of the duties of secretary of the Company and, where the context allows, includes any deputy or assistant secretary and any person appointed by the Board of Directors to perform
any of the duties of the Secretary;
		
	Series A Preferred Director	  	the director appointed in accordance with paragraph 9 of Schedule 1 to the Memorandum;
		
	Series A Preferred Shares	  	has the meaning given to it in Clause 5 of the Memorandum;
		
	Series A Reserved Matters	  	has the meaning given to it in paragraph 8 of Schedule 1 to the Memorandum;
		
	Series B Preferred Director	  	any director appointed by the holders of the Series B Preferred Shares in accordance with Schedule 2 to the Memorandum;
		
	Series B Preferred Shares	  	has the meaning given to it in Clause 5 of the Memorandum;
		
	Series B Reserved Matters	  	means any consent, veto or approval rights assigned to the holders of the Series B Preferred Shares in Schedule 2 to the Memorandum and specified as a “Series B Reserved Matter” therein;
		
	Shareholder or shareholder	  	means a Member;
		
	Special Meeting	  	has the meaning given to it in Article 11.2;

			
	Despegar.com, Corp.	  	Page 9

  

 
			
		
	Special Resolution of Directors	  	 means:
  

(i) a resolution approved at a duly constituted and quorate meeting of directors (or of a committee of directors, as the case may be) by the affirmative vote
of those directors who are entitled to attend and are present at the meeting and who are entitled to cast not less than two-thirds (662/3%) of the votes at the meeting; or
  

(ii) a resolution consented to in writing by all of the directors (or all of the members of a committee of directors, as the case may be) who are entitled to
vote on the resolution and adopted in accordance with Article 12.10;

		
	Special Resolution of Members	  	means a resolution approved at a duly constituted and quorate meeting of Members by the affirmative vote of not less than two-thirds
(662/3%) of the votes of those Members present at the meeting and entitled to vote and voting on the resolution, provided always that a
Special Resolution of Members may not be adopted or consented to in writing without a meeting at any time;
		
	subsidiary	  	has the meaning given to it in the BVI Business Companies Regulations, 2012, as from time to time amended or restated;
		
	Transfer Agent	  	means the transfer agent and registrar appointed by the Company by Resolution of Directors from time to time, which shall initially be Computershare with effect from the IPO Date; and
		
	voting commitment	  	has the meaning given to it in Article 11.5(b)(ix).

			
	Despegar.com, Corp.	  	Page 10

  

	 	1.2	 In these Articles, where not inconsistent with the context: 

 

	 	(a)	 words denoting the plural number include the singular number and vice versa; 

 

	 	(b)	 words denoting the masculine gender include the feminine and neuter genders; 

 

	 	(c)	 words importing persons include companies, associations or bodies of persons whether corporate or not;

  

	 	(d)	 a reference to voting in relation to shares shall be construed as a reference to voting by Members holding the
shares, except that it is the votes allocated to the shares that shall be counted and not the number of Members who actually voted and a reference to shares being present at a meeting shall be given a corresponding construction;

  

	 	(e)	 a reference to election of a person as a director shall be construed to include
re-election of an existing director whose term in office is due to expire in accordance with these Articles; 

  

	 	(f)	 a reference to money is, unless otherwise stated, a reference to United States Dollars; 

 

	 	(g)	 unless expressly stated, a reference to days (i) shall be a reference to calendar days and, for the
avoidance of doubt, shall include both business days and non-business days; and (ii) shall not be construed as being a reference to clear days; 

 

	 	(h)	 the words:- 

  

	 	(i)	 “may” shall be construed as permissive; and 

 

	 	(ii)	 “shall” shall be construed as imperative; 

 

	 	(i)	 any phrase introduced by the terms including, include or in particular (or any similar expression) shall be
construed as illustrative and shall not limit the sense of the words preceding those terms and the rule known as the ejusdem generis rule shall not apply to the Memorandum or these Articles; 

 

	 	(j)	 a reference to a statutory provision shall be deemed to include any amendment thereto, re-enactment thereof, successor thereto and the rules and regulations promulgated thereunder; 

  

	 	(k)	 unless otherwise provided herein or the context otherwise requires, words or expressions defined in the Act
shall bear the same meaning in these Articles; 

			
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	 	(l)	 a reference to an “Article” shall be a reference to an article of these Articles and a reference to a
“Clause” shall be a reference to a clause of the Memorandum; and 

  

	 	(m)	 any Person shall be deemed to “beneficially own”, to have “beneficial ownership” of, or to
be ‘beneficially owning” any securities (which securities shall also be deemed “beneficially owned” by such Person) that such Person is deemed to “beneficially own” within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act, provided that any Person shall be deemed to beneficially own any securities that such Person has the right to acquire, whether or not
such right is exercisable within sixty (60) days or thereafter; 

  

	 	1.3	 In these Articles expressions referring to “writing”, “written” or their cognates shall,
unless the contrary intention appears, include facsimile, printing, lithography, photography, electronic mail, other electronic means and other modes of representing words in visible form. 

 

	 	1.4	 Headings used in these Articles are for convenience only and are not to be used or relied upon in the
construction hereof. 

 SHARES 
  

	2.	 Power to Issue Shares 

Subject to the provisions of the Memorandum (including, without limitation, the Reserved Matters) and the rights of any Additional
Class of Shares, the unissued shares of the Company shall be at the disposal of the Board of Directors. Without prejudice to Clause 7 of the Memorandum, the Board may (i) offer, allot, issue or grant options, warrants or other rights over
shares; (ii) grant restricted share units, phantom awards, share appreciation rights and other equity awards and interests; and (iii) otherwise dispose of the shares and equity interests of the Company, in each case to such persons, at
such times, for such consideration (which may be money or otherwise) and upon such other terms and conditions as the Company may by Resolution of Directors determine. Without limitation to the foregoing, the Board of Directors may issue shares and
other equity interests subject to such contractual restrictions and limitations as is agreed with the relevant Member, which contractual restrictions and limitations shall be enforceable by the Company against such Member in accordance with their
terms. 

			
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	3.	 Power of the Company to Purchase its Shares 

Subject to the Act, the Memorandum (including, Schedule 1 and Schedule 2 to the Memorandum), these Articles and the Reserved Matters, the
Company may by Resolution of Directors, at any time and on such terms as shall be determined by the Board, purchase, redeem or otherwise acquire and hold its own shares (a) with the prior written consent of the holder of such shares (which
consent may be given by agreement in advance and may be either unconditional or conditional); or (b) in accordance with the terms and conditions of such class of shares or the terms and conditions upon which such class of shares are issued, in
each case without the consent of the holder of such shares. The Company may enter into agreements with the Members or any Member giving it the right, or requiring it, to purchase, redeem or otherwise acquire the shares of that Member (whether
unconditionally or conditionally upon the happening of certain events). Sections 60, 61 and 62 of the Act shall not apply to the Company. Subject to the Act, a share that the Company purchases, redeems or otherwise acquires may be cancelled or held
by the Company as a treasury share. 
  

	4.	 Certificates for Shares 

 

	 	4.1	 Share Certificates. 

 

	 	(a)	 Except as set forth on Schedule 1 and Schedule 2 to the Memorandum and as expressly contemplated by any
warrants held by the Investors (as defined in Schedule 1 to the Memorandum) as at the Closing Date (as defined in Schedule 1 to the Memorandum), with effect from the IPO Date no holder of shares of any class in the Company shall have the right to
require issuance or provision to it at any time of any certificate in respect of the shares of any class owned by him in the Company. If the Company does nevertheless by Resolution of Directors elect to issue share certificates, the certificates
shall be: (a) signed by at least one director, the Secretary of the Company or such other person who may be authorised by Resolution of Directors to sign share certificates; or (b) shall be under the common seal of the Company, with or
without the signature of any director. 

  

	 	(b)	 Certificates may be issued for partly paid shares and in such case upon the face or back of the certificates
issued to represent any such partly paid shares, the total amount of the consideration to be paid therefor, and the amount paid thereon shall be specified. 

  

	 	(c)	 If a holder of shares of any class in the Company received one or more certificates at any time prior to the
IPO Date in respect of any shares of any class owned by him in the Company, such holder shall return the originals of all such certificates to the Company for cancellation promptly upon request to do so by the Company or, if earlier, at the time of
any transfer or purported transfer or other disposition of such shares. The Company may by Resolution of Directors unilaterally cancel 

			
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any original share certificates issued prior to the IPO Date that are not promptly returned upon request by the Company. Any certificates so cancelled shall be null and void and, for the
avoidance of doubt, Article 4.4 shall apply in respect of any such cancelled share certificates that are not returned to the Company. 

  

	 	4.2	 Facsimile Signatures. Any or all of the signatures or the common seal on the certificate may be
facsimile. In the event that any officer, Transfer Agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, Transfer Agent or registrar before such certificate is issued,
the certificate may be issued by the Company with the same effect as if such officer, Transfer Agent or registrar were still acting as such at the date of issue. 

 

	 	4.3	 Lost Certificates. The Board of Directors may in its sole and absolute discretion direct a new
certificate or certificates to be issued in place of and/or register as cancelled any certificate or certificates theretofore issued by the Company alleged to have been lost, stolen or destroyed upon the making of an affidavit of that fact by the
person claiming the certificate to be lost, stolen or destroyed. If and when authorizing such issuance of a new certificate or certificates and/or cancellation, the Board of Directors may, in its discretion and as a condition precedent to the
issuance and/or cancellation, require the owner of such lost, stolen or destroyed certificate or certificates, or his legal representative, to advertise the same in such manner as it shall require and/or to give the Company a bond in such sum as it
may direct as indemnity against any claim that may be made against the Company with respect to the certificate alleged to have been lost, stolen or destroyed. 

 

	 	4.4	 Indemnity. Any Member receiving a share certificate for registered shares shall indemnify and hold the
Company and its directors and officers harmless from any loss or liability which it or they may incur by reason of wrongful or fraudulent use or representation made by any person by virtue of the possession thereof. 

 

	5.	 Fractional Shares 

The Company may issue fractional shares and a fractional share shall have the corresponding fractional rights, obligations and liabilities of a
whole share of the same class or series of shares. 

			
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	6.	 Registered Shareholders 

 

	 	6.1	 The Company shall be entitled to recognize the exclusive right of a person registered on its books as the owner
of shares to receive dividends, to vote as such owner, to hold liable for calls and assessments and for all other purposes in respect of such shares a person registered on its books as the owner of such shares and shall not be bound to recognize any
equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof. 

 

	 	6.2	 Without limitation to the foregoing, the Company may treat the holder of a registered share as the only person
entitled to: 

  

	 	(a)	 exercise any voting rights attaching to the share; 

 

	 	(b)	 receive notices in respect of the share; 

 

	 	(c)	 receive a Distribution in respect of the share; and 

 

	 	(d)	 exercise other rights and powers attaching to the share. 

 

	7.	 Transfer of Registered Shares 

 

	 	7.1	 For so long as the shares of the Company are listed on the New York Stock Exchange or any other recognised
exchange, the shares of the Company may be freely transferred without the need for a written instrument of transfer provided that the transfer is carried out in accordance with the (i) laws, rules, procedures and other requirements applicable
to shares registered on the relevant exchange and section 54A of the Act; and (ii) rules, procedures and requirements imposed by the Transfer Agent. 

  

	 	7.2	 If at any time the shares of the Company are not listed on the New York Stock Exchange or any other recognised
exchange, shares in the Company shall only be transferred by a written instrument of transfer signed by the transferor and containing the name and address of the transferee. The instrument of transfer shall also be signed by the transferee if
registration as a holder of the share imposes a liability to the Company on the transferee. The instrument of transfer shall be sent to the Company for registration. 

 

	 	7.3	 The Board of Directors may issue shares and other equity interests (including, without limitation, Additional
Classes of Shares, Series A Preferred Shares and Series B Preferred Shares) subject to such contractual transfer restrictions, lock-ups and other limitations (including the Reserved Matters) as is agreed with
the relevant Member, which contractual transfer restrictions, lock-ups and limitations shall be enforceable by the Company against such Member in accordance with their terms. 

			
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	8.	 Transmission of Registered Shares 

 

	 	8.1	 The executor or administrator of the estate of a deceased Member, the guardian of an incompetent Member, the
liquidator of an insolvent Member or the trustee of a bankrupt Member shall be the only person recognised by the Company as having any title to the Member’s share. 

 

	 	8.2	 Any person becoming entitled by operation of law or otherwise to a share in consequence of the death,
incompetence, insolvency or bankruptcy of any Member may be registered as a Member upon such evidence being produced as may reasonably be required by the Board of Directors and the Transfer Agent. An application in writing by any such person to be
registered as a Member shall for all purposes be deemed to be a transfer of the share of the deceased, incompetent, insolvent or bankrupt Member and the Board of Directors and Transfer Agent shall treat it as such. 

 

	 	8.3	 Any person who has become entitled to a share or shares in consequence of the death, incompetence, insolvency
or bankruptcy of any Member may, instead of being registered himself, request in writing that some person to be named by him be registered as the transferee of such share and such request shall likewise be treated as if it were a transfer.

  

	 	8.4	 A person becoming entitled by operation of law or otherwise to a share in consequence of the death,
incompetence, insolvency or bankruptcy of any Member shall be entitled to receive and may give a discharge for all dividends and other moneys payable on or in respect of the share, but he shall not be entitled to receive notice of or to attend or
vote at meetings of shareholders of the Company or, save as aforesaid, to any of the rights or privileges of Member unless and until he shall have become a Member in respect of the share. Notwithstanding the foregoing, the share may be transferred
as aforesaid even though the person becoming entitled by operation of law or otherwise to the share is not a shareholder at the time of the transfer. 

  

	9.	 Division and Combination of Shares 

 

	 	9.1	 Subject to the Act, the Company may from time to time by Resolution of Directors: 

 

	 	(a)	 divide its shares, including issued shares, into a larger number of shares; or 

 

	 	(b)	 combine its shares, including issued shares, into a smaller number of shares. 

 

	 	9.2	 A division or combination of shares, including issued shares, of a class shall be for a larger or smaller
number, as the case may be, of shares in the same class. 

			
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	10.	 Fixing a Record Date 

Subject to the provisions of Schedule 1 and Schedule 2 to the Memorandum, as applicable, in order that the Company may determine the
shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of
any change, conversion or exchange of shares or for the purpose of any other lawful action, the Board of Directors may fix a record date which shall not be more than sixty (60) nor less than five (5) days before the date of such meeting,
nor more than sixty (60) days prior to any other action. A determination of shareholders of record entitled to notice of or to vote at a meeting of shareholders shall apply to any adjournment of the meeting; provided, however, that the Board of
Directors may in their discretion fix a new record date for the adjourned meeting. 
 SHAREHOLDER MEETINGS 

 

	11.	 Meetings of Shareholders 

 

	 	11.1	 Annual Meetings.  

 

	 	(a)	 The Company shall hold an annual meeting of shareholders designated as such by the Board of Directors (each, an
“Annual Meeting”). Following the IPO Date, the first Annual Meeting of the Company shall take place on a date to be determined by the Board of Directors which shall not be later than December 31 in 2018 (or such other date
determined by Resolution of Directors and notified to shareholders) and thereafter an Annual Meeting shall be held in each calendar year. 

  

	 	(b)	 Only the Board of Directors may convene an Annual Meeting. All Annual Meetings shall be held at such date, time
and place, either within or outside the British Virgin Islands, as shall be determined from time to time by the Board of Directors and stated in the notice of the meeting or in a duly adopted waiver of notice thereof. 

 

	 	(c)	 The business of an Annual Meeting shall be the election of directors for those Board seats whose terms expire
at such meeting and any other items of business proposed by the Board of Directors and/or otherwise duly proposed in accordance with these Articles. 

  

	 	11.2	 Special Meetings. 

 

	 	(a)	 Any meeting of shareholders which is not an Annual Meeting shall be designated as a “Special
Meeting”. A Special Meeting may be held at such date, time and place, either within or outside the British Virgin Islands, as shall be stated in the notice of the meeting or in a duly adopted waiver of notice thereof.

			
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	 	(b)	 Special Meetings may only be called: 

 

	 	(i)	 by the Board of Directors at their own initiative and in their sole discretion; or 

 

	 	(ii)	 by the Board of Directors upon receiving a written request from a shareholder or shareholders that complies
with Article 11.3 below. 

  

	 	(c)	 Special Meetings called pursuant to Article 11.2(b)(i) shall be for the purposes and business stated in the
notice of the Special Meeting. Special Meetings called pursuant to Article 11.2(b)(ii) shall be for the purposes and business determined in accordance with Article 11.3. 

 

	 	(d)	 For the avoidance of doubt, directors of the Company may only be elected and appointed in accordance with
Article 12.3 and no director may be appointed or elected at a Special Meeting. 

  

	 	11.3	 Requisition of Special Meetings by Shareholders. 

 

	 	(a)	 A meeting of shareholders shall be convened by the Board of Directors in accordance with, and subject to the
terms and conditions of, this Article 11.3 if requested in writing to do so by shareholders entitled to exercise at least 30% of the voting rights in respect of the matter for which the meeting is requested. 

 

	 	(b)	 Any written request from shareholders to the Company pursuant to Article 11.3(a) (a “Requisition
Notice”) shall: 

  

	 	(i)	 specify the proposed business of the Special Meeting and otherwise comply with the requirements set-out in Article 11.4 (to the extent applicable to a Special Meeting) and Article 11.6 (as applicable); and 

  

	 	(ii)	 bear the name, address and signature of the shareholders requesting the Special Meeting (the
“Requisitioning Shareholders”) and the number of shares legally and beneficially owned by each Requisitioning Shareholder. 

			
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	 	(c)	 A Requisition Notice, once received by the Company, cannot be amended, varied, supplemented or revoked without
the prior written consent of the Board of Directors. 

  

	 	(d)	 Upon receipt of a Requisition Notice, the Board of Directors shall convene the requested Special Meeting for a
date not later than 90 days after the date of receipt of the Requisition Notice; provided, however, that the directors may in their sole and absolute discretion disregard the Requisition Notice and not convene the requested meeting in the event that
(i) the Requisition Notice is not signed by shareholders holding at least 30% of the voting rights in respect of the matter for which the meeting is requested at the time the Requisition Notice is received by the Company; (ii) the
Requisition Notice does not comply with Article 11.3(b); or (iii) the proposed business does not constitute a proper matter for shareholder action at a Special Meeting (and, in the event that only some of the proposed business does not
constitute a proper matter for shareholder action at a Special Meeting, such business may be excluded from any notice of the Special Meeting). 

  

	 	11.4	 Shareholder Proposals. A shareholder who proposes or wishes to propose any business or other matter to
be considered at a meeting of shareholders or who otherwise brings or wishes to bring any business or other matter before a meeting of shareholders (a “Proposing Shareholder”) must: 

 

	 	(a)	 in the case of any business or other matter to be considered at an Annual Meeting, notify the Company in
writing by not later than the close of business on the 90th day, nor earlier than the close of business on the 120th day, prior to the first
anniversary of the preceding year’s Annual Meeting (provided that if the Company did not have an Annual Meeting the preceding year not later than the close of business on June 30 of the calendar year in which the Annual Meeting is to be
held or such other date notified to shareholders by the Board of Directors); and 

  

	 	(b)	 in the case of any business or other matter to be considered at a Special Meeting convened pursuant to
11.2(b)(ii), include notice of such business or matter in the Requisition Notice; 

 and in each case (x) the notice
must comply with, and include the information required by, Article 11.5 and Article 11.6 (as applicable) and the Proposing Shareholder(s) must comply with Article 11.5(c) and Article 11.7 (as applicable); and (y) the proposed business or other
matter must constitute a proper matter for shareholder action at the 

			
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Annual Meeting or Special Meeting (as applicable), failing either of which the directors may in their sole and absolute discretion disregard and exclude from the meeting of shareholders the
business or other matter proposed by the shareholder (in whole or in part). Without the prior permission of the Board of Directors, a shareholder may not propose any business or other matter for a Special Meeting convened pursuant to Article
11.2(b)(i). 
  

	 	11.5	 Nominations of Directors: 

 

	 	(a)	 Nominations of persons for election or re-election as directors of the
Company at an Annual Meeting, which, for the avoidance of doubt, does not include any of the Preferred Directors, may only be made by (i) the Board of Directors (acting in its sole and absolute discretion); or (ii) any shareholder (or
shareholders collectively), other than any holder of Series A Preferred Shares (for so long as such holder of Series A Preferred Shares has the right to appoint the Series A Preferred Director) or Series B Preferred Shares (for so long as such
holder of Series B Preferred Shares has the right to appoint the Series B Preferred Director), holding not less than three per cent. (3%) of the voting rights that may be exercised at the Annual Meeting entitled to attend and vote at such meeting
and who complies with Article 11.4(a) and this Article 11.5. 

  

	 	(b)	 Any Proposing Shareholder(s) who are entitled and wish to nominate a person for election as a director of the
Company pursuant to Article 11.5(a)(ii) must provide to the Company the following documentation and information by the deadline specified in Article 11.4(a): 

  

	 	(i)	 such person’s written confirmation they are not disqualified for appointment as a director pursuant to
section 111 of the Act; 

  

	 	(ii)	 such person’s written consent to act as a director of the Company with effect from the time of his or her
appointment, which shall include all information specified by section 118A of the Act and must enclose a notarized copy of the photo page of such person’s passport or driver’s licence and a utility bill dated not more than 45 days prior to
the date of the Proposing Shareholders’ notice to the Company; 

  

	 	(iii)	 such person’s curriculum vitae, which shall be in customary form and shall state all directorships,
offices and employment that the person has held in the past 10 years; 

  

	 	(iv)	 a written statement confirming the place of birth, all citizenships held and all places of residence and tax
residencies of such person; 

			
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	 	(v)	 a written statement as to whether or not such person is Independent; 

 

	 	(vi)	 such person’s written consent to being named in the proxy statement as a candidate for election;

  

	 	(vii)	 a written statement setting out all direct and indirect compensation, remuneration and other material monetary
agreements, arrangements and understandings during the past three years, and any other material relationships, between or among the Proposing Shareholder and each other Proposing Shareholder Party on the one hand, and each proposed nominee, and/or
his or her respective Affiliates, Associates, Family Members and/or others acting in concert with any of the foregoing, on the other hand, including, without limitation, all information that would be required to be disclosed pursuant to Item 7B of
the Form 20-F promulgated under the Exchange Act if each Proposing Shareholder Party were the “registrant” for the purposes of such rule and the nominee were a director or executive officer of such
registrant; 

  

	 	(viii)	 all other information that is required to be in Item 6 of the Form 20-F
promulgated under the Exchange Act; 

  

	 	(ix)	 a written representation agreement (in a form provided by the Secretary) from such person confirming that such
person (A) is not and will not become a party to (1) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director, will act or vote
on any issue or question pertaining in any way to the Company (a “voting commitment”) that has not been disclosed in the representation agreement; or (2) any voting commitment that could limit or interfere with such
person’s ability to comply, if elected as a director of the Company, with such person’s fiduciary or other director’s duties under applicable law, (B) is not and will not become a party to any agreement, arrangement or
understanding with any person or entity other than the Company (including, without limitation, any Proposing Shareholder Party) with respect to any direct or indirect compensation, reimbursement, financial incentive or indemnification in connection
with service or action as a director that has not been disclosed in the representation agreement, and (C) in such person’s individual capacity 

			
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and on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance, if elected as a director, and will comply with all applicable publicly disclosed
corporate governance, conflict of interest, confidentiality and share trading policies and guidelines of the Company; and 

  

	 	(x)	 a written statement setting out the information required by Article 11.6(f) in respect of each Proposing
Shareholder Party. 

