Document:

EX-4.2

 Exhibit 4.2 
 EXECUTION VERSION 
  

 
  

HCA INC., 
 as
Issuer, 
 HCA HOLDINGS, INC., 
 as Parent Guarantor, 
 LAW DEBENTURE TRUST COMPANY OF NEW YORK, 

as Trustee, 
 and

 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Paying Agent, Registrar and Transfer Agent 
 5.375% SENIOR NOTES DUE 2025

 SUPPLEMENTAL INDENTURE NO. 11 
 Dated as of January 16, 2015 
 To BASE INDENTURE 

Dated as of August 1, 2011 
  

 
  

 CROSS-REFERENCE TABLE* 

 

					
	 Trust Indenture Act Section
	  	 Indenture Section

			
	310	 	(a)(1)	  	7.10
		 	(a)(2)	  	7.10
		 	(a)(3)	  	N.A.
		 	(a)(4)	  	N.A.
		 	(a)(5)	  	7.10
		 	(b)	  	7.10
		 	(c)	  	N.A.
	311	 	(a)	  	7.11
		 	(b)	  	7.11
		 	(c)	  	N.A.
	312	 	(a)	  	2.05
		 	(b)	  	11.03
		 	(c)	  	11.03
	313	 	(a)	  	7.06
		 	(b)(1)	  	N.A.
		 	(b)(2)	  	7.06; 7.07
		 	(c)	  	7.06; 11.02
		 	(d)	  	7.06; 11.02
	314	 	(a)	  	11.02; 11.05
		 	(b)	  	N.A.
		 	(c)(1)	  	11.04
		 	(c)(2)	  	11.04
		 	(c)(3)	  	N.A.
		 	(d)	  	N.A.
		 	(e)	  	11.05
		 	(f)	  	N.A.
	315	 	(a)	  	7.01
		 	(b)	  	7.05
		 	(c)	  	7.01
		 	(d)	  	7.01
		 	(e)	  	6.14
	316	 	(a)(last sentence)	  	2.09
		 	(a)(1)(A)	  	6.05
		 	(a)(1)(B)	  	6.04
		 	(a)(2)	  	N.A.
		 	(b)	  	6.07
		 	(c)	  	2.12; 9.04
	317	 	(a)(1)	  	6.08
		 	(a)(2)	  	6.12
		 	(b)	  	2.04
	318	 	(a)	  	11.01
		 	(b)	  	N.A.
		 	(c)	  	11.01

 N.A. means not applicable. 

	*	This Cross-Reference Table is not part of this Eleventh Supplemental Indenture. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE 1	  
	
	DEFINITIONS AND INCORPORATION BY REFERENCE	  
			
	 Section 1.01
	 	 Definitions
	  	 	1	  
	 Section 1.02
	 	 Other Definitions
	  	 	11	  
	 Section 1.03
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	12	  
	 Section 1.04
	 	 Rules of Construction
	  	 	12	  
	 Section 1.05
	 	 Acts of Holders
	  	 	13	  
	
	ARTICLE 2	  
	
	THE NOTES	  
			
	 Section 2.01
	 	 Form and Dating; Terms
	  	 	14	  
	 Section 2.02
	 	 Execution and Authentication
	  	 	15	  
	 Section 2.03
	 	 Registrar and Paying Agent
	  	 	16	  
	 Section 2.04
	 	 Paying Agent to Hold Money in Trust
	  	 	16	  
	 Section 2.05
	 	 Holder Lists
	  	 	16	  
	 Section 2.06
	 	 Transfer and Exchange
	  	 	17	  
	 Section 2.07
	 	 Replacement Notes
	  	 	20	  
	 Section 2.08
	 	 Outstanding Notes
	  	 	20	  
	 Section 2.09
	 	 Treasury Notes
	  	 	21	  
	 Section 2.10
	 	 Temporary Notes
	  	 	21	  
	 Section 2.11
	 	 Cancellation
	  	 	21	  
	 Section 2.12
	 	 Defaulted Interest
	  	 	21	  
	 Section 2.13
	 	 CUSIP and ISIN Numbers
	  	 	22	  
	
	ARTICLE 3	  
	
	REDEMPTION	  
			
	 Section 3.01
	 	 Notices to Trustee
	  	 	22	  
	 Section 3.02
	 	 Selection of Notes to Be Redeemed or Purchased
	  	 	22	  
	 Section 3.03
	 	 Notice of Redemption
	  	 	23	  
	 Section 3.04
	 	 Effect of Notice of Redemption
	  	 	24	  
	 Section 3.05
	 	 Deposit of Redemption or Purchase Price
	  	 	24	  
	 Section 3.06
	 	 Notes Redeemed or Purchased in Part
	  	 	24	  
	 Section 3.07
	 	 Optional Redemption
	  	 	25	  
	 Section 3.08
	 	 Mandatory Redemption
	  	 	25	  

  
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	 	 	 	  	Page	 
	
	ARTICLE 4	  
	
	COVENANTS	  
			
	 Section 4.01
	 	 Payment of Notes
	  	 	25	  
	 Section 4.02
	 	 Maintenance of Office or Agency
	  	 	26	  
	 Section 4.03
	 	 Compliance Certificate
	  	 	26	  
	 Section 4.04
	 	 Taxes
	  	 	26	  
	 Section 4.05
	 	 Stay, Extension and Usury Laws
	  	 	27	  
	 Section 4.06
	 	 Limitations on Mortgages
	  	 	27	  
	 Section 4.07
	 	 Limitations on Sale and Lease-Back
	  	 	28	  
	 Section 4.08
	 	 Exempted Transactions
	  	 	28	  
	 Section 4.09
	 	 Corporate Existence
	  	 	28	  
	 Section 4.10
	 	 Offer to Repurchase upon Change of Control
	  	 	28	  
	 Section 4.11
	 	 Discharge and Suspension of Covenants
	  	 	30	  
	
	ARTICLE 5	  
	
	SUCCESSORS	  
			
	 Section 5.01
	 	 Merger, Consolidation or Sale of All or Substantially All Assets
	  	 	31	  
	 Section 5.02
	 	 Successor Corporation Substituted
	  	 	32	  
	
	ARTICLE 6	  
	
	DEFAULTS AND REMEDIES	  
			
	 Section 6.01
	 	 Events of Default
	  	 	32	  
	 Section 6.02
	 	 Acceleration
	  	 	33	  
	 Section 6.03
	 	 Other Remedies
	  	 	34	  
	 Section 6.04
	 	 Waiver of Past Defaults
	  	 	34	  
	 Section 6.05
	 	 Control by Majority
	  	 	34	  
	 Section 6.06
	 	 Limitation on Suits
	  	 	34	  
	 Section 6.07
	 	 Rights of Holders of Notes to Receive Payment
	  	 	35	  
	 Section 6.08
	 	 Collection Suit by Trustee
	  	 	35	  
	 Section 6.09
	 	 Restoration of Rights and Remedies
	  	 	35	  
	 Section 6.10
	 	 Rights and Remedies Cumulative
	  	 	35	  
	 Section 6.11
	 	 Delay or Omission Not Waiver
	  	 	36	  
	 Section 6.12
	 	 Trustee May File Proofs of Claim
	  	 	36	  
	 Section 6.13
	 	 Priorities
	  	 	36	  
	 Section 6.14
	 	 Undertaking for Costs
	  	 	37	  
	
	ARTICLE 7	  
	
	TRUSTEE	  
			
	 Section 7.01
	 	 Duties of Trustee
	  	 	37	  
	 Section 7.02
	 	 Rights of Trustee
	  	 	38	  
	 Section 7.03
	 	 Individual Rights of Trustee
	  	 	39	  
	 Section 7.04
	 	 Trustee’s Disclaimer
	  	 	39	  
	 Section 7.05
	 	 Notice of Defaults
	  	 	39	  
	 Section 7.06
	 	 Reports by Trustee to Holders of the Notes
	  	 	39	  
	 Section 7.07
	 	 Compensation and Indemnity
	  	 	40	  
	 Section 7.08
	 	 Replacement of Trustee
	  	 	41	  
	 Section 7.09
	 	 Successor Trustee by Merger, etc
	  	 	41	  
	 Section 7.10
	 	 Eligibility; Disqualification
	  	 	42	  
	 Section 7.11
	 	 Preferential Collection of Claims Against Issuer
	  	 	42	  

  
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	 	 	 	  	Page	 
	
	ARTICLE 8	  
	
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  
			
	 Section 8.01
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	42	  
	 Section 8.02
	 	 Legal Defeasance and Discharge
	  	 	42	  
	 Section 8.03
	 	 Covenant Defeasance
	  	 	43	  
	 Section 8.04
	 	 Conditions to Legal or Covenant Defeasance
	  	 	43	  
	 Section 8.05
	 	 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions
	  	 	44	  
	 Section 8.06
	 	 Repayment to Issuer
	  	 	45	  
	 Section 8.07
	 	 Reinstatement
	  	 	45	  
	
	ARTICLE 9	  
	
	AMENDMENT, SUPPLEMENT AND WAIVER	  
			
	 Section 9.01
	 	 Without Consent of Holders of Notes
	  	 	45	  
	 Section 9.02
	 	 With Consent of Holders of Notes
	  	 	47	  
	 Section 9.03
	 	 Compliance with Trust Indenture Act
	  	 	48	  
	 Section 9.04
	 	 Revocation and Effect of Consents
	  	 	48	  
	 Section 9.05
	 	 Notation on or Exchange of Notes
	  	 	48	  
	 Section 9.06
	 	 Trustee to Sign Amendments, etc
	  	 	49	  
	 Section 9.07
	 	 Payment for Consent
	  	 	49	  
	
	ARTICLE 10	  
	
	GUARANTEE	  
			
	 Section 10.01
	 	 Guarantee
	  	 	49	  
	ARTICLE 11	  
	
	SATISFACTION AND DISCHARGE	  
			
	 Section 11.01
	 	 Satisfaction and Discharge
	  	 	51	  
	 Section 11.02
	 	 Application of Trust Money
	  	 	52	  
	
	ARTICLE 12	  
	
	MISCELLANEOUS	  
			
	 Section 12.01
	 	 Trust Indenture Act Controls
	  	 	53	  
	 Section 12.02
	 	 Notices
	  	 	53	  
	 Section 12.03
	 	 Communication by Holders of Notes with Other Holders of Notes
	  	 	54	  
	 Section 12.04
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	54	  
	 Section 12.05
	 	 Statements Required in Certificate or Opinion
	  	 	55	  
	 Section 12.06
	 	 Rules by Trustee and Agents
	  	 	55	  
	 Section 12.07
	 	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	55	  

  
 -iii-

							
	 	 	 	  	Page	 
			
	 Section 12.08
	 	 Governing Law
	  	 	55	  
	 Section 12.09
	 	 Waiver of Jury Trial
	  	 	55	  
	 Section 12.10
	 	 Force Majeure
	  	 	56	  
	 Section 12.11
	 	 No Adverse Interpretation of Other Agreements
	  	 	56	  
	 Section 12.12
	 	 Successors
	  	 	56	  
	 Section 12.13
	 	 Severability
	  	 	56	  
	 Section 12.14
	 	 Counterpart Originals
	  	 	56	  
	 Section 12.15
	 	 Table of Contents, Headings, etc
	  	 	56	  
	 Section 12.16
	 	 Qualification of Eleventh Supplemental Indenture
	  	 	56	  
	 Section 12.17
	 	 USA Patriot Act
	  	 	57	  

  

			
	EXHIBITS	  	
		
	 Exhibit A
	  	 Form of Note

  
 -iv-

 SUPPLEMENTAL INDENTURE NO. 11 (the “Eleventh Supplemental Indenture”),
dated as of January 16, 2015, among HCA Inc., a Delaware corporation (the “Issuer”), HCA Holdings, Inc. (the “Parent Guarantor”), Law Debenture Trust Company of New York, as Trustee, and Deutsche Bank Trust
Company Americas, as Paying Agent, Registrar and Transfer Agent. 
 W I T N E S
S E T H 
 WHEREAS, the Issuer, the Parent Guarantor and the Trustee have executed and delivered a
base indenture, dated as of August 1, 2011 (as amended, supplemented or otherwise modified from time to time, the “Base Indenture”) to provide for the future issuance of the Issuer’s senior debt securities to be issued
from time to time in one or more series; and 
 WHEREAS, the Issuer has duly authorized the creation of an issue of
$1,000,000,000 aggregate principal amount of 5.375% Senior Notes due 2025 (the “Initial Notes”), which shall be guaranteed by the Parent Guarantor (the “Guarantee”), which has been duly authenticated by the Parent
Guarantor; and in connection therewith, each of the Issuer and the Parent Guarantor has duly authorized the execution and delivery of this Eleventh Supplemental Indenture to set forth the terms and provisions of the Notes as contemplated by the Base
Indenture. This Eleventh Supplemental Indenture restates in their entirety the terms of the Base Indenture as supplemented by this Eleventh Supplemental Indenture and does not incorporate the terms of the Base Indenture. The changes, modifications
and supplements to the Base Indenture affected by this Eleventh Supplemental Indenture shall be applicable only with respect to, and shall only govern the terms of, the Notes, except as otherwise provided herein, and shall not apply to any other
securities that may be issued under the Base Indenture unless a supplemental indenture with respect to such other securities specifically incorporates such changes, modifications and supplements. 

NOW, THEREFORE, the Issuer, the Parent Guarantor, the Trustee and the Paying Agent, Registrar and Transfer Agent agree as follows for the
benefit of each other and for the equal and ratable benefit of the Holders of the Notes. 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 
  

	Section 1.01	Definitions. 

“Additional Notes” means additional Notes (other than the Initial Notes) issued from time to time under this Eleventh
Supplemental Indenture in accordance with Section 2.01. 
 “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” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any Person, shall mean 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. 

“Affiliated Entity” means any Person which (i) does not transact any substantial portion of its business or
regularly maintain any substantial portion of its operating assets within the continental limits of the United States of America, (ii) is principally engaged in the business of financing (including, without limitation, the purchase, holding,
sale or discounting of or lending upon any notes, contracts, leases or other forms of obligations) the sale or lease of merchandise, equipment or services (1) by the Issuer , (2) by a Subsidiary (whether such sales or leases have been made
before or after the date which 

 
such Person became a Subsidiary), (3) by another Affiliated Entity or (4) by any Person prior to the time which substantially all its assets have heretofore been or shall hereafter have
been acquired by the Issuer , (iii) is principally engaged in the business of owning, leasing, dealing in or developing real property, (iv) is principally engaged in the holding of stock in, and/or the financing of operations of, an
Affiliated Entity, or (v) is principally engaged in the business of (1) offering health benefit products or (2) insuring against professional and general liability risks of the Issuer. 

“Agent” means any Registrar or Paying Agent. 
 “Bankruptcy Code” means Title 11 of the United States Code, as amended. 
 “Bankruptcy Law” means the Bankruptcy Code and any similar federal, state or foreign law for the relief of debtors. 

“Business Day” means each day which is not a Legal Holiday. 

“Capital Stock” means: 
 (1) in the case of a corporation, corporate stock; 
 (2) in the
case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and 

(4) any other interest or participation that confers on a Person the right to receive a share of the profits and losses
of, or distributions of assets of, the issuing Person. 
 “Capitalized Lease Obligation” means, at the time any
determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with
GAAP. 
 “Cash Equivalents” means: 

(1) United States dollars; 
 (2) euros or any national currency of any participating member state of the EMU or such local currencies held by the Issuer and its Subsidiaries from time to time in the ordinary course of business;

 (3) securities issued or directly and fully and unconditionally guaranteed or insured by the U.S. government
(or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of the U.S. government) with maturities of 24 months or less from the date of acquisition; 

(4) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date
of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus of not less than $500.0 million in the case of U.S. banks and $100.0
million (or the U.S. dollar equivalent as of the date of determination) in the case of non-U.S. banks; 

  
 -2-

 (5) repurchase obligations for underlying securities of the types described
in clauses (3) and (4) entered into with any financial institution meeting the qualifications specified in clause (4) above; 
 (6) commercial paper rated at least P-1 by Moody’s or at least A-1 by S&P and in each case maturing within 24 months after the date of creation thereof; 

(7) marketable short-term money market and similar securities having a rating of at least P-2 or A-2 from either
Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency), and in each case maturing within 24 months after the date of creation
thereof; 
 (8) investment funds investing 95% of their assets in securities of the types described in clauses
(1) through (7) above; 
 (9) readily marketable direct obligations issued by any state, commonwealth
or territory of the United States or any political subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P with maturities of 24 months or less from the date of acquisition; 

(10) Indebtedness or Preferred Stock issued by Persons with a rating of A or higher from S&P or A2 or higher from
Moody’s with maturities of 24 months or less from the date of acquisition; and 
 (11) Investments with
average maturities of 24 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s. 

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in
clauses (1) and (2) above; provided that such amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in any event within ten Business Days following the receipt of such
amounts. 
 “Change of Control” means the occurrence of any of the following: 

(1) the sale, lease or transfer, 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 other than a Permitted Holder; or 
 (2) the
Issuer becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than the
Permitted Holders, in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any
successor provision) of 50% or more of the total voting power of the Voting Stock of the Issuer or any of its direct or indirect parent companies holding directly or indirectly 100% of the total voting power of the Voting Stock of the Issuer.

  
 -3-

 “Code” means the Internal Revenue Code of 1986, as amended, or any
successor thereto. 
 “Comparable Treasury Issue” means, the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of a Note being redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the Remaining Life of such Notes. 

“Comparable Treasury Price” means, with respect to any Redemption Date for any Note: (1) the average of the
Reference Treasury Dealer Quotations for that Redemption Date, after excluding the highest and lowest of four such Reference Treasury Dealer Quotations; or (2) if the Independent Investment Banker is given fewer than four Reference Treasury
Dealer Quotations, the average of all quotations obtained by the Independent Investment Banker. 
 “Consolidated Net
Tangible Assets” means, with respect to any Person, the total amount of assets (less applicable reserves and other properly deductible items) after deducting therefrom (a) all current liabilities as disclosed on the consolidated
balance sheet of such Person (excluding any thereof which are by their terms extendible or renewable at the option of the obligor thereon to a time more than 12 months after the time as of which the amount thereof is being computed and further
excluding any deferred income taxes that are included in current liabilities) and (b) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangible assets, all as set forth on the most recent
consolidated balance sheet of the Issuer and computed in accordance with generally accepted accounting principles. 

“Contingent Obligations” means, with respect to any Person, any obligation of such Person guaranteeing any leases,
dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation,
any obligation of such Person, whether or not contingent, 
 (1) to purchase any such primary obligation or any
property constituting direct or indirect security therefor, 
 (2) to advance or supply funds: 

(a) for the purchase or payment of any such primary obligation, or 

(b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or
solvency of the primary obligor, or 
 (3) to purchase property, securities or services primarily for the purpose
of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 
 “Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 12.02 hereof or such other address as to which the Trustee may give notice to the
Holders and the Issuer. 

  
 -4-

 “Custodian” means the Paying Agent and Registrar, as custodian with respect
to the Notes in global form, or any successor entity thereto. 
 “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. 
 “Definitive Note” means a
certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the
“Schedule of Exchanges of Interests in the Global Note” attached thereto. 
 “Depositary” means, with
respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having
become such pursuant to the applicable provision of this Eleventh Supplemental Indenture. 
 “Eleventh Supplemental
Indenture” means this Eleventh Supplemental Indenture, as amended or supplemented from time to time. 

“EMU” means the economic and monetary union as contemplated in the Treaty on European Union. 

“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. 
 “euro” means the single
currency of participating member states of the EMU. 
 “Exchange Act” means the Securities Exchange Act of
1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
 “Frist Entities” means
Dr. Thomas F. Frist, Jr., any Person controlled by Dr. Frist and any charitable organization selected by Dr. Frist that holds Equity Interests of the Issuer on November 17, 2006. 

“Funded Debt” means any Indebtedness for money borrowed, created, issued, incurred, assumed or guaranteed that would, in
accordance with generally accepted accounting principles, be classified as long-term debt, but in any event including all Indebtedness for money borrowed, whether secured or unsecured, maturing more than one year, or extendible at the option of the
obligor to a date more than one year, after the date of determination thereof (excluding any amount thereof included in current liabilities). 
 “GAAP” means generally accepted accounting principles in the United States which were in effect on November 17, 2006. 

“Global Note Legend” means the legend set forth in Section 2.06(f) hereof, which is required to be placed on all
Global Notes issued under this Eleventh Supplemental Indenture. 
 “Global Notes” means the Global Notes
deposited with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global
Note” attached thereto, issued in accordance with Section 2.01, 2.06(b) or 2.06(d) hereof. 

  
 -5-

 “Government Securities” means securities that are: 

(1) direct obligations of the United States of America for the timely payment of which its full faith and credit is
pledged; or 
 (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, 
 which, in either case, are not callable or redeemable at the option of the issuers thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act), as custodian with respect to any such Government Securities or a specific payment of principal of or interest on any such Government Securities held by such custodian for the account of the holder of such depository receipt;
provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government
Securities or the specific payment of principal of or interest on the Government Securities evidenced by such depository receipt. 
 “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 letters
of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. 

“Guarantee” means the guarantee by the Parent Guarantor of the Parent Guaranteed Obligations under this Eleventh
Supplemental Indenture. 
 “Hedging Obligations” means, with respect to any Person, the obligations of such
Person under any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange contract, currency swap agreement or similar
agreement providing for the transfer or mitigation of interest rate or currency risks either generally or under specific contingencies. 
 “Holder” means the Person in whose name a Note is registered on the Registrar’s books. 
 “Indebtedness” means, with respect to any Person, without duplication: 
 (1) any indebtedness (including principal and premium) of such Person, whether or not contingent: 
 (a) in respect of borrowed money; 
 (b) evidenced by bonds, notes,
debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof); 
 (c) representing the balance deferred and unpaid of the purchase price of any property (including Capitalized Lease Obligations), 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 earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP; or

 (d) representing any Hedging Obligations; 

  
 -6-

 if and to the extent that any of the foregoing Indebtedness (other than letters of credit
and Hedging Obligations) would appear as a liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 
 (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 a
third Person (whether or not such items would appear upon the balance sheet of the 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 a third Person
secured by a Lien on any asset owned by such first Person, whether or not such Indebtedness is assumed by such first Person; 
 provided,
however, that notwithstanding the foregoing, Indebtedness shall be deemed not to include (a) Contingent Obligations incurred in the ordinary course of business or (b) obligations under or in respect of Receivables Facilities.

 “Independent Investment Banker” means one of the Reference Treasury Dealers, to be appointed by the Issuer.

 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a
Participant. 
 “Initial Notes” has the meaning set forth in the recitals hereto. 

“Interest Payment Date” means February 1 and August 1 of each year to stated maturity. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency. 

“Investments” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates)
in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit, advances to customers, commissions, travel and similar advances to officers and employees, in each case made in the ordinary
course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet (excluding the
footnotes) of the Issuer in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property. 

“Investors” means Bain Capital Partners, LLC, Kohlberg Kravis Roberts & Co. L.P. and each of their respective
Affiliates but not including, however, any portfolio companies of any of the foregoing. 
 “Issue Date” means
January 16, 2015. 

  
 -7-

 “Issuer Order” means a written request or order signed on behalf of the
Issuer by an Officer of the Issuer, who must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Issuer, and delivered to the Trustee. 

“Legal Holiday” means a Saturday, a Sunday or a day on which commercial banking institutions are not required to be open
in the State of New York. 
 “Lien” means, with respect to any asset, any mortgage, lien (statutory or
otherwise), pledge, hypothecation, charge, security interest, preference, priority 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. 

“Maturity Date” means February 1, 2025, the date the Notes will mature. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business. 

“Mortgages” means mortgages, liens, pledges or other encumbrances. 

“Notes” means the Initial Notes and more particularly means any Note authenticated and delivered under this Eleventh
Supplemental Indenture. For all purposes of this Eleventh Supplemental Indenture, the term “Notes” shall also include any Additional Notes that may be issued under a supplemental indenture. 

“Obligations” means any principal, interest (including any interest accruing subsequent to the filing of a petition in
bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), premium, penalties, fees,
indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and bankers’ acceptances), 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. 

“Officer” means the Chairman of the Board, the Chief Executive Officer, the President, any Executive Vice President,
Senior Vice President or Vice President, the Treasurer or the Secretary of the Issuer, the Parent Guarantor or a Subsidiary, as applicable. 
 “Officer’s Certificate” means a certificate signed on behalf of the Issuer by an Officer of the Issuer, on behalf of the Parent Guarantor by an Officer of the Parent Guarantor or on
behalf of a Subsidiary by any Officer of such Subsidiary, as applicable, that meets the requirements set forth in this Eleventh Supplemental Indenture. 
 “Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Issuer or the Parent Guarantor, as
the case may be. 
 “Parent Guarantor” means the Person named as the “Parent Guarantor” in the
recitals (i) until released pursuant to the provisions of this Eleventh Supplemental Indenture or (ii) until a successor Person shall have become such pursuant to the applicable provisions of this Eleventh Supplemental Indenture, and
thereafter “Parent Guarantor” shall mean that successor Person until released pursuant to the provisions of this Eleventh Supplemental Indenture. 

  
 -8-

 “Permitted Holders” means each of the Investors, the Frist Entities,
members of management of the Issuer (or its direct or indirect parent) and each of their respective Affiliates or successors, that are holders of Equity Interests of the Issuer (or any of its direct or indirect parent companies) and any group
(within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing are members; provided that, in the case of such group and without giving effect to the
existence of such group or any other group, such Investors, Frist Entities, members of management and assignees of the equity commitments of the Investors, collectively, have beneficial ownership of more than 50% of the total voting power of the
Voting Stock of the Issuer or any of its direct or indirect parent companies. 
 “Person” means any individual,
corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Preferred Stock” means any Equity Interest with preferential rights of payment of dividends or upon liquidation,
dissolution or winding up. 
 “Principal Property” means each acute care hospital providing general medical and
surgical services (excluding equipment, personal property and hospitals that primarily provide specialty medical services, such as psychiatric and obstetrical and gynecological services) owned solely by the Issuer and/or one or more of its
Subsidiaries and located in the United States of America. 
 “Prospectus” means the prospectus, dated
January 13, 2015, relating to the sale of the Initial Notes. 
 “Rating Agencies” means Moody’s and
S&P or if Moody’s or S&P or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Issuer which shall be substituted for
Moody’s or S&P or both, as the case may be. 
 “Receivables Facility” means any of one or more
receivables financing facilities as amended, supplemented, modified, extended, renewed, restated or refunded from time to time, the Obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities
made in connection with such facilities) to the Issuer or any of its Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Issuer or any of its Subsidiaries purports to sell its accounts receivable to either (a) a Person that
is not a Subsidiary or (b) a Receivables Subsidiary that in turn funds such purchase by purporting to sell its accounts receivable to a Person that is not a Subsidiary or by borrowing from such a Person or from another Receivables Subsidiary
that in turn funds itself by borrowing from such a Person. 
 “Receivables Subsidiary” means any Subsidiary
formed for the purpose of facilitating or entering into one or more Receivables Facilities, and in each case engages only in activities reasonably related or incidental thereto. 

“Record Date” for the interest or payable on any applicable Interest Payment Date means January 15 or July 15
(whether or not a Business Day) next preceding such Interest Payment Date. 

  
 -9-

 “Reference Treasury Dealer” means (i) Wells Fargo Securities, LLC,
Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan
Stanley & Co. LLC, RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc. and UBS Securities LLC (or their respective affiliates that are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the
foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer, and (ii) any other Primary Treasury Dealer
selected by the Issuer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any Redemption Date for any Note, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal amount,
quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

“Remaining Life” has the meaning ascribed to such term in the definition of “Comparable Treasury Issue”.

 “Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust
department of the Trustee, including any managing director, director, vice president, assistant vice president, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the
time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of
this Eleventh Supplemental Indenture. 
 “S&P” means Standard & Poor’s Ratings Services and
any successor to its rating agency business. 
 “Sale and Lease-Back
Transaction” means any arrangement providing for the leasing by the Issuer or any of its Subsidiaries for a period of more than three years of any Principal Property, which property has been or is to be sold or transferred by the Issuer or
such Subsidiary to a third Person in contemplation of such leasing. 
 “SEC” means the U.S. Securities and
Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations of the SEC promulgated thereunder. 
 “Subordinated Indebtedness” means, with respect to the Notes,
(1) any Indebtedness of the Issuer which is by its terms subordinated in right of payment to the Notes, and (2) any Indebtedness of the Parent Guarantor which is by its terms subordinated in right of payment to the Guarantee. 

“Subsidiary” means, with respect to any Person: 

(1) any corporation, association, or other business entity (other than a partnership, joint venture, limited liability
company or similar 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) to vote in the election of directors, managers or trustees thereof is at the time
of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof or is consolidated under GAAP with such Person at such time; and 

  
 -10-

 (2) any partnership, joint venture, limited liability company or similar
entity of which more than 50% of the equity ownership, whether in the form of a membership, general, special or limited partnership interests or otherwise is owned or controlled, directly or indirectly, by such Person or one or more of the other
Subsidiaries of that Person or a combination thereof or is consolidated under GAAP with such Person at such time; provided, however, that for purposes of Sections 4.06, 4.07 and 4.08, any Person that is an Affiliated Entity shall
not be considered a Subsidiary. 
 “Transfer Agent” means the Person specified in Section 2.03 hereof as
the Transfer Agent, and any and all successors thereto, to receive on behalf of the Registrar any Notes for transfer or exchange pursuant to this Eleventh Supplemental Indenture. 

“Treasury Rate” means, at the time of computation, (1) the semi-annual equivalent yield to maturity of the United
States Treasury Securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) which has become publicly available at least two Business Days prior to the Redemption Date or, if such
Statistical Release is no longer published, any publicly available source of similar market data) for the maturity corresponding to the Comparable Treasury Issue; provided, however, that if no maturity is within three months before or
after the Maturity Date for the Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from those yields on a straight
line basis, rounding to the nearest month; or (2) if that release, or any successor release, is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent
yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date. The Treasury Rate
will be calculated on the third Business Day preceding the Redemption Date. 
 “Trust Indenture Act” means the
Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb). 
 “Trustee” means Law
Debenture Trust Company of New York, as trustee, until a successor replaces it in accordance with the applicable provisions of this Eleventh Supplemental Indenture and thereafter means the successor serving hereunder. 

“Voting Stock” of any 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. 
  

	Section 1.02	Other Definitions. 

  

			
	 Term
	  	 Defined in
Section

		
	“Authentication Order”	  	2.02
	“Change of Control Offer”	  	4.10
	“Change of Control Payment”	  	4.10
	“Change of Control Payment Date”	  	4.10
	“Covenant Defeasance”	  	8.03
	“DTC”	  	2.03
	“Event of Default”	  	6.01

  
 -11-

			
	 Term
	  	 Defined in
Section

		
	“Legal Defeasance”	  	8.02
	“Note Register”	  	2.03
	“Parent Guaranteed Obligations”	  	10.01
	“Paying Agent”	  	2.03
	“Redemption Date”	  	3.07
	“Registrar”	  	2.03
	“Reversion Date”	  	4.11
	“Successor Entity”	  	5.01
	“Suspended Covenant”	  	4.11

  

	Section 1.03	Incorporation by Reference of Trust Indenture Act. 

 Whenever this Eleventh Supplemental Indenture refers to a provision of the Trust Indenture Act the provision is by reference in and made a part of this Eleventh Supplemental Indenture. If and to the
extent that any provision of this Eleventh Supplemental Indenture limits, qualifies or conflicts with another provision included in this Eleventh Supplemental Indenture, by operation of Sections 310 to 317, inclusive, of the Trust Indenture Act (an
“incorporated provision”), such incorporated provision shall control. 
 The following Trust Indenture Act terms used
in this Eleventh Supplemental Indenture have the following meanings: 
 “indenture securities” mean the Notes;

 “indenture security Holder” means a Holder of a Note; 

“indenture to be qualified” means this Eleventh Supplemental Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the Notes and the Guarantee means the Issuer and the Parent Guarantor, respectively, and any successor obligor
upon the Notes and the Guarantee, respectively. 
 All other terms used in this Eleventh Supplemental Indenture that are defined
by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined by SEC rule under the Trust Indenture Act have the meanings so assigned to them. 

 

	Section 1.04	Rules of Construction. 

Unless the context otherwise requires: 
 (a) a term has the meaning assigned to it; 
 (b) an accounting term
not otherwise defined has the meaning assigned to it in accordance with GAAP; 
 (c) “or” is not
exclusive; 
 (d) words in the singular include the plural, and in the plural include the singular; 

  
 -12-

 (e) “will” shall be interpreted to express a command; 

(f) provisions apply to successive events and transactions; 

(g) references to sections of, or rules under, the Securities Act shall be deemed to include substitute, replacement or
successor sections or rules adopted by the SEC from time to time; 
 (h) unless the context otherwise requires,
any reference to an “Article,” “Section” or “clause” refers to an Article, Section or clause, as the case may be, of this Eleventh Supplemental Indenture; and 

(i) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to
this Eleventh Supplemental Indenture as a whole and not any particular Article, Section, clause or other subdivision. 
 In
addition, this Eleventh Supplemental Indenture restates in their entirety the terms of the Base Indenture as supplemented by this Eleventh Supplemental Indenture and does not incorporate the terms of the Base Indenture. The changes, modifications
and supplements to the Base Indenture effected by this Eleventh Supplemental Indenture shall be applicable only with respect to, and shall only govern the terms of, the Notes, except as otherwise provided herein, and shall not apply to any other
securities that may be issued under the Base Indenture unless a supplemental indenture with respect to such other securities specifically incorporates such changes, modifications and supplements. 

 

	Section 1.05	Acts of Holders. 

 (a) Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Eleventh Supplemental Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee
and, where it is hereby expressly required, to the Issuer or the Parent Guarantor, as applicable. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by any Person of a Note, shall be sufficient for
any purpose of this Eleventh Supplemental Indenture and (subject to Section 7.01) conclusive in favor of the Trustee and the Issuer and the Parent Guarantor, as applicable, if made in the manner provided in this Section 1.05. 

(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 the certificate of any 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 or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of the authority of the Person executing the same. 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 ownership of Notes shall be proved by the Note Register. 
 (d) Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind every future Holder of the same Note and the Holder of every 

  
 -13-

 
Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee or the Issuer in reliance
thereon, whether or not notation of such action is made upon such Note. 
 (e) The Issuer may, in the circumstances permitted by
the Trust Indenture Act, set a record date for purposes of determining the identity of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act, or to vote or consent to any action by vote
or consent authorized or permitted to be given or taken by Holders. Unless otherwise specified, if not set by the Issuer prior to the first solicitation of a Holder made by any Person in respect of any such action, or in the case of any such vote,
prior to such vote, any such record date shall be the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation. 

(f) Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with
regard to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or action taken by
a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Holders of each such different part. 

(g) Without limiting the generality of the foregoing, a Holder, including DTC that is the Holder of a Global Note, may make, give or
take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Eleventh Supplemental Indenture to be made, given or taken by Holders, and DTC that is the
Holder of a Global Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such depositary’s standing instructions and customary practices. 

(h) The Issuer may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Note
held by DTC entitled under the procedures of such depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Eleventh
Supplemental Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give or take such request,
demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other action shall be valid
or effective if made, given or taken more than 90 days after such record date. 
 ARTICLE 2 

THE NOTES 
 In
accordance with Section 301 of the Base Indenture, the Issuer hereby creates the Notes as a series of its Securities issued pursuant to this Eleventh Supplemental Indenture. In accordance with Section 301 of the Base Indenture, the
Notes shall be known and designated as the “5.375% Senior Notes due 2025” of the Issuer. 
  

	Section 2.01	Form and Dating; Terms. 

(a) General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A
hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. The Notes shall be in minimum denominations of $2,000 and integral multiples of
$1,000 in excess thereof. 

  
 -14-

 (b) Global Notes. Notes issued in global form shall be substantially in the form of
Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the form of Exhibit A
attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such of the outstanding Notes as shall be specified in
the “Schedule of Exchanges of Interests in the Global Note” attached thereto and each shall provide that it shall represent up to the aggregate principal amount of Notes from time to time endorsed thereon and that the aggregate principal
amount of outstanding Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate
principal amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof.

 (c) Terms. The aggregate principal amount of Notes that may be authenticated and delivered under this Eleventh
Supplemental Indenture is unlimited. 
 The terms and provisions contained in the Notes shall constitute, and are hereby
expressly made, a part of this Eleventh Supplemental Indenture and the Issuer, the Parent Guarantor and the Trustee, by their execution and delivery of this Eleventh Supplemental 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 Eleventh Supplemental Indenture, the provisions of this Eleventh Supplemental Indenture shall govern and be controlling. 

The Notes shall be subject to repurchase by the Issuer pursuant to a Change of Control Offer as provided in Section 4.10 hereof. The
Notes shall not be redeemable, other than as provided in Article 3. 
 Additional Notes may be created and issued from time to
time by the Issuer without notice to or consent of the Holders and shall be consolidated with and form a single class with the Initial Notes and shall have the same terms as to status, redemption or otherwise as the Initial Notes. Except as
described under Article 9 hereof, the Notes offered by the Issuer and any Additional Notes subsequently issued under this Eleventh Supplemental Indenture will be treated as a single class for all purposes under this Eleventh Supplemental Indenture,
including waivers, amendments, redemptions and offers to purchase. Unless the context requires otherwise, references to “Notes” for all purposes of this Eleventh Supplemental Indenture include any Additional Notes that are actually issued.
Any Additional Notes shall be issued with the benefit of an indenture supplemental to this Eleventh Supplemental Indenture. 
  

	Section 2.02	Execution and Authentication. 

 At least one Officer shall execute the Notes on behalf of the Issuer by manual or facsimile signature. 
 If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid. 

A Note shall not be entitled to any benefit under this Eleventh Supplemental Indenture or be valid or obligatory for any purpose until
authenticated substantially in the form provided for in Exhibit A attached hereto, by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated and delivered under this Eleventh
Supplemental Indenture. 

  
 -15-

 On the Issue Date, the Trustee shall, upon receipt of an Issuer Order (an
“Authentication Order”), authenticate and deliver the Initial Notes. In addition, at any time, from time to time, the Trustee shall upon an Authentication Order authenticate and deliver any Additional Notes. Such Authentication
Order shall specify the amount of the Notes to be authenticated. 
 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 Eleventh Supplemental 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. 
  

	Section 2.03	Registrar and Paying Agent. 

 The Issuer shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented
for payment (“Paying Agent”). The Registrar shall keep a register of the Notes (“Note Register”) and of their transfer and exchange. The Issuer may appoint one or more co-registrars and one or more additional paying
agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuer may change any Paying Agent or Registrar without prior notice to any Holder. The Issuer shall
notify the Trustee in writing of the name and address of any Agent not a party to this Eleventh Supplemental Indenture. If the Issuer fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Issuer
or any of its Subsidiaries may act as Paying Agent or Registrar. 
 The Issuer initially appoints The Depository Trust Company
(“DTC”) to act as Depositary with respect to the Global Notes. 
 The Issuer initially appoints Deutsche Bank
Trust Company Americas to act as the Paying Agent, Registrar and Transfer Agent for the Notes and the Registrar to act as Custodian with respect to the Global Notes. 
  

	Section 2.04	Paying Agent to Hold Money in Trust. 

 The Issuer shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent
for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money
held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer or a Subsidiary) shall have no further liability
for the money. If the Issuer or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating
to the Issuer, the Trustee shall serve as Paying Agent for the Notes. 
  

	Section 2.05	Holder Lists. 

 The
Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with Trust 

  
 -16-

 
Indenture Act Section 312(a). If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee at least two Business Days before each Interest Payment Date and at such other
times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes and the Issuer shall otherwise comply with Trust Indenture Act
Section 312(a). 
  

	Section 2.06	Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of
the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be
exchanged by the Issuer for Definitive Notes if: 
 (A) the Issuer delivers to the Trustee notice from the
Depositary that the Depositary is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuer within 120
days after the date of such notice from the Depositary; 
 (B) the Issuer in its sole discretion determines that
the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or 
 (C) there has occurred and is continuing a Default or Event of Default with respect to the Notes, and the Depositary has notified the Issuer and the Trustee of its desire to exchange the Global Notes for
Definitive Notes. 
 Upon the occurrence of either of the preceding events in (A) or (B) above, Definitive Notes shall be issued in
such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, pursuant to this Section 2.06 or Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange
for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Sections 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for
another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c) hereof. 

(b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the
Global Notes will be effected through the Depositary, in accordance with the provisions of this Eleventh Supplemental Indenture. Beneficial interests in any Global Note may be transferred to Persons who take delivery thereof in the form of a
beneficial interest in a Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b) and Section 2.06(d) hereof. 

(c) Transfer or Exchange of Beneficial Interests for Definitive Notes. If any holder of a beneficial interest in a Global Note
proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in
Section 2.06(b) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuer will execute and the Trustee will authenticate and
deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any 

  
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Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c) will be registered in such name or names and in such authorized denomination or denominations as
the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes
are registered. 
 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests. A Holder of a Definitive Note
may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a request for such an
exchange or transfer, the Trustee shall cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e),
the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a
written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and
information, as applicable, required pursuant to the following provisions of this Section 2.06(e). A Holder of Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of a Definitive Note. 

(f) Global Note Legend. Each Global Note shall bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE ELEVENTH SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE
IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE ELEVENTH
SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE ELEVENTH SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
2.11 OF THE ELEVENTH SUPPLEMENTAL INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS
NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE 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. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY

  
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PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 (g)
Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or cancelled in whole and
not in part, each such Global Note shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or
transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement
shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such
increase. 
 (h) General Provisions Relating to Transfers and Exchanges. 

