Document:

EX-10.28

 Exhibit 10.28 
 Note: Material has been omitted from this License Agreement pursuant to a request for confidential treatment and such material has been filed separately with the Securities and Exchange Commission.
Material omitted has been replaced with a bracketed dagger (“[†]”). 
 LICENSE AGREEMENT 

SESAME STREET 
 This
agreement (“Agreement”) is made by and between SESAME WORKSHOP and BUSCH ENTERTAINMENT CORPORATION (“Licensee”) and shall be effective when signed by both parties. Sesame Workshop is a not-for-profit organization incorporated
under the New York State Education Law with its principal office located at One Lincoln Plaza, New York, New York 10023. Licensee is a Delaware corporation with its principal office located at 231 South Bemiston Avenue, Suite 600, Clayton, Missouri
63105-1914. In consideration for the mutual obligations described below, Sesame Workshop and Licensee hereby agree to the following. 
 Sesame
Workshop is the creator and producer of the television series Sesame Street in the United States (“Sesame Street”). In pursuance of its educational purposes, Sesame Workshop desires to grant Licensee rights to the “Licensed
Elements” (as hereafter defined) and Licensee desires to utilize such rights as set forth in this Agreement. 
 I. GRANT OF RIGHTS

 1.01—License. Subject to all the terms and conditions of this Agreement, Sesame Workshop hereby grants Licensee
the following nontransferable rights during the Term with respect to the Licensed Elements, in their final approved form, for use at the following theme parks owned by Licensee (or a subsidiary or affiliated entity of Licensee): (i) SeaWorld
San Diego, located in San Diego, California, (ii) SeaWorld San Antonio, located in San Antonio, Texas, (iii) Busch Gardens Tampa, located in Tampa Bay, Florida, (iii) Busch Gardens Williamsburg, located in Williamsburg, Virginia, and
(v) SeaWorld Orlando, located in Orlando, Florida (each, a “Park” and collectively, the “Parks”): 

(a) the right to use the Licensed Elements to design, build (or re-theme), install, and operate a Sesame Street themed attraction within
each Park, as determined by Licensee but subject to the Minimum Attraction Criteria and in accordance with the terms of this Agreement (“Attraction”). The Minimum Attraction Criteria is defined in Paragraph 2 of this Agreement. 

(b) the right to perform within each Park (any Live Presentations outside the Park require the prior written approval of Sesame Workshop)
(i) character appearances using the Sesame Street Muppets as costumed characters and (ii) shows with the Sesame Street Muppets as costumed characters, and (iii) to use the Licensed Elements in association with such character
appearances and shows (collectively, “Live Presentations”). Examples of the foregoing include parades, character appearances at Park events (e.g., character dining opportunities, photo opportunities), and such shows that incorporate the
Licensed Elements as approved by Sesame Workshop including shows that are approved on a year-by-year basis (subject to any mutually agreed upon provisions that apply to particular shows). 

(c) the right to make additional uses of the Licensed Elements within the Parks as mutually agreed; and 

  

Page 1 of 40 

 (d) the right to use the Licensed Elements in all forms of marketing, advertising and
promotions for each of the Parks, subject to Sesame Workshop’s prior written approval of the particular use, such approval not to be unreasonably withheld or delayed. 
 1.02—Licensed Products. Subject to all the terms and conditions of this Agreement and provided that Sesame Workshop has given its prior written approval of the specific product items
(including giveaways if any) in accordance with the terms of paragraph 6, Sesame Workshop hereby grants Licensee the following nontransferable rights during the Term: 
 (a) the right to (i) develop and manufacture or have developed and manufactured new products that utilize the Licensed Elements (“Developed Licensed Products”), or (ii) purchase
products that utilize the Licensed Elements from third parties (“Acquired Licensed Products”) (collectively, these products — which include their associated packaging—will be referred to as “Licensed Products”);

 (b) the right to market, promote, advertise, distribute and sell the Licensed Products within each of the Parks, at other
theme parks owned or operated by Licensee (or a subsidiary or affiliated entity thereof) within the Territory (“Other Parks”), and through online stores on the Parks’ and Other Parks’ websites, if any (collectively, the
“Authorized Sales Areas”); and 
 (c) the right to contract with third party vendors (“Licensee’s
Vendors”) to promote, distribute and sell within the Authorized Sales Areas the Licensed Products, subject to Sesame Workshop’s prior written approval of Licensee’s Vendors and the specific rights to be granted to Licensee’s
Vendors, such approval not to be unreasonably withheld or delayed. 
 The parties agree that any Developed Licensed Products and/or any
proprietary technology developed at the cost of Licensee in connection with Developed Licensed Products may not be used by any third party without Licensee’s prior written approval in each instance, not to be unreasonably withheld or delayed.
Licensee acknowledges that third parties may distribute products that are similar to such Developed Licensed Products so long as such products are independently developed by or on behalf of such third party. 

Except as specified herein, Licensee shall not have any rights to use the Licensed Elements for premiums or promotional items unless Sesame Workshop
gives its prior written approval, such approval not to be unreasonably withheld or delayed. 
 1.03—Licensed
Elements. “Licensed Elements” means the representations (whether in two or three dimensional form and including animated and mechanical representations) and names of the Sesame Street Muppets and other characters listed in Exhibit
A (Kermit the Frog is not included), the name and logo of the Attraction within each Park (once the parties agree upon such name and logo), the Sesame Place name and logo as agreed by the parties, and the Sesame Workshop name and logo to the
extent approved by Sesame Workshop for use, [†], in packaging and marketing materials. “Licensed Elements” also includes the following: (i) any new Sesame Street characters shown on Sesame Street and owned in whole or in part by
Sesame Workshop; (ii) any New Show Characters (as defined in subparagraph 1.12) with respect to which Licensee has exercised its right of first negotiation as provided in subparagraph 1.12; (iii) any characters featured on the television
series “Electric 

  

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Company” which was originally broadcast on television from 1971 to 1977; and (iv) any additional Sesame Street intellectual property as may be licensed to Licensee from time to time
hereunder. 
 1.04—Production of Live Presentations. (a) Licensee, at its expense, shall be responsible for
producing, staffing, maintaining, and presenting the Live Presentations (in accordance with the terms of this Agreement including Sesame Workshop’s approval rights as set forth in paragraph 6 hereof) and shall be responsible for all associated
costs including all production costs (and any overages) and all costs (where applicable) for hiring the producer, director, writers, performers (including Muppet performers) and other talent, and clearing all necessary third party rights (e.g.,
unions, music publishers, public performance rights, etc.). 
 (b) Sesame Workshop will be informed in the early pre-production
stages of any Live Presentation and be given the opportunity to provide its feedback on the applicable production team and show concept. Sesame Workshop will be forwarded production updates and script drafts during the pre-production and production
processes of the Live Presentation. Sesame Workshop will have prior written approval over each Live Presentation before it is opened to the public, such approval not to be unreasonably withheld or delayed. Such approval rights shall include approval
over all creative elements including (if applicable) the treatment, storyboards, script (first draft, second draft, final draft, polish), educational content, set designs, music and costumes. Such approval rights also include approval over all
Sesame Street Muppet talent, including voice talent, for the Live Presentations. Sesame Workshop’s approval rights also extend to the production quality, artistic values, technical workmanship and overall content and quality of the Live
Presentation. Sesame Workshop and Licensee will mutually agree on the timeline and the particular items for delivery to Sesame Workshop for its review and approval. Any on-site visits deemed necessary by Sesame Workshop in connection with its review
and approval of any and all Live Presentations shall be at Sesame Workshop’s sole cost and expense. 
 (c) The parties
acknowledge that VEE Corporation is Sesame Workshop’s preferred producer of Sesame Street Live Presentations and provider of costumes incorporating the Licensed Elements. The parties further acknowledge that Licensee is not obligated in any way
under this Agreement to engage VEE Corporation as the producer of any Live Presentation or provider of any costumes. 
 (d) The
parties agree that any shows developed hereunder at the cost of Licensee may not be used by any third party without Licensee’s prior written approval in each instance, not to be unreasonably withheld or delayed, and for remuneration reasonably
requested by Licensee. 
 1.05—Music. Other than with respect to the Film described in subparagraph 2.03 hereof, in
regard to music to be used in the Parks that utilize the Licensed Elements (whether owned or controlled by Sesame Workshop or a third party) (“Music”), Licensee shall be responsible for obtaining all such Music, clearing all necessary
third party rights, and paying all associated third party costs (including copyright fees, music publishing fees, public performance fees, etc.) for such use including any Music used in the Live Presentations (as described in subparagraph 1.04), on
loudspeakers or as background in any areas of any of the Parks. 

  

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 1.06—Video. Other than with respect to the Film described in subparagraph 2.03
hereof, in regard to video to be used in the Parks that utilize the Licensed Elements (whether owned or controlled by Sesame Workshop or a third party) (“Video”), Licensee shall be responsible for obtaining all such Video and clearing all
necessary third party rights, and paying all associated third party costs including any payments due to writers, directors, musicians, and actors appearing in such Video. Licensee’s obligations with respect to any Music included in such Video
are covered in subparagraph 1.05. 
 1.07—Artwork. With respect to artwork (including drawings, sketches, graphics,
photographs, and prints) bearing the Licensed Elements (“Artwork”) that Licensee will include in the Licensed Products or Attractions or in marketing, advertising and promotional materials (“Marketing Materials”), Sesame Workshop
will either furnish the Artwork to Licensee or authorize Licensee to create the Artwork. With respect to Artwork furnished by Sesame Workshop, Licensee shall pay Sesame Workshop’s costs as mutually agreed, including costs to create the Artwork
and any payments to third parties (e.g., reuse payments to an artist for preexisting Artwork). In some instances, upon written request by Sesame Workshop, Licensee will make such payments directly to the third party instead of to Sesame Workshop.
With respect to Artwork that Licensee will create, Licensee will create the Artwork by itself or subject to Sesame Workshop’s written approval (not to be unreasonably withheld or delayed), retain a third party to create it. Licensee shall be
responsible for contracting with the artists and obtaining all necessary third party rights for the use of such Artwork in connection with the Licensed Products, and paying all associated third party costs. Upon request by Sesame Workshop, Licensee
will provide to Sesame Workshop (or its designee) duplicates of Artwork created by Licensee for Sesame Workshop’s internal use only unless otherwise agreed in writing by Licensee and Sesame Workshop. Licensee will be reimbursed for all
duplication costs. 
 1.08—Creative Materials. With respect to all work product associated with the Live
Presentations such as scripts, treatments, drafts, music, lyrics, costume, designs, characters, etc. (“Live Presentation Materials”), Music, Artwork, and any other materials that the parties agree may be used by Licensee under this
Agreement, Licensee shall be responsible for entering into agreements with the appropriate third parties on terms that are consistent with the terms of this Agreement, including Sesame Workshop’s ownership rights under subparagraph 8.01, and
paying all associated third party costs. Licensee will provide Sesame Workshop with a copy of such agreements before they are signed as well as an executed copy after they are signed. Licensee may not use such Live Presentation Materials, Music,
Artwork and such other materials in any way other than as expressly permitted under this Agreement. Licensee shall maintain all costumes and show props used by Licensee that are provided by Sesame Workshop in good condition, ordinary wear and tear
excepted, and deliver them to Sesame Workshop, at no charge to Sesame Workshop, promptly after the termination of this Agreement. 
 1.09—Maintenance and Improvement. Throughout the Term of this Agreement, Licensee shall maintain the Attractions at the Parks, including the Live Presentations and all uses of the Licensed
Elements, as first-class attractions for families. The parties agree to discuss in good faith when improvements to the Attractions may be necessary to maintain consistency with changes in the Sesame Street brand and television series; provided,
however, Licensee shall determine in its sole discretion whether to make any improvements to any of the Attractions. 

  

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 1.10—[†]. 

1.11—Other Attractions. During the Term, provided Licensee is not in breach of its obligations hereunder beyond any
applicable cure period, Sesame Workshop shall grant to Licensee the right to create other Sesame Street themed attractions in Licensee owned or controlled theme parks other than the Parks in the Territory, and to create attractions in the Parks and
other Licensee owned or controlled theme parks utilizing the Licensed Elements. In the event Licensee determines to create another attraction in another Licensee owned or controlled theme park other than the Parks or Sesame Place in Langhorne,
Pennsylvania (“Sesame Place”), such attraction will be included within the meaning of Attraction hereunder and all of the terms of this Agreement shall apply to such attraction; provided, however, the parties shall negotiate the minimum
attraction criteria and the amount of the Annual License Fee to be applicable to such attraction. In the event Licensee desires to open and/or operate a theme park based entirely on the Licensed Elements (other than Sesame Place), such matter will
be subject to a separate negotiation and agreement between the parties. For the purposes of this Agreement, the wildlife preserve and historic site commonly known as Grant’s Farm located in St. Louis, Missouri shall be deemed to be a theme park
controlled by Licensee. 
 1.12 — Right of First Negotiation. The parties acknowledge that any Sesame Street
characters previously, now or hereafter regularly featured on Sesame Street and owned by Sesame Workshop shall be included in the Licensed Elements. Sesame Workshop hereby grants to Licensee a right of first negotiation to utilize as part of the
Licensed Elements hereunder characters (“New Show Characters”) from television series other than Sesame Street (“New Show(s)”) that are owned by Sesame Workshop. Sesame Workshop will notify Licensee of the initial broadcast on
television of each New Show, and Licensee shall have a period of eighteen (18) months from the date of such initial broadcast to determine whether it desires to utilize the New Show Characters appearing in such New Show as part of the Licensed
Elements. In the event Licensee does desire to use such New Characters, the parties shall negotiate in good faith the amount of the licensee fee applicable to such New Show Character(s) to be paid by Licensee hereunder. Sesame Workshop shall not
offer the rights to such New Show Characters to any 

  

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third party during such eighteen (18) month period, Thereafter, Sesame Workshop shall be free to offer the rights to such New Show Characters to any third party without further obligation to
Licensee. Notwithstanding the foregoing, the parties acknowledge that Sesame Workshop may have difficulty securing financing for the production of a New Show if Sesame Workshop cannot grant theme parks to a potential financing partner. In such
event, Licensee will consider in good faith waiving its first negotiation rights with respect to such New Show, provided, however, Licensee shall not be obligated to waive its rights. Attached hereto and made a part hereof as Exhibit B is:
(i) a list of television series which are already being broadcast as of the date hereof and for which, Licensee shall have a period of eighteen (18) months from the date of this Agreement to exercise its first negotiation rights with
respect to the characters on such shows and (ii) a list of television properties to which Licensee’s first negotiation rights shall not apply because such shows were in development prior to the date of this Agreement, provided, however, in
the event Sesame Workshop is able to secure theme park rights for such shows, such shows shall be considered New Shows and the characters appearing in such New Shows shall be considered New Show Characters for the purposes of this subparagraph and
Licensee shall have a right of first negotiation with respect to such New Show(s) and such New Show Characters as set forth herein. 
 1.13—Reservation of Rights. Except as stated in subparagraphs 1.02(b) and 5,02 and except for the limited marketing and promotional rights expressly provided in this Agreement, Licensee
acknowledges specifically that it shall not have any rights to the Licensed Elements outside of any of the Parks (other than Sesame Place). Except for the rights expressly granted to Licensee under this Agreement or specifically restricted under
this Agreement, Sesame Workshop reserves all rights not granted to Licensee or specifically restricted hereunder and shall be free to exercise such rights at any time without any obligation to Licensee. 