  

	 	(c)	 The Board of Directors may require any proposed nominee to furnish such other documentation and/or information
as it may require (i) to determine the eligibility of such proposed nominee to serve as a director, including with respect to qualifications established by any committee of directors and the matters referred to in Article 11.5(d) below;
(ii) to determine whether such nominee qualifies as Independent or as an “independent director” or “audit committee financial expert” under applicable law, securities exchange rule or regulation, or any publicly-disclosed
corporate governance guideline or committee charter of the Company; (iii) to verify the place of birth, citizenship, tax residencies and countries of residence of the proposed nominee; or (iv) that could otherwise be material to a
reasonable shareholder’s understanding of the independence and qualifications, or lack thereof, of such nominee. 

  

	 	(d)	 If the Board of Directors determines by Resolution of Directors that: (i) a person nominated by a
shareholder for election as a director of the Company is not qualified, does not have the requisite experience, has a conflict of interest or is otherwise unsuitable or unfit for office; or (ii) the election of such person may (A) give
rise to a material risk that the Company’s (and/or its subsidiaries’ respective) brands, businesses, reputation and/or commercial relationships would be adversely affected; (B) result in the Company not having a sufficient number of
directors who are Independent for the purposes of its audit committee; or (C) give rise to a material risk that the Company would lose is status as a “foreign private issuer” as defined in Rule 405 of Regulation C under the Securities
Act and Rule 3b-4 under the Exchange Act, it may refuse to accept the nomination of such person and, upon such determination by the Board of Directors, such a person shall be deemed to be disqualified from
being a director of the Company pursuant to section 111(1)(e) of the Act and shall not be put forward as a Candidate at any Annual Meeting. In the case of items (B) and (C) above, if for any reason the Board of Directors is not able to make
such a determination until the Annual Meeting takes place (including, without limitation, because such a determination may depend on what happens in the election for each Available 

			
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Board Seat at the Annual Meeting), the Board may by Resolution of Directors (x) refuse to accept the nomination of such person upon the occurrence of certain events and/or conditionally upon
certain contingencies arising; or (y) refuse to accept the nomination at the Annual Meeting (and the Chairman shall have the power to adjourn the Annual Meeting to allow the Board of Directors to consider such a matter). If such a determination
by the Board of Directors becomes effective or a final determination is made at an Annual Meeting, such a person shall be deemed to be disqualified from being a director of the Company pursuant to section 111(1)(e) of the Act and shall immediately
cease to be a Candidate at the Annual Meeting (notwithstanding the fact that such person’s candidacy was included in the notice of the Annual Meeting). 

  

	 	11.6	 Other Business Proposed by Shareholders: If a Proposing Shareholder wishes to propose any business or
other matter pursuant to Article 11.4 other than the nomination of a person or persons for election as a director, the Proposing Shareholder shall provide the following information and documentation with its notice to the Company by the applicable
deadline specified in Article 11.4: 

  

	 	(a)	 a brief description of the business or other matter desired to be brought before the meeting;

  

	 	(b)	 the reasons for conducting such business or other matter at the meeting; 

 

	 	(c)	 the text of the proposal or business or other matter, including the text of any resolutions proposed for
consideration and, if such business includes a proposal to amend the Memorandum and/or these Articles, the language of the proposed amendment; 

  

	 	(d)	 any material interest of the Proposing Shareholder and each other Proposing Shareholder Party in such business
or other matter; 

  

	 	(e)	 a description of all agreements, arrangements and understandings between the Proposing Shareholder Parties, on
the one hand, and any other person or persons (including their names), on the other, in connection with the proposal of such business or other matter by the Proposing Shareholder; and 

 

	 	(f)	 as to each Proposing Shareholder making the proposal: (i) the name and address of the Proposing
Shareholder, as it appears on the register of members of the Company, and of the Beneficial Owner(s), if any, (ii) (A) the class and number of shares that are, directly or indirectly, owned beneficially and/or of record by the Proposing
Shareholder and each other Proposing Shareholder Party, (B) any 

			
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Derivative Instrument directly or indirectly owned beneficially and/or held by the Proposing Shareholder and each other Proposing Shareholder Party; (C) any proxy, contract, arrangement,
understanding or relationship pursuant to which the Proposing Shareholder and/or any Proposing Shareholder Party has a right to vote any shares of the Company, (D) any short interest in any security of the Company directly or indirectly owned
beneficially by the Proposing Shareholder and each other Proposing Shareholder Party (for the purposes of this Article, a person shall be deemed to have a short interest in a security if such person directly or indirectly, through a contract,
arrangement, understanding, relationship or otherwise, has the opportunity to profit or share in any profit derived from any decrease in the value of the subject security), (E) any right to dividends or other distributions on the shares directly or
indirectly owned beneficially by the Proposing Shareholder and each other Proposing Shareholder Party, which right is separated or separable from the underlying shares, (F) any interest in shares or Derivative Instruments held directly or
indirectly by a general or limited partnership in which the Proposing Shareholder or any other Proposing Shareholder Party is a general partner or with respect to which the Proposing Shareholder and any other Proposing Shareholder Party, if any,
directly or indirectly beneficially owns an interest in a general partner, and (G) any performance-related fees (other than an asset-based fee) to which the Proposing Shareholder or any other Proposing Shareholder Party is entitled to based on
any increase or decrease in the value of shares of the Company or pursuant to any Derivative Instrument, if any; in each case with respect to the information required to be included in the notice pursuant to (A) through (G) above, as of the
date of such notice and including, without limitation, any such interests held by members of the Proposing Shareholders and each other Proposing Shareholder Party (which information shall be supplemented by the Proposing Shareholder (y) not
later than ten (10) days after the record date for the relevant meeting to disclose such ownership and interests as of the record date and (z) ten (10) days before the relevant meeting date), (iii) a representation whether the Proposing
Shareholder and/or any Proposing Shareholder Party, if any, intends or is part of a group that intends (A) to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Company’s outstanding shares required
to approve or adopt the proposal or elect the nominee or (B) otherwise to solicit proxies from shareholders in support of such proposal; and (iv) a certification regarding whether the Proposing Shareholder and each other Proposing
Shareholder Party, if any, have complied with all applicable legal requirements and the Memorandum and the Articles in connection with the Proposing Shareholder’s and each other Proposing Shareholder Party’s acquisition of shares or other
securities of the Company and/or their acts or omissions as a shareholder of the Company and that all information provided to the Company pursuant to these Articles is true, complete and accurate. 

			
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	 	11.7	 Other Documentation and/or Information. The Board of Directors may require a Proposing Shareholder to
furnish such other documentation and/or information as it may require (i) to establish or verify the information required by Article 11.6; or (ii) that could otherwise be material to a reasonable shareholder’s understanding of the
business or other matter proposed by the Proposing Shareholder. 

  

	 	11.8	 Notice of Meeting. Written notice of any shareholder meeting stating the place, date (and, if
applicable, the record date for determining Members entitled to attend and vote at the meeting) and time of the meeting, the purpose or purposes for which the meeting is called, and the means of remote communication, if any, by which shareholders
and proxyholders may be deemed to be present in person and vote at such meeting, shall be given to each shareholder entitled to vote at such meeting and each director not fewer than ten (10) nor more than one hundred and twenty (120) days
before the date of the meeting in any means permitted under the Act and these Articles (including, without limitation, Article 13). The directors shall be entitled to receive notice of, attend and be heard at meeting of Members. The inadvertent
failure or accidental omission to give notice of a meeting to, or the non-receipt of a notice of a meeting by, any person entitled to receive notice shall not invalidate the shareholder meeting or the
proceedings at that meeting. Any notice required to be given to a Member shall, with respect to any shares held jointly by two or more persons, be given to whichever of such persons is named first in the register of members and notice so given shall
be sufficient notice to all the holders of such shares. Notwithstanding the foregoing, a meeting of Members held in contravention of the notice requirements set out in this Article 11.8 is valid if shareholders holding a ninety percent (90%)
majority of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a shareholder at the meeting shall be deemed to constitute waiver on his part.

			
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	 	11.9	 Changes to Meetings: The Board of Directors may postpone, reschedule or cancel any Annual Meeting or any
Special Meeting convened at the initiative of the Board of Directors in respect of which notice has previously been given by giving notice to the shareholders. A Special Meeting convened pursuant to any Requisition Notice may be postponed,
rescheduled or cancelled by the Board with the agreement of the Requisitioning Shareholders. 

  

	 	11.10	 Business Transacted at Meeting. Business transacted at any meeting of shareholders shall be limited to
the purposes stated in the notice. 

  

	 	11.11	 Quorum; Meeting Adjournment; Presence by Remote Means. 

 

	 	(a)	 Quorum; Meeting Adjournment. A meeting of shareholders is duly constituted and quorate if, at the
commencement of the meeting, there are present in person or by proxy not less than a simple majority of the votes of the shares entitled to vote on the resolutions to be considered at the meeting. If within two hours from the time appointed for the
meeting a quorum is not present, the meeting, if convened pursuant to a Requisition Notice, shall be dissolved; in any other case it shall stand adjourned to such other date, time and place as the Chairman may determine and announce at the meeting
(without the need for any further notice to shareholders). At any such adjourned meeting at which a quorum shall be present or represented, any business may be transacted that might have been transacted at the meeting as originally notified. If the
adjournment is for more than thirty (30) days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each shareholder of record entitled to vote at the meeting.

  

	 	(b)	 Presence by Remote Means. If authorized by the Board of Directors in its sole discretion, and subject to
such guidelines and procedures as the Board of Directors may adopt, shareholders and proxyholders not physically present at a meeting of shareholders may, by means of telephone, electronic means or other remote communication: 

 

	 	(i)	 participate in a meeting of shareholders; and 

 

	 	(ii)	 be deemed present in person and vote at a meeting of shareholders whether such meeting is to be held at a
designated place or solely by means of remote communication, provided that (a) the Company shall implement reasonable measures to verify that each person deemed present and permitted to vote at the meeting by means of remote

			
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communication is a shareholder or proxyholder, (b) all shareholders and proxyholders participating in the meeting are able to hear each other and the Company shall implement reasonable
measures to provide such shareholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the shareholders, including an opportunity to hear the proceedings of the meeting substantially
concurrently with such proceedings; and (c) if any shareholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the Company.

  

	 	11.12	 Voting Thresholds. When a quorum is present at any meeting, the vote of the holders of a majority of the
shares having voting power present in person or represented by proxy shall decide any question brought before such meeting, unless the question is one upon which by express provision of the Act or the Memorandum or these Articles a Special
Resolution of Members or a different vote is required (including, without limitation, pursuant to Article 12.3), in which case such express provision shall govern and control the decision of such question. 

 

	 	11.13	 Number of Votes Per Share. Subject always to the rights of any Additional Class of Shares in issue
from time to time (including, without limitation, the Series B Preferred Shares, which shall carry such number of votes per share as is set-out in Schedule 2 of the Memorandum), each shareholder shall at every
meeting of the shareholders be entitled to one vote by such shareholder or by proxy for each Common Share, but no proxy shall be voted on after three years from its date, unless the proxy provides for a longer period. 

 

	 	11.14	 No Action Permitted by Written Consent of Shareholders. Any action required or permitted to be taken at
any meeting of the shareholders and any Resolution of Members or Special Resolution of Members must be taken and/or adopted at a meeting of the shareholders and cannot be taken in writing in lieu of a meeting of the shareholders. Notwithstanding the
foregoing, and for the avoidance of doubt, approval for Reserved Matters shall be provided by prior written consent of shareholders as set forth on Schedule 1 or Schedule 2 to the Memorandum, as applicable. 

			
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	 	11.15	 Procedure for Voting at Meetings 

 

	 	(a)	 Unless the Chairman otherwise determines, at any meeting of Members a resolution put to the vote of the meeting
shall, in the first instance, be voted upon by a show of hands and, subject to any rights or restrictions for the time being lawfully attached to any Additional Class of Shares or other class of shares and subject to the provisions of the
Memorandum and these Articles, every Member present in person and every person holding a valid proxy at such meeting shall be entitled to one vote and shall cast such vote by raising his hand. At any meeting of Members a declaration by the Chairman
of the meeting that a question proposed for consideration has, on a show of hands, been carried, or carried unanimously, or by a particular majority, or lost, and an entry to that effect in a book containing the minutes of the proceedings of the
Company shall, subject to these Articles, be conclusive evidence of that fact. 

  

	 	(b)	 If the Chairman shall have any doubt as to the outcome of any resolution put to the vote, he shall cause a poll
to be taken of all votes cast upon such resolution, but if the Chairman shall fail to take a poll then any Member present in person or by proxy who disputes the announcement by the Chairman of the result of any vote may immediately following such
announcement demand that a poll be taken and the Chairman shall thereupon cause a poll to be taken. The Chairman shall in his discretion determine the method and procedures for conducting and counting any poll. If a poll is taken at any meeting, the
result thereof shall be duly recorded in the minutes of that meeting by the Chairman and shall replace any previous resolution upon the same matter which has been the subject of a show of hands. 

 

	 	(c)	 The following shall apply where shares are jointly owned: (a) if two or more persons hold shares jointly
each of them may be present in person or by proxy at a meeting of Members and may speak as a Member; (b) if only one of the joint owners is present in person or by proxy he may vote on behalf of all of them; and (c) if two or more of the
joint owners are present in person or by proxy they must vote as one. 

  

	 	(d)	 A person entitled to more than one vote need not use all his votes or cast all the votes he uses in the same
way. 

  

	 	11.16	 Instruments of Proxy and Representatives. 

 

	 	(a)	 A Member may be represented at a meeting of Members by a proxy (who need not be a Member) who may speak and
vote on behalf of the Member. 

			
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	 	(b)	 An instrument appointing a proxy shall be in such form as the Board of Directors may from time to time
determine or such other form as the Chairman of the meeting shall accept as properly evidencing the wishes of the Member appointing the proxy. 

  

	 	(c)	 The instrument appointing a proxy and the power of attorney or other authority (if any) under which it is
signed, or a notarially certified copy of such instrument and power of attorney or other authority, shall be sent to the Company and/or the Transfer Agent in the manner specified in the notice of the meeting or in the instrument of proxy issued by
the Company. Such documents must be deposited or sent so to be received by the Company and/or Transfer Agent (as applicable) by the time specified in the notice of the meeting or in the instrument of proxy issued by the Company. In the absence of
any such specifications, such documents shall be delivered to the Transfer Agent not later than 48 hours before the time appointed for holding the meeting or adjourned meeting at which the person named in the instrument proposes to vote (or by such
other time specified in the notice of the meeting). In the event of non-compliance with this Article, the instrument of proxy shall not be treated as valid and the votes cast by such proxy or on behalf of such
person shall be disregarded unless otherwise determined by Resolution of Directors. 

  

	 	(d)	 A vote given in accordance with the terms of an instrument of proxy shall be valid, notwithstanding the death
or insanity of the principal or the revocation of the instrument of proxy, or of the authority under which the instrument of proxy was executed, or the transfer of the share in respect of which the instrument of proxy is given, provided that no
intimation in writing of such death, insanity, revocation or transfer shall have been received by the Company at the registered office before the commencement of the meeting or adjourned meeting at which the instrument of proxy is used.

  

	 	(e)	 A Member who is the holder of two or more shares may appoint more than one proxy to represent him and vote on
his behalf in respect of different shares. 

  

	 	(f)	 The decision of the Chairman as to the validity of any appointment of a proxy shall be final.

  

	 	(g)	 Any person other than an individual which is a Member may by resolution in writing (certified or signed by a
duly authorised person) of its directors or other governing body authorise such person as it thinks fit to act as its representative (in this Article, “Representative”) at any meeting of the Members or at the

			
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meeting of the Members of any class or series of shares and the Representative shall be entitled to exercise the same powers on behalf of the Member which he represents as that Member could
exercise if it were an individual, and that Member shall be deemed to be present in person at any such meeting attended by its Representative. 

  

	 	(h)	 The right of a Representative shall be determined by the law of the jurisdiction where, and by the documents by
which, the Member is constituted or derives its existence. In case of doubt, the Board of Directors may in good faith seek legal advice from any qualified person and unless and until a court of competent jurisdiction shall otherwise rule, the Board
of Directors may rely and act upon such advice without incurring any liability to any Member. 

  

	 	(i)	 Notwithstanding the foregoing, the Chairman may accept such assurances as he thinks fit as to the right of any
person to attend and vote at meetings on behalf of a company or other entity which is a Member. 

  

	 	11.17	 Adjournment of Shareholder Meetings. Subject to Articles 11.5(d) and 11.11(a), (a) the Chairman may, if
he determines circumstances require it or otherwise with the consent of Members holding a simple majority of the votes present at the meeting (notwithstanding that a quorum is not present), adjourn any meeting from time to time, and from place to
place; (b) no business shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting from which the adjournment took place; and (c) notice of the adjourned meeting shall, if
necessary, be given in accordance with these Articles. 

 DIRECTORS 

 

	 	12.	 Directors 

  

	 	12.1	 Number of Directors. The size of the Board of Directors shall be eight (8) directors, provided that
(subject always to obtaining any approval required in respect of the Reserved Matters) the Board of Directors shall have the exclusive power by Resolution of Directors to increase or decrease the size of the Board of Directors from time to time
(and, for the avoidance of doubt, the size of the Board of Directors may not be changed by the Members at any time (whether by Resolution of Members, Special Resolution of Members or otherwise)), provided that so long as the applicable Preferred
Share rights exist to nominate and/or appoint the Series A Preferred Director and/or the Series B Preferred Director, there shall be one (1) seat on the Board reserved for the appointment of the Series A Preferred Director and there shall be
one (1) seat on the Board reserved 

			
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for the appointment of the Series B Preferred Director. The Board seats so reserved for the Preferred Directors may only be filled in accordance with Schedule 1 and Schedule 2 of the Memorandum,
as applicable. No decrease in the number of directors shall shorten the term of any incumbent directors. 

  

	 	12.2	 Classes of Directors. 

 

	 	(a)	 With effect from the Relevant Time, the directors (other than the Preferred Directors) shall be divided into
three classes, as nearly equal in number as possible, which classes shall be designated as the “Class I Directors”, “Class II Directors” and
“Class III Directors” respectively. Subject to Article 12.2(b), the Board of Directors shall have the exclusive power by Resolution of Directors to determine the respective numbers of Class I Directors,
Class II Directors and Class III Directors from time to time. 

  

	 	(b)	 The initial Class I Directors, Class II Directors and Class III Directors shall be those
directors of the Company identified and assigned to a class pursuant to the written resolution of members adopted prior to the time the Common Shares of the Company are first traded on the New York Stock Exchange and which first adopted these
amended and restated Articles (the time such resolution is adopted being the “Relevant Time”). Thereafter, each director of the Company shall be assigned to a class of directors solely in accordance with Article 12.2(d) or Article
12.2(h) and the numbers of Class I Directors, Class II Directors and Class III Directors shall be determined solely by Resolution of Directors from time to time. 

 

	 	(c)	 There is no distinction in the voting or other powers and authorities of directors of different classes; such
classifications are solely for the purposes of the retirement by rotation provisions set out in this Article 12.2. 

  

	 	(d)	 Subject to sub-Articles 12.2(e), (f), (g) and (h) below, each
director (other than the Preferred Directors) shall be elected for a term of office expiring at the conclusion of the third succeeding Annual Meeting after their election or until their earlier death, resignation or removal. Each director elected or
re-elected at an Annual Meeting shall automatically be allocated to the same class of directors as those directors whose term expires at the conclusion of such Annual Meeting in accordance with these Articles.

  

	 	(e)	 Each director designated as a Class I Director at the Relevant Time shall, unless his office is vacated
earlier in accordance with these Articles, serve initially until the conclusion of the first Annual Meeting held after the IPO Date. 

			
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	 	(f)	 Each director designated as a Class II Director at the Relevant Time shall, unless his office is vacated
earlier in accordance with these Articles, serve initially until the conclusion of the second Annual Meeting held after the IPO Date. 

  

	 	(g)	 Each director designated as a Class III Director at the Relevant Time shall, unless his office is vacated
earlier in accordance with these Articles, serve initially until the conclusion of the third Annual Meeting held after the IPO Date. 

  

	 	(h)	 If: 

  

	 	(i)	 the size of the Board of Directors is at any time increased pursuant to Article 12.1 above and the Board of
Directors appoints one or more persons to fill such newly-created directorship(s) pursuant to Article 12.20 below, the new director (other than any Preferred Director) shall be allocated to such class of directors as may be determined by, and in the
exclusive discretion of, the Board of Directors acting by Resolution of Directors, provided that the number of directors in each class should be kept as nearly equal in number as possible; or 

 

	 	(ii)	 a person is appointed as a director by the Board of Directors to fill a vacancy pursuant to Article 12.20
below, the new director (other than any Preferred Director) shall be in the same class of directors as the class of the preceding director who vacated office. 

 

	 	12.3	 Election of Directors.  

 

	 	(a)	 A director of the Company (other than a Preferred Director, who shall be elected solely as set out in Article
12.3(c)) may only be elected: 

  

	 	(i)	 by a vote of the Members conducted in accordance with Article 12.3(b) at an Annual Meeting, provided always
that (A) any such election shall only take place at an Annual Meeting at which the term of a class of directors expires in accordance with Article 12.2 (and such election shall only relate to that class of directors); and (B) the first
such election shall take place at the first Annual Meeting after the IPO Date, at which the term of the initial Class I Directors expires in accordance with Article 12.2(e); or 

 

	 	(ii)	 pursuant to Article 12.20 below, 

			
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 and in each case subject always to any upper limit on the number of directors prescribed
pursuant to Article 12.1. 
  

	 	(b)	 Directors shall be elected at an Annual Meeting by a plurality of the votes of the shares present in person or
represented by proxy at the meeting and entitled to vote on the election of directors. The following procedure shall apply to such elections: 

  

	 	(i)	 The notice of each Annual Meeting at which the term of a class of directors is expiring shall state:

  

	 	(a)	 the class of directors whose term is expiring, the number of directors currently in that class and the number
of seats on the Board of Directors that shall be subject to an election at the Annual Meeting (the “Available Board Seats”); and 

  

	 	(b)	 whether the directors whose term is expiring are standing for re-election and whether any other person has been
duly nominated for election as a director in accordance with Article 11.5 (all such directors standing for re-election and all such nominees collectively being the “Candidates”).

			
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	 	(ii)	 The Chairman shall cause a poll to be taken for each Available Board Seat. The only available voting option on
such poll shall be to vote “for” a particular Candidate or to “abstain” (and all “against” or similar votes shall be disregarded). All Candidates (except those already elected in accordance with this Article) shall be
put forward for election as a director in respect of each Available Board Seat. In respect of each such poll, the Candidate receiving the highest number of votes of the shares present in person or represented by proxy at the meeting and entitled to
vote on the election of directors (notwithstanding that such votes may represent less than a majority of the votes represented at the meeting and may not constitute a Resolution of Members) shall be elected as a director for that Available Board
Seat. Once a Candidate is elected as a director, the remaining Candidates who have not been elected as directors shall be put forward for the next Available Board Seat, with the Candidate receiving the highest number of votes of the shares present
in person or represented by proxy at the meeting and entitled to vote on the election of directors (notwithstanding that such votes may represent less than a majority of the votes represented at the meeting and may not constitute a Resolution of
Members) for each such poll being elected as a director for that next Available Board Seat and so on until there are no more Available Board Seats. 