(i) To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Global
Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 
 (ii) No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuer may require
payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.07,
2.10, 3.06, 4.10 and 9.05 hereof). 
 (iii) Neither the Registrar nor the Issuer shall be required to register
the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (iv) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Issuer, evidencing the same debt,
and entitled to the same benefits under this Eleventh Supplemental Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 

(v) The Issuer shall not be required (A) to issue, to register the transfer of or to exchange any Notes during a
period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection, (B) to register the transfer of or to
exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (C) to register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest
Payment Date. 

  
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 (vi) Prior to due presentment for the registration of a transfer of any
Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and interest on such Notes
and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary. 
 (vii) Upon surrender for registration of transfer of any Note at the office or agency of the Issuer designated pursuant to Section 4.02 hereof, the Issuer shall execute, and the Trustee shall
authenticate and mail, in the name of the designated transferee or transferees, one or more replacement Notes of any authorized denomination or denominations of a like aggregate principal amount. 

(viii) At the option of the Holder, Notes may be exchanged for other Notes of any authorized denomination or denominations
of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any Global Notes or Definitive Notes are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate
and mail, the replacement Global Notes and Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions of Section 2.02 hereof. 

(ix) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this
Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
  

	Section 2.07	Replacement Notes. 

 If
any mutilated Note is surrendered to the Trustee, the Registrar or the Issuer and the Trustee receives evidence to its satisfaction of the ownership and destruction, loss or theft of any Note, the Issuer shall issue and the Trustee, upon receipt of
an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Issuer, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee
and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuer and/or the Trustee may charge for their expenses in replacing a Note. 

Every replacement Note is a contractual obligation of the Issuer and shall be entitled to all of the benefits of this Eleventh
Supplemental Indenture equally and proportionately with all other Notes duly issued hereunder. 
  

	Section 2.08	Outstanding Notes. 

 The
Notes outstanding at any time are all the Notes authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the
provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note.

 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Note is held by a bona fide purchaser. 
 If the principal amount of any Note is considered
paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 

  
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 If the Paying Agent (other than the Issuer, a Subsidiary or an Affiliate of any thereof)
holds, on a Redemption Date or Maturity Date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 

 

	Section 2.09	Treasury Notes. 

 In
determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer, or by any Affiliate of the Issuer, shall be considered as though not outstanding, except that
for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee knows are so owned shall be so disregarded. Notes so owned which have
been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is not the
Issuer or any obligor upon the Notes or any Affiliate of the Issuer or of such other obligor. 
  

	Section 2.10	Temporary Notes. 

 Until
certificates representing Notes are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but
may have variations that the Issuer considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate definitive Notes in exchange
for temporary Notes. 
 Holders and beneficial holders, as the case may be, of temporary Notes shall be entitled to all of the
benefits accorded to Holders, or beneficial holders, respectively, of Notes under this Eleventh Supplemental Indenture. 
  

	Section 2.11	Cancellation. 

 The Issuer
at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee or, at the direction of the
Trustee, the Registrar or the Paying Agent and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall destroy cancelled Notes (subject to the record retention requirement
of the Exchange Act). Certification of the destruction of all cancelled Notes shall be delivered to the Issuer. The Issuer may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation.

  

	Section 2.12	Defaulted Interest. 

 If
the Issuer defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest to the Persons who are Holders on a subsequent special record
date, in each case at the rate provided in the Notes and in Section 4.01 hereof. 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 

  
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of the Persons entitled to such defaulted interest as provided in this Section 2.12. The Trustee shall fix or cause to be fixed each such special record date and payment date;
provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. The Trustee shall promptly notify the Issuer of such special record date. At least 15 days before the special
record date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense of the Issuer) shall mail or cause to be mailed, first-class postage prepaid, to each Holder a notice at his or her address as it appears
in the Note Register that states the special record date, the related payment date and the amount of such interest to be paid. 

Subject to the foregoing provisions of this Section 2.12 and for greater certainty, each Note delivered under this Eleventh
Supplemental 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 2.13	CUSIP and ISIN Numbers. 

The Issuer in issuing the Notes may use CUSIP and/or ISIN numbers (if then generally in use) and, if so, the Trustee shall use CUSIP
and/or ISIN numbers in notices of redemption as a convenience to Holders; provided, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any
notice of redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer will as promptly as
practicable notify the Trustee of any change in the CUSIP or ISIN numbers. 
 ARTICLE 3 

REDEMPTION 
  

	Section 3.01	Notices to Trustee. 

 If
the Issuer elects to redeem Notes pursuant to Section 3.07 hereof, it shall furnish to the Trustee and the Registrar and Paying Agent, at least 2 Business Days before notice of redemption is required to be mailed or caused to be mailed to
Holders pursuant to Section 3.03 hereof but not more than 60 days before a Redemption Date, an Officer’s Certificate setting forth (i) the clause of this Eleventh Supplemental Indenture or the subparagraph of such Note pursuant to
which the redemption shall occur, (ii) the Redemption Date; (iii) the principal amount of Notes to be redeemed, (iv) the redemption price (or the method of calculating it) and (v) each place that payment will be made upon
presentation and surrender of the Notes to be redeemed. 
  

	Section 3.02	Selection of Notes to Be Redeemed or Purchased. 

 If less than all of the Notes, are to be redeemed or purchased in an offer to purchase at any time, the Registrar and Paying Agent shall select the Notes to be redeemed or purchased (a) if the Notes
are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes are listed, (b) on a pro rata basis or (c) by lot or by such other method in
accordance with the procedures of DTC. In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the
Redemption Date by the Registrar and Paying Agent from the outstanding Notes not previously called for redemption or purchase. 

  
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 The Registrar and Paying Agent shall promptly notify the Issuer in writing of the Notes
selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected shall be in amounts of $2,000 or whole
multiples of $1,000 in excess thereof; no Notes of $2,000 or less can be redeemed in part, except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not $2,000 or
a multiple of $1,000 in excess thereof, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Eleventh Supplemental Indenture that apply to Notes called for redemption or purchase also apply to portions of
Notes called for redemption or purchase. 
  

	Section 3.03	Notice of Redemption. 

The Issuer shall mail or cause to be mailed by first-class mail notices of redemption at least 30 days but not more than 60 days before
the Redemption Date to each Holder of Notes to be redeemed at such Holder’s registered address or otherwise in accordance with the procedures of DTC, except that redemption notices may be mailed more than 60 days prior to a Redemption Date if
the notice is issued in connection with Article 8 or Article 11 hereof. Except as set forth in Section 3.07(c) hereof, notices of redemption may not be conditional. 
 The notice shall identify the Notes to be redeemed and shall state: 

(a) the Redemption Date; 
 (b) the redemption price (or method of calculating it); 
 (c) if
any Note is to be redeemed in part only, the portion of the principal amount of that Note that is to be redeemed and that, after the Redemption Date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion
of the original Note representing the same indebtedness to the extent not redeemed will be issued in the name of the Holder of the Notes upon cancellation of the original Note; 

(d) the place and address that payment will be made upon presentation and surrender of the Notes to be redeemed;

 (e) the name and address of the Paying Agent; 

(f) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(g) that, unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the Redemption Date; 
 (h) the paragraph or subparagraph of the Notes and/or Section of this
Eleventh Supplemental Indenture pursuant to which the Notes called for redemption are being redeemed; 
 (i) that
no representation is made as to the correctness or accuracy of the CUSIP and/or ISIN number, if any, listed in such notice or printed on the Notes; and 
 (j) if in connection with a redemption pursuant to Section 3.07 hereof, any condition to such redemption. 

  
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 At the Issuer’s request, the Trustee shall give the notice of redemption in the
Issuer’s name and at its expense; provided that the Issuer shall have delivered to the Trustee, at least 2 Business Days before notice of redemption is required to be mailed or caused to be mailed to Holders pursuant to this
Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding
paragraph. 
  

	Section 3.04	Effect of Notice of Redemption. 

 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the Redemption Date at the redemption price (except as
provided for in Section 3.07(c) hereof). The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or
any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. Subject to Section 3.05 hereof, on and after the Redemption
Date, interest ceases to accrue on Notes or portions thereof called for redemption. 
  

	Section 3.05	Deposit of Redemption or Purchase Price. 

 Prior to 10:00 a.m. (New York City time) on the redemption or purchase date, the Issuer shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of
and accrued and unpaid interest on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent shall promptly return to the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the
amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed or purchased. 

If the Issuer complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest shall cease
to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the
redemption or purchase date shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date. If any Note called for redemption or purchase shall not be so paid upon surrender for redemption or purchase
because of the failure of the Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest accrued to the
redemption or purchase date not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
  

	Section 3.06	Notes Redeemed or Purchased in Part. 

 Upon surrender of a Note that is redeemed or purchased in part, the Issuer shall issue and the Trustee shall authenticate for the Holder at the expense of the Issuer a new Note equal in principal amount
to the unredeemed or unpurchased portion of the Note surrendered representing the same indebtedness to the extent not redeemed or purchased; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000
in excess thereof. It is understood that, notwithstanding anything in this Eleventh Supplemental Indenture to the contrary, only an Authentication Order and not an Opinion of Counsel or Officer’s Certificate is required for the Trustee to
authenticate such new Note. 

  
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	Section 3.07	Optional Redemption. 

 (a)
Except as set forth below, the Issuer will not be entitled to redeem Notes at its option prior to the Maturity Date. 
 (b) The
Notes will be redeemable, at the Issuer’s option, at any time in whole or from time to time in part, at a redemption, or “make-whole,” price equal to the greater of: (i) 100% of the aggregate principal amount of the Notes to be
redeemed, and (ii) an amount equal to sum of the present value of the remaining scheduled payments of principal of and interest on the Notes to be redeemed (excluding accrued and unpaid interest to the date of redemption (the
“Redemption Date”) and subject to the right of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date) discounted from their scheduled date of payment to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 50 basis points plus, in each of the above cases, accrued and unpaid interest, if any, to such
Redemption Date. 
 (c) Any notice of any redemption may be given prior to the redemption thereof, and any such redemption or
notice may, at the Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of an Equity Offering or other corporate transaction. 

(d) If the Issuer redeems less than all of the outstanding Notes, the Registrar and Paying Agent shall select the Notes to be redeemed in
the manner described under Section 3.02 hereof. 
 (e) Any redemption pursuant to this Section 3.07 shall be made
pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
  

	Section 3.08	Mandatory Redemption. 

The Issuer shall not be required to make any mandatory redemption or sinking fund payments with respect to the Notes. 

ARTICLE 4 

COVENANTS 
  

	Section 4.01	Payment of Notes. 

 The
Issuer shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying
Agent, if other than the Issuer or a Subsidiary, holds as of 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. 
 The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without
regard to any applicable grace period) at the same rate to the extent lawful. 

  
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	Section 4.02	Maintenance of Office or Agency. 

 The Issuer shall maintain in the Borough of Manhattan in the City of New York, an office or agency (which may be an office of the Trustee or an Affiliate of the Trustee, Registrar or co-registrar) where
Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Eleventh Supplemental Indenture may be served. The Issuer shall give prompt written notice to
the Trustee of the location, and 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. 
 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 such designations; provided that no such designation or
rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency in the Borough of Manhattan in the City of New York, for such purposes. The Issuer shall give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other office or agency. 
 The Issuer hereby designates
the office of the Registrar at the address specified in Section 12.02 hereof (or such other address as to which the Registrar may give notice to the Holders and the Issuer) as one such office or agency of the Issuer in accordance with
Section 2.03 hereof. 
  

	Section 4.03	Compliance Certificate. 

(a) The Issuer shall deliver to the Trustee, within 90 days after the end of each fiscal year ending after the Issue Date, an
Officer’s Certificate stating that a review of the activities of the Issuer and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the
Issuer has kept, observed, performed and fulfilled its obligations under this Eleventh Supplemental Indenture, and further stating, as to such Officer signing such certificate, that to the best of his or her knowledge the Issuer has kept, observed,
performed and fulfilled each and every condition and covenant contained in this Eleventh Supplemental Indenture and is not in default in the performance or observance of any of the terms, provisions, covenants and conditions of this Eleventh
Supplemental Indenture (or, if a Default shall have occurred, describing all such Defaults of which he or she may have knowledge and what action the Issuer is taking or proposes to take with respect thereto). 

(b) When any Default has occurred and is continuing under this Eleventh Supplemental Indenture, or if the Trustee or the holder of any
other evidence of Indebtedness of the Issuer or any Subsidiary gives any notice or takes any other action with respect to a claimed Default, the Issuer shall promptly (which shall be no more than five (5) Business Days) deliver to the Trustee
by registered or certified mail or by facsimile transmission an Officer’s Certificate specifying such event and what action the Issuer proposes to take with respect thereto. 

 

	Section 4.04	Taxes. 

 The Issuer shall
pay, and shall cause each of its Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate negotiations or proceedings or where the
failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 

  
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	Section 4.05	Stay, Extension and Usury Laws. 

 The Issuer and the Parent Guarantor covenant (to the extent that they may lawfully do so) that they shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or
advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Eleventh Supplemental Indenture; and the Issuer and the Parent Guarantor (to the extent
that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that they shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall
suffer and permit the execution of every such power as though no such law has been enacted. 
  

	Section 4.06	Limitations on Mortgages. 

(a) Nothing in this Eleventh Supplemental Indenture or in the Notes shall in any way restrict or prevent the Issuer, the Parent Guarantor
or any Subsidiary from incurring any Indebtedness, provided, however, that neither the Issuer nor any of its Subsidiaries will issue, assume or guarantee any indebtedness or obligation secured by Mortgages upon any Principal Property,
unless the Notes shall be secured equally and ratably with (or prior to) such Indebtedness. 
 (b) The provisions of
Section 4.06(a) shall not apply to: 
 (1) Mortgages securing all or any part of the purchase price of
property acquired or cost of construction of property or cost of additions, substantial repairs, alterations or improvements or property, if the Indebtedness and the related Mortgages are incurred within 18 months of the later of the acquisition or
completion of construction and full operation or additions, repairs, alterations or improvements; 
 (2)
Mortgages existing on property at the time of its acquisition by the Issuer or a Subsidiary or on the property of a Person at the time of the acquisition of such Person by the Issuer or a Subsidiary (including acquisitions through merger or
consolidation); 
 (3) Mortgages to secure Indebtedness on which the interest payments to holders of the related
indebtedness are excludable from gross income for federal income tax purposes under Section 103 of the Code; 
 (4) Mortgages in favor of the Issuer or any Subsidiary; 
 (5)
Mortgages existing on the date of this Eleventh Supplemental Indenture; 
 (6) Mortgages in favor of a government
or governmental entity that (i) secure Indebtedness which is guaranteed by the government or governmental entity, (ii) secure Indebtedness incurred to finance all or some of the purchase price or cost of construction of goods, products or
facilities produced under contract or subcontract for the government or governmental entity, or (iii) secure Indebtedness incurred to finance all or some of the purchase price or cost of construction of the property subject to the Mortgage;

 (7) Mortgages incurred in connection with the borrowing of funds where such funds are used to repay within 120
days after entering into such Mortgage, Indebtedness in the same principal amount secured by other Mortgages on Principal Property with at least the same appraised fair market value; and 

(8) any extension, renewal or replacement of any Mortgage referred to in clauses (1) through (7) above, provided
the amount secured is not increased and such extension, renewal or replacement Mortgage relates to the same property. 

  
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	Section 4.07	Limitations on Sale and Lease-Back. 

 Neither the Issuer nor any Subsidiary will enter into any Sale and Lease-Back Transaction with respect to any Principal Property with another Person (other than with the Issuer or a Subsidiary) unless
either: 
 (a) the Issuer or such Subsidiary could incur indebtedness secured by a mortgage on the property to be
leased without equally and ratably securing the Notes; or 
 (b) within 120 days, the Issuer applies the greater
of the net proceeds of the sale of the leased property or the fair value of the leased property, net of all Notes delivered under this Eleventh Supplemental Indenture, to the voluntary retirement of Funded Debt and/or the acquisition or construction
of a Principal Property. 
  

	Section 4.08	Exempted Transactions. 

Notwithstanding the provisions of Sections 4.06 and 4.07, if the aggregate outstanding principal amount of all Indebtedness of the
Issuer and its Subsidiaries that is subject to and not otherwise permitted under these restrictions does not exceed 15% of the Consolidated Net Tangible Assets of the Issuer and its Subsidiaries, then: 

(a) the Issuer or any of its Subsidiaries may issue, assume or guarantee Indebtedness secured by Mortgages; and 

(b) the Issuer or any of its Subsidiaries may enter into any Sale and Lease-Back Transaction. 

 

	Section 4.09	Corporate Existence. 

Subject to Article 5 hereof the Issuer, and so long as any Notes in respect of which the Guarantee is been outstanding, the Parent
Guarantor, shall do or cause to be done all things necessary to preserve and keep in full force and effect (i) its corporate existence, rights (charter or statutory), licenses and franchises; provided that neither the Issuer nor the
Parent Guarantor shall be required to preserve any such right, license or franchise, if respective board of directors shall in good faith determine that the preservation thereof is no longer desirable in the conduct of the business. 

 

	Section 4.10	Offer to Repurchase upon Change of Control. 

 (a) If a Change of Control occurs, unless the Issuer has previously or concurrently mailed a redemption notice with respect to all the outstanding Notes as described under Section 3.07 hereof, the
Issuer shall make an offer to purchase all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price in cash (the “Change of Control Payment”) equal to 101% of the aggregate
principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase, subject to the right of Holders of the Notes of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. Within 30
days following any Change of Control, the Issuer shall send notice of such Change of Control Offer by first-class mail, with a copy to the Trustee and the Registrar, to each Holder of Notes to the address of such Holder appearing in the security
register with a copy to the Trustee and the Registrar or otherwise in accordance with the procedures of DTC, with the following information: 
 (1) that a Change of Control Offer is being made pursuant to this Section 4.10 and that all Notes properly tendered pursuant to such Change of Control Offer will be accepted for payment by the
Issuer; 

  
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 (2) the purchase price and the purchase date, which will be no earlier than
30 days nor later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 
 (3) that any Note not properly tendered will remain outstanding and continue to accrue interest; 
 (4) 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 will cease to accrue interest on the Change of
Control Payment Date; 
 (5) that Holders electing to have any Notes purchased pursuant to a Change of Control
Offer will be required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the paying agent specified in the notice at the address specified in the notice prior to
the close of business on the third Business Day preceding the Change of Control Payment Date; 
 (6) that Holders
shall be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such Notes, provided that the paying agent receives, not later than the close of business on the 30th day following the date of the Change
of Control notice, a telegram, facsimile transmission or letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its
election to have such Notes purchased; 
 (7) Holders tendering less than all of their Notes will be issued new
Notes and such new Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to $2,000 or an integral multiple of $1,000 in excess thereof; and 

(8) the other instructions, as determined by the Issuer, consistent with this Section 4.10, that a Holder must
follow. 
 The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not
the Holder receives such notice. If (a) the notice is mailed in a manner herein provided and (b) any Holder fails to receive such notice or a Holder receives such notice but it is defective, such Holder’s failure to receive such
notice or such defect shall not affect the validity of the proceedings for the purchase of the Notes as to all other Holders that properly received such notice without defect. 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 such laws or regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control
Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.10, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have
breached its obligations under this Section 4.10 by virtue thereof. 

  
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 (b) On the Change of Control Payment Date, the Issuer shall, to the extent permitted by law,

 (1) accept for payment all Notes issued by it or portions thereof properly tendered pursuant to the Change of
Control Offer; 
 (2) deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in
respect of all Notes or portions thereof so tendered; and 
 (3) deliver, or cause to be delivered, to the
Trustee for cancellation the Notes so accepted together with an Officer’s Certificate to the Trustee stating that such Notes or portions thereof have been tendered to and purchased by the Issuer. 

(c) The Issuer shall not be required to make a Change of Control Offer following a Change of Control if 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 Section 4.10 applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn
under such Change of Control Offer. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the
Change of Control at the time of making of the Change of Control Offer. 
 (d) Other than as specifically provided in this
Section 4.10, any purchase pursuant to this Section 4.10 shall be made pursuant to the provisions of Sections 3.02, 3.05 and 3.06 hereof. 
  

	Section 4.11	Discharge and Suspension of Covenants. 

 (a) If on any date following the Issue Date (i) the Notes have Investment Grade Ratings from both Rating Agencies and (ii) no Default has occurred and is continuing under this Eleventh
Supplemental Indenture, the Issuer and the Subsidiaries will not be subject to Section 4.10 hereof (the “Suspended Covenant”). 
 (b) In the event that the Issuer and the Subsidiaries are not subject to the Suspended Covenant under this Eleventh Supplemental Indenture for any period of time as a result of the foregoing, and on any
subsequent date (the “Reversion Date”) one or both of the Rating Agencies (1) withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes below an Investment Grade Rating and/or (2) the Issuer or
any of its Affiliates enters into an agreement to effect a transaction that would result in a Change of Control and one or more of the Rating Agencies indicate that if consummated, such transaction (alone or together with any related
recapitalization or refinancing transactions) would cause such Rating Agency to withdraw its Investment Grade Rating or downgrade the ratings assigned to the Notes below an Investment Grade Rating, then the Issuer and the Subsidiaries shall
thereafter again be subject to the Suspended Covenant under this Eleventh Supplemental Indenture with respect to future events, including, without limitation, a proposed transaction described in clause (2) above. 

(c) In the event of any such reinstatement, no action taken or omitted to be taken by the Issuer or any of its Subsidiaries prior to such
reinstatement shall give rise to a Default or Event of Default under this Eleventh Supplemental Indenture with respect to the Notes. 
 (d) The Issuer shall deliver promptly to the Trustee an Officer’s Certificate notifying it of any such occurrence under this Section 4.11. 

  
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 ARTICLE 5 
 SUCCESSORS 
  

	Section 5.01	Merger, Consolidation or Sale of All or Substantially All Assets. 

 (a) Neither the Issuer nor the Parent Guarantor, as applicable, shall consolidate or merge with or into or transfer or lease all or substantially all of its assets to (whether or not the Issuer or the
Parent Guarantor, as applicable, is the surviving corporation), any Person unless: 
 (1) either: (x) the
Issuer or the Parent Guarantor, as applicable, is the surviving corporation; or (y) (i) in the case of the Issuer, the Person formed by or surviving any such consolidation or merger (if other than the Issuer) or to which such sale or
lease, will have been made is a corporation organized or existing under the laws of the jurisdiction of organization of the Issuer or the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such Person,
as the case may be, being herein called the “Successor Entity”) expressly assumes, pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee, all obligations of the Issuer
under the Notes and this Eleventh Supplemental Indenture as if such Successor Entity were a party to this Eleventh Supplemental Indenture; and (ii) in the case of the Parent Guarantor, the Successor Entity assumes the Parent Guarantor’s
obligations under this Eleventh Supplemental Indenture and the Guarantee, as if such Successor Entity were an original party to this Eleventh Supplemental Indenture and such Guarantee; 

(2) after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time or
both, would become an Event of Default, shall have occurred and be continuing; 
 (3) if, as a result of any such
consolidation or merger or such conveyance, transfer or lease, properties or assets of the Issuer or the Parent Guarantor, as applicable, would become subject to a mortgage, pledge, lien, security interest or other encumbrance that would not be
permitted by this Eleventh Supplemental Indenture, the Issuer or the Parent Guarantor, as applicable, or such Successor Entity or Person, as the case may be, shall take such steps as shall be necessary effectively to secure all the Notes or the
Guarantee, as applicable, equally and ratably with (or prior to) all indebtedness secured thereby; and, 

(4) the Issuer or the Parent Guarantor, as applicable, shall have delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture, if any, comply with this Eleventh Supplemental Indenture and, if a supplemental indenture is required in connection with such
transaction, such supplement shall comply with the applicable provisions of this Eleventh Supplemental Indenture. 
 (b) The
Successor Entity shall succeed to, and be substituted for the Issuer or the Parent Guarantor, as applicable, as the case may be, under this Eleventh Supplemental Indenture and the Notes or the Guarantee, each as applicable. Notwithstanding clause
(3) of Section 5.01(a) hereof, 
 (1) any Subsidiary may consolidate with or merge into or transfer all
or part of its properties and assets to the Issuer, and 
 (2) the Issuer may merge with an Affiliate of the
Issuer, as the case may be, solely for the purpose of reincorporating the Issuer in a State of the United States or any state thereof, the District of Columbia or any territory thereof so long as the amount of Indebtedness of the Issuer and its
Subsidiaries is not increased thereby. 

  
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	Section 5.02	Successor Corporation Substituted. 

 Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of the Issuer or the Parent Guarantor, as applicable,
in accordance with Section 5.01 hereof, the successor corporation formed by such consolidation or into or with which the Issuer is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed
to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Eleventh Supplemental Indenture referring to the Issuer or the Parent Guarantor, as
applicable, shall refer instead to the successor corporation and not to the Issuer or the Parent Guarantor, as applicable), and may exercise every right and power of the Issuer or the Parent Guarantor, as applicable, under this Eleventh Supplemental
Indenture with the same effect as if such successor Person had been named as the Issuer or the Parent Guarantor, as applicable, herein; provided that the predecessor Issuer shall not be relieved from the obligation to pay the principal of and
interest on the Notes except in the case of a sale, assignment, transfer, conveyance or other disposition of all of the Issuer’s assets that meets the requirements of Section 5.01 hereof. 

ARTICLE 6 

DEFAULTS AND REMEDIES 
  

	Section 6.01	Events of Default. 

 (a)
An “Event of Default” wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall 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): 
 (1) default in payment when due and payable, upon redemption, acceleration or otherwise, of principal of, or premium, if any, on the Notes; 

(2) default for a period of 30 days or more in the payment when due of interest on or with respect to the Notes;

 (3) default in any deposit of any sinking fund payment in respect of the Notes when and as due by the terms of
the Notes; 
 (4) default in the performance, or breach, of any covenant or warranty of the Issuer in this
Eleventh Supplemental Indenture (other than a covenant or warranty in whose performance or whose breach is elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period of 60 days after there has
been given written notice by the Holders of at least 10% in principal amount of the outstanding Notes specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;

  
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 (5) the Issuer or the Parent Guarantor pursuant to or within the meaning of
any Bankruptcy Law: 
 (i) commences proceedings to be adjudicated bankrupt or insolvent; 

(ii) consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or
answer or consent seeking reorganization or relief under applicable Bankruptcy Law; 
 (iii) consents to the
appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of it or for all or substantially all of its property; 
 (iv) makes a general assignment for the benefit of its creditors; or 
 (v) generally is not paying its debts as they become due; 
 (6) a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (i) is for relief
against the Issuer or the Parent Guarantor, in a proceeding in which the Issuer or the Parent Guarantor is to be adjudicated bankrupt or insolvent; 
 (ii) appoints a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer or the Parent Guarantor, or for all or substantially all of the property of the Issuer or the
Parent Guarantor; or 
 (iii) orders the liquidation of the Issuer or the Parent Guarantor; 

and the order or decree remains unstayed and in effect for 60 consecutive days; or 

(7) The Guarantee shall for any reason cease to be in full force and effect or be declared null and void or any
responsible officer of the Parent Guarantor denies that it has any further liability under its Guarantee or gives notice to such effect, other than by reason of the termination of this Eleventh Supplemental Indenture or the release of any such
Guarantee in accordance with this Eleventh Supplemental Indenture. 
  

	Section 6.02	Acceleration. 

 (a) If any
Event of Default (other than an Event of Default specified in clause (5) or (6) of Section 6.01(a) hereof) occurs and is continuing under this Eleventh Supplemental Indenture, the Trustee or the Holders of at least 25% in aggregate
principal amount of the then total outstanding Notes may declare the principal amount of all the then outstanding Notes to be due and payable immediately. Upon the effectiveness of such declaration, such principal and interest shall be due and
payable immediately. The Trustee shall have no obligation to accelerate the Notes if and so long as a committee of its Responsible Officers in good faith determines acceleration is not in the best interest of the Holders of the Notes. 

(b) Notwithstanding the foregoing, in the case of an Event of Default arising under clause (5) or (6) of Section 6.01(a)
hereof, all outstanding Notes shall be due and payable immediately without further action or notice. 
 (c) The Holders of a
majority in aggregate principal amount of the then outstanding Notes by written notice to the Issuer and the Trustee may on behalf of all of the Holders rescind an acceleration and its consequences if the rescission would not conflict with any
judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or premium that has become due solely because of the acceleration) have been cured or waived. 

  
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	Section 6.03	Other Remedies. 

 If an
Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Eleventh
Supplemental Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in
the Event of Default. All remedies are cumulative to the extent permitted by law. 
  

	Section 6.04	Waiver of Past Defaults. 

Holders of not less than a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of
the Holders of all of the Notes waive any existing Default and its consequences hereunder, except a past Default in the payment (a) in principal of, premium if any, or interest on, any Note, or in the payment of any sinking fund installment
with respect to the Notes, or (b) in respect of a covenant or provision hereof which pursuant to Article 9 hereof cannot be modified or amended, without the consent of Holders of each outstanding Note affected); provided, subject to
Section 6.02 hereof, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration. 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 Eleventh Supplemental Indenture; but no such waiver shall extend to any subsequent or other
Default or impair any right consequent thereon. 
  

	Section 6.05	Control by Majority. 

 The
Holders of a majority in principal amount of the then total outstanding Notes may 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 Eleventh Supplemental 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. 
  

	Section 6.06	Limitation on Suits. 

Subject to Section 6.07 hereof, no Holder of a Note may pursue any remedy with respect to this Eleventh Supplemental Indenture or the
Notes unless: 
 (1) such Holder has previously given the Trustee notice that an Event of Default is continuing;

 (2) Holders of at least 25% in principal amount of the total outstanding Notes have requested the Trustee to
pursue the remedy; 

  
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 (3) Holders of the Notes have offered the Trustee security or indemnity
reasonably satisfactory to it against any loss, liability or expense; 
 (4) the Trustee has not complied with
such request within 60 days after the receipt thereof and the offer of security or indemnity; and 
 (5) Holders
of a majority in principal amount of the total outstanding Notes have not given the Trustee a direction inconsistent with such request within such 60-day period. 

A Holder of a Note may not use this Eleventh Supplemental Indenture to prejudice the rights of another Holder of a Note or to obtain a
preference or priority over another Holder of a Note. 
  

	Section 6.07	Rights of Holders of Notes to Receive Payment. 

 Notwithstanding any other provision of this Eleventh Supplemental Indenture, the right of any Holder of a Note to receive payment of principal and premium, if any, and interest on the Note, on or after
the respective due dates expressed in the Note (including in connection with a Change of Control Offer), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the
consent of such Holder. 
  

	Section 6.08	Collection Suit by Trustee. 

 If an Event of Default specified in Section 6.01(a)(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust
against the Issuer for the whole amount of principal of, premium, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and 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. 
  

	Section 6.09	Restoration of Rights and Remedies. 

 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Eleventh Supplemental Indenture 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 proceedings, the Issuer, 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 has been instituted. 
  

	Section 6.10	Rights and Remedies Cumulative. 

 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07 hereof, 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. 

  
 -35-

	Section 6.11	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 6.12	Trustee May File Proofs of Claim. 

 The Trustee is authorized to file such proofs of claim and 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 the Holders of the Notes allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes including the Parent Guarantor),
its creditors or its property and shall be entitled and empowered to participate as a member in any official committee of creditors appointed in such matter and to collect, receive and distribute any money or other property payable or deliverable on
any such claims and any custodian 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 to the Trustee any amount due to 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 7.07 hereof. 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 the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied 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, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

 

	Section 6.13	Priorities. 

 If the
Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 
 (i)
to the Trustee, Paying Agent, Registrar, Transfer Agent, their agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee,
Paying Agent, Registrar or Transfer Agent and the costs and expenses of collection; 
 (ii) to Holders of Notes
for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal and premium, if any, and interest,
respectively; and 
 (iii) to the Issuer or to such party as a court of competent jurisdiction shall direct,
including the Parent Guarantor, if applicable. 

  
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 The Trustee may fix a record date and payment date for any payment to Holders of Notes
pursuant to this Section 6.13. 
  

	Section 6.14	Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Eleventh Supplemental 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 attorneys’ fees, 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 6.14 does not apply to a suit by the Trustee, a suit by a
Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 
 ARTICLE 7 
 TRUSTEE 

 

	Section 7.01	Duties of Trustee. 

 (a)
If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Eleventh Supplemental Indenture, and use the same degree of care and skill in its exercise, as a prudent person
would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the
continuance of an Event of Default: 
 (i) the duties of the Trustee shall be determined solely by the express
provisions of this Eleventh Supplemental Indenture and the Trustee need perform only those duties that are specifically set forth in this Eleventh Supplemental Indenture and no others, and no implied covenants or obligations shall be read into this
Eleventh Supplemental Indenture against the Trustee; and 
 (ii) in the absence of bad faith 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 Eleventh Supplemental
Indenture. However, in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they
conform to the requirements of this Eleventh Supplemental Indenture. 
 (c) The Trustee may not be relieved from liabilities for
its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i)
this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 
 (ii) the Trustee
shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is 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 it takes or omits to take in good faith in accordance
with a direction received by it pursuant to Section 6.05 hereof. 

  
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 (d) Whether or not therein expressly so provided, every provision of this Eleventh
Supplemental Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 
 (e) The Trustee shall be under no obligation to exercise any of its rights or powers under this Eleventh Supplemental Indenture at the request or direction of any of the Holders of the Notes unless the
Holders have offered to the Trustee indemnity or security reasonably satisfactory to it against any loss, liability or expense. 

(f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
  

	Section 7.02	Rights of Trustee. 

 (a)
The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, 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 sole cost of the Issuer and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel of its selection and the written advice of such counsel or
any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent or
attorney appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
that it believes to be authorized or within the rights or powers conferred upon it by this Eleventh Supplemental Indenture. 

(e) Unless otherwise specifically provided in this Eleventh Supplemental Indenture, any demand, request, direction or notice from the
Issuer shall be sufficient if signed by an Officer of the Issuer. 
 (f) None of the provisions of this Eleventh Supplemental
Indenture shall require the Trustee to expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have
reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it. 

  
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 (g) The Trustee shall not be deemed to have notice of any Default or Event of Default unless
a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and
this Eleventh Supplemental Indenture. 
 (h) In no event shall the Trustee be responsible or liable for special, 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. 

(i) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

 

	Section 7.03	Individual Rights of Trustee. 

 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would have if it
were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee or resign. Any Agent may do the same with like rights
and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
  

	Section 7.04	Trustee’s Disclaimer. 

The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Eleventh Supplemental
Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Eleventh Supplemental Indenture, it shall
not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection
with the sale of the Notes or pursuant to this Eleventh Supplemental Indenture other than its certificate of authentication. 
  

	Section 7.05	Notice of Defaults. 

 If a
Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to Holders of Notes a notice of the Default within 90 days after it occurs. Except in the case of a Default relating to the payment of principal, premium, if
any, or interest on any Note, the Trustee may withhold from the Holders notice of any continuing Default if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the
Holders of the Notes. The Trustee shall not be deemed to know of any Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is such a Default is received by the Trustee at the
Corporate Trust Office of the Trustee. 
  

	Section 7.06	Reports by Trustee to Holders of the Notes. 

 Within 60 days after each May 15, beginning with the May 15 following the date of this Eleventh Supplemental Indenture, and for so long as Notes remain outstanding, the Trustee shall mail to the
Holders of the Notes a brief report dated as of such reporting date that complies with Trust Indenture 

  
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Act Section 313(a) (but if no event described in Trust Indenture Act Section 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted).
The Trustee also shall comply with Trust Indenture Act Section 313(b)(2). The Trustee shall also transmit by mail all reports as required by Trust Indenture Act Section 313(c). 

A copy of each report at the time of its mailing to the Holders of Notes shall be mailed to the Issuer and filed with the SEC and each
stock exchange on which the Notes are listed in accordance with Trust Indenture Act Section 313(d). The Issuer shall promptly notify the Trustee when the Notes are listed on any stock exchange. 

 

	Section 7.07	Compensation and Indemnity. 

 The Issuer and the Parent Guarantor, jointly and severally, shall pay to the Trustee from time to time such compensation for its acceptance of this Eleventh Supplemental Indenture and services hereunder
as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer and the Parent Guarantor, jointly and severally, shall reimburse
the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of
the Trustee’s agents and counsel. 
 The Issuer and the Parent Guarantor, jointly and severally, shall indemnify the
Trustee for, and hold the Trustee harmless against, any and all loss, damage, claims, liability or expense (including attorneys’ fees) incurred by it in connection with the acceptance or administration of this trust and the performance of its
duties hereunder (including the costs and expenses of enforcing this Eleventh Supplemental Indenture against the Issuer or the Parent Guarantor (including this Section 7.07) or defending itself against any claim whether asserted by any Holder
or the Issuer or the Parent Guarantor, or liability in connection with the acceptance, exercise or performance of any of its powers or duties hereunder). The Trustee shall notify the Issuer promptly of any claim for which it may seek indemnity.
Failure by the Trustee to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Issuer shall defend the claim and the Trustee may have separate counsel and the Issuer shall pay the fees and expenses of such counsel. The
Issuer need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct, negligence or bad faith. 

The obligations of the Issuer and the Parent Guarantor under this Section 7.07 shall survive the satisfaction and discharge of this
Eleventh Supplemental Indenture or the earlier resignation or removal of the Trustee. 
 To secure the payment obligations of
the Issuer and the Guarantee in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such
Lien shall survive the satisfaction and discharge of this Eleventh Supplemental Indenture. 
 When the Trustee incurs expenses
or renders services after an Event of Default specified in Section 6.01(a)(5) or (6) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute
expenses of administration under any Bankruptcy Law. 
 The Trustee shall comply with the provisions of Trust Indenture Act
Section 313(b)(2) to the extent applicable. As used in this Section 7.07, the term “Trustee” shall also include each of the Paying Agent, Registrar, and Transfer Agent, as applicable. 

  
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	Section 7.08	Replacement of Trustee. 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.08. The Trustee may resign in writing at any time and the Registrar, Paying Agent and Transfer Agent may resign with 90 days prior written notice and be discharged from the
trust hereby created by so notifying the Issuer. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing and may remove the Registrar, Paying Agent or
Transfer Agent by so notifying such Registrar, Paying Agent or Transfer Agent, as applicable, with 90 days prior written notice. The Issuer may remove the Trustee if: 

(a) the Trustee fails to comply with Section 7.10 hereof; 

(b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Law; 
 (c) a custodian or public officer takes charge of the Trustee or its property; or

 (d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer.

 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring
Trustee (at the Issuer’s expense), the Issuer or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the resignation or removal of the retiring Trustee shall become effective,
and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Eleventh Supplemental Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer
all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant
to this Section 7.08, the Issuer’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 
 As used in this Section 7.08, the term “Trustee” shall also include each of the Paying Agent, Registrar and Transfer Agent, as applicable. 

 

	Section 7.09	Successor Trustee by Merger, etc. 

 If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall
be the successor Trustee. 

  
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	Section 7.10	Eligibility; Disqualification. 

 There shall at all times be a Trustee hereunder that is a corporation or national banking association organized and doing business under the laws of the United States of America or of any state thereof
that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $50,000,000 as set forth in its most recent
published annual report of condition. 
 This Eleventh Supplemental Indenture shall always have a Trustee who satisfies the
requirements of Trust Indenture Act Sections 310(a)(1), (2) and (5). The Trustee is subject to Trust Indenture Act Section 310(b). 
  

	Section 7.11	Preferential Collection of Claims Against Issuer. 

 The Trustee is subject to Trust Indenture Act Section 311(a), excluding any creditor relationship listed in Trust Indenture Act Section 311(b). A Trustee who has resigned or been removed shall
be subject to Trust Indenture Act Section 311(a) to the extent indicated therein. 
 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
  

	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance. 

 The Issuer may, at its option and at any time, elect to have either Section 8.02 or 8.03 hereof applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.

  

	Section 8.02	Legal Defeasance and Discharge. 

 Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuer and the Parent Guarantor shall, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes and the Guarantee on the date the conditions set forth below are satisfied (“Legal Defeasance”).
For this purpose, Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes
of Section 8.05 hereof and the other Sections of this Eleventh Supplemental Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under such Notes and this Eleventh Supplemental Indenture
including that of the Parent Guarantor (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or
discharged hereunder: 
 (a) the rights of Holders of Notes to receive payments in respect of the principal of,
premium, if any, and interest on the Notes when such payments are due solely out of the trust created pursuant to this Eleventh Supplemental Indenture referred to in Section 8.04 hereof; 

(b) the Issuer’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof; 

  
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 (c) the rights, powers, trusts, duties and immunities of the Trustee, and
the Issuer’s obligations in connection therewith; and 
 (d) this Section 8.02. 

Subject to compliance with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior
exercise of its option under Section 8.03 hereof. 
  

	Section 8.03	Covenant Defeasance. 

Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuer shall,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants contained in Sections 4.03, 4.04, 4.06, 4.07, 4.08, 4.09 and 4.10 hereof and Section 5.01(a) hereof
with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (“Covenant Defeasance”), and the Notes shall thereafter be deemed not “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 (it being
understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuer 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 an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Eleventh Supplemental Indenture and such Notes shall be
unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections
6.01(a)(3), 6.01(a)(5), 6.01(a)(6) and 6.01(a)(7) hereof shall not constitute Events of Default. 
  

	Section 8.04	Conditions to Legal or Covenant Defeasance. 