2. LICENSEE COMMITMENTS. 

2.01—Minimum Attraction Criteria. Licensee agrees to design, build (or re-theme), install and operate Attractions in each of
the San Diego Park, San Antonio Park, Williamsburg Park and Tampa Bay Park. Licensee shall determine the scope of each Attraction, but each must meet the Minimum Attraction Criteria set forth herein unless otherwise mutually agreed to in writing.
The Minimum Attraction Criteria shall require Licensee to (i) create each Attraction with a capacity to provide a minimum of at least forty-five to sixty minutes of entertainment and activity for the Parks’ guests; provided, however, only
one component from Level 3 shall contribute to the required total forty-five to sixty minutes of entertainment and activity, and (ii) select for each Park at least one component from each of the following levels with a minimum of six total
components. 

  

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	 Level 1
	  	 Level 2
	  	 Level 3

	 Multiple Flat Rides
 Discovery
(Education) Zone
 Dark Ride

Kid-simulator Ride
	  	 Interactive Dry Play Area Interactive Water Play Area Parade
 Tidal Touch Pools
 Petting Zoo
 Bird Feeding Aviary
	  	 Live Character Shows Puppet Show

4-D Film
 Themed Aquariums Character
Dining

 Licensee hereby agrees to open an Attraction at each of the San Diego Park, San Antonio Park, Tampa Bay
Park and Williamsburg Park, with one Attraction to open per year, beginning in 2008 and ending in 2011, in the order determined by Licensee. All Attractions must be opened by no later than December 31, 2011. 

2.02—Retail Space. Licensee hereby agrees that each Park will contain dedicated space (each space, a “Retail
Space”) adjacent to its Attraction where it will sell Licensed Products. Licensee shall be permitted to sell other products (“Other Products”) in the Retail Space, provided there are no Licensed Products in the same category as the
Other Products, the Other Products are not branded with third party characters which are competitive with the Sesame Street characters (excluding all merchandise branded with Licensee’s intellectual property, including but not limited to, Shamu
the Whale), and the Licensed Products constitute at least fifty percent (50%) of all products sold in the Retail Space. The parties shall discuss in good faith the location and size of each Retail Space; provided, however, the determination of
the location and size of each Retail Space shall be in Licensee’s sole discretion. 
 2.03—Film. Universal
Studios Recreation Group and Universal Studios Japan (“USJ”) own the rights to the Sesame Street film known as Sesame Street 4D Movie Magic (the “Film”). Sesame Workshop has obtained exhibition rights to the Film from USJ. Sesame
Workshop hereby licenses to Licensee the rights to exhibit the Film at the Parks (including Sesame Place) and any other theme parks owned or controlled by Licensee added hereunder pursuant to the terms of subparagraph 1.11 in accordance with the
following terms: 
 (a) Any Park (including Sesame Place) choosing to exhibit the Film shall pay a fee in the amount of [†]
per year (the “Annual Film Royalty”) for a minimum of three (3) years, payable no later than December 31 of each calendar year beginning with the first calendar year such Park chooses to exhibit the Film. At the end of such three
(3) year period, each such Park shall have the right (but not the obligation) to continue to exhibit the Film for subsequent periods of three (3) years each and payment of the Annual Film Royalty. 

(b) Regardless of the number of Parks that choose to exhibit the Film during calendar year 2008, Licensee shall pay a minimum fee (the
“2008 Minimum Annual Film Royalty”) to Sesame Workshop of [†], payable on or before December 31, 2008. Regardless of the number of Parks that choose to exhibit the Film during the time period beginning on January 1, 2009 and
ending on 

  

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December 31, 2013, Licensee shall pay a minimum annual fee (the “Minimum Annual Film Royalty”) to USJ of [†] per year, payable on or before December 31 of each calendar
year during such period. In the event Licensee makes either the 2008 Minimum Annual Film Royalty payment in 2008 or a Minimum Annual Film Royalty payment in any year which exceeds the amount of any Annual Film Royalty payment(s) owed by Licensee for
a Park that has chosen to exhibit the Film, such overpayment shall be credited against any future Annual Film Royalty payments owed by Licensee through December 31, 2013. 
 (c) The total fee payable by Licensee to Sesame Workshop for the period beginning on January 1, 2008 and ending on December 31, 2013, regardless of the number of Parks that choose to
exhibit the Film and the number of years such Park chooses to exhibit the Film during such period, shall be at least [†] (the “Minimum Total Film Royalty”), payable no later than December 31, 2013. Such Minimum Total Film Royalty
shall be due and payable regardless of whether: (i) this Agreement has been terminated for any reason, or (ii) Licensee has or may have any claims, counterclaims, offsets or defenses against Sesame Workshop. 

(d) The parties acknowledge that Licensee may satisfy the Minimum Annual Film Royalty and the Minimum Total Film Royalty requirements
from any number of Parks, including Sesame Place. 
 (e) Sesame Workshop shall obtain all third party clearances and approvals
necessary in connection with Licensee’s exhibition of the Film at the Parks (including Sesame Place) during the Term as permitted hereunder and shall furnish copies thereof to Licensee upon request. Sesame Workshop shall be responsible for
paying for all such third party and music clearance and approval costs and Licensee shall reimburse Sesame Workshop for such costs up to [†]. Sesame Workshop will provide (or cause USJ to provide) Licensee with all materials necessary for
exhibition of the Film, including but not limited to, any masters, prints, publicity materials and any other materials. Licensee shall be responsible for paying all actual, direct costs incurred by Sesame Workshop or USJ, as the case may be, in
connection with delivering the Film materials to Licensee and the Parks. Licensee shall, at its sole cost and expense, be responsible for duplicating the Film materials; however, Licensee may request Sesame Workshop duplicate the Film materials
provided such duplication is at Licensee’s sole cost and expense. Licensee shall return all such Film materials to Sesame Workshop upon the expiration of the exhibition rights herein granted, which, provided Licensee is not in breach of its
obligations under this subparagraph 2.03, shall be as of the end date of the Term. 
 (f) Under no circumstances will Licensee
claim that Licensee was in any way involved in the conception, design or production of the Film. Without Sesame Workshop’s prior written approval, Licensee shall not, nor shall it permit any Park to, (i) base any Developed Licensed Product
on the Film, (ii) edit, re-record, add, or delete any material, dialogue or music to or from the Film, including but not limited to, delete any credit or copyright notice in connection with the Film, or (iii) change the name or logo of the
Film, 
 (g) The parties agree to execute such documents as may be necessary in order to effectuate the license of the
exhibition rights to the Film hereunder, provided the terms of such documents are consistent with this subparagraph 2.03 and any other terms of such documents are acceptable to Licensee in its sole discretion. 

  

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 2.04—Orlando Park Commitment. With respect to Licensee’s theme park in
Orlando, Florida known as SeaWorld Orlando (the “Orlando Park”), Sesame Workshop hereby grants to Licensee the rights to utilize the Licensed Elements in connection with a minimum of one (1) and a maximum of three (3) Live
Presentations within the Orlando Park per year, and in connection with the marketing, advertising and promotions of the Live Presentations at the Orlando Park as provided herein. Licensee hereby agrees that it will pay [†] per year (the
“Orlando Park Live Presentation Fee”) for a minimum of three (3) years payable on January 1 of each calendar year starting with January 1, 2007. Licensee and Sesame Workshop agree that Licensee may utilize the Licensed
Elements in connection with more than three (3) Live Presentations at the Orlando Park, at Licensee’s discretion; provided, however, Licensee shall pay an additional fee in the amount of [†] (the “Orlando Park Additional Live
Presentation Fee”) for each additional Live Presentation Licensee conducts at the Orlando Park over three (3) per year utilizing the Licensed Elements. Notwithstanding anything to the contrary in this Agreement, each Live Presentation show
engagement shall be for such period of time as Licensee shall determine, not to exceed twelve (12) weeks, and Licensee shall not be required to pay the Orlando Park Additional Live Presentation Fee for each presentation of a show that is part
of a show engagement nor shall more than one presentation of a particular show that is part of a show engagement count towards Licensee’s minimum obligation under this subparagraph 2.04. In the event Licensee opens an Attraction at the Orlando
Park, Licensee shall pay the Annual License Fee indicated in subparagraph 4.01(a) and shall no longer be obligated to pay the Orlando Park Live Presentation Fee or the Orlando Park Additional Live Presentation Fee. 

2.05—Ratings Data. At least four times per year, simultaneous with its delivery of royalty statements as described in
subparagraph 4.03(a) below, Licensee shall deliver to Sesame Workshop such guest ratings surveys, guest penetration data and other applicable information it has compiled with respect to the Attractions as compared with all non-Sesame Street elements
in each of the Parks (“Ratings Data”). Notwithstanding the foregoing, Sesame Workshop acknowledges that not all of the Parks operate on a year-round basis and therefore agrees that for such Parks, Licensee shall not be obligated to deliver
Ratings Data for such Attractions in such Parks for the calendar quarters such Parks are not open. 
 2.06—Liquidated
Damages. In the event Licensee fails to open one Attraction per Park (except for the Orlando Park) per year beginning in 2008 in accordance with the Minimum Attraction Criteria, then Licensee shall (i) pay to Sesame Workshop an amount equal
to the lowest Annual License Fee attributable to the Parks that have not opened an Attraction for each year Licensee fails to open an Attraction, up to a maximum of five (5) years; and (ii) lose the first negotiation rights as set forth in
subparagraph 1.12, All liquidated damages payments shall be due and payable as of January 1 of the year following the year in which Licensee failed to open an Attraction. [†]. The foregoing payment for any such Attraction default shall
constitute a liquidated damages payment (and not a penalty) and the parties acknowledge and agree that such damages would be impossible or impractical to determine and that such liquidated damages payment, [†], shall constitute Sesame
Workshop’s sole and exclusive remedies in the event of such Attraction default. 

  

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 3. TERM . TERRITORY. TERMINATION. 
 3.01—Term. The “Term” shall begin on August 24, 2006 and end on December 31, 2021 unless sooner terminated pursuant to the provisions of this Agreement. 

3.02—Territory. The “Territory” means the United States, its territories and possessions. 

3.03—Termination. Beginning on the date that is three (3) years after the date of the opening of an Attraction in each
Park, Licensee shall have the right to close or re-theme such Attraction upon one hundred and eighty (180) days prior written notice to Sesame Workshop based on poor guest penetration and attraction ratings surveys where the Attraction’s
cumulative ratings from Licensee’s guests for the preceding two (2) years average in the bottom quartile. In such event Licensee may request that Sesame Workshop approve whether Licensee can maintain its use of the Licensed Elements and/or
the Licensed Products at such Park despite its closing of the Attraction. In the event Licensee does close an Attraction and Sesame Workshop elects not to allow Licensee to continue utilizing the Licensed Elements and distributing the Licensed
Products at the Park, then Licensee shall no longer be obligated to pay the Annual License Fee with regard to the applicable Park and i) Licensee shall lose its first negotiation lights set forth in subparagraph 1.12 with respect to such Park; and
(ii) [†]. In the event Licensee does close an Attraction and Sesame Workshop elects to allow Licensee to continue utilizing the Licensed Elements and distributing the Licensed Products at the Park, then (i) the parties will negotiate
an annual license fee for such Park; (ii) Licensee shall lose its first negotiation rights set forth in subparagraph 1.12 with respect to such Park; [†]. In the event Licensee closes an Attraction pursuant to the terms of this subparagraph
3.03, the parties agree that the liquidated damages provision of subparagraph 2.06 will not apply. 
 4. FINANCIALS 

4.01—Payments. In consideration for the rights granted to Licensee under this Agreement, Licensee shall pay Sesame Workshop
the annual license fees and royalties as described below. 

  

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 (a) Annual License Fees. Commencing on January 1 of the calendar year of an
Attraction’s scheduled opening at the Park listed below and continuing throughout each year of the Term, Licensee guarantees that it will pay Sesame Workshop the following Annual License Fees per Park: 

 

			
	 Park
	  	Amount (each calendar year)
	 Orlando
	  	[†]*
	 San Diego
	  	[†]
	 San Antonio
	  	[†]
	 Williamsburg
	  	[†]
	 Tampa Bay
	  	[†]

  

	*	The Annual License Fee for the Orlando Park only becomes applicable in the event Licensee opens an Attraction in the Orlando Park. If Licensee does not open an
Attraction in the Orlando Park, the fees set forth in subparagraph 2.04 apply. 

 (b) Royalties. In
addition to the Annual License Fees payable to Sesame Workshop hereunder, during each calendar year of the Term, Licensee will pay Sesame Workshop [†] of Licensee’s Gross Receipts earned in connection with sales of the Licensed Products,
all food and beverage items utilizing the Licensed Elements, and any events utilizing the Licensed Elements including but not limited to any Live Presentations for which a separate fee other than the general admission fee to the Park is charged. As
used herein, “Gross Receipts” means all receipts in connection with the foregoing, less any sales, use, excise, amusement, or other taxes (excepting any income tax) collected or imposed by any local, state, and/or federal taxing authority,
any refund credit or allowance given to any customer, any employee discount, and any amounts paid to any Park independent concessionaires or licensees. Gross Receipts shall not include revenue from an institutional sponsor to the extent such revenue
(in the aggregate for each sponsored asset) is less that the capital cost to Licensee for such sponsored asset. 