  

	 	(iii)	 For the avoidance of doubt, if the number of Available Board Seats exceeds the number of Candidates the Board
of Directors may fill the vacancy pursuant to Article 12.20 or reduce the size of the Board pursuant to Article 12.1. 

  

	 	(iv)	 The Board of Directors may by Resolution of Directors confirm and approve the appointment of directors elected
pursuant to this Article 12.3. 

  

	 	(c)	 Preferred Directors: The Series A Preferred Director and the Series B Preferred Director shall be
appointed as set-out in Schedule 1 and Schedule 2 of the Memorandum, respectively. Notwithstanding any other provision of the Memorandum or these Articles, the Series A Preferred Director and the Series B
Preferred Director (i) shall not be designated into classes as set-out in Article 12.2; (ii) shall be appointed for an indefinite term and shall not be subject to
re-election at an Annual Meeting; (iii) shall be appointed and removed solely as set out in Schedule 1 and Schedule 2 of the Memorandum, respectively. There shall be no distinction in the voting or other
powers and authorities of Preferred Directors and other directors. 

			
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	 	(d)	 No person shall be appointed as a director unless he has consented in writing to act as a director.

  

	 	(e)	 A director shall not require a share qualification. 

 

	 	(f)	 Each director shall hold office for the term set out in Article 12.2 above or until his earlier death,
resignation or removal in accordance with these Articles. 

  

	 	12.4	 Board Authority. 

 

	 	(a)	 The business and affairs of the Company shall be managed by, or under the direction or supervision of, the
Board of Directors. 

  

	 	(b)	 The Board of Directors has all the powers necessary for managing, and for directing and supervising, the
business and affairs of the Company and may exercise all the powers of the Company and do all such lawful acts and things as are not by statute or by the Memorandum or these Articles required to be exercised or done by the shareholders.

  

	 	(c)	 Without limiting the generality of the foregoing, the Board of Directors may exercise all the powers of the
Company to borrow money and to mortgage or charge its undertaking and property, or any part thereof, and may issue debentures, debenture stock and other securities whether outright or as security for any debt, liability or obligation of the Company
or any third party. Subject to the provisions of the Act, all cheques, promissory notes, draft, bills of exchange and other negotiable instruments and all receipts for moneys paid to the Company, shall be signed, drawn, accepted, endorsed or
otherwise executed, as the case may be, in such manner as shall from time to time be determined by Resolution of Directors. 

  

	 	(d)	 Notwithstanding the above, the Board shall not exercise any power or approve or take any action in respect of
the Reserved Matters without first obtaining the requisite approval required in respect of such matters, and any powers exercised or actions approved or taken in respect of the Reserved Matters without the requisite approval required in respect of
such matters shall be void ab initio. 

  

	 	12.5	 Location of Meetings. The Board of Directors may hold meetings, both regular and special, either within
or outside the British Virgin Islands. 

			
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	 	12.6	 Regular Meetings. Regular meetings of the Board of Directors may be held without additional notice being
given to the directors at such time and at such place as shall from time to time be determined by the Board of Directors, provided the date, time and place of such regularly scheduled meeting has been notified to all directors in accordance with the
procedures set forth for special meetings in Article 12.7. 

  

	 	12.7	 Special Meetings. Special meetings of the Board of Directors may be called by any one director, the
president, the treasurer or the Secretary upon notice to each director. Notice of any special meeting shall be given to each director at his business or residence in writing, or by telegram, facsimile transmission, telephone communication, email or
other electronic transmission. Such notice shall be deemed adequately delivered and given to each director and to be reasonable: (a) if mailed, when deposited in the United States mail addressed to the director’s address stated on the
register of directors, with postage thereon prepaid, at least seven (7) days before such meeting; (b) if sent by international courier, when prepaid and deposited with the courier company and addressed to the director’s address stated
on the register of directors, at least three (3) days before such meeting (c) if by facsimile transmission, email or other electronic transmission, if sent at least twenty-four (24) hours before such meeting to the fax number or email
address of the director; and (c) if by telephone, at least twelve (12) hours prior to the time set for the meeting. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need
be specified in the notice of such meeting, except for amendments to the Memorandum and/or these Articles as provided under Clause 9 of the Memorandum or any proposal to remove a director pursuant to Article 12.15(b)(ii). A meeting may be held at
any time without notice if all the directors are present (except as otherwise provided by law) or if those not present waive notice of the meeting in writing, either before or after such meeting. 

 

	 	12.8	 Voting Rights of Directors. Without prejudice to Article 12.18, each director shall have one vote on any
Resolution of Directors, Special Resolution of Directors and any other action by the Board of Directors or any committee of the Board of Directors on which such director serves as a committee member. Notwithstanding anything to the contrary in the
Memorandum of the Articles or in any agreement to which the Company is a party, all references to a majority or other proportion of the directors of the Company for purposes of establishing a quorum or the action of the Board of Directors shall be
deemed to be references to a majority or such other proportion of the votes that all of the directors of the Company are entitled to cast in the aggregate in respect of the relevant matter. 

			
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	 	12.9	 Quorum. At all meetings of the Board of Directors, the presence of such directors as are entitled to
cast a majority of the votes of all those directors of the Company who are entitled to be present at the meeting for the relevant business (and who are not disqualified from attending and/or voting) shall constitute a quorum for the transaction of
the relevant business. Any act of a majority of the directors present at any meeting at which there is a quorum shall be an act of the Board of Directors, except as may be otherwise specifically provided by the Act or the Memorandum or these
Articles (including, without limitation, where a Special Resolution of Directors is required). If a quorum is not present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without
notice other than announcement at the meeting, until a quorum shall be present. 

  

	 	12.10	 Action Without a Meeting. Any action required or permitted to be taken at any meeting of
the Board of Directors (or of any committee thereof) may be taken without a meeting, without prior notice to the Company or any other person and without a vote, if a consent in writing setting forth the action so taken, is signed in a manner
permitted by law by all of the directors (or all of the members of the committee of directors, as the case may be) who are entitled to vote on the action in question. A copy of such written consent shall promptly be sent to any director who was not
entitled to vote on the action in question pursuant to these Articles and who has not consented to the resolution (if any). 

  

	 	12.11	 Telephonic Meetings. Members of the Board of Directors or any committee designated by the Board of
Directors may participate in a meeting of the Board of Directors or any committee, by means of conference telephone or other means of communication (including electronic means) by which all persons participating in the meeting are able to hear each
other, and such participation shall constitute presence in person at the meeting. 

  

	 	12.12	 Committees. 

  

	 	(a)	 Subject to the Act, the Board of Directors may designate one or more committees by Resolution of Directors,
each committee to consist of one or more of the directors of the Company. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the
committee. 

  

	 	(b)	 Any such committee, to the extent provided in the resolution of the Board of Directors, shall have and may
exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Company, and may authorize the seal of the Company to be affixed to all papers which may require it, but no such committee shall
have the power or authority in reference to the following matters: (i) approving or adopting, or recommending to the shareholders, any action or matter expressly required by the Act to be submitted to shareholders for approval;
(ii) adopting, amending or repealing any provision of the Memorandum or these Articles; or (iii) the matters specified in section 110(2) of the Act. 

			
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	 	(c)	 With effect from the conclusion of the Company’s first Annual Meeting after the IPO Date, the
Company’s audit committee must be made up of not less than three (3) directors who are Independent. 

  

	 	(d)	 The Preferred Directors shall have such rights to be appointed to committees of the Board as set out in
Schedule 1 and Schedule 2 to the Memorandum. 

  

	 	12.13	 Minutes of Meetings. Each committee shall keep regular minutes of its meetings and report the same to
the Board of Directors when required. 

  

	 	12.14	 Compensation of Directors. The Board of Directors shall have the authority to fix the compensation of
directors. The directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment
shall preclude any director from serving the Company in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings. The Preferred Directors
shall not be entitled to any compensation, but shall be entitled to be reimbursed for any expenses in attending board or committee meetings in accordance with Schedule 1 and Schedule 2 of the Memorandum, as applicable. 

 

	 	12.15	 Removal of Directors. 

 

	 	(a)	 This Article 12.15 shall apply to the exclusion of section 114(1), section 114(2), section 114(3) and section
114(5) of the Act, which shall not apply to the removal of directors of the Company. 

  

	 	(b)	 A director of the Company (other than a Preferred Director) may only be removed: 

 

	 	(i)	 with Cause, by Special Resolution of Members at a duly convened and quorate meeting of members called for the
stated purpose of removing the director or for stated purposes including the removal of the director; or 

			
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	 	(ii)	 with Cause, by Special Resolution of Directors (but excluding the votes by the director proposed to be removed
from office from both the numerator and denominator in calculating whether the requisite proportion of votes have been obtained, and, for the avoidance of doubt, a resolution consented to in writing by
two-thirds of those directors of the Company other than the director proposed to be removed from office (which must be more than one director) shall be effective to remove such director upon notice of that
written resolution being given to all directors not consenting to the resolution); 

 in each case adopted in accordance
with these Articles. A director may not be removed without Cause. 
  

	 	(c)	 For the purposes of this Article 12.15, “Cause” shall have the generally-accepted meaning under, and
be construed in accordance with, the laws of the State of Delaware (United States). 

  

	 	(d)	 A Series A Preferred Director may only be removed as set-out in
Schedule 1 to the Memorandum. A Series B Preferred Director may only be removed as set-out in Schedule 2 to the Memorandum. 

 

	 	12.16	 Exclusion of Expedia Directors. In any action, whether by vote at a meeting of the Board of Directors or
a committee thereof or by written consent, relating to any transaction, agreement or arrangement with respect to which (i) Expedia is a counterparty or has a material economic interest in the counterparty or (ii) in the reasonable opinion
of a majority of the members of the Board of Directors that are not designated or nominated by, or employed by, Expedia, there would exist a Conflict of Interest between the interests of Expedia, on the one hand, and that of the Company, on the
other hand, the Expedia Directors may be excluded solely from the relevant portion of such Board or relevant committee meetings or relevant Resolution of Directors; provided, that Expedia shall be entitled to notice in writing of any such exclusion
and the basis therefor. “Conflict of Interest” shall mean a specific material economic or competitive interest of Expedia in any potential transaction, agreement or arrangement of the Company that would be reasonably likely to
materially impair the independence or objectivity of the Expedia Directors in the discharge of their responsibilities and duties to the Company, in light of their affiliation to Expedia. 

			
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	 	12.17	 Exclusion of Preferred Directors. The Preferred Directors may be excluded from a meeting of the Board of
Directors or a committee thereof as set-out in Schedule 1 and Schedule 2. 

  

	 	12.18	 Alternate Directors. A director may at any time appoint any person (including another director) to be
his alternate director and may at any time terminate such appointment. An appointment and a termination of appointment shall be by notice in writing signed by the director and deposited at the registered office or delivered at a meeting of the Board
of Directors. The appointment of an alternate director shall terminate on the happening of any event which, if he were a director, would cause him to vacate such office or if his appointor ceases for any reason to be a director. An alternate
director has the same rights as the appointing director in relation to any directors’ meeting and any written resolution circulated for written consent, save that he may not himself appoint an alternate director or a proxy. Any exercise by the
alternate director of the appointing director’s powers in relation to the taking of decisions by the directors is as effective as if the powers were exercised by the appointing director. If an alternate director is himself a director or attends
a meeting of the Board of Directors as the alternate director of more than one director, his voting rights shall be cumulative. Unless the Board of Directors determines otherwise, an alternate director may also represent his appointor at meetings of
any committee of the directors on which his appointor serves; and this Article shall apply equally to such committee meetings as to meetings of the Board of Directors. 

 

	 	12.19	 Resignation of Directors. A director may resign his office by giving written notice of his resignation
to the Company and the resignation shall have effect from the date the notice is received by the Company or from such later date as may be specified in the notice. 

 

	 	12.20	 Vacancies and Newly Created Directorships. The office of a director shall be vacated if the director is
removed from office pursuant to these Articles, dies or becomes bankrupt or makes any arrangement or composition with his creditors generally, is or becomes of unsound mind or an order for his detention is made under the mental health laws of any
jurisdiction, or resigns his office by notice in writing to the Company. The Board of Directors may act notwithstanding any vacancy in its number. Vacancies and newly created directorships resulting from any increase in the authorized number of
directors may be filled exclusively by a Resolution of Directors of those directors then in office, notwithstanding that the directors passing such Resolution of Directors may represent less than a quorum, or by a sole remaining director, and the
directors so chosen shall hold office for the period contemplated in Article 12.2(h) and Article 12.2 (provided always that any seat vacated by a Series A Preferred Director or a Series B Preferred Director may only be filled in accordance with
Schedule 1 or Schedule 2, respectively). The Board of Directors may determine that newly created directorships in a particular 

			
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class of directors resulting from any increase in the authorized number of directors of that class shall be filled at the Annual Meeting at which elections are to take place for that class. If
and only if there are no directors in office, then the Members may elect new directors by Resolution of Members to fill the vacancies. Subject to the foregoing, the continuing directors may act notwithstanding any vacancy in their body.

  

	 	12.21	 Sole Director. If the Company shall have only one director the provisions herein contained for Board
meetings shall not apply but such sole director shall have full power to represent and act for the Company in all matters as are not by the Act or the Memorandum or these Articles required to be exercised by the Members of the Company.

  

	 	12.22	 Additional Classes of Shares. The provisions of this Article 12 shall be subject to the rights of each
Additional Class of Shares authorised and issued by Resolution of Directors pursuant to Clause 7 of the Memorandum, if any, to appoint and/or remove additional directors, which rights may be set-out in
the Memorandum or in these Articles. 

  

	 	12.23	 Observer Rights. The Board of Directors shall take such actions and exercise such powers so as to give
effect to the observer rights set out in Schedules 1 and 2 to the Memorandum, subject to the provisions set out therein. 

NOTICES 
  

	13.	 Notices 

  

	 	13.1	 Notice of Board Meetings and Director Notices. Notices of Board Meetings, and any other notice to be
given to a director under the Act, the Memorandum or the Articles, may be given in the manner contemplated by Article 12.7. 

  

	 	13.2	 Notice of Shareholder Meetings and Shareholder Notices. Unless otherwise provided in the Memorandum or
these Articles, whenever, under the provisions of the Act or of the Memorandum or these Articles, notice is required to be given to any shareholder (including, without limitation, for the purposes of convening any meeting of shareholders), it shall
not be construed to mean personal notice, but such notice may be given: 

  

	 	(a)	 by mail, addressed to such shareholder, at his address as it appears on the register of members of the Company,
with postage thereon prepaid, and such notice shall be deemed to be given on the seventh day after which the same shall be deposited in the United States mail; 

			
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	 	(b)	 by pre-paid courier service or registered mail, addressed to such
shareholder, at his address as it appears on the register of members of the Company, and such notice shall be deemed to be given on the third day after which the same shall be deposited with the courier company or post office; or

  

	 	(c)	 in accordance with Article 13.3. 

 

	 	13.3	 Electronic Notice.  

 

	 	(a)	 Electronic Transmission. Without limiting the manner by which notice otherwise may be given
effectively to shareholders, any notice, information or written statement to shareholders given by the Company under any provision of the Act, the Memorandum or these Articles shall be effective if given by a form of electronic transmission. Each
person who is or who at any time becomes a Member or otherwise acquires any interest in shares of the Company shall be deemed to have notice of, and to have consented to, the provisions of this Article 13.3. 

 

	 	(b)	 Effective Date of Notice. Notice given pursuant to Article 13.3(a) shall be deemed given: (1) if by
facsimile telecommunication, when directed to a fax number at which the shareholder has provided to receive notice; (2) if by electronic mail, when sent to an electronic mail address which the shareholder has provided to receive notice;
(3) if by a posting on an electronic network together with separate notice to the shareholder of such specific posting, upon the later of (i) such posting and (ii) the giving of such separate notice; and (4) if by any other form
of electronic transmission (including, without limitation, such forms of electronic transmission notified to shareholders by the Transfer Agent from time to time), when directed to the shareholder. An affidavit of the Secretary or of the Transfer
Agent or other agent of the Company that the notice has been given by a form of electronic transmission shall, in the absence of fraud, be prima facie evidence of the facts stated therein. 

 

	 	(c)	 Form of Electronic Transmission. For purposes of the Memorandum and these Articles, “electronic
transmission” means any form of communication, not directly involving the physical transmission of paper, that creates a record that may be retained, retrieved, and reviewed by a recipient thereof, and that may be directly reproduced in paper
form by such a recipient through an automated process. 

			
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	 	13.4	 Waiver of Notice. Without prejudice to Articles 11.8 and 12.7, whenever any notice is required to be
given under the provisions of the Act or of the Memorandum or these Articles, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.

  

	 	13.5	 Notice to the Company. Notice may be given to the Company as prescribed in the Act.

 OFFICERS 
  

	14.	 Officers and Agents 

 

	 	14.1	 Required and Permitted Officers. The officers of the Company shall be chosen by the Board of Directors
by Resolution of Directors and shall be a president, treasurer and a secretary. The Board of Directors shall elect from among its members a Chairman of the Board and may (but shall not have any obligation to) elect from among its members a
Vice-Chairman of the Board. The Board of Directors may (but shall not have any obligation to) also choose one or more vice presidents, assistant secretaries and assistant treasurers. Any number of offices may be held by the same person.

  

	 	14.2	 Appointment of Officers. The Board of Directors shall appoint a president, treasurer and a secretary and
may appoint such other officers and agents as it shall deem necessary who shall hold their offices for such terms and, subject to the Act, shall exercise such powers and perform such duties as shall be determined from time to time by the Board of
Directors. 

  

	 	14.3	 Authority of Directors, President and other Officers to Sign Documents. Each director, the president,
the treasurer, the Secretary and each other person authorised by Resolution of Directors (an “Authorised Person”) may (acting jointly with any other Authorised Person) execute bonds, mortgages, deeds, powers of attorney, contracts
requiring a seal, bank account opening documents and all other contracts, agreements and documents to be entered into by the Company that the Authorised Person reasonably believes are within the scope of his or her express or implied authority to
act on behalf of the Company. Where there is any doubt as to the scope of such authority, the document shall not be executed by an Authorised Person until approved by Resolution of Directors. 

 

	 	14.4	 Officer Compensation. The salaries and emoluments of all officers and agents of the Company shall be
fixed by the Board of Directors. 

			
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	 	14.5	 Term of Office; Vacancies. The officers of the Company shall hold office until their successors are
chosen and qualify. Any officer elected or appointed by the Board of Directors may be removed at any time by Resolution of Directors. Any vacancy occurring in any office of the Company shall be filled by the Board of Directors.

  

	15.	 The Chairman Of The Board 

 

	 	15.1	 Chairman Presides. The Chairman of the Board, if any, shall preside at all meetings of the Board of
Directors and of the shareholders at which he or she shall be present. Subject to the Act, he or she shall have and may exercise the powers of Chairman and such powers as are, from time to time, assigned to him by the Board of Directors and as may
be provided by law or these Articles. 

  

	 	15.2	 Absence of Chairman. In the absence of the Chairman of the Board (or if one is not elected), the
Vice-Chairman of the Board, if any, shall preside at all meetings of the Board of Directors and of the shareholders at which he or she shall be present. If there is no Vice-Chairman or the Vice-Chairman is absent, the president or such other
director appointed by Resolution of Directors shall act as Chairman in such absence. Subject to the Act, he or she shall have and may exercise such powers as are, from time to time, assigned to him by the Board of Directors and as may be provided by
law or these Articles. 

  

	16.	 The President and Vice Presidents 

 

	 	16.1	 Powers of President. The president shall be the chief executive officer of the Company; in the absence
of the Chairman and Vice-Chairman of the Board he or she shall preside at all meetings of the shareholders and the Board of Directors; subject to the Act, he or she shall have general and active management of the business of the Company and shall
see that all orders and resolutions of the Board of Directors are carried into effect. 

  

	 	16.2	 Absence of President. In the absence of the president or in the event of his inability or refusal to
act, the vice president, if any, (or in the event there be more than one vice president, the vice presidents in the order designated by the directors, or in the absence of any designation, then in the order of their election) shall perform the
duties of the president, and when so acting, shall have all the powers of and be subject to all the restrictions upon the president. Subject to the Act, the vice-presidents shall perform such other duties and have such other powers as the Board of
Directors may from time to time prescribe. 

			
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	17.	 The Secretary and Assistant Secretary 

 

	 	17.1	 Duties of Secretary. The Secretary shall attend all meetings of the Board of Directors and all meetings
of the shareholders and record all the proceedings of the meetings of the Company and of the Board of Directors in a book to be kept for that purpose and shall perform like duties for the standing committees when required. He or she shall give, or
cause to be given, notice of all meetings of the shareholders and special meetings of the Board of Directors, and shall perform such other duties as may be prescribed by the Board of Directors or president, under whose supervision he or she shall
be. He or she shall have custody of the corporate seal of the Company and he or she, or an assistant secretary, shall have authority to affix the same to any instrument requiring it and when so affixed, it may be attested by his signature or by the
signature of such assistant secretary. The Board of Directors may give general authority to any other officer to affix the seal of the Company and to attest the affixing by his signature. 

 

	 	17.2	 Duties of Assistant Secretary. The assistant secretary, or if there be more than one, the assistant
secretaries in the order determined by the Board of Directors (or if there be no such determination, then in the order of their election) shall, in the absence of the Secretary or in the event of his inability or refusal to act, on written request
perform the duties and exercise the powers of the Secretary and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe. 

 

	18.	 The Treasurer And Assistant Treasurers 

 

	 	18.1	 Duties of Treasurer. The treasurer shall have the custody of the corporate funds and securities and
shall keep full and accurate accounts of receipts and disbursements in books belonging to the Company and shall deposit all moneys and other valuable effects in the name and to the credit of the Company in such depositories as may be designated by
the Board of Directors. 

  

	 	18.2	 Disbursements and Financial Reports. He or she shall disburse the funds of the Company as may be ordered
by the Board of Directors, taking proper vouchers for such disbursements, and shall render to the president and the Board of Directors, at its regular meetings or when the Board of Directors so requires, an account of all his transactions as
treasurer and of the financial condition of the Company. 

  

	 	18.3	 Duties of Assistant Treasurer. The assistant treasurer, or if there shall be more than one, the
assistant treasurers in the order determined by the Board of Directors (or if there be no such determination, then in the order of their election) shall, in the absence of the treasurer or in the event of the treasurer’s inability or refusal to
act, perform the duties and exercise the powers of the treasurer and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe. 

			
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 DISTRIBUTIONS 

 

	19.	 Distributions and Dividends 

 

	 	19.1	 Subject to the provisions of Schedule 1 and Schedule 2 to the Memorandum, the Board of Directors may, by
Resolution of Directors, authorise a Distribution by the Company to Members at such time and of such an amount and pursuant to such method or methods of payment or other distribution as it thinks fit if it is satisfied, on reasonable grounds, that
immediately after the Distribution, the value of the Company’s assets exceeds its liabilities and the Company is able to pay its debts as they fall due. The resolution shall include a statement to that effect. Distributions may be paid in cash,
in property or in shares. 

  

	 	19.2	 The Board of Directors may determine that a Distribution shall be paid wholly or partly by the distribution of
specific assets (which may consist of shares of the Company or securities of any other entity) and may settle all questions concerning such distribution. Without limiting the generality of the foregoing, the Board of Directors may fix the value of
such specific assets, may determine that cash payments shall be made to some Members in lieu of specific assets and may vest any such specific assets in a liquidating or other trust on such terms as the Board of Directors thinks fit.