 The following shall be the conditions to the application of either Section 8.02 or 8.03 hereof to the outstanding Notes: 
 In order to exercise either Legal Defeasance or Covenant Defeasance with respect to the Notes: 
 (1) the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as
will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest due on the Notes on the stated Maturity Date or on the Redemption Date, as the case may be,
of such principal, premium, if any, or interest on such Notes, and the Issuer must specify whether such Notes are being defeased to maturity or to a particular Redemption Date; 

(2) in the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, 
 (a) the Issuer has
received from, or there has been published by, the United States Internal Revenue Service a ruling, or 
 (b)
since the issuance of the Notes, there has been a change in the applicable U.S. federal income tax law, 

  
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 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 Notes will not recognize income, gain or loss for U.S. federal income tax purposes, as applicable, 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; 
 (3) in the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to customary assumptions and
exclusions, the Holders of the 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; 
 (4) no Default (other
than that resulting from borrowing funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) shall have occurred and be
continuing on the date of such deposit; 
 (5) 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 Eleventh Supplemental Indenture) to which the Issuer or the Parent Guarantor is a party or by which the Issuer or the Parent Guarantor is
bound (other than that resulting from borrowing funds to be applied to make the deposit required to effect such Legal Defeasance or Covenant Defeasance and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the
granting of Liens in connection therewith); 
 (6) the Issuer shall have delivered to the Trustee an Opinion of
Counsel to the effect that, as of the date of such opinion and subject to customary assumptions and exclusions following the deposit, the trust funds will not be subject to the effect of Section 547 of Title 11 of the United States Code;

 (7) 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 defeating, hindering, delaying or defrauding any creditors of the Issuer or the Parent Guarantor or others; and 
 (8) the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions) each stating
that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with. 
  

	Section 8.05	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.06 hereof, all money and Government Securities (including the proceeds thereof) deposited with the Trustee (or
other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance
with the provisions of such Notes and this Eleventh 

  
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Supplemental Indenture, to the payment, either directly or through any Paying Agent (including the Issuer or the Parent Guarantor acting as Paying Agent) as the Trustee may determine, to the
Holders of such Notes of all sums due and to become due thereon in respect of principal, premium and interest, but such money need not be segregated from other funds except to the extent required by law. 

The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or Government
Securities deposited pursuant to Section 8.04 hereof 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. 

Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the
written request of the Issuer any money or Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under Section 8.04(2) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

  

	Section 8.06	Repayment to Issuer. 

 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, premium 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 its request or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter 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 8.07	Reinstatement. 

 If the
Trustee or Paying Agent is unable to apply any United States dollars or Government Securities in accordance with Section 8.04 or 8.05 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the Issuer’s obligations under this Eleventh Supplemental Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to
Section 8.04 or 8.05 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.04 or 8.05 hereof, as the case may be; provided that, if the Issuer makes any payment of
principal of, premium or interest 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 held by the Trustee or Paying Agent.

 ARTICLE 9 
 AMENDMENT, SUPPLEMENT AND WAIVER 
  

	Section 9.01	Without Consent of Holders of Notes. 

 Notwithstanding Section 9.02 hereof, the Issuer, the Parent Guarantor (with respect to the Guarantee or this Eleventh Supplemental Indenture) and the Trustee may amend or supplement this Eleventh
Supplemental Indenture, Notes or the Guarantee without the consent of any Holder: 
 (1) to evidence the
succession of another corporation to the Issuer or the Parent Guarantor and the assumption by such successor of the covenants of the Issuer or the Parent Guarantor in compliance with the requirements set forth in this Eleventh Supplemental
Indenture; or 

  
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 (2) to add to the covenants for the benefit of the Holders or to surrender
any right or power herein conferred upon the Issuer or the Parent Guarantor; or 
 (3) to add any additional
Events of Default; or 
 (4) to change or eliminate any of the provisions of this Eleventh Supplemental
Indenture, provided that any such change or elimination shall become effective only when there are no outstanding Notes of any series created prior to the execution of such supplemental indenture that is entitled to the benefit of such
provision and as to which such supplemental indenture would apply; or 
 (5) to secure the Notes; or

 (6) to supplement any of the provisions of this Eleventh Supplemental Indenture to such extent necessary to
permit or facilitate the defeasance and discharge of the Notes, provided that any such action does not adversely affect the interests of the Holders of the Notes in any material respect; or 

(7) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee and to add to or change any
of the provisions of this Eleventh Supplemental Indenture necessary to provide for or facilitate the administration of the trusts by more than one Trustee; or 

(8) to cure any ambiguity to correct or supplement any provision of this Eleventh Supplemental Indenture which may be
defective or inconsistent with any other provision; or 
 (9) to change any place or places where the
principal of and premium, if any, and interest, if any, on the Notes shall be payable, the Notes may be surrendered for registration or transfer, the Notes may be surrendered for exchange, and notices and demands to or upon the Issuer may be served;
or 
 (10) to comply with requirements of the SEC in order to effect or maintain the qualification of this
Eleventh Supplemental Indenture under the Trust Indenture Act; or 
 (11) to conform the text of this Eleventh
Supplemental Indenture, the Guarantee or the Notes to any provision of the “Description of the Notes” section of the Prospectus to the extent that such provision in such “Description of the Notes” section was intended to be a
verbatim recitation of a provision of this Eleventh Supplemental Indenture, the Guarantee or the Notes; or 

(12) to make any amendment to the provisions of this Eleventh Supplemental Indenture relating to the transfer and
legending of Notes as permitted by this Eleventh Supplemental Indenture, including, without limitation to facilitate the issuance and administration of the Notes; provided, however, that (i) compliance with this Eleventh
Supplemental 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. 

  
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 Upon the request of the Issuer accompanied by a resolution of its board of directors
authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee shall join with the Issuer and the Parent Guarantor in the execution of any
amended or supplemental indenture authorized or permitted by the terms of this Eleventh Supplemental Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to
enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Eleventh Supplemental Indenture or otherwise. 
  

	Section 9.02	With Consent of Holders of Notes. 

 Except as provided below in this Section 9.02, the Issuer, the Parent Guarantor and the Trustee may amend or supplement this Eleventh Supplemental Indenture, the Guarantee and the Notes with the
consent of the Holders of at least a majority in principal amount of the Notes (including Additional Notes, if any) then outstanding voting as a single class (including, without limitation, consents obtained in connection with a tender offer or
exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium or interest on the Notes,
except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Eleventh Supplemental Indenture, the Guarantee or the Notes may be waived with the consent of the Holders of a majority in
principal amount of the then outstanding Notes (including 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). Section 2.08 hereof
and Section 2.09 hereof shall determine which Notes are considered to be “outstanding” for the purposes of this Section 9.02. 
 Upon the request of the Issuer accompanied by a resolution of its board of directors authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of
evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee shall join with the Issuer in the execution of such amended
or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Eleventh Supplemental Indenture or otherwise, in which case the Trustee may in its discretion,
but shall not be obligated to, enter into such amended or supplemental indenture. 
 It shall not be necessary for the consent
of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer shall mail to the Holders of Notes
affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental
indenture or waiver. 
 Without the consent of each affected Holder of Notes, an amendment or waiver under this
Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 
 (1) change the stated
maturity of the principal of, or installment of interest, if any, on, the Notes, or reduce the principal amount thereof or the interest thereon or any premium payable upon redemption thereof; 

  
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 (2) change the currency in which the principal of (and premium, if any) or
interest on such Notes are denominated or payable, or reduce the amount of the principal of a discount security that would be due and payable upon redemption thereof; 

(3) adversely affect the right of repayment or repurchase, if any, at the option of the Holder after such obligation
arises, or reduce the amount of, or postpone the date fixed for, any payment under any sinking fund or impair the right to institute suit for the enforcement of any payment on or after the stated maturity thereof (or, in the case of redemption, on
or after the Redemption Date); 
 (4) reduce the percentage of Holders whose consent is required for
modification or amendment of this Eleventh Supplemental Indenture or for waiver of compliance with certain provisions of this Eleventh Supplemental Indenture or certain defaults;

(5) modify the provisions that require Holder consent to modify or amend this Eleventh Supplemental Indenture or that
permit Holders to waive compliance with certain provisions of this Eleventh Supplemental Indenture or certain defaults; or 
 (6) except as expressly permitted by this Eleventh Supplemental Indenture, modify the Guarantee in any manner adverse to the Holders of the Notes. 

 

	Section 9.03	Compliance with Trust Indenture Act. 

 Every amendment or supplement to this Eleventh Supplemental Indenture or the Notes shall be set forth in an amended or supplemental indenture that complies with the Trust Indenture Act as then in effect.

  

	Section 9.04	Revocation and Effect of Consents. 

 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note
that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee
receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder; provided that
any amendment or waiver that requires the consent of each affected Holder shall not become effective with respect to any non-consenting Holder. 
 The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement, or waiver. If a record date is fixed, then,
notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement, or waiver or to revoke any consent
previously given, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date unless the consent of the requisite number of Holders has been
obtained. 
  

	Section 9.05	Notation on or Exchange of Notes. 

 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the Trustee shall, upon
receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

  
 -48-

 Failure to make the appropriate notation or issue a new Note shall not affect the validity
and effect of such amendment, supplement or waiver. 
  

	Section 9.06	Trustee to Sign Amendments, etc. 

 The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of
the Trustee. The Issuer may not sign an amendment, supplement or waiver until the board of directors approves it. In executing any amendment, supplement or waiver, the Trustee shall be entitled to receive and (subject to Section 7.01 hereof)
shall be fully protected in relying upon, in addition to the documents required by Section 12.04 hereof, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized
or permitted by this Eleventh Supplemental Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer and the Parent Guarantor, enforceable against them in accordance with its terms, subject to
customary exceptions, and complies with the provisions hereof (including Section 9.03). 
  

	Section 9.07	Payment for Consent. 

Neither the Issuer nor any Affiliate of the Issuer shall, directly or indirectly, pay or cause to be paid any consideration, whether by
way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Eleventh Supplemental Indenture or the Notes unless such consideration is offered to all Holders
and is paid to all Holders that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver or agreement. 
 ARTICLE 10 
 GUARANTEE 

 

	Section 10.01	Guarantee. 

 (a) The
Parent Guarantor hereby unconditionally guarantees the punctual payment when due, whether at stated maturity, by acceleration or otherwise, of all of the monetary obligations of the Issuer under this Eleventh Supplemental Indenture and the Notes,
whether for principal or interest on the Notes, expenses, indemnification or otherwise (all such obligations of the Parent Guarantor being herein referred to as the “Parent Guaranteed Obligations”). 

(b) It is the intention of the Parent Guarantor that the Guarantee not constitute a fraudulent transfer or conveyance for purposes of
Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to the Guarantee. To effectuate the foregoing intention, the amount guaranteed by the Parent
Guarantor under the Guarantee shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of the Parent Guarantor that are relevant under such laws, result in the
obligations of the Parent Guarantor under the Guarantee not constituting a fraudulent transfer or conveyance. 
 (c) The Parent
Guarantor guarantees that the Parent Guaranteed Obligations will be paid strictly in accordance with the terms of this Eleventh Supplemental Indenture, regardless of any law, 

  
 -49-

 
regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of Holders of the Notes with respect thereto. The liability of the Parent Guarantor
under the Guarantee shall be absolute and unconditional irrespective of: 
 (i) any lack of validity,
enforceability or genuineness of any provision of this Eleventh Supplemental Indenture, the Notes or any other agreement or instrument relating thereto; 
 (ii) any change in the time, manner or place of payment of, or in any other term of, all or any of the Parent Guaranteed Obligations, or any other amendment or waiver of or any consent to departure from
this Eleventh Supplemental Indenture; 
 (iii) any exchange, release or non-perfection of any collateral, or any
release or amendment or waiver of or consent to departure from any other guarantee, for all or any of the Parent Guaranteed Obligations; or 
 (iv) any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Issuer or a guarantor. 
 (d) The Parent Guarantor covenants and agrees that its obligation to make payments of the Parent Guaranteed Obligations hereunder constitutes an unsecured obligation of the Parent Guarantor ranking
pari passu with all existing and future senior unsecured indebtedness of the Parent Guarantor that is not subordinated in right of payment to the Guarantee. 
 (e) The Parent Guarantor hereby waives promptness, diligence, notice of acceptance and any other notice with respect to the Guarantee and any requirement that the Trustee, or the Holders of any Notes
protect, secure, perfect or insure any security interest or lien or any property subject thereto or exhaust any right or take any action against the Issuer or any other Person or any collateral. 

(f) The Parent Guarantor hereby irrevocably waives any claims or other rights that it may now or hereafter acquire against the Issuer
that arise from the existence, payment, performance or enforcement of the Parent Guarantor’s obligations under the Guarantee or this Eleventh Supplemental Indenture, including, without limitation, any right of subrogation, reimbursement,
exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Trustee, or the Holders of any Notes against the Issuer or any collateral, whether or not such claim, remedy or right arises in equity or under
contract, statute or common law, including, without limitation, the right to take or receive from the Issuer, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim,
remedy or right. If any amount shall be paid to the Parent Guarantor in violation of the preceding sentence at any time prior to the cash payment in full of the Parent Guaranteed Obligations and all other amounts payable under the Guarantee, such
amount shall be held in trust for the benefit of the Trustee and the Holders of any Notes and shall forthwith be paid to the Trustee, to be credited and applied to the Parent Guaranteed Obligations and all other amounts payable under the Guarantee,
whether matured or unmatured, in accordance with the terms of this Eleventh Supplemental Indenture and the Guarantee, or be held as collateral for any Parent Guarantor Obligations or other amounts payable under the Guarantee thereafter arising. The
Parent Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Eleventh Supplemental Indenture and the Guarantee and that the waiver set forth in this Section 10.01 is
knowingly made in contemplation of such benefits. 
 (g) No failure on the part of the Trustee or any Holder of the Notes to
exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The
remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

  
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 (h) The Guarantee is a continuing guarantee and shall (a) subject to paragraph
10.01(i), remain in full force and effect until payment in full of the principal amount of all outstanding Notes (whether by payment at maturity, purchase, redemption, defeasance, retirement or other acquisition) and all other applicable Parent
Guaranteed Obligations of the Parent Guarantor then due and owing, (b) be binding upon the Parent Guarantor, its successors and assigns, and (c) inure to the benefit of and be enforceable by the Trustee, any Holder of Notes, and by their
respective successors, transferees, and assigns. 
 (i) The Parent Guarantor will automatically and unconditionally be released
from all Parent Guarantee Obligations, and the Guarantee shall thereupon terminate and be discharged and of no further force of effect, (i) upon any merger or consolidation of such Parent Guarantor with the Issuer, (ii) upon exercise by
the Issuer of its Legal Defeasance option or Covenant Defeasance option in accordance with Article 8 hereof or the discharge of the Issuer’s obligations under this Eleventh Supplemental Indenture, in accordance with the terms of this Eleventh
Supplemental Indenture, or (iii) upon payment in full of the aggregate principal amount of all Notes then outstanding and all other applicable Parent Guaranteed Obligations of the Parent Guarantor then due and owing. 

Upon any such occurrence specified in this paragraph 10.01(i), the Trustee shall execute upon request by the Issuer, any documents
reasonably required in order to evidence such release, discharge and termination in respect of the Guarantee. Neither the Issuer nor the Parent Guarantor shall be required to make a notation on the Notes to reflect the Guarantee or any such release,
termination or discharge. 
 (j) The 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 or Guarantee, 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. 
 (k) The Parent Guarantor may amend the Guarantee at any time for any purpose without the consent of the Trustee
or any Holder of the Notes; provided, however, that if such amendment adversely affects (a) the rights of the Trustee or (b) any Holder of the Notes, the prior written consent of the Trustee (in the case of (b), acting at the
written direction of the Holders of more than 50% in aggregate principal amount of Notes) shall be required. 
 ARTICLE 11

 SATISFACTION AND DISCHARGE 
  

	Section 11.01	Satisfaction and Discharge. 

 This Eleventh Supplemental Indenture shall be discharged and shall cease to be of further effect as to all Notes, when either: 

(1) all Notes theretofore authenticated and delivered, except lost, stolen or destroyed Notes which have been replaced or
paid and Notes for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation; or 

  
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 (2) (A) all Notes not theretofore delivered to the Trustee for cancellation
have become due and payable by reason of the making of a notice of redemption or otherwise, shall become due and payable within one year or may be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer or the Parent Guarantor 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, Government Securities, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on the Notes not
theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; 
 (B) no Default (other than that resulting from borrowing funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of
Liens in connection therewith) with respect to this Eleventh Supplemental Indenture or the Notes shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit and such deposit will not result in a
breach or violation of, or constitute a default under, any material agreement or instrument (other than this Eleventh Supplemental Indenture) to which the Issuer or the Parent Guarantor is a party or by which the Issuer is bound (other than that
resulting from borrowing funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Indebtedness and in each case, the granting of Liens in connection therewith); 

(C) the Issuer has paid or caused to be paid all sums payable by it under this Eleventh Supplemental Indenture; and

 (D) the Issuer has delivered irrevocable instructions to the Trustee to apply the deposited money toward the
payment of the Notes at maturity or the Redemption Date, as the case may be. 
 In addition, the Issuer must deliver an
Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 
 Notwithstanding the satisfaction and discharge of this Eleventh Supplemental Indenture, if money shall have been deposited with the Trustee pursuant to subclause (A) of clause (2) of this
Section 11.01, the provisions of Section 11.02 and Section 8.06 hereof shall survive. 
  

	Section 11.02	Application of Trust Money. 

 Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 11.01 hereof shall be held in trust and applied by it, in accordance with the
provisions of the Notes and this Eleventh Supplemental Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the
principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 

  
 -52-

 If the Trustee or Paying Agent is unable to apply any money or Government Securities in
accordance with Section 11.01 hereof 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 the
Parent Guarantor’s obligations under this Eleventh Supplemental Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof; provided that if the Issuer has made any
payment of principal of, premium 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 12 
 MISCELLANEOUS 
  

	Section 12.01	Trust Indenture Act Controls. 

 If any provision of this Eleventh Supplemental Indenture limits, qualifies or conflicts with the duties imposed by Trust Indenture Act Section 318(c), the imposed duties shall control. 

 

	Section 12.02	Notices. 

 Any notice or
communication by the Issuer, the Parent Guarantor or the Trustee to the others is duly given if in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), fax or overnight air courier
guaranteeing next day delivery, to the others’ address: 
 If to the Issuer: 

HCA Inc. 
 One
Park Plaza 
 Nashville, Tennessee 37203 
 Fax No.: (615) 344-1531; Attention: General Counsel 
 Fax No.:
(866) 741-5906; Attention: Treasurer 
 If to the Parent Guarantor: 

HCA Holdings, Inc. 
 c/o HCA Inc. 
 One Park Plaza 

Nashville, Tennessee 37203 
 Fax No.: (615) 344-1531; Attention: General Counsel 
 Fax No.:
(866) 741-5906; Attention: Treasurer 
 If to the Trustee: 

Law Debenture Trust Company of New York 
 400 Madison Avenue 
 New York, New York 10017 

Fax No.: (212) 750-1361 
 Attention: Corporate Trust Administration 

  
 -53-

 If to the Registrar, Paying Agent or Transfer Agent: 

Deutsche Bank Trust Company Americas 
 c/o Deutsche Bank National Trust Company 
 Trust & Securities Services

 100 Plaza One, Mailstop JCY03-0699 
 Jersey City, New Jersey 07311 
 Fax No.: (732) 578-4635 

Attn: Corporates Team Deal Manager - HCA Inc. 
 The Issuer, the Parent Guarantor or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications. 

All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand,
if personally delivered; five calendar days after being deposited in the mail, postage prepaid, if mailed by first-class mail; when receipt acknowledged, if faxed; and the next Business Day after timely delivery to the courier, if sent by overnight
air courier guaranteeing next day delivery; provided that any notice or communication delivered to the Trustee shall be deemed effective upon actual receipt thereof. 
 Any notice or communication to a Holder shall be mailed by first-class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address
shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in Trust Indenture Act Section 313(c), to the extent required by the Trust Indenture Act. Failure to mail a notice or
communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
 If a notice or
communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 
 If the Issuer mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 

 

	Section 12.03	Communication by Holders of Notes with Other Holders of Notes. 

 Holders may communicate pursuant to Trust Indenture Act Section 312(b) with other Holders with respect to their rights under this Eleventh Supplemental Indenture or the Notes. The Issuer, the
Trustee, the Registrar and anyone else shall have the protection of Trust Indenture Act Section 312(c). 
  

	Section 12.04	Certificate and Opinion as to Conditions Precedent. 

 Upon any request or application by the Issuer or the Parent Guarantor to the Trustee to take any action under this Eleventh Supplemental Indenture, the Issuer or the Parent Guarantor, as the case may be,
shall furnish to the Trustee: 
 (a) An Officer’s Certificate in form and substance reasonably satisfactory to the Trustee
(which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Eleventh Supplemental Indenture relating to the proposed
action have been satisfied; and 
 (b) An Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which
shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

  
 -54-

	Section 12.05	Statements Required in Certificate or Opinion. 

 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Eleventh Supplemental Indenture (other than a certificate provided pursuant to Section 4.03
hereof or Trust Indenture Act Section 314(a)(4)) shall comply with the provisions of Trust Indenture Act Section 314(e) and shall include: 
 (a) a statement that the Person making such certificate or opinion has read such covenant or condition; 
 (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 such Person, he or she has made such examination or investigation as is necessary
to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in the case of an Opinion of Counsel, may be limited to reliance on an Officer’s Certificate as to matters of fact); and

 (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been
complied with. 
  

	Section 12.06	Rules by Trustee and Agents. 

 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

 

	Section 12.07	No Personal Liability of Directors, Officers, Employees and Stockholders. 

 No director, officer, employee, incorporator or stockholder of the Issuer or the Parent Guarantor shall have any liability for any obligations of the Issuer or the Parent Guarantor under the Notes, the
Guarantee or this Eleventh Supplemental Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting the Notes waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Notes. 
  

	Section 12.08	Governing Law. 

 THIS
ELEVENTH SUPPLEMENTAL INDENTURE, THE NOTES AND ANY GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  

	Section 12.09	Waiver of Jury Trial. 

EACH OF THE ISSUER, THE PARENT GUARANTOR AND THE TRUSTEE HEREBY 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 ELEVENTH SUPPLEMENTAL INDENTURE, THE GUARANTEE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 -55-

	Section 12.10	Force Majeure. 

 In no
event shall the Trustee, Paying Agent, Registrar or Transfer Agent be responsible or liable for any failure or delay in the performance of its obligations under this Eleventh Supplemental Indenture arising out of or caused by, directly or
indirectly, forces beyond its reasonable control, including without limitation strikes, work stoppages, accidents, 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 or hardware) services. 
  

	Section 12.11	No Adverse Interpretation of Other Agreements. 

 This Eleventh Supplemental Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other Person. Any such indenture, loan or debt
agreement may not be used to interpret this Eleventh Supplemental Indenture. 
  

	Section 12.12	Successors. 

 All
agreements of the Issuer in this Eleventh Supplemental Indenture and the Notes shall bind its successors. All agreements of the Trustee and the Paying Agent, Registrar and Transfer Agent in this Eleventh Supplemental Indenture shall bind their
respective successors. 
  

	Section 12.13	Severability. 

 In case
any provision in this Eleventh Supplemental 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 12.14	Counterpart Originals. 

The parties may sign any number of copies of this Eleventh Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. 
  

	Section 12.15	Table of Contents, Headings, etc. 

 The Table of Contents, Cross-Reference Table and headings of the Articles and Sections of this Eleventh Supplemental Indenture have been inserted for convenience of reference only, are not to be
considered a part of this Eleventh Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
  

	Section 12.16	Qualification of Eleventh Supplemental Indenture. 

 The Issuer and the Parent Guarantor shall qualify this Eleventh Supplemental Indenture under the Trust Indenture Act in accordance with and to the extent required by the terms and conditions of the
Registration Rights Agreement and shall pay all reasonable costs and expenses (including attorneys’ fees and expenses for the Issuer, the Parent Guarantor and the Trustee) incurred in connection therewith, including, but not limited to, costs
and expenses of qualification of this Eleventh Supplemental Indenture and the Notes and printing this Eleventh Supplemental Indenture and the Notes. The Trustee shall be entitled to receive from the Issuer and the Parent Guarantor any such
Officer’s Certificates, Opinions of Counsel or other documentation as it may reasonably request in connection with any such qualification of this Eleventh Supplemental Indenture under the Trust Indenture Act. 

  
 -56-

	Section 12.17	USA Patriot Act. 

 The
parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act, the Trustee and Agents, like all financial institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account. The parties to this agreement agree that they will provide the Trustee and the Agents with such information as they may
request in order to satisfy the requirements of the USA Patriot Act. 
 [Signatures on following pages] 

  
 -57-

 
					
	HCA INC.
		
	By:	 	 /s/ Keith M. Giger

		 	Name:	 	Keith M. Giger
		 	Title:	 	Vice President – Finance
	
	HCA HOLDINGS, INC., as Parent Guarantor
		
	By:	 	 /s/ Keith M. Giger

		 	Name:	 	Keith M. Giger
		 	Title:	 	Vice President – Finance and Treasurer

 Signature Page to Indenture 

 
					
	LAW DEBENTURE TRUST COMPANY OF NEW YORK, as Trustee
		
	By:	 	 /s/ James D. Heaney

		 	Name:	 	James D. Heaney
		 	Title:	 	Managing Director

 Signature Page to Indenture 

 
					
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	as Paying Agent, Registrar and Transfer Agent
		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	 /s/ Debra A. Schwalb

		 	Name:	 	Debra A. Schwalb
		 	Title:	 	Vice President
		
	By:	 	 /s/ Kathryn Fischer

		 	Name:	 	Kathryn Fischer
		 	Title:	 	Associate

 Signature Page to Indenture 

 EXHIBIT A 
 [Face of Note] 
 [Insert the Global Note Legend, if applicable, pursuant to the
provisions of the Eleventh Supplemental Indenture] 

 CUSIP [            ]

ISIN [            ]1 

GLOBAL NOTE 

5.375% Senior Notes due 2025 
  

			
	No.	 	[$            ]

 HCA INC. 
 promises to pay to CEDE & CO. or registered assigns, the principal sum [set forth on the Schedule of Exchanges of Interests in the Global Note attached hereto] [of
            United States Dollars] on February 1, 2025. 
 Interest Payment
Dates: February 1 and August 1 
 Record Dates: January 15 and July 15 

 

	1 	 

  

			
	CUSIP Numbers:	  	404119 BR9
		
	ISIN Numbers:	  	US404119BR91

  
 A-2

 IN WITNESS HEREOF, the Issuer has caused this instrument to be duly executed. 

Dated: January 16, 2015 
  

			
	HCA INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-3

 This is one of the Notes referred to in the within-mentioned Eleventh Supplemental Indenture: 

 

			
	LAW DEBENTURE TRUST COMPANY OF NEW YORK, as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-4

 [Back of Note] 
 5.375% Senior Notes due 2025 
 Capitalized terms used herein shall have the
meanings assigned to them in the Supplemental Indenture referred to below unless otherwise indicated. 
 1. INTEREST. HCA Inc.,
a Delaware corporation, promises to pay interest on the principal amount of this Note at 5.375% per annum from January 16, 2015 until maturity. The Issuer will pay interest semi-annually in arrears on February 1 and August 1 of
each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from the date of issuance; provided that the first Interest Payment Date shall be August 1, 2015. The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without
regard to any applicable grace periods) from time to time on demand at the interest rate on the Notes. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

2. METHOD OF PAYMENT. The Issuer will pay interest on the Notes to the Persons who are registered Holders of Notes at the close of
business on the January 15 and July 15 (whether or not a Business Day), as the case may be, next preceding the Interest Payment Date, even if such Notes are cancelled after such record date and on or before such Interest Payment Date,
except as provided in Section 2.12 of the Eleventh Supplemental Indenture with respect to defaulted interest. Payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders,
provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest, premium on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer
instructions to the Issuer or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

3. PAYING AGENT AND REGISTRAR. Initially, Deutsche Bank Trust Company Americas will act as Paying Agent and Registrar. The Issuer may
change any Paying Agent or Registrar without notice to the Holders. The Issuer or any of its Subsidiaries may act in any such capacity. 
 4. ELEVENTH SUPPLEMENTAL INDENTURE. The Issuer issued the Notes under the Base Indenture dated as of August 1, 2011 (the “Base Indenture”) among HCA Inc., the Parent Guarantor, the
Trustee and the Paying Agent, Registrar and Transfer Agent, as supplemented by Supplemental Indenture No. 11, dated as of January 16, 2015 (the “Eleventh Supplemental Indenture”), among HCA Inc., the Parent Guarantor, the
Trustee and the Paying Agent, Registrar and Transfer Agent. This Note is one of a duly authorized issue of notes of the Issuer designated as its 5.375% Senior Notes due 2025. The Issuer shall be entitled to issue Additional Notes pursuant to
Section 2.01 of the Eleventh Supplemental Indenture. The terms of the Notes include those stated in the Eleventh Supplemental Indenture and those made part of the Eleventh Supplemental Indenture by reference to the Trust Indenture Act of 1939,
as amended (the “Trust Indenture Act”). The Notes are subject to all such terms, and Holders are referred to the Eleventh Supplemental Indenture and such Act for a statement of such terms. To the extent any provision of this Note
conflicts with the express provisions of the Eleventh Supplemental Indenture or the Base Indenture, the provisions of the Eleventh Supplemental Indenture shall govern and be controlling. 

  
 A-5

 5. OPTIONAL REDEMPTION. 

(a) Except as set forth below, the Issuer will not be entitled to redeem Notes at its option prior to the Maturity Date. 

(b) The Notes will be redeemable, at the Issuer’s option, at any time in whole or from time to time in part, at a redemption, or
“make-whole,” price equal to the greater of: 100% of the aggregate principal amount of the Notes to be redeemed, and an amount equal to sum of the present value of the remaining scheduled payments of principal of and interest on the
Notes to be redeemed (excluding accrued and unpaid interest to the Redemption Date and subject to the right of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date) discounted from their scheduled date of
payment to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 50 basis points plus, in each of the above cases, accrued and unpaid
interest, if any, to such Redemption Date. 
 (c) Any notice of any redemption may be given prior to the redemption thereof, and
any such redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of an Equity Offering or other corporate transaction. 

(d) If the Issuer redeems less than all of the outstanding Notes, the Registrar and Paying Agent shall select the Notes to be redeemed in
the manner described under Section 3.02 of the Eleventh Supplemental Indenture. 
 (e) Any redemption pursuant to this
paragraph 5 shall be made pursuant to the provisions of Sections 3.01 through 3.06 of the Eleventh Supplemental Indenture. 
 6. MANDATORY REDEMPTION. The Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

7. NOTICE OF REDEMPTION. Subject to Section 3.03 of the Eleventh Supplemental Indenture, notice of redemption will be mailed by
first-class mail at least 30 days but not more than 60 days before the Redemption Date (except that redemption notices may be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with Article 8 of the Eleventh
Supplemental Indenture) to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess thereof, unless all of the Notes held
by a Holder are to be redeemed. On and after the Redemption Date interest ceases to accrue on Notes or portions thereof called for redemption. 
 8. OFFERS TO REPURCHASE. Upon the occurrence of a Change of Control, the Issuer shall make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to
$2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase (the
“Change of Control Payment”). The Change of Control Offer shall be made in accordance with Section 4.10 of the Eleventh Supplemental Indenture. 
 9. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be
registered and Notes may be exchanged as provided in the Eleventh Supplemental Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer may require a
Holder to pay any taxes and fees required by law or permitted by the Eleventh Supplemental Indenture. The Issuer need not 

  
 A-6

 
exchange or register the transfer of any Notes or portion of Notes selected for redemption, except for the unredeemed portion of any Notes being redeemed in part. Also, the Issuer need not
exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed. 
 10.
PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 
 11. AMENDMENT,
SUPPLEMENT AND WAIVER. The Eleventh Supplemental Indenture, the Guarantee or the Notes may be amended or supplemented as provided in the Eleventh Supplemental Indenture. 
 12. DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined in Section 6.01 of the Eleventh Supplemental Indenture. If any Event of Default occurs and is continuing, the
Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare the principal, premium, if any, interest and any other monetary obligations on all the then outstanding Notes to be due and payable
immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable immediately without further action or notice. Holders may not
enforce the Eleventh Supplemental Indenture, the Notes or the Guarantee except as provided in the Eleventh Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may
direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or interest) if it determines that
withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or and its
consequences under the Eleventh Supplemental Indenture except a continuing Default in payment of the principal of, premium, if any, or interest on, any of the Notes held by a non-consenting Holder. The Issuer is required to deliver to the Trustee
annually a statement regarding compliance with the Eleventh Supplemental Indenture, and the Issuer is required within five (5) Business Days after becoming aware of any Default, to deliver to the Trustee a statement specifying such Default and
what action the Issuer proposes to take with respect thereto. 
 13. AUTHENTICATION. This Note shall not be entitled to any
benefit under the Eleventh Supplemental Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee. 
 14. [RESERVED]. 
 15. GOVERNING LAW. THIS ELEVENTH SUPPLEMENTAL INDENTURE, THE
NOTES AND ANY GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 16.
CUSIP/ISIN NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP/ISIN numbers to be printed on the Notes and the Trustee may use CUSIP/ISIN numbers in notices of
redemption 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 of redemption and reliance may be placed only on the other identification numbers
placed thereon. 

  
 A-7

 The Issuer will furnish to any Holder upon written request and without charge a copy of the
Eleventh Supplemental Indenture. Requests may be made to the Issuer at the following address: 
 HCA Inc. 

One Park Plaza 

Nashville, Tennessee 37203 
 Fax No.: (615) 344-1531; Attention: General Counsel 
 Fax No.:
(866) 741-5906; Attention: Treasurer 

  
 A-8

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	 	  

		 	(Insert assignee’s legal name)

  
   

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

 
  
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
  

			
	and irrevocably appoint	 	  

 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 face of this Note)

  

			
	 Signature Guarantee*:
	 	  

  

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

  
 A-9

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.10 of the Eleventh Supplemental Indenture,
check the appropriate box below: 
  ̈ Section 4.10 

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.10 of the Eleventh Supplemental
Indenture, state the amount you elect to have purchased: 

$             

 

									
	Date:	 	  
	 		 		 	
		 		 		 	  
 Your Signature:
	 	  

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

									
		 		 		 	Tax Identification No.:	 	  

 

			
	Signature Guarantee*:	 	  

  

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

  
 A-10

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The initial outstanding principal amount of this Global Note is
$            . The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or
Definitive Note for an interest in this Global Note, have been made: 
  

									
	 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 officer
of Trustee or 
Registrar
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-11Exhibit 10.1 Share Purchase Agreement

EXECUTION VERSION

SHARE PURCHASE AGREEMENT

AMONG
MOHAWK INDUSTRIES, INC.
UNILIN BVBA
AND
ENTERHOLD S.A.
AND
INTERNATIONAL FLOORING SYSTEMS S.A.
DATED AS OF JANUARY 13, 2015

TABLE OF CONTENTS
	
				
	ARTICLE 1 DEFINITIONS
	2

	1.1
	

	Definitions
	2

	 
	 
	 

	ARTICLE 2 PURCHASE AND SALE OF THE SHARES
	21

	2.1
	

	Purchase and Sale of the Shares
	21

	2.2
	

	Purchase Price
	21

	2.3
	

	Payment of Estimated Purchase Price
	22

	 
	 
	 

	ARTICLE 3 PROCEDURE FOR CLOSING
	26

	3.1
	

	Time and Place of Closing
	26

	3.2
	

	Seller Actions and Deliverables at the Closing
	27

	 
	 
	 

	ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF SELLER
	30

	4.1
	

	Authority; Enforceability
	30

	4.2
	

	Non-Contravention; Consents
	30

	4.3
	

	The Shares
	31

	4.4
	

	Organization; Subsidiaries
	31

	4.5
	

	Compliance with Applicable Laws
	32

	4.6
	

	Financial Statements and Books and Records
	33

	4.7
	

	Real Property
	33

	4.8
	

	Leased Property
	35

	4.9
	

	Personal Property
	36

	4.1
	

	Condition and Sufficiency of Assets
	36

	4.11
	

	Contracts
	36

	4.12
	

	Intellectual Property
	38

	4.13
	

	Environmental Matters
	39

	4.14
	

	Absence of Changes
	40

	4.15
	

	Litigation
	42

	4.16
	

	Insurance
	42

	4.17
	

	Labor Matters
	42

	4.18
	

	Employee Benefit Plans
	44

	4.19
	

	Non-U.S. Benefit Plans
	46

	4.20
	

	Taxes
	47

	4.21
	

	Product
	49

	4.22
	

	Brokers and Finders
	49

	4.23
	

	FCPA Matters
	49

	4.24
	

	Sanctions
	50

	4.25
	

	Subsidies, Grants
	50

	4.26
	

	Relationships with Related Persons
	50

	4.27
	

	No Further Representations
	50

	 
	 
	 

	ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF PARENT AND PURCHASER
	51

	5.1
	

	Authority; Enforceability
	51

- i -

	
				
	5.2
	

	Non-contravention; Consents
	51

	5.3
	

	Organization
	52

	5.4
	

	Litigation
	52

	5.5
	

	Brokers and Finders
	52

	5.7
	

	Financial Statements; Filings; No Undisclosed Liabilities
	52

	5.8
	

	No Further Representations
	54

	 
	 
	 

	ARTICLE 6 COVENANTS
	55

	6.1
	

	Conduct of Business Prior to Closing
	55

	6.2
	

	No Solicitation of Other Transactions
	57

	6.3
	

	Notification of Changes; 2014 Audited Financial Statements
	57

	6.4
	

	Antitrust Filings; Required Approvals
	58

	6.5
	

	Access to Properties, Books and Records
	60

	6.6
	

	WARN Notice
	60

	6.7
	

	Payment of Indebtedness by Related Persons
	61

	6.8
	

	Release of indemnities, etc.
	61

	6.9
	

	Further Assurances
	61

	6.1
	

	Parent Covenant
	61

	6.11
	

	Listing
	61

	6.12
	

	Employees and Benefit Plans
	61

	6.13
	

	Tax Matters
	63

	6.14
	

	Financing
	64

	6.15
	

	Title Insurance
	65

	6.16
	

	Transition Services Agreement with Baltisse
	65

	6.17
	

	Restructuring
	65

	 
	 
	 

	ARTICLE 7 MUTUAL CONDITIONS TO CLOSING
	66

	7.1
	

	Antitrust Filings
	66

	7.2
	

	2014 Audited Financial Statements
	66

	 
	 
	 

	ARTICLE 8 CONDITIONS PRECEDENT TO OBLIGATIONS OF PURCHASER
	66

	8.1
	

	Representations and Warranties
	66

	8.2
	

	Compliance by Seller
	67

	8.3
	

	No Material Adverse Effect
	67

	8.4
	

	The Restructuring
	67

	 
	 
	 

	ARTICLE 9 CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLER
	67

	9.1
	

	Representations and Warranties
	67

	9.2
	

	Compliance by Purchaser and Parent
	67

	 
	 
	 

	ARTICLE 10 POST-CLOSING MATTERS
	68

	10.1
	

	Non-Competition; Non-Solicitation
	68

	10.2
	

	Retention of Records
	69

	10.3
	

	Further Assurances
	70

	10.4
	

	Quitus
	70

	 
	 
	 

- ii -

	
				
	ARTICLE 11 CONFIDENTIALITY; PUBLIC ANNOUNCEMENTS
	70

	11.1
	

	Confidentiality
	70

	11.2
	

	Public Announcements
	71

	 
	 
	 

	ARTICLE 12 TERMINATION
	72

	12.1
	

	Termination
	72

	12.2
	

	Effect of Termination
	72

	 
	 
	 

	ARTICLE 13 INDEMNIFICATION
	72

	13.1
	

	Agreement of Seller to Indemnify
	72

	13.2
	

	Agreement of Purchaser and Parent to Indemnify
	73

	13.3
	

	Procedures for Indemnification
	73

	13.4
	

	Defense of Third Party Claims
	74

	13.5
	

	Settlement of Third Party Claims
	75

	13.6
	

	Duration
	75

	13.7
	

	Limitations and Exclusions
	76

	13.8
	

	Insurance and Third Party Recovery
	78

	13.9
	

	Subrogation Rights
	78

	13.1
	

	Exclusive Remedy
	78

	 
	 
	 

	ARTICLE 14 TAX MATTERS
	79

	14.1
	

	Tax Matters
	79

	14.2
	

	Audits and Other Proceedings
	81

	14.3
	

	Carrybacks
	82

	 
	 
	 

	ARTICLE 15 GENERAL PROVISIONS
	82

	15.1
	

	Fees and Expenses
	82

	15.2
	

	Notices
	83

	15.3
	

	Assignment
	84

	15.4
	

	No Benefit to Others
	84

	15.5
	

	Headings and Gender; Construction; Interpretation
	84

	15.6
	

	Counterparts
	85

	15.7
	

	Actions of the Company
	85

	15.8
	

	Integration of Agreement
	85

	15.9
	

	Waiver
	85

	15.1
	

	Time of Essence
	86

	15.11
	

	Governing Law
	86

	15.12
	

	Arbitration of Disputes
	86

	15.13
	

	Partial Invalidity
	86

	15.14
	

	Investigation
	87

	15.15
	

	Specific Performance
	87

	15.16
	

	Parent and Purchaser
	88

- iii -

TABLE OF EXHIBITS
	
			
	Exhibit
	Description
	Page

	 
	 
	 

	Exhibit A
	Form of Purchaser Release Agreement
	A-1

	Exhibit B
	Form of Seller Release Agreement
	B-1

	Exhibit C
	Form of 897(c)(2) statement
	C-1

SCHEDULES
	
				
	Schedule 1.1(a)(xvi)
	Capex Plan
	4
	

	Schedule 1.1(a)(lxiii)
	Key Personnel
	9
	

	Schedule 1.1(a)(lxiv)
	Company Knowledge Parties
	9
	

	Schedule 1.1(a)(lxxiii)
	Management Accounting Principles
	11
	

	Schedule 1.1(a)(cxiii)
	Shareholder Loans
	16
	

	Schedule 1.1(a)(cxv)
	Specified Environmental Risks
	16
	

	Schedule 1.1(a)(cxvi)
	Specified Indebtedness
	17
	

	Schedule 1.1(a)(cxix)
	Statutory Accounting Principles
	17
	

	Schedule 4.2(a)
	Consents; Authorizations
	30
	

	Schedule 4.4(b)
	Subsidiaries
	31
	

	Schedule 4.6(a)
	Financial Statements
	33
	

	Schedule 4.7
	Real Property
	33
	

	Schedule 4.8
	Leased Property
	35
	

	Schedule 4.11(a)
	Material Contracts
	36
	

	Schedule 4.11(b)
	Capex Expenditures
	38
	

	Schedule 4.17(c)
	Collective Bargaining Agreements
	43
	

	Schedule 4.17(d)
	Labor Claims
	43
	

	Schedule 4.18(a)
	Benefit Plans
	44
	

	Schedule 4.19
	Non-U.S. Employee Benefit Plans
	46
	

	Schedule 4.20(k)
	Taxes
	48
	

	Schedule 4.25
	Subsidies, Grants.
	50
	

	Schedule 6.1
	Pre-Approved Conduct
	55
	

	Schedule 7.1(a)
	Governmental Antitrust Authorities
	66
	

- iv -

SHARE PURCHASE AGREEMENT
THIS SHARE PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of January 13, 2015, among MOHAWK INDUSTRIES, INC., a Delaware corporation (“Parent”), UNILIN BVBA, a limited liability company (in Belgian: besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of Belgium and with registered office at Ooigemstraat 3, B-8710 Wielsbeke, Belgium, registered under number BE 0405.616.072 and wholly-owned subsidiary of Parent (“Purchaser”), INTERNATIONAL FLOORING SYSTEMS S.A., a société anonyme incorporated under the laws of the Grand Duchy of Luxembourg, with registered office at 3, rue Thomas Edison, L-1445 Strassen and registered with the Luxembourg Trade and Companies’ Register under number B 157729 (the “Company”), ENTERHOLD S.A., a société anonyme incorporated under the laws of the Grand Duchy of Luxembourg, with registered office at 3, rue Nicolas Adames, L-1114 Luxembourg and registered with the Luxembourg Trade and Companies’ Register under number B34976 (the “Seller” ) and, solely for the purpose of Section 10.1, FILIEP BALCAEN, a resident of Belgium (“Balcaen”).
As of the date of this Agreement, Seller owns 558,245 issued and outstanding shares of the Company, and CORAL & WALLACE BVBA, a besloten vennootschap met beperkte aansprakelijkheid organized under the laws of Belgium, with registered office at 3 Kleine Pontstraat, B-9800 Astene, Belgium, registered under number 0897.591.280 (the “Other Shareholder”) owns 13,410 issued and outstanding shares of the Company.
Seller has entered into a written agreement with the Other Shareholder obligating the Other Shareholder to transfer its issued and outstanding shares in the Company to Seller prior to the Closing, and including an undertaking to keep confidential information provided to it in connection with such agreement.
Seller intends to take, or cause the applicable member of the Company Group to take, all actions necessary to ensure that the Shares are held by Seller and each member of the Company Group is wholly-owned, directly or indirectly, by the Company as of the Closing Date, other than with respect to the class A shares in Avelgem held by certain residents of Avelgem, Belgium. 
At Closing, Seller will have the right to transfer all of the issued and outstanding shares (the “Shares”) in the Company.
Seller desires to sell and Purchaser desires to purchase the Shares for the consideration and on the terms set forth in this Agreement.
The Key Personnel have signed term sheets effective as of the Closing Date in a form agreed with Purchaser or Parent and disclosed to Seller (“Key Personnel Term Sheets”).
Certain capitalized terms used in this Agreement are defined in Section 1.1 of this Agreement.