4.02—Royalty Payments. (a) “Accounting Period” means calendar quarters. No later than thirty
(30) calendar days after the end of any Accounting Period in which Licensee owes Sesame Workshop royalties, Licensee shall pay Sesame Workshop all such royalties owed. Such payments are in addition to the Annual License Fees described in
subparagraph 4.01(a). No royalty payments may be credited against any Annual License Fees. 
 (b) All payments to Sesame Workshop
under this Agreement shall be in U.S. dollars. In connection with payments due to Sesame Workshop under this Agreement, Licensee shall be solely responsible for and shall pay all taxes and withholdings of any kind. However, Sesame Workshop shall be
solely responsible for taxes (if any) based on Sesame Workshop’s income. Sesame Workshop represents that it is a nonprofit educational 501(c)(3) organization with charitable, tax-exempt status and therefore exempt from income tax withholding
requirements and agrees that it will promptly complete and deliver to BEC all paperwork reasonably requested by BEC (including, but not limited to, California Form 590) in order for BEC to be able to rely on such exemption. 

(c) All payments to Sesame Workshop under this Agreement shall be made (i) by check payable to Sesame Workshop and drawn on a bank that is
a member of the United States Clearinghouse Association or (ii) by wire transfer in immediately available funds in accordance with wire transfer instructions furnished in writing from time to time during the Term to Licensee or (iii) by
such other reasonable method as Sesame Workshop shall advise Licensee in writing. 

  

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 4.03—(a) No later than thirty (30) calendar days after the end of each Accounting
Period during the Term, Licensee shall deliver to Sesame Workshop a complete and accurate royalty statement for each Park with respect to revenues generated for that Park during the applicable Accounting Period, in electronic format as well as paper
copies. Licensee shall furnish such royalty statements even if no royalty payments are due for an Accounting Period. Licensee will use the royalty template in Exhibit C as the format for royalty statements. 

(b) Each royalty statement shall be substantially in the form set forth as Exhibit C. 

(c) Within fifteen (15) calendar days after the end of each month of the Term, Licensee shall furnish to Sesame Workshop a written
estimate of its revenues for such month including sales of Licensed Products in both unit and monetary amounts. 
 (d) Licensee
will provide Sesame Workshop with revenue forecasts upon request, but no more than four (4) times per calendar year during the Term. 
 4.04—Audits. (a) During the Term and for a period of at least thirty-six (36) months thereafter, Licensee shall maintain complete and accurate books and records relating to the
financial terms of this Agreement, including computation of Sesame Workshop’s royalties. Sesame Workshop or its designated representative shall have the right, during the Term and for thirty-six (36) months thereafter (but not more
frequently than once a year), at Sesame Workshop’s sole cost and expense, to examine and audit such books of account and records related to the financial terms of this Agreement. Such examination shall be made in a reasonable manner by prior
appointment with one week’s notice during normal business hours and at the location where such books of account and associated documents are maintained. Licensee shall reasonably cooperate with Sesame Workshop in facilitating such examination.

 (b) During the Term and for a period of at least twenty-four (24) months thereafter, Sesame Workshop shall maintain such
books and records (collectively, “Records”) as are necessary to substantiate that all invoices and other charges submitted to Licensee for payment hereunder were valid and proper, and no payments have been made, directly or indirectly, by
or on behalf of Sesame Workshop to or for the benefit of any employee or agent of Licensee who may reasonably be expected to influence Licensee’s decision to enter into this Agreement, or the amount to be paid by Licensee pursuant hereto. (As
used herein, “payment” shall include money, property, services and all other forms of consideration.) Licensee and/or its representatives shall have the right at any time during normal business hours, upon two (2) weeks prior written
notice, to examine said Records. 
 (c) If an audit indicates monies due to Sesame Workshop, then Licensee shall, within thirty
(30) days of completion of the audit, pay such deficiency together with interest from the date the deficiency was due and payable until paid at an interest rate of one percent (1%) per month. If the deficiency exceeds ten percent
(10%) of the amount paid to Sesame Workshop for the audited Accounting Periods, then Licensee shall also promptly pay for or reimburse Sesame Workshop for all reasonable costs of such examination. If an audit indicates monies due to

  

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Licensee, then Sesame Workshop shall, within thirty (30) days of completion of the audit, pay such overage together with interest from the date the overage was paid at an interest rate of
one percent (1%) per month. 
 (d) Sesame Workshop’s receipt or acceptance of any statement furnished pursuant to this
Agreement or of any payment shall not preclude Sesame Workshop from questioning the correctness of such statement or payment up to thirty-six (36) months after receipt of such statement or payment by Sesame Workshop and shall not limit any
other rights that Sesame Workshop may have under this Agreement or otherwise. After such thirty-six (36) month period after receipt by Sesame Workshop of such statement or payment, such statement or payment shall be deemed final and binding.

 (e) The provisions of this subparagraph 4.04 shall survive the expiration or earlier termination of this Agreement.

 4.05—Costs Generally. Except as expressly set forth herein, each party is responsible for its own costs in
connection with its activities under this Agreement. 
 5. OPERATION AND MARKETING OF ATTRACTIONS; SALE OF LICENSED PRODUCTS 

5.01—Licensee Responsibilities Generally. Throughout the Term, Licensee shall operate the Attractions and be responsible for
the maintenance, improvement, safety, quality control, marketing and promotion of the Parks and Attractions. Licensee is solely responsible for all development, production, manufacturing, packaging, warehousing, marketing, advertising, promotion,
distribution, sales, shipping, billing, collection and the like, as well as all safety and quality control matters, with respect to each Licensed Product. 
 5.02—Promotions outside of the Parks utilizing the Sesame Street characters. The use by Licensee of costumed Sesame Street characters outside of the Parks for any reason including but not
limited to promotional purposes for the Parks shall be subject to Sesame Workshop’s prior written approval, not to be unreasonably withheld or delayed. Sesame Workshop recognizes the importance of such out-of-park promotions and agrees to use
commercially reasonable efforts to permit such out-of-park appearances and assist Licensee in securing any applicable third party consents. 
 5.03—Licensee’s and Sesame Workshop’s Names on Licensed Products. Licensee shall include its name, trade name, and address in irremovable form (i.e., on a form other than a sticker)
on the packaging of each Developed Licensed Product so that the public can identify Licensee as the source and distributor of the Developed Licensed Product. Licensee also shall include in irremovable form (i.e., on a form other than a sticker) on
such product packaging Sesame Workshop’s name, URL and other corporate information (e.g., description of not-for-profit status) as provided by Sesame Workshop. Except as otherwise agreed to by Sesame Workshop, Licensee shall include the Sesame
Street logo on the packaging in a manner that is no less prominent than the applicable Park name. 
 5.04—Language.
All text that will appear in or on the Developed Licensed Products (including packaging) or in Marketing Materials shall be in English and/or Spanish. 

  

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 6. APPROVALS 
 6.01—Rights of Approval. Licensee acknowledges that in order to (i) ensure that the appearance, quality, marketing and promotion of the Attractions and the appearance, quality,
manufacturing, marketing, sale, distribution and other exploitation of the Licensed Products are consonant with Sesame Workshop’s name and reputation for quality and with the goodwill associated with Sesame Workshop and the Licensed Elements,
(ii) to ensure the protection of Sesame Workshop’s copyrights and trademarks, and (iii) to advance Sesame Workshop’s educational and business interests, Sesame Workshop retains the right to approve: (a) all aspects of all
Attractions, all Live Presentations and all Live Presentation Materials that are based on the Licensed Elements; (b) each Licensed Product (including packaging) at each stage of product development (where applicable) as specified in Exhibit
D; (c) all marketing and promotional activities and all Marketing Materials prior to Licensee’s use thereof; (d) all markings, legends, and notices on or in association with the Licensed Products including packaging; and
(e) any use of any element of the Licensed Elements for any purpose. 
 6.02—Approval Process. With respect to
all approvals under any provision of this Agreement, Licensee at its expense will submit items for written approval to Sesame Workshop accompanied by Sesame Workshop’s approval submission forms if applicable (a sample is attached as Exhibit
E). Sesame Workshop will notify Licensee of its approval or disapproval of any submission within ten (10) business days after receipt of such submission. If Sesame Workshop fails to respond to such submission within such 10-business day
period, the item will be deemed disapproved. In such event, Licensee may resubmit such items to the Vice President in charge of Themed Entertainment, or his or her designee, and he or she will notify Licensee of his or her approval within three
(3) business days of such re-submission, providing a detailed explanation of the reasons for any disapproval. In exercising its right to grant or withhold approval in each instance, Sesame Workshop may take into consideration such pedagogic,
safety, aesthetic and other considerations as it determines in its sole discretion; provided, however, any such approval shall not be unreasonably withheld or delayed. If an item approved for a particular use is being considered for another use,
Licensee must re-submit such item to Sesame Workshop for a new approval; provided, however, Licensee shall not be required to re-submit an item for approval for use at one Park if Sesame Workshop has previously approved such item and such use for
another Park. Sesame Workshop’s approval of any submission shall not affect Licensee’s obligations with respect to the Attractions and the Licensed Products (e.g., product safety) nor shall Sesame Workshop’s disapproval of any
submission affect Licensee’s obligations to perform under this Agreement. Licensee agrees not to release, market, distribute, sell or otherwise make any use of an item requiring Sesame Workshop approval unless Sesame Workshop has approved such
item in accordance with this subparagraph 6.02. Upon thirty (30) days’ prior written notice to Licensee, Sesame Workshop may withdraw any approval previously granted; provided, however, such withdrawal shall not be unreasonably made and
Sesame Workshop shall promptly reimburse Licensee for all expenditures made or liabilities incurred in reliance on such prior approval; provided, however, Sesame Workshop shall not be required to reimburse Licensee for such expenditures made or
liabilities incurred in the event Sesame Workshop withdraws its approval because it learns: (i) of a defect in the Developed Licensed Product, (ii) that Licensee has failed to disclose material information which would inform Sesame
Workshop’s decision to approve Licensee’s submissions hereunder, or (iii) of such other information that would reasonably affect Sesame Workshop’s approval hereunder. 

  

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 7. SAMPLES AND SESAME WORKSHOP PURCHASES 

7.01—Samples. Licensee shall deliver twelve (12) units of each SKU of each Developed Licensed Product to Sesame Workshop
at Sesame Workshop’s address above, at no cost to Sesame Workshop, promptly upon or before their initial shipment to the Parks. In addition, upon request by Sesame Workshop, Licensee shall deliver to Sesame Workshop, at no cost to Sesame
Workshop, up to twelve (12) additional units of each SKU of each Developed Licensed Product for quality control purposes only and not for any other use. 
 7.02—Purchases by Sesame Workshop. Subject to availability, Licensee shall sell to Sesame Workshop at Licensee’s actual cost to develop in the ease of a Developed Licensed Product and at
Licensee’s actual cost to acquire in the case of an Acquired Licensed Product such reasonable number of units of any Licensed Product as Sesame Workshop may from time to time request. Sesame Workshop may use such Licensed Products as it deems
appropriate (e.g., to sell or give to Sesame Workshop’s employees), except that Sesame Workshop may not resell such units to the general public. 
 7.03—No Royalty. Licensee will not pay Sesame Workshop any royalties for units of the Licensed Products given or sold to Sesame Workshop under this Paragraph 7. 

7.04—Complimentary Tickets. Licensee will provide to Sesame Workshop a minimum of [†] complementary admission tickets to
each Park during each year of the Term. 
 8. OWNERSHIP; INTELLECTUAL PROPERTY 

8.01—Ownership of SW Materials. (a) In recognition of Sesame Workshop’s ownership and substantial investment in the
Licensed Elements, and the need for Sesame Workshop to protect the integrity of the Licensed Elements, Sesame Workshop shall own all right, title and interest (including all trademarks, copyrights, registrations, renewals and extensions throughout
the world) in and to the “SW Materials,” except for rights of use expressly granted to Licensee in this Agreement. The “SW Materials” shall mean (i) the Licensed Elements, (ii) all Live Presentations including all Live
Presentation Materials, (iii) all Artwork, (iv) all Music other than pre-existing music owned by third parties, (v) all embodiments (including embodiments of the foregoing in tools, molds, models, plates and other manufacturing
materials), derivations, adaptations, and versions of the foregoing, including those made by Licensee or by a third party on behalf of Licensee to the foregoing, and (vi) the overall Licensed Products (even though Licensee may own portions of
the Licensed Products pursuant to subparagraph 8.06). To the extent that the Licensed Products incorporate any educational or editorial content, such content shall be included within the definition of “SW Materials.” Sesame Workshop shall
have the sole right to register copyrights and trademarks in the SW Materials. 
 (b) Other than Licensee’s employees
acting within the scope of their employment, Licensee shall obtain from all persons and entities (“Contributors”) who make derivations, adaptations, and versions of the SW Materials on behalf of Licensee written agreements establishing
that their derivations, adaptations and versions of the SW Materials shall be considered works made for hire for Licensee under U.S. copyright laws. Licensee shall ensure that, to the extent that all right, title and interest to such derivations,
adaptations, and versions of the SW Materials do not vest in Licensee by reason of being works made for hire, such 

  

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Contributors irrevocably assign and transfer to Licensee all of their right, title and interest to their derivations, adaptations, and versions of the SW Materials. Licensee’s agreements
with Contributors shall contain substantially the same provision as contained in Exhibit F, and shall otherwise be consistent with the terms of this Agreement. Licensee shall not incorporate any credit of any kind to any third party in
connection with the Licensed Products without the prior written approval of Sesame Workshop, such approval not to be unreasonably withheld or delayed. 
 (c) Upon written notice from Sesame Workshop, Licensee shall irrevocably assign and transfer to Sesame Workshop all of its right, title and interest to any derivations, adaptations, and versions made by
Licensee or by a third party on behalf of Licensee to the SW Materials subject to the restrictions on use of Developed Licensed Products and shows in subparagraph 1.10. Licensee shall notify Sesame Workshop when Licensee or any third party on behalf
of Licensee makes any derivations, adaptations, and versions of the SW Materials respecting the Developed Licensed Products. 