  

	 	19.3	 The Board of Directors may deduct from Distributions payable to any Member any or all monies then due from such
Member to the Company. 

  

	 	19.4	 Notice of any Distribution that may have been authorised shall be given to each Member entitled to the
Distribution in accordance with these Articles and all Distributions, excluding any Dividends (as defined in Schedule 1 and Schedule 2 to the Memorandum), unclaimed for three years after having been authorised may be forfeited by Resolution of
Directors for the benefit of the Company. All unclaimed Distributions may be invested or otherwise made use of by the Board of Directors for the benefit of the Company pending claim or forfeiture as aforesaid. No Distribution (other than Dividends)
shall bear interest against the Company. 

  

	 	19.5	 A Member may agree to waive its right to receive a dividend or other Distribution and, if such a waiver has
been given to the Company in writing, the Company may retain such dividend or other Distribution for the benefit of the Company or pay such dividend or other Distribution to those Members that have not waived their rights to receive the dividend or
other Distribution. 

			
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	 	19.6	 If two or more persons are registered as joint holders of any shares, any one of such persons may give an
effectual receipt for any Distribution payable in respect of such shares. 

  

	 	19.7	 If, after a Distribution is authorised and before it is made, the directors cease to be satisfied on reasonable
grounds that immediately after the Distribution the value of the Company’s assets exceeds its liabilities and the Company is able to pay its debts as they fall due, such Distribution is deemed not to have been authorised. A Distribution made to
a Member at a time when, immediately after the Distribution, the value of the Company’s assets did not exceed its liabilities and the Company was not able to pay its debts as they fell due, is subject to recovery in accordance with the
provisions of the Act. 

  

	 	19.8	 For the avoidance of doubt, dividends on the Series A Preferred Shares shall be subject to the provisions set
forth on Schedule 1 to the Memorandum and dividends on the Series B Preferred Shares shall be subject to the provisions set forth on Schedule 2 to the Memorandum. 

 

	20.	 Reserve for Distributions 

Before payment of any Distribution, there may be set aside out of any funds of the Company available for dividends such sum or sums as the
directors from time to time, in their sole discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Company, or for such other purposes as the directors
think conducive to the interests of the Company, and the directors may modify or abolish any such reserve in the manner in which it was created.  

GENERAL PROVISIONS 
  

	21.	 Checks. All checks or demands for money and notes of the Company shall be signed by such
director, officer or officers or such other person or persons as the Board of Directors may from time to time designate. 

  

	22.	 Fiscal Year. The fiscal year of the Company shall be the calendar year ending on
December 31, or such other annual period as fixed by Resolution of Directors from time to time. 

  

	23.	 Corporate Seal. The Board of Directors shall provide for the safe custody of the Seal. An
imprint thereof shall be kept at the office of the registered agent of the Company. The Seal when affixed to any written instrument shall be witnessed by any one director, the Secretary or by any person or persons so authorised from time to time by
Resolution of Directors. 

			
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 DIRECTOR CONFLICTS AND INDEMNIFICATION 

 

	24.	 Indemnification 

 

	 	24.1	 To the fullest extent permitted by law, the Company is authorized to provide indemnification of (and
advancement of expenses to) directors, officers and agents of the Company (and any other persons to which the Company is permitted to provide indemnification under applicable law) through provisions in these Memorandum and Articles, agreements with
such directors, officers agents or other persons, vote of disinterested directors or otherwise, subject only to limits created by the Act. 

  

	 	24.2	 Any amendment, repeal or modification of Article 24.1 or Article 24.3 shall not adversely affect any right or
protection of a director, officer, agent, or other person existing at the time of, or increase the liability of any director of the Company with respect to any acts or omissions of such director, officer or agent occurring prior to, such amendment,
repeal or modification. 

  

	 	24.3	 Without prejudice to the foregoing, but subject to Article 24.4, the Company shall indemnify against all
expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings any person who: 

 

	 	(a)	 is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings,
whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a director, an officer or a liquidator of the Company; or 

 

	 	(b)	 is or was, at the request of the Company, serving as a director, officer or liquidator of, or in any other
capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise. 

  

	 	24.4	 Article 24.3 does not apply to a person referred to in that Article unless the person acted honestly and in
good faith and in what he believed to be the best interests of the Company and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful. 

 

	 	24.5	 The decision of the Board of Directors as to whether the person acted honestly and in good faith and in what he
believed to be the best interests of the Company and as to whether the person had no reasonable cause to believe that his conduct was unlawful is, in the absence of fraud, sufficient for the purposes of these Articles, unless a question of law is
involved. 

			
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	 	24.6	 The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle
prosequi does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view to the best interests of the Company or that the person had reasonable cause to believe that his conduct was unlawful.

  

	 	24.7	 If a person referred to in this Article has been successful in defence of any proceedings referred to therein,
the person is entitled to be indemnified against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred by the person in connection with the proceedings. 

 

	 	24.8	 Expenses, including legal fees, incurred by a director (or former director) in defending any legal,
administrative or investigative proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking by or on behalf of the director (or former director, as the case may be) to repay the
amount if it shall ultimately be determined that the director (or former director, as the case may be) is not entitled to be indemnified by the Company. 

  

	 	24.9	 The indemnification and advancement of expenses provided by, or granted under, these Articles are not exclusive
of any other rights to which the person seeking indemnification or advancement of expenses may be entitled under any agreement, resolution of disinterested directors or otherwise, both as to acting in the person’s official capacity and as to
acting in another capacity while serving as a director of the Company. 

  

	 	24.10	 The Company may purchase and maintain insurance in relation to any person who is or was a director, an officer
or a liquidator of the Company, or who at the request of the Company is or was serving as a director, an officer or a liquidator of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or
other enterprise, against any liability asserted against the person and incurred by the person in that capacity, whether or not the Company has or would have had the power to indemnify the person against the liability under Article 24.3. The
Company’s obligation to provide indemnification under this Article 24 shall be offset to the extent of any other source of indemnification or any otherwise applicable insurance coverage under a policy maintained by the Company or any other
person. 

  

	 	24.11	 The foregoing provisions of this Article 24 shall be deemed to be a contract between the Company and each
director or officer who serves in such capacity at any time while this Article is in effect, and any repeal or modification thereof shall not affect any rights or obligations then existing with respect to any state of facts then or theretofore
existing or any action, suit or proceeding theretofore or thereafter brought based in whole or in part upon any such state of facts. 

			
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	 	24.12	 The Board of Directors in its sole discretion shall have power on behalf of the Company to indemnify any
person, other than a director or officer, made a party to any action, suit or proceeding by reason of the fact that he or she, his testator or intestate, is or was an officer or employee of the Company. 

 

	25.	 Conflicts of Interest 

 

	 	25.1	 Subject to Article 25.2, a director shall, forthwith after becoming aware of the fact that he is interested in
a transaction entered into or to be entered into by the Company, disclose the interest to the Board of Directors, unless the transaction or proposed transaction (a) is between the director and the Company and (b) is to be entered into in
the ordinary course of the Company’s business and on usual terms and conditions. 

  

	 	25.2	 A disclosure to the Board of Directors to the effect that a director is a member, director, officer, employee
or trustee of another named company or other person and is to be regarded as interested in any transaction which may, after the date of the entry or disclosure, be entered into with that company or person or any of its affiliates, is a sufficient
disclosure of interest in relation to that transaction. 

  

	 	25.3	 A transaction entered into by the Company in respect of which a director is interested is voidable by the
Company unless the director complies with Article 25.1 or (a) the material facts of the interest of the director in the transaction are known by the Members entitled to vote at a meeting of Members and the transaction is approved or ratified by
a Resolution of Members; or (b) the Company received fair value for the transaction. 

  

	 	25.4	 For the purposes of this Article, but subject to Article 25.2, a disclosure is not made to the Board of
Directors unless it is made or brought to the attention of every director on the Board of Directors. 

  

	 	25.5	 Subject to Article 12.16, a director who is interested in a transaction entered into or to be entered into by
the Company is entitled to vote on a matter relating to the transaction, attend a meeting of directors at which a matter relating to the transaction arises and be included among the directors present at the meeting for the purposes of a quorum,
consent in writing to the transaction pursuant to Article 12.10 and sign a document on behalf of the Company, or do any other thing in his capacity as director that relates to the transaction. 

 

	 	25.6	 The Preferred Directors shall be subject to the additional conflict of interest provisions set forth on
Schedule 1 and Schedule 2 to the Memorandum, as applicable. 

			
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	26.	 Expedia Directors 

 

	 	26.1	 The Company and the shareholders acknowledge that (i) certain directors of the Company have served and may
serve as directors, officers, employees and agents of Expedia, Inc., a Washington corporation, or its affiliates (collectively, “Expedia” and such directors, the “Expedia Directors”), (ii) the Company and its
affiliates may engage in the same, similar or related lines of business as those engaged in by Expedia and other business activities that overlap with or compete with those in which Expedia may engage, and (iii) the Company may have an interest
in the same areas of business opportunity as Expedia. This Article 26 will, to the fullest extent permitted by law, regulate and define the conduct of business and affairs of the Company and its directors who are Expedia Directors in connection with
any Potential Business Opportunities (as defined below). 

  

	 	26.2	 If an Expedia Director is presented or offered, or otherwise acquires knowledge of, a potential transaction or
matter that may constitute or present a business opportunity for the Company, in which the Company could, but for the provisions of this Article 26, have an interest or expectancy (any such transaction or matter, and any such actual or potential
business opportunity, a “Potential Business Opportunity”): (i) such Expedia Director will, to the fullest extent permitted by law, and subject to compliance with the confidentiality obligations to which the Expedia Director is
subject pursuant to any non-disclosure agreement entered into between such director and the Company, have no duty or obligation to refrain from referring such Potential Business Opportunity to Expedia and, if
such Expedia Director refers such Potential Business Opportunity to Expedia, such Expedia Director shall have no duty or obligation to refer such Potential Business Opportunity to the Company or any of its shareholders or give any notice to the
Company or any of its shareholders regarding such Potential Business Opportunity; (ii) if such Expedia Director refers a Potential Business Opportunity to Expedia, such Expedia Director, to the fullest extent permitted by law, and subject to
compliance with the confidentiality obligations to which the Expedia Director is subject pursuant to any non-disclosure agreement entered into between such director and the Company, will not be liable to the
Company or any of its shareholders as a director, shareholder or otherwise, for any failure to refer such Potential Business Opportunity to the Company, or for referring such Potential Business Opportunity to Expedia, or for any failure to give any
notice to the Company or any shareholder regarding such Potential Business Opportunity or any matter relating thereto; (iii) Expedia may participate, engage or invest in any such Potential Business Opportunity notwithstanding that such
Potential Business Opportunity may have been referred to Expedia by an Expedia Director; and (iv) if a director who is an Expedia Director refers a Potential Business Opportunity to Expedia, then, as between the Company, on the one hand, and
Expedia on the other 

			
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hand, the Company shall be deemed to have renounced any interest, expectancy or right in or to such Potential Business Opportunity or to receive any income or proceeds derived therefrom solely as
a result of such Expedia Director having been presented or offered, or otherwise acquiring knowledge of, such Potential Business Opportunity, unless in each case referred to in clause (i), (ii) (iii) or (iv), such Potential Business Opportunity
was presented or offered to the Expedia Director solely in his or her capacity as a director of the Company or for the benefit of the Company (a “Restricted Potential Business Opportunity”). In the event the Board of Directors
pursuant to a resolution approved by the majority of the directors (excluding the Expedia Directors) declines to pursue a Restricted Potential Business Opportunity, the Expedia Directors shall be free to refer such Restricted Potential Business
Opportunity to Expedia. For the avoidance of doubt, the Company or any subsidiaries of the Company shall not be prohibited from pursuing any Potential Business Opportunity with respect to which it has been deemed to have renounced any interest or
expectancy as a result of this Article 26. Nothing in this Article 26 shall be construed to allow any Expedia Director to usurp a Restricted Potential Business Opportunity of the Company solely for his or her personal benefit. 

CORPORATE RECORDS 
  

	27.	 Documents to be Kept 

 

	 	27.1	 The original books of the Company may be kept (subject to any provision contained in the Act) outside the
British Virgin Islands at such place or places as may be designated from time to time by the Board of Directors or in these Articles. 

  

	 	27.2	 The Company shall keep the following documents at the office of its registered agent: 

 

	 	(a)	 the Memorandum and these Articles; 

 

	 	(b)	 the register of members or a copy of the register of members; 

 

	 	(c)	 the register of directors or a copy of the register of directors; 

 

	 	(d)	 the register of charges or a copy of the register of charges; 

 

	 	(e)	 copies of all notices and other documents filed by the Company in the previous ten years.

			
	Despegar.com, Corp.	  	Page 52

  

	 	27.3	 Where the Company keeps a copy of its register of members or register of directors at the office of its
registered agent, it shall within 15 days of any change in the register, notify the registered agent, in writing, of the change, and it shall provide the registered agent with a written record of the physical address of the place or places at which
the original register of members or the original register of directors is kept. 

  

	 	27.4	 Where the place at which the original register of members or the original register of directors is changed, the
Company shall provide the registered agent with the physical address of the new location of the records within 14 days of the change of location. 

  

	 	27.5	 The Company shall keep the following records at the office of its registered agent or at such other place or
places, within or outside the British Virgin Islands, as the Board of Directors may determine (a) the minutes of meetings and Resolutions of Members and of classes of Members; and (b) the minutes of meetings and Resolutions of Directors
and committees of directors. 

  

	 	27.6	 Where any of the minutes or resolutions described in the Article 27.5 are kept at a place other than at the
office of the Company’s registered agent, the Company shall provide the registered agent with a written record of the physical address of the place or places at which the records are kept. 

 

	 	27.7	 Where the place at which any of the records described in Article 27.5 is changed, the Company shall provide the
registered agent with the physical address of the new location of the records within 14 days of the change of location. 

  

	 	27.8	 The Company’s records shall be kept in written form or either wholly or partly as electronic records.

  

	 	27.9	 The Company may have offices at such places both within and without the British Virgin Islands as the Board of
Directors may from time to time determine or the business of the Company may require. 

 ACCOUNTS 

 

	28.	 Books of Account 

The Company shall keep records and underlying documentation that: 
  

	 	(a)	 are sufficient to show and explain the Company’s transactions; and 

 

	 	(b)	 will, at any time, enable the financial position of the Company to be determined with reasonable accuracy.

			
	Despegar.com, Corp.	  	Page 53

  

	29.	 Form of Records 

 

	 	29.1	 The records required to be kept by the Company under the Act, the Mutual Legal Assistance (Tax Matters Act),
2003, the Memorandum or these Articles shall be kept in written form or either wholly or partly as electronic records complying with the requirements of the Electronic Transactions Act (British Virgin Islands). 

 

	 	29.2	 The records and underlying documentation shall be kept for a period of at least five years from the date of
completion of the relevant transaction or the company terminates the business relationship to which the records and underlying documentation relate. 

  

	30.	 Financial Statements 

 

	 	30.1	 The Board of Directors may cause to be made out and served on the Members or laid before a meeting of Members a
profit and loss account and balance sheet of the Company for such period and on such recurring basis as they think fit. 

AUDITS 
  

	31.	 Audit 

The Company may by Resolution of Directors call for the accounts to be examined by an auditor. 

 

	32.	 Appointment of Auditor 

 

	 	32.1	 The auditor shall be appointed (and may be removed and replaced from time to time) by Resolution of Directors
for such period and on such terms and conditions as the Board of Directors (or committee thereof authorised for such purpose) thinks fit. 

  

	 	32.2	 The remuneration of the auditor of the Company shall be fixed by the Board of Directors (or committee thereof
authorised for such purpose). 

 VOLUNTARY LIQUIDATION 

 

	33.	 Liquidation 

Subject always to obtaining any approval required in respect of the Reserved Matters, with the prior approval of a Resolution of Directors, the
Company may be liquidated in accordance with the Act if (a) it has no liabilities; or (b) it is able to pay its debts as they fall due and the value of its assets equals or exceeds its liabilities. The Board of Directors shall be permitted
to pass a Resolution of Directors for the appointment of an eligible individual as a voluntary liquidator (or two or more eligible individuals as joint voluntary liquidators) of the Company if the Members have, by a Resolution of Members, approved
the liquidation plan in accordance with the Act. 

			
	Despegar.com, Corp.	  	Page 54

  

 SECTION 175 AND CONTINUATION 

 

	34.	 Section 175 

Subject always to obtaining any approval required in respect of the Reserved Matters, and notwithstanding section 175 of the Act, the Board of
Directors may sell, transfer, lease, exchange or otherwise dispose of the assets of the Company without the sale, transfer, lease, exchange or other disposition being authorised by a Resolution of Members. 

 

	35.	 Continuation under Foreign Law 

Subject always to obtaining any approval required in respect of the Reserved Matters, the Company may with the approval of both a Resolution of
Directors and Resolution of Members continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands in the manner provided under those laws. 

EXCLUSIVE JURISDICTION 
  

	36.	 Exclusive Jurisdiction 

 

	 	36.1	 Subject to Article 36.2, to the fullest extent permitted by applicable law: 

 

	 	(a)	 each party hereby agrees that, unless the Board of Directors consents in writing to the selection of an
alternative forum, the courts of the British Virgin Islands shall have exclusive jurisdiction to hear and determine all Disputes and, for such purposes, hereby irrevocably submits to the jurisdiction of the courts of the British Virgin Islands; and

  

	 	(b)	 each party hereby irrevocably waives any objection which it might now or hereafter have to the courts of the
British Virgin Islands being nominated as the forum to hear and determine any such Dispute and undertakes and agrees not to claim any such court is not a convenient or appropriate forum. 

 

	 	36.2	 To the fullest extent permitted by applicable law, unless the Board of Directors consents in writing to the
selection of an alternative forum, the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. 

			
	Despegar.com, Corp.	  	Page 55

  

	 	36.3	 Each person who is or who at any time becomes a Member or otherwise acquires any interest in shares of the
Company shall be deemed to have notice of, and to have consented to, the provisions of this Article 36. 

  

	 	36.4	 For the purposes of this Article 36: 

 

	 	(a)	 “Dispute” means (i) any dispute, suit, action, proceedings, controversy or claim of any
kind arising out of or in connection with the Memorandum and/or these Articles, including, without limitation, claims for set-off and counterclaims and any dispute, suit, action, proceedings, controversy or
claim of any kind arising out of or in connection with: (x) the creation, validity, effect, interpretation, performance or non-performance of, or the legal relationships established by, the Memorandum
and/or these Articles; or (y) any non-contractual obligations arising out of or in connection with the Memorandum and/or these Articles; or (ii) any dispute, suit, action (including, without
limitation, any derivative action or proceeding brought on behalf or in the name of the Company or any application for permission to bring a derivative action), proceedings, controversy or claim of any kind relating or connected to the Company, the
Board, the Company’s officers, the Company’s management or the Members arising out of or in connection with the Act, the Insolvency Act, 2003 of the British Virgin Islands, any other legislation or common law of the British Virgin Islands
affecting any relationship between the Company, its Members and/or its directors and officers (or any of them) or any rights and duties established thereby (including, without limitation, Division 3 of Part VI and Part XI of the Act and section
162(1)(b) of the Insolvency Act, 2003, and any fiduciary or other duties owed by any director, officer or shareholder of the Company to the Company or the Company’s shareholders); and 

 

	 	(b)	 “party” means (i) the Company, (ii) each Member, (iii) each former Member (with
the intention and effect that each former Member shall continue to be bound by this Article 36 notwithstanding that such former Member has transferred all its Shares or otherwise ceased to be a Member); (iv) each director and officer of the Company;
(v) each former director and officer (with the intention and effect that each former director and officer shall continue to be bound by this Article 36 notwithstanding that such former Member has ceased to be a director or officer ); and
(vi) any successor, assignee or other person claiming through a person referred to in (i), (ii), (iii), (iv) or (v) above. 

			
	Despegar.com, Corp.	  	Page 56

  

 We, CODAN TRUST COMPANY (B.V.I.) LTD., registered agent of the Company, of Commerce House, Wickhams Cay 1, PO
Box 3140, Road Town, Tortola, British Virgin Islands VG1110 for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign these Articles of Association on the 10th February, 2017: 
  

	
	Incorporator
	
	CODAN TRUST COMPANY (B.V.I.) LTD.
	
	 /s/ Per: Michael Wood

	Per: Michael Wood
	For and on behalf of
	Codan Trust Company (B.V.I.) Ltd.

 Annex II 

Form of the Warrants 

 THE OFFER AND SALE OF THE SECURITIES (INCLUDING THE COMMON SHARES WHICH MAY BE PURCHASED HEREUNDER)
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE SECURITIES MAY NOT UNDER ANY CIRCUMSTANCES BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH
SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY OTHER APPLICABLE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. 

THE SECURITIES (INCLUDING THE COMMON SHARES WHICH MAY BE PURCHASED HEREUNDER) REPRESENTED BY THIS INSTRUMENT ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS
SET FORTH IN AN INVESTMENT AGREEMENT, DATED AS OF AUGUST 20, 2020, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY. 
 Issue Date:
September [•], 2020 
 CERTIFICATE NO. PW-1 

DESPEGAR.COM, CORP. 

Ordinary Shares Purchase Warrant (Penny Warrant) 

Despegar.com, Corp., a BVI business company incorporated in the British Virgin Islands with company number 1936519 (the
“Company”), for value received, hereby certifies that LCLA Daylight LP, a Delaware limited partnership (the “Holder”), subject to the terms and conditions hereof, shall be entitled to purchase from the Company, at
any time and from time to time after the Issue Date set forth above and on or prior to the close of business on September [•], 2030 (the “Expiration Date”), 11,000,000 fully paid and
non-assessable ordinary shares (the “Warrant Shares”), without par value, of the Company (the “Common Shares”), at a price per share equal to the Exercise Price. The number of
Warrant Shares and the Exercise Price are subject to adjustment as provided herein, and all references to “Common Shares” and “Exercise Price” herein shall be deemed to include any such adjustment or series of adjustments. 

This warrant (this “Warrant”) is being issued by the Company to the Holder in connection with the transactions contemplated
by that certain Investment Agreement, dated as of August 20, 2020, between the Company and LCLA Daylight LP (as amended or modified from time to time, the “Investment Agreement”). The following terms used herein shall have the
meanings set forth below when used in this Warrant: 
 “Adjustment Event” has the meaning set forth in
Section 6.3. 
 “Affiliate” means, as to any Person, any other Person that, directly or
indirectly, controls, or is controlled by, or is under common control with, such Person; provided, however, that (i) the Company and its Affiliates shall not be deemed to be Affiliates of any Holder or any of its Affiliates, and
(ii) portfolio companies of any Holder or any Affiliate thereof shall not be deemed to be Affiliates of any Holder solely to the extent that any such portfolio company has not received any Confidential Information (as defined in the
Confidentiality Agreement) pertaining to the Company from any holder (provided that 

  
 1 

 
no Person will be deemed to be in receipt of any Confidential Information solely because any such person serves as a director, officer or employee of such portfolio company). For this purpose,
“control” (including, with its correlative meanings, “controlled by” and “under common control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of management or
policies of a Person, whether through the ownership of securities or partnership or other ownership interests, by contract or otherwise. 

“beneficially own” and similar terms have the meaning of Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934. 
 “Bloomberg” means Bloomberg Financial
Markets. 
 “Board” means the board of directors of the Company. 