- 1 -

In consideration of the mutual representations, warranties, covenants and agreements contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
Article 1DEFINITIONS
		
	1.1
	    Definitions.

(a)    Capitalized terms used in this Agreement shall have the meanings set forth in this Agreement. The following terms, when used in this Agreement, shall have the following meanings:
(i) “2014 Audited Financial Statements” means the audited consolidated balance sheet and profit and loss account of the Company as at December 31, 2014 and for the fiscal year then ended, which shall be prepared on a basis consistent with past practices of the Company.
(ii) “2014 Management Accounts” means the management accounts of the Company for the fiscal year ending on December 31, 2014.
(iii) “Accounting Principles” means the Management Accounting Principles and the Statutory Accounting Principles.
(iv) “Accounts Receivable” means all accounts receivable, notes receivable and other monies due for sales and deliveries of goods or performance of services by the Company arising out of the conduct of the Business.
(v) “Acquisition Proposal” means any inquiry, proposal or offer from any Person (other than Purchaser or any of its Related Persons) concerning (i) a merger, consolidation, liquidation, recapitalization, share exchange or other business combination transaction involving the Company or any of its Subsidiaries; (ii) the issuance or acquisition of shares or other equity securities of the Company or any of its Subsidiaries; or (iii) the sale, lease, exchange or other disposition of any significant portion of the Company's properties or assets, other than in relation to the Proposed Transactions.
(vi) “Affiliated Group” means any affiliated group within the meaning of Code Section 1504 or any comparable or analogous group under state, local or foreign Law.
(vii) “Antitrust Laws” means the HSR Act, the EC Merger Regulations, and any other federal, state or foreign Law or Order designed to prohibit, restrict or regulate actions in order to promote or enhance competition and/or prevent monopolization or restraint of trade.
(viii) “Authorization” means any authorization, approval, consent, certificate, license, permit or franchise of or from any Governmental Authority or pursuant to any Law.

- 2 -

(ix) “Avelgem” means Avelgem Green Power CVBA, a société coopérative à responsabilité limitée/coöperatieve vennootschap met beperkte aansprakelijkheid, organized under the laws of Belgium, with registered office at organized under the laws of Belgium, with registered office at Nijverheidslaan 29, 8580 Avelgem, Belgium, registered under number 0562.874.370.
(x) “Balta” means Balta Luxembourg S.à r.l., registered with the Luxembourg Trade and Companies’ Register under number B 101.259.
(xi) “Benefit Plan” means collectively, each pension, retirement, profit-sharing, 401(k), savings, employee stock ownership, stock option, share purchase, stock appreciation rights, restricted stock, phantom stock bonus, equity compensation, stock purchase, restricted stock unit, bridge pension, retention, severance pay, termination pay, change in control, vacation, paid time off, extra vacation, meal voucher, working time reduction days, seniority days, unemployment insurance, death-in-service, hospitalization, holiday, sick pay, supplemental unemployment, salary continuation, bonus, incentive, deferred compensation, executive compensation, medical, vision, dental, life insurance, accident, disability, fringe benefit, flexible spending account, cafeteria, or other similar plan, fund, policy, benefit, perquisite, program, practice, custom, agreement, arrangement, or understanding (A) currently or previously adopted, maintained, sponsored in whole or in part, or contributed to by the Company Group or under which any member of the Company Group has any obligation or liability, contingent or otherwise and (B) for the benefit of any current or former officer, employee, director, retiree, independent contractor, consultant or any spouse, dependent or beneficiary thereof of the Company Group, whether or not such benefit plan is or is intended to be (a) arrived at through collective bargaining or otherwise, (b) funded or unfunded, (c) covered or qualified under the Code, ERISA, or other applicable Law, (d) set forth in an employment agreement, consulting agreement, or other individual agreement, or (e) written or oral.
(xii) “Books and Records” means, in each case to the extent existing, data, databases, books, records, correspondence, business plans and projections, records of sales, customer and vendor lists, files, papers, and, to the extent permitted under applicable Law, copies of historical personnel, payroll and medical records of each of the Employees in the possession of the Company Group, including employment applications, employment agreements, confidentiality and non-compete agreements, disciplinary reports, notices of transfer, notices of rate changes, other similar documents, and any summaries of such documents regularly prepared by the Company Group; and all material manuals and printed instructions of the Company Group.
(xiii) “Business” means the business of manufacturing, distributing,  marketing or selling sheet vinyl, luxury vinyl tile flooring, medium- and high-density fibreboard (MDF/HDF) and MDF- and HDF-based laminate flooring.
(xiv)  “Business Day” means any day, other than a Saturday, Sunday or public holiday in the United States, Belgium or Luxembourg, on which local banks are 

- 3 -

open for business in New York, Belgium and Luxembourg for general commercial purposes.
(xv) “Business IP” means the Owned IP and all other registered and material unregistered Intellectual Property Rights used by the Company Group.
(xvi) “Capex Plan” means the plan set forth on Schedule 1.1(a)(xvi)     setting forth planned capital expenditures of the Company and its Subsidiaries, including expenditures related to the U.S. LVT Plant.
(xvii) “Cash” means, in respect of the Company Group and as of December 31, 2014, the aggregate of all cash or cash-equivalent assets that are readily convertible into cash (such as cheques and bills of exchange or marketable securities) held by any member of the Company Group, and any cash balances credited to the account of any member of the Company Group with banks or other financial institutions, including any cash in transit from a member of the Company Group to its banks, but excluding any restricted cash and cash in transit from the clients or customers of a member of the Company Group to the Company Group, in each case determined in accordance with the Statutory Accounting Principles.
(xviii) “CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA), 42 U.S.C. §9601, et seq., as amended, and the rules and regulations promulgated thereunder.
(xix) “CERCLIS” means the Comprehensive Environmental Response and Liability Information System, as provided for by 40 C.F.R. §300.5.
(xx) “Code” means the United States Internal Revenue Code of 1986, as amended.
(xxi) “Company Group” means the Company together with the Subsidiaries.
(xxii) “Confidential Information” means any information received or obtained by a Party or its Representatives as a result of entering into this Agreement or any other Purchase Document that relates to:
		
	(A)
	the existence and provisions of this Agreement and of any other Purchase Document;

		
	(B)
	the negotiations relating to this Agreement and of any other Purchase Document;

		
	(C)
	(in the case of Seller’s obligations under Article 11) any information relating to the business, financial or other affairs of Purchaser and its Related Persons (including, following the Closing, the Company Group); and

- 4 -

		
	(D)
	(in the case of Purchaser’s and Parent’s obligations under Article 11) any information relating to the business, financial or other affairs of Seller and its Related Persons (including, prior to the Closing, the Company Group).

(xxiii) “Confidentiality Agreement” means that certain confidentiality agreement between Mohawk Industries, Inc. and Baltisse C.V. dated December 4, 2012, and amended on December 3, 2013, August 18, 2014 and November 7, 2014.
(xxiv) “Consent” means any consent, approval, authorization, clearance, exception, waiver or similar affirmation by any Person pursuant to any Contract, Law, Order or Permit.
(xxv) “Contract” means any written agreement, contract, lease, License, instrument or other commitment of any kind or character, that is binding on the Company or a Subsidiary.
(xxvi) “Data Room” means that Project Ivory virtual data room hosted by Intralinks to provide Purchaser and its Representatives with diligence materials in contemplation of the Proposed Transactions.  
(xxvii)    “Debt Instrument” means any note, debenture, bond, equipment trust agreement, letter of credit agreement, loan agreement, or other Contract for the borrowing of money or agreement or arrangement for a line of credit or guarantee, pledge, or undertaking of the Indebtedness of any other Person.
(xxviii) “December 31, 2014 Audited Balance Sheet” means the balance sheet included in the 2014 Audited Financial Statements.
(xxix) “Default” means (a) any breach or violation of, default under, contravention of, or conflict with, any Contract, Law, Order, or Permit, (b) any occurrence of any event that with the passage of time or the giving of notice or both would constitute a breach or violation of, default under, contravention of, or conflict with, any Contract, Law, Order, or Permit, or (c) any occurrence of any event that with or without the passage of time or the giving of notice would give rise to a right of any Person to exercise any remedy or obtain any relief under, terminate or revoke, suspend, cancel, or modify or change the current terms of, or renegotiate, or to accelerate the maturity or performance of, or to increase or impose any Liability under, any Contract, Law, Order, or Permit.
(xxx) “Default Interest” means 6% per annum.
(xxxi) “Development Authority” means the Dalton-Whitfield County Joint Development Authority, and any successor(s) or assign(s) thereof under the U.S. LVT Plant Development Authority Lease.
(xxxii) “Disclosure Schedule” means the Disclosure Schedule delivered by Seller to Purchaser on the date of this Agreement.

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(xxxiii)     “EBITDA” means recurring earnings before interest, taxes, depreciation and amortization calculated in accordance with the Management Accounting Principles.
(xxxiv)     “EC Merger Regulation” means Council Regulation No. 139/2004 of the European Community, as amended.
(xxxv)    “Employees” means all employees of the Company or any Subsidiary of the Company.
(xxxvi) “Environmental Law” means any Law relating to the protection of the environment or, as it pertains to exposure to hazardous substances, human health or safety.
(xxxvii) “Environmental Permits” means permits, licenses, approvals, Consents, Orders, and authorizations that are required under Environmental Laws in connection with the Company Group’s operations and business or the ownership, use, or lease of the Company Group’s assets or properties.
(xxxviii) “Equipment” means all machinery, equipment, furniture, tools, computers, terminals, computer equipment, office equipment, business machines, telephones and telephone systems, parts, accessories, and the like, wherever located, and any and all assignable warranties of Third Parties with respect thereto.
(xxxix)     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.
(xl) “ERISA Affiliate” means any entity that, together with any other entity, would be treated as a single employer under Code Section 414 or ERISA Section 4001(b).
(xli) “Escrow Agent” means BNP Paribas Fortis, ING or, if such banks are unwilling or unable to act as escrow agent as contemplated by this Agreement, such other reputable bank as the Parties shall agree in good faith.
(xlii) “Escrow Agreement” means the agreement to be entered into with the Escrow Agent pursuant to Section 2.6 which will provide for the holding of the Escrow Amount until the Release Date.
(xliii) “Escrow Amount” means €15,000,000.
(xliv) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
(xlv) “Financial Statements” means the audited consolidated balance sheets and related statements of income of the Company as at December 31, 2012 and December 31, 2013 and for the fiscal years then ended and, from and after the date of 

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delivery of the 2014 Audited Financial Statements, the 2014 Audited Financial Statements.
(xlvi) “Fundamental Representations” means the representations and warranties of Seller set forth in Sections 4.1, 4.3, 4.4 and 4.22.
(xlvii) “GAAP” means generally accepted accounting principles.
(xlviii)    “Governmental Authority” means any supranational, national, state, municipal or local government (including any subdivision, court of competent jurisdiction, administrative agency or commission or other authority thereof), stock exchange or self-regulatory organization exercising any regulatory, taxing, importing or any other governmental authority, including the European Union.
(xlix) “Hazardous Materials” means any hazardous substance, hazardous material, hazardous waste, regulated substance, or toxic substance regulated under any provision of the Environmental Laws including, without limitation, petroleum, petroleum products, or oil, asbestos, asbestos-containing material or asbestos-containing materials, urea formaldehyde and any polychlorinated biphenyls.
(l) “HSR Act” means the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 
(li) “IFRS” means the International Financial Reporting Standards, and the interpretations thereto, as adopted by the International Accounting Standards Board.
(lii) “Immigration Laws” means the United States Immigration and Nationality Act (INA), and all related laws, including the Immigration Reform and Control Act of 1986 (IRCA), and the rules and regulations promulgated thereunder, and any and all state or local immigration laws.
(liii) “Improvements” means all buildings, structures, fixtures and other improvements included in the Real Property or the Leased Real Property.
(liv) “Indebtedness” means, for the Company and the Subsidiaries on a consolidated basis an amount equal to, without duplication, the sum of the following amounts as set forth on or derived from the 2014 Audited Financial Statements: (a) any indebtedness issued, or incurred in substitution or exchange for indebtedness, for borrowed money of the Company and the Subsidiaries, including the Shareholder Loans, indebtedness evidenced by any Debt Instrument (but in the case of revolving debt or undrawn commitments, only to the extent actually drawn down and outstanding and provided further that any uncalled bank guarantee, line of credit in connection with interest rate swaps or similar arrangement shall not be included in the definition of Indebtedness to the extent it has not been called), plus (b) obligations of the Company and the Subsidiaries under capitalized leases (as determined in accordance with the Statutory Accounting Principles), plus (c) net obligations of the Company and the Subsidiaries in respect of interest rate swaps, hedges or similar arrangements (provided that fifty percent of such amount (but not more than €1,350,000) shall be excluded), plus 

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(d) all obligations of the Company and the Subsidiaries for the payment of bonuses and other incentive-based expenses to Employees incurred or accrued or required to be incurred or accrued for the fiscal year ended December 31, 2014 (other than to the extent reserved or accrued on the 2014 Audited Financial Statements and reflected in the calculation of EBITDA pursuant to Section 2.2 (€4,880,000) and other than those payable as a result of the execution of this Agreement or the consummation of the Proposed Transactions and which are included as a Transaction Expense), plus (e) payments under any Non-U.S. Benefit Plan (whether of severance pay or otherwise), acceleration, forgiveness of indebtedness, vesting, distribution, increase in benefits or obligation to fund benefits with respect to any employee of the Company or its Subsidiaries, plus (f) an amount equal to the shortfall, if any, resulting from the subtraction of (A) the value of the Company’s Inventory as recorded on the 2014 Audited Financial Statements from (B) the average value of the Company’s Inventory as of the last day of each month during the 2014 fiscal year (calculated by adding the value of the Company’s Inventory as of the last day of each month during the 2014 fiscal year and dividing such sum by twelve), plus (g) the U.S. LVT Plant Remaining Capex Amount, plus (h) capex financing (including from Third Party vendors) where payments are (x) overdue by more than 30 days beyond the last day for scheduled payment under the terms of the relevant Contract or (y) not payable within 365 days, provided that in each case the overdue or not payable portion, as applicable, will be counted as Indebtedness, plus (i) trade payables overdue by more than 30 days beyond the last day for scheduled payment under the terms of the relevant Contract, other than where the Company Group has reasonable grounds on which to contest (and is actually contesting) such payable, whether as to validity, amount or date due, in which case only the amount not being contested will be included as Indebtedness, plus (j) all obligations of the kind referred to in clauses (a) through (i) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any lien on property (including accounts and contract rights) owned by the Company or any of the Subsidiaries, whether or not the Company or such Subsidiary has assumed or become liable for the payment of such obligation, plus (k) any fees, penalties (excluding pre-payment fees and penalties), accrued interest or other expenses for obligations of the kind referred to in clauses (a) through (j) above.
(lv) “Indemnification Claim” means a claim for indemnification under Article 13.
(lvi) “Indemnitee” means the Party seeking indemnification hereunder.
(lvii) “Indemnitor” means the Party against whom indemnification is sought hereunder.
(lviii) “Intellectual Property Rights” shall mean the following intangible property and rights, interests and protections, however arising, pursuant to the Laws of any jurisdiction throughout the world: (i) trademarks, service marks, trade names, brand names, logos, trade dress and other proprietary indicia of goods and services, whether registered, unregistered or arising by Law, and all registrations and applications for registration of such trademarks, including intent-to-use applications, and all issuances, extensions and renewals of such registrations and applications, 

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together with the goodwill associated with any of the foregoing; (ii) internet domain names, whether or not trademarks, registered in any generic top level domain or country-code level domain; (iii) original works of authorship in any medium of expression, whether or not published, all copyrights and databases (whether registered, unregistered or arising by Law), all registrations and applications for registration of such copyrights, and all issuances, extensions and renewals of such registrations and applications; (iv) patented and patentable designs and inventions, all design, plant and utility patents, letters patent, utility models, pending patent applications and provisional applications and all issuances, divisions, continuations, continuations-in-part; reissues, extensions, reexaminations and renewals of such patents and applications; and (v) trade secrets under applicable Law, and confidential or proprietary production information, customer lists, know-how, formulas, databases, production information, compounds and other confidential or proprietary business information.
(lix) “Inventory” means all raw materials, work-in-progress, samples held in the Ordinary Course of Business and physically in the warehouses and properties of the Company Group and finished goods wherever located.
(lx) “IP Risks” means any Litigation introduced or claim made against the Company and/or the Subsidiaries alleging infringement, violation or misappropriation of a Third Party’s Intellectual Property Rights as a result of the manufacturing or distribution of any product by the Company and/or the Subsidiaries during the period prior to and ending on the Closing Date and subject to the determination of any Losses resulting from (i) such Litigation by virtue of a final and non-appealable judgment, arbitral award or similar binding decision by the relevant Governmental Authority or (ii) such claim by virtue of full and final satisfaction, release and settlement of such claim.
(lxi) “IRS” means the Internal Revenue Service of the United States.
(lxii) “IVC US” means IVC US, Inc., a Georgia corporation and a Subsidiary.
(lxiii) “Key Personnel” means those Employees listed on Schedule 1.1(a)(lxiii)    .
(lxiv)  “Knowledge” or “Known” as used with respect to a Person (including references to such Person being aware of a particular matter) means the actual knowledge of such Person and the knowledge that such Person should have had given such Person’s position and responsibilities; provided that as used with respect to the Company and its Subsidiaries means the Knowledge of only the individuals set forth on Schedule 1.1(a)(lxiv).
(lxv) “Labor Claims” means material claims, investigations, charges, citations, hearings, consent decrees, or litigation by any Person concerning: wages, compensation, bonuses, commissions, awards, or payroll deductions; equal employment or human rights violations regarding race, color, religion, sex, national origin, age, handicap, veteran's status, marital status, disability, or any other recognized class, status, 

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or attribute under any federal, state, local or foreign equal employment Law prohibiting discrimination, retaliation and/or harassment; illegal or unfair labor practices pursuant to the U.S. National Labor Relations Act; formal grievances (to the extent foreseen under applicable Law) or arbitrations pursuant to current or expired collective bargaining agreements; occupational safety and health; federal, state, or local leave laws; workers' compensation; wrongful termination, invasion of privacy or defamation; any law related to whistleblowers; Immigration Laws or any other claim based on the employment relationship or termination of the employment relationship.
(lxvi) “Law” means any code, directive, law (including common law), statute or regulation.
(lxvii) “Leased Real Property” means all real property described on Schedule 4.8 that is not owned by the Company that the Company either occupies or uses or has the right to occupy or use, together with all Improvements thereon (including construction in progress) and appurtenances thereto located on such real property.
(lxviii)    “Liabilities” shall mean any and all Indebtedness, liabilities and obligations, whether accrued, fixed or contingent, mature or inchoate, known or unknown, reflected on a balance sheet or otherwise, including those arising under any Law or any judgment of any court of any kind or any award of any arbitrator of any kind, and those arising under any Contract, commitment or undertaking (and, for the avoidance of any doubt, where the term “liability” or “liabilities” is used in this Agreement in lower case, such term shall not bear the meaning ascribed in this definition, but shall be construed in accordance with Luxembourg law). 
(lxix) “License” means any license, franchise, notice, permit, easement, right, certificate, authorization, approval or filing to which any Person is a party or that is or may be binding on any Person or its securities, property or business.
(lxx) “Lien” means all mortgages, pledges, security interests, usufructs (“usufruit”), options, rights of first refusal, easements (“servitude”), or any other Third Party rights of any kind.
(lxxi) “Litigation” means any suit, action, proceeding, arbitration, cause of action, claim, criminal prosecution or investigation commenced, brought, conducted or heard by or before any Governmental Authority.
(lxxii) “Losses” shall mean any and all damages, losses, liabilities, penalties, judgments, settlements, claims, payments, fines, interest, costs, Taxes and expenses (including the reasonable costs and expenses of attorneys incurred in the defense thereof), but excluding consequential damages, special damages, incidental damages (other than arising by reason of or resulting from efforts to mitigate Losses), indirect or punitive damages (other than such damages awarded to any third party against an Indemnified Party) and for the avoidance of any doubt a contingent liability shall not constitute Loss unless and until such liability becomes an actual liability.

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(lxxiii)    “Management Accounting Principles” means the management accounting principles attached as Schedule 1.1(a)(lxxiii) .
(lxxiv)    “Marketing Commencement Date” means the date on which the closing conditions in Sections 7.1 and 7.2 have been satisfied.
(lxxv) “Market Disruption” means any change, event, occurrence, fact or circumstance, the effect of which is both material and adverse to the ability of Purchaser to secure financing through the capital markets on terms reasonably favorable to Purchaser, including changes in general economic conditions and changes in the financial, credit, banking, currency or capital markets in general (whether in the United States, the European Union or otherwise); provided that a Market Disruption may only occur once and shall only be deemed to exist for a maximum of an aggregate of 15 Business Days, after which any change, event, occurrence, fact or circumstance that would otherwise constitute a Market Disruption shall not be deemed to constitute a Market Disruption.
(lxxvi)    “Material Adverse Effect” means any fact, circumstance, occurrence, change or event that has a material adverse effect on the business, results of operations or financial condition of the Company and its Subsidiaries, taken as a whole, other than any fact, circumstance, occurrence, change or event resulting from, relating to or arising out of: (i) changes in general economic conditions in any of the markets, industries or geographical areas in which the Company or any of its Subsidiaries operate (except to the extent that such changes materially and disproportionately have a greater adverse impact on the Company and its Subsidiaries, taken as a whole, as compared to the adverse impact such changes have on other Persons operating in the same industries as the Company and its Subsidiaries operate); (ii) any change in the financial, credit, banking, currency or capital markets in general (whether in the United States, the European Union, Russia or any other country in which the Company or any of its Subsidiaries operate) or changes in currency exchange rates or interest rates or currency fluctuations; (iii) acts of God or other calamities, national or international political or social conditions, including the engagement by any country in hostilities, whether commenced before or after the date hereof, and whether or not pursuant to the declaration of a national emergency or war, or the occurrence of any military or terrorist attack; (iv) changes in Law, IFRS or GAAP in any relevant country or other accounting requirements or principles imposed upon the Company and its Subsidiaries, including, in each case, the interpretations thereof; (v) any actions taken, or failures to take action, as contemplated or permitted by the Purchase Documents or to which Purchaser or Parent has consented; or (vi) the announcement of the sale or potential sale of the Company or the other Proposed Transactions, or the announcement or the taking of any action contemplated by this Agreement or the other Purchase Documents, including by reason of the identity of Purchaser and Parent or any plans or intentions of Purchaser or Parent with respect to the conduct of the businesses of any of the Company or any of its Subsidiaries, including any impact thereof on relationships, contractual or otherwise, with customers, suppliers and/or employees.

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(lxxvii)     “Most Recent Audited Balance Sheet” means the audited consolidated balance sheet of the Company as at December 31, 2013; provided, however, from and after the delivery of the 2014 Audited Financial Statements, “Most Recent Audited Balance Sheet” shall mean the December 31, 2014 Audited Financial Statements.
(lxxviii) “Offsite Migration” means the migration of Hazardous Materials onto or under such parcel discharged, dumped, released, spilled, leaked, buried or disposed of on or from land neighboring such parcel.
(lxxix)    “Optionholder” means the individuals listed on Schedule 4.3(d) as holding options in the Company or a Subsidiary.
(lxxx)    “Order” means any decree, injunction, judgment, order, ruling, writ, quasi-judicial decision or award or administrative decision or award of any federal, state, local, foreign or other court, arbitrator, mediator, tribunal, administrative agency or Governmental Authority to which any Person is a party or that is or may be binding on any Person or its securities, assets or business.
(lxxxi)    “Ordinary Course of Business” means the following: an action taken by a Person will be deemed to have been taken in the Ordinary Course of Business only if that action is generally consistent in nature, scope and magnitude with similar past practices of such Person and is taken in the ordinary course of the normal, day-to-day operations of such Person.
(lxxxii)     “Other Conditions Precedent” means the closing conditions set out in Article 7, Article 8 and Article 9 that can only be satisfied at Closing.
(lxxxiii) “Owned IP” means the registered and material unregistered Intellectual Property Rights owned by the Company and its Subsidiaries.
(lxxxiv) “Parent Common Stock” means the $.01 par value common stock of Parent.
(lxxxv) “Parent Common Stock Consideration” means 805,811 shares of Parent Common Stock, provided that in the event of any stock split, recapitalization or other adjustment in relation to the Parent Common Stock after the date hereof, the Parent Common Stock Consideration shall be appropriately adjusted such that Seller is not prejudiced thereby.
(lxxxvi) “Parent Financial Statements” means the consolidated balance sheets (including related notes and schedules, if any) of the Parent as of September 27, 2014 and as of December 31, 2013 and the related statements of income, changes in shareholders' equity, and cash flows (including related notes and schedules, if any) for the nine months ended September 27, 2014, and for each of the three fiscal years ended December 31, 2013, 2012 and 2011, as filed by the Parent in the SEC Documents.

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(lxxxvii) “Parent Group” means Parent and its Related Persons from time to time.
(lxxxviii) “Party” means any party hereto and “Parties” means all parties hereto. 
(lxxxix) “Permit” means any Governmental Authority approval, authorization, certificate, easement, filing, franchise, license, notice, permit, or right to which any Person is a party or that is or may be binding upon or inure to the benefit of any Person or its securities, assets, or business.
(xc) “Permitted Encumbrances” means (i) those encumbrances set forth on or disclosed in the Disclosure Schedule; (ii) mechanics’, carriers’, workmen’s, repairmen’s liens or other like encumbrances arising or incurred in the ordinary course of business, to the extent the underlying payment for such liens or encumbrances is not yet due and payable; (iii) encumbrances arising under original purchase price conditional sales contracts and equipment leases with third parties entered into in the ordinary course of business and liens for Taxes that are not due and payable or that may thereafter be paid without penalty or that are being contested in good faith by appropriate proceedings; (iv) all rights reserved to or vested in any Governmental Authority to control or regulate any asset or property in any manner and all Laws applicable to assets or properties; (v) other imperfections of title or encumbrances, if any, that do not, individually or in the aggregate, materially impair the continued use and operation of the Company’s assets in the conduct of its business as presently conducted; (vi) easements, covenants, rights-of-way and other similar restrictions of record; (vii) any conditions that may be shown by a current, accurate survey or physical inspection of any real property made prior to Closing that do not, individually or in the aggregate, materially impair the continued use and operation of the Company’s assets in the conduct of its business as presently conducted; and (viii) (A) zoning, building and other similar restrictions, (B) Encumbrances that have been placed by any developer, landlord or other third party on property over which the Company has easement rights and (C) unrecorded easements, covenants, rights-of-way and other similar restrictions, none of which items set forth in this clause (viii), in the aggregate, materially impair the continued use and operation of real property used in the conduct of the business of the Company as presently conducted.
(xci) “Person” means a natural person or any legal, commercial or governmental entity, such as, but not limited to, a corporation, general partnership, joint venture, limited partnership, limited liability company, limited liability partnership, trust, business association, group acting in concert, or any person acting in a representative capacity.
(xcii)  “Proposed Transactions” means the transactions contemplated by this Agreement and the other Purchase Documents.
(xciii) “Purchase Documents” means this Agreement, the Escrow Agreement, the Warehouse Purchase Agreements, the Registration Rights Agreement, the 

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Transition Services Agreement and the other documents or agreements to be executed in connection herewith.
(xciv) “Purchaser Group” means Parent, Purchaser and their Related Persons from time to time.
(xcv) “Purchaser Indemnitees” means Parent, Purchaser and their officers, employees, agents and other Related Persons.
(xcvi) “Purchaser Release” means a release, in substantially the form attached hereto as Exhibit A with respect to (i) all claims and potential claims against Seller or any of its Related Persons by any member of the Company Group or such member’s officers, directors or managers, and (ii) any and all obligations of Seller and its Related Persons to the Company Group, in each case other than claims, potential claims or obligations as provided in the Purchase Documents.
(xcvii)    “Real Property” means all real property described on Schedule 4.7 that is owned by the Company or any Subsidiary, and all of the Company’s right, title, and interest in the Improvements located thereon, together with all water lines, rights of way, uses, Licenses, hereditaments, tenements, and appurtenances belonging or appertaining thereto and any and all assignable warranties of Third Parties with respect thereto.
(xcviii) “Real Property Leases” means any real estate leases (including, any assignment of a real estate lease or sublease) pursuant to which the Company leases any Leased Real Property, and any and all assignable warranties of Third Parties with respect thereto, and any amendments, extensions and renewals of such real estate leases, including without limitation the U.S. LVT Plant Development Authority Lease.
(xcix) “Real Property Taxes” means all ad valorem taxes imposed upon the Real Property and any portion of the Leased Real Property, general assessments imposed with respect to the Leased Real Property and special assessments upon the Leased Real Property, whether payable in full or by installments prior to the Closing Date.
(c) “Registration Rights Agreement” means the agreement to be entered into between Parent and Seller prior to the Closing pursuant to which Parent will grant customary registration rights to Seller with respect to the shares of Parent Common Stock constituting the Parent Common Stock Consideration (such registration rights to take effect six months after the Closing Date).
(ci) “Related Person” means with respect to a particular individual: (A) each other member of such individual's Family; (B) any Person that is directly or indirectly controlled by any one or more members of such individual's Family; (C) any Person in which any member of such individual's Family holds (individually or in the aggregate) a Material Interest; and (D) any Person with respect to which one or more members of such individual's Family serves as a director, officer, partner, executor or trustee (or in a similar capacity). With respect to a specified Person other than an 

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individual: (aa) any Person that directly or indirectly controls, is directly or indirectly controlled by or is directly or indirectly under common control with such specified Person; (bb) any Person that holds a Material Interest in such specified Person; (cc) each Person that serves as a director, officer, partner, executor or trustee of such specified Person (or in a similar capacity); (dd) any Person in which such specified Person holds a Material Interest; and (ee) any Person with respect to which such specified Person serves as a general partner or a trustee (or in a similar capacity).  For purposes of this definition, (I) ”control” (including “controlling,” “controlled by,” and “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and shall be construed as such term is used in the rules promulgated under the Securities Act; (II) the “Family” of an individual includes (1) the individual, (2) the individual's spouse, (3) any other natural person who is the parent or child of the individual or the individual's spouse and (4) any other natural person who resides with such individual, other than in each case any Person who acquires such status after the date of this Agreement; and (III) “Material Interest” means direct or indirect beneficial ownership (as defined in Rule 13d-3 under the United States Securities Exchange Act of 1934, as amended) of voting securities or other voting interests representing at least 5% of the outstanding voting power of a Person or equity securities or other equity interests representing at least 5% of the outstanding equity securities or equity interests in a Person.  Notwithstanding anything to the contrary in this Agreement, Balta shall not be a Related Party.
(cii) “Representatives” means, in relation to a Person, its respective Related Persons and the directors, officers, employees, agents, advisers, accountants and consultants of that Person and/or of its respective Related Persons.
(ciii) “Rights” means all arrangements, calls, commitments, contracts, options, rights to subscribe to, scrip, understandings, warrants, or other binding obligations of any character whatsoever relating to, or securities or rights convertible into or exchangeable for, shares of a Person or by which a Person is or may be bound to issue additional shares or other Rights.
(civ) “Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated persons or entities maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury (including, without limitation, the List of Specially Designated Nationals and Blocked Persons and the Sectoral Sanctions Identifications List), the U.S. Department of State, the United Nations Security Council, the European Union or any European Union member state or (b) any person or entity owned 50% or greater by any such person or entity described in the foregoing clause (a).
(cv) “Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. federal government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United 

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Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom.
(cvi) “Sarbanes-Oxley Act” means the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated thereunder, or any successor statute, rules or regulations thereto.
(cvii) “SEC Documents” means all forms, proxy statements, registration statements, reports, schedules, and other documents filed, or required to be filed, by a party or any of its Related Persons with any Governmental Authority pursuant to the Securities Laws.
(cviii) “Securities Act” means the United States Securities Act of 1933, as amended. 
(cix) “Securities Laws” means the Securities Act, the Exchange Act, the Sarbanes-Oxley Act, the Investment Company Act of 1940, as amended, the Investment Advisors Act of 1940, as amended, the Trust Indenture Act of 1939, as amended, and the rules and regulations of any Governmental Authority promulgated thereunder.
(cx) “Seller Indemnitees” means Seller and its officers, directors, managers, general partners, shareholders, members, partners, employees, agents and its other Related Persons.
(cxi) “Seller Release” means a release, in substantially the form attached hereto as Exhibit B with respect to (i) all claims and potential claims by Seller against any member of the Company Group or such member’s officers, directors or managers, and (ii) any and all obligations of the Company Group to Seller, in each case other than claims, potential claims or obligations as provided in the Purchase Documents.
(cxii) “Shareholder Loan Interest” means interest, yield and return that has accrued or will accrue up to the Closing Date, provided that provisions in the Shareholder Loans requiring sufficiently available funds, that the relevant debtor company will not become insolvent and other conditions shall be deemed for the purpose of this definition to have been satisfied.
(cxiii)  “Shareholder Loans” means the loans and bonds listed on Schedule 1.1(a)(cxiii). 
(cxiv)  “Shaw Contract” means the supply agreement dated September 14, 2010 between IVC US and IVC NV as suppliers and Shaw Industries Group, Inc. as purchaser.
(cxv) “Specified Environmental Risks” means those environmental matters listed on Schedule 1.1(a)(cxv). 
(cxvi) “Specified Indebtedness” means the Indebtedness listed on Schedule 1.1(a)(cxvi).

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(cxvii)    “Specified Litigation Risks” means (a) the proceedings initiated before the Commercial Court (Rechtbank van Koophandel) of Kortrijk but currently pending before the Court of Appeal (Hof van Beroep) of Ghent concerning the agreement for the supply / purchase of wood dust dated 3 December 2003 between Nacospan N.V. and Spanolux S.A., and (b) the dispute between Välinge Flooring Technology AB (Välinge) and Spanolux N.V. Divisie Balterio relating to Välinge’s German utility model DE 20 2012 007 012 U1 (infringement and cancellation proceedings).
(cxviii)     “Specified Subsidies Risks” means the agreement entered into between the Walloon Region and Spanolux NV, dated July 1, 2002 and the decision of the European Commission nr. N 210/2003 pursuant to which Spanolux NV may be required to reimburse subsidies received if it does not achieve certain investment program targets. 
(cxix) “Statutory Accounting Principles” means Luxembourg GAAP implemented by the Company as described in Schedule 1.1(a)(cxix) .
(cxx) “Tax” means any federal, state, county, local, or foreign tax, charge, fee, levy, impost, duty, or other assessment, including income, gross receipts, excise, employment, sales, use, transfer, recording, license, payroll, franchise, severance, documentary, stamp, occupation, windfall profits, environmental, federal highway use, commercial rent, customs duty, shares, paid-up capital, profits, withholding, social security, single business and unemployment, disability, real property, personal property, registration, ad valorem, value added, goods and services, alternative or add-on minimum, estimated, or other tax, incompatible State aid recovered by any Governmental Authority or governmental fee of any kind whatsoever, imposed or required to be withheld by any Governmental Authority, including any interest, penalties, and additions imposed thereon or with respect thereto, and including liability for the Taxes of any other person under Treasury Regulations Section 1.1502-6 (or any similar provision of state, local, or foreign law), as a transferee or successor, by contract, or otherwise.
(cxxi) “Taxing Authority” means the IRS and any other federal, state, local or foreign Governmental Authority responsible for the administration of any Tax.
(cxxii) “Tax Benefit” means any deduction or loss that may be claimed for Tax purposes by an Indemnitee.
(cxxiii)    “Tax Return” means any return (including any informational return) report, statement, schedule, notice, certificate, form or other document or information filed with or submitted to, or required to be filed with or submitted to any Taxing Authority in connection with the determination, assessment, collection or payment of any Tax or in connection with the administration, implementation or enforcement of compliance with any legal requirement relating to any Tax. 
(cxxiv)     “Third Party” means any Person other than a Party.