(d) Other than the rights of use expressly granted to Licensee and the restrictions imposed on Sesame Workshop under this Agreement,
Sesame Workshop reserves all rights to the SW Materials and shall be free to exercise such rights at any time without any obligation to Licensee. Notwithstanding anything to the contrary in this Agreement, subject to the provisions of subparagraph
1.10, any Developed Licensed Products and any show developed by Licensee shall each be used exclusively by Licensee during the Term of this Agreement and Sesame Workshop shall not license or otherwise permit any third party to use the same without
Licensee’s prior written approval in each instance, not to be unreasonably withheld or delayed. 
 8.02—Legal
Notices. Licensee shall include in the Developed Licensed Products (both the packaging and the actual product, unless otherwise specifically agreed to by Sesame Workshop) and the Marketing Materials, in an irremovable form (i.e., in a form other
than a sticker), copyright, trademark and other notices reasonably requested by Sesame Workshop in order to protect Sesame Workshop’s interests including all intellectual property rights. 

8.03—Validity of Licensed Elements. Licensee acknowledges and agrees that all the Licensed Elements have acquired a secondary
meaning in the mind of the purchasing public and that, except to the extent the law allows and this Agreement specifies, it (i) will not attack the validity of the rights granted under this Agreement, (ii) will not do anything that might
impair or infringe any of the Licensed Elements, (iii) will not claim adversely to Sesame Workshop any right, title or interest in any of the Licensed Elements and (iv) will not use or register as a trademark any item that is the same as
or confusingly similar to any of the Licensed Elements. All uses of the Licensed Elements shall inure to the benefit of Sesame Workshop, subject to the terms hereof. 
 8.04—New Trademarks. (a) Licensee at its own cost shall be responsible for ensuring that all new product names and new trademarks that Licensee desires to create in connection with the
Developed Licensed Products will not infringe the rights of any third parties, and Licensee shall conduct all necessary searches and clearances. Without limiting the foregoing obligations of Licensee, Licensee shall obtain Sesame Workshop’s
written approval, not to be unreasonably withheld or delayed, before using such product names and new trademarks. 

  

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 (b) Any trademark registrations for such product names and new trademarks developed in
connection with the Developed Licensed Products hereunder that are based on or incorporate any of the SW Materials will be filed by Sesame Workshop — and will be treated as part of the Licensed Elements — and Licensee will reimburse Sesame
Workshop’s costs (including outside counsel fees) in connection with such registrations. Any trademark registrations for such product names and new trademarks developed in connection with the Developed Licensed Products that are not based on or
incorporate any of the SW Materials will be filed by Licensee at its own expense, and will be treated as part of Licensee Materials. If Sesame Workshop requires Licensee to use in connection with the Licensed Products a new trademark created by
Sesame Workshop, Sesame Workshop will conduct searches and clearances and may decide to file for trademark registrations for such new trademarks, all at Sesame Workshop’s expense, and such trademarks will be treated as part of the Licensed
Elements. 
 8.05—Protection of Sesame Workshop’s Rights. (a) Sesame Workshop will be responsible for all
decisions relating to the protection of Sesame Workshop’s rights including the handling of apparent infringements of the SW Materials, and will consult with Licensee as appropriate before making such decisions. Licensee shall inform Sesame
Workshop if Licensee learns of any infringement of the SW Materials. Licensee shall reasonably cooperate with Sesame Workshop in protecting Sesame Workshop’s rights in the SW Materials including executing, filing and delivering documentation
reasonably requested by Sesame Workshop (e.g., proof of trademark use). Sesame Workshop will reimburse Licensee for all out-of-pocket costs incurred by Licensee in so cooperating at the request of Sesame Workshop. Sesame Workshop shall retain all
amounts as a result of any suit or settlement. 
 (b) In the event that Sesame Workshop, in its reasonable judgment, deems any
infringement to include an infringement of the applicable Attraction trademark or any aspect of the Attractions, Sesame Workshop shall have the right to either (1) treat the infringement as covered by the provisions of subparagraph 8.05(a)
above or (ii) require that Licensee pay one-half of all costs and expenses of prosecuting any action (in which case Licensee shall be entitled to receive one-half of all recoveries and awards with respect to such infringement). In all events
Sesame Workshop shall be entitled to determine in its reasonable discretion whether or not any action should be taken on account of any infringement. Furthermore, while Sesame Workshop will consult with Licensee as to any action taken in a lawsuit
covered by subparagraph 8.05(b), Sesame Workshop in its sole judgment shall be entitled to select counsel and control any action. 
 8.06—Ownership of Licensee Materials. Licensee shall own all right, title and interest (including all copyrights, renewals and extensions throughout the world) in and to the Licensee
Materials. The “Licensee Materials” shall mean: Licensee’s logos, trademarks, tradenames, patents and copyrighted materials but specifically excluding any SW Materials, Licensed Elements and/or any other intellectual property and/or
rights owned by Sesame Workshop (including the portions of a catalog or promotional materials or the portions of Licensed Product that is SW Material, a Licensed Element and/or intellectual property owned by Sesame Workshop). 

  

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 9. REPRESENTATIONS, WARRANTIES AND INDEMNIFICATION 

9.01—Sesame Workshop. Sesame Workshop represents and warrants that: 

(a) Sesame Workshop’s execution of this Agreement is duly authorized without the need of any consent of any third party and this
Agreement is a valid and binding obligation of Sesame Workshop enforceable in accordance with its terms and such execution and delivery and the performance by Sesame Workshop of its obligations hereunder do not and will not violate or cause a breach
of any other agreement or obligation to which it is a party or by which it is bound. 
 (b) Sesame Workshop owns or controls all
rights in the Licensed Elements granted to Licensee under this Agreement. 
 (c) Licensee’s authorized use, in accordance
with all the provisions of this Agreement, of any materials provided by Sesame Workshop shall not infringe the rights of any third party. 
 (d) Sesame Workshop will conduct its business operations in a manner consistent with its past practice in order to maintain the high quality associated with the Licensed Elements. 

(e) Sesame Workshop will not create any expense chargeable to Licensee without Licensee’s prior written approval. 

(f) Sesame Workshop, in conducting its activities relating to the Licensed Elements, will not knowingly infringe upon the rights of any
kind of any third parties. 
 (g) Sesame Workshop shall use commercially reasonable efforts to ensure that all contributions
(including inventions and patented matter) made by Sesame Workshop or made by third parties through Sesame Workshop to the SW Materials and used by Licensee in accordance with the terms of this Agreement will not infringe the rights of any third
party. 
 (h) With respect to the Acquired Licensed Products, Sesame Workshop will comply, and Sesame Workshop will use
commercially reasonable efforts to cause its licensees from whom Licensee purchases the Acquired Licensed Products to comply (provided Licensee does not have a separate agreement with such licensee(s) covering the same), with all applicable laws and
regulations with respect to (if applicable): (i) those relating to all embodiments of the Licensed Elements, including the safety, manufacturing, pricing, advertising, sale and distribution of the any embodiments of the Licensed Elements; and,
if applicable, (ii) those relating to online activities (including specifically children’s privacy), such as sales, promotions, sweepstakes, and data collection. 
 (i) With respect to the Acquired Licensed Products, Sesame Workshop shall use commercially reasonable efforts to ensure that each embodiment of any of the Licensed Elements distributed or sold by Licensee
under a license from Sesame Workshop (provided Licensee does not have a separate license with such party) shall be, in all respects, safe and fit for use by the persons for whom such embodiment is intended to be used, and free from all defects in

  

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design, materials and workmanship. If Sesame Workshop learns of any defect or recall for any such embodiment, it shall promptly notify Licensee of such defect or recall. Sesame Workshop shall
promptly provide or cause its third party licensee to provide Licensee with a plan with timeline for remedying such defect, and thereafter shall cause the party remedying the same to promptly and diligently carry out the remedy as approved by Sesame
Workshop. 
 (j) Throughout the Term and until two (2) years after the end of the Term, Sesame Workshop shall maintain in
full force and effect insurance by a reputable and financially qualified insurance company specifically covering all liability of Sesame Workshop and Licensee relative to Sesame Workshop’s exercise of its rights under this Agreement including
without limitation all claims for injuries to or death of a person or persons and/or for damage to property and all claims for workers’ compensation for bodily injury including death and disease incurred by employees of Sesame Workshop who
access the Park acting within the scope of their employment with Sesame Workshop. Such insurance shall (i) include coverage for premises liability, employer’s liability, contractual liability, including defense, personal injury, and
products and completed operations, and shall be written for a limit of not less than $5 million per occurrence/annual aggregate, written on an recurrence form; (ii) include a waiver of subrogation in favor of Licensee; and
(iii) specifically state that coverage as it pertains to Licensee shall be primary regardless of any other coverage that may be available to Licensee. Sesame Workshop shall provide Licensee with a certificate of insurance satisfying the above
requirements within thirty (30) days after execution of this Agreement. Licensee shall be named as an additional insured on the above policies. Sesame Workshop shall not knowingly violate or permit to be violated, any conditions of any such
policy, and shall at all times satisfy the requirements of such insurance policies. All insurance contracts shall be written so that Licensee will be notified of the cancellation or any restrictive amendment of the policies at least thirty
(30) days prior to the effective date of such cancellation or amendment. 
 (k) With respect to the Acquired Licensed
Products, Sesame Workshop shall ensure that Sesame Workshop itself and all manufacturers and third parties licensed by Sesame Workshop shall at all times comply with the manufacturing obligations set forth in Exhibit H, or substantially
similar obligations as set forth in Exhibit H. 
 9.02—Licensee. Licensee represents and warrants that:

 (a) Licensee’s execution of this Agreement is duly authorized without the need of any consent of any third party and this
Agreement is a valid and binding obligation of Licensee enforceable in accordance with its terms. 
 (b) Licensee will operate
the Attractions in a manner consistent with the high quality associated with the Licensed Elements. 
 (c) Licensee will not
create any expense chargeable to Sesame Workshop without Sesame Workshop’s prior written approval. 
 (d) Licensee will
operate, market and promote the Attractions, will create, develop, manufacture, market, promote, advertise, distribute, sell and otherwise exploit the Licensed Products, and will utilize the Licensed Elements, only as expressly permitted under this
Agreement. 

  

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 (e) Licensee will not, without Sesame Workshop’s prior written consent, market,
distribute or sell any Licensed Products outside the Authorized Sales Areas. 
 (f) Licensee in conducting its activities under
this Agreement will not knowingly infringe upon the rights of any kind of any third parties; provided, however, the foregoing does not apply to any infringement of the rights of any third party from Licensee’s authorized use, in accordance with
all the provisions of this Agreement, of any materials provided by Sesame Workshop (which is covered by Sesame Workshop’s representation and warranty in subparagraph 9.01(c)). 

(g) Licensee shall use commercially reasonable efforts to ensure that all derivations, adaptations, and versions (including inventions
and patented matter) made by Licensee or made by third parties through Licensee to the SW Materials, Licensed Products and Marketing Materials will not infringe the rights of any third party. Licensee shall ensure that all written materials produced
by or on behalf of Licensee utilizing the Licensed Elements shall not infringe the rights of any third party, including without limitation, any copyrights, trademarks, and/or other intellectual property owned by third parties. Licensee will pay all
reasonable costs associated with clearing third party rights and permissions in connection with such derivations, adaptations, and versions; provided, however, the foregoing does not apply to any infringement of the rights of any third party from
Licensee’s authorized use, in accordance with all of the relevant provisions of this Agreement, of any materials provided by Sesame Workshop which is covered by Sesame Workshop’s representation and warranty in subparagraph 9.01(c).

 (h) Licensee will comply with all applicable laws, regulations, and industry self-regulatory guidelines with respect to this
Agreement, including (if applicable): (i) those relating to the safety of all aspects of the Attractions; (ii) those relating to the manufacturing of the Developed Licensed Products and the pricing, advertising, sale and distribution of
the Licensed Products; and (iii) those relating to online activities (including specifically children’s privacy), such as sales, promotions, sweepstakes, and data collection. 

Licensee shall use commercially reasonable efforts to ensure that each Attraction and each unit of each Developed Licensed Product
distributed or sold under this Agreement shall be, in all respects, safe and fit for use by the persons for whom such Attraction or Developed Licensed Product is intended to be used, and free from all defects in design, materials and workmanship.
Licensee will ensure that each Attraction and each Developed Licensed Product meets applicable safety standards including those of pertinent government and industry organizations. If Licensee learns of any defect, recall, injury or reportable
incident for any Attraction or any Developed Licensed Product (or unit or component thereof), it shall promptly notify Sesame Workshop of such defect, injury, reportable incident, or recall. Within fifteen (15) days after learning of any defect
in an Attraction or Developed Licensed Product, Licensee shall provide Sesame Workshop with a plan for completely remedying such defect, and thereafter shall promptly and diligently carry out the remedy. 

(j) In the event Sesame Workshop requires Licensee employees to guide Sesame Workshop employees through a Park inspection for purposes of
determining Licensee’s compliance with the terms of this Agreement, Sesame Workshop will provide Licensee with two (2) weeks’ prior written notice. 