“Business Day” means any day except a Saturday, a Sunday or other day on which the Securities and Exchange Commission or
banks in the City of New York or in the British Virgin Islands are authorized or required by law to be closed. 
 “Cash
Exercise” has the meaning set forth in Section 1.2.1. 
 “Cashless Exercise” has the
meaning set forth in Section 1.2.2. 
 “Code” means the U.S. Internal Revenue Code of 1986, as
amended. 
 “Common Shares” has the meaning set forth in the first paragraph of this Warrant. 

“Confidentiality Agreement” means the non-disclosure agreement dated May 5, 2020
by and between Catterton Latin America Management Co. and the Company. 
 “VWAP” means, as of any date of determination,
the average per share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “DESP <equity> AQR” (or its equivalent successor if such Bloomberg page is not available) in respect of
the period from the open of trading on the relevant Trading Day until the close of trading on such Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of Common Shares on such Trading Day reasonably
determined, using a volume-weighted average method, by an Independent Financial Expert appointed (and compensated by the Company) for such purpose). The VWAP will be determined without regard to after-hours trading or any other trading outside of
the regular trading session trading hours. 
 “Exercise Price” means $0.01 per share, subject to all adjustments from time
to time pursuant to the provisions of Section 6. 
 “Governmental Authority” means any
government, court, regulatory or administrative agency, commission, arbitrator or authority or other legislative, executive or judicial governmental entity (in each case including any self-regulatory organization), whether federal, state or local,
domestic, foreign or multinational. 
 “Independent Financial Expert” means a nationally recognized accounting, investment
banking or consultant firm, which firm does not have a material financial interest or other material economic relationship with either the Company or any of its Affiliates or the Holder or any of its Affiliates that is, in the good faith judgment of
the Board, qualified to perform the task for which it has been engaged. 

  
 2 

 “Liquidity Event” has the meaning set forth in
Section 7. 
 “Market Price” means, as of any date, (i) so long as the Common Shares
continue to be traded on the NYSE on such date, the last reported sale price of the Common Shares on the Trading Day immediately prior to such date on the NYSE and (ii) if the Common Shares are not traded on the NYSE on such date, the closing
sale price of the Common Shares on the Trading Day immediately prior to such date as reported in the composite transactions for the principal securities exchange or market on which the Common Shares are so listed or traded, or, if no closing sale
price is reported, the last reported sale price on the principal securities exchange on which the Common Shares are so listed or traded on the Trading Day immediately prior to such date, or if the Common Shares are not so listed or traded on a
securities exchange or market, the last closing bid price of the Common Shares in the over-the-counter market on the electronic bulletin board for such security as
reported by Bloomberg, or, if that bid price is not available, the market price of the Common Shares on the Trading Day immediately prior to such date as determined by an Independent Financial Expert appointed (and compensated by the Company) for
such purpose, using one or more valuation methods that the Independent Financial Expert in its best professional judgment determines to be most appropriate, assuming such securities are fully distributed and are to be sold in an arm’s-length transaction and there was no compulsion on the part of any party to such sale to buy or sell and taking into account all relevant factors. 

All references herein to the “closing sale price” and “last reported sale price” of the Common Shares on the NYSE shall be
such closing sale price and last reported sale price as reflected on the website of the NYSE (www.nyse.com). 
 “Memorandum and
Articles” means the amended and restated memorandum and articles of association of the Company, as amended, supplemented or modified from time to time; 

“NYSE” means any national stock exchanges now or hereinafter maintained by the New York Stock Exchange. 

“Options” means any warrants (including this Warrant) or other rights or options to subscribe for or purchase Common Shares.

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

“Public Sale” shall mean (i) an underwritten public offering pursuant to an effective registration statement (other than
a registration statement on Form F-4, Form S-8 or any successor or other forms promulgated for similar purposes) filed under the Securities Act or (ii) a
“brokers’ transaction” (as defined in Rule 144). 
 “Registration Rights Agreement” means the registration
rights agreement, dated as of September [•], 2020, among the Company and LCLA Daylight LP, as amended or modified from time to time. 

“Securities Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations
promulgated thereunder. 
 “Trading Day” means a day on which trading in the Common Shares (or other applicable security)
generally occurs on the principal exchange or market on which the Common Shares (or other applicable security) are then listed or traded; provided that if the Common Shares (or other applicable security) are not so listed or traded,
“Trading Day” means a Business Day. 

  
 3 

 1. Exercise of Warrants. 

1.1 General Exercise. This Warrant may be exercised in whole or in part by the Holder at any time and from time to time after the Issue
Date and on or prior to the close of business on the Expiration Date, and in the event that this Warrant has not been exercised in full as of the last Business Day prior to the Expiration Date, the purchase rights represented by this Warrant shall
be deemed to be automatically exercised in full by the Holder pursuant to Section 1.2.2 as of such last Business Day. Any exercise of this Warrant may be conditioned upon the occurrence of (a) a Public Sale of the
Warrant Shares, (b) the consummation of a transfer of the Warrant Shares in a transaction not constituting a Public Sale pursuant to an applicable exemption under the Securities Act (in each of clauses (i) and (ii), in accordance with the
terms hereof and the Investment Agreement, as applicable), or (c) any event described in Section 8.2(iii). Such conditional exercise shall be deemed revoked if such event or transaction does not occur on the date, or within the dates,
specified in the applicable notice provided by or on behalf of the Company pursuant to Section 8 (if such a notice was provided). 
 1.2
Exercise. 
 1.2.1 Exercise for Cash. This Warrant may be exercised (“Cash Exercise”) by delivering this
Warrant to the Company, or at the office of its stock transfer agent, if any, accompanied by (i) the “Purchase Form” attached as Exhibit A-1 hereto duly completed and executed on behalf
of the Holder and (ii) a payment to the Company in the amount equal to the Exercise Price multiplied by the number of Warrant Shares in respect of which this Warrant is then exercised, plus all taxes required to be paid by the Holder, if any,
pursuant to Section 2, by wire transfer of immediately available funds to an account designated by the Company. 

1.2.2 Cashless Exercise. This Warrant may be exercised (“Cashless Exercise”) by electing on one or more occasions, at
any time prior to Expiration Date, to receive Warrant Shares issuable in accordance with this Warrant (or the portion thereof being cancelled) by surrender of this Warrant to the Company together with the “Cashless Exercise Form” attached
as Exhibit A-2 hereto duly completed and executed on behalf of the Holder. 
 1.3 Issuance
of Warrant Shares; Authorization. 
 1.3.1 In the event of a Cash Exercise, subject to Section 9.1, upon
surrender of this Warrant and full compliance with each of the other requirements in Section 1.2.1, the Company shall, promptly, and in any event, within 2 Trading Days issue the number of Warrant Shares issuable upon the
Cash Exercise in and to such name or names as the Holder may designate and deliver to the Holder (i) if requested, a share certificate or certificates for such Warrant Shares, and (ii) such other evidence as the Holder reasonably requires
to evidence the issuance of the Warrant Shares to the Holder (or any nominee, broker or depositary through which the Holder will own the Warrant Shares) as a matter of the laws of the British Virgin Islands (including, without limitation, a
certified copy of an extract of the register of members of the Company duly reflecting the issuance of such Warrant Shares). 
 1.3.2 In the
event of a Cashless Exercise, subject to Section 9.1, upon surrender of this Warrant and full compliance with the other requirements in Section 1.2.2, the Company shall promptly, and in any event,
within 2 Trading Days issue the number of Warrant Shares issuable upon the Cashless Exercise in and to such name or names as the Holder may designate (subject to the transfer restrictions in the Investment Agreement) and deliver to the Holder
(i) if requested, a share certificate or certificates for such Warrant Shares and (ii) such other evidence as the Holder reasonably requires to evidence the issuance of the Warrant Shares to the Holder (or any nominee, broker or depositary
through which the Holder will own the Warrant Shares) as a matter of the laws of the British Virgin Islands (including, without limitation, a certified copy of an extract of the register of members of the Company). Such number of Warrant Shares to
be issued pursuant to this Section 1.3.2 shall be computed using the following formula: 
  

			
	X =	  	      Y(A-B)      
	  	            A

  
 4 

			
	Where:	  	X = the number of the Warrant Shares to be issued to the Holder.
		  	Y = the number of the Warrant Shares with respect to which the Warrant is exercised.
		  	A = the Market Price of one Common Share on the date of determination.
		  	B = the Exercise Price (as adjusted to the date of such calculation).

 The date of determination for purposes of this Section 1.3.2 shall be the date the Holder delivers
the Cashless Exercise Form. 
 1.3.3 Such Warrant Shares shall not be deemed to have been issued, and any person so designated to be named
therein shall not be deemed to have become or have any rights of a holder of record of such Warrant Shares, until all requirements set forth in Section 1.2 have been fully met by the Holder. 

1.3.4 The certificate(s) (or book entry shares) representing the Warrant Shares acquired upon the exercise of this Warrant shall bear the
restrictive legend substantially in the form set forth on Exhibit B hereto; provided that, upon the reasonable request of the Holder, at any time, and from time to time, when such legend is no longer required under the Securities Act
or applicable state laws, the Company shall promptly remove such legend from any certificate (or book entry share) representing the Warrant Shares (or issue one or more new certificates or book entry shares representing such Warrant Shares, which
certificate(s) or book entry share(s) shall not contain a legend). 
 1.3.5 The Company hereby represents and warrants that this Warrant,
and any Warrant issued in substitution or replacement of this Warrant shall be, upon issuance, duly authorized and validly issued, and any Common Shares issued upon the exercise of this Warrant in accordance with the provisions of
Sections 1.2 will be duly authorized and validly issued, fully paid and non-assessable and free from all taxes, liens, encumbrances and charges (other than liens or charges created by
the Holder or taxes in respect of any transfer of such Common Shares occurring contemporaneously herewith to a person other than the Holder). The Company agrees that the Warrant Shares so issued will be deemed to have been issued to the Holder (and
the Holder shall be the legal and beneficial owner thereof) as of the close of business on the date on which this Warrant and payment of the Exercise Price are delivered to the Company in accordance with the terms of this Warrant, notwithstanding
that the register of members of the Company may then be closed or certificates or book entry shares representing such Warrant Shares may not be actually delivered on such date. 

1.3.6 The Company will deliver a certified copy of director resolutions of the Company approving any actions taken by the Company pursuant to
this Section 1.3, including the issue of the Warrant Shares. 
 1.4 Full or Partial Exercise. This Warrant
shall be exercisable, at the election of the Holder, either in full or in part and, in the event that this Warrant is exercised in respect of fewer than all of the Warrant Shares issuable on such exercise at any time prior to the Expiration Date,
the Company shall promptly, and in no event later than two Trading Days after any exercise, issue a new Warrant, in a form substantially identical hereto, representing the remaining number of Warrant Shares after such exercise in the name of the
Holder, upon the request of such Holder and against delivery of this Warrant. 
 1.5 Vesting. This Warrant shall vest and become
exercisable on the Issue Date. 

  
 5 

 2. Payment of Taxes. Issuance of the Warrant Shares shall be made without charge to
the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of the Warrant Shares, including any certificates relating thereto, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares
shall be issued in the name of the Holder or in such name or names (provided that the Holder has complied with the restrictions on transfer set forth herein and in the Investment Agreement) as may be directed by the Holder; provided
that in the event the Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by a properly executed assignment in form attached as Exhibit C hereto; and the
Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. 
 3.
Mutilated, Missing or Lost Warrant. In the event that this Warrant shall be mutilated, lost, stolen or destroyed, the Company shall issue and countersign, in exchange and substitution for and upon cancellation of the mutilated Warrant,
or in lieu of and substitution for its loss, theft or destruction, a new Warrant with identical terms, representing an equivalent number of Warrant Shares and dated the same date as this Warrant that was mutilated, lost, stolen or destroyed, but
only upon receipt of evidence and indemnity or other security reasonably satisfactory to the Company of the loss, theft or destruction of this Warrant. 

4. Reservation of Warrant Shares. 

4.1 At all times prior to the Expiration Date, the Company shall at all times reserve and keep available out of its authorized but unissued
Common Shares solely for the purpose of issuance upon the exercise of this Warrant, a number of Common Shares equal to the aggregate Warrant Shares issuable upon the exercise of this Warrant. The Company shall use commercially reasonable efforts to
take all such actions as may be necessary to assure that all such Common Shares may be so issued without violating the Company’s governing documents, any agreements to which the Company is a party, any requirements of any national securities
exchange upon which Common Shares may be listed or any applicable laws. The Company shall not take any action which would cause the number of authorized but unissued Common Shares to be less than the number of such shares required to be reserved
hereunder for issuance upon exercise of the Warrants. The Company shall not amend or modify any provision of the Memorandum and Articles in any manner that would materially and adversely affect the powers, preferences or relative participating,
optional or other special rights of the Common Shares in a manner which would disproportionately and adversely affect the rights of the Holder relative to other holders of Common Shares. 

4.2 The Company covenants that it will take such actions as may be necessary or appropriate in order that all Warrant Shares
issued upon exercise of this Warrant will, upon issuance in accordance with the terms of this Warrant, be fully paid and non-assessable, and free from any and all (i) security interests created by or
imposed upon the Company and (ii) taxes, liens and charges with respect to the issuance thereof (other than liens or charges created by the Holder or taxes in respect of any transfer of such Common Shares occurring contemporaneously therewith
to a person other than the Holder). If at any time prior to the Expiration Date the number and kind of authorized but unissued shares of the Company shall not be sufficient to permit exercise in full of this Warrant, the Company will as promptly as
practicable take such corporate action necessary to increase its authorized but unissued shares to such number of shares as shall be sufficient for such purposes. Without limiting the generality of the foregoing, the Company will not increase the
stated or par value per share, if any, of the Common Shares above the Exercise Price per share in effect immediately prior to such increase in stated or par value. The Company shall procure the listing of any Warrant Shares issued upon exercise of
this 

  
 6 

 
Warrant on the principal securities exchange on which the Common Shares are then listed or traded. The Company shall not, by amendment of the Memorandum and Articles, or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder,
but shall at all times in good faith cooperate in the carrying out of all the provisions of this Warrant. 
 5. Fractional Shares. No
fractional Warrant Shares, or scrip for any such fractional Warrant Shares, shall be issued upon the exercise of this Warrant. If any fraction of a share of Common Shares would, except for the provisions of this Section 5,
be issuable on the exercise of any Warrant, the Company may, at its election, either make a cash payment equal to the Market Price of the Common Shares less the Exercise Price for such fractional share or round up to the next whole share. 

6. Anti-dilution Adjustments and Other Rights. The Exercise Price and number of Warrant Shares issuable upon exercise of this
Warrant shall be subject to adjustment from time to time as follows: 
 6.1 Adjustment to Exercise Price. Upon any
adjustment to the number of Warrant Shares for which this Warrant is exercisable pursuant to Sections 6.2. 6.3, 6.4, 6.5 and 6.6, the Exercise Price shall immediately be adjusted to equal the quotient obtained by
dividing (i) the aggregate Exercise Price of the maximum number of Warrant Shares for which this Warrant was exercisable in each case immediately prior to such adjustment by (ii) the number of Warrant Shares for which this Warrant is
exercisable immediately after such adjustment; provided, however, that the Exercise Price with respect to the new number of Warrant Shares for which this Warrant is exercisable resulting from any such adjustment shall not be less than
$0.01 per share. 
 6.2 Share Dividend or Division. If the Company issues Common Shares as a dividend or distribution
on all or substantially all Common Shares, or effects a division or combination, or shall increase or decrease the number of Common Shares outstanding by reclassification of its Common Shares, then in each case, the number of Warrant Shares for
which this Warrant is exercisable will be adjusted based on the following formula: 
  

			
	NS’ = NS0 x	  	OS’            
	  	OS0

  

					
	where,	  		  	
			
	 NS’
	  	=	  	the number of Warrant Shares for which this Warrant is exercisable in effect immediately after such adjustment
			
	 NS0
	  	=	  	the number of Warrant Shares for which this Warrant is exercisable in effect immediately prior to such adjustment
			
	 OS’
	  	=	  	the number of Common Shares outstanding immediately after the close of business on the record date for such dividend or distribution or the effective date of such division or combination
			
	 OS0
	  	=	  	the number of Common Shares outstanding immediately prior to the close of business on the record date for such dividend or distribution or the effective date of such subdivision, share split, share combination or reverse
splitting.

  
 7 

 Such adjustment shall become effective immediately prior to 9:00 a.m., New York City time,
on the Business Day following the record date fixed for such dividend distribution or the effective date of such division or combination. If any such event is announced or declared but does not occur, the number of Warrant Shares for which this
Warrant is exercisable shall again be adjusted to the number of Warrant Shares for which this Warrant is exercisable that would then be in effect if such event had not been declared (and the Exercise Price also correspondingly readjusted). 

6.3 Rights or Warrants. If the Company issues to all or substantially all holders of its Common Shares, any rights or
warrants entitling them to subscribe for or purchase Common Shares, for a period expiring 45 days or less from the date of issuance thereof and subject to the last paragraph of this Section 6.3, at a price per share less
than the Market Price per share of Common Shares on the Business Day immediately preceding the date of announcement of such issuance, the number of Warrant Shares for which this Warrant is exercisable will be adjusted based on the following formula:

  

			
	NS’ = NS0 x	  	OS0 + X  
	  	 OS0 + Y

  

					
	where,	  		  	
			
	NS’	  	=	  	the number of Warrant Shares for which this Warrant is exercisable in effect immediately after such adjustment
			
	NS0	  	=	  	the number of Warrant Shares for which this Warrant is exercisable in effect immediately prior to such adjustment
			
	OS0	  	=	  	the number of Common Shares outstanding immediately prior to the close of business on the date of announcement of such issuance
			
	X	  	=	  	the total number of Common Shares issuable pursuant to such rights (or warrants)
			
	Y	  	=	  	the number of Common Shares equal to the aggregate price payable to exercise such rights (or warrants) divided by the Market Price per Common Share on the Business Day immediately preceding the date of announcement.

 Such adjustment shall be successively made whenever any such rights or warrants are issued and shall
become effective immediately prior to 9:00 a.m., New York City time, on the Business Day following the record date for such issuance. To the extent that Common Shares are not delivered upon or before the expiration of such rights or warrants, the
number of Warrant Shares for which this Warrant is exercisable shall again be adjusted to the number of Common Shares for which this Warrant is exercisable that would then be in effect had the adjustments made upon the issuance of such rights or
warrants been made on the basis of delivery of only the number of Common Shares actually delivered (and the Exercise Price also correspondingly readjusted). If such rights or warrants are not so issued, the number of Warrant Shares for which this
Warrant is exercisable shall again be adjusted to be the number of Warrant Shares for which this Warrant is exercisable that would then be in effect if such date fixed for the determination of shareholders entitled to receive such rights or warrants
had not been fixed (and the Exercise Price also correspondingly readjusted). No adjustment shall be made pursuant to this Section 6.3 which shall have the effect of decreasing the number of Warrant Shares issuable upon exercise of this

  
 8 

 
Warrant. In determining whether any rights or warrants entitle the holders of the Company’s Common Shares to subscribe for or purchase Common Shares at less than such Market Price, and in
determining the aggregate price payable to exercise such rights or warrants, there shall be taken into account any consideration received by the Company for such rights or warrants and any amount payable on exercise thereof, the value of such
consideration, if other than cash, to be determined in good faith by the Board of Directors. 
 In the event the Company adopts or implements
a shareholder rights agreement (a “Shareholder Rights Plan”) pursuant to which rights (“Rights”) are distributed to the holders of Common Shares of the Company and such Shareholder Rights Plan provides that each Warrant Share
issued upon exercise of this Warrant at any time prior to the distribution of separate certificates (or book entry Rights) representing such Rights will be entitled to receive such Rights, then there shall not be any adjustment to the exercise right
or Exercise Price at any time prior to the distribution of separate certificates (or book entry Rights) representing such Rights. If, however, prior to any exercise of this Warrant, the Rights have separated from the Common Shares, the exercise
right and Exercise Price shall be adjusted at the time of separation as described in Section 6.3(a); provided that no adjustment shall be made pursuant to this Section 6 in respect of such Rights with respect to any Holder which is, or is
an “affiliate” or “associate” of, an “acquiring person” under such Shareholder Rights Plan or with respect to any direct or indirect transferee of such Holder who receives this Warrant in such transfer after the time
such Holder becomes, or its affiliate or associate becomes, such an “acquiring person”. To the extent such Rights are not exercised prior to their expiration, termination or redemption, the number of Warrant Shares for which this Warrant
is exercisable shall again be adjusted to be the number of Warrant Shares for which this Warrant is exercisable that would then be in effect if such prior adjustment had been made on the basis of the issuance of, and the receipt of the exercise
price with respect to, only the number of Common Shares actually issued pursuant to such Rights (and the Exercise Price also correspondingly readjusted). 

6.4 Other Distributions. If the Company fixes a record date for the making of any distribution of shares, other securities, evidences of
indebtedness or other assets or property of the Company to all or substantially all holders of the Common Shares, excluding: 
 (i)
dividends or distributions and rights or warrants referred to in Section 6.2 or Section 6.3; 

(ii) dividends or distributions paid exclusively in cash referred to in Section 6.5; and 

(iii) a Spin-Off (as defined below); 

then the number of Warrant Shares for which this Warrant is exercisable will be adjusted based on the following formula: 

 

			
	NS’ = NS0 x	  	SP0              
	  	 SP0 - FMV

  

					
	where,	  		  	
			
	NS’	  	=	  	the number of Warrant Shares for which this Warrant is exercisable in effect immediately after such adjustment

  
 9 

					
			
	NS0	  	=	  	the number of Warrant Shares for which this Warrant is exercisable in effect immediately prior to such adjustment
			
	SP0	  	=	  	the Market Price per Common Share on the last Trading Day immediately preceding the first date on which the Common Shares trade regular way without the right to receive such distribution
			
	FMV	  	=	  	the fair market value (as determined in good faith by the Board) of the shares of capital stock, other securities, evidences of indebtedness, assets or property distributed with respect to each outstanding Common Share on the record
date for such distribution; provided that if FMV is equal to or greater than SP0, then in lieu of the foregoing adjustment, the Company shall distribute to the Holder on the date the applicable
shares, other securities, evidences of indebtedness or other assets or property are distributed to holders of Common Shares, but without requiring the Holder to exercise this Warrant, the amount of shares, other securities, evidences of indebtedness
or other assets or property that the Holder would have received had the Holder exercised this Warrant prior to the date of such distribution

 . 

Such adjustment shall become effective immediately prior to 9:00 a.m., New York City time, on the Business Day following the record date fixed
for the determination of shareholders entitled to receive such distribution. Such adjustment shall be made successively whenever such a record date is fixed with respect to a subsequent event. 

With respect to an adjustment pursuant to this Section 6.4 where there has been a payment of a dividend or other
distribution on the Common Shares or shares of capital stock of any class or series, or similar equity interest, of or relating to a subsidiary or other business unit, whether by means of a spin-off, split-off, redemption, reclassification, exchange, share dividend, share distribution, rights offering or similar transaction (a “Spin-Off”), the number of
Warrant Shares for which this Warrant is exercisable in effect immediately before 5:00 p.m., New York City time, on the record date fixed for determination of shareholders entitled to receive the distribution will be increased based on the following
formula, rather than the formula set forth in the first paragraph of this Section 6.4: 
  

			
	NS’ = NS0 x	  	FMV0 + MP0  
	  	         MP0

  

					
	where,	  		  	
			
	NS’	  	=	  	the number of Warrant Shares for which this Warrant is exercisable in effect immediately after such distribution
			
	NS0	  	=	  	the number of Warrant Shares for which this Warrant is exercisable in effect immediately prior to such distribution
			
	FMV0	  	=	  	the average of the Market Prices of the capital stock or similar equity interest distributed to holders of Common Shares applicable to one share of such stock or equity interest over the first ten consecutive Trading Day period
commencing with, and including, the effective date of the Spin-Off
			
	MP0	  	=	  	the average of the Market Price of the Common Shares over the first ten consecutive Trading Day period commencing on, and including, the effective date of the Spin-Off.