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(cxxv) “Third Party Claim” means any Litigation instituted against the Indemnitee which, if prosecuted successfully, would be a matter for which the Indemnitee is entitled to indemnification under this Agreement (including Article 14).
(cxxvi)     “Third Party Service Provider” means a Third Party that provides outsourcing or other data or IT-related services for the Company Group. 
(cxxvii) “Transaction Expenses” means (a) any amounts that are payable by a member of the Company Group as a result of an action taken or directed by Seller or, prior to Closing, a member of the Company Group to (x) counsel to the Company Group or Seller, and (y) any other transaction advisor engaged by the Company, any Subsidiary or Seller, including accountants and data room administrators, in connection with this Agreement and the Proposed Transactions, (b) all amounts (other than the Warehouse Purchase Price and payments in respect of the Shareholder Loans including the Shareholder Loan Interest) that are payable by any member of the Company Group to directors, officers, consultants or employees of the Company or any Subsidiary as a result of the execution of this Agreement or the consummation of the Proposed Transactions, (c) all costs and expenses relating to the Restructuring, (d) all amounts (other than the Warehouse Purchase Price and payments in respect of the Shareholder Loans including the Shareholder Loan Interest) that are payable to Seller or Related Persons of Seller by the Company or any Subsidiary as a result of the execution of this Agreement or the consummation of the Proposed Transactions; provided, that in the case of each of clauses (a) through (d), such expenses are incurred prior to or at the Closing and are paid or payable after December 31, 2014. Any component of Transaction Expenses not denominated in Euros shall be converted into Euros by reference to the World Market Fix rate as of 11:00am New York Time on the fourth Business Day immediately preceding the Closing Date.  For the avoidance of doubt, expenses incurred at the direction of Purchaser, Parent or their Representatives other than as set forth in the Purchase Documents are not “Transaction Expenses”.
(cxxviii) “Transition Services Agreement” means the transition services agreement to be entered into between Baltisse N.V. and the provider of transition services pursuant to Section 6.16.
(cxxix)    “Treasury Regulations” means the Federal income tax regulations promulgated under the Code, as such regulations may be amended from time to time.
(cxxx)    “U.S. LVT Plant” means that certain manufacturing facility located at 101 IVC Drive, Dalton, Georgia 30721, United States, together with the land on which it is situated and all other improvements located thereon and appurtenances thereto.
(cxxxi)    “U.S. LVT Plant Development Authority Documents” means the U.S. LVT Plant Development Authority Lease, together with all other Bond Documents (as defined in the U.S. LVT Plant Development Authority Lease) evidencing or otherwise entered into in connection with the issuance revenue bond(s) by the 

- 18 -

Development Authority in the maximum principal amount of $170,000,000 to finance the acquisition and/or construction of the U.S. LVT Plant and certain equipment and other personal property affixed or appurtenant thereto or located or to-be-located thereon.
(cxxxii) “U.S. LVT Plant Development Authority Lease” means that certain Lease Agreement by and between the Development Authority and IVC US, dated as of July 1, 2014, concerning the terms under which IVC US leases the U.S. LVT Plant from the Development Authority.
(cxxxiii) “U.S. LVT Plant Remaining Capex Amount” means €35,877,000.
(cxxxiv) “U.S. Real Property” means the Real Property, if any, located in the United States.
(cxxxv) “Vehicles” means all motor vehicles, trucks, forklifts, and other rolling stock and all assignable warranties of Third Parties related thereto.
(cxxxvi) “Warehouse” means that certain warehouse located at Nijverheidslaan 29, 8580 Avelgem, Belgium leased by Baltissimmo to IVC NV.
(cxxxvii) “Warehouse Freehold” means the residual rights (tréfonds) over the Warehouse held by the Company.
(cxxxviii) “Warehouse Leasehold” means the long term lease right (erfpacht/emphytéose) over the Warehouse held by Baltissimmo.
(cxxxix) “Warehouse Purchase Documents” means those documents relating to the purchase of the Warehouse to be negotiated in good faith between Purchaser or its Related Party and Baltissimmo between the date of this Agreement and the Closing Date in accordance with Section 2.5.
(cxl) “Warehouse Purchase Price” means the price to be paid for the Warehouse Leasehold as determined in accordance with Section 2.5.
(cxli) “Warehouse Valuation” means the value of the Warehouse determined by the Warehouse Valuer.
(cxlii)    “Warehouse Valuer” means BVBA Landmeter Pol Hautekiet or, if BVBA Landmeter Pol Hautekiet is unwilling or unable to act as the valuer of the Warehouse as contemplated by this Agreement, such other Chartered Surveyor as the Parties shall agree in good faith or, failing such agreement, the president of the commercial court of Kortrijk shall nominate.
(cxliii)    “World Market Fix” rate means the 4pm London time WM/Reuters Euro to USD exchange rate distributed by World Markets Co.

- 19 -

(b)    The titles and headings included in this Agreement are for convenience only and shall not be taken into account in the interpretation of the provisions of this Agreement.
(c)    The Schedules and Exhibits to this Agreement form an integral part hereof and any reference to this Agreement includes the Schedules and Exhibits and vice versa.
(d)    The original version of this Agreement has been drafted in English. Should this Agreement be translated into French or any other language, the English version shall prevail among the Parties to the fullest extent permitted by Luxembourg law, provided, however, that whenever French translations of certain words or expressions are contained in the original English version of this Agreement, such translations shall be conclusive in determining the Luxembourg legal concept(s) to which the Parties intended to refer.
(e)    The words “herein”, “hereof”, “hereunder”, “hereby”, “hereto”, “herewith” and words of similar import shall refer to this Agreement as a whole and not to any particular clause, paragraph or other subdivision.
(f)    The words “include”, “includes”, “including” and all forms and derivations thereof shall mean including but not limited to.
(g)    All periods of time set out in this Agreement shall be calculated from midnight to midnight. They shall start on the day following the day on which the event triggering the relevant period of time has occurred. The expiration date shall be included in the period of time. If the expiration date is a Business Day, the expiration date shall be postponed until the next Business Day. Unless otherwise provided herein, all periods of time shall be calculated in calendar days. All periods of time consisting of a number of months (or years) shall be calculated from the day in the month (or year) when the triggering event has occurred until the eve of the same day in the following month(s) (or year(s)) (“de quantième à veille de quantième”).
(h)    Unless otherwise provided herein, all references to a fixed time of a day shall mean Luxembourg time.
(i)    The terms set forth below shall have the meanings ascribed thereto in the referenced sections:

	
			
	Term
	Page
	

	 
	 

	Additional Amount
	24
	

	Adjustment Report
	23
	

	Agreement
	1
	

	Balcaen
	1
	

	Base Amount
	21
	

	Claim Resolution Period
	74
	

	Closing
	26
	

 
	
			
	Term
	Page
	

	 
	 

	Closing Date
	26
	

	Company
	1
	

	Continuing Employees
	61
	

	De Minimis Amount
	76
	

	DOJ
	58
	

	EBITDA Adjustment
	22
	

	Estimated Purchase Price
	22
	

- 20 -

	
		
	Estimated Purchase Price Statement
	22

	FCPA
	49

	FTC
	58

	Governing Documents
	30

	Governmental Antitrust Authority
	58

	Indemnification Claim Notice
	74

	Independent Accounting Firms
	24

	Key Personnel Term Sheets
	1

	Material Contracts
	36

	Maximum Amount
	76

	Negotiation Period
	24

	New Company Plans
	62

	Non-U.S. Benefit Plans
	46

	NYSE
	54

	Objection Notice
	23

	Other Shareholder
	1

	Outside Date
	72

	Parcel
	33

	Parent
	1

	Parent SEC Reports
	52

	Payoff Letters
	27

 
	
			
	Positive EBITDA Difference
	22
	

	Pre-December 31 Tax Period
	79
	

	Purchase Price
	21
	

	Purchaser
	1
	

	Release Date
	75
	

	Restricted Period
	68
	

	Restricted Territory
	68
	

	Restructuring
	65
	

	Seller
	1
	

	Shareholder Loan Payoff Letters
	28
	

	Shares
	1
	

	Shortfall Amount
	24
	

	Straddle Period
	79
	

	Subsidiaries
	31
	

	Subsidiary
	31
	

	Tax Indemnity
	79
	

	Tax Sharing Agreement
	48
	

	Threshold Amount
	76
	

	U.S. Benefit Plans
	44
	

	WARN Act
	43
	

	 
	 

ARTICLE 2    PURCHASE AND SALE OF THE SHARES
		
	2.1
	    Purchase and Sale of the Shares.

On and subject to the terms and conditions of this Agreement, at the Closing, Seller shall sell, and Purchaser shall purchase, all of Seller’s right, title, and interest in and to the Shares.  Seller shall transfer and convey the Shares and Purchaser shall purchase, the Shares free and clear of any and all Liens.
		
	2.2
	    Purchase Price.

(a)    The purchase price for the Shares shall be an amount equal to, without duplication:
(i) €1,008,000,000 (the “Base Amount”); minus
(ii) the amount of Indebtedness; minus 
(iii) the amount of Transaction Expenses; minus
(iv) the Warehouse Purchase Price; plus
(v) the amount of Cash;
the amount calculated pursuant to this sentence, the “Purchase Price”. 

- 21 -

(b)    The Base Amount presented in paragraph (a) above is based on an assumption that the EBITDA for the Company Group for the twelve months ended December 31, 2014 is equal to or greater than €101,500,000. In the event that the EBITDA for the Company Group for the twelve months ended December 31, 2014 as derived from the 2014 Management Accounts (applying the Management Accounting Principles) is less than €101,500,000, then the Base Amount shall be reduced by an amount equal to 9.93 times the difference thereof, rounded up to the nearest whole Euro (the “EBITDA Adjustment”).
(c)    In the event that the EBITDA for the Company Group for the twelve months ended December 31, 2014 as derived from the 2014 Management Accounts (applying the Management Accounting Principles) is greater than €101,500,000 (such difference being the “Positive EBITDA Difference”), then any Shortfall Amount that would otherwise be payable by Seller pursuant to Section 2.4(f) shall be reduced by an amount equal to 9.93 times the Positive EBITDA Difference, rounded up to the nearest whole Euro.
(d)    Not later than the Marketing Commencement Date, Seller shall prepare and deliver to Purchaser a statement, certified by an authorized signatory of the Company (the “Estimated Purchase Price Statement”), setting forth Seller’s good faith estimate of the Purchase Price as of the Closing Date (the “Estimated Purchase Price”), including the amount of the EBITDA Adjustment or the Positive EBITDA Difference, if any, together with reasonable supporting detail.
(e)    After receipt of the Estimated Purchase Price Statement and prior to the second Business Day prior to the anticipated Closing Date, Purchaser may notify Seller in the event that it disputes any aspect of the Estimated Purchase Price Statement and Purchaser and Seller shall negotiate in good faith to resolve such dispute.  If Purchaser and Seller agree upon the amounts set forth in the Estimated Purchase Price Statement, then the Estimated Purchase Price set forth therein shall be deemed to apply for purposes of this Agreement. If Purchaser and Seller fail to agree upon the amounts set forth in the Estimated Purchase Price Statement at least one Business Day before the anticipated Closing Date, neither Purchaser nor Seller shall delay the Closing because of such failure to agree and the Estimated Purchase Price set forth in the Estimated Purchase Price Statement delivered by Seller shall be deemed to apply for purposes of this Agreement.  However, the occurrence of the Closing shall not constitute a waiver of Purchaser’s right to proceed to the determination procedure set out in Section 2.4.
2.3    Payment of Estimated Purchase Price.
(a)    On the Closing Date, Purchaser shall pay (i) to Seller the Estimated Purchase Price minus the Escrow Amount and minus €100,000,000, (ii) to Seller the Parent Common Stock Consideration, (iii) to Baltissimmo NV the Warehouse Purchase Price, (iv) to the Company, the amounts set forth on the Shareholder Loan Payoff Letters (which the Company shall then immediately pay to the holders of the Shareholder Loans), (v) to the Company, the amounts set forth on the Payoff Letters (which the Company shall then immediately pay to the holders of the Specified Indebtedness), and (vi) to the Escrow Agent the Escrow Amount to be held and administered by the Escrow 

- 22 -

Agent in accordance with the terms of the Escrow Agreement. All such payments, other than the Parent Common Stock Consideration, shall be wire transfers of immediately available funds. Amounts with respect to Specified Indebtedness that are stated in the Payoff Letters to be payable in United States dollars shall be paid by Purchaser in United States dollars.
(b)    Any payment to be made by wire transfer of immediately available funds pursuant to this Agreement by Purchaser shall be made to the bank accounts nominated by Seller, such details to be provided by Seller in writing to Purchaser at least three Business Days prior to the due date for payment.  Unless otherwise agreed by each Party in writing, any payments by wire transfer under this Agreement shall be in immediately available funds in Euros without any withholding (except as otherwise provided in accordance with Section 3.5), set-off, deduction or counterclaim.  All payments shall be made by electronic transfer on the due date for payment and receipt of the amount due shall be an effective discharge of the relevant payment obligation.
2.4    Post-Closing Adjustment.
(a)    In the event that (i) Purchaser has timely notified Seller in accordance with Section 2.2(e) that it disputes the Estimated Purchase Price Statement, (ii) the Parties were unable to resolve the dispute prior to the Closing, and (iii) provided that the amount by which Purchaser disputes the Estimated Purchase Price exceeds an amount equal to 9.93 times the Positive EBITDA Difference, as soon as is reasonably practicable after the Closing Date but not more than 30 days after the Closing Date, Purchaser shall prepare and deliver to Seller a written statement showing in reasonable detail Purchaser’s computation of the Purchase Price (the “Adjustment Report”) together with reasonable supporting detail, which Adjustment Report shall be prepared in accordance with this Agreement and the relevant Accounting Principles on a basis consistent with that used in the preparation of the Financial Statements and the Management Accounting Policies.  All components of the Purchase Price that can be derived from the 2014 Audited Financial Statements shall be derived from the 2014 Audited Financial Statements without further adjustment (it being understood that the EBITDA Adjustment is to be based on the Management Accounting Principles and that the Transaction Expenses may reflect expenses incurred after December 31, 2014).  In the event that Purchaser has not delivered to Seller an Adjustment Report in accordance with this Section 2.4 within the period of 30 days following the Closing Date, the Estimated Purchase Price set forth in the Estimated Purchase Price Statement shall be deemed final, conclusive and binding.
(b)    Upon receipt of the Adjustment Report, Seller shall review the Adjustment Report and shall promptly, but in any event within 30 days following such receipt, notify Purchaser of any objection Seller has to Purchaser’s computation of the Purchase Price in the Adjustment Report by describing in reasonable detail in a written notice to Purchaser (the “Objection Notice”) Seller’s objection to Purchaser’s computation of the Purchase Price.  If Seller does not deliver an Objection Notice within such 30 day period, then Seller shall be deemed to have accepted the Adjustment Report, and the Purchase Price set forth in the Adjustment Report shall be deemed final, conclusive and binding.  In the event of timely delivery of an Objection Notice, Seller and Purchaser shall immediately 

- 23 -

attempt, in good faith, to resolve all disputes between Seller and Purchaser concerning any matter set forth in the Objection Notice within a period of 30 days (the “Negotiation Period”).
(c)    If Seller and Purchaser are unable to agree upon the Purchase Price during the Negotiation Period, then Seller and Purchaser shall each nominate an independent accounting firm (collectively, the “Independent Accounting Firms”), which shall determine the Purchase Price.  Purchaser and Seller shall instruct the Independent Accounting Firms to deliver their written determination to Seller and Purchaser no later than the 45th day following the date on which the remaining differences are referred to the Independent Accounting Firms or such other date as may be specified by the parties, which written determination shall (i) be in accordance with (A) this Agreement (including paragraph (a) above) and (B) to the extent not derivable pursuant to clause (A), the Accounting Principles applied in a manner that is consistent with that used in the preparation of the Financial Statements and, in relation to the EBITDA Adjustment, the Management Accounting Principles, (ii) be based solely on presentations and written submissions by Seller and Purchaser to the Independent Accounting Firms, and not by independent review, (iii) set forth in reasonable detail the basis for the Independent Accounting Firms’ final determination of the Purchase Price and (iv) absent manifest error, be final, conclusive, non-appealable and binding on the Parties. In determining each disputed item, the Independent Accounting Firms may not assign a value to such item greater than the greatest value for such item claimed by either Seller or Purchaser or less than the lowest value for such item claimed by either Seller or Purchaser.  Seller and Purchaser shall make available to the Independent Accounting Firms and to each other all relevant books and records and working papers (including access to personnel at the Company, Seller and Purchaser who prepared, or in the case of Seller reviewed, the Adjustment Report) and all other items reasonably requested by the Independent Accounting Firms. The fees and expenses (including VAT) of each Independent Accounting Firm shall be borne by the relevant instructing party.
(d)    If the Independent Accounting Firms cannot resolve the remaining differences within the period of 45 days referred to in Section 2.4(c), such remaining differences shall be resolved by arbitration in accordance with the dispute resolution procedures set forth in Section 15.12 of this Agreement.
(e)    If the Purchase Price as finally determined pursuant to this Agreement exceeds the Estimated Purchase Price (the amount of such excess, the “Additional Amount”), then within five Business Days following such determination, Purchaser shall pay to Seller the Additional Amount by wire transfer of immediately available funds without any withholding (except as permitted by Section 3.5), set-off, deduction or counterclaim.
(f)    If the Estimated Purchase Price exceeds the Purchase Price as finally determined pursuant to this Agreement (the amount of such excess, the “Shortfall Amount”), then Seller shall pay to Purchaser, within five Business Days following such determination, an amount equal to (i) the Shortfall Amount, minus (ii) an amount equal to 9.93 times the Positive EBITDA Difference, rounded up to the nearest whole Euro (up to 

- 24 -

the Shortfall Amount), by wire transfer of immediately available funds without any withholding (except as permitted by Section 3.5), set-off, deduction or counterclaim.
(g)    All payments made by the Seller to Purchaser or by Purchaser to the Seller under this Agreement, other than payments of interest, shall so far as possible be made by way of adjustment to the Purchase Price.
(h)    If any amount due for payment in accordance with this Agreement is not paid on the due date for payment, the Person in default shall pay the Default Interest on such amount from but excluding the due date to and including the date of actual payment calculated on a daily basis.
2.5    Warehouse.
(a)    The Parties agree the following in relation to the acquisition of the Warehouse Leasehold:
(i) The Parties shall negotiate in good faith (A) the structure of the acquisition of the Warehouse Leasehold by Purchaser or a Related Person and the Warehouse Purchase Documents and (B) the identity of the Warehouse Valuer, and shall use commercially reasonable efforts to reach such agreement as quickly as possible and in any event within one month following the date of this Agreement (the “Warehouse Negotiation Period”).
(ii) In the event that the Parties are unable to reach agreement on the structure of the acquisition of the Warehouse Leasehold by Purchaser or its Related Party and the Warehouse Purchase Documents during the Warehouse Negotiation Period:
		
	(A)
	Purchaser shall or shall procure that, on the Closing Date, one of its Related Parties (other than the entity which owns the Warehouse Freehold) shall purchase the Warehouse Leasehold and shall sign a notarised purchase deed subject to the customary terms and conditions for that type of transaction for the Warehouse Purchase Price; and

		
	(B)
	Seller shall procure that Baltissimmo shall sign the above mentioned notarised transfer deed on the Closing Date and transfer the Warehouse long term lease free of any Lien (other than Permitted Encumbrances).

(iii) In the event that the Parties are unable to reach agreement on the identity of the Warehouse Valuer during the Warehouse Negotiation Period, the president of the commercial court of Kortrijk shall nominate the Warehouse Valuer.
(iv) Upon agreement or (as the case may be) nomination by the president of the commercial court of Kortrijk of the Warehouse Valuer, Seller 

- 25 -

and Purchaser shall appoint the Warehouse Valuer.  The fees and expenses of the Warehouse Valuer shall be borne equally between Seller and Purchaser.  
(v)    The Warehouse Valuer shall within three weeks determine the Warehouse Valuation, being the fair market value as determined pursuant to the then current RICS Appraisal and Valuation Standards issued by the Royal Institution of Chartered Surveyors (Belgian Practices).  Absent manifest error, the Warehouse Valuer’s determination of the Warehouse Valuation shall be final, conclusive, non-appealable and binding on the Parties.
(vi)    The Warehouse Purchase Price shall be an amount equal to 90% of the Warehouse Valuation.
2.6    Escrow.
As soon as reasonably practicable and in any event within one month following the date of this Agreement, Seller and Purchaser shall appoint an Escrow Agent and enter into an Escrow Agreement on customary terms, provided that: (i) any rights to direct how the Escrow Amount shall be invested shall be exercised by Seller, (ii) the fees of the Escrow Agent shall be borne equally between Seller and Purchaser, (iii) any and all amounts standing to the credit of the escrow account, including any interest or other return earned on the escrow moneys shall be released and paid to Seller within 5 Business Days following the Release Date, and (iv) if the liability of Seller and Purchaser towards the Escrow Agent is joint and several, Seller and Purchaser shall each bear half of such liability except to the extent that the relevant claim is caused by the default or breach by Seller or its Representatives on the one hand or Purchaser or Parent or their Representatives on the other hand in which case the defaulting Party shall bear the entire liability towards the Escrow Agent and shall indemnify and hold harmless the other Parties for any Loss suffered by it/them as a result thereof.  Each Party shall promptly provide to the Escrow Agent such information as the Escrow Agent may request in connection with the entry into and performance under the Escrow Agreement.
ARTICLE 3    PROCEDURE FOR CLOSING 
		
	3.1
	    Time and Place of Closing.

The consummation of the purchase and sale contemplated by this Agreement (the “Closing”) shall be held at Allen & Overy SCS in Luxembourg, on the earlier to occur of: (i) the date that is 15 Business Days after the Marketing Commencement Date provided that on such date the Other Conditions Precedent are satisfied or waived pursuant to Article 7, Article 8 and Article 9, or (ii) such other date as Purchaser and Seller may agree in writing, commencing at 10:00 A.M., Central European Time, or at such other time and place as the Parties may agree in writing (the date on which the Closing actually occurs is hereinafter referred to as the “Closing Date”).  The 15 Business Day period referred to in clause (i) above shall be tolled (x) from February 14, 2015 through February 28, 2015, and (y) for the duration of any Market Disruption that occurs at any time other than from February 14, 2014 through February 28, 2014.  For the avoidance of 

- 26 -

doubt, the Parties agree to waive the application of Article 1179 of the Luxembourg Civil Code.
		
	3.2
	    Seller Actions and Deliverables at the Closing.

At the Closing, Seller shall cause each of the following to be delivered:
(a)    the updated shareholders’ register of the Company evidencing the transfer of the Shares to the Purchaser; 
(b)    certified copies of the letters from the directors of the Company and the Subsidiaries set forth on a schedule to be provided by Purchaser to Seller between the date hereof and Closing, after consultation with Seller, confirming their resignation with immediate effect as from the Closing Date;
(c)    a certificate signed on behalf of Seller certifying that the conditions set forth in Article 8 have been satisfied; 
(d)    a statement from each Subsidiary created or organized in the United States or under the laws of any state in the United States certifying under penalties of perjury that such Subsidiary is not a U.S. real property holding corporation within the meaning of Section 897(c)(2) in the form attached as Exhibit C;
(e)    a certificate of the legal or authorized representatives of the Company and of Seller containing a true and correct copy of the resolutions duly adopted by the board of directors or appropriate governing body of each of the Company and Seller, approving and authorizing each of the Purchase Documents to which each of the Company and Seller are a party and the Proposed Transactions.  The legal or authorized representatives of the Company and Seller shall also certify that such resolutions have not been rescinded, revoked, modified, or otherwise affected and remain in full force and effect;
(f)    the Governing Documents of the Company and of each Subsidiary, certified as of the Closing Date by the legal or authorized representatives of the Company or the relevant Subsidiary, as applicable; 
(g)    payoff letters from each holder of Specified Indebtedness indicating the amount required to discharge the Specified Indebtedness in full, including the amount of any prepayment penalties, fees and other amounts payable as a result of the repayment of such Specified Indebtedness (such amounts to not, for the avoidance of any doubt, be treated as Transaction Expenses), and providing for the release of all Liens securing such Specified Indebtedness upon payment in full therefor (the “Payoff Letters”);
(h)    payoff letters from each holder of Shareholder Loans indicating the amount required to discharge the Shareholder Loans in full, including the amount of any prepayment penalties, fees and other amounts payable as a result of the repayment of such Shareholder Loans including the Shareholder Loan Interest (such amounts to not, for the avoidance of any doubt, be treated as Transaction Expenses), and providing for 

- 27 -

the release of any Liens securing such Shareholder Loans upon payment in full therefor (the “Shareholder Loan Payoff Letters”);
(i)    the Purchase Documents, executed by the Seller or, in the case of the Warehouse Purchase Documents, Baltissimmo; 
(j)    duly executed employment agreements with each of the Key Personnel, on terms which are consistent with those set out in the Key Personnel Term Sheets;
(k)    duly executed share transfer agreements with the Key Personnel and Optionholders providing for the transfer of all of their equity interests in the Company Group to the Company or relevant member of the Company Group in the form disclosed to Purchaser prior to the date of this Agreement; and
(l)    a duly executed Seller Release.
		
	3.3
	Purchaser and Parent Actions and Deliverables at the Closing.

At the Closing, Purchaser and Parent shall cause each of the following to be delivered:
(a)    to Seller and Baltissimmo N.V. the wire transfers specified in Section 2.3;
(b)    to Seller, the Parent Common Stock Consideration free and clear of all Liens other than restrictions on transfer provided for by applicable federal and state securities laws;
(c)    to the Escrow Agent, by wire transfer of immediately available funds to the account of the Escrow Agent, the Escrow Amount; 
(d)    to the Company by wire transfer of immediately available funds such amount to allow the Company and its Subsidiaries to repay the Specified Indebtedness (including any accrued interest and prepayment penalties), as specified in the Payoff Letters; 
(e)    to the Company by wire transfer of immediately available funds such amount to allow the Company and its Subsidiaries to repay the Shareholder Loans (including the Shareholder Loan Interest) and any prepayment penalties, as specified in the Shareholder Loan Payoff Letters;
(f)    a certificate dated as of the Closing Date executed by an authorized officer of each of Purchaser and Parent certifying that the conditions set forth in Article 9 have been satisfied; 
(g)    a certificate executed by the legal or authorized representatives of each of Purchaser and Parent containing a true and correct copy of resolutions duly adopted by each of Purchaser's and Parent’s Board of Managers and Board of Directors, respectively, approving and authorizing each of the Purchase Documents to which each of Purchaser and Parent is a party and each of the Proposed Transactions.  The secretary or assistant 

- 28 -

secretary of Parent and the legal or authorized representatives of Purchaser shall also certify that such resolutions have not been rescinded, revoked, modified, or otherwise affected and remain in full force and effect; 
(h)    an excerpt from the Crossroad Bank of Enterprises in relation to Purchaser and a certificate of incumbency of Parent executed by the secretary or assistant secretary of Parent listing the officers of each of Parent and Purchaser authorized to execute the Purchase Documents to which each of Parent and Purchaser is a party and the instruments of assumption on behalf of each of Parent and Purchaser and certifying the authority of each such officer to execute the agreements, documents, and instruments on behalf of each of Parent and Purchaser in connection with the consummation of the Proposed Transactions;
(i)    the Purchase Documents to which each of Parent and Purchaser is a party, executed by each of Parent and Purchaser, and the Warehouse Purchase Documents duly executed by the transferee thereunder; and
(j)    a duly executed Purchaser Release.
		
	3.4
	Acquisition of Warehouse Leasehold.

At the Closing, Purchaser or its Related Person shall acquire the Warehouse Leasehold.
		
	3.5
	Withholding.

In the event Purchaser determines that any portion of the Purchase Price would be subject to withholding under applicable Law, Purchaser shall promptly notify Seller of such determination, but in no event less than 30 days prior to the Closing Date (unless Purchaser determines that such withholding is required as a result of an administrative action, judicial decision or change in applicable Law that occurs less than 35 days prior to the Closing Date, in which event Purchaser shall promptly notify Seller of such determination).  Seller shall promptly review such determination and shall notify Purchaser of any disagreement with such determination.  Seller and Purchaser shall endeavor in good faith to resolve any such disputes.  If Seller and Purchaser cannot resolve any dispute regarding any proposed withholding by Purchaser, Seller shall have the opportunity to deliver to Purchaser, no later than five days prior to the Closing Date and at the sole cost and expense of Seller, an opinion of counsel in form and substance reasonably acceptable to Purchaser, to the effect that withholding should (or such higher standard as may be required under applicable state, local or foreign Law to avoid the imposition of penalties) not be required.  Purchaser shall pay the Purchase Price free and clear of any withholding under applicable Law, provided, that Purchaser may withhold any amounts that it determines are subject to withholding under applicable Law to the extent (a) it has notified Seller of its determination that a portion of the Purchase Price is subject to withholding and Seller has agreed with such determination, (b) it has notified Seller at least 30 days prior to the Closing Date of its determination that a portion of the Purchase Price is subject to withholding and Seller has failed to deliver to Purchaser an 

- 29 -

opinion of counsel described in the preceding sentence, or (c) Purchaser determined that such withholding is required as a result of an administrative action, judicial decision or change in applicable Law that occurred less than 35 days prior to the Closing Date, Purchaser promptly notified Seller of such determination, and Seller has failed to deliver to Purchaser an opinion of counsel described in the preceding sentence.
ARTICLE 4    REPRESENTATIONS AND WARRANTIES OF SELLER
Except as disclosed in the Disclosure Schedule, Seller represents and warrants to Parent and Purchaser as set out in this Article 4:
		
	4.1
	    Authority; Enforceability.

(a)    Seller has the requisite corporate power and authority to execute this Agreement, perform its obligations hereunder and to consummate the Proposed Transactions. The execution, delivery and performance by Seller of this Agreement and the consummation of the Proposed Transactions have been duly and validly authorized by all necessary corporate action on the part of Seller and such authorization has not been subsequently modified or rescinded.
(b)    This Agreement has been duly and validly executed and delivered by Seller and constitutes, assuming due authorization, execution and delivery of this Agreement by Purchaser, a valid and binding legal obligation of Seller, enforceable against Seller in accordance with the terms hereof.
		
	4.2
	    Non-Contravention; Consents.

(a)    The execution and delivery of this Agreement by Seller does not, and the performance of this Agreement by Seller will not, require any consent, approval, authorization or permit of, or filing with, or notification to, any Governmental Authority, except (i) under any applicable Antitrust Laws, (ii) such consents, approvals, Authorizations, filings or notifications listed on Schedule 4.2(a)     or (iii) such other consents, approvals, authorizations, permits, filings or notifications the failure of which to make or obtain would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(b)    The execution and delivery of this Agreement by Seller does not, and the consummation of the Proposed Transactions will not, (i) conflict with or violate any provision of Seller’s, the Company’s, or any Subsidiary’s memorandum and articles of association or incorporation, bylaws, operating agreement, partnership agreement or other equivalent constitutional documents (collectively, “Governing Documents”), (ii) assuming all filings and notifications under any applicable Antitrust Laws have been made and any waiting periods thereunder have terminated or expired, conflict with or violate any applicable Laws except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or (iii) result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to 

- 30 -

accelerate, terminate, modify, or cancel any Material Contract except as would not reasonably be expected to be materially adverse to the Company Group.
		
	4.3
	    The Shares.

(a)    Seller owns as at the date of this Agreement 558,245 (the “Seller Shares”) and will, on the Closing Date, have the right to transfer all of the Shares. Seller has entered into a written agreement with the Other Shareholder obligating the Other Shareholder to transfer all Shares in the Company held by the Other Shareholder to Seller prior to the Closing.
(b)    Seller owns the Seller Shares as at the date of this Agreement free and clear of all Liens, and at Closing all Shares shall be transferred to the Purchaser free and clear of all Liens. As of the date hereof Seller holds good and valid title to the Seller Shares, free and clear of all Liens.
(c)    The Shares constitute the whole of the issued share capital of the Company. All of the Shares have been validly issued and fully paid in. The Shares are owned in the aggregate by the Seller and the Other Shareholder.
(d)    There are no outstanding warrants, options, rights, agreements, convertible or exchangeable securities or other commitments pursuant to which Seller or other holders of Shares or the Company is or may become obligated to issue, sell, purchase, return or redeem any shares or other securities of the Company.  There are no outstanding or authorized appreciation, phantom interest, profit participation or similar rights with respect to the Company.  There are no voting trusts, proxies or other agreements or undertakings with respect to the voting of the shares of the Company. The Company or applicable member of the Company Group has entered into binding agreements with each of the Optionholders requiring the Optionholders to exercise their options and transfer the resulting shares to the Company or the applicable member of the Company Group at or prior to Closing.
4.4    Organization; Subsidiaries.
(a)    Seller is duly organized and existing under the Laws of its jurisdiction of organization and has all necessary power and authority to conduct its business in the manner in which it is being conducted. The Company is duly organized and existing under the Laws of Luxembourg, has its central administration in Luxembourg and has all necessary power and authority to conduct its business in the manner in which it is being conducted.
(b)    Schedule 4.4(b)      contains a true and complete list of all of the Persons in which the Company owns, directly or indirectly, any shares, partnership interests, other equity rights or other securities or derivatives thereof as at the date of this Agreement (the “Subsidiaries” and each a “Subsidiary”).  
(c)    Each of the Subsidiaries (i) is duly organized and validly existing under the laws of its jurisdiction of organization; (ii) has its central administration in such 

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jurisdiction, and (iii) has all necessary power to conduct its business in the manner in which it is being conducted as of the date of this Agreement except where the absence of such power would not reasonably be expected to have a Material Adverse Effect.
(d)    All of the outstanding shares or partnership interests, other equity rights or other securities of each of the Subsidiaries are authorized, duly and validly issued and outstanding, fully paid and non-assessable and are legally and beneficially owned, directly or indirectly, by the Company, free and clear of all Liens, except for (i) applicable transfer restrictions pursuant to applicable Laws, (ii) Permitted Encumbrances and (ii) those Liens that will be released on or prior to the Closing Date.
(e)    There are no outstanding warrants, options, rights, agreements, convertible or exchangeable securities or other commitments pursuant to which any Subsidiary is or may become obligated to issue, sell, purchase, return or redeem any shares or other securities of a Subsidiary. There are no outstanding or authorized appreciation, phantom interest, profit participation or similar rights with respect to any Subsidiary. There are no voting trusts, proxies or other agreements or undertakings with respect to the voting of the shares of any Subsidiary.
(f)    Neither the Company nor any Subsidiary has entered into any transaction or carried out any business outside the scope of its corporate purpose clause and has complied with all other provisions of its Governing Documents, except where such transaction, business or non-compliance would not reasonably be expected to have a Material Adverse Effect.
(g)    Neither the Company nor any Subsidiary is the subject of any bankruptcy, dissolution, liquidation, judicial reorganization or similar proceeding.
(h)    The Company has provided to Purchaser in Folder 1.1 of the Data Room true and complete copies of the Governing Documents of the Company and each Subsidiary as in effect as of the date hereof.
4.5    Compliance with Applicable Laws.
Each member of the Company Group is in compliance with all Laws applicable to such member of the Company Group, except for such instances of non-compliance that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. The Company Group possesses all Permits necessary for the lawful operation of its business as currently conducted and is in compliance in all material respects with all such Permits. No member of the Company Group has received in the three years prior to the date of this Agreement or the Closing Date, as applicable, any written notice from any Governmental Authority or any other Person regarding any actual, alleged, possible, or potential material violation of, or material failure to comply with, any Law or Order.

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	4.6
	Financial Statements and Books and Records.

(a)    Attached as Schedule 4.6(a) are correct and complete copies of the Financial Statements (other than the 2014 Audited Financial Statements). The Financial Statements have been, and the 2014 Audited Financial Statements, when issued, will be, prepared from the Books and Records of the Company Group, and present fairly in all material respects or, when issued, will present fairly in all material respects, in each case in accordance with the Statutory Accounting Principles, the financial position and results of operation of the Company Group as at the dates and for the periods indicated.  The Company Group has no Liabilities, other than (i) Liabilities incurred in the Ordinary Course of Business since the date of the Most Recent Audited Balance Sheet, (ii) Liabilities reflected in the Most Recent Audited Balance Sheet and (iii) Liabilities that would not reasonably be expected to be, individually or in the aggregate, a Material Adverse Effect.
(b)    The statutory books, including minute books and share registers, as well as other material records of each member of the Company Group, that have been made available to Purchaser in the Data Room are complete and correct in all material respects. At the Closing, all of the Books and Records will be in the possession or under the control of the Company Group.
(c)    Since December 31, 2014 and through the date hereof, except in connection with the Proposed Transactions, (i) the Company Group has conducted its business in the Ordinary Course of Business and (ii) the Company Group has not suffered any change in its business, operations or financial position which changes, individually or in the aggregate, have had or would reasonably be expected to have a Material Adverse Effect.
		
	4.7
	    Real Property.

Schedule 4.7     is a true, correct and complete list of all real property owned by the Company Group, including a summary description of all facilities and structures located thereon, the address of such real property and the name of the applicable record owner as of the date of this Agreement.  Copies of all documents evidencing title of the Company Group to such Real Property have been delivered to the Purchaser. With respect to each such parcel of owned real property (a “Parcel”) listed on Schedule 4.7:
(a)    the entity owning such Parcel has good title to such Parcel (and, in the case of the U.S. Real Property, has good and marketable fee simple title to each Parcel comprising the U.S. Real Property), and neither Company nor the applicable owning Subsidiary have granted any Lien on any such Parcel and to the Knowledge of the Company there is no Lien on any such Parcel in each case other than Permitted Encumbrances;
(b)    to the Knowledge of the Company, all facilities have received all material approvals of any Governmental Authority (including Authorizations) required in connection with the construction, ownership and operation thereof and have been operated and maintained in all material respects in accordance with applicable material 

- 33 -

Laws (including relevant building permits, zoning laws and Laws relating to safety at work, hygiene, fire prevention and fitness for use);
(c)    there are no leases, subleases, licenses, concessions or other written agreements granting to any party the right of use or occupancy of any portion of any material Parcel or rights to purchase any Parcel or any portion thereof or interest therein;
(d)    to the Knowledge of the Company, no Person or entity has any right (possessory or otherwise), option, right of first refusal or any other Contract, whether oral or written, with respect to the purchase, assignment, lease, license, transfer, or any other similar rights of, in or to all or any portion of the Parcels;
(e)    to the Knowledge of the Company, each material structure on any Parcel is in sufficient repair and operating condition for the conduct of the Business in all material respects as currently conducted;
(f)    to the Knowledge of the Company, and except as disclosed to Purchaser in Folder 1.4 of the Data Room, all Improvements on the Parcels conform to all applicable state and local Laws or use restrictions;
(g)    neither the Company nor any applicable owning Subsidiary have received any written notice of any pending condemnations, planned public improvements, annexation, special assessments, zoning or subdivision changes, or other adverse claims that would reasonably be expected to adversely affect the ability to operate the Parcel as currently operated;
(h)    except as disclosed to Purchaser in Folder 1.4 of the Data Room, the Parcels constitute separately subdivided, legally distinct parcels of land, and none of the Parcels or Improvements materially encroach upon any Real Property of any Third Party, nor does any Real Property of any Third Party materially encroach upon the Parcels or Improvements; and
(i)    to Knowledge of the Company, there is no material Default by the Company or any applicable owning Subsidiary under any Liens or other Permitted Encumbrance which may affect the Parcels or any portion thereof, and no condition or circumstance exists which would constitute a material Default by the Company or any applicable owning Subsidiary under any such Liens.
Seller has no reason to anticipate that capital expenditures of greater than an aggregate of €500,000 will be required within 12 months after the Closing Date to repair or replace any facilities or material structures located on the Parcels, other than non-capital expenditures for routine, preventative or remedial maintenance in the Ordinary Course of Business and capital expenditures consistent in amount with past annually budgeted capital expenditures.

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	4.8
	Leased Property.

(a)    Schedule 4.8 sets forth all real property used or occupied by the Company Group pursuant to Real Property Leases as of the date of this Agreement.  The Company or a Subsidiary has a valid and enforceable leasehold interest under each of the Real Property Leases and neither the Company nor any Subsidiary has given or received any written notice, nor does the Company have Knowledge, of any event which would entitle a landlord to terminate any Real Property Lease or of any default or event, which, with notice or lapse of time, or both, would constitute a default by the Company, a Subsidiary or the landlord (or sub-landlord) under any of the Real Property Leases, except such defaults that have not had and are not reasonably likely to have, individually or in the aggregate, a Material Adverse Effect. Without prejudice to the generality of the foregoing, the Company and the Subsidiaries have quiet enjoyment and undisturbed possession (“possession paisible”) of all Leased Real Property. The Company has provided to Purchaser in Folder 1.4 of the Data Room true and complete copies of the Real Property Leases as in effect as of the date hereof, together with all amendments, modifications, extensions or supplements, if any, thereto, including any transfers, assignments or subleases thereof to which the Company or a Subsidiary is a party.
(b)    Each Real Property Lease is a legal, valid and binding obligation, enforceable against the parties thereto in accordance with its terms. Neither the Company nor any applicable leasing Subsidiary has leased, subleased, licensed or otherwise assigned to or  granted to anyone (other than the Company or its applicable Subsidiary) the right to use or occupy the Leased Real Property or any portion thereof. Neither the Company nor any applicable leasing Subsidiary has received any written notice of any pending condemnations, planned public improvements, annexation, special assessments, zoning or subdivision changes, or violations or claimed violations of any Law, or other adverse claims that would reasonably be expected to adversely affect the ability to operate the Leased Real Property as currently operated.
(c)    All Real Property Leases located outside of the United States are duly registered (“enregistrés”) and, where appropriate in order to secure their enforceability against Third Parties, recorded (“transcrits”) with the Mortgage Registrar (“Bureau de la conservation des hypothèques”).
(d)    The Company and the Subsidiaries have paid all material rents, expenses and other amounts due by them prior to delinquency and they have otherwise fulfilled all of their material obligations pursuant to the Real Property Leases, the U.S. LVT Plant Development Authority Documents, and any applicable Laws related thereto. To the Knowledge of the Company, there are no events of default, defaults or other circumstances that would permit the Development Authority to provide a notice of default or otherwise exercise any remedies under the U.S. LVT Plant Development Authority Documents and the Company has no Knowledge of any circumstance that could result in an indemnification claim against the Company or any of its Subsidiaries under the  U.S. LVT Plant Development Authority Documents. Without limiting the foregoing, IVC US has (i) made all required quarterly contributions accruing to date under the U.S. LVT Plant Development Authority Documents to the Greater Dalton 

- 35 -

Chamber of Commerce “Growth Greater Dalton 2.0” initiative which are required to total $100,000 and which are payable in quarterly installments on each January 15, April 15, July 15 and October 15, beginning on January 15, 2014, and (ii) properly and accurately prepared and filed on or before the respective due dates thereof all “Annual Reports” required to be filed under the Memorandum of Understanding attached to the Economic Development Agreement (as defined under the U.S. LVT Plant Development Authority Lease).  Such Annual Reports have indicated that no “2009 Project Recovery Payments,” “Expansion Recovery Payments,” or “Special Recovery Payments” (as those terms are defined in the Memorandum of Agreement) were due or payable. IVC US has good, marketable leasehold title to the U.S. LVT Plant, and neither the Company nor IVC US have granted any Lien on the U.S. LVT Plant and to the Knowledge of the Company, there is no Lien on the U.S. LVT Plant other than Permitted Encumbrances.
(e)    Neither the Company nor any Subsidiary has notified any landlord of its intention to terminate any Real Property Lease prior to the end of its lease term or to reduce the rentable area currently leased pursuant thereto. As at the date of this Agreement, no landlord has notified the Company or any Subsidiary in writing of its intention to terminate any Real Property Lease prior to the end of its lease term or to reduce the rentable area currently leased pursuant thereto.
4.9    Personal Property.  
The Company or applicable Subsidiary possesses good and transferable title to all of its owned Equipment, owned Vehicles, and other material items of owned personal property free and clear of all Liens, other than Permitted Encumbrances.
4.10    Condition and Sufficiency of Assets.