  

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 (k) Throughout the Term and until two (2) years after the end of the Term, Licensee
shall maintain in full force and effect insurance by a reputable and financially qualified insurance company specifically covering all liability of Licensee and Sesame Workshop, and, with respect to the Film, Universal City Studios, LLP, relative to
Licensee’s exercise of its rights under this Agreement including the operation of the Attractions and all sales of Licensed Products, including without limitation all claims for injuries to or death of any person or persons and/or for damage to
property and all claims for workers’ compensation for bodily injury including death and disease incurred by employees of the Parks. Such insurance shall (i) include coverage for premises liability, contractual including defense, personal
injury and products and completed operations, and shall be written for a limit of not less than $5 million per occurrence/annual aggregate, written on an occurrence form; (ii) include a waiver of subrogation in favor of Sesame Workshop; and
(iii) specifically state that coverage as it pertains to Sesame Workshop shall be primary regardless of any other coverage that may be available to Sesame Workshop. Any such insurance policies shall contain a waiver of subrogation in favor of
Sesame Workshop. Licensee shall provide Sesame Workshop with a certificate of insurance satisfying the above requirements within thirty (30) days after execution of this Agreement. Sesame Workshop and, with respect to the Film, Universal City
Studios, LLP shall be named as an additional insured on all of the above policies. Licensee shall not knowingly violate, or permit to be violated, any conditions of any such policy, and shall at all times satisfy the requirements of such insurance
policies. All insurance contracts shall be written so that Sesame Workshop and, with respect to the Film, Universal City Studios LLP will be notified of the cancellation or any restrictive amendment of the policies at least thirty (30) days
prior to the effective date of such cancellation or amendment. 
 (1) All materials used in the manufacture of the Attractions
and Developed Licensed Products shall be prepared solely by Licensee or by a manufacturer under Licensee’s control who has executed a manufacturer’s agreement. The manufacturer’s agreements shall contain substantially the same
provisions as contained in Exhibit G and shall otherwise be consistent with the terms of this Agreement; it being understood that Licensee may include additional provisions in the manufacturer’s agreements so long as they are not
inconsistent with this Agreement. If any manufacturer used by Licensee utilizes the Developed Licensed Products for any unauthorized purpose, Licensee shall be fully responsible for such unauthorized use and shall bring such utilization to an
immediate halt. 
 (m) With respect to the Developed Licensed Products, Licensee shall ensure that Licensee itself and all
manufacturers and third parties used by Licensee shall at all times comply with the manufacturing obligations set forth in Exhibit H, or with substantially similar obligations as set forth in Exhibit FL 

9.03—Indemnification. Licensee and Sesame Workshop shall at all times defend, indemnify and hold harmless the other and its
parent, subsidiary and Affiliates and its and their trustees or directors, officers, employees and agents from and against any and all third party claims, damages and liabilities, and reasonable costs and expenses (including reasonable outside
attorneys’ fees) growing out of or arising from the performance of this Agreement by the indemnitor, or any actual or alleged breach or default by the indemnitor of its agreements, covenants, representations, or obligations under this
Agreement. If an indemnitee hereunder becomes aware of any matter it believes is indemnifiable hereunder involving any claim, action, 

  

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suit, investigation, arbitration or other proceeding against the indemnitee by any third party, the indemnitee shall give the indemnitor prompt written notice of such claim. Such notice shall
provide the basis on which indemnification is being asserted and be accompanied by copies of all relevant pleadings, demands, and other papers related to the claim and in the possession of the indemnitee. The indemnitor shall have a period of twenty
(20) days after delivery of such notice to respond. If the indemnitor elects to defend the claim or does not respond within the requisite 20-day period, the indemnitor shall be obligated to defend the claim, at its own expense, and by counsel
reasonably satisfactory to the indemnitee. The indemnitee shall cooperate, at the expense of the indemnitor, with the indemnitor and its counsel in the defense and the indemnitee shall have the right to participate fully, at its own expense, in the
defense of such claim. If the indemnitor responds within the required 20-day period and elects not to defend such claim, the indemnitee shall be free, without prejudice to any of the indemnitee’s rights hereunder, to compromise or defend (and
control the defense of) such claim. In such case, the indemnitor shall cooperate, at its own expense, with the indemnitee and its counsel in the defense against such claim and the indemnitor shall have the right to participate fully, at its own
expense, in the defense of such claim. Any compromise or settlement of any claim or action shall require the prior written consent of both parties hereunder, such consent not to be unreasonably withheld or delayed. Despite the foregoing, if at any
time it appears that any intellectual property right of Sesame Workshop will be in issue as part of such claim, Sesame Workshop shall have the right to defend such right at its own expense, except that such defense shall be at Licensee’s
expense if Licensee’s negligence or willful misconduct caused Sesame Workshop’s intellectual property right to be in issue. 
 10.
ASSIGNMENT; CHANGE IN CONTROL 
 10.01—Assignment. This Agreement is personal to Licensee who has been chosen
specifically by Sesame Workshop for, among other reasons, its reputation, expertise and ability to perform this Agreement. Neither party shall assign, sublicense, encumber, pledge or otherwise transfer any or all of its rights or obligations under
this Agreement without the other party’s prior written approval in its sole discretion. Despite any such approved assignment or other transfer, the assignor or transferor shall guarantee its obligations under this Agreement and shall ensure
that its permitted assignee or transferee agrees in writing to be bound by all the provisions of this Agreement. No assignee or transferee shall acquire any rights greater than those of the assignor or transferor under this Agreement. The foregoing
restrictions on transfer and assignment shall be binding on all subsequent permitted assignees or transferees of the original assignee or transferee of Licensee. 
 10.02—Change in Control. (a) A “Change in Control” shall mean any transaction or series of related transactions which would result in (0 the transfer of 50% or more of
Licensee’s outstanding capital stock or voting securities whether by sale, merger, consolidation, reorganization or otherwise, (ii) the transfer of capital stock or other voting securities of Licensee possessing the voting power to elect
50% or more of the members of Licensee’s board of directors or other managing body whether by merger, consolidation, reorganization or issuance, sale or transfer of Licensee’s capital stock or voting securities, or (iii) the sale of
all or substantially all of Licensee’s assets. Sesame Workshop shall have the right to either continue this Agreement or to terminate this Agreement because of a Change in Control, except for transactions described in subparagraph 10.03. In the
event that Licensee intends to enter into a 

  

Page 22 of 40 

 
transaction or series of transactions that will result in a Change in Control, Licensee shall immediately give written notice to Sesame Workshop. At the time Licensee gives such notice, Licensee
shall provide Sesame Workshop with all information and documentation necessary for Sesame Workshop to evaluate the contemplated transaction. Licensee will provide additional information as reasonably requested by Sesame Workshop. Within 30 days
after receiving appropriate information and documentation, Sesame Workshop shall advise Licensee in writing as to whether it will continue or terminate this Agreement because of the Change in Control, pursuant to subparagraph 10.02(b). 

(b) Termination of Agreement. Sesame Workshop may in its sole discretion decide to terminate this Agreement because of the
impending Change in Control. Upon such termination, the provisions of paragraph 11 shall apply. 
 10.03—Permitted
Assignments. Notwithstanding anything in this Agreement to the contrary, including subparagraphs 10.01 and 10.02, Licensee shall be free, upon thirty (30) days’ prior written notice to Sesame Workshop (with no consent required), to
assign or transfer this Agreement in its entirety to one or more of Licensee’s “Affiliates” as part of a corporate reorganization; provided, however, that the transfer of Licensee’s rights under this Agreement is not the
principle purpose of such reorganization and provided that the rest of the provisions of subparagraph 10.01 (other than Sesame Workshop’s consent rights) shall apply to any permitted assignment. Upon such assignment of this Agreement to
Licensee’s Affiliate, such Affiliate as well as Licensee shall be subject to all the terms and conditions of this Agreement; provided such Affiliate may not modify this Agreement or extend the Term hereof without the prior written consent of
Licensee and Sesame Workshop. “Affiliate” means any entity that controls, is controlled by, or is under common control with, Licensee, whether by virtue of ownership, voting power, management or otherwise. 

10.04—Impermissible Assignments. Any purported assignment or other transfer of this Agreement that is not permitted under
this paragraph 10 shall be null and void. 
 10.05 — Consequential Damages. Notwithstanding anything else to the
contrary in this Agreement, Sesame Workshop and Licensee agree that neither party shall be entitled to any consequential damages as a result of any default or breach by either party hereunder. 

11. EXPIRATION AND TERMINATION 

11.01—Inventory Report. No less than 90 days before the expiration of the Term, or within 10 days after termination of this
Agreement, Licensee shall provide Sesame Workshop with an inventory report with a listing of all unsold and completely finished goods for the Licensed Products (“Unsold Inventory”) and the location where they are stored, broken down by
each SKU of each Licensed Product. For Developed Licensed Products, Licensee shall advise Sesame Workshop of the manufacturing cost which shall be Licensee’s actual, direct manufacturing costs and shall not include general and administrative or
overhead costs. For Acquired Licensed Products, Licensee shall advise Sesame Workshop of Licensee’s actual purchase price to acquire such Licensed Products. Notwithstanding anything to the contrary herein, the inventory report shall not include
any Unsold Inventory transferred to Sesame Place pursuant to subparagraph 11.04(e) hereof. 

  

Page 23 of 40 

 11.02—Termination by Sesame Workshop. (a) Sesame Workshop shall have the
right at any time to immediately terminate this Agreement (except, with respect to subparagraph 11.02(a)(iii), as prohibited by federal or state law) if any one of the following occurs: 

(i) Licensee breaches any of its material obligations or agreements, or any representations or warranties, and such breach
is not cured within 30 days after written notice of such breach from Sesame Workshop; provided, however, that Licensee shall not be deemed to be in breach of this Section 11.02(i) so long as Licensee commences to cure such breach within said 30
day period and diligently proceeds in good faith to cure such breach within a commercially reasonable period of time. The foregoing does not apply to Licensee’s obligations to account and make payments to Sesame Workshop under this Agreement.

 (ii) Licensee breaches its obligations to pay the Annual License Fees, royalties or any other sums due to
Sesame Workshop or has failed to deliver a royalty report when due, and such breach is not cured within 20 days after written notice of such breach from Sesame Workshop. 

(iii) Licensee makes an assignment for the benefit of creditors without Sesame Workshop’s prior written consent or
becomes insolvent or subject to any bankruptcy, insolvency or receivership proceeding of any nature. 
 (iv) In
the event of a Force Majeure event continuing for more than one year with respect to two or more Parks as set forth in subparagraph 14.10 hereof. 
 (v) Termination of the license agreement with Licensee respecting Sesame Place. 

(b) If Sesame Workshop terminates this Agreement under this subparagraph 11.02, Licensee shall not be entitled to seek injunctive relief
to prevent Sesame Workshop from licensing to a third party or making any other use of the rights granted to Licensee. 

11.03—Termination by Licensee. Licensee shall have the right at any time to terminate this Agreement if any one of the
following occurs: 
 (a) Sesame Workshop breaches any of its material obligations or agreements, or any representations or
warranties, under this Agreement and such breach is not cured within 30 days after written notice of such breach from Licensee; provided, however, that Sesame Workshop shall not be deemed to be in breach of this subparagraph 11.03(a) so long as
Sesame Workshop commences to cure such breach within said 30-day period and diligently proceeds in good faith to cure such breach within a commercially reasonable period of time. 

(b) Sesame Workshop makes an assignment for the benefit of creditors without Licensee’s prior written consent or becomes insolvent
or subject to any bankruptcy, insolvency or receivership proceeding of any nature. 
 (c) Licensee closes the final Attraction
remaining open pursuant to subparagraph 3.03 hereof. 

  

Page 24 of 40 

 (d) In the event of a Force Majeure event continuing for more than one year with respect to
two or more Parks as set forth in subparagraph 14.10 hereof. 
 (e) Termination of the license agreement with Sesame Workshop
respecting Sesame Place; provided, however, if Licensee is terminating this Agreement because it has or is terminating the Sesame Place agreement without cause, including pursuant to Section 7 thereof, and not because of Sesame Workshop’s
breach of the Sesame Place agreement beyond any applicable cure period or other termination based on cause (a “Sesame Place Non-Default Termination”), and the effective date of such termination occurs during the first five (5) years
of the Term of this Agreement, Licensee shall pay Sesame Workshop a lump sum liquidated damages amount equal to the sum of each unpaid Annual License Fee for each Park then subject to this Agreement multiplied by the number of years that each such
Park will not pay its respective Annual License Fee during the first five years of the Term of this Agreement (which amount is inclusive of and not in addition to, any amount payable by Licensee under Section 2.06 hereof, i.e., there will not
be a double payment for a Park failing to open an Attraction and an early termination of this Agreement). The foregoing amount shall constitute liquidated and stipulated damages in the event of a Sesame Place Non-Default Termination during the first
five (5) years of the Term of this Agreement, the parties agreeing that actual damages are difficult if not impossible to ascertain and that such liquidated damages amount does not constitute a penalty. After the first five (5) years of
the Term of this Agreement, Licensee shall be entitled to terminate this Agreement in conjunction with a Sesame Place Non-Default Termination without the payment of any damages, liquidated or otherwise. 

11.04—Effect of Expiration or Termination. Upon expiration of the Term or termination of this Agreement: 

(a) All licenses granted under this Agreement to Licensee shall immediately and automatically revert to Sesame Workshop to exercise
without any obligation to Licensee. 
 (b) All sums of money payable or past due to Sesame Workshop under this Agreement shall
become due and payable within ten (10) business days, except the foregoing shall not apply if this Agreement is terminated by Licensee due to material breach by Sesame Workshop. Notwithstanding the foregoing, in the event it has not been paid
prior to any termination, the Minimum Total Film Royalty shall be due and payable by Licensee without regard to the party terminating this Agreement or the date upon which this Agreement is terminated unless such termination is by Licensee pursuant
to subparagraph 11.03(a) or 11.03(b) in which case Licensee shall not be obligated to pay any remaining portion of the Minimum Total Film Royalty. 
 (c) Licensee shall promptly deliver to Sesame Workshop, at no charge to Sesame Workshop, all Live Presentation Materials, all Music, and all Artwork furnished by Sesame Workshop or created by Licensee
under this Agreement (other than materials covered in subparagraph 11.04(d)). 
 (d) Licensee shall promptly destroy, or remove
all Licensed Elements from, all SW Materials (other than materials covered in subparagraph 11.04(c)) including all SW Materials held by third parties such as Licensee’s manufacturers. Licensee shall send Sesame Workshop a certificate of such
destruction or removal signed by an officer of Licensee. 