  
 10 

 Such adjustment shall occur immediately following 5:00 p.m., New York City time, on the
tenth consecutive Trading Day from, and including, the effective date of the Spin-Off. If an adjustment is required under this Section 6.4 with respect to a Spin-Off, delivery of any additional Common Shares that may be deliverable upon exercise of this Warrant as a result of an adjustment required under this Section 6.4 for a Spin-Off shall be delayed to the extent necessary in order to complete the applicable calculations provided for in this Section 6.4. 

6.5 Cash Dividend. If the Company makes any cash dividend (excluding any cash distributions in connection with the Company’s
liquidation, dissolution or winding up) or distribution during any quarterly fiscal period to all or substantially all holders of Common Shares, the number of Common Shares for which this Warrant is exercisable will be adjusted based on the
following formula: 
  

			
	NS’ = NS0 x	  	    SP0        
	  	 SP0 - C

  

					
	where,	  		  	
			
	NS’	  	=	  	the number of Warrant Shares for which this Warrant is exercisable in effect immediately after the record date for such dividend or distribution
			
	NS0	  	=	  	the number of Warrant Shares for which this Warrant is exercisable in effect immediately prior to the record date for such dividend or distribution
			
	SP0	  	=	  	the Market Price per Common Share on the last Trading Day immediately preceding the first date on which the Common Shares trade regular way without the right to receive such dividend or distribution
			
	C	  	=	  	the amount in cash per share the Company distributes to holders of Common Shares; provided, that if C is equal to or greater than SP0, then in lieu of the foregoing adjustment,
the Company shall pay to the Holder on the date the applicable cash dividend or distribution is made to holders of Common Shares, but without requiring the Holder to exercise this Warrant, the amount of cash the Holder would have received if the
Holder exercised this Warrant prior to the record date for such dividend or distribution.

 Such adjustment shall become effective immediately after 5:00 p.m., New York City time, on the record
date for such dividend or distribution. If any cash dividend or distribution is declared but not so paid, the number of Warrant Shares for which this Warrant is exercisable shall again be adjusted to the number of Warrant Shares for which this
Warrant is exercisable that would then be in effect if such dividend or distribution had not been declared (and the Exercise Price also correspondingly readjusted). No adjustment shall be made pursuant to this Section 6.5
which shall have the effect of decreasing the number of Warrant Shares issuable upon exercise of this Warrant. 
 6.6 Tender or Exchange
Offer: The Company or one or more of its subsidiaries purchases Common Shares pursuant to a tender offer or exchange offer (other than an exchange offer that is subject to Section 6.4 by the Company or a subsidiary of the Company for all or
any portion of the Common Shares, or otherwise acquires Common Shares (except (1) in an open market purchase in 

  
 11 

 
compliance with Rule 10b-18 promulgated under the Exchange Act, (2) through an “accelerated share repurchase” on customary terms or
(3) in connection with tax withholding upon vesting or settlement of options, restricted stock units, performance share units or other similar equity awards or upon forfeiture or cashless exercise of options or other equity awards) (a
“Covered Repurchase”), if the cash and value of any other consideration included in the payment per Common Share validly tendered, exchanged or otherwise acquired through a Covered Repurchase exceeds the arithmetic average of the
VWAP per Common Share for each of the ten (10) consecutive full Trading Days commencing on, and including, the Trading Day next succeeding the last day on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it
may be amended) or Common Shares are otherwise acquired through a Covered Repurchase (the “Offer Expiration Date”), in which the number of Common Shares for which this Warrant is exercisable will be adjusted based on the following
formula: 
  

			
	NS’ = NS0 x	  	    FMV + (SP1 x OS1)  
	  	         (SP1 x OS0)

  

					
			
	NS’	  	=	  	the number of Warrant Shares for which this Warrant is exercisable in effect immediately after the close of business on the Offer Expiration Date
			
	NS0	  	=	  	the number of Warrant Shares for which this Warrant is exercisable in effect immediately prior to the close of business on the Offer Expiration Date
			
	FMV	  	=	  	the Fair Market Value, on the Offer Expiration Date, of all cash and any other consideration paid or payable for all shares validly tendered or exchanged and not withdrawn, or otherwise acquired through a Covered Repurchase, as of
the Offer Expiration Date
			
	OS0	  	=	  	the number of Common Shares outstanding immediately prior to the last time tenders or exchanges may be made pursuant to such tender or exchange offer (including the shares to be purchased in such tender or exchange offer) or shares
are otherwise acquired through a Covered Repurchase
			
	OS1	  	=	  	the number of Common Shares outstanding immediately after the last time tenders or exchanges may be made pursuant to such tender or exchange offer (after giving effect to the purchase of shares in such tender or exchange offer) or
shares are otherwise acquired through a Covered Repurchase
			
	SP1	  	=	  	the arithmetic average of the VWAP per Common Share for each of the ten (10) consecutive full Trading Days commencing on, and including, the Trading Day next succeeding the Offer Expiration Date

 Such adjustment shall become effective immediately after 5:00 p.m., New York City time, on the Offer
Expiration Date. If an adjustment is required under this Section 6.6, delivery of any additional Common Shares that may be deliverable upon conversion as a result of an adjustment required under this
Section 6.6 shall be delayed to the extent necessary in order to complete the calculations provided for in this Section 6.6. 

  
 12 

 In the event that the Company or any of its subsidiaries is obligated to purchase Common
Shares pursuant to any such tender offer or other commitment to acquire Common Shares through a Covered Repurchase but is permanently prevented by applicable law from effecting any such purchases, or all such purchases are rescinded, then the number
of Warrant Shares for which this Warrant is exercisable shall be readjusted to be the number of Warrant Shares that would have been then in effect if such tender offer, exchange offer or Covered Repurchase had not been made. 

6.7 No Adjustment if Participating. Notwithstanding the foregoing provisions of this Section 6, no adjustment
shall be made thereunder, nor shall an adjustment be made to the ability of a Holder to exercise, for any distribution described therein if the Holder will otherwise participate in the distribution with respect to its Warrant Shares without exercise
of this Warrant (without giving effect to any separate exercise of preemptive rights). 
 6.8 Income Tax Adjustment. The Company may
(but is not required to) make such decreases in the Exercise Price and increases in the number of Warrant Shares for which this Warrant is exercisable, in addition to those required by Sections 6.1 through 6.6, as the Board determines
is consistent with the principles of Treasury Regulations Section 1.305-3 and considers to be advisable to avoid or diminish any income tax to holders of Common Shares or rights to purchase Common Shares
in connection with a dividend or distribution of shares (or rights to acquire shares) or any similar event treated as such for income tax purposes. 

6.9 No Adjustment. No adjustment to the Exercise Price or the number of Warrant Shares for which this Warrant is exercisable need be
made: 
 6.9.1 upon the issuance of any Common Shares pursuant to any present or future plan providing for the reinvestment of dividends or
interest payable on securities of the Company and the investment of additional optional amounts in Common Shares under any plan; 
 6.9.2
upon the issuance of any Common Shares or options or rights to purchase Common Shares pursuant to any present or future employee, director or consultant benefit plan or program of or assumed by the Company or any of its Subsidiaries; 

6.9.3 upon the issuance of any Common Shares pursuant to any option, warrant, right, or exercisable, exchangeable or convertible security not
described in Section 6.2 and outstanding as of the date this Warrant was first issued or which has otherwise already given rise to an adjustment hereunder at the time such option, warrant right, or exercise, exchangeable or
convertible security was issued; or 
 6.9.4 for a change in the par value of the Common Shares, if any. 

6.10 Calculations. All adjustments made to the Exercise Price pursuant to this Section 6 shall be calculated to the nearest cent
($0.01), and all adjustments made to the Warrant Shares issuable upon exercise of each Warrant pursuant to this Section 6 shall be calculated to the nearest one-ten thousandth of a
Warrant Share (0.0001). Except as described in this Section 6, the Company will not adjust the Exercise Price and the number of Warrant Shares for which this Warrant is exercisable. 

No adjustments of the Exercise Price or the number of Warrant Shares issuable upon the exercise of this Warrant that would otherwise be
required shall be made unless and until such adjustment either by itself or with other adjustments not previously made increases or decreases by at least 0.1% the Exercise Price or the number of Warrant Shares issuable upon the exercise of this
Warrant immediately prior to the making of such adjustment. Any adjustment representing a change of less than such minimum amount shall be carried forward and made as soon as such adjustment, together with other adjustments required by this
Section 6 and not previously made, would result in a minimum adjustment. 

  
 13 

 6.11 Adjustment Event. In any case in which this Section 6
provides that an adjustment shall become effective immediately after (i) a record date or record date for an event, (ii) the date fixed for the determination of shareholders entitled to receive a dividend or distribution pursuant to this
Section 6 or (iii) a date fixed for the determination of shareholders entitled to receive rights or warrants pursuant to this Section 6 (each a “Determination Date”), the
Company may elect to defer until the occurrence of the applicable Adjustment Event (x) issuing to the Holder of any Warrant exercised after such Determination Date and before the occurrence of such Adjustment Event, the additional Common Shares
or other securities issuable upon such exercise by reason of the adjustment required by such Adjustment Event over and above the Common Shares issuable upon such exercise before giving effect to such adjustment and (y) paying to such holder any
amount in cash in lieu of any fractional share pursuant to Section 5. For purposes of this Section 6, the term “Adjustment Event” shall mean: 

(A) in any case referred to in clause (i) hereof, the occurrence of such event, 

(B) in any case referred to in clause (ii) hereof, the date any such dividend or distribution is paid or made, and 

(C) in any case referred to in clause (iii) hereof, the date of expiration of such rights or warrants. 

6.12 Number of Shares Outstanding. For purposes of this Section 6, the number of Common Shares at any time
outstanding shall not include shares held as treasury shares by the Company but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of Common Shares. 

6.13 Successive Adjustments. Successive adjustments in the Exercise Price and the number of Warrant Shares for which this Warrant is
exercisable shall be made, without duplication, whenever any event specified in this Section 6 shall occur. 
 6.14
Voluntary Adjustment by the Company. In addition to any adjustments required pursuant to this Section 6, the Company may at its option, at any time during the term of this Warrant, reduce the then current Exercise
Price or increase the number of Warrant Shares for which this Warrant may be exercised to any amount deemed appropriate by the Board; provided, however, that if the Company elects to make such adjustment, such adjustment will remain in
effect for at least a 7-day period, after which time the Company may, at its option, reinstate the Exercise Price or number of Warrant Shares in effect prior to such reduction, subject to any interim
adjustments pursuant to this Section 6. 
 7. Liquidity Event. Any Change of Control (as defined in Schedule
1 to the Memorandum and Articles) or any other recapitalization, reorganization, reclassification, consolidation, merger, sale of all or substantially all of the Company’s assets or other transaction, which, in each case, is effected in such a
way that all of the holders of Common Shares are entitled to receive (either directly or upon subsequent related dividend, distribution or liquidation) cash, stock, securities or assets (or a combination of the foregoing) with respect to or in
exchange for Common Shares (other than a transaction that triggers an adjustment pursuant to Section 6) is referred to herein (together with any such Change of Control) as a “Liquidity Event.” In connection
with any Liquidity Event, each Holder shall have the right to acquire and receive, upon exercise of any Warrants, such cash, shares, securities or other assets or property as would have been issued or payable in such Liquidity Event (as if such
Holder had exercised such Warrant immediately prior to such Liquidity Event) with respect to or in exchange, as applicable, for the number of Warrant Shares that would have been issued upon exercise of such Warrants, if such Warrants had been
exercised immediately prior to the occurrence of such Liquidity Event, and in any such case, if applicable, the provisions set forth herein with respect to the rights and interests thereafter of the Holder

  
 14 

 
shall be appropriately adjusted so as to be applicable, as nearly as may reasonably be, to the Holder’s right to exercise this Warrant in exchange for any shares, securities or other assets
or property pursuant to this paragraph. In determining the kind and amount of shares, securities or other assets or property receivable upon exercise of this Warrant upon and following adjustment pursuant to this Section 7,
if the holders of Common Shares have the right to elect the kind or amount of consideration receivable upon consummation of such Liquidity Event, then the kind and amount of shares, securities or other assets or property receivable upon exercise of
this Warrant shall be in the same proportion as the weighted average of the types and amounts of consideration received by the holders of Common Shares. The Company shall not effect any Liquidity Event unless simultaneously with the consummation
thereof, the surviving or resulting Person (if other than the Company), or the acquirer, in the case of a sale of all or substantially all of the Company’s assets, resulting from such Liquidity Event shall assume in all material respects
(including with respect to the provisions of Section 6 and this Section 7), the obligation to deliver to the Holder such cash, shares, securities or other assets or property which, in accordance
with the foregoing provision, the Holder shall be entitled to receive upon exercise of the Warrants. 
 Notwithstanding anything else to the
contrary in this Warrant, in the event of a Liquidity Event in which the Common Shares are converted into solely the right to receive cash upon the consummation of such Liquidity Event, if this Warrant has not previously been exercised in full on a
date occurring before the third (3rd) Business Day prior to the consummation of such Liquidity Event, any unexercised portion of this Warrant shall be deemed exercised in full, without the
delivery of any notice of exercise or any other action by or on behalf of the Holder, effective immediately prior to the consummation of such Liquidity Event and the Holder shall be entitled to receive cash in an amount equal to the amount of cash
payable in such Liquidity Event in respect of a number of Common Shares equal to the number of Warrant Shares that would be deliverable upon an exercise of this Warrant in full immediately prior to consummation of such Liquidity Event pursuant to
Section 1.2.2 of the unexercised portion of this Warrant, where the Market Price of one (1) Common Share in such an exercise is deemed for these purposes to be the cash payable in respect of one (1) Common Share
in such Liquidity Event; provided that, for the avoidance of doubt, if the cash payable in respect of one (1) Common Share in such Liquidity Event in which the Common Shares are converted into solely the right to receive cash upon the
consummation of such Liquidity Event is less than the then-applicable Exercise Price, then upon consummation of such Liquidity Event, the unexercised portion of this Warrant shall be cancelled for no consideration. 

The provisions of this Section 7 shall similarly apply to successive Liquidity Events. 

8. Notices. Any notice, request, instruction or other document to be given hereunder by any party to the other will be in writing
and will be deemed to have been duly given (A) on the date of delivery if delivered personally, or by facsimile or electronic transmission, upon confirmation of receipt, or (B) on the second (2nd) Business Day following the date of
dispatch if delivered by a recognized next day courier service. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the Holder to the Company, or the Company to the
Holder, as applicable, to receive such notice. 
 If to the Company, to: 

Despegar.com, Corp. 
 Av. Jujuy
2013, Ciudad Autónoma de Buenos Aires, Argentina 
 Attn: Mariano Scagliarini, General Counsel 

Email: mariano.scagliarini@despegar.com 

  
 15 

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

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
New York 10017 
 Attn: Juan Francisco Mendez 

Phone: (212) 455-2000 

Fax: (212) 455-2000 

Email: jmendez@stblaw.com 
 If to
the Holder, to: 
 c/o Catterton Management Company, LLC 

599 West Putnam Avenue 

Greenwich, CT 06830 
 Attn: Shari
Miller 
 Email: shari.miller@lcatterton.com 

With a copy to: 
 Proskauer Rose
LLP 
 Eleven Times Square 
 New
York, NY 10036 
 Attn: Daniel Forman 

Lily Desmond 

Fax: (212) 969-2900 

Email: dforman@proskauer.com 

   ldesmond@proskauer.com 

8.1 Notice of Adjustment. Whenever the Exercise Price or the number of Warrant Shares and other property, if any,
issuable upon the exercise of the Warrants is adjusted, as herein provided, the Company shall deliver to the Holders a certificate of its Chief Financial Officer setting forth, in reasonable detail, the event requiring the adjustment and the method
by which such adjustment was calculated and specifying the Exercise Price and the number of Warrant Shares issuable upon exercise of the Warrants after giving effect to such adjustment. Notwithstanding the foregoing, if the Holder objects to the
Exercise Price and the number of Warrant Shares issuable upon exercise of the Warrants (after giving effect to the proposed adjustment) set forth in the certificate provided by the Company’s Chief Financial Officer, the Company shall promptly
obtain a certificate of an Independent Financial Expert appointed and compensated by the Company for such purpose setting forth the same information and detail as required in the immediately preceding sentence, and such certificate shall be used for
the basis to effect the applicable adjustment to the Exercise Price and the number of Warrant Shares issuable upon exercise of the Warrants. 

8.2 Notice of Certain Transactions. In the event the Company shall propose to (i) distribute any dividend or other
distribution to all holders of its Common Shares or options, warrants or other rights to receive such dividend or distribution, (ii) offer to all holders of its Common Shares rights to subscribe for or to purchase any securities convertible
into Common Shares or shares of stock of any class or any other securities, rights or options, (iii) effect any capital reorganization, reclassification, consolidation or merger, (iv) effect the dissolution, liquidation or winding-up of the Company or (v) make a tender offer or exchange offer with respect to the Common Shares, in each case, in which the Holder will not otherwise participate with respect to its Warrant Shares
without exercise of this Warrant, the Company shall, at least ten (10) days prior to the taking of such proposed action, send to the Holder a notice of such 

  
 16 

 
proposed action or offer, which shall specify the record date for the purposes of such dividend, distribution or rights, or the date such issuance or event is to take place and the date of
participation therein by the holders of Common Shares, if any such date is to be fixed, and shall briefly indicate the effect, if any, of such action on the Common Shares and on the number and kind of any other shares of stock and on property, if
any, and the number of Common Shares and other property, if any, issuable upon exercise of each Warrant and the Exercise Price after giving effect to any such adjustment pursuant to Section 6 which will be required as a
result of such action. 
 9. Transfer of Warrant and Warrant Shares.  

9.1 Until such time as set forth in Section 1.3, the certificate or certificates (or book entry shares) representing the Warrant Shares
acquired upon the exercise of this Warrant shall bear the restrictive legend substantially in the form set forth on Exhibit B hereto. 

9.2 Subject to the provisions of Section 9.1, the Holder may sell, assign, transfer, pledge or dispose of all or any portion of this
Warrant at any time or from time to time, subject to any applicable restrictions on transfer by the Holder in the Investment Agreement. In connection with any transfer of all or any portion of this Warrant, the Holder must provide an assignment form
substantially in the form attached hereto as Exhibit C duly completed and executed by the Holder or any such subsequent Holder, as applicable, and the proposed transferee must consent in writing to be bound by the terms and conditions of this
Warrant and shall become a “Holder” hereunder. Any transfer of all or any portion of this Warrant shall also be subject to the Securities Act and other applicable federal or state securities or blue sky laws. Upon any transfer of this
Warrant in full, the Holder shall be required to physically surrender this Warrant to the Company within three (3) Business Days of the date the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if
properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. This Warrant or any portion thereof shall not be sold, assigned, transferred, pledged or disposed of
in violation of the Securities Act, federal or state securities laws or the Memorandum and Articles. Any purported transfer of this Warrant or any portion thereof in violation of this Section 9 or, if applicable, the Investment Agreement shall
be void ab initio. 
 The Company shall register this Warrant upon records to be maintained by or on behalf of the Company for that purpose
in the name of the record Holder hereof from time to time. Absent manifest error or actual notice to the contrary, the Company may deem and treat the Holder of this Warrant so registered as the absolute owner hereof for the purpose of any exercise
hereof or any distribution to the Holder, and for all other purposes. 
 10. Tax Treatment of Warrant. The Holder and the Company
agree to treat the Warrant Shares issuable under this Warrant as outstanding as of the Issue Date for all U.S. tax purposes, and neither the Holder nor the Company shall take any position inconsistent with such treatment in any tax returns or in any
judicial or administrative proceeding in respect of taxes, unless otherwise required pursuant to a “determination” within the meaning of Section 1313(a) of the Code (or any similar or corresponding provision of state, local or non-U.S. law). 
 11. Registration Rights. The Holder of this Warrant shall have such registration
rights for the Warrant Shares as provided in the Registration Rights Agreement. 
 12. No Rights as Shareholder until Exercise. This
Warrant does not entitle the Holder to any of the rights as a member of the Company prior to the exercise of this Warrant, including, without limitation, the right to receive dividends or other distributions, exercise any rights to vote or to
consent or to receive notice as a member in respect of the meetings of members or the election of directors of the 

  
 17 

 
Company or any other matter. No provision thereof and no mere enumeration therein of the rights or privileges of any Holder shall give rise to any liability of such Holder for the Exercise Price
hereunder or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 
 13.
Binding Effect. The terms and provisions of this Warrant shall inure to the benefit of, and be binding upon, the Company and the Holder and their respective successors and permitted assigns. 

14. Governing Law; Submission to Jurisdiction. This Warrant shall be governed by and construed in accordance with the laws of the State
of New York, without giving effect to conflict of law principles that would result in the application of the law of any other jurisdiction. Any action against any party relating to the foregoing shall be brought in any federal or state court of
competent jurisdiction located within the Borough of Manhattan in New York City, and the parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of any such court over any such action. The
parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any such dispute brought in such courts or any defense of inconvenient forum for the
maintenance of such dispute. Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

15. Waiver of Jury Trial. THE PARTIES TO THIS WARRANT EACH HEREBY WAIVES, AND AGREES TO CAUSE ITS AFFILIATES TO WAIVE, TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS WARRANT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT
OF THIS WARRANT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. THE PARTIES TO THIS WARRANT EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS WARRANT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS WARRANT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO
TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 16. Severability. In the event that one or more of the provisions of this
Warrant shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Warrant, but this Warrant shall be construed as if such
invalid, illegal or unenforceable provision had never been contained herein. 
 17. Amendment. This Warrant may be amended and the
observance of any term of this Warrant may be waived only with the written consent of (i) the Company and (ii) the holders of a majority-in-interest of the
Warrants issued pursuant to the Investment Agreement; provided, however, that the prior written consent of the Holder, if the Holder is LCLA Daylight LP, shall be required for any amendment of this Warrant. 

18. Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any
provision of this Warrant. 
 19. Counterparts. This Warrant may be executed in any number of original, facsimile or PDF counterparts
and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

[Signature Page Follows] 

  
 18 

 IN WITNESS WHEREOF, the parties have each caused this warrant to be duly executed as of the
date first written above. 
  

			
	DESPEGAR.COM, CORP.
		
	By:	 	              

		 	Name:
		 	Title:

 [Signature Page to Penny Warrant of Despegar.com] 

 
			
	LCLA DAYLIGHT LP
	By:
		
	By:	 	              

		 	Name:
		 	Title:

 [Signature Page to Penny Warrant of Despegar.com] 

 EXHIBIT A-1 

PURCHASE FORM 
  

			
	To:_________________	  	Dated:______________

 The undersigned hereby irrevocably elects to subscribe for and purchase ________________ Common Shares of Despegar.com, Corp.,
a BVI business company, pursuant to the purchase provisions of Section 1.2.1 of the attached Warrant and herewith makes payment of $____________, representing the full purchase price for such shares at the price per share
provided for in the Warrant. 
 Please issue the applicable number of Warrant Shares issuable pursuant to the Warrant in the name of the undersigned: 

 

	 	☐	 via book-entry transfer; 

 

	 	☐	 in the form of certificates in the name of the Holder; 

If said number of Common Shares shall not be all the Common Shares issuable upon exercise of the attached Warrant, pursuant to Section 1.4 of the
Warrant, a new Warrant is to be issued in the name of the undersigned for the balance remaining of such Common Shares. 
  