The buildings, plants, structures, furniture, fixtures, machinery, equipment, vehicles and other material items of tangible personal property currently owned or leased by the Company Group are structurally sound, are in good operating condition and repair (other than defects arising from normal wear and operation), and are adequate for the uses to which they are being put. The buildings, plants, structures, furniture, fixtures, machinery, equipment, vehicles and other items of tangible personal property currently owned or leased by the Company Group, together with all other properties and assets of the Company Group, are sufficient in all material respects for the continued conduct of the Business after the Closing in substantially the same manner as conducted before the Closing; provided, however, that no representation is made regarding Intellectual Property Rights, that being the subject of Section 4.12. None of the property contiguous to the Parcels owned by any member of the Company Group is owned by any Related Person of any member of the Company Group or the Seller. 
		
	4.11
	    Contracts.

(a)    Schedule 4.11(a)     contains a true, correct and complete list of the following Contracts (collectively, “Material Contracts”):

- 36 -

(i)    any Contract that by its terms requires the payment by or on behalf of the Company or a Subsidiary in excess of €2,000,000 per annum, or the delivery by the Company or a Subsidiary of goods or services with a fair market value in excess of €2,500,000 per annum or provides for the Company or its Subsidiaries to receive payments in excess of €2,000,000 per annum;
(ii)    any Contract that (x) requires the Company or any Subsidiary to purchase any material portion of any product or service from a Third Party for a purchase price in excess of €2,500,000, (y) contains a “take or pay” provision or minimum supply or purchase undertaking in excess of €2,000,000 per calendar year or (z) requires that the Company or any Subsidiary deal exclusively with a Third Party in connection with the sale or purchase of any product or service if such products or services have a purchase price of more than €2,500,000 individually or in the aggregate;
(iii)    any Contract that relates to an acquisition or divestiture of assets that contains covenants, indemnities or other obligations that impose a liability greater than €5,000,000 on the Company and its Subsidiaries;
(iv)    any agreement with any employee, officer or director providing for a termination, change of control, retention or similar payment in excess of €2,000,000;
(v)    any partnership or joint venture agreements that are either (i) material to the operations of the Company and its Subsidiaries, taken as a whole, or (ii) could require any payment or contribution in excess of €2,000,000;
(vi)    any agreement that provides for the payment of any amount as a result of the execution, delivery or performance of this Agreement or the consummation of the Proposed Transactions in excess of €2,000,000 individually or in the aggregate other than pursuant to any right of acceleration, termination, modification or cancellation set forth therein;
(vii)    any agreement with a Third Party providing for the operation by such Third Party of all or a material portion of the manufacturing or shipping operations of the Company and its Subsidiaries, taken as a whole, in the United States, Luxembourg, Belgium or Russia that provide for annual payments in excess of €2,000,000;
(viii)    any agreement providing that the Company or a Subsidiary indemnify any Person, other than in the Ordinary Course of Business or for agreements for which the Company's or Subsidiary’s liability for indemnification is limited to €2,000,000 or less;
(ix)    Debt Instruments representing Indebtedness greater than €2,500,000, which list shall include reference to change of control provisions of such Debt Instruments; and

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(x)    Contracts limiting or restraining any member of the Company Group or any successor thereto from engaging or competing in any manner or in any business,
in each case to the extent that such Material Contract has been entered into as at the date of this Agreement.
(b)    Schedule 4.11(b)      contains a true, correct and complete list of all commitments for capital expenditures that have been approved or made by the Company Group prior to the date of this Agreement in excess of €2,500,000 and that remain outstanding as of the date hereof.
(c)    Each of the Material Contracts is in full force and effect and there exists no Default under any of such Contracts by the Company Group or, to the Knowledge of the Company, by any other party to such Material Contracts that, in either case, would reasonably be expected to have a Material Adverse Effect. 
(d)    There exists as at the date of this Agreement no actual or, to the Knowledge of the Company, any threatened (in writing) termination or cancellation of, or any material amendment, material modification, or material change to any Material Contract.
(e)    Notwithstanding any provision in this Agreement to the contrary, the Shaw Contract shall not be considered a Material Contract and no representation or warranty is or shall be given in relation to the Shaw Contract except (i) that a true, accurate and complete copy of the Shaw Contract has been disclosed to Purchaser in Folder 1.3.8.1.10 of the Data Room, and (ii) there exists as at the date of this Agreement no actual or, to the Knowledge of the Company, any threatened termination, cancellation, or limitation of, or any material amendment, material modification, or material change to the Shaw Contract.
4.12      Intellectual Property.

To the Knowledge of the Company, the Business IP constitutes all of the Intellectual Property Rights that are necessary for conducting the Business as currently conducted. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Company and its Subsidiaries own all of the rights and interests in and have title, in each case free from encumbrances other than Permitted Encumbrances, to, or have a valid license to, all of the Business IP; provided that the foregoing is not a representation or warranty with respect to infringement, misappropriation or other violation of Intellectual Property Rights (which is addressed below in this Section 4.12). To the Knowledge of the Company as of the date hereof or the Closing Date, as applicable, no material item of the Owned IP is subject to any injunction, judgment, order, decree, ruling, or charge. No action, suit, proceeding, hearing, investigation, charge, complaint, claim, or demand as of the date hereof or the Closing Date, as applicable, is pending or, to the Knowledge of the Company, is threatened in writing as of the date hereof or the Closing Date, as applicable, that challenges the legality, validity, enforceability, use, or ownership of any material item of Owned IP. To the Knowledge of the Company, no material operations of the Company or 

- 38 -

any Subsidiary or any product manufactured or distributed by the Company or any Subsidiary, as conducted or manufactured during the two years prior to the date hereof or the Closing Date, as applicable, has infringed, violated or misappropriated the Intellectual Property Rights of any Person in any material respect. The representations and warranties set forth in this Section 4.12 are the sole and exclusive representations and warranties of Seller with respect to intellectual property matters.
		
	4.13
	Environmental Matters.   

(a)    Except for any matters that would not reasonably be expected to have a Material Adverse Effect:
(i) The Company Group is, and has been since January 1, 2009, in compliance with all Environmental Laws. The Company Group has not received written notification from a Governmental Authority that it is potentially liable under Environmental Law.
(ii) The Company Group has not entered into or received, nor is the Company Group in Default under, any Order relating to Environmental Laws.
(iii) The Company Group has obtained all required Environmental Permits, and the Company Group is in compliance with each such Environmental Permit.  No such Environmental Permit restricts the Company Group from operating the business covered by such Environmental Permit as currently being conducted and all such Environmental Permits remain in full force and effect.
(iv) There is no Litigation pending or, to the Knowledge of the Company, threatened by any Governmental Authority, municipality, community, citizen, or other entity, against the Company Group alleging a violation of Environmental Laws, or Environmental Permits.
(v) To the Knowledge of the Company, there has been no disposal, release, burial, placement, migration or Offsite Migration of Hazardous Materials on, in, at, or about any of the Leased Real Property or the Real Property or any facilities or property currently or previously owned, leased, operated or used by the Company Group except in compliance with Environmental Law.
(vi) To the Knowledge of the Company, there are no underground storage tanks or surface impoundments for Hazardous Materials active or abandoned on the Leased Real Property or the Real Property.
(vii) No Lien pursuant to Environmental Law has been imposed arisen or, to the Knowledge of the Company, is threatened to be imposed, on any of assets or properties of the Company Group.

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(viii) The Company Group has disclosed in Folder 1.6 of the Data Room true and complete copies of all audits or other written reports regarding any investigation conducted as to environmental matters at any of the Leased Real Property or the Real Property, in each case as at the date of this Agreement, in each case that are in the possession or control of any member of the Company Group or Seller.
(ix) To the Knowledge of the Company, no member of the Company Group has generated, used, handled, stored, treated or disposed of (directly or indirectly), or arranged for the transportation or disposal of, any Hazardous Materials at any facilities or locations that have been placed on the National Priorities List (or CERCLIS) under CERCLA, and neither the Company Group nor Seller has received any written notice from any Governmental Authority regarding potential Liabilities under Environmental Law with respect to such off-site Hazardous Substances treatment, storage, or disposal facilities or locations used by the Company Group.
(b)    Notwithstanding anything to the contrary, the only representations and warranties in this Agreement concerning environmental matters are set forth in this Section 4.13.
		
	4.14
	    Absence of Changes

Since December 31, 2014 through the date of this Agreement there has not been any transaction or occurrence in which any member of the Company Group has:
(a)    paid, discharged, or satisfied any Lien or Liability other than the payment, discharge, or satisfaction in the Ordinary Course of Business of Liens or Liabilities of the type reflected or reserved against in the Financial Statements or which were incurred since September 30, 2014 in the Ordinary Course of Business;
(b)    permitted, allowed, or suffered any of its material assets or properties (real, personal or mixed, tangible or intangible) to be subjected to any Lien, other than Permitted Encumbrances and Liens securing Indebtedness;
(c)    written down or written up the value of any Inventory (including write-downs by reason of shrinkage or markdowns), determined as collectible any Accounts Receivable in excess of €2,000,000, or any portion thereof in excess of €500,000, which were previously considered uncollectible, or written off as uncollectible any Accounts Receivable in excess of €2,000,000, or any portion thereof in excess of €500,000, except for write-downs, write-ups, and write-offs in the Ordinary Course of Business, none of which is material in amount;
(d)    except for the capital expenditure commitments described on Schedule 4.11(b), made any capital expenditure or commitment for additions to property, plant, equipment, intangible, or capital assets or for any other purpose, other than for emergency repairs or replacement;

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(e)    paid, loaned, distributed, or advanced any amounts to, sold, transferred, or leased any assets or properties (real, personal or mixed, tangible or intangible) to, purchased, leased, licensed, or otherwise acquired any assets or properties from, or entered into any other agreement or arrangement with (i) any Related Person of the Company Group, (ii) any corporation or partnership in which any Related Person of any Seller is a Related Person, or (iii) any Person controlling, controlled by, or under common control with any such Related Person except for compensation paid in the Ordinary Course of Business or permitted by Section 4.14(g) and for routine travel advances to officers and employees;
(f)    sold, transferred, or otherwise disposed of any of its material assets or properties except in the Ordinary Course of Business or except as required by Law or existing contractual obligations;
(g) granted or incurred any obligation for any increase in the compensation of any officer or Employee of the Company Group (including any increase pursuant to any bonus, pension, profit-sharing, retirement, or other plan or commitment) except for (A) raises to any officer or Employees in the Ordinary Course of Business, (B) for normal salary increases following performance reviews and payment of any performance-based incentives upon the achievement of performance goals with respect to plans in effect immediately prior to the date of this Agreement, (C) in connection with any newly hired employees filling positions that have become vacant (or which become vacant due to terminations of employment and/or promotions) and in connection with any promotions, (D) as may be required under U.S. Benefit Plans or Non-U.S. Benefit Plans, (E) as may be required by applicable Law or contemplated by this Agreement, (F) as may be required by any existing contractual obligation including applicable employment agreement; or (G) as may be required by any Company Group collective bargaining agreement, sector collective bargaining agreement, national collective bargaining agreement or similar arrangement with a union, trade union or works council or any other employee representative body;
(h)made any change in any method of accounting or accounting principle or policy;
(i)amended any provision of its Governing Documents or changed any of its authorized or issued capital stock;
(j)granted any stock option or right to purchase shares of capital stock of the Company Group; issued any security convertible into such capital stock; granted any registration rights; purchased or redeemed any shares of capital stock of the Company Group; or declared or paid any dividend or other distribution or payment in respect of shares of capital stock; 
(k)agreed, so as to legally bind the Company Group whether in writing or otherwise, to take any of the actions set forth in this Section 4.14 and not otherwise permitted by this Agreement; or

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(l)made, changed or amended any material Tax elections or Tax Returns, except in each case as required by applicable law,
provided that for the purpose of this Section 4.14 references to Related Person shall not include the Company or any Subsidiary.
4.15     Litigation.

As of the date hereof, there is no Litigation pending or, to the Knowledge of the Company, threatened in writing against any member of the Company Group, that would reasonably be expected to result in a Liability for the Company Group in excess of €500,000.  The Company Group is not in Default under any Order affecting the Company Group, the Business or any of its assets or properties.
		
	4.16
	    Insurance.

The Company Group, its assets and properties and its employees are insured under insurance policies which, in all material respects, are against risks of a character and in such amounts as customary for companies of a similar size operating in the same or similar industry.  The Company Group has not been refused any insurance by any insurance carrier to which it has applied for insurance or with which it has carried insurance during the five years prior to the date of this Agreement.  There are no outstanding requirements or recommendations by any current insurer or underwriter of the Company that require or recommend changes in the conduct of the Company Group’s business, or require any repairs or other work to be done with respect to any of the Company Group’s assets, properties or operations.  Each insurance policy is in full force and effect as of the date hereof, all premiums payable under all such policies have been paid and the Company Group is otherwise in full compliance with the terms and conditions of all such policies.
		
	4.17
	    Labor Matters. 

(a)    The Key Personnel are the only present employees of the Company Group working in the European Union or in Russia (including employees on leave of absence for long-term incapacity) entitled to a gross annual base salary in excess of €250,000 for the fiscal year 2014.
(b)    Prior to the Closing Date, Seller has provided to the Purchaser a true, correct and complete list (on an anonymous basis) as of January 10, 2015 of the following information for all present employees of the Company Group working in the United States: job title; hire date; location; whether the employee is paid on any hourly or salaried basis; amount hourly wage (if applicable); amount of yearly salary (if applicable); classification as exempt or non-exempt under the Fair Labor Standards Act; eligibility for bonuses or other incentive pay; and whether such employee is on leave of absence.  As at the date of this Agreement, the Company Group has not received any written notice of intent to terminate employment from any present employees of the Company Group working in the United States. Any contracts with Third Parties to 

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provide leased, temporary, contract, and/or seasonal employees have been provided to the Purchaser prior to the Closing Date.
(c)    Schedule 4.17(c)     contains a true and correct list of (x) all current recognition, procedural or other agreements between the Company Group and any trade union (whether independent or not), works council, European works council or other body representing its employees or any of them (including any disclosure regarding any agreements in process of being negotiated), and (y) all company collective bargaining agreements agreed upon by any member of the Company Group but excluding any sector or national collective bargaining agreements. Copies of all agreements listed on Schedule 4.17(c) have been provided by Seller to Purchaser prior to the Closing Date.
(d)    Schedule 4.17(d)     contains an overview of all pending or threatened in writing Labor Claims and all Labor Claims brought against the Company Group in writing in the three years prior to the date of this Agreement, including the type of claim, a short summary of the factual allegations, the jurisdiction, and the outcome or resolution of the claim.  Except as set forth on Schedule 4.17(d), no Labor Claims are pending or, to the Knowledge of any member of the Company Group or the Seller, threatened in writing. The Company Group has not, within the three years prior to the date of this Agreement, experienced any organized slowdown, work interruption, strike, or work stoppage by its employees other than employees participating in regional or national work stoppages, strikes or other collective actions.  The Company Group has not been involved during the three years prior to the date of this Agreement in any material labor or trade disputes with any trade union, association of trade unions, works council, European works council or body representing the employees of the Company Group or any material number or category of its employees, and to the Knowledge of the Company, no such dispute is pending or threatened in writing.
(e)    The Company Group has during the three years prior to the date of this Agreement been in material compliance with all agreements relating to the employment of its employees, including all employment agreements, all applicable collective bargaining agreements, and any other agreement referred to in this Section 4.17. The Company Group has also during the three years prior to the date of this Agreement been in material compliance with all applicable Laws concerning the employment relationship, including applicable wage and hour Laws, fair and equal employment Laws, whistleblower Laws, Immigration Laws, leave Laws, health and safety Laws, worker compensation Laws, unemployment Laws, Laws regarding hiring, Laws regarding termination of employment and social security Laws.
(f)    The Company Group has, during the three years prior to the date of this Agreement, not (i) effectuated a “plant closing” (as defined in the Worker Adjustment and Retraining Notification (WARN) Act Pub. L. 100-379, 102 stat. 890 (1988) (the “WARN Act”))affecting any site of employment or one or more facilities or operating units within any site of employment or facility of the Company Group located in the United States; (ii) effectuated a “mass layoff” (as defined in the WARN Act) affecting any site of employment or facility of the Company Group located in the United States; (iii) been affected by any transaction or engaged in layoffs or employment terminations 

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sufficient in number to trigger application of the WARN Act or any similar state or local Law in the United States, without complying with the notice requirements and other provisions of the WARN Act or similar state or local Law; or (iv) effectuated “collective redundancies” (as defined in any applicable national legislation implementing EU Directive n°98/59/EC of 20 July 1998 on the approximation of the laws of the Member States relating to collective redundancies) affecting any site of employment or facility of the Company Group located in the European Union.
		
	4.18
	    Employee Benefit Plans.  

The following representations in this Section 4.18 apply exclusively to the Company Group’s United States operations:
(a)    Schedule 4.18(a)     lists all material Benefit Plans (the “U.S. Benefit Plans”).
(b)    Seller has provided to Purchaser in the Data Room true and complete copies of all Benefit Plans (including all amendments) and, with respect to each Benefit Plan, if applicable, (a) the current summary plan description and any master or prototype plan document(s) and material modifications thereto, (b) the Form 5500 filed in the two most recent plan years prior to the date of this Agreement, (c) the two most recent actuarial reports or other financial statements of each of the Benefit Plans prior to the date of this Agreement, (d) trust agreements or other funding arrangements for each Benefit Plan (including insurance contracts), and (e) the most recent determination letter from the IRS. Prior to Closing Date, Seller has provided to Purchaser copies of any filings within the past three years with the IRS or for the Company’s internal records under Revenue Procedure 2013-12 or its successor or predecessor revenue procedures and any filings within the past three years with the Department of Labor under its Voluntary Fiduciary Correction Program, if any.
(c)    The Benefit Plans have been operated in all material respects in compliance with their terms and the applicable provisions of ERISA, the Code, the regulations and published authorities thereunder, and all other Laws applicable to the Benefit Plans. There are no actions (other than routine claims for benefits) pending or, to the Knowledge of any member of the Company Group or the Seller, threatened against the Company, any Subsidiary or any Benefit Plan or its assets, or arising out of any of the Benefit Plans which could reasonably be expected to result in material liability to the Company or any Subsidiary. No Benefit Plan is under audit or investigation by the IRS, the Department of Labor, the Pension Benefit Guaranty Corporation or other regulatory agency and, to the Knowledge of any member of the Company Group or the Seller, no such audit or investigation is threatened.  No prohibited transaction (within the meaning of Code Section 4975 or Section 406 of ERISA) has occurred with respect to any of such Benefit Plan that could reasonably be expected to result in material liability to the Company or any Subsidiary.
(d)    Except as otherwise contemplated by this Agreement, the execution of, and performance of the Proposed Transactions, either alone or together with any additional or subsequent events, will not constitute an event under any Benefit Plan that will result in 

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any payment in excess of $500,000 (whether of severance pay or otherwise), acceleration, forgiveness of indebtedness, vesting, distribution, increase in benefits or obligation to fund benefits with respect to any employee of the Company or its Subsidiaries.
(e)    All contributions due from the Company or any Subsidiary with respect to any Benefit Plan have been timely made or have been properly accrued as liabilities in all material respects of the Company or any Subsidiary and reflected in the financial statements of the Company or any Subsidiary in accordance with the terms of such Benefit Plan and applicable Law.
(f)    None of the Company or any Subsidiary is a party to any agreement, contract, arrangement or plan that has resulted or will result, separately or in the aggregate in any payment of any “excess parachute payment” within the meaning of Code Section 280G (or similar provisions of state, local or foreign Tax law) or that would be subject to withholding under Code Section 4999.
(g)    Each Benefit Plan that is intended to be qualified under Code Section 401(a) and any trust maintained pursuant thereto has received a determination letter to such effect and that any such trust is exempt from federal income taxation under Code Section 501(c), and nothing has occurred with respect to the operations of the Benefit Plans which is reasonably likely to cause the loss of such qualification or exemption.
(h)    Each of the Company, its Subsidiaries and their ERISA Affiliates do not and have not in the six years prior to the date of this Agreement sponsored, maintained, contributed to, or been obligated under ERISA or otherwise to contribute to (i) a “defined benefit plan” (as defined in ERISA Section 3(35) and Code Section 414(j)), (ii) a “multi-employer plan” (as defined in ERISA Sections 3(37) and 4001(a)(3)), (iii) a “multiple-employer plan” (meaning a plan sponsored by more than one employer within the meaning of ERISA Sections 4063 or 4064 or Code Section 413(c)), or (iv) a “multiple employer welfare arrangement” (as defined in ERISA Section 3(40)). Each of the Company, its Subsidiaries and their ERISA Affiliates have not incurred and there are no circumstances under which either could reasonably incur any liability under Title IV of ERISA or Section 412 of the Code.
(i)    Neither the Company nor any Subsidiary maintains or is obligated to provide benefits under any life, medical or health plan that provides benefits to retirees other than (i) benefit continuation rights under Code Section 4980B or Part 6 of Subtitle B of Title I of ERISA, or similar state law, (ii) benefits under insured plans maintained by the Company or such Subsidiary (as the case may be) provided in the event an employee is disabled at the time of termination of the employee's employment with the Company or such Subsidiary (as the case may be) and the conversion privileges provided under such insured plans, (iii) coverage otherwise mandated by applicable Law, (iv) death benefits or retirement benefits under any “employee pension benefit plan,” as that term is defined in Section 3(2) of ERISA, and (v) deferred compensation benefits accrued as liabilities on the books of the Company or any Subsidiary and disclosed on their financial statements.

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(j)    Neither the Company nor any of its Subsidiaries have any indemnity or gross up obligation for any taxes or interest imposed or accelerated under Code Section 409A.
4.19      Non-U.S. Benefit Plans. 

(a)    Schedule 4.19 lists (or specifically identifies applicable plans on Schedule 4.18(a)) each material Benefit Plan maintained outside of the United States or that primarily covers employees whose principal business location is outside the United States that is adopted, maintained, sponsored in whole or in part, or contributed to by the Company or any of its Subsidiaries and under which the Company or its Subsidiaries have any obligation or liability, contingent or otherwise, excluding, for the avoidance of doubt, any benefits under a sector or national collective bargaining agreement (the “Non-U.S. Benefit Plans”).
(b)    Copies of all material Non-U.S. Benefit Plans, including copies of the Non-U.S. Benefit Plan documents (and any amendments thereto), and the two most recent (prior to the date of this Agreement) applicable actuarial valuations for each Non-U.S. Benefit Plan have been delivered to the Purchaser.
(c)    Each Non-U.S. Benefit Plan has been administered in accordance with all applicable Laws and in accordance with its terms (including the requirements for any funding or tax-favored treatment intended for such Non-U.S. Benefit Plan or applicable to such Non-U.S. Benefit Plan). There is no pending or, to the Company’s Knowledge, formally threatened Litigation in connection with any of the Non-U.S. Benefit Plans.
(d)    Neither the Company nor any Subsidiary has agreed or promised to give any material increase of remuneration of any nature whatsoever to any of its Employees in excess of what is provided for in their employment agreement, any applicable collective bargaining agreement, any applicable Laws or any Non-U.S. Benefit Plan.
(e)    Neither the Company, nor any Subsidiary is liable for any payment to any fund or to any Governmental Authority with respect to unemployment compensation benefits, workers compensation, social security or other benefits for employees or former employees for any amounts other than payments not yet due under the Company’s Non-U.S. Benefit Plans, the employment agreements, any applicable collective bargaining agreement or any applicable Laws relating to employment, unemployment compensation benefits or social security.
(f)    All contributions due from the Company or any Subsidiary with respect to any Non-U.S. Benefit Plan have been timely made or, to the extent required by the applicable accounting rules, have been properly accrued as liabilities in all material respects of the Company or any Subsidiary and reflected in the financial statements of the Company or any Subsidiary in accordance with the terms of such Non-U.S. Benefit Plan and applicable Law. Each Non-U.S. Benefit Plan required to be registered has been registered and has been maintained in good standing with applicable Governmental Authorities. Except as otherwise contemplated in this Agreement, the execution of, and performance of the Proposed Transactions, either alone or together with any additional or subsequent 

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events, will not constitute an event under any Non-U.S. Benefit Plan that will result in any payment in excess of €2,000,000 (whether of severance pay or otherwise), acceleration, forgiveness of indebtedness, vesting, distribution, increase in benefits or obligation to fund benefits with respect to any employee of the Company or its Subsidiaries.
4.20     Taxes.

(a)    (i) All material Tax Returns required to be filed by or on behalf of the Company or any Subsidiary or any Affiliated Group of which the Company or any Subsidiary is or was a member have been duly and timely filed with the appropriate Taxing Authority in all jurisdictions in which such Tax Returns are required to be filed (after giving effect to any valid extensions of time in which to make such filings), and all such Tax Returns are true, complete and correct in all material respects; and (ii) all material Taxes payable by or on behalf of the Company or any Subsidiary or any Affiliated Group of which the Company or any Subsidiary is or was a member have been fully and timely paid (whether or not shown on any Tax Return). 
(b)    Each of the Company and each of its Subsidiaries have complied in all respects with all applicable Laws relating to the payment and withholding of Taxes and has duly and timely withheld and paid over to the appropriate Taxing Authority all amounts required to be so withheld and paid under all applicable Laws.
(c)    Purchaser has received complete copies of (i) all material income or franchise Tax Returns of each of the Company and its Subsidiaries relating to the taxable periods beginning on or after January 1, 2010, and (ii) any audit report issued within the four years prior to the date of this Agreement relating to any Taxes due from or with respect to the Company or any Subsidiary.
(d)    No claim has been made by a Taxing Authority in a jurisdiction where the Company or any Subsidiary does not file Tax Returns that it is or may be subject to taxation by that jurisdiction.
(e)    All material deficiencies asserted or assessments made as a result of any examinations by any Taxing Authority of the Tax Returns of, or including, the Company or any Subsidiary have been fully paid, and there are no other audits or investigations by any Taxing Authority in progress, nor has Seller, the Company or any of its Subsidiaries received any notice from any Taxing Authority that it intends to conduct such an audit or investigation.
(f)    None of the Company, any of its Subsidiaries or any other Person on their behalf has (i) agreed to or is required to make any adjustments pursuant to Code Section 481(a) or any similar provision of Law or has any Knowledge that any Taxing Authority has proposed any such adjustment, or has any application pending with any Taxing Authority requesting permission for any changes in accounting methods that relate to the Company or any Subsidiary, (ii) executed or entered into a closing agreement pursuant to Code Section 7121 or any similar provision of Law with respect to the Company or any 

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Subsidiary, (iii) requested any extension of time within which to file any Tax Return, which Tax Return has since not been filed, (iv) granted any extension or waived the statute of limitations for the assessment or collection of Taxes, which Taxes have not since been paid, or (v) granted to any Person any power of attorney that is currently in force with respect to any Tax matter. There is no taxable income of the Company or any of its Subsidiaries that was realized prior to the Closing Date that will be required under applicable Tax Law to be reported by Purchaser or any of its Related Persons, including the Company or any of its Subsidiaries, for a taxable period beginning after the Closing Date, and there is no amount that was deducted in calculating the taxable income of the Company or any of its Subsidiaries in a taxable period prior to the Closing Date that will be required under applicable Tax Law to be included in income by Purchaser or any of its Related Persons, including the Company or any of its Subsidiaries, for a taxable period beginning after the Closing Date, subject to the Luxembourg recapture rules contained in the Grand-Ducal regulation of 21 December 2011, as amended.
(g)    Neither the Company nor any of its Subsidiaries has been a U.S. real property holding corporation within the meaning of Code Section 897(c)(2) during the applicable period specified in Code Section 897(c)(1)(A)(ii).
(h)    Neither the Company nor any of its Subsidiaries is a party to any tax sharing, allocation, indemnity or similar agreement or arrangement (whether or not written) (collectively, a “Tax Sharing Agreement”) pursuant to which it will have any obligation to make any payments after the Closing. Neither the Company nor any of its Subsidiaries has ever been a member of any consolidated, combined, affiliated or unitary group of corporations for any Tax purposes other than a group in which Company is the common parent. Neither the Company nor any of its Subsidiaries has any Liability for Taxes of any Person (other than such company) under any applicable Law, as transferee or successor, by Contract, or otherwise.
(i)    Neither the Company nor any of its Subsidiaries is subject to any private letter ruling of the IRS or comparable rulings of any Taxing Authority.
(j)    There are no Liens as a result of any unpaid Taxes upon any of the assets of the Company or any Subsidiary other than Permitted Encumbrances. 
(k)    Schedule 4.20(k) sets forth each Subsidiary of the Company that is as at the date of this Agreement (i) properly treated as a disregarded entity (i.e., not treated as an entity separate from its owner) under Treasury Regulations Section 301.7701-3 and under any similar provision of Law in each jurisdiction where such Subsidiary is required to file a Tax Return and (ii) properly treated as a partnership under Subchapter K of the Code and under any similar provision of Law in each jurisdiction where such Subsidiary is required to file a Tax Return.  No Subsidiary of the Company has had a voluntary or involuntary termination or revocation of the status described in clause (i) or (ii).  
(l)    Neither the Company nor any of its Subsidiaries has constituted either a “distributing corporation” or a “controlled corporation” (within the meaning of Code 

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Section 355(a)(1)(A)) in a distribution of stock qualifying for tax-free treatment under Code Section 355, in the five years prior to the date of this Agreement. 
(m)     If the Company or its Subsidiaries has participated in a reportable transaction, as defined in Treasury Regulations Section 1.6011-4(b)(1), or a transaction substantially similar to a reportable transaction, it has properly disclosed such transaction in accordance with the Treasury Regulations.
(n)    There is currently no limitation on the utilization of net operating losses, capital losses, built-in losses, tax credits or similar terms of the Company or any Subsidiary under applicable Law.
For purposes of this Section 4.20, any reference to the Company or its Subsidiaries shall be deemed to include any Person that merged with or was liquidated into such Company or Subsidiary. 
4.21    Products.
To the Knowledge of the Company, all products designed, manufactured, sold, distributed, leased, installed, delivered or held in inventory by the Company Group are free from any material defects and conform in all material respects with all customary and reasonable standards for products of such type, subject to the reserve for product warranty claims set forth on the face of the Financial Statements.    
4.22    Brokers and Finders.
The Company Group has not incurred any obligation or Liability to any party for any brokerage fees, agent's commissions, or finder's fees in connection with the Proposed Transactions. 
4.23    FCPA Matters.
To the Knowledge of the Company, no member of the Company Group (including any of their respective officers, directors, agents, or employees each acting in their capacity as such) has, directly or indirectly, taken any action that has caused it to be in violation of the Foreign Corrupt Practices Act of 1977, as amended, or any rules or regulations thereunder or any similar anti-corruption or anti-bribery Law applicable to the Company Group in any jurisdiction other than the United States, including the Bribery Act 2010 of the United Kingdom (in each case, as in effect at the time of such action) (collectively, the “FCPA”), nor has any member of the Company Group (i) used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, (ii) made, offered or authorized any unlawful payment to foreign or domestic government officials or employees, whether directly or indirectly, or (iii) made, offered or authorized any unlawful bribe, rebate, payoff, influence payment, kickback or other similar unlawful payment, whether directly or indirectly. To the extent applicable, each member of the Company Group has instituted and maintains policies and procedures reasonably designed to promote and achieve compliance with the FCPA.

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4.24    Sanctions.
Each member of the Company Group and their respective directors and officers, and, to the Knowledge of the Company, their employees and agents (each of the above while acting on behalf of any member of the Company Group) are in compliance with, and have in the five years prior to the date of this Agreement been in compliance with any Sanctions that are applicable to them.  No member of the Company Group or any of their respective directors, officers, employees or agents of the Company Group is a Sanctioned Person. The Company Group does not sell to or conduct business with any Person that is a designated target of Sanctions.
4.25    Subsidies, Grants.
Schedule 4.25     sets forth a list of all material grants and subsidies that have been granted to the Company or any Subsidiary by any Governmental Authority, as well as all formal written applications by the Company or any Subsidiary for any grant or subsidy.  To the Knowledge of the Company, all such grants and subsidies have been granted to the Company or any Subsidiary in compliance with all applicable Laws. The Company and the Subsidiaries have complied in all material respects with all of the terms and requirements of such grants and subsidies, and to the Knowledge of the Company, there is no reasonable basis for any decision by any Governmental Authority to (i) request the Company or any Subsidiary to refund part or all of the grants or subsidies that they have received, or (ii) refuse to grant to the Company or any Subsidiary any of the grants or subsidies (or any part thereof) for which they have applied.
4.26    Relationships with Related Persons.
Neither Seller nor any Related Person of Seller or of the Company Group has any interest in any property (whether real, personal, or mixed and whether tangible or intangible), used in, held for use in or pertaining to the Business.  Neither Seller nor any Related Person of Seller or of the Company Group is the owner of (of record or as a beneficial owner) an equity interest or any other financial or profit interest in, a Person that has (i) had business dealings or a material financial interest in any transaction with the Company Group, or (ii) engaged in competition with the Company Group with respect to any line of the products or services of the Company Group in any market presently served by the Company Group.  Neither Seller nor any Related Person of Seller or of the Company Group is a party to, or a beneficiary under, any Contract with, or has any claim or right against, the Company Group.
4.27    No Further Representations.
Notwithstanding anything contained in this Article 4 or any other provision of this Agreement, it is the explicit intent of each party hereto that neither Seller nor any Representative of Seller, nor any member of the Company Group is making any representation or warranty whatsoever, express or implied, except those representations and warranties set forth in this Article 4, and in entering into this Agreement Parent and Purchaser expressly acknowledge and agree that (i) they are not relying on any statement, 

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representation or warranty other than those representations and warranties set forth in this Article 4 and (ii) none of Seller, the Company Group or any of their respective Related Persons or Representatives shall have or be subject to any liability to Parent or Purchaser or any other Person resulting from or in connection with the dissemination to Parent or Purchaser or any other Person or the use by Parent or Purchaser, or any other Person of any such information, including any information, documents or material made available to the Parent or Purchaser in the Data Room, in any management presentation or in any other form in connection with or expectation of the entry into this Agreement or the Proposed Transactions other than to the extent addressed in a representation, warranty or covenant set forth in this Agreement and other than in the case of fraud. This Section 4.27 shall survive the Closing indefinitely.
ARTICLE 5    REPRESENTATIONS AND WARRANTIES OF PARENT AND PURCHASER 
Parent and the Purchaser each hereby represent and warrant to Seller as follows:
		
	5.1
	    Authority; Enforceability.

(a)    Each of Parent and Purchaser has the requisite corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the Proposed Transactions. The execution, delivery and performance by each of Parent and Purchaser of this Agreement and the consummation of the Proposed Transactions have been duly and validly authorized by all necessary corporate action on the part of each of Parent and Purchaser and such authorization has not been subsequently modified or rescinded.
(b)    This Agreement has been duly executed and delivered by each of Parent and Purchaser and constitutes, assuming due authorization, execution and delivery of this Agreement by Seller, a valid and binding legal obligation of each of Parent and Purchaser, enforceable against each of Parent and Purchaser in accordance with the terms hereof.
(c)    The shares of Parent Common Stock representing the Parent Common Stock Consideration have been duly authorized by all necessary corporate action on the part of the Parent and, when issued in accordance with this Agreement, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens, other than restrictions on transfer provided for by applicable federal and state securities laws.
		