  

Page 25 of 40 

 (e) Licensee shall have the right to transfer any Unsold Inventory to Sesame Place. Sesame
Workshop shall have the right for ninety (90) days to purchase (by payment or by crediting Licensee’s account) any remaining Unsold Inventory not transferred to Sesame Place at Licensee’s manufacturing cost or purchase price (as
described in subparagraph 11.01) provided Sesame Workshop notifies Licensee of its exercise of such right within ten (10) business days after receipt of the inventory report delivered by Licensee pursuant to subparagraph 11.01 hereof. Unless
Sesame Workshop agrees to purchase the remaining Unsold Inventory, Sesame Workshop and Licensee agree that Licensee shall be entitled to a commercially reasonable “sell-off’ period for the Unsold Inventory of not less than ninety
(90) days from the date Sesame Workshop notifies Licensee that it does not intend to Purchase such Unsold Inventory. Licensee shall destroy all remaining Unsold Inventory not purchased by Sesame Workshop after the expiration of the sell-off
period at no cost to Sesame Workshop. 
 (f) The parties’ obligations to account and make payment to each other under this
Agreement shall survive as shall their representations, warranties and indemnities and other rights and obligations that by their nature would survive. 
 12. CONFIDENTIALITY 
 “Confidential Information” means information that
the disclosing party disclosed to the receiving party, including information obtained by the receiving party during an audit, except as hereinafter provided. The terms of this Agreement shall be treated as Confidential Information. Confidential
Information will not include information that (i) is in or enters the public domain without breach of this Agreement, (ii) the receiving party lawfully receives from a third party without restriction on disclosure and without breach of a
nondisclosure obligation, or (iii) the receiving party knew prior to receiving such information from the disclosing party or develops independently. Each party agrees that it will not disclose to any third party or use any Confidential
Information except in performing this Agreement and that it will take all reasonable measures to maintain the confidentiality of Confidential Information. Notwithstanding the foregoing, each party may disclose Confidential Information to the extent
required by law or governmental authority (provided that it gives the other party written notice prior to such disclosure) or on a “need-to-know” basis under an obligation of confidentiality to its legal counsel, employees, accountants,
and financing sources. 
 13. NOTICES 
 All notices under this Agreement shall be in writing and delivered by personal delivery, reputable overnight courier, confirmed facsimile or certified or registered mail (return receipt requested), and
will be deemed given upon personal delivery, one day after deposit with overnight courier, upon confirmation of receipt of facsimile or five days after deposit in the mail. Notices to Sesame Workshop shall be sent in writing to Sesame
Workshop’s address above, to the attention of Vice President, Themed Entertainment (fax number 212-875-7374) with a copy to the Senior Vice President and General Counsel (fax number 212-875-6124). Notices to Licensee shall be sent in writing to
Licensee’s address above, to the attention of Corporate Vice President — Planning and Development (fax number 314-613-6029) with a copy to Anheuser-Busch Companies, Inc., Legal Department, One Busch Place, St. Louis, Missouri 63118, Attn:
Vice President and General Counsel (fax number 314-577-0776). Either party may change its address or contacts under this Agreement by written notice to the other party. All notices, requests for approval or consent, or other communications shall be
sent in writing in English. 

  

Page 26 of 40 

 14. GENERAL 
 14.01—Entire Agreement. This Agreement sets forth the entire agreement and understanding between the parties concerning the subject matter of this Agreement and merges and supersedes all prior
discussions, agreements and understandings of any kind between them. This Agreement may not be modified or amended except by a writing executed by both parties. 
 14.02—No Continuing Waiver. No waiver of any term, condition, or covenant contained in this Agreement or any breach of this Agreement shall be held to be a continuing waiver of that or any
other term, condition or covenant of this Agreement or of any other or subsequent breach of this Agreement. 

14.03—Cumulative Remedies. Except as expressly stated, all remedies, rights, obligations and agreements contained in this
Agreement are cumulative and none of them shall limit any other remedies, rights, obligations or agreements under this Agreement or otherwise. 
 14.04—Relationship of Parties. This Agreement shall not be construed to create a partnership, joint venture, or the relationship of principal and agent between the parties, nor to impose upon
either party any debts or obligations incurred by the other party except as expressly set forth in this Agreement. 

14.05—Governing Law. This Agreement, and all modifications or extensions thereof, shall be governed in all respects by the
law of the State of New York applicable to contracts to be fully executed and performed in New York State, without reference to conflict of laws. Both parties agree that service of process by personal delivery, certified or registered mail (return
receipt requested), or reputable overnight courier to the other party’s address above shall be deemed good and sufficient service for purposes of jurisdiction. 
 14.06—Severability. If any term, clause or provision of this Agreement is held invalid or unenforceable by a court of competent jurisdiction, such invalidity shall not affect the validity or
operation of any other term, clause or provision and such invalid term, clause or provision shall be deemed to be severed from this Agreement. 
 14.07—Binding on Successors. The provisions of this Agreement shall be binding upon and shall inure to the benefit of the parties hereto, their heirs, administrators, and successors.

 14.08—Titles. The titles of paragraphs of this Agreement are for convenience only and shall not be given any
legal effect. 
 14.09—Including. The word “including” is used in this Agreement to mean “including
but not limited to.” 
 14.10—Force Majeure. Performance by either party hereunder shall be automatically
extended by the occurrence of any force majeure for the period of time such force majeure shall exist, provided, however, (i) if the force majeure event continues for more than one year affecting 

  

Page 27 of 40 

 
two or more Parks, then either party shall have the right to terminate this Agreement; and (ii) if the force majeure event continues for more than one year with respect to a particular Park,
then either party shall have the right to terminate this Agreement with respect to such Park. The term “force majeure” shall mean an act of God, fire, earthquake, floods, adverse weather conditions, explosion, unavoidable casualties,
non-availability of materials or supplies in the open market, failure of transportation, condemnation, orders of government, civil, military or naval authorities, or any other cause, whether similar or dissimilar to the foregoing, not within the
reasonable control of the performing party, excluding, however, the inability to obtain monies to perform or fulfill the performing party’s obligations and undertakings. 
 14.11—Public Announcements. Neither party shall issue a press release, make any public announcement, make any statement to any third party, or make or authorize the publication of any article,
either externally or internally, which identifies, relates to, or otherwise gives publicity to this Agreement or the terms hereof without the prior written approval of the other party in each instance, such approval not to be unreasonably withheld
or delayed. 
 14.12—Payments in U.S. Dollars. All payments due hereunder shall be made in then currently available
U.S. dollars. 
  

			
	    ACCEPTED AND AGREED:	  	
		
	    SESAME WORKSHOP	  	BUSCH ENTERTAINMENT CORPORATION
		
	    By: /S/ Gary Knell	  	By: /s/ Keith Kasen
	    Gary Knell	  	Keith Kasen
	    President and Chief Executive Officer	  	Chairman of the Board and President
		
	Date: 8/24/06	  	 Date: 8/24/06

  

Page 28 of 40 

 EXHIBIT A 
 SESAME STREET MUPPET CHARACTERS 
 ABBY CADABY 

ALICE 
 ANYTHING
MUPPETS 
 BABY BEAR 
 BAD BART 
 BARKLEY 

BERT 
 BETTY LOU

 BIFF 

BIG BIRD 
 BRUNO

 BUSTER THE HORSE 
 COLAMBO 
 COOKIE MONSTER 

DINGERS 
 DON MUSIC

 ELMO 

ERNIE 
 FAT BLUE

 FORGETFUL JONES 
 FRED THE WONDER HORSE 
 GLADYS THE COW 

GROVER 
 GRUNDGETTA

 GUY SMILEY 
 HARVEY KNEESLAPPER 
 HERRY MONSTER 

HONKERS 
 HOOTS THE
OWL 
 JACKMAN WOLF 
 KINGSTON LIVINGSTON 
 LITTLE BIRD 

MUMFORD THE MAGICIAN 
 NATASHA 
 OSCAR THE GROUCH 

PRAIRIE DAWN 

PRINCE CHARMING 

PROFESSOR HASTINGS 

ROOSEVELT FRANKLIN 

ROSITA 
 ROXY MARIE

 SAM THE SUPER-AUTOMATED ROBOT 

  

Page 29 of 40 

 SHERLOCK HEMLOCK 

SHERRY NETHERLAND 
 SIMON SOUNDMAN 
 SLIMEY THE WORM 

SNUFFLEUPAGUS 
 SULLY 
 SUNNY FRIENDLY 

TELLY MONSTER 
 THE COUNT 
 THE COUNTESS 

THE MARTIANS 

TWIDDLEBUGS 

TWO HEADED MONSTER 
 ZOE 
 ADDITIONAL CHARACTERS BY MUTUAL AGREEMENT 

  

Page 30 of 40 

 EXHIBIT B 
 Licensee shall have a period of eighteen months from the date of this Agreement to exercise its first negotiation rights specified in subparagraph 1.12 with respect to the following series:

 Dragon Tales 
 Sagwa 
 Pinky Dinky Doo 

Licensee’s first negotiation rights shall not apply to the following shows that were in development prior to the date of this Agreement:

 The New Electric Company (working title) 
 The Upside Down Show 
 Little Red 

The Julie Andrews Show (working title) 

  

Page 31 of 40 

 EXHIBIT C 
 TEMPLATE FOR ROYALTY REPORTS 
 X (“Park”) 

SUMMARY INCOME 

STATEMENT 
 PERIOD
ENDING X 20XX 
  

																																	
	MONTH	 	  	 	  	YEAR-TO-DATE	 
	ACTUAL	 	  	BUDGET	 	  	VARIANCE	 	  	LAST
YEAR	 	  	 	  	ACTUAL	 	  	BUDGET	 	  	VARIANCE	 	  	LAST
YEAR	 
				  				  				  				  	REVENUES	  				  				  				  			
									
				  				  	$	0	  	  				  	MERCHANDISE	  				  				  	$	0	  	  			
				  				  	$	0	  	  				  	FOOD & BEVERAGE	  				  				  	$	0	  	  			
				  				  	$	0	  	  				  	OTHER	  				  				  	$	0	  	  			
	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	$	0	  	  	$	0	  	  	$	0	  	  	$	0	  	  	TOTAL REVENUES	  	$	0	  	  	$	0	  	  	$	0	  	  	$	0	  
	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

Page 32 of 40 

 EXHIBIT D 
 PROCESS FOR PRODUCT DEVELOPMENT AND APPROVAL 
 I. Concept 

 

	 	A.	Present rough sketch of concept for Sesame Workshop’s approval. 

  

	 	B.	Review Sesame Workshop’s design comments. 

II. Rough Artwork 
  

	 	A.	Submit pencil sketch with color indications for Sesame Workshop’s art direction. 

 

	 	B.	Submit script for approval. 

  

	 	C.	Modify sketch or script and re-submit, if requested. 

 III. Final Artwork 
  

	 	A.	Present final illustration, sculpture or recording for approval. 

  

	 	B.	Modify and re-submit, if requested. 

 IV.
Pre-Production Sample 
  

	 	A.	Submit pre-production sample and test reports, if any. 

  

	 	B.	Proceed with production, if approved. 

V. Packaging 

Present all packaging designs and copy for approval. 

  

Page 33 of 40 

 EXHIBIT E 
 PRODUCT APPROVAL AND SUBMISSION FORMS 
 Product Submission Form

 Please Submit One Form Per Item 

 

This is an electronic form that you may fill-out on your computer screen. Use the tab
key or your mouse to move to the next field. When you are done, you can save this file, print and fax. 

 Type of submission:
(Please Choose One) q Product q Packaging q Advertising/Sales q Press 
 Give a brief description (Le. T-shirt, book, mug):
             
 Has this item been previously submitted? q YES q NO 
 If YES, Provide tracking
# (Product and packaging share the same tracking #)              

Contact Information 
  
                                  
                                         
      
 Date:
                                 Property:
                     
 Licensee or
Agency:                              Contact:
                 
 Street Address:
                     
 City:
                 State:                  Zip Code:
                 
 e-Mail Address:
                 
 Telephone #:
                 Fax #:                  

If you are an agency, please provide the name of the licensee you are representing:
             
 Submission Information 

Please describe your submission in detail (include Product Name, Sku or Item Number, Wholesale and Retail Price):
             
 Stage of Development (Check only One) 

 

							
	q ww Concept	 	q Mechanical	 	q Rough Audio Tape	 	    q Copy or Text
				
	q 13/W Final Art	 	q Chromalin	 	q Final Audio Tape	 	    q Story Concept
				
	q Color Concept	 	q Prototype	 	q Rough Video Tape	 	    q Script
				
	q Final Color art	 	q Mock-up	 	q Final Video Tape	 	    q Pre-prod. Sample
				
	q Sculpt	 	q Fabric Swatch	 	q Sound Chip/Module	 	    q Production Sample
				
	q Sculpt (Painted)	 	q Embroidery Sample	 	q Storyboard	 	     q Finished Samples

        (Amount
Sent)                

				
	q Other (Please Specify):	 		 		 	

 Shipping Information 
 Would you like this item returned to you? q YES q NO 

(Photos, copies and video tapes are not returned) 
 If YES, please check carrier preference and provide your account number below: 
 q FedEx CUPS    q Airborne    q DHL Account # 

  

Page 34 of 40 

 EXHIBIT F 
 PROVISION TO BE INCLUDED IN 
 LICENSEE’S CONTRIBUTOR AGREEMENTS

 Work-Made-For-Hire and Assignment. Contributor has created or will create for Busch Entertainment Corporation (“Busch”)
materials that contain embodiments, derivations, adaptations or versions of the elements of the copyrights, trademarks and other intellectual property associated with “Sesame Street.” “Works” shall mean all such materials
including all versions and all works of progress relating to such materials. Contributor hereby agrees that all Works furnished to Busch by Contributor, working either individually or in collaboration with others, shall be a work-made-for-hire under
the U.S. Copyright Laws and Busch shall be considered the author of the Works for purposes of copyright. In the event any of the Works is not a work-made-for-hire or is not a copyrightable subject matter, Contributor hereby irrevocably assigns to
Busch exclusively all of Contributor’s right, title and interest in and to the Works, for use in any and all media, now known or hereafter created, and for any and all purposes in perpetuity throughout the world. Contributor hereby waives any
claim to so-called “moral rights” or rights of “droit moral” that Contributor may have now or in the future in any jurisdiction with respect to the Works. Contributor agrees to execute all documents and to take all steps as Busch
or its assignee finds appropriate to evidence Busch or its assignee’s rights in the Works. This paragraph shall survive any termination of this agreement. 

  

Page 35 of 40 

 EXHIBIT G 
 PROVISIONS FOR MANUFACTURER’S AGREEMENTS 
 Provisions for agreement between Licensee
and Licensee’s Manufacturers (“Manufacturer’s Agreement”): 
 Manufacturer shall acknowledge Sesame Workshop’s
ownership of all right, title and interest in the SW Materials. Manufacturer shall execute all documents and take all steps reasonably requested by Licensee or Sesame Workshop to evidence Sesame Workshop’s rights. 

Manufacturer shall agree that it will manufacture the Licensed Products only as expressly directed by Licensee and in satisfaction of all requirements of
Licensee including compliance with laws and inclusion of legal notices. 
 The Manufacturer’s Agreement shall automatically terminate, and
all rights of Manufacturer in connection with the SW Materials, shall end upon expiration or termination of the license agreement between Sesame Workshop and Licensee. 
 Upon expiration or termination of the Manufacturer’s Agreement, Manufacturer shall deliver to Licensee all materials that belong to Sesame Workshop. 