			
	Signature:	 	     

		
	Address:	 	     

	
	  

 EXHIBIT A-2 

CASHLESS EXERCISE FORM 
  

			
	To:_________________	  	Dated:______________

 The undersigned hereby irrevocably elects to purchase ________________ Common Shares of Despegar.com, Corp., a BVI business
company, pursuant to the cashless exercise provisions of Section 1.2.2 of the attached Warrant, which is tendered herewith. 

Please issue the applicable number of Warrant Shares issuable pursuant to the Warrant in the name of the undersigned: 

 

	 	☐	 via book-entry transfer; 

 

	 	☐	 in the form of certificates in the name of the Holder; 

If said number of Common Shares shall not be all the Common Shares issuable upon exercise of the attached Warrant, pursuant to Section 1.4 of the
Warrant, a new Warrant is to be issued in the name of the undersigned for the balance remaining of such Common Shares. 
  

			
	Signature:	 	     

		
	Address:	 	     

	
	  

 EXHIBIT B 

FORM OF RESTRICTIVE LEGEND 
 THE OFFER
AND SALE OF THE SECURITIES (INCLUDING THE COMMON SHARES WHICH MAY BE PURCHASED HEREUNDER) REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE SECURITIES MAY NOT UNDER ANY CIRCUMSTANCES BE SOLD,
TRANSFERRED, OR OTHERWISE DISPOSED OF WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY OTHER APPLICABLE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT
OR SUCH LAWS. 
 THE SECURITIES (INCLUDING THE COMMON SHARES WHICH MAY BE PURCHASED HEREUNDER) REPRESENTED BY THIS INSTRUMENT ARE SUBJECT TO TRANSFER
AND OTHER RESTRICTIONS SET FORTH IN AN INVESTMENT AGREEMENT, DATED AS OF AUGUST 20, 2020, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY. 

 EXHIBIT C 

ASSIGNMENT FORM 
 FOR
VALUE RECEIVED, ________________________________________ (the “Holder”) hereby sells, assigns and transfers all of the rights of the undersigned under the attached Warrant with respect to the number of shares of stock covered
thereby set forth below, unto: 
  

					
	 Name of Assignee
	  	 Address
	  	 No. of Shares

(the “Assignee”) 
  

	
	HOLDER
	
	Dated:_______________________
	
	Signature:____________________
	
	Dated:_______________________
	
	Witness:_____________________

 By signing below, the Assignee acknowledges that it qualifies as an “accredited investor” as defined in Rule
501(a) promulgated under the Securities Act of 1933, as amended. 
  

	
	ASSIGNEE
	
	Dated:_______________________
	
	Signature:____________________
	
	Dated:_______________________
	
	Witness:_____________________

 Annex III 

Form of the Registration Rights Agreement 

 Form of Registration Rights Agreement 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of [•], 2020 by and among Despegar.com, Corp, a
business company incorporated in the British Virgin Islands with company number 1936519 and whose registered office is at Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, British Virgin Islands VG1110 (the
“Company”), and the person and entities listed as “Holders” on the signature pages hereto (each, a Holder and, collectively, the “Holders”). 

RECITALS 

WHEREAS, the Company has entered into an Investment Agreement, dated as of August 20, 2020 (as may be amended from time to time,
the “Investment Agreement”), with each of the Holders, pursuant to which the Company has sold to the Holders, and the Holders have purchased from the Company, an aggregate of 150,000 Series A Preferred Shares of the Company and
warrants entitling the Holders to purchase up to 11,000,000 shares of the Company’s ordinary shares, no par value (“Common Shares”), exercisable at a price per share of US$0.01 (the “Warrants”). 

WHEREAS, as agreed under the Investment Agreement, the Company and the Holders will enter into this Agreement for the purpose of
granting certain registration rights to the Holders. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants set
forth herein, the Company and the Holders agree as follows: 
 1. Definitions. 

1.1 Defined Terms. Capitalized terms used, but not defined elsewhere in this Agreement, will have the meanings set forth in this
Section 1.1 for all purposes of this Agreement. 
 “Affiliate” means, as to any Person, any other Person that,
directly or indirectly, controls, or is controlled by, or is under common control with, such Person; provided that (i) the Company and its Affiliates shall not be deemed to be Affiliates of any Holder or any of its Affiliates, and
(ii) portfolio companies of any Holder or any Affiliate thereof shall not be deemed to be Affiliates of any Holder solely to the extent that any such portfolio company has not received any Confidential Information (as defined in the
Confidentiality Agreement between the Company and the Holders) pertaining to the Company from any holder (provided that no Person will be deemed to be in receipt of any Confidential Information solely because any such person serves as a director,
officer or employee of such portfolio company). For this purpose, “control” (including, with its correlative meanings, “controlled by” and “under common control with”) shall mean the possession, directly or indirectly,
of the power to direct or cause the direction of management or policies of a Person, whether through the ownership of securities or partnership or other ownership interests, by contract or otherwise. 

  
 1 

 “Board of Directors” or “Board” means the board of directors of the
Company. 
 “Business Day” means any day except a Saturday, a Sunday or other day on which the SEC or banks in the City of New York or in
the British Virgin Islands are authorized or required by Law to be closed. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 “Form F-3” and “Form S-3”
means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other
documents filed by the Company with the SEC. 
 “Holder” means any Person owning or having the right to acquire Registrable Securities or
any assignee thereof in accordance with Section 2.10 hereof. 
 “Law” means any federal, state, local, municipal
or foreign law (including common law) statute, constitution, code, ordinance, rule, regulation or other requirement or guideline, or any award, decision, decree, injunction, judgment, order, ruling, subpoena, or verdict entered, issued, made, or
rendered by any Governmental Body. 
 “Liquidation Event” shall include (A) the closing of the sale, transfer or other disposition of
all or substantially all of the Company’s assets, (B) the consummation of the merger or consolidation of the Company with or into another entity (except a merger or consolidation in which the holders of capital stock of the Company
immediately prior to such merger or consolidation continue to hold more than 50% of the voting or economic power of the outstanding capital stock of the Company (or the surviving or acquiring entity), (C) the closing of the transfer (whether by
merger, consolidation or otherwise), in one transaction or a series of related transactions, to a Person or “group” (within the meaning of Section 13(d)(3) of the Exchange Act) (other than an underwriter of the Company’s
securities), of the Company’s securities if, after such closing, such Person or “group” (within the meaning of Section 13(d)(3) of the Exchange Act) would own more than 50% of voting or economic power of the outstanding capital
stock of the Company (or the surviving or acquiring entity) or (D) a liquidation, dissolution or winding up of the Company; provided that a transaction shall not constitute a Liquidation Event if its sole purpose is to change the
jurisdiction of the Company’s incorporation or to create a holding company that will be owned in the same proportions by the Persons who held the Company’s securities immediately prior to such transaction. 

“Person” means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization,
including a Governmental Body. 
 “register,” “registered,” and “registration” refer to a registration
effected by preparing and filing a registration statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document. 

  
 2 

 “Registrable Securities” means (i) the Common Shares issued to the Holders upon the
exercise of the Warrants, and (ii) any Common Shares of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in
exchange for, or in replacement of, the shares referenced in (i) above. The number of shares of Registrable Securities outstanding shall be determined by the number of Common Shares outstanding that are, and the number of Common Shares issuable
pursuant to then exercisable or convertible securities that are, Registrable Securities; provided that any such Registrable Securities shall cease to be Registrable Securities to the extent: (i) a Registration Statement with respect to
the sale of such Registrable Securities has been declared effective under the Securities Act and such Registrable Securities have been disposed of in accordance with the plan of distribution set forth in such Registration Statement, (ii) such
Registrable Securities then owned by a Holder and its Affiliates could be sold in their entirety pursuant to Rule 144 without restriction as to volume or manner of sale during any three-month period, (iii) such Registrable Securities are
otherwise transferred, in a transaction in which the Holder’s rights under Section 2 hereof are not assigned; or (iv) the Registrable Securities have ceased to be outstanding 

“Representative” means, with respect to any Person, its directors, officers, partners, managers, members, shareholders, employees,
independent contractors, agents, advisors (including accountants and financial and legal advisors) and other representatives. 

“Rule 144” means Rule 144 under the Securities Act. 

“SEC” means the United States Securities and Exchange Commission. 

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

“Subsidiaries” means, with respect to any Person, any Person of which the first Person (either alone or through or together
with any other Subsidiary) either (a) has ordinary voting power to elect a majority of the board of directors or other individuals performing similar functions or (b) owns 50% or more of the outstanding equity interests. Unless otherwise
required by the context, “Subsidiary” shall refer to a Subsidiary of the Company. 
 2. Registration Rights. The Company covenants
and agrees as follows: 
 2.1 Request for Registration.  

(a) Subject to the conditions of this Section 2.1, if the Company shall receive at any time after September [•],
2022, a written request from a majority in interest of the Holders of the Registrable Securities then outstanding that the Company file a registration statement under the Securities Act covering the registration of Registrable Securities with an
anticipated aggregate offering price of at least $25,000,000 (a “Demand Registration”), then the Company shall, within twenty (20) days of the receipt thereof, use all commercially reasonable efforts to effect, as soon as
practicable, the registration under the Securities Act of all Registrable Securities that the Holders request to be registered. The parties acknowledge that, if the Company receives such written request, it shall notify the holders of any other
securities of the Company entitled to any applicable registration rights. 

  
 3 

 (b) If the Holders intend to distribute the Registrable Securities covered by their request by means of an
underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.1 and the Company shall include such information in the written notice referred to in
Section 2.1(a). In such event the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such
Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by the Holders) to the extent provided herein. The Holders initiating such registration shall select the underwriter or underwriters (which underwriter or
underwriters shall be reasonably acceptable to the Company) and shall determine the pricing of the Registrable Securities offered pursuant to any registration statement in connection with the Holders’ demand, applicable underwriting discount
and other financial terms (including the material terms of the applicable underwriting agreement) and determine the timing of any such registration and sale. All Holders proposing to distribute their securities through such underwriting shall enter
into an underwriting agreement in customary form. Notwithstanding any other provision of this Section 2.1, if the underwriter advises the Company that marketing factors require a limitation on the number of securities
underwritten (including Registrable Securities), then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Holders of Registrable Securities that may be
included in the underwriting shall be allocated: (i) first, to Registrable Securities, together with the holders of any other securities of the Company entitled to inclusion in such registration, that are requested to be included in such
registration, pro rata on the basis of the relative number of Registrable Securities owned at such time by each Holder seeking to participate in the registration; and (ii) second, after all such securities requested to be included in clause
(i) are included, the shares of the Company that can be sold without having the adverse effect referred to above. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 

(c) Notwithstanding the foregoing, the Company shall not be required to effect a registration pursuant to this Section 2.1: 

 (i) in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting
such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the Securities Act; or 

(iii) after the Company has effected three registrations pursuant to this Section 2.1, and such registrations have
been declared or ordered effective; or 
 (iv) during the period starting with the date sixty (60) days prior to the Company’s
good faith estimate of the date of the filing of and ending on a date ninety (90) days following the effective date of a Company-initiated registration subject to Section 2.2 below, provided that the Company is
actively employing in good faith all commercially reasonable efforts to cause such registration statement to become effective; or 
 (v) if
the Holders propose to dispose of Registrable Securities that may be or have been registered on Form S-3 or Form F-3 pursuant to Section 2.3
hereof; or 

  
 4 

 (vi) if the Company shall furnish to Holders requesting a registration statement pursuant
to this Section 2.1 a certificate signed by an executive officer of the Company stating that in the good faith judgment of the Board of Directors, it would be materially detrimental to the Company and its Shareholders for
such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than one hundred twenty (120) days after receipt of the request of the Holders,
provided that such right shall be exercised by the Company not more than once in any twelve (12)-month period and provided further that the Company shall not register any securities for the account of itself or any other
shareholder during such one hundred twenty (120) day period (other than a registration relating solely to the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization, merger or
acquisition or transaction under Rule 145 of the Securities Act, or a registration in which the only Common Shares being registered is Common Shares issuable upon conversion of debt securities). 

(d) Each Holder shall keep confidential the fact that a notice for Demand Registration was made and, if applicable, that the Company suspended
a Demand Registration pursuant to clause (c) above and the contents of the certificate referred to in clause (c)(iv) above, if any, unless and until otherwise notified by the Company, except (A) for disclosure to such
Holder’s directors, officers, employees, agents and professional advisers who reasonably need to know such information for purposes of assisting the Holder with respect to its investment in the Common Shares and agree to keep it confidential,
(B) for disclosures to the extent required in order to comply with reporting obligations to its limited partners or other direct or indirect investors who have agreed to keep such information confidential, (C) if and to the extent such
matters are publicly disclosed by the Company or any of its Subsidiaries or any other Person that, to the actual knowledge of such Holder, was not subject to an obligation or duty of confidentiality to the Company and its Subsidiaries, (D) as
required by law, rule or regulation, provided that the Holder takes commercially reasonable efforts to limit such disclosure and gives prior written notice to the Company of such requirement and the contents of the proposed disclosure to the extent
it is permitted to do so under applicable Law, and (E) for disclosure to any other Holder. 
 2.2 Piggyback Registration.
 
 (a) If, following September [•], 2022 (but without any obligation to do so) the Company proposes to register (including for this purpose a
registration effected by the Company for shareholders other than the Holders) any of its stock or other securities under the Securities Act in connection with the public offering of such securities (other than a registration statement pursuant to
Section 2.3 (or any other shelf registration statement filed by the Company on behalf of any other holder of securities of the company pursuant to a registration rights agreement), registration relating solely to the sale of securities of
participants in a Company stock plan, a registration relating to a corporate reorganization, merger or acquisition or transaction under Rule 145 of the Securities Act, or a registration in which the only Common Shares being registered is Common
Shares issuable upon conversion of debt securities), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within twenty (20) days after mailing of such
notice by the Company in accordance with Section 3.7, the Company shall, subject to the provisions of Section 2.2(c) and subject to applicable Law, use all commercially reasonable efforts to cause to be registered
under the Securities Act (and make any applicable qualification under any state Blue Sky laws) all of the Registrable Securities that each such Holder requests to be registered. 

  
 5 

 (b) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any
registration initiated by it under this Section 2.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses of such withdrawn
registration shall be borne by the Company in accordance with Section 2.6 hereof. 
 (c) Underwriting Requirements.
In connection with any offering involving an underwriting of shares of the Company, the Company shall not be required under this Section 2.2 to include any of the Holders’ securities in such underwriting unless they
accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by the Company (or by other Persons entitled to select the underwriters) and enter into an underwriting agreement in customary form with such
underwriters, and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company. If the total amount of securities, including Registrable Securities, requested by the
Holders to be included in such offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to
include in the offering only that number of such securities, including Registrable Securities, that the underwriters determine in their sole discretion will not jeopardize the success of the offering. In the event that the underwriters determine
that less than all of the securities requested to be registered can be included in such offering, then the aggregate number of securities to be included in such offering shall be: (i) first, all of the securities that the Company proposes to
sell, and (ii) second, the number of Registrable Securities, together with the holders of any other securities of the Company entitled to inclusion in such registration that, that, in the good-faith opinion of such managing underwriter or
underwriters, can be sold without exceeding the maximum offering size. 
 2.3 Form S-3 or Form F-3 Registration. In case the Company shall receive at any time from the Holders of the Registrable Securities a written request or requests that the Company effect a registration on Form S-3 or Form F-3 pursuant to Rule 415 promulgated under the Securities Act (or any successor rule) and any related qualification or compliance with respect to all or a part of
the Registrable Securities owned by such Holder or Holders, the Company shall: 
 (a) promptly give written notice of the proposed registration, and any
related qualification or compliance, to all other Holders; and 
 (b) use all commercially reasonable efforts to effect, as soon as practicable, such
registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders’ Registrable Securities as are specified in such request,
provided that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 2.3:  

(i) if the Company is not eligible to file a shelf registration statement on Form S-3 or Form F-3 pursuant to Rule 415 of the Securities Act (or any successor rule); 
 (ii) if the Holders, together with the holders
of any other securities of the Company entitled to inclusion in such registration that propose to register Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or
commissions) of less than US$25,000,000; 

  
 6 

 (iii) if the Company shall furnish to Holders requesting a registration statement pursuant to this
Section 2.3 a certificate signed by an executive officer of the Company stating that in the good faith judgment of the Board of Directors, it would be materially detrimental to the Company and its shareholders for such
registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than one hundred twenty (120) days after receipt of the request of the Holders, provided
that such right shall be exercised by the Company not more than once in any twelve (12)-month period and provided, further that the Company shall not register any securities for the account of itself or any other shareholder during
such one hundred twenty (120) day period (other than a registration relating solely to the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization, merger or acquisition or transaction
under Rule 145 of the Securities Act, or a registration in which the only Common Shares being registered is Common Shares issuable upon conversion of debt securities); 

(iv) if the Company has already effected three shelf registrations on Form S-3 or Form
F-3 for any Holders pursuant to this Section 2.3; or 
 (v) in any particular jurisdiction
in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance. 

(b) If the Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise
the Company as a part of their request made pursuant to this Section 2.3 and the Company shall include such information in the written notice referred to in Section 2.3(a). The provisions of
Section 2.1(b) shall be applicable to such request (with the substitution of Section 2.3 for references to Section 2.1). 

(c) Subject to the foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities so
requested to be registered as soon as practicable after receipt of the request or requests of the Holders. Registrations effected pursuant to this Section 2.3 shall not be counted as requests for registration effected pursuant to
Section 2.1. 
 2.4 Obligations of the Company. Whenever required under this Section 2 to effect the
registration of any Registrable Securities, the Company shall use its commercially reasonable efforts to, as expeditiously as reasonably possible: 
 (a)
prepare and file with the SEC a registration statement with respect to such Registrable Securities and use all commercially reasonable efforts to cause such registration statement to become effective within seventy-five (75) days after the
initial filing thereof with the SEC, and, upon the request of the Holders of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred and eighty (180) days or, if earlier,
until the distribution contemplated in the registration statement has been completed; 

  
 7 

 (b) prepare and file with the SEC such amendments and supplements to such registration statement and the
prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement; 

(c) provide the Holders and their respective counsel with a reasonable opportunity to review and comment on such registration statement and each prospectus
included therein (and each amendment or supplement thereto) prior to filing with the SEC, as well as any related correspondence responding to comments from the SEC; 

(d) furnish to the Holders, without charge, such number of copies of a prospectus, including a preliminary prospectus and any free writing prospectus, in
conformity with the requirements of the Securities Act, including any amendments or supplements thereto, and other documents incident thereto, and such other documents as they may reasonably request in order to facilitate the disposition of
Registrable Securities owned by them; 
 (e) use all commercially reasonable efforts to register and qualify the securities covered by such registration
statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, 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; 
 (f) in the event of any underwritten public offering,
enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering; 
 (g)
notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus
included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of
the circumstances then existing, and, at the request of any Holder, prepare and furnish to such seller a reasonable number of copies of a supplement to or an amendment of such prospectus or free writing prospectus (to the extent prepared by or on
behalf of the Company) as may be necessary so that, as thereafter delivered to the purchasers of such shares, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading or incomplete in the light of the circumstances then existing; 
 (h) notify each Holder and its
counsel of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a registration statement or the initiation of any proceedings for that purpose and take all reasonable action required to prevent
the entry of such stop order or similar notice or to remove it if entered; 
 (i) cause all such Registrable Securities registered pursuant to this
Section 2 to be listed on a national exchange or trading system and on each securities exchange and trading system on which similar securities issued by the Company are then listed; and 

  
 8 

 (j) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this
Agreement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration. 

Notwithstanding the provisions of this Section 2, the Company shall be entitled to postpone or suspend, for a
reasonable period of time, the filing, effectiveness or use of, or trading under, any registration statement if the Board of Directors shall determine in their good faith judgment that any such filing or the sale of any securities pursuant to such
registration statement would: 
 (i) materially impede, delay or interfere with any material pending or proposed financing, acquisition, sale, merger,
corporate reorganization or other similar transaction involving the Company for which the Board of Directors has authorized negotiations; 
 (ii) materially
adversely impair the consummation of any pending or proposed material offering or sale of any class of securities by the Company; or 
 (iii) require
disclosure of material nonpublic information that, if disclosed at such time, would be materially harmful to the interests of the Company and its shareholders; provided that during any such period all executive officers and directors of the
Company are also prohibited from selling securities of the Company (or any security of any of the Company’s subsidiaries or Affiliates). 

In the event of the suspension of effectiveness of any registration statement pursuant to this Section 2.4, the
applicable time period during which such registration statement is to remain effective shall be extended by that number of days equal to the number of days the effectiveness of such registration statement was suspended. Each Holder shall keep
confidential the fact that a the Company has suspended the effectiveness of any registration statement unless and until otherwise notified by the Company, except (A) for disclosure to such Holder’s directors, officers, employees, agents
and professional advisers who reasonably need to know such information for purposes of assisting the Holder with respect to its investment in the Common Shares and agree to keep it confidential, (B) for disclosures to the extent required in
order to comply with reporting obligations to its limited partners or other direct or indirect investors who have agreed to keep such information confidential, (C) if and to the extent such matters are publicly disclosed by the Company or any
of its Subsidiaries or any other Person that, to the actual knowledge of such Holder, was not subject to an obligation or duty of confidentiality to the Company and its Subsidiaries, (D) as required by law, rule or regulation, provided that the
Holder takes commercially reasonable efforts to limit such disclosure and gives prior written notice to the Company of such requirement and the contents of the proposed disclosure to the extent it is permitted to do so under applicable Law, and
(E) for disclosure to any other Holder. 
 2.5 Information from Holder. It shall be a condition precedent to the obligations of
the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such securities as shall be reasonably required to effect the registration of such Holder’s Registrable Securities. 

  
 9 

 2.6 Expenses of Registration. All expenses, other than underwriting discounts and
commissions, incurred in connection with registrations, filings or qualifications pursuant to Sections 2.1, 2.2 and 2.3, including (without limitation) (i) all registration, filing and qualification fees, printers’ and
accounting fees, fees and disbursements of counsel for the Company, and (ii) the reasonable fees and disbursements of one U.S. securities counsel and one local counsel for the selling Holders up to a maximum amount of $50,000, shall be borne by
the Company. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 2.1 or Section 2.3 if the registration
request is subsequently withdrawn at the request of the Holders of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be
included in the withdrawn registration), unless, in the case of a registration requested under Section 2.1, the Holders of the Registrable Securities agree to forfeit their right to one demand registration pursuant to
Section 2.1 and provided that, if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business or prospects of the Company from that known to the Holders at the
time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall retain their rights
pursuant to Sections 2.1 and 2.3. 
 2.7 Delay of Registration. No Holder shall have any right to obtain or seek an
injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2.  