	5.2
	    Non-contravention; Consents.

(a)    The execution and delivery of this Agreement by each of Parent and Purchaser do not, and the performance of this Agreement by each of Parent and Purchaser will not, require any consent, approval or Authorization of, or filing with, or notification to, any Governmental Authority, except (i) under any applicable Antitrust Laws, and (ii) for such other consents, approvals, Authorizations, filings or notifications, the failure of which to 

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make or obtain, would not, individually or in the aggregate, materially impair or delay each of Parent and Purchaser from consummating the Proposed Transactions.
(b)    The execution and delivery of this Agreement by each of Parent and Purchaser does not, and consummation of the Proposed Transactions will not, (i) conflict with or violate any provision of the Governing Documents of Parent or Purchaser, (ii) assuming all filings and notifications under any applicable Antitrust Laws have been made and any waiting periods thereunder have terminated or expired, conflict with or violate any Law applicable to Parent or Purchaser or (iii) result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel any agreement or contract to which Parent or Purchaser is a party, except, in the case of (ii) or (iii), as would not, individually or in the aggregate, materially impair or delay Parent or Purchaser from consummating the Proposed Transactions.
5.3    Organization.
Each of Parent and Purchaser is duly organized and validly existing under the laws of its respective jurisdiction and has all necessary power and authority to conduct its business in the manner in which it is being conducted at the date of this Agreement.    
5.4    Litigation.
There is no Litigation pending or, to Parent or Purchaser's Knowledge, threatened, against Parent or Purchaser in respect of the consummation of the Proposed Transactions.
5.5    Brokers and Finders.
Neither Parent, Purchaser nor any Related Person of Parent or Purchaser has incurred any Liability to any party for any brokerage fees, agent's commissions, or finder's fees in connection with the Proposed Transactions.
5.6    Financial Resources.
As of the date of this Agreement, neither Purchaser nor Parent has any reason to believe that Purchaser will not be able to obtain necessary financing for the Purchase Price and its other payment obligations hereunder (including with respect to the repayment of the Specified Indebtedness and the Shareholder Loans (including Shareholder Loan Interest), and the Warehouse Purchase Price) on or prior to the Closing Date.  On the Closing Date Purchaser will have funds on hand or access to credit facilities sufficient to pay the Purchase Price and such other payment obligations and otherwise to consummate the Proposed Transactions.
5.7        Financial Statements; Filings; No Undisclosed Liabilities.
(a)    Parent has timely filed all SEC Documents required to be filed by Parent since January 1, 2012 (together with all such SEC Documents filed, whether or not required to be filed the "Parent SEC Reports").  The Parent SEC Reports (i) at the time filed, complied in all material respects with the applicable requirements of the Securities Laws 

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and other applicable Laws and (ii) did not, at the time they were filed (or, if amended or superseded by a filing prior to the date of this Agreement, then on the date of such filing or, in the case of registration statements, at the effective date thereof) contain any untrue statement of a material fact or omit to state a material fact required to be stated in such Parent SEC Reports or necessary in order to make the statements in such Parent SEC Reports, in light of the circumstances under which they were made, not misleading. To the extent required by Securities Laws, each Parent SEC Report was accompanied by the certificates required to be filed or submitted by Parent's chief executive officer and chief financial officer pursuant to the Sarbanes-Oxley Act and, at the time of filing or submission of each such certificate, such certificate was true and accurate and complied in all material respects with the Sarbanes-Oxley Act. No member of the Parent Group other than Parent is required to file any SEC Documents.
(b)    Each of the Parent Financial Statements (including, in each case, any related notes) contained in the Parent SEC Reports, including any Parent SEC Reports filed after the date of this Agreement and prior to Closing, complied as to form in all material respects with applicable Securities Laws and other applicable laws, was prepared in accordance with GAAP applied on a consistent basis throughout the periods involved (except as may be indicated in the notes to such financial statements or, in the case of unaudited interim statements, as permitted by Form 10-Q of the SEC), and fairly presented in all material respects the consolidated financial position of Parent and its subsidiaries as at the respective dates and the consolidated results of operations and cash flows for the periods indicated, except that the unaudited interim financial statements were or are subject to normal and recurring year-end adjustments which were not or are not expected to be material in amount or effect.  Parent maintains disclosure controls and procedures required by Rule 13a-15 or 15d-15 under the Exchange Act.  Such disclosure controls and procedures are effective to ensure that information required to be disclosed by Parent in the reports that it is required to file or submit, or files or submits, under the Securities Act and the Exchange Act are recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms.  Parent maintains internal control over financial reporting (as defined in Rule 13a-15 or 15d-15, as applicable, under the Exchange Act).  Such internal control over financial reporting is effective in providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of Parent, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of Parent are being made only in accordance with authorisations of management and directors of Parent, and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of Parent’s assets that could have a material effect on its financial statements.  Parent has disclosed, based on the most recent evaluation of its chief executive officer and its chief financial officer prior to the date of this Agreement, to Parent’s auditors and the audit committee of Parent’s board of directors (A) any significant deficiencies in the design or operation of its internal controls over financial reporting that are reasonably likely to adversely affect Parent’s ability to record, process, summarise and report 

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financial information and has identified for Parent’s auditors and audit committee of Parent’s board of directors any material weaknesses in internal control over financial reporting and (B) any fraud, whether or not material, that involves management or other employees who have a significant role in Parent’s internal control over financial reporting.
(c)    Since January 1, 2012 through the date of this Agreement, (i) neither Parent nor any of its subsidiaries nor any director, officer, employee, auditor or accountant of Parent or any of its subsidiaries has received any material complaint, allegation, assertion or claim, whether written or oral, that Parent or its subsidiaries have engaged in illegal or fraudulent accounting or auditing practices, and (ii) no attorney representing Parent or any of its subsidiaries, whether or not employed by Parent or any of its subsidiaries, has reported to the board of directors of Parent or any committee thereof or to any director or officer of Parent any evidence of a material violation of Securities Laws, breach of fiduciary duty or similar violation, relating to periods after January 1, 2012, by Parent or any of its officers, directors, employees or agents.  To the Knowledge of the executive officers of Parent there are no SEC inquiries or investigations, other governmental inquiries or investigations pending or threatened, in each case regarding any accounting practices of Parent or any of its subsidiaries or any malfeasance by any executive officer of Parent.
(d)    There are no outstanding or unresolved comments from any comment letters received by Parent from the SEC relating to any of the Parent SEC Reports.  To the Knowledge of the executive officers of Parent, none of the Parent SEC Reports is the subject of any ongoing review by the SEC.
(e)    Parent is in compliance in all material respects with the applicable listing and corporate governance rules and regulations of the New York Stock Exchange (the “NYSE”).  Parent has not, in the preceding twelve months, received notice from the NYSE to the effect that Parent is not in compliance with the listing or maintenance requirements of the NYSE.  Parent is, and, assuming the consummation of the Proposed Transactions, has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements.
(f)    To the knowledge of the executive officers of Parent, none of Parent or any of its subsidiaries has any material Liabilities other than Liabilities that are reflected in the financial statements included in the Parent SEC Reports prior to the date of this Agreement, were incurred in the ordinary course of business since January 1, 2014, or that would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the business, results of operations or financial condition of Parent and its subsidiaries, taken as a whole.
5.8    No Further Representations.
Notwithstanding anything contained in this Article 5 or any other provision of this Agreement, it is the explicit intent of each Party that each of Parent and Purchaser is not making any representation or warranty whatsoever, express or implied, except those 

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representations and warranties set forth in this Article 5, and in entering into this Agreement Seller expressly acknowledges and agrees that (i) it is not relying on any statement, representation or warranty other than those representations and warranties set forth in this Article 5, and (ii) none of the Purchaser, Parent or any of their respective Related Persons or Representatives shall have or be subject to any liability to Seller or any other Person resulting from or in connection with the dissemination to Seller or any other Person, or the use by Seller or any other Person of any such information, including any information made available in connection with or expectation of the entry into this Agreement or the Proposed Transactions other than to the extent addressed in a representation, warranty or covenant set forth in this Agreement and other than in the case of fraud. This Section 5.8 shall survive the Closing indefinitely.
ARTICLE 6    COVENANTS
		
	6.1
	    Conduct of Business Prior to Closing.

From the date hereof to the Closing Date, and except as (i) otherwise contemplated in the Purchase Documents or in the Schedules hereto, (ii) required by Law, (iii) set forth in the Capex Plan, (iv) as required to comply with the provisions of any Contract in effect as of the date of this Agreement, or (v) set forth in Schedule 6.1    , Seller shall cause the Company and the Subsidiaries to (X) operate the Company and the Subsidiaries substantially as previously operated and only in the Ordinary Course of Business and (Y) without the prior written consent of the Purchaser or Parent (which consent shall not be unreasonably withheld, conditioned or delayed) not do any of the following:
(a)    sell, transfer, lease, sublease, license or otherwise dispose of any properties or assets (including intangible assets) that are material, individually or in the aggregate, to the Business as currently conducted (other than sales of Inventory in the Ordinary Course of Business);
(b)    make or incur capital expenditures in an aggregate amount exceeding €1,000,000 other than as set forth in the Capex Plan; 
(c)    (A) commence any claim other than in accordance with past practices or (B) compromise, settle or grant any release of any claim relating to any pending litigation or arbitration where the amount involved exceeds €500,000 or involves a material restriction upon the operations of any member of the Company Group;
(d)    (A) amend or otherwise modify (including by entering into a new Material Contract with such party or otherwise) any of its Material Contracts in such a way as to materially reduce the expected business or economic benefits thereof other than in the Ordinary Course of Business, (B) terminate (other than allowing expiration according to its scheduled term) any Material Contract, (C) enter into any agreement that, if existing on the date of this Agreement, would be a Material Contract, in each case except as contemplated by the Purchase Documents or as required by Law, or (D) enter into any agreement with a Related Party that is not on an arms’ length basis;

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(e)    amend any of the Governing Documents of any member of the Company Group;
(f)    modify, amend, terminate or permit the lapse of, in any material manner, any lease of, operating agreement or other agreement relating to the Leased Real Property and the Real Property (except for the lapse or termination of any lease or agreement in accordance with its terms or the renewals of existing leases in the Ordinary Course of Business);
(g)    grant to any Employee any material increase in compensation or benefits other than in the Ordinary Course of Business, except (A) for normal salary increases following performance reviews and payment of any performance-based incentives upon the achievement of performance goals with respect to plans in effect immediately prior to the date of this Agreement, (B) in connection with any newly hired employees filling positions that are, as of the date of this Agreement, vacant (or which become vacant due to terminations of employment and/or promotions) and in connection with any promotions, (C) as may be required under U.S. Benefit Plans or Non-U.S. Benefit Plans, (D) as may be required by applicable Law or contemplated by this Agreement, (E) as may be required by any employment agreement in effect as of the date hereof; or (F) as may be required by any collective bargaining agreement (be it at national, sector or any other level) or similar arrangement with a union, trade union, works council or any other employee representative body;
(h)    (A) repurchase, redeem, or otherwise acquire or exchange, directly or indirectly, any shares, or any securities convertible into any shares, or any other equity of the Company or any Subsidiary, or declare or pay any dividend or make any other distribution in respect of the share capital of the Company; (B) increase or reduce their respective share capital, or issue, grant or sell any other equity interests, options, rights or warrants in the Company or any Subsidiary; (C) adjust, split, combine or reclassify any shares or other equity of the Company or any Subsidiary; 
(i)    purchase any securities or make any material investment, either by purchase of securities, contributions to capital, or asset transfers, in any Person, or otherwise acquire direct or indirect control over any Person;
(j)    fail to take all commercially reasonable steps necessary to maintain the Company Group’s rights in and to the Company Intellectual Property and other intangible assets of the Company Group, on a basis consistent with past practice;
(k)    delay payments to vendors or suppliers beyond normal and ordinary payment terms (except with respect to payment obligations being contested in good faith) in any material respect or offer any material inducements or incentives to customers to pay earlier than normal and ordinary payment terms;
(l)    fail to comply with all Laws applicable to the Company Group where the failure to so comply would have a Material Adverse Effect on the Company Group, its assets or properties or business;

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(m)     fail to maintain the Books and Records in the Ordinary Course of Business, on a basis consistent with past practices;
(n)    fail to use commercially reasonable efforts to preserve the goodwill and patronage of the customers, Employees and suppliers of the Company Group and others having a business relationship with the Company Group, on a basis consistent with past practices; and
(o)    authorize any of, or commit or agree to take any of, the foregoing actions.
		
	6.2
	    No Solicitation of Other Transactions.

(a)    Seller shall not, and shall not authorize or permit any of its Related Persons (including any member of the Company Group) or any of its or their Representatives to, directly or indirectly: (i) encourage, solicit, initiate, facilitate or continue inquiries regarding an Acquisition Proposal; (ii) enter into discussions or negotiations with, or provide any information to, any Person concerning a possible Acquisition Proposal; or (iii) enter into any agreements or other instruments (whether or not binding) regarding an Acquisition Proposal. Seller shall immediately cease and cause to be terminated, and shall cause its Related Persons (including any member of the Company Group) and all of their Representatives to immediately cease and cause to be terminated, all existing discussions or negotiations with any Persons conducted heretofore with respect to, or that could lead to, an Acquisition Proposal.
(b)    In addition to the other obligations under this Section 6.2, Seller shall promptly (and in any event within three Business Days after receipt thereof by Seller, the Other Shareholder or any of their respective Representatives) advise Purchaser orally and in writing of any firm Acquisition Proposal, any firm request for information with respect to any Acquisition Proposal, or any firm inquiry with respect to or that could reasonably be expected to result in an Acquisition Proposal, the material terms and conditions of such request, Acquisition Proposal or inquiry, and the identity of the Person making the same, in each case to the extent permitted by Law and applicable contractual obligations in force at the date hereof.
(c)    Seller agrees that the rights and remedies for noncompliance with this Section 6.2 shall include having such provision specifically enforced by any court having equity jurisdiction, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to Purchaser and that money damages would not provide an adequate remedy to Purchaser.
		
	6.3
	    Notification of Changes; 2014 Audited Financial Statements.

(a)    Between the date hereof and the Closing Date, (i) Seller shall promptly notify Purchaser in writing of (x) any material development that would make the satisfaction of any of the conditions set forth on Sections 8.1, 8.2 or 8.3 on the Closing Date impossible or reasonably unlikely or (y) (A) any matter hereafter arising or discovered by Seller that, if existing or Known by the Company on the date hereof, would have been required to be disclosed on a Schedule to this Agreement in order for the representations and warranties 

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set forth in Article 4 (other than any representation or warranty that speaks as of a specific date or time period) to be true in all material respects (or in the case of the Fundamental Representations (other than any Fundamental Representation that speaks as of a specific date or time period) true in all respects) as of the date hereof and (B) with respect to the representations and warranties in Article 4 that speak as of a specific date or time period, any matter hereafter discovered by Seller that was existing as of such specific date or time period that, if Known by the Company on the date hereof, would have been required to be disclosed on a Schedule to this Agreement in order for such representations and warranties that speak as of a specific date or time period to be true in all material respects (or in the case of such Fundamental Representations that speak as of a specific date or time period true in all respects) as of the date hereof, and (ii) Purchaser shall promptly notify Seller in writing of any material development that would make the satisfaction of any of the conditions set forth on Sections 9.1 or 9.2 on the Closing Date impossible or reasonably unlikely.
(b)    No notification, or failure to give any notice required by this Section 6.3, shall be given effect for purposes of (i) determining whether the conditions set forth in Sections 8.1 and 8.2 or Sections 9.1 and 9.2 have been satisfied, or (ii) determining whether Seller has any liability under Article 13 following the Closing or the termination of this Agreement.  Nothing in this Section 6.3 (including references herein to “in all material respects”) shall result in any representation or warranty being subject to any different “bring-down” standard pursuant to Section 8.1 than if this Section 6.3 did not apply (it being specifically understood and agreed that the proviso to Section 8.1 will continue to apply in accordance with its terms). Notwithstanding the terms of Section 13.7, in the event of a breach or alleged breach of this Section 6.3, the limitations and exclusions in Section 13.7 shall apply to such breach or alleged breach, and in no event shall Purchaser or Parent be entitled to duplicative relief based on both a breach or alleged breach of this Section 6.3 and a breach or alleged breach of a representation and warranty required to be updated by the terms hereof.
(c)    Seller shall use reasonable best efforts to provide Purchaser with the 2014 Audited Financial Statements as soon as they are available, but in no event later than March 31, 2015.
6.4    Antitrust Filings; Required Approvals.
(a)    Each of Seller, Parent and Purchaser agrees to use its commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary under applicable Antitrust Laws and regulations to consummate and make effective the Proposed Transactions, which actions shall include furnishing all information and documents required by applicable Law in connection with approvals of or filings with any Governmental Authority with regulatory jurisdiction over enforcement of any applicable Antitrust Laws (“Governmental Antitrust Authority”), including filing, or causing to be filed, as promptly as practicable, except that any required notification and report forms under the HSR Act will be filed with the U.S. Federal Trade Commission (the “FTC”) and the U.S. Department of Justice (the “DOJ”) no later than ten days following the execution and delivery of this Agreement, and any notification 

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form to other competent Governmental Antitrust Authorities (as listed in Schedule 7.1(a)) will be filed as promptly as practicable, and in any event no later than January 31, 2015.
(b)    Each Party hereto hereby agrees to cooperate with each other Party and use its commercially reasonable efforts to promptly prepare and file all necessary filings and other documents and to obtain as promptly as practicable all necessary Consents of all Third Parties and Governmental Authorities necessary or advisable for it to consummate the Proposed Transactions. In the event that the Parties receive a Second Request for additional information under the HSR Act the Parties will use their respective commercially reasonable efforts to respond to such Second Request as promptly as practicable and counsel for both Parties will closely cooperate with each other during the entire Second Request review process.
(c)    Each Party shall have the right to review and comment upon in advance, and to the extent practicable each will consult the other Parties on, in each case subject to applicable Laws relating to the exchange of information, all the information relating to Parent, Purchaser, Seller or the Company Group, as the case may be, that appears in any filing made with, or other written materials submitted to, any Third Party or Governmental Authority in connection with the Proposed Transactions.  Each Party shall have the right to participate in any meetings or conferences with any Governmental Authority, subject to applicable Laws relating to the exchange of information. In exercising the foregoing right, each of Purchaser and Seller shall act reasonably and as promptly as practicable.  Purchaser and Seller agree that they will keep the other apprised of the status of matters relating to completion of the Proposed Transactions, including, subject to applicable Laws relating to the exchange of information, promptly furnishing the other with copies of notice or other communications received by Parent, Purchaser, Seller or the Company Group, as the case may be, from any Third Party or Governmental Authority with respect to the Proposed Transactions.
(d)     Notwithstanding any other provision of this Agreement, neither Parent nor Purchaser shall have any obligation to propose or agree to accept any undertaking or condition, to enter into any consent decree, to make any divestiture, to accept any operational restriction, or take any other action that, in the reasonable commercial judgment of Parent and Purchaser, could be expected to limit the rights of Parent and Purchaser or their Related Persons to own or operate all or any portion of their respective businesses or assets. With regard to any Government Authority, none of the Seller, any of its Related Persons, nor the Company, shall without Purchaser’s written consent, to be given in Purchaser’s sole discretion, discuss or commit to any divestiture transaction, or discuss or commit to alter their businesses or commercial practices in any way, or otherwise take or commit to take any action that limits Parent’s or Purchaser’s freedom of action with respect to, or Parent’s or Purchaser’s ability to retain any of the businesses, product lines or assets Parent and Purchaser are acquiring in this Agreement or otherwise receive the full benefits of this Agreement.

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6.5    Access to Properties, Books and Records.
From the date of this Agreement until the earlier of termination of this Agreement or the Closing, Seller shall give Parent and Purchaser reasonable access, upon reasonable notice during normal business hours to all properties, books, records and key management personnel of or pertaining to the Company and its Subsidiaries to the extent reasonably required to facilitate integration activities; provided, however, that the foregoing will not: (i) materially interfere with the day-to-day operations of the Company and its Subsidiaries; and (ii) require Seller, the Company or any Subsidiary to provide access or to disclose information where such access or disclosure would contravene any Law or contract, or would relate to commercially sensitive information, or would result in the waiver of any legal privilege or work-product protection. Any information disclosed will be subject to the provisions of Section 11.1. For the avoidance of doubt, Purchaser shall not conduct any sampling or other intrusive investigation of air, surface water, groundwater or soil at or in connection with any property associated or affiliated in any way with the Company Group without the prior written approval of Seller, which shall not be unreasonably withheld, conditioned, or delayed. Any sampling activity by Purchaser shall in no way materially interfere with or disrupt the business and operations of the Company Group.  Subject to the proviso to the first sentence of this Section 6.5, and subject to the second sentence of this Section 6.5, from the date of this Agreement until the earlier of termination of this Agreement or the Closing, Seller shall, and shall cause the Company Group to, cooperate with reasonable requests by Purchaser and Parent related to Purchaser’s planning and preparation with respect to ownership and operation of the Company Group following the Closing, including with respect to, among other things, systems integration and product development. Subject as aforesaid, Seller shall also provide to Purchaser and Parent, within thirty days of the date hereof, a schedule containing a true and correct and, to the extent disclosure is allowed under local data protection Law, complete list (on an anonymous basis) as at the relevant date of the following information for all present employees of the Company Group working in the European Union (including employees on leave of absence for long-term incapacity) or in Russia and each entitled to a gross annual base salary in excess of €250,000 for the fiscal year 2014: job position; starting date of employment; age; type of employment agreement: blue collar, white collar, limited or unlimited duration, part-time or full-time; and whether any such employee is a protected employee (including but not limited to pregnant employees, union delegation members, Prevention and Protection Committee members, Works Council members, prevention advisors and, if relevant under the applicable Law, the employees who were candidates during the last social elections), amount of yearly gross salary, amount of bonuses or other incentive pay or fringe benefits, and whether such employee is on leave of absence.
6.6    WARN Notice.
Seller shall take all actions required by and bear sole responsibility for any obligations or liabilities to the Company Group’s employees under the WARN Act for actions occurring prior to the Closing Date.  Purchaser shall take all actions required by and bear sole responsibility for any obligations or liabilities to the Company Group’s employees under the WARN Act for actions occurring on or following the Closing Date.

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6.7    Payment of Indebtedness by Related Persons.
Except with respect to the Shareholder Loans which, together with the Specified Indebtedness, shall be repaid at Closing, and as otherwise expressly provided in this Agreement, Seller will cause all Indebtedness owed to the Company Group by Seller or its Related Persons (which term as used in this Section 6.7 shall not include the Company or its Subsidiaries) to be paid in full prior to Closing.
6.8    Release of indemnities, etc.
Purchaser shall procure that as from Closing Seller and its Related Persons (which term as used in this Section 6.8 shall not include the Company or its Subsidiaries) are released from all guarantees and indemnities which have been given by such Persons in respect of any liability or obligation of any member of the Company Group, and pending such release Purchaser shall indemnify and hold harmless Seller against all liabilities under those guarantees and indemnities.
6.9    Further Assurances.
Subject to the terms and provisions of this Agreement, each of the Parties hereto will use its respective commercially reasonable efforts to take all actions and to do all things necessary, proper or advisable to consummate the Proposed Transactions (including satisfaction, but not waiver, of the conditions to Closing set forth in Article 7 (in relation to all Parties), Article 8 (in relation to Seller) and Article 9 (in relation to Purchaser)).
6.10    Parent Covenant.
From the date of this Agreement until the earlier of the Closing Date or the termination of this Agreement, except as otherwise expressly contemplated herein, Parent covenants and agrees that it shall conduct its business and the business of its subsidiaries in a manner designed in its reasonable judgment, to preserve intact the Parent Group's core businesses and goodwill.
6.11    Listing.
Parent shall cause to be listed, prior to the Closing, on the NYSE, subject to official notice of issuance, the shares of the Parent Common Stock to be issued to Seller pursuant to the Proposed Transaction, and Parent shall give all notices and make all filings with the NYSE required in connection with the transactions contemplated herein.
6.12    Employees and Benefit Plans.
(a)    From the Closing until the 12 month anniversary of the Closing, Purchaser shall provide to those employees of the Company Group as of immediately prior to the closing (the “Continuing Employees” ) compensation and benefits that are substantially similar in the aggregate to those provided to similarly-situated employees of the Purchaser, except where Law or existing contractual arrangements require that Purchaser 

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provides compensation and benefits no less favorable in the aggregate to those provided to the Continuing Employees immediately prior to Closing, and provided that Purchaser may, in its discretion but subject to Law and existing contractual arrangements, choose to continue the compensation and benefit arrangements as in effect for Continuing Employees immediately prior to Closing where such continuation is permitted by Law, and provided further that Purchaser may, in its discretion but subject to Law and existing contractual arrangements, choose to alter the compensation and benefits package to meet changes in applicable Laws, and, more in particular, to phase out discriminations as contemplated under current or future equal treatment laws.  During such 12 month period, Purchaser shall provide Continuing Employees with no less favorable severance benefits that they would receive under the Benefit Plans and Non-U.S. Benefit Plans immediately prior to Closing (to the extent such Benefit Plans and Non-U.S. Benefit Plans are disclosed in the Data Room). Nothing herein shall be deemed to be a guarantee of employment for any employee of the Company Group, or other than as provided in any applicable employment agreement or other contract, to restrict the right of the Purchaser to terminate the employment of any such employee. The terms and conditions of employment for the US-based employees of the Group Companies as of the Closing who are represented by a union and who continue with the Purchaser shall be governed by the applicable collective bargaining agreement.
(b)    With respect to any employee benefit plan in which any Continuing Employees first become eligible to participate at or after the Closing (the “New Company Plans” ), Purchaser and Parent shall use commercially reasonable efforts to (i) waive all pre-existing conditions, exclusions and waiting periods with respect to participation and coverage requirements applicable to Employees of the Company Group or under any health and welfare New Company Plans in which such employees may be eligible to participate after the Closing to the extent such pre-existing conditions, exclusions and waiting periods were waived or otherwise satisfied under a corresponding Benefit Plan immediately prior to the Closing, (ii) cause deductibles, coinsurance or maximum out-of-pocket payments made by such employees during the applicable plan year in which such employee first participates in the applicable New Company Plan to reduce the amount of deductibles, coinsurance and maximum out-of-pocket payments under the New Company Plans to the extent taken account under the corresponding Benefit Plan or Non-U.S. Benefit Plan in respect of the same plan year; and (iii) recognize service credited by the Company Group prior to the Closing for purposes of eligibility to participate and vesting credit (and, for purposes of severance and paid time off only, for purposes of determining the amount or level of benefit) in any New Company Plan in which such employees may be eligible to participate after the Closing; provided, however, that in no event shall any credit be given to the extent it would result in the duplication of benefits for the same period of service.
(c)    Except as expressly provided herein, nothing contained in this Agreement, whether express or implied, shall (i) be treated as an amendment or other modification of any Benefit Plan or Non-U.S. Benefit Plan or (ii) limit the right, subject to the applicable Laws, of Purchaser to amend, terminate or otherwise modify any Benefit Plan or Non-U.S. Benefit Plan following the Closing, (iii) confer upon any Person whether or not a 

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party to this Agreement any right to employment, any right to compensation or benefits, or any other right of any kind or nature whatsoever.
(d)    Notwithstanding anything to the contrary in this Agreement, the members of the Company Group, in their sole discretion, shall be permitted to (i) prior to the Closing, pay out bonuses for any completed fiscal year to their employees in the Ordinary Course of Business and (ii) on the Closing and with the consent of Purchaser, not to be unreasonably withheld, pay to each eligible employee a pro rata bonus in respect of the Company’s then current fiscal year through the Closing based on the Company Group’s determination, in good faith (and in consultation with the Purchaser), of the amounts earned, based on actual performance through the Closing, provided that such amounts in this clause (ii) are included as Transaction Expenses.
(e)    If Purchaser so requests no later than ten days before the Closing Date, subject to applicable Law, the terms and conditions of the applicable Benefit Plans, any collective labor agreements and contingent on Closing, Seller shall take all actions necessary to terminate any group 401(k) plans, including any participant notice requirements and including documenting such actions through resolution of the appropriate board or committee of Seller or the Company Group, in each case with effect as of the day immediately prior to the Closing Date.  No later than the date immediately prior to the Closing Date, Seller shall provide Purchaser with evidence that the board of directors of the applicable plan sponsor has passed resolutions to terminate each applicable group benefit plan identified above with effect at the Closing Date.  Purchaser shall have the ability to review and consult with Seller in relation to the form and substance of such resolutions, and Seller shall take into account Purchaser’s reasonable comments.
(f)    Seller and Purchaser shall cooperate using commercially reasonable efforts and in good faith to ensure that the following items are resolved prior to the Closing Date: (1) to the extent 401(k) ADP/ACP discrimination tests have not been passed for any of the prior three plan years, the Company Group shall take all actions necessary to ensure any corrective refunds have been processed and that, if deemed reasonably necessary by Purchaser, a corrective filing under the Internal Revenue Service’s voluntary correction program is properly made; and (2) to the extent Form 5500 filings for the 2013 plan year with respect to U.S. group welfare plans have not been timely filed, the Company Group shall take all actions necessary to ensure that corrective filings under the Department of Labor’s Delinquent Filer Voluntary Compliance Program are made.
6.13    Tax Matters.
Except as required by applicable Law or Taxing Authority practice, from the date of this Agreement to the Closing Date, without the prior written consent of Purchaser (not to be unreasonably withheld, conditioned or delayed), none of Seller, the Company nor any of the Subsidiaries shall make or change any election, change an annual accounting period, adopt or change any Tax or accounting method or system of internal accounting control, file any amended Tax Return, enter into any closing agreement, settle any Tax 

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claim or assessment relating to the Company or any of its Subsidiaries, surrender any right to claim a refund of Taxes, consent to any extension or waiver of the limitation period applicable to any Tax claim or assessment relating the Company or any of its Subsidiaries, or take any similar action relating to the filing of any Tax Return or the payment of any Tax, if such election, adoption, change, amendment, agreement, settlement, surrender, consent or other action would have the effect of materially increasing the Tax liability of the Company or any of its Subsidiaries for any period ending after the Closing Date or materially decreasing any Tax attribute of the Company or any of its Subsidiaries existing on the Closing Date.
6.14    Financing.
(a)    Prior to the Closing, Purchaser and Parent shall use commercially reasonable efforts to obtain any necessary financing for the Purchase Price and its other payment obligations hereunder (including with respect to the repayment of the Specified Indebtedness and the Shareholder Loans (including Shareholder Loan Interest), and the Warehouse Purchase Price) hereunder in a timely manner (including alternative financing if the contemplated bond financing is not available) and Seller shall, and shall cause the Company Group to, use commercially reasonable best efforts to provide to Purchaser, at Purchaser’s sole expense, cooperation reasonably requested by Purchaser in order for Purchaser to obtain financing for any portion of the Purchase Price and such other payment obligation hereunder provided, however, that (A) nothing in this Section 6.14 shall require any cooperation to the extent that it would unreasonably interfere in any material respect with the business or operations of Seller or its Related Persons, (B) none of Seller or its Related Persons shall be required to pay any commitment or other similar fee or incur any other liability or obligation in connection with the Purchaser Financing and (C) none of Seller or its respective Related Persons shall be required to execute or deliver any document, including any agreement, instrument, guaranty, warranty, indemnity or certificate, that is not contingent upon the Closing or that would be effective prior to Closing.  Purchaser and Parent shall promptly, upon request by Seller, reimburse Seller and its Representatives for all reasonable costs and expenses (including reasonable attorneys’ fees) incurred by Seller or its Representatives in connection with the cooperation contemplated by this Section 6.14(a).  All non-public information regarding Seller and its respective Representatives provided to Purchaser, Parent or their Representatives pursuant to this Section 6.14(a) shall be kept confidential by them in accordance with Article 11, except for disclosure to potential lenders or investors as required in connection with any such  financing subject to customary confidentiality provisions.  Purchaser and Parent agree that any breach of this Section 6.14(a) shall not constitute a breach of this Agreement that gives rise to or contributes to any failure of a condition set forth in Article 7 or Article 8 to be satisfied.
(b)    Purchaser acknowledges and agrees that obtaining the financing is not a condition to the Closing.  For the avoidance of doubt and regardless of whether Purchaser and Parent have complied with their obligations set out in Section 6.14(a), if the financing (whether bond financing or alternative financing) has not been obtained, Purchaser shall continue to be obligated, subject to the fulfillment or waiver of the conditions set forth in Article 7 and Article 8, to complete the Proposed Transactions on 

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the terms contemplated by this Agreement, and Parent shall continue to be obligated in accordance herewith. 
(c)    Purchaser and Parent shall, and shall procure that their Representatives shall, cooperate with and provide such information and take such steps as may reasonably be requested by Seller or the holders of Specified Indebtedness in order to obtain the Payoff Letters and to discharge the Specified Indebtedness at the Closing, including satisfaction of such holders’ anti-money laundering procedures.
6.15    Title Insurance.
Seller shall on or prior to the Closing Date deliver (or cause the Company, its applicable Subsidiary or their respective officers to deliver) such documents and instruments as may be reasonably requested by Purchaser or Purchaser’s title company, including without limitation affidavits of title (such as non-imputation affidavits) and such other documentation in such forms reasonably required by the title company in order to issue (i) an extended coverage owner's policy of title insurance with respect to any U.S. Real Property (or, as the case may be, date down endorsements to existing owner’s policies), and (ii) an extended coverage leasehold owner’s policy of title insurance with respect to the U.S. LVT Plant (or, as the case may be, date down endorsements to existing owner’s policies).  Such title insurance policies shall be issued at Purchaser’s sole cost and expense, and, except as explicitly provided herein, Seller shall have no obligations with respect to the issuance of such title insurance policies (for the avoidance of doubt, Seller shall have no obligation to cause the title company to remove any exception to its existing title insurance policies or the title insurance policies to be issued at Purchaser's request).
6.16    Transition Services Agreement with Baltisse.
The Parties agree to negotiate in good faith during the period from the date of this Agreement to the Closing Date to enter into a transition services agreement regarding the provision of ICT desktop services by IVC NV (or such other Group Company as Seller and Purchaser may agree) to Baltisse NV after the Closing.
6.17    Restructuring.
At or prior to the Closing, Seller (i) shall have caused the Other Shareholder to transfer its Shares in the Company to Seller, (ii) shall have taken such actions necessary to exercise and acquire the shares resulting from the exercise of all outstanding stock options in the Company or any Subsidiary, and (iii) shall have, and shall have caused the Company to, take all such actions necessary to ensure that each member of the Company Group is wholly-owned, directly or indirectly, by the Company as of the Closing Date, other than with respect to class A shares in Avelgem held by certain residents of Avelgem, Belgium (the transactions described in this Section 6.17, the “Restructuring”). 

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ARTICLE 7     MUTUAL CONDITIONS TO CLOSING. 
The respective obligations of each of the Parties to consummate the Proposed Transactions are subject to satisfaction or waiver in writing by each Party, prior to the Closing Date, of each of the following conditions:
    
7.1    Antitrust Filings.
(a)    (i) all waiting periods (and any extensions thereof) under any Antitrust Laws applicable to the Proposed Transactions having expired or been terminated and (ii) all consents, approvals and authorizations of the Governmental Antitrust Authorities in the jurisdictions set forth on Schedule 7.1(a) shall have been obtained; and
(b)    At the Closing Date, (i) there being in effect no preliminary or permanent injunction or other order issued by any Governmental Authority of competent jurisdiction, and (ii) no action shall have been commenced by a Governmental Antitrust Authority, in the case of either of clauses (i) or (ii) that restrains, prohibits or otherwise makes illegal the consummation of the Proposed Transactions.
7.2    2014 Audited Financial Statements
The 2014 Audited Financial Statements shall have been delivered to Parent and Purchaser.
ARTICLE 8    CONDITIONS PRECEDENT TO OBLIGATIONS OF PURCHASER.
The obligations of Purchaser to consummate the Proposed Transactions shall be subject to the satisfaction, before (or, in relation to Section 8.1, on) the Closing Date, of each of the following conditions, all or any of which may be waived in writing, in whole or in part, by Purchaser or Parent:
8.1    Representations and Warranties.
Each of the representations and warranties made by Seller in Article 4 shall be true and correct on and as of the Closing Date with the same force and effect as though such representations and warranties had been made on and as of the Closing Date (except that such representations and warranties (i) made as of a specific date or in respect of a specific period shall be true and correct only as of such specific date or in respect of such specific period, and (ii) may be untrue or incorrect as a result of actions or transactions expressly permitted by the Purchase Documents or actions or transactions of Seller made with the prior written consent of Purchaser or Parent), provided that for purposes of this Section 8.1, if any representation or warranty made by Seller (other than a Fundamental Representation) includes within its terms a materiality qualifier, such qualifier shall be disregarded solely for purposes of determining compliance with this Section 8.1; provided, further, that for purposes of this Section 8.1, this condition shall be deemed to have been satisfied unless the failure of any such representation and warranty (other than 

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a Fundamental Representation) to be true and correct on and as of the Closing Date, or on and as of the specific date (or specific period) that such representation and warranty is made, as applicable, would have a Material Adverse Effect.
8.2    Compliance by Seller.    
Seller shall have duly performed in all material respects all of the covenants, agreements, obligations and conditions contained in this Agreement to be performed by Seller at or prior to the Closing Date, and Purchaser shall have received a certificate of an authorized signatory of Seller dated as of the Closing Date certifying that this condition has been satisfied.
8.3    No Material Adverse Effect.
There shall not have been any Material Adverse Effect since the date of this Agreement.
8.4    The Restructuring.
The Restructuring shall have been completed and Purchaser shall have received a certificate of an authorized signatory of Seller certifying that this condition has been satisfied.
ARTICLE 9    CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLER.
The obligation of Seller to consummate the Proposed Transactions shall be subject to the satisfaction, before (or, in relation to Section 9.1, on) the Closing Date, of each of the following conditions, all or any of which may be waived in writing, in whole or in part, by Seller.
		
	9.1
	    Representations and Warranties.

Each of the representations and warranties made by Purchaser and Parent in Article 5 shall be true and correct in all material respects on and as of the Closing Date with the same force and effect as though such representations and warranties had been made on and as of the Closing Date.
		
	9.2
	    Compliance by Purchaser and Parent.

Purchaser and Parent shall have duly performed in all material respects all of the covenants, agreements and obligations contained in this Agreement to be performed by Purchaser and Parent at or prior to the Closing Date; and Seller shall have received a certificate dated the Closing Date, executed by an authorized officer of each of Purchaser and Parent, to such effect.

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ARTICLE 10    POST-CLOSING MATTERS 
10.1    Non-Competition; Non-Solicitation.
(a)    Until the expiration of three years after the Closing Date (the “Restricted Period”), each of (i) Balcaen, individually, and (ii) Seller (on behalf of itself and on behalf of its Related Persons, but excluding for the avoidance of any doubt the Company Group) agrees that it will not, in any manner (whether on its own account, or as an owner, operator, manager, consultant, officer, director, employee, investor, agent or otherwise), anywhere in the United States, the European Union, Russia and the Ukraine (together, the “Restricted Territory”), engage in the Business, or own any interest in, manage, control, participate in (as an owner, operator, manager, consultant, officer, director, employee, investor, agent or representative), or consult with or render services for any Person that is engaged in the Business; provided, however, that no owner of less than 5% of the outstanding stock of any publicly-traded company shall be deemed to engage solely by reason thereof in the Business.  Nothing in this Section 10.1 shall be deemed to require Seller to restrict any activities of any Person that Seller does not control or with respect to which Seller has existing contractual or legal obligations limiting Seller’s discretion to impose on such Person obligations such as those in this Section 10.1, provided that such contractual or legal obligations have been disclosed to Purchaser and Parent in the Disclosure Schedule as of the date of this Agreement. This Section 10.1 shall not apply to Balcaen’s or Seller’s and its Related Persons’ interests in Balta, on the condition that during the Restricted Period (i) neither Balcaen nor Seller and its Related Persons shall increase any of their respective ownership stakes in Balta as compared to the date hereof, and (ii) none of Balcaen or Seller or its Related Persons shall take any action to manage, control, participate in (as an operator, consultant, officer, director, manager, employee, agent or representative), or consult with or render services to Balta with respect to the Business (provided that, notwithstanding the above, being a manager (gérant) of Balta shall not in and of itself be prohibited under this Section 10.1). 
(b)    Balcaen and Seller (including its Related Persons) each agree that it will not, during the Restricted Period, in any manner (whether on his, her or its own account, as an owner, operator, manager, consultant, officer, director, employee, investor, agent or otherwise), (i) call upon, solicit or provide services to any customer of the Company as of the date hereof with the intent of selling or attempting to sell any Business products or Business services, (ii) hire or engage or recruit, solicit or otherwise attempt to employ or engage any Person employed or engaged by the Company or any Subsidiary, or induce or attempt to induce any Person to leave such employment or engagement (provided that general advertising of vacancies and positions shall not be prohibited), or (iii) in any way intentionally prejudice the relationship between the Company or any Subsidiary and any employee, customer, sales representative, broker, supplier, licensor, licensee or other material business relation (or any prospective customer, supplier, licensor, licensee or other business relationship) of any of the Company or its Subsidiaries (including by making any negative or disparaging statements or communications regarding the Company or any Subsidiary).

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(c)    The Parties specifically acknowledge and agree that in the event that either Balcaen or Seller breaches this Section 10.1, Parent and Purchaser shall have the right to seek specific performance from or injunct such breaching party from violating this Section 10.1 and to have the restrictions set forth in this Section 10.1 specifically enforced by the tribunal having jurisdiction to decide on this matter. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to Parent and Purchaser at law, and in particular the right to seek compensation for the damage suffered as a consequence of the breach of this Section 10.1. Balcaen and Seller each understand and agree that, if the Parties become involved in legal action regarding the enforcement of this Section 10.1 and if Parent or Purchaser prevails in such legal action, Parent or Purchaser, as applicable, will be entitled, in addition to any other remedy, to recover from Balcaen or Seller, as appropriate, its reasonable costs and attorneys’ fees incurred in enforcing such covenants.
(d)    Balcaen and Seller each acknowledge that the provisions of this Section 10.1 are reasonable and necessary to protect the legitimate interests of Parent and Purchaser. However, if any of the provisions of this Section 10.1 are held by a final judgment of a court of competent jurisdiction to exceed any limitation imposed by the applicable law (in particular, but not solely, the limitations in duration, geographic area or personal and material scopes), such provisions shall not be declared null and void but the Parties shall be deemed to have agreed to such provisions as confirm with the maximum permitted by the applicable Law, and any provision of this Section 10.1 exceeding such limitations shall be automatically amended accordingly.  Provided that Purchaser has complied with its obligations hereunder to pay the Purchase Price, to repay the Specified Indebtedness and the Shareholder Loans (including Shareholder Loan Interest), and to pay the Warehouse Purchase Price, the existence of any other claim or other cause of action by Seller against the Company Group or Purchaser Group, whether predicated on this Agreement or otherwise, will not constitute a defense to the enforcement by Parent or Purchaser of the provisions of this Section 10.1, which section will be enforceable upon payment of the Purchase Price and such other aforesaid payment obligations notwithstanding the existence of any breach by Parent or Purchaser.
		
	10.2
	    Retention of Records.

(l)        Purchaser shall retain, and cause the Company Group after the Closing to retain, all Books and Records which are in the Company Group’s possession or control at the Closing relating to the Benefit Plans or accounting or legal matters prior to the Closing for a period of at least seven years from the date hereof or such further period as may be required by any applicable Law in effect as of the date of this Agreement or that may be enacted thereafter; provided, however, that at the end of such seven-year or applicable longer period the Books and Records may be disposed of by Purchaser or the Company Group, if Purchaser or the Company Group first offers to surrender possession thereof to Seller at Seller’s expense.  After the Closing Seller shall have the right during normal business hours, upon reasonable notice to Purchaser or the Company Group, to inspect and make copies of books and records of the Company Group for any reasonable purpose including the preparation of Tax Returns and other Governmental Authority filings, the preparation of financial statements and the defending of claims.

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(b)    Seller may retain (i) one copy of the materials included in the Data Room organized by Seller in connection with the purchase and sale of the Shares, together with a copy of all documents referred to in such materials, (ii) all internal correspondence and memoranda, valuations, investment banking presentations and bids received from others in connection with the sale of the Shares, and (iii) a copy of all consolidating and consolidated financial information and all other accounting records prepared or used in connection with the preparation of the Financial Statements.
		
	10.3
	    Further Assurances.

Seller agrees from time to time after the Closing Date, at Purchaser's request, to execute, acknowledge, and deliver to Purchaser such other instruments of conveyance and transfer and will take such other actions and execute and deliver such other documents, certifications, and further assurances as Purchaser may reasonably require in order to vest more effectively in Purchaser, or to put Purchaser more fully in possession of, any of the Company’s rights or assets.  Each of the Parties hereto will cooperate with the other and execute and deliver to the other Parties hereto such other instruments and documents and take such other actions as may be reasonably requested from time to time by any other Party hereto as necessary to carry out, evidence, and confirm the intended purposes of this Agreement. Each Party shall bear its own costs and expenses in compliance with this Section 10.3.
		
	10.4
	    Quitus.

Within five Business Days following the Closing Date Purchaser shall procure (i) that a resolution of the general meeting (or as the case may be sole shareholder) of each member of the Company Group is duly (and, in the case of multiple shareholders, unanimously) passed granting full discharge (quitus, or the equivalent concept in other jurisdictions) to the outgoing members of the board of each such member of the Company Group for their conduct up to the Closing Date, and (ii) shall repeat such discharge at the occasion of the next general meeting/sole shareholder resolution approving the annual accounts of the relevant member of the Company Group, provided, however, that such discharge to the outgoing members of the board of each such member of the Company Group shall in both cases be granted subject to all matters which may give rise to any finding of liability in accordance with applicable Law of such members of the board of each member of the Company Group and which have not been disclosed to the Purchaser prior to the Closing Date.  Copies of all such resolutions shall be promptly provided to Seller.
ARTICLE 11    CONFIDENTIALITY; PUBLIC ANNOUNCEMENTS 
		
	11.1
	    Confidentiality.

(a)    Until the third anniversary of (i) the Closing Date or (ii) the date of termination of this Agreement, Purchaser will, and will cause its directors, officers, Representatives and Related Persons to, hold in confidence, and not disclose to any Person (other than as permitted by this Section 11.1), any Confidential Information; 

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provided, however, that for Confidential Information that is a trade secret under applicable Law, for so long as such Confidential Information remains a trade secret under applicable Law, Purchaser will, and will cause its directors, officers, Representatives and Related Persons to, hold in confidence, and not disclose to any Person (other than as permitted by this Section 11.1), any such Confidential Information.
(b)    Until the third anniversary of the Closing Date, Seller will, and will cause its directors, officers, Representatives and Related Persons to, hold in confidence, and not disclose to any Person (other than as contemplated by this Section 11.1), any Confidential Information; provided, however, that for Confidential Information that is a trade secret under applicable Law, for so long as such Confidential Information remains a trade secret under applicable Law, Seller will, and will cause its directors, officers, Representatives and Related Persons to, hold in confidence, and not disclose to any Person (other than as contemplated by this Section 11.1), any such Confidential Information.
(c)    This Section 11.1 shall not prevent disclosure by a Party or its Representatives to the extent that: (i) disclosure is required by Law or by any Governmental Authority (including any Taxing Authority) having applicable jurisdiction (provided that the disclosing party shall first, to the extent reasonably practicable and permitted by Law, inform the other party of its intention to disclose such Confidential Information and take into account the reasonable comments of the other party), (ii) disclosure of Confidential Information that was lawfully in the possession of such Party or any of its Representatives (in either case as evidenced by written records) without any obligation of secrecy prior to its being received or held, (iii) disclosure of Confidential Information that has previously become publicly available other than through such Party’s fault (or that of its Representatives), (iv) disclosure is required for the purpose of any arbitral or judicial proceedings arising out of the Purchase Documents, or (v) disclosure is to Related Persons of Seller or the Other Shareholder.
(d)    The Parties agree that the Confidentiality Agreement shall terminate at the Closing.  If this Agreement terminates the Confidentiality Agreement shall continue in full force and effect in accordance with its terms.
		