Manufacturer’s rights shall not be assignable or transferable to any third party. 

  

Page 36 of 40 

 EXHIBIT H 
 MANUFACTURING OBLIGATIONS 
 Pursuant to subparagraph 9.01(k) of the License Agreement, with
respect to the Acquired Licensed Products, Sesame Workshop shall ensure that Sesame Workshop itself and all manufacturers and third parties licensed by Sesame Workshop shall at all times comply with the manufacturing obligations set forth herein.
Pursuant to subparagraph 9.02(m) of the License Agreement, with respect to the Developed Licensed Products, Licensee shall ensure that all manufacturers and third parties used by Licensee shall at all times comply with the manufacturing obligations
set forth herein. As used herein “Responsible Party” shall mean either Sesame Workshop or Licensee, as the case may be, and “Licensed Products,” when referring to Sesame Workshop as the Responsible Party, shall mean the Acquired
Licensed Products, and when referring to Licensee as the Responsible Party, shall mean the Developed Licensed Products. 
 PART I - COVENANTS

 A. Responsible Party covenants on behalf of Responsible Party’s own manufacturing facilities, if any, and agrees to require all
third-party manufacturers of Licensed Products retained by Responsible Party (“Manufacturers”), to comply with all applicable laws, statutes, regulations and ordinances (“Laws”) pertaining to the manufacturing, packaging or
distribution of the Licensed Products. “Responsible Party’s own manufacturing facilities” includes wholly owned, partially owned and affiliated facilities. “Manufacturers” will include any contractor or supplier engaged in a
manufacturing process, including cutting, sewing, assembling and packaging of a finished product or a component of a finished product. 
 B.
Responsible Party covenants on behalf of Responsible Party’s own manufacturing facilities, if any, and agrees to require each of its Manufacturers to agree in writing, to perform the obligations set forth below in sub-sections (1) through
(9). 
 1. Responsible Party agrees, and covenants to require each of its Manufacturers to agree, not to use child labor in the
manufacturing, packaging or distribution of Licensed Products. The term “child” refers to a person younger than the local legal minimum age for employment or the age for completing compulsory education, but in no case shall any child
younger than fifteen (15) years of age (or fourteen (14) years of age where local law allows) be employed in the manufacturing, packaging or distribution of Licensed Products. Responsible Party and Manufacturers employing young persons who
do not fall within the definition of “child” agree to comply with any Laws applicable to such persons. 
 2.
Responsible Party agrees, and covenants to require each of its Manufacturers to agree, only to employ persons whose presence is voluntary, and not to use any forced or involuntary labor, whether prison, bonded, indentured or otherwise. 

3. Responsible Party agrees, and covenants to require each of its Manufacturers to agree, to treat each employee with dignity and
respect, and not to use corporal punishment, threats of violence, or other forms of physical, sexual, psychological or verbal harassment or abuse. 
 4. Unless required by applicable Laws to accord special favorable treatment to a specific group of employees, Responsible Party agrees, and covenants to require each of its Manufacturers to agree, not to
discriminate in hiring and in employment practices, including salary, benefits, advancement, discipline, termination, or retirement, on the basis of race, religion, age, nationality, social or ethnic origin, sexual orientation, gender, political
opinion or disability. 

  

Page 37 of 40 

 5. Responsible Party recognizes that wages are essential to meeting employees’ basic
needs. Responsible Party agrees, and covenants to require each of its Manufacturers to agree, to comply, at a minimum, with all applicable wage and hour Laws, including minimum wage, overtime, maximum hours, piece rates and other elements of
compensation, and to provide legally mandated benefits. If local Laws do not provide for overtime pay, Responsible Party agrees, and covenants to require each of its Manufacturers to agree, to pay at least regular wages for overtime work. Except in
extraordinary business circumstances, Responsible Party and the Manufacturers will not require employees to work more than the lesser of (a) 48 hours per week and 12 hours overtime or (b) the limits on regular and overtime hours allowed by
local law, or, where local law does not limit the hours of work, the regular work week in such country plus 12 hours overtime. In addition, except in extraordinary business circumstances, employees will be entitled to at least one day off in every
seven-day period. Responsible Party agrees, and covenants to require each of its Manufacturers to agree, that, where local industry standards are higher than applicable legal requirements, they will meet the higher standards. 

6. Responsible Party agrees, and covenants to require each of its Manufacturers to agree, to provide employees with a safe and healthy
workplace in compliance with all applicable laws, ensuring, at a minimum, reasonable access to potable water and sanitary facilities, fire safety, and adequate lighting and ventilation. Responsible Party also agrees, and covenants to require each of
its Manufacturers to agree, to ensure that the same standards of health and safety are applied in any housing they provide for employees. 
 7. Responsible Party agrees, and covenants to require each of its Manufacturers to agree, to respect the rights of employees to associate, organize and bargain collectively in a lawful and peaceful
manner, without penalty or interference, in accordance with applicable Laws. 
 8. Responsible Party agrees, and covenants to
require each of its Manufacturers to agree, to comply with all applicable environmental Laws. 
 9. Responsible Party agrees,
and covenants to require each of its Manufacturers to agree, that Sesame Workshop or Licensee, as the case may be, and its designated agents (including third parties) may engage in monitoring activities to confirm compliance with the provisions of
this Exhibit, including unannounced on-site inspections of manufacturing, packaging and distribution facilities, and employer-provided housing. Such inspections may include reviews of books and records relating to employment matters and private
interviews with employees. Responsible Party agrees, and covenants to require each of its Manufacturers to agree, to maintain on site all documentation necessary to demonstrate compliance with the provisions of this Exhibit. 

C. In addition to the specific covenants set forth in Sections A and B, Responsible Party agrees to develop, implement and maintain procedures to
evaluate and monitor Responsible Party’s own manufacturing facilities and the facilities of each of its Manufacturers, including but not limited to, unannounced on-site inspections of manufacturing, packaging and distribution facilities and
employer-provided housing, reviews of books and records relating to employment matters and private interviews with employees of Responsible Party and its Manufacturers. 
 D. Responsible Party agrees, and covenants to require each of its Manufacturers to agree, to take appropriate steps to ensure that the provisions of this Exhibit are communicated to all employees,
including the prominent posting of a document incorporating the provisions of this Exhibit in the local language and in a place readily accessible to employees at all times. Moreover, Responsible Party agrees to formally communicate the provisions
of this Exhibit (in the applicable local language) to senior officers, managers and employees of both the company and its applicable manufacturing facilities, and Manufacturers. 

  

Page 38 of 40 

 E. Responsible Party shall establish and maintain a monitoring plan that sets forth Responsible Party’s
internal and independent external monitoring programs in accordance with the requirements of Section I below, and consisting of the agreement of the Responsible Party to undertake in good faith to implement a system of monitoring compliance with the
provisions of this Exhibit, including utilizing independent accredited external monitors. 
 F. Internal and external monitoring shall involve
the periodic verification that the provisions of this Exhibit are being met by Responsible Party and its Manufacturers in connection with the manufacture, packaging and distribution of Licensed Products. 

G. Internal monitoring will be conducted by employees of Responsible Party who shall be provided training on a regular basis about the workplace
standards and applicable local and international law, as well as about effective monitoring practices, so as to enable such monitors to be able to assess compliance with the provisions of this Exhibit. 

H. External monitoring will be conducted by independent external monitors accredited by industry associations, NGOs, human rights or labor organizations.

 I. Internal and external unannounced monitors will conduct comprehensive unannounced inspections of the Responsible Party’s and
Manufacturers’ factories to the extent necessary or desirable to give an appropriate sample for determining compliance with the provisions of this Exhibit. Such monitoring activities will be consistent with best practices of accredited external
monitors, and will include, at minimum, the following monitoring activities: 
 1. Verify that Responsible Party and
Manufacturers’ employees have been informed about the workplace standards orally, through the posting of standards in a prominent place (in the local languages spoken by employees and managers) and through other educational efforts. 

2. Conduct independent audit, on a confidential basis, of an appropriate sampling of production records and practices and wage, hour,
payroll and other employee records and practices of Responsible Party and Manufacturers’ factories in order to determine compliance with the provisions of this Exhibit. 
 3. Conduct periodic confidential interviews, in a manner appropriate to the culture and situation, with a random sampling of Responsible Party and Manufacturers’ employees (in their local languages)
to determine employee perspective on compliance with the workplace standards. 
 4. Work, where appropriate, with Responsible
Patty and Manufacturers’ factories to correct instances of noncompliance with the provisions of this Exhibit. 
 J. Responsible Party shall
report to Sesame Workshop or Licensee, as the case may be, each instance of “Non-compliance.” “Noncompliance” shall mean any significant and/or persistent pattern of noncompliance, or any individual incident of serious
noncompliance, with the provisions of this Exhibit, either as determined by internal or external monitoring or as alleged by any third party. Each report shall include: 
 1. a description of the monitoring conducted which led to the discovery of the Noncompliance; 
 2. a description of the Noncompliance; 
 3. a description of the remedial steps
taken by Responsible Party in response to instances or allegations of Noncompliance; and 
 4. a description of remedial actions
taken by Responsible Party to prevent the recurrence of such Noncompliance or alleged Noncompliance. 

  

Page 39 of 40 

 K. If any Manufacturer fails to pass a compliance inspection, and thereafter fails requirements to remedy
the cited failure(s), or if the Manufacturer otherwise breaches its obligations to perform its services in accordance herewith, the Manufacturer will be terminated immediately by Responsible Party, and Responsible Party shall not thereafter use such
Manufacturer to manufacture Licensed Products, components, or related items. 
 L. If a reputable industry organization or NGO conducting
activities in the industry in which Responsible Party operates institutes a program for the enforcement of fair labor practices like the ones set forth in the provisions of this Exhibit, and such program provides for the certification of brands of
goods as manufactured in accordance with such fair labor practices, then Responsible Party agrees that it will apply for such certification for the brands associated with the Licensed Products at the earliest opportunity, but in no event later than
the time at which Responsible Party seeks such certification for any house-brands or other licensed brands. 
 The following provisions shall
apply solely to Licensee with respect to Developed Licensed Products only: 
 PART II - TERMINATION 

Without prejudice to any other rights or remedy available to Sesame Workshop, Sesame Workshop shall have the right at any time to terminate
Licensee’s ability to manufacture and distribute Developed Licensed Products, including but not limited to any existing Developed Licensed Products and any new Developed Licensed Products if Licensee fails to comply with any of the provisions
of this Exhibit or any applicable Code of Conduct and such failure is not cured within 30 days after written notice. Compliance with the provisions of this Exhibit and any applicable Code of Conduct shall mean at least the following: 

(1) effective implementation by Licensee of internal and independent external monitoring programs consistent with the provisions of this
Exhibit and any applicable Code of Conduct; 
 (2) Licensee’s termination of a manufacturer as required under Section K;

 (3) timely remediation by Licensee of all instances of noncompliance; and 

(4) effective implementation of procedures to prevent recurrence of Noncompliance. 
  

  

Page 40 of 40EX-10.32

 Exhibit 10.32 
 This AMENDED AND RESTATED 2009 ADVISORY AGREEMENT (this “Agreement”) is dated as of March 22, 2013, and is between SeaWorld Parks & Entertainment, Inc.
(formerly known as SW Acquisitions Co., Inc.), a Delaware corporation (“SWPE), SeaWorld Parks & Entertainment LLC, a Delaware limited liability company, Sea World LLC, a Delaware limited liability company (collectively
with SWPE, SeaWorld Parks & Entertainment LLC and their respective successors, the “Companies”) Blackstone Real Estate Advisors VI L.P., a Delaware limited partnership (“BREP”) and Blackstone
Management Partners V L.L.C., a Delaware limited liability company (“BMP” and together with BREP, “Blackstone”). This Agreement amends and restates in its entirety the Transaction and Advisory Fee
Agreement dated as December 1, 2009 between the parties hereto. 
 BACKGROUND 

1. SWPE entered into an Equity Purchase Agreement, dated as of October 7, 2009 as amended, supplemented or modified (the
“Acquisition Agreement”), by among Anheuser-Busch Companies, Inc., Anheuser-Busch InBev SA/NV, SW Cayman L.P. (formerly known as Orca Cayman L.P.) and SWPE. 

2. In accordance with the Acquisition Agreement, SWPE acquired all of the outstanding equity of SeaWorld Parks & Entertainment
LLC and Sea World LLC (the “Acquisition”). 
 3. Blackstone has expertise in the areas of finance,
strategy, investment, acquisitions and other matters relating to the Companies and their business and facilitated the Acquisition and certain other related transactions (collectively, the “Transactions”) through its provision
of financial and structural analysis, due diligence investigations, other advice and negotiation assistance with all relevant parties to the Transactions. Blackstone also provided advice and negotiation assistance with relevant parties in connection
with the financing of the Transactions as contemplated by the Acquisition Agreement. 
 4. The Companies desire to avail
themselves, for the term of this Agreement, of Blackstone’s expertise in providing financial and structural analysis, due diligence investigations, corporate strategy, other advice and negotiation assistance, which the Companies believe will be
beneficial to them, and Blackstone desires to provide the services to the Companies as set forth in this Agreement in consideration of the payment of the fees described below. 
 5. The rendering by Blackstone of the services described in this Agreement has been made and will be made on the basis that the Companies will pay, or cause to be paid, the fees described below.

 In consideration of the premises and agreements contained herein and of other good and valuable consideration, the
sufficiency of which are hereby acknowledged, the parties agree as follows: 
 AGREEMENT 

SECTION 1. Appointment. The Companies hereby engage Blackstone to render the Services (as defined in
Section 2(a), below) on the terms and subject to the conditions of this Agreement. 

 SECTION 2. Services. 

(a) Blackstone agrees that until the Termination Date (as defined below) or the earlier termination of its obligations under this
Section 2(a) pursuant to Section 3(e) hereof, it will render to the Companies, by and through itself and its affiliates and such of their respective officers, employees, representatives, agents and third parties as Blackstone in its sole
discretion may designate from time to time (“Representatives”), monitoring, advisory and consulting services in relation to the affairs of the Companies and their subsidiaries, including, without limitation, (i) advice
regarding the structure, distribution and timing of private or public debt or equity offerings and advice regarding relationships with the Companies and their subsidiaries’ lenders and bankers, including in relation to the selection, retention
and supervision of independent auditors, outside legal counsel, investment bankers or other financial advisors or consultants, (ii) advice regarding the strategy of the Companies and their subsidiaries, (iii) advice regarding the
structuring and implementation of equity participation plans, employee benefit plans and other incentive arrangements for certain key executives of the Companies, (iv) general advice regarding dispositions and/or acquisitions, (v) advice
regarding the business of the Companies and their subsidiaries, (vi) advice relating to and approving major capital projects and (vii) such other advice directly related to or ancillary to the above financial advisory services as may be
reasonably requested by the Companies (collectively, the “Services”). Blackstone will have no obligation to provide any other services to the Company absent an agreement between Blackstone and the Companies over the scope of
such other services and the payment therefor. 
 (b) It is expressly agreed that the Services to be rendered hereunder will not
include investment banking or other financial advisory services which may be provided by Blackstone or any of its affiliates to the Companies, or any of their affiliates, in connection with any specific acquisition, divestiture, disposition, merger,
consolidation, restructuring, refinancing, recapitalization, issuance of private or public debt or equity securities (including, without limitation, an initial public offering of equity securities), financing or similar transaction by the Companies
or any of their subsidiaries. Blackstone may be entitled to receive additional compensation for providing services of the type specified in the preceding sentence by mutual agreement of the Companies or such subsidiary, on the one hand, and
Blackstone or its relevant affiliate, on the other hand. In the absence of an express agreement regarding the provision by Blackstone or its affiliate of such services and the compensation therefor in connection with any such transaction specified
in this Section 2(b), in lieu of being engaged to provide such services on mutually agreeable terms Blackstone shall be entitled to receive upon consummation of: 

(i) any such acquisition, divestiture, disposition, merger, consolidation, restructuring or recapitalization, a
non-refundable and irrevocable fee equal to (x) 1% of the aggregate enterprise value of the acquired, divested, merged, consolidated, restructured or recapitalized entity (calculated, on a consolidated basis for such entity, as the sum of
(1) the market value of its common equity (or the fair market value thereof if not publicly traded), (2) the value of its preferred stock (at liquidation value), (3) the book value of its minority interests and (4) its aggregate
long- and short-term debt, less its cash and cash equivalents(other than $10 million of cash deemed to be permanently required in the business)), or (y) if such transaction is structured as an asset purchase or sale, 1% of the consideration
paid for or received in respect of the assets acquired or disposed of (including the amount of any liabilities assumed by the buyer in the transaction); 
 (ii) any such refinancing, a non-refundable and irrevocable fee equal to 1% of the aggregate value of the securities subject to such refinancing; and 

  
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 (iii) any such issuance other than an issuance in an initial public
offering, a non-refundable and irrevocable fee equal to 1% of the aggregate value of the securities subject to such issuance. 

(c) Without affecting the rights of Blackstone under Section 2(b) hereof, if the Companies or any of their subsidiaries determines
that it is advisable for the Companies or such subsidiary to hire a financial advisor, consultant, investment banker or any similar advisor in connection with any acquisition, divestiture, disposition, merger, consolidation, restructuring,
refinancing, recapitalization, issuance of private or public debt or equity securities (including, without limitation, an initial public offering of equity securities), financing or similar transaction, it will notify Blackstone of such
determination in writing. Promptly thereafter, upon the request of Blackstone, the parties will negotiate in good faith to agree upon appropriate services, compensation and indemnification in respect of the Companies or such subsidiary hiring
Blackstone or one of its affiliates to provide such services. The Companies and their subsidiaries may not hire any person, other than Blackstone or one of its affiliates to perform any such services unless all of the following conditions have been
satisfied: (i) the parties are unable to agree upon the terms of the engagement of Blackstone or its affiliate to render such services after 10 days following receipt by Blackstone of such written notice; (ii) such other person has a
reputation that is at least equal to the reputation of Blackstone or its affiliate in respect of such services; (iii) five business days have elapsed after the Companies or such subsidiary provides a written notice to Blackstone of its
intention to hire such other person, which notice shall identify such other person and shall describe in reasonable detail the nature of the services to be provided, the compensation to be paid and the indemnification to be provided; (iv) the
compensation to be paid is not more than the amount (including the amount of any fee to which Blackstone was entitled in accordance with Section 2(b) above) Blackstone or its affiliate was willing to accept in the negotiations described above;
and (v) the indemnification to be provided to such other person is not more favorable to it than the indemnification that Blackstone or its affiliate was willing to accept in the negotiations described above. 

SECTION 3. Advisory Fee. 
 (a) In consideration of the Services being rendered by Blackstone in accordance with Section 2(a), the Companies will pay, or will cause to be paid, to Blackstone, in advance of the relevant fiscal
year, an annual non-refundable advisory fee (the “Advisory Fee”) equal to 1.5% of Consolidated EBITDA (as defined in the Credit Agreement dated as of December 1, 2009 (the “Closing Date”), as
amended, by and among SeaWorld Entertainment, Inc., SWPE, the guarantors party thereto and the lenders from time to time party thereto) for such twelve-month period (the “EBITDA Amount”). 

(b) The Advisory Fee for the 13-month period ending December 31, 2010 shall be paid on the closing of the Acquisition in respect of
Services to be rendered from the closing of the Acquisition to December 31, 2010 (which Advisory Fee for such period shall initially be estimated to be equal to $4,000,000). Thereafter, the Advisory Fee for each subsequent 12-month period shall
be paid in advance on the first business day of January in each year, beginning on January 1, 2011. 
 (c) The Advisory Fee
paid on the relevant payment date for each relevant period shall be based on management’s then most current estimate of the projected EBITDA Amount for such period (or, in the case of the Advisory Fee paid on the Closing Date, based on the
fixed amount of $4,000,000). Following the availability of audited financial statements for such period, the Companies shall recalculate the EBITDA Amount and the Advisory Fee on the basis of such actual results, and based on such recalculation,
(A) if the applicable recalculated Advisory Fee is more than the Advisory Fee previously paid by the Companies to Blackstone in respect of such period, the Companies shall pay to Blackstone the difference between such

  
 3 

 
amounts and (B) if the applicable recalculated Advisory Fee is less than the Advisory Fee previously paid by the Companies to Blackstone in respect of such period, then Blackstone shall pay
to the Companies the difference between such recalculated Advisory Fee and the Advisory Fee actually received from the Companies in respect of such period. Any payment required by the preceding sentence shall be paid by the Companies or Blackstone,
as applicable, no later than two business days following the determination of the amount of such payment. 
 (d) To the extent
the Companies cannot pay, or cause to be paid, the Advisory Fee for any reason, including by reason of any prohibition on such payment pursuant to any applicable law or the terms of any debt financing of the Companies or their subsidiaries, the
payment by the Companies or any of their subsidiaries to Blackstone of the accrued and payable Advisory Fee will be deferred and will be payable immediately on the earlier of (i) the first date on which the payment of such deferred Advisory Fee
is no longer prohibited under any contract applicable to the Companies or their subsidiaries, as applicable, is otherwise able to make such payment, or cause such payment to be made and (ii) total or partial liquidation, dissolution or winding
up of the Companies. Notwithstanding anything to the contrary herein, under any applicable law or under any contract applicable to the Companies or their subsidiaries, any forbearance of collection of the Advisory Fee by Blackstone shall not be
deemed to be a subordination of such payments to any other person, entity or creditor of the Companies or their subsidiaries. Any such forbearance shall be at Blackstone’s sole option and discretion and shall in no way impair Blackstone’s
right to collect such payments. Any installment of the Advisory Fee not paid on the scheduled due date will bear interest, payable in cash when the underlying installment is paid, at an annual rate of 10%, compounded quarterly, from the date due
until paid. 
 (e) Upon the occurrence of (i) a change of control, (ii) a sale of all or substantially all of the
assets of the Companies or (iii) an initial public offering of the equity of the Companies, their parent, or their respective successors (or at any time thereafter) (a “Trigger Event”), the Companies or their successors will, on a
joint and several basis, pay or cause to be paid to Blackstone a “Milestone Payment” with respect to such Trigger Event. The Milestone Payment will be equal to the present value (discounted at a rate equal to the yield to maturity on the
close of business on the second business day immediately preceding the date the Milestone Payment is payable of the class of outstanding U.S. government bonds having a final maturity closest to such tenth anniversary date) of all Advisory Fee
payments that, absent the occurrence of the Trigger Event, would otherwise have accrued and been payable through the tenth anniversary of the Closing Date, based on the continued payment of a Advisory Fee in an amount equal to (i) the then
applicable estimate for the Advisory Fee for the fiscal year of the Company in which the Trigger Event occurs and (ii) the estimate of the Advisory Fee for each subsequent fiscal year assuming for purposes of this calculation that the EBITDA
Amount continues to grow at the rate it grew (using the 12 months ended December 31, 2009 as a benchmark) during such subsequent 12 month periods. 
 (f) To the extent the Companies do not pay, or cause to be paid, any portion of the Milestone Payment by reason of any prohibition on such payment pursuant to any applicable law, the terms of any
agreement or indenture governing indebtedness of the Companies or their subsidiaries, any unpaid portion of the Milestone Payment shall be paid to Blackstone immediately on the earlier of (i) the first date on which the payment of such unpaid
amount is no longer prohibited under any such agreement or indenture applicable to the Companies and the Companies or their subsidiaries, as applicable, is otherwise able to make such payment, or cause such payment to be made and (ii) total or
partial liquidation, dissolution or winding up of the Companies. Notwithstanding anything to the contrary herein, under any applicable law or under any contract applicable to the Companies or their subsidiaries, any forbearance of collection of the
Milestone Fee by Blackstone shall not be deemed to be a subordination of such payments to any other person, entity or creditor of the Companies or their subsidiaries. Any such forbearance shall be at Blackstone’s sole option and discretion and
shall 

  
 4 

 
in no way impair Blackstone’s right to collect such payments. Any portion of the Milestone Payment not paid on the scheduled due date shall bear interest at an annual rate equal to
10% per annum, compounded quarterly, from the date due until paid. 
 (g) Any payments made to Blackstone by the Companies
pursuant to this Section 3, and any post-payment adjustments in respect thereof, shall be paid to (or, in the case of post-payment adjustments owed to the Companies, shall be paid by), Blackstone in the following manner: (i) 90.1% of any
such payments shall be payable to (or refunded by, as applicable) BMP and (ii) 9.9% of any such payments shall be payable to (or refunded by, as applicable) BREP (such percentage for each of BMP and BREP, their “Pro Rata
Amount”). 
 SECTION 4. Reimbursements. In addition to the fees payable pursuant to this
Agreement, the Companies will pay, or cause to be paid, directly, or reimburse Blackstone and its affiliates for, their respective Out-of-Pocket Expenses (as defined below). For the purposes of this Agreement, the term “Out-of-Pocket
Expenses” means the out-of-pocket costs and expenses incurred by Blackstone and its affiliates in connection with the Services or other services provided by them under this Agreement, or otherwise incurred by Blackstone or its
affiliates from time to time in the future in connection with their ownership (such as complying with reporting requirements of the Securities and Exchange Commission) or subsequent direct or indirect sale or transfer of capital stock of the
Companies or their respective successors, including, without limitation, (a) fees and disbursements of any independent professionals and organizations, including independent accountants, outside legal counsel or consultants, retained by
Blackstone or any of its affiliates, (b) costs of any outside services or independent contractors such as financial printers, couriers, business publications, on-line financial services or similar services, retained or used by Blackstone or any
of its affiliates, and (c) transportation, per diem costs, word processing expenses or any similar expense not associated with Blackstone or its affiliates’ ordinary operations. All payments or reimbursements for Out-of-Pocket Expenses
will be made by wire transfer in same-day funds promptly upon or as soon as practicable following request for payment or reimbursement in accordance with this Agreement, to the bank account indicated to the Companies by the relevant payee.

 SECTION 5. Indemnification. The Companies will, as primary obligors, indemnify and hold harmless
Blackstone, its affiliates and their respective partners (both general and limited), members (both managing and otherwise), officers, directors, employees, agents and representatives (each such person being an “Indemnified
Party”) from and against any and all actions, suits, investigations, losses, claims, damages and liabilities, including in connection with seeking indemnification, whether joint or several (the “Liabilities”),
related to, arising out of or in connection with the Transactions, the Services or other services contemplated by this Agreement or the engagement of Blackstone pursuant to, and the performance by Blackstone of the Services or other services
contemplated by, this Agreement, whether or not pending or threatened, whether or not an Indemnified Party is a party, whether or not resulting in any liability and whether or not such action, claim, suit, investigation or proceeding is initiated or
brought by the Companies. The Companies will reimburse any Indemnified Party for all reasonable costs and expenses (including reasonable attorneys’ fees and expenses and any other litigation-related expenses) as they are incurred in connection
with investigating, preparing, pursuing, defending or assisting in the defense of any action, claim, suit, investigation or proceeding for which the Indemnified Party would be entitled to indemnification under the terms of the previous sentence, or
any action or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto. The Companies agree that they will not, without the prior written consent of the Indemnified Party, settle, compromise or consent to the entry of
any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated hereby (if any Indemnified Party is a party thereto or has been threatened to be made a party thereto) unless such settlement, compromise or
consent includes an unconditional release of the Indemnified Party from all liability, without future obligation or prohibition on the 

  
 5 

 
part of the Indemnified Party, arising or that may arise out of such claim, action or proceeding, and does not contain an admission of guilt or liability on the part of the Indemnified Party. The
Companies will not be liable under the foregoing indemnification provision with respect to any particular loss, claim, damage, liability, cost or expense of an Indemnified Party that is determined by a court, in a final judgment from which no
further appeal may be taken, to have resulted solely from the gross negligence or willful misconduct of such Indemnified Party. The attorneys’ fees and other expenses of an Indemnified Party shall be paid by the Companies as they are incurred
upon receipt, in each case, of an undertaking by or on behalf of the Indemnified Party to repay such amounts if it is finally judicially determined that the Liabilities in question resulted solely from the gross negligence or willful misconduct of
such Indemnified Party. 
 The rights of an Indemnified Party to indemnification hereunder will be in addition to any other
rights and remedies any such person may have under any other agreement or instrument to which each Indemnified Party is or becomes a party or is or otherwise becomes a beneficiary or under any law or regulation. 

SECTION 