2.8 Indemnification. In the event any Registrable Securities are included in a registration statement under this
Section 2:  
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each
Holder, the partners, officers, directors and shareholders of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act
or the Exchange Act, against any expenses, losses, claims, damages or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act, any state securities laws or any rule or regulation promulgated under
the Securities Act, insofar as such expenses, losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively, a
“Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or
supplements thereto, (ii) the omission or alleged omission to state in such registration statement a material fact required to be stated therein, or necessary to make the statements therein not misleading or (iii) any violation or alleged
violation by the Company of the Securities Act, the Exchange Act, any state securities laws or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities laws, and the Company will reimburse each such
Holder, each of its officers, directors, partners, underwriter, controlling Person or other aforementioned Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending

  
 10 

 
any such loss, claim, damage, liability or action as such expenses are incurred; provided that the indemnity agreement contained in this Section 2.8(a) shall not
apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any
such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information furnished expressly for use in connection with
such registration by any such Holder, underwriter, controlling Person or other aforementioned Person; provided further that the foregoing indemnity agreement with respect to any preliminary prospectus shall not inure to the benefit of any
Holder or underwriter or other aforementioned Person, or any Person controlling such Holder or underwriter, from whom the Person asserting any such losses, claims, damages or liabilities purchased shares in the offering, if a copy of the most
current prospectus was not sent or given by or on behalf of such Holder or underwriter or other aforementioned Person to such Person, if required by law to have been so delivered, at or prior to the written confirmation of the sale of the shares to
such Person, and if the prospectus (as so amended or supplemented) would have cured the defect giving rise to such loss, claim, damage or liability. 

(b) To the extent permitted by law, each selling Holder will indemnify and hold harmless the Company, each of its directors, each of its
officers who has signed the registration statement, each Person, if any, who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter, any other Holder selling securities in such
registration statement and any controlling Person of any such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing Persons may become subject, under the Securities Act, the
Exchange Act, any state securities laws or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out
of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such
registration; and each such Holder will reimburse any Person intended to be indemnified pursuant to this Section 2.8(b) for any legal or other expenses reasonably incurred by such Person in connection with investigating or
defending any such loss, claim, damage, liability or action as such expenses are incurred; provided that the indemnity agreement contained in this Section 2.8(b) shall not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld), and provided that in no event shall any indemnity under this
Section 2.8(b) exceed the net proceeds from the offering received by such Holder. 
 (c) Promptly after receipt by an indemnified
party under this Section 2.8 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under
this Section 2.8, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in and, to the extent the indemnifying party so desires,
jointly with any other indemnifying party similarly noticed, to assume the defense 

  
 11 

 
thereof with counsel mutually satisfactory to the parties; provided that an indemnified party (together with all other indemnified parties that may be represented without conflict by one
counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due
to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the
commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party of liability to the indemnified party under this Section 2.8, but the omission to so deliver
written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.8. No indemnifying party, in the defense of any such claim or
litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of a release from all liability in respect to such claim or litigation. 
 (d) If the indemnification provided for in this
Section 2.8 isheld by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, 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, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault
of the indemnifying party on the one hand and the indemnified party on the other hand in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable
considerations; provided that no contribution by any Holder, when combined with any amounts paid by such Holder pursuant to Section 2.8(b), shall exceed the net proceeds from the offering received by such Holder. The
relative fault of the indemnifying party and 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 or alleged 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. 

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into
in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) The obligations of the Company and Holders under this Section 2.8 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 2.  
 2.9 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 a Holder to sell securities of the Company to the public without registration or pursuant to a
registration on Form S-3 or Form F-3, the Company agrees to use commercially reasonable efforts to: 

  
 12 

 (a) make and keep public information available, as those terms are understood and defined in Rule 144, from
and after the date hereof; 
 (b) file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and
the Exchange Act; and 
 (c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written
statement by the Company that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose
securities may be resold pursuant to Form S-3 or Form F-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company
and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to avail any Holder of any rule or regulation of the SEC that permits the selling of any such securities without
registration or pursuant to such form. 
 2.10 Assignment of Registration Rights. (a) The rights to cause the Company to
register Registrable Securities pursuant to this Section 2 may be assigned (but only with all related obligations) by a Holder to (i) a Person that is a “Permitted Transferee” (as defined in the Investment
Agreement), or to (ii) any other Person who purchases all Registrable Securities held by the Holder and is an Affiliate of the Company or becomes one as a result of such purchase, provided, in each case,: (a) the Company is, within a
reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; (b) such transferee or assignee
agrees in writing to be bound by and subject to the terms and conditions of this Agreement; and (c) such assignment shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or
assignee is restricted under the Securities Act. The Company may assign its rights and obligations under this agreement to any successor entity. 

(b) Each Holder agrees that a legend reading substantially as follows shall be placed on all certificates representing all Registrable
Securities of each Holder (and the shares or securities of every other Person subject to the restriction contained in this Section 2.12):  

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF
ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT
OR SUCH LAWS. 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN AN INVESTMENT
AGREEMENT, DATED AS OF AUGUST 20, 2020, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE ISSUER. 

  
 13 

 2.11 Termination of Registration Rights. No Holder shall be entitled to exercise any
right provided for in this Section 2 (i) after September [•], 2030, (ii) as to such Holder, such earlier time at which (A) all of the Registrable Securities held by such Holder have been registered or (B) all
of the Registrable Securities held by such Holder (together with any Affiliate of the Holder with whom such Holder must aggregate its sales under Rule 144) can be sold in any three (3)-month period without registration under Rule 144 or
(iii) after the consummation of a Liquidation Event. 
 3. Miscellaneous. 

3.1 Amendments; Waivers. Subject to compliance with applicable Law, this Agreement may be amended or supplemented in any
and all respects only by written agreement signed by the Company and the Holders of a majority in interest of the Registrable Securities; provided that no such amendment shall be valid without the written consent of Catterton Latin America
Management Co. for so long as any affiliate thereof holds any Registrable Securities; provided further that, that no such amendment shall materially and adversely affect the rights of any Holder hereunder without the consent of such Holder.. 

3.2 Extension of Time, Waiver, Etc. The Company and the Holders representing a majority of Registrable Securities outstanding may,
subject to applicable Law, (a) waive any inaccuracies in the representations and warranties of the other party contained herein or in any document delivered pursuant hereto, (b) extend the time for the performance of any of the obligations
or acts of the other party or (c) waive compliance by the other party with any of the agreements contained herein applicable to such party or, except as otherwise provided herein, waive any of such party’s conditions. Notwithstanding the
foregoing, no failure or delay by the Company or the Holders in exercising any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right hereunder. Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party. 

3.3 Counterparts. This Agreement may be executed in one or more counterparts (including by facsimile or electronic mail), each of which
shall be deemed to be an original but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other parties
hereto. Counterparts of this Agreement, and any documents delivered pursuant hereto or in connection herewith, may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform
Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be
valid and effective for all purposes. 
 3.4 Entire Agreement; No Third-Party Beneficiaries; No Recourse
.. (a) This Agreement constitutes the entire agreement and supersedes all other prior agreements and understandings, both written and oral, among the parties and their Affiliates, or any of them, with respect to the subject matter hereof and thereof.

  
 14 

 (b) No provision of this Agreement (other than Section 2.8 hereof)
shall confer upon any Person other than the parties hereto and their permitted assigns any rights or remedies hereunder. This Agreement may only be enforced against, and any claims or causes of action that may be based upon, arise out of or relate
to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the entities that are expressly identified as parties hereto, including entities that become parties hereto after the date hereof (to the
extent permitted by Section 2.10) and that agree in writing for the benefit of the Company to be bound by the terms of this Agreement applicable to the Holders, and no former, current or future equityholders, controlling persons, directors,
officers, employees, agents or Affiliates of any party hereto or any former, current or future equityholder, controlling person, director, officer, employee, general or limited partner, member, manager, advisor, agent or Affiliate of any of the
foregoing (each, a “Non-Recourse Party”) shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim (whether in tort, contract or otherwise)
based on, in respect of, or by reason of, the transactions contemplated hereby or in respect of any representations made or alleged to be made in connection herewith. Without limiting the rights of any party against the other parties hereto, in no
event shall any party or any of its Affiliates seek to enforce this Agreement against, make any claims for breach of this Agreement against, or seek to recover monetary damages from any Non-Recourse Party.

 3.5 Governing Law; Jurisdiction. (a) This Agreement shall be governed by, and construed in accordance with, the
laws of the State of New York applicable to contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of Laws principles. 

(b) All actions arising out of or relating to this Agreement shall be heard and determined in the U.S. federal and New York state courts in the
Borough of Manhattan in New York City and the parties hereto hereby irrevocably submit to the exclusive jurisdiction and venue of such courts in any such action and irrevocably waive the defense of an inconvenient forum or lack of jurisdiction to
the maintenance of any such action. The consents to jurisdiction and venue set forth in this Section 3.5 shall not constitute general consents to service of process in the State of New York and shall have no effect for any purpose except as
provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process upon such party in any action arising out of or relating to this Agreement shall be
effective if notice is given by overnight courier at the address set forth in Section 3.8 of this Agreement. The parties hereto agree that a final judgment in any such action shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by applicable Law; provided that nothing in the foregoing shall restrict any party’s rights to seek any post-judgment relief regarding, or any appeal from, a final trial court
judgment. 
 3.6 WAIVER OF JURY TRIAL . EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS 

  
 15 

 
DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER
VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 3.6. 

3.7 Notices. All notices, requests and other communications to any party hereunder shall be in writing and shall be deemed given if
delivered personally, by facsimile (which is confirmed), emailed (which is confirmed) or sent by overnight courier (providing proof of delivery) to the parties at the following addresses: 

(a) If to the Company, to it at: 
 Despegar.com,
Corp. 
 Juana Manso 1069, Floor 5 
 Ciudad Autónoma de
Buenos Aires, Argentina C1107CBR 
 Attn: General Counsel 

Email: [    ] 
 with a copy (which shall not
constitute notice) to: 
 Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York, New York 10017 

Attn: Juan Francisco Mendez 
 Phone: [    ]

 Email: [    ] 
 (b) If
to a Holder, at: 
 c/o Catterton Latin America Management Co. 

599 West Putnam Avenue 
 Greenwich, CT 06830 

Attn: Shari Miller 
 Email: [    ] 

with a copy to (which copy alone shall not constitute notice): 

Proskauer Rose LLP 
 Eleven Times Square 

New York, NY 10036 
 Attn:
            Daniel Forman 

                     Lily Desmond 

Fax:              [    ] 

Email:          [    ] 

                     [    ] 

  
 16 

 or such other address, email address or facsimile number as such party may hereafter specify by like notice
to the other parties hereto. All such notices, requests and other communications shall be deemed received on the date of actual receipt by the recipient thereof if received prior to 5:00 p.m. local time in the place of receipt and such day is a
Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. 

Section 3.8 Severability. If any term, condition or other provision of this Agreement is determined by a court of competent
jurisdiction to be invalid, illegal or incapable of being enforced by any rule of Law or public policy, all other terms, provisions and conditions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any
term, condition or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible to the fullest
extent permitted by applicable Law. 
 Section 3.9 Interpretation. (a) When a reference is made in this Agreement to an
Article, a Section, Exhibit or Schedule, such reference shall be to an Article of, a Section of, or an Exhibit or Schedule to this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by
the words “without limitation.” The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision
of this Agreement unless the context requires otherwise. The words “date hereof” when used in this Agreement shall refer to the date of this Agreement. The terms “or,” “any” and “either” are not exclusive. The
word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if.” The word “will” shall be construed to have the same
meaning and effect as the word “shall.” The words “made available to the Holders” and words of similar import refer to documents (A) posted to a diligence website by or on behalf of the Company and made available to the
Holders or their respective Representatives or (B) delivered in Person or electronically to the Holders or their respective Representatives. All terms defined in this Agreement shall have the defined meanings when used in any document made or
delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of
such term. Any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including
(in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. Unless otherwise
specifically indicated, all references to “dollars” or “$” shall refer to the lawful money of the United States. References to a Person are also to its permitted assigns and successors. When calculating the period of time between
which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded (unless otherwise required by Law, if the last day of such period
is not a Business Day, the period in question shall end on the next succeeding Business Day). 

  
 17 

 (b) The parties hereto have participated jointly in the negotiation and drafting of this
Agreement, and in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party
hereto by virtue of the authorship of any provision of this Agreement. 
 [Remainder of Page Intentionally Left Blank] 

  
 18 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of
the date first above written. 
  

			
	 DESPEGAR.COM, CORP.

 

			
	By:	 	     

			
	Name:
	Title:

  
 19 

			
	 [HOLDER]

 

			
	By:	 	     

			
	Name:
	Title:

  

			
	 [HOLDER]

 

			
	By:	 	     

			
	Name:
	Title:

 Annex IV 

Form of Legal Opinion from British Virgin Islands Counsel 

			
	

	  	 CONYERS DILL & PEARMAN
  

Commerce House, Wickhams Cay 1
 PO Box 3140, Road Town,
Tortola
 British Virgin Islands VG1110
  

T +1 284 852 1010
  

conyers.com

 [•] 2020 

Matter No.: 957965 

[                        
    ] 
 [Catterton Latin America Management Co. and LCLA Daylight LP 

599 West Putnam Avenue 
 Greenwich 

CT 06830] 
 Dear Sirs, 

Re: BVI Closing Opinion for Despegar PIPE 
 We have acted
as special British Virgin Islands legal counsel to Despegar.com, Corp. (the “Company”) in connection with the issuance of Series A Preferred Shares (the “Preferred Shares”) and warrants in respect of the ordinary
shares of the Company (the “Warrants”). 
 For the purposes of giving this opinion, we have examined executed PDF copies of the following
documents: 
  

	 	(i)	 investment agreement dated [●] 2020 between the Company and [LCLA Daylight LP]; 

 

	 	(ii)	 warrant purchase agreement in respect of the ordinary shares of the Company dated [●] 2020 between the
Company and [holder]; 

  

	 	(iii)	 registration rights agreement dated [●] 2020 between the Company and [holder];

  

	 	(iv)	 management services agreement dated [●] 2020 between the Company and Catterton Latin America Management
Co.; and 

  

	 	(v)	 fee letter agreement dated [●] 2020 between the Company and Catterton Latin America Management Co.

 The documents listed in items (i) through (v) above are herein sometimes collectively referred to as the
“Documents” (which term does not include any other instrument or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto). 

  
 24 

 We have also reviewed the certificate of incorporation, the amended and restated memorandum of association
and the articles of association of the Company registered with the British Virgin Islands Registrar of Corporate Affairs (the “Registrar”) on [date immediately preceding the date of this opinion], minutes of a meeting of its
directors held on [●] 2020 (the “Resolutions”), a certificate of good standing issued by the Registrar and dated [●] 2020, a certificate issued by Conyers Trust Company (BVI) Limited in its capacity as registered agent
to the Company and dated [●] 2020 (the “Registered Agent’s Certificate”), and such other documents and made such enquiries as to questions of law as we have deemed necessary in order to render the opinion set forth below.

 We have assumed (a) the genuineness and authenticity of all signatures and the conformity to the originals of all copies (whether or not certified)
examined by us and the authenticity and completeness of the originals from which such copies were taken; (b) the capacity, power and authority of each of the parties to the Documents, other than the Company, to enter into and perform its
respective obligations under the Documents; (c) the due execution and delivery of the Documents by each of the parties thereto, other than the Company, and the physical delivery thereof by the Company with an intention to be bound thereby;
(d) the accuracy and completeness of all factual representations made in the Documents and other documents reviewed by us; (e) that the Resolutions were passed at one or more duly convened, constituted and quorate meetings or by unanimous
written resolutions, remain in full force and effect and have not been rescinded or amended; (f) that the Company and its subsidiaries (if any) do not own an interest in any land in the British Virgin Islands; (g) that there is no
provision of the law of any jurisdiction, other than the British Virgin Islands, which would have any implication in relation to the opinions expressed herein; (h) the validity and binding effect under the laws of the State of New York (the
“Foreign Laws”) of the Documents in accordance with their respective terms; (i) the validity and binding effect under the Foreign Laws of the submission by the Company pursuant to the Documents to the jurisdiction of the U.S.
federal and New York state courts in the Borough of Manhattan in New York City (the “Foreign Courts”); (j) that on the date of entering into the Documents the Company was, and after entering into the Documents the Company is and
will be able to, pay its liabilities as they become due; (k) none of the parties to the Documents is carrying on unauthorised financial services business for the purposes of the Financial Services Commission Act of the British Virgin Islands;
(l) neither the Company nor any of its shareholders is a sovereign entity of any state and none of them is a subsidiary, direct or indirect, of any sovereign entity or state; and (m) that the contents of the Registered Agent’s
Certificate are true and correct as of the date thereof and as of the date hereof. 
 The term “enforceable” as used in this opinion means that an
obligation is of a type which the courts of the British Virgin Islands enforce. It does not mean that those obligations will be enforced in all circumstances in accordance with the terms of the Documents. In particular, the obligations of the
Company under the Documents (a) will be subject to the laws from time to time in effect relating to bankruptcy, insolvency, liquidation, possessory liens, rights of set off, reorganisation, merger, consolidation, moratorium or any other laws or
legal procedures, whether of a similar nature or otherwise, generally affecting the rights of creditors as well as applicable international sanctions; (b) will be subject to statutory limitation of the time within which proceedings may be
brought; (c) will be subject to general principles of equity and, as such, specific performance and injunctive relief, being equitable remedies, may not be available; (d) may not be given effect to by a British Virgin Islands court,
whether or not it was applying the Foreign Laws, if and to the extent they constitute the payment of an amount which is in the nature of a penalty; and (e) may not be given effect by a British Virgin Islands court to the extent that they are to
be performed in a jurisdiction outside the British Virgin Islands and such performance would be illegal under the laws of that jurisdiction. Notwithstanding any contractual submission to the jurisdiction of specific courts, a British Virgin Islands
court has inherent discretion to stay or allow proceedings in the British Virgin Islands courts. 

  
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 We express no opinion as to the enforceability of any provision of the Documents which provides for the
payment of a specified rate of interest on the amount of a judgment after the date of judgment or which purports to fetter the statutory powers of the Company. 

We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other than the British Virgin Islands. This opinion is to
be governed by and construed in accordance with the laws of the British Virgin Islands and is limited to and is given on the basis of the current law in the British Virgin Islands. 

This opinion is issued solely for your benefit and use in connection with the matter described herein and is not to be relied upon by any other person, firm
or entity or in respect of any other matter. You may disclose this opinion (without reliance) for the purpose of information only: (a) where disclosure is required by law or court order, the rules or regulations of any regulatory authority or
in connection with any judicial proceedings; and (b) to your respective auditors, advisers or regulators, or any of them, in connection with the transactions under the Documents; but only on the basis that no such person may disclose this
opinion to any other person. 
 On the basis of and subject to the foregoing, we are of the opinion that: 

 

	1.	 The Company is duly incorporated and validly existing under the laws of the British Virgin Islands and
is of good standing (meaning solely that it has not failed to make any filing with any British Virgin Islands governmental authority, including filing a copy of its register of directors with the Registrar, or to pay any British Virgin Islands
government fee or tax which would make it liable to be struck off the Register of Companies and thereby cease to exist under the laws of the British Virgin Islands). 

 

	2.	 The Company has the necessary corporate power, capacity and authority to enter into and perform its
obligations under the Documents. The execution and delivery of the Documents by the Company and the performance by the Company of its obligations thereunder will not violate the memorandum of association or articles of association of the Company nor
any applicable law, regulation, order or decree in the British Virgin Islands. 

  

	3.	 The Company has taken all corporate action required to authorise its execution, delivery and performance
of the Documents, including without limitation to issue the Preferred Shares and the Warrants. The Documents have been duly executed and delivered by or on behalf of the Company, and constitute the legal, valid, binding and enforceable obligations
of the Company in accordance with the terms thereof. 

  

	4.	 No order, consent, approval, licence, authorisation or validation of or exemption by any government or
public body or authority of the British Virgin Islands or any sub-division thereof is required to authorise or is required in connection with the execution, delivery, performance and enforcement of the
Documents. 

  
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	5.	 It is not necessary or desirable to ensure the legality, validity or enforceability in the British
Virgin Islands of the Documents that they be registered in any register kept by, or filed with, any governmental authority or regulatory or administrative body in, or any court of, the British Virgin Islands. 

There is no income or other tax of the British Virgin Islands imposed by withholding or otherwise on any payment to be made to or by the
Company pursuant to the Documents 
 The Documents will not be subject to stamp duty in the British Virgin Islands and no registration,
documentary, recording, transfer or other similar tax, fee or charge is payable in the British Virgin Islands in connection with the execution, delivery, filing, registration or performance of the Documents. 

The choice of the Foreign Laws as the governing law of the Documents is a valid choice of law and would be recognised, applied and given effect
to in any action brought before a court of competent jurisdiction in the British Virgin Islands, except for those laws (i) which such court considers to be procedural in nature; (ii) which are revenue or penal laws or (iii) the
application of which would be inconsistent with public policy, as such term is interpreted under the laws of the British Virgin Islands. The submission in the Documents to the jurisdiction of the Foreign Courts is valid and binding upon the Company.

  

	6.	 The courts of the British Virgin Islands would recognise as a valid judgment, a final and conclusive
judgment in personam obtained in the Foreign Courts against the Company based upon the Documents under which a sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature
or in respect of a fine or other penalty) and would give a judgment based thereon provided that (a) such courts had proper jurisdiction over the parties subject to such judgment, (b) such courts did not contravene the rules of natural
justice of the British Virgin Islands, (c) such judgment was not obtained by fraud, (d) the enforcement of the judgment would not be contrary to the public policy of the British Virgin Islands, (e) no new admissible evidence relevant
to the action is submitted prior to the rendering of the judgment by the courts of the British Virgin Islands and (f) there is due compliance with the correct procedures under the laws of the British Virgin Islands. 

Based solely on a search of the public records in respect of the Company maintained at the offices of the Registrar at [•] [am/pm] on
[•] 2020 (which would not reveal details of matters which have not been lodged for registration or have been lodged for registration but not actually registered at the time of our search) and a search of the Civil Index, the High Court’s
Judicial Enforcement Management System and the E-Filing Index of matters filed using the Eastern Caribbean Supreme Court E-Litigation Portal (the “E-Filing Index”), each maintained at the Registry of the High Court in the British Virgin Islands, conducted at [•] [am/pm] on [•] 2020 (which would not reveal details of proceedings which have
been filed but not actually entered on the Judicial Enforcement Management System or the E-Filing Index at the time of our search), there are no judgments against the Company, nor any legal proceedings,
actions or petitions pending in the British Virgin Islands to which the Company is subject. Further, based solely on the search of the public records in respect of the Company maintained at the offices of the Registrar mentioned above, no details
have been registered of any steps taken in the British Virgin Islands for the 

  
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appointment of a receiver, administrator or liquidator to, or for the winding-up, dissolution, reconstruction or reorganisation of the Company (however, it
should be noted that (i) failure to file notice of appointment of a receiver does not invalidate the receivership but only gives rise to penalties on the part of the receiver and (ii) in the case of the appointment of a liquidator, notice
of the appointment of a liquidator may be filed up to 14 days after the actual appointment). 
 Based solely upon a review of the register of
members of the Company certified by the [company secretary] of the Company on [●] 2020, the Preferred Shares have been validly issued and, when paid for in accordance with the Documents will be fully paid and
non-assessable (which term when used herein means that no further sums are required to be paid by the holders thereof in connection with the issue thereof). 

The obligations of the Company under the Documents will rank at least pari passu in priority of payment with all other unsecured
unsubordinated indebtedness of the Company, other than indebtedness which is preferred by virtue of any provision of the laws of the British Virgin Islands of general application. 

The Company is not entitled to any immunity under the laws of the British Virgin Islands, whether characterised as sovereign immunity or
otherwise, from any legal proceedings to enforce the Documents in respect of itself or its property. 
 Yours faithfully, 

Conyers Dill & Pearman 

  
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