	11.2
	    Public Announcements.

(a)    The Parties will consult with each other before issuing press releases or otherwise making any public statements or communicating with the employees of the Company and its Subsidiaries with respect to this Agreement or the Proposed Transactions and the Parties shall not issue any such press release or public statement without the prior approval of the other Parties (which approval will not be unreasonably withheld, conditioned or delayed).
(b)    The restriction in Section 11.2(a) shall not apply to the extent the public announcement is required by Law or any Governmental Authority of competent jurisdiction; provided, however, that the party making the announcement shall use its reasonable best efforts to consult with the other party in advance as to its form, content and timing.

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ARTICLE 12    TERMINATION 
		
	12.1
	    Termination.

This Agreement may be terminated:
(a)    by the mutual consent of Parent and Purchaser on the one hand and Seller, on the other;
(b)    by Parent and Purchaser if any condition in either of Article 7 or Article 8 becomes impossible to perform or satisfy or has not been satisfied in full (in either case, other than as a result of a breach or default by Parent and Purchaser in the performance of their obligations hereunder) and the performance of such condition has not been waived by Purchaser in writing at or prior to the Outside Date;
(c)    by Seller if any condition in Article 7 or Article 9 becomes impossible to perform or satisfy or has not been satisfied in full (in either case, other than as a result of a breach or default by Seller in the performance of its obligations hereunder) and the performance of such condition has not been waived by Seller in writing at or prior to the Outside Date; or
(d)    by either Party (other than a Party that is in default of its obligations under this Agreement) if the Closing shall not have occurred on or before June 30, 2015 (the “Outside Date”), provided however that if on June 30, 2015 the condition to Closing set forth in Section 7.1 shall not have been fulfilled but all other conditions to Closing shall have been or shall be capable of being fulfilled (assuming the Closing were to occur on such date) then at the option of either Party the Outside Date may be (and shall automatically upon notice to that effect be) extended to September 30, 2015.
12.2        Effect of Termination.
As to any damages of either Party arising from the effect of termination or abandonment of this Agreement by the other Party, such Party is entitled to pursue its rights or remedies against the other Party to the extent such rights or remedies may be available at Law.  The following provisions shall survive the termination of this Agreement: Articles 1, 11 and 15.  Upon termination of this Agreement, without prejudice to the terms of the Confidentiality Agreement, Purchaser shall return and shall procure that its Representatives shall return to Seller any DVD copy of the Data Room provided in connection with this Agreement.
ARTICLE 13    INDEMNIFICATION 
		
	13.1
	    Agreement of Seller to Indemnify.

Subject to the terms and conditions of this Article 13, from and after the Closing Seller agrees to indemnify, defend, and hold harmless Purchaser Indemnitees from and against, any and all Losses resulting from or arising out of:

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(a)    the failure of any representation or warranty of Seller contained in or made pursuant to this Agreement to be true and correct as of the date such representation or warranty was made (provided that, for the avoidance of any doubt, the inaccuracy in or breach of the representations and warranties expressly given as of or related to specified dates or periods shall be determined with reference to such specified dates or periods);
(b)    the breach of any covenant or agreement of Seller contained in or made pursuant to this Agreement;
(c)    the Specified Environmental Risks;
(d)    the IP Risks;
(e)    the Specified Litigation Risks;
(f)    the Specified Subsidies Risks; and
(g)    the Restructuring, except for any Loss as a result of IVC NV or Trinterio NV being wholly-owned by a member of the Company Group at Closing.
For purposes of this Article 13, for purposes of determining the amount of Losses resulting from a breach of any representation or warranty (but not, for the avoidance of doubt, for purposes of determining whether there has been a breach), any qualification or limitation of such representation or warranty by reference to the materiality of matters stated therein or as to matters having or not having a “Material Adverse Effect” shall be disregarded.
		
	13.2
	    Agreement of Purchaser and Parent to Indemnify.

Subject to the terms and conditions of this Article 13, each of Purchaser and Parent agrees to indemnify, defend, and hold harmless Seller Indemnitees from and against, any and all Losses resulting from or arising out of:
(a)    the failure of any representation or warranty of Purchaser or Parent contained in or made pursuant to this Agreement to be true and correct as of the date such representation or warranty was made or as if such representation or warranty was made on and as of the Closing Date (except for representations and warranties that expressly relate to a specified date, the inaccuracy in or breach of which will be determined with reference to such specified date); and
(b)    the breach of any covenant or agreement of Purchaser or Parent contained in or made pursuant to the Purchase Documents.
		
	13.3
	    Procedures for Indemnification.

(a)    An Indemnification Claim shall be made by the Indemnitee by delivery of a written declaration to the Indemnitor requesting indemnification and specifying in reasonable detail the basis on which indemnification is sought and the amount of asserted 

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Losses and, in the case of a Third Party Claim, containing (by attachment or otherwise) such other information as the Indemnitee shall have concerning such Third Party Claim (an “Indemnification Claim Notice”).
(b)    If the Indemnification Claim involves a Third Party Claim, the procedures set forth in Section 13.4 hereof shall be observed by the Indemnitee and the Indemnitor.
(c)    If the Indemnification Claim involves a matter other than a Third Party Claim, the Indemnitor shall have 30 Business Days following receipt of the Indemnification Claim Notice to object to such Indemnification Claim by delivery of a written notice of such objection to the Indemnitee specifying in reasonable detail the basis for such objection. Failure to timely so object shall constitute a final and binding acceptance of the Indemnification Claim by the Indemnitor and the Indemnification Claim shall be paid in accordance with Section 13.3(d) hereof.  If an objection is timely interposed by the Indemnitor, then the Indemnitee and the Indemnitor shall negotiate in good faith for a period of 60 Business Days from the date (such period is hereinafter referred to as the “Claim Resolution Period”) the Indemnitee receives such objection.  After the Claim Resolution Period, if the Indemnitor and the Indemnitee still cannot agree on the amount of an Indemnification Claim, either the Indemnitor or the Indemnitee may submit the dispute concerning such Indemnification Claim for resolution as provided in Section 15.12 below; provided, however, nothing herein shall prevent the Parties from seeking interim or injunctive relief with respect to such dispute.
(d)    Upon determination of the amount of an Indemnification Claim that is binding on both the Indemnitor and the Indemnitee, the Indemnitor shall pay the amount of such Indemnification Claim (i) if such amount is due from the Seller, from the Escrow Amount or, if the Escrow Amount has been released from escrow or otherwise exhausted, by wire transfer of immediately available funds within five Business Days of the date such amount is determined, or (ii) if such amount is due from the Purchaser, by wire transfer of immediately available funds within five Business Days of the date such amount is determined.
		
	13.4
	    Defense of Third Party Claims.

(a)    In the event of a Third Party Claim, the Indemnitee shall have ten Business Days from receipt of notice of the Third Party Claim to notify each Indemnitor thereof in writing by providing an Indemnification Claim Notice. The right of an Indemnitee to be indemnified under this Article 13 in respect of a Third Party Claim shall not be adversely affected by a failure to provide such Indemnification Claim Notice unless, and then only to the extent that, an Indemnitor is prejudiced thereby. 
(b)    The Indemnitor shall have ten Business Days (or such lesser time as may be necessary to comply with statutory response requirements for litigation claims that are included in such Third Party Claims) from receipt of the Indemnification Claim Notice to notify in writing the Indemnitee of whether or not the Indemnitor will, at its sole cost and expense, defend the Indemnitee against such Third Party Claim.

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(c)    In the event that the Indemnitor notifies the Indemnitee within the ten Business Day period that it chooses to defend the Indemnitee against such Third Party Claim, the Indemnitor will defend the Indemnitee by appropriate proceedings, which proceedings shall be promptly settled or prosecuted by the Indemnitor to a final conclusion in such a manner as to minimize the risk of the Indemnitee becoming subject to Liability for any other significant matter. If the Indemnitee desires to participate in, but not control, any such defense or settlement, it may do so at its sole cost and expense.  If any such Third Party Claim or the litigation or resolution of any such Third Party Claim involves a claim for equitable relief, then the Indemnitee shall have the right to control the defense or settlement of any such Third Party Claim or demand and its reasonable costs and expenses shall be included as part of the indemnification obligation of the Indemnitor.  If the Indemnitee should elect to exercise such right, the Indemnitor shall have the right to participate in, but not control, the defense or settlement of such Third Party Claim at its sole cost and expense.
(d)    In the event that the Indemnitor fails to provide a written response to Indemnitee with respect to such Indemnification Claim Notice within the ten Business Day period, the Indemnitee shall have the right to control the defense or settlement of such Third Party Claim, provided, that the Indemnitor shall have the right to participate in, but not control, the defense or settlement of such Third Party Claim at its sole cost and expense and provided further that the Indemnitee shall not settle any such Third Party Claim without the prior written consent of the Indemnitor, which consent shall not be unreasonably withheld, conditioned or delayed.
(e)    The Indemnitee and the Indemnitor shall cooperate with each other in all reasonable respects in connection with the defense of any Third Party Claim, including making available records relating to such claim and furnishing, without expense to the Indemnitor, management employees of the Indemnitee as may be reasonably necessary for the preparation of the defense of any such claim or for testimony as witness in any proceeding relating to such claim.
		
	13.5
	    Settlement of Third Party Claims.

No settlement of a Third Party Claim involving the asserted Liability of the Indemnitee under this Article 13 shall be made without the prior written consent by or on behalf of the Indemnitee, which consent shall not be unreasonably withheld, conditioned or delayed.  Consent shall be presumed in the case of settlements of €150,000 or less where the Indemnitee has not responded within 20 Business Days of written notice of a proposed settlement.  Any settlement of a Third Party Claim shall include an unconditional release of the Indemnitee from all liability in respect of such asserted liability.
		
	13.6
	    Duration.

All representations and warranties of Seller set forth in this Agreement shall remain operative and in full force and effect until the date that is 18 months after the Closing (the “Release Date”) except that (i) the Fundamental Representations shall 

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survive indefinitely, (ii) the representations and warranties set forth in Section 4.20 shall survive until 60 days after the date upon which the right of the Taxing Authorities or any other competent authorities to assess or claim any Taxes in respect of the matters giving rise to such an Indemnification Claim is barred by the relevant statute of limitation, and (iii) the representations and warranties set forth in Section 4.13 shall survive until the date that is five years after Closing, and for the avoidance of doubt no Indemnification Claim may be made for any breach of such representations and warranties following the expiration of the applicable period. All representations and warranties of Purchaser and Parent set forth in this Agreement shall remain operative and in full force and effect until the Release Date, (and for the avoidance of doubt no Indemnification Claim may be made for any breach of such representations and warranties following the Release Date), except the representations and warranties of Purchaser and Parent set forth in Sections 5.1, 5.3 and 5.5 which shall survive indefinitely. All covenants of the Parties shall survive in accordance with their respective terms.
13.7    Limitations and Exclusions.
(a)    The Indemnitor shall be obligated to indemnify the Indemnitee only when the aggregate of all Losses suffered or incurred by the Indemnitee as to which a right of indemnification is provided under Section 13.1(a) or 13.2(a) exceeds €7,500,000 (the “Threshold Amount”).  After the aggregate of all Losses suffered or incurred by the Indemnitee exceeds the Threshold Amount, the Indemnitor shall be obligated to indemnify the Indemnitee for the amount of such Losses that exceed the Threshold Amount. In no event shall the aggregate Liability of Seller, or the aggregate Liability of Parent and Purchaser, under this Article 13 exceed €75,000,000 (the “Maximum Amount”).  Furthermore, no claim for a Loss may be made for indemnification hereunder if the amount of such claim does not exceed €150,000 (the “De Minimis Amount”).  Notwithstanding the above, neither the Threshold Amount, the Maximum Amount nor the De Minimis Amount limitations shall apply to the indemnification rights of the Parties hereto for Losses resulting from (i) fraud, (ii) breach of the Fundamental Representations, (iii) the Tax Indemnity, or (iv) Sections 13.1(c), 13.1(d), 13.1(e), 13.1(f) and 13.1(g), and the payment of such amounts by the Indemnitor shall not count toward the calculation of the Maximum Amount of the Indemnitor.
(b)    The amount of Losses for which indemnification is available under this Article 13 shall be reduced by any Tax Benefits actually recognized in the tax period in which the Losses are sustained or paid by the Indemnitee arising from the circumstances giving rise to the claim for Losses.
(c)    No Party will in any event be liable under this Article 13, and no claim for indemnification may in any event be asserted under this Article 13, for any exemplary, punitive, special, consequential, incidental or indirect Losses, other than to the extent such Losses shall have been awarded to a third party with respect to a matter otherwise indemnifiable hereunder.
(d)    Notwithstanding anything herein to the contrary, no Indemnitee shall be entitled to indemnification or reimbursement under any provision of this Agreement for 

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any amount to the extent such Person or its Related Person has been indemnified or reimbursed for such amount under any other provision of a Purchase Document.  Without limiting the generality of the foregoing, if any fact, circumstance or condition forming a basis for a claim for indemnification under this Article 13 or Article 14 shall overlap with any fact, circumstance, condition, agreement or event forming the basis of any other claim for indemnification under this Article 13 or Article 14, or any deduction from the Base Amount pursuant to Section 2.2, there shall be no duplication in the calculation of the amount of the Losses (or, in the case of Article 14, Taxes).
(e)    Notwithstanding anything to the contrary contained herein, Seller shall not be liable for any Losses to the extent the matter or circumstance giving rise to the indemnification is reflected in calculating the Purchase Price, nor shall the Seller be liable for any Losses (except with respect to any amount subject to the Tax Indemnity, arising from the representations and warranties under Section 4.20 or indemnifiable under Sections 13.1(c), 13.1(d), 13.1(e), 13.1(f) and 13.1(g)) to the extent the matter or circumstance giving rise to the indemnification, was included on the face of the Financial Statements or in a footnote thereto, or was disclosed in a Disclosure Schedule.
(f)    Notwithstanding anything to the contrary contained herein and for the avoidance of doubt, Seller shall not be liable for any Losses (including Taxes and other Losses otherwise indemnifiable under Article 14), to the extent (i) such Losses would not have arisen but for any winding-up, a change in the operation of the Company Group by Purchaser or its or Parent’s Related Person after the Closing Date, reorganization or change in ownership of any member of the Purchaser Group after the Closing Date or (ii) such Losses arose or were increased as a direct or indirect result of any change in Law occurring after the Closing Date.
(g)    Notwithstanding anything to the contrary in this Agreement, Seller shall not have any liability for any breach of, or inaccuracy in, any representation or warranty made by Seller or the Company to the extent that either Purchaser or Parent had actual knowledge at or before the date hereof that such representation or warranty was breached or inaccurate, provided that (i) Seller shall bear the burden of proof in showing that Purchaser or Parent had actual knowledge at or before the date hereof that such representation or warranty was breached or inaccurate, and (ii) this clause (g) shall not apply to Seller’s indemnification obligations under the Tax Indemnity, Sections 13.1(c), 13.1(d), 13.1(e), 13.1(f) and 13.1(g) and any Loss arising from the breach of representations and warranties under Section 4.20.
(h)    Each Indemnitee shall use commercially reasonable efforts to mitigate their respective Losses (including for the avoidance of doubt Taxes and other Losses otherwise indemnifiable under Article 14) upon and after becoming aware of any event or condition that would reasonably be expected to give rise to any Losses that are indemnifiable hereunder.  An Indemnitor shall have no liability for any portion of such Losses that reasonably could have been avoided had the Indemnitee made such efforts.
(i)    Notwithstanding anything to the contrary in this Agreement, Seller shall not be liable for (i) any deferred Tax liabilities included in the Financial Statements, 

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calculated consistently with past practices, or in a footnote thereto, or (ii) for Taxes which were caused by the actions following the Closing of Purchaser, Parent and their Related Persons, except where such actions were (i) taken by any such person with the mutual approval and cooperation of Seller to engage in regularizations for value-added tax and transfer-pricing purposes as permitted by applicable Law or (ii) otherwise required by applicable Law.
13.8    Insurance and Third Party Recovery.
The amount of Losses for which indemnification is available under this Article 13 or Article 14 shall be calculated net of any amounts recovered or recoverable by Indemnitee under insurance or otherwise from third parties with respect to such Losses.  
13.9    Subrogation Rights.
In the event that the Indemnitor shall be obligated to indemnify the Indemnitee pursuant to this Article 13, the Indemnitor shall, upon payment of such indemnity in full, be subrogated to all rights of the Indemnitee with respect to the Losses to which such indemnification relates; provided, however, that the Indemnitor shall only be subrogated to the extent of any amount paid by it pursuant to this Article 13 in connection with such Losses and shall not be entitled to make any claim under any insurance policy of the Company or any other Indemnitee.
13.10    Exclusive Remedy.  
Except as provided in Article 14, the Parties covenant and agree that, from and after the Closing, the remedies provided for in this Article 13 shall constitute the sole and exclusive remedy for all Losses that any Indemnitee may suffer or incur arising from, or directly or indirectly relating to, the Company Group, this Agreement or the Proposed Transactions, and the Parties hereto hereby irrevocably waive any other rights or remedies (whether at law or in equity and whether based on contract, tort, statute or otherwise) that they may otherwise have had, now have or may in the future have against any of the other Parties or any of the respective direct or indirect Related Persons, officers, managers, directors, employees, advisors, shareholders, members, consultants, investment bankers, brokers, controlling persons, partners, managers or other representatives or agents thereof (each of whom shall be an express third-party beneficiary hereof) arising from, or directly or indirectly relating to, the Company Group, this Agreement or the Proposed Transactions and covenant not to sue or otherwise assert any claim (or assist any other Person in suing or otherwise asserting any claim) encompassed by the foregoing covenants, agreement and waiver; provided, however, that the foregoing shall not apply to claims of fraud, and provided, further, that the foregoing shall not limit the Parties’ rights to specific performance as contemplated by Section 15.15 with respect to covenants to be performed after the Closing pursuant to this Agreement (but shall apply to any monetary damages in connection with any failure to perform or breach thereof).  Any Person who is sued or otherwise has a claim asserted against him, her or it in violation of this Section 13.10 may enforce it directly as an express third-party beneficiary thereof.

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ARTICLE 14    TAX MATTERS  
14.1    Tax Matters. 
(a)    Seller shall from and after the Closing indemnify the Company, its Subsidiaries and the Purchaser and hold them harmless from and against (without duplication): (i) all Taxes (and Losses, if any, resulting from the non-payment thereof) of the Company and its Subsidiaries for all Taxable periods ending on or before December 31, 2014 and the portion through the end of December 31, 2014 for any Taxable period that includes (but does not end on) December 31, 2014 (“Pre-December 31 Tax Period”), (ii) all Taxes of any member of an affiliated, consolidated, combined, unitary group or fiscal unity of which the Company or any of its Subsidiaries (or any predecessor of any of the foregoing) is or was a member on or prior to the December 31, 2014, including pursuant to Treasury Regulations Section 1.1502-6 or any analogous or similar state, local, or foreign Law or regulation, (iii) any and all Taxes of any person (other than the Company and its Subsidiaries) imposed on the Company or any of its Subsidiaries as a transferee or successor, by contract or pursuant to any law, rule, or regulation, which Taxes relate to an event or transaction occurring before the Closing, (iv) any Tax arising out of or relating to the Restructuring, (v) all Taxes arising from the termination of any fiscal unity or other group or unity as a result of the transactions contemplated by this Agreement, (vi) all Taxes arising from the transfer of the Warehouse as provided in Section 2.5, and (vii) any loss of deferred tax assets, provided that in each of (i) through (v) the obligation of Seller to indemnify shall not apply until Tax (and the related Loss, if any) becomes due and payable.  From and after the Closing Seller shall reimburse Purchaser for any Taxes that have become due and payable of the Company or its Subsidiaries that are the responsibility of Seller pursuant to this Section 14.1(a) within 15 Business Days after written notice of payment of such Taxes by Purchaser, the Company or its Subsidiaries.  All such reimbursements shall be made by electronic transfer in immediately available funds and receipt of the amount due shall be an effective discharge of the relevant reimbursement obligation. Such indemnity provided under this Section 14.1(a) shall be referred to herein as the “Tax Indemnity.” For the avoidance of doubt, if a Tax both is included in the Tax Indemnity and arises from a breach of a tax representation or warranty under Section 4.20, that Tax is to be covered by this Section 14.1 and not Section 13.1.
(b)        In the case of any Taxable period that includes (but does not end on) December 31, 2014 (a “Straddle Period”), (i) the amount of any Taxes based on or measured by income or receipts of the Company and its Subsidiaries for the Pre-December 31 Tax Period shall be determined based on an interim closing of the books as of the close of business on December 31, 2014 (and for such purpose, the Taxable period of any partnership or other pass-through entity in which the Company or any of its Subsidiaries holds a beneficial interest shall be deemed to terminate at such time) and (ii) the amount of other Taxes of the Company and its Subsidiaries for a Straddle Period which relate to the Pre-December 31 Tax Period shall be deemed to be the amount of such Tax for the entire Taxable period multiplied by a fraction the numerator of which is the number of days in the Taxable period ending on December 31, 2014 and the denominator of which is the number of days in such Straddle Period. 

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(c)    Seller and Purchaser agree to treat the payment of an Indemnification Claim or Tax Indemnity hereunder as an adjustment to the Purchase Price for federal, state, local and foreign income tax purposes.  If, notwithstanding the treatment required by the preceding sentence, the payment of an Indemnification Claim or Tax Indemnity hereunder is determined to be taxable to the party receiving such payment by any Taxing Authority, the paying party shall also indemnify the party receiving such payment for any Taxes incurred by reason of the receipt of such payment and any expenses incurred by the party receiving such payment in connection with such Taxes (or any asserted deficiency, claim, demand, action, suit, proceeding, judgment or assessment, including the defense or settlement thereof, relating to such Taxes). 
(d)    Purchaser shall prepare and file (or cause to be prepared and filed) all Tax Returns for the Company and its Subsidiaries which are required to be filed after the Closing Date. Purchaser shall permit Seller to review and comment on each Tax Return relating to a Pre-December 31 Tax Period prior to filing, and any such comments shall be provided to Purchaser no later than ten days prior to the due date for such Tax Return. Purchaser shall incorporate any reasonable comments to such Tax Returns. 
(e)    With regard to cooperation on tax matters from and after the Closing: 
(i)    Purchaser, the Company and its Subsidiaries, and Seller shall cooperate fully, as and to the extent reasonably requested by the other Party, in connection with the filing of Tax Returns pursuant to this Section 14.1 and any audit, Litigation or other proceeding with respect to Taxes. Such cooperation shall include the retention and (upon the other Party's request) the provision of records and information which are reasonably relevant to any such audit, litigation or other proceeding and making employees available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder. Notwithstanding anything to the contrary herein, from and after the Closing the Company and its Subsidiaries, Purchaser, Parent and Seller agree (A) to retain all books and records with respect to Tax matters pertinent to the Company and its Subsidiaries relating to any taxable period beginning before the Closing Date until the expiration of the statute of limitations (and, to the extent notified by Purchaser or Seller, any extensions thereof) of the respective taxable periods, and to abide by all record retention agreements entered into with any Taxing Authority, and (B) to give the other Party reasonable written notice prior to transferring, destroying or discarding any such books and records and, if the other Party so requests, the Company and its Subsidiaries, Purchaser, Parent or Seller, as the case may be, shall allow the other Party to take possession of such books and records. 
(ii)    Purchaser, the Company and Seller further agree, upon request, to use their commercially reasonable best efforts to obtain any certificate or other document from any Governmental Authority or any other Person as may be necessary to mitigate, reduce or eliminate any Tax that could be imposed (including, but not limited to, with respect to the Proposed Transactions).

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(iii)    Purchaser, the Company and Seller further agree, upon request, to provide the other party, or any Related Person of either party, with all information that either party, or a Related Person of either party, may be required to report pursuant to Code Section 6043 and all Treasury Regulations promulgated thereunder. 
(f)    All Tax sharing agreements or similar agreements between on the one hand one or more members of the Company Group and on the other hand Seller and its Related Persons (excluding the Company Group), shall be terminated as of the Closing Date and, after the Closing Date, the Company and its Subsidiaries shall not be bound thereby or have any liability thereunder.
(g)    All transfer, documentary, deed recording, sales, use, stamp, registration and other such Taxes, and all conveyance and notarial fees, recording charges and other fees and charges (including any penalties and interest) incurred in connection with consummation of the Proposed Transactions shall be paid by Purchaser when due, and Purchaser will, at its own expense, file all necessary Tax Returns and other documentation with respect to all such Taxes, fees and charges, and, if required by applicable law, Seller will, and will cause its Related Persons to, join in the execution of any such Tax Returns and other documentation. Notwithstanding the foregoing, Seller shall pay all such Taxes and all conveyance and notarial fees, recording charges and other fees and charges (including any penalties and interest and the cost of filing all necessary Tax Returns and other documentation with respect to all such Taxes, fees and charges) from the transfer of the Warehouse as provided in Section 2.5, and, if required by applicable law, Buyer will, and will cause its Related Persons to, join in the execution of any such Tax Returns and other documentation.
		
	14.2
	    Audits and Other Proceedings.

(a)    Following the Closing Date, if an audit or other administrative or judicial proceeding is initiated by any Taxing Authority with respect to Taxes of the Company or any of its Subsidiaries for which Seller would be liable pursuant to Section 13.1 or 14.1, Purchaser or the Company, as the case may be, shall within 15 Business Days notify Seller in writing of such audit or proceeding.  Failure to give such notice shall not relieve Seller from any indemnification obligation which it would have with respect to Section 13.1 or 14.1, except to the extent that Seller is actually prejudiced thereby.  Seller will have the right, at its option and its expense, to control the conduct of all stages of any audit or other administrative or judicial proceeding with representatives of its own choosing with respect to Taxes of Company or any of its Subsidiaries for which Seller would have an indemnification obligation under Section 13.1 or 14.1, provided, however, Seller shall allow the Company and its counsel to participate in any audit or other administrative or judicial proceeding to the extent that such Taxes relate to the Company and its Subsidiaries.  At such time as such request is received by Purchaser, Purchaser or the Company, as the case may be, will furnish Seller and/or its Representatives with powers of attorney or any other documentation or authorization necessary or appropriate to enable Seller and/or its Representatives to control the conduct of such audit or other proceeding.  Purchaser shall control the conduct of all stages of all 

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other audits or other administrative or judicial proceedings with respect to Taxes of the Company or any of its Subsidiaries.  Purchaser and the Company shall not, and shall not permit any of their Related Persons to, accept any proposed adjustment or enter into any settlement or agreement in compromise regarding any Taxes of the Company or any of its Subsidiaries for which Seller would have an indemnification obligation under Section 13.1 or 14.1 without the express written consent of Seller, which consent shall not be unreasonably withheld or delayed.

(b)    With respect to any audit or other administrative or judicial proceeding from and after the Closing that it controls, Seller (x) shall give prompt notice to Purchaser of any Tax adjustment proposed in writing pursuant to any audit or other administrative or judicial proceeding controlled by Seller with respect to the assets or activities of the Company or any of its Subsidiaries and (y) shall not accept any proposed adjustment or enter into any settlement or agreement in compromise which would bind Purchaser or the Company or any of its Subsidiaries with respect to any Taxes of the Company or its Subsidiaries (other than any such Taxes for which Seller would have an indemnification obligation under Section 13.1 or 14.1) without the express written consent of Purchaser, which consent shall not be unreasonably withheld or delayed.

		
	14.3
	    Carrybacks.

Seller shall be entitled to the benefit of any refund for any Tax attributable to a Pre-December 31 Tax Period and Purchaser shall and shall procure that the Company Group shall use commercial best efforts to obtain any such refund that may be available and, if any such amounts are received by Parent, Purchaser, the Company Group or their Related Persons, Purchaser shall within 15 Business Days from such receipt pay such amount to Seller by wire transfer in immediately available funds without any withholding (except as otherwise provided in accordance with Section 3.5), set-off, deduction or counterclaim, except that any refund of any Tax (or reduction in Tax liability) resulting from a carryback of a post-acquisition Tax attribute (including net operating losses and credits) of any of the Company and its Subsidiaries shall inure to the benefit of Purchaser, and if any such amounts are received by Seller, Seller shall within 15 Business Days from receipt pay such amount to Purchaser by wire transfer in immediately available funds without any withholding, set-off, deduction or counterclaim. All payments shall be made by electronic transfer and receipt of the amount due shall be an effective discharge of the relevant payment obligation.
ARTICLE 15    GENERAL PROVISIONS
		
	15.1
	    Fees and Expenses.

Except as otherwise specifically provided below or elsewhere in this Agreement, regardless of whether the Proposed Transactions are consummated, the Parties each shall pay their respective fees and expenses in connection with the Proposed Transactions.  Notwithstanding anything in this Agreement to the contrary if, after the Closing Date, the Company receives any bills or invoices from any legal, accounting, investment banking or other consultants or advisors for fees incurred by any member of the Company Group 

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prior to Closing or Seller with respect to the Proposed Transactions that were not taken into account in the calculation of Transaction Expenses or otherwise compensated, the Company shall forward such bills or invoices to Seller for payment of such amount promptly after receipt thereof. 
		
	15.2
	    Notices.

All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement will be in writing in English and will be deemed to have been given when delivered personally to the recipient or when sent to the recipient by email (without delivery failure notice), one Business Day after the date when sent to the recipient by reputable overnight express courier services (charges prepaid) or three Business Days after the date when mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid. Such notices, demands and other communications will be sent to Parent, Purchaser and Seller at the addresses indicated below:
If to Seller:
Enterhold S.A.3, rue Nicolas Adames
L-1114 Luxembourg
Attention: Mr Georges Reuter
Email: info@reuter.lu            

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

Allen & Overy SCS
33 avenue J.F. Kennedy
L-1855 Luxembourg
Attention: Mr Fabian Beullekens
Email: fabian.beullekens@allenovery.com

If to Parent or Purchaser:
Mohawk Industries, Inc.
160 South Industrial Blvd.
Calhoun, GA 30701
Attention:    R. David Patton
Email: Dave_Patton@Mohawkind.com

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

Alston & Bird LLP
1201 West Peachtree Street
Atlanta, GA 30309
Attention: Paul J. Nozick
Email: paul.nozick@alston.com

or to such other address as the parties hereto may designate in writing to the other in accordance with this Section 15.2.  Any Party may change the address to which notices are to be sent by giving written notice of such change of address to the other parties in the manner above provided for giving notice.  
		
	15.3
	    Assignment.

This Agreement and the rights and obligations hereunder may not be assigned unless (a) such assignment is consented to in writing by both Purchaser and Seller, or (b) Parent or Purchaser assigns its rights, in whole or in part, to a direct or indirect wholly owned subsidiary of Parent, but in the case of clause (b), no such assignment will relieve Purchaser or Parent of its respective obligations under this Agreement, including the obligation to pay the Purchase Price and its other payment obligations hereunder (including with respect to the repayment of the Specified Indebtedness and the Shareholder Loans (including Shareholder Loan Interest), and the Warehouse Purchase Price) by means of delivery of the Parent Common Stock and funds as set forth herein. This Agreement shall inure to the benefit of and shall be binding upon any successors and permitted (in accordance with the foregoing sentence) assigns of each Party.
15.4    No Benefit to Others.
The representations, warranties, covenants, and agreements contained in this Agreement are for the sole benefit of the Parties hereto and, in the case of Article 13 hereof, Purchaser Indemnitees, Seller Indemnitees and Persons referred to in the final sentence of Article 13, and their respective heirs, executors, administrators, legal representatives, successors and assigns, and they shall not be construed as conferring any Third Party beneficiary or any other rights on any other Persons.
15.5    Headings and Gender; Construction; Interpretation.
(a)    Words used herein, regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine, or neuter, as the context requires.  
(b)    Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against Parent, Purchaser or Seller, whether under any rule of construction or otherwise.  No Party to this Agreement shall be considered the draftsman.  On the contrary, this Agreement has been reviewed, negotiated and accepted by all Parties and their attorneys and shall be construed and interpreted according to the 

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ordinary meaning of the words so as fairly to accomplish the purposes and intentions of all the Parties.  For the avoidance of doubt, the Parties agree to waive the application of Article 1602 of the Luxembourg Civil Code.
15.6    Counterparts.
This Agreement may be executed in counterparts (including by means of email / pdf), all of which shall be considered one and the same Agreement, and shall become effective when one counterpart has been signed by each Party and delivered to the other Parties hereto.
		
	15.7
	    Actions of the Company.

Whenever this Agreement requires the Company to take any action or to refrain from taking any action, such requirement shall be deemed to involve, (i) with respect to actions to be taken, or not to be taken, at or prior to the Closing, an undertaking on the part of Seller to cause the Company to take such action or to refrain from taking such action, as applicable, to the extent Seller has the requisite authority to so do, and (ii) with respect to actions to be taken, or not to be taken, following the Closing, an undertaking on the part of Purchaser to cause the Company to take such action or to refrain from taking such action, as applicable, to the extent the Purchaser or Parent have the requisite authority to so do.
15.8    Integration of Agreement.  
(a)    This Agreement, the Schedules, the Exhibits, the Disclosure Schedule, the other Purchase Documents and any other legally-binding written agreement entered into by the Parties on the date of this Agreement constitute the entire agreement among the Parties relating to the subject matter hereof and supersede all prior agreements, oral and written, between the Parties with respect to the subject matter hereof, other than the Confidentiality Agreement.
(b)    Neither this Agreement, nor any provision hereof, may be amended except with an agreement in writing signed by all Parties.  Neither this Agreement, nor any provision hereof, may be waived, discharged or supplemented orally, but only by an agreement in writing signed by the Party against which the enforcement of such waiver, discharge or supplement is sought.  The failure or delay of any Party at any time or times to require performance of any provision of this Agreement shall in no manner affect its right to enforce that provision.  No single or partial waiver by any Party of any condition of this Agreement, or the breach of any term of this Agreement or the inaccuracy or warranty of this Agreement, whether by conduct or otherwise, in any one or more instances shall be construed or deemed to be a further or continuing waiver of any such condition, breach or inaccuracy or a waiver of any other condition, breach or inaccuracy.
15.9    Waiver.
The rights and remedies of the Parties to this Agreement are cumulative and not alternative.  Neither the failure nor any delay by any Party in exercising any right, power, 

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or privilege under this Agreement or the Purchase Documents will operate as a waiver of such right, power, or privilege, and no single or partial exercise of any such right, power or privilege will preclude any other or further exercise of such right, power or privilege or the exercise of any other right, power, privilege.  To the maximum extent permitted by applicable Law, (a) no claim or right arising out of this Agreement or the Purchase Documents can be discharged by one Party, in whole or in part, by a waiver or renunciation of the claim or right unless in writing signed by the other Party; (b) no waiver that may be given by a Party will be applicable except in the specific instance for which it is given; and (c) no notice to or demand on one Party will be deemed to be a waiver of any obligation of such Party or of the right of the Party giving such notice or demand to take further action without notice or demand as provided in this Agreement or the Purchase Documents.
		
	15.10
	Time of Essence.

Time is of the essence in this Agreement.
15.11    Governing Law.
This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by, and shall be construed in accordance with, the laws of the Grand Duchy of Luxembourg.
15.12    Arbitration of Disputes.
(a)    All disputes arising out of or in connection with this Agreement shall be exclusively and finally settled under the Rules of Arbitration of the International Chamber of Commerce by three arbitrators appointed in accordance with the said Rules. The seat of the arbitration shall be Luxembourg and the language of the proceedings shall be English.
(b)    This Section 15.12 does not exclude the right of any Party to apply for interim relief before any court having jurisdiction.
(c)    This Section 15.12 shall also apply to disputes arising out of or in connection with other Purchase Documents, unless the relevant agreement or document provides otherwise.
(d)    Unless otherwise agreed by the Parties in writing, the Parties shall keep confidential all matters relating to the arbitration or the award, including all documents or testimony disclosed by the Parties during the proceedings, subject to applicable Law, and except as necessary to protect or pursue a legal right or to enforce or challenge an award in bona fide legal proceedings.
15.13    Partial Invalidity.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable Law, but in case any one or more of 

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the provisions contained in this Agreement 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 provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision or provisions had never been contained herein unless the deletion of such provision or provisions would result in such a material change as to cause completion of the Proposed Transactions to be unreasonable. To the extent the deemed deletion of the invalid, illegal or unenforceable provision or provisions is reasonably likely to have a Material Adverse Effect, the Parties shall endeavor in good faith to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as practicable to that of the invalid, illegal or unenforceable provisions.
15.14    Investigation.
Purchaser acknowledges that it has been given such access to the premises, books, records and Representatives of the Company Group and has had the opportunity to review such other data and other information with respect thereto as Purchaser has deemed necessary in its sole judgment to evaluate the Proposed Transactions.  Purchaser acknowledges that none of Seller, the Company Group or any of their respective Representatives assumes any responsibility for the accuracy or adequacy of any information heretofore or hereafter furnished to Purchaser by or on behalf of the Company Group except as otherwise expressly provided in this Agreement.  Purchaser agrees to accept the Company in the condition it is in on the Closing Date based upon its own analysis and determination with respect to all matters, and without reliance upon any express or implied representations or warranties of any nature made by or on behalf of or imputed to Seller or the Company Group, except as expressly set forth in this Agreement.  Without limiting the generality of the foregoing, Purchaser understands that any cost estimates, revenue, earnings or cash flow projections or other predictions of future financial performance (excluding the EBITDA for the year ended December 31, 2014) that have been provided to Purchaser by or on behalf of Seller are not and shall not be deemed to be representations or warranties of Seller, the Company, their Representatives or any other Person.  Purchaser acknowledges that (i) there are uncertainties inherent in attempting to make such estimates, projections and other predictions, (ii) Purchaser is familiar with such uncertainties, (iii) Purchaser is taking full responsibility for making their own evaluation of the adequacy and accuracy of all estimates, projections and other predictions so furnished and (iv) under no circumstances shall Purchaser have any claim against Seller, the Company Group or any of their respective Representatives with respect thereto.
15.15    Specific Performance.
The Parties hereto agree that if any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached, irreparable damage would occur, no adequate remedy would exist and damages would be difficult to determine.  Therefore, it is accordingly agreed that each Party hereto shall be entitled to enforce specifically the terms and provisions of this Agreement, or to enforce compliance with, the covenants and obligations of any other Party, and appropriate injunctive relief 

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shall be granted in connection therewith.  Any party seeking an injunction, a decree or order of specific performance shall not be required to provide any bond or other security in connection therewith and any such remedy shall be in addition and not in substitution for any other remedy to which such party is entitled.
15.16    Parent and Purchaser.
In addition to the obligations of Parent under this Agreement and the other Purchaser Documents, Parent hereby:
(a)    guarantees to Seller the payment when due of all amounts payable by Purchaser under or pursuant to this Agreement and the other Purchase Documents;
(b)    undertakes to ensure that Purchaser will perform when due all its obligations under or pursuant to this Agreement and the other Purchase Documents;
(c)    agrees that if and each time Purchaser fails to make any payment when it is due under or pursuant to this Agreement or any other Purchase Document, Parent shall on demand (without requiring Seller first to take steps against Purchaser or any other person) pay that amount to Seller as if it were the principal obligor in respect of that amount by wire transfer of immediately available funds within five Business Days of the date such amount is requested; and
(d)    agrees as principal debtor and primary obligor to indemnify and hold harmless Seller and its Related Persons against all Losses sustained by them flowing from any non-payment or default of any kind by Purchaser under or pursuant to this Agreement or any other Purchase Document.

[Signatures appear on the following page.]

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IN WITNESS WHEREOF, each Party hereto has caused this Agreement to be executed, all as of the day and year first above written.

PARENT:

MOHAWK INDUSTRIES, INC.

By:    /s/ Jeffrey S. Lorberbaum        
Name:    Jeffrey S. Lorberbaum        
Title: Chairman and Chief Executive Officer    
    

PURCHASER:

UNILIN BVBA

By:    /s/ Bernard Thiers            
Name:    Bernard Thiers            
Title:    General Manager            
            

[Signature Page – Share Purchase Agreement (1 of 4)]

By signing hereunder for acceptance, the Company acknowledges (i) the existence of this Agreement and (ii) for the purposes of article 40 of the Luxembourg law of 10 August 1915 on commercial companies, as amended, and article 1690 of the Luxembourg Civil Code, subject to Closing, the transfer of the Shares, and undertakes to update the share register of the Company accordingly on the Closing Date.

COMPANY:

INTERNATIONAL FLOORING SYSTEMS S.A.

By:    /s/ Filiep Balcaen            
Name:    Filiep Balcaen                
Title:                        
            

[Signature Page – Share Purchase Agreement (2 of 4)]

SELLER:

ENTERHOLD S.A.

By:    /s/ Filiep Balcaen            
Name:    Filiep Balcaen                
Title:                        
            

[Signature Page – Share Purchase Agreement (3 of 4)]

Acknowledged and agreed to solely in respect to Section 10.1.

FILIEP BALCAEN

__/s/ Filiep Balcaen___________________

[Signature Page – Share Purchase Agreement (4 of 4)]

EXHIBIT A

FORM OF PURCHASER RELEASE AGREEMENT

A-1

EXHIBIT B

FORM OF SELLER RELEASE AGREEMENT

B-1

EXHIBIT C

FORM OF 897(c)(2) STATEMENT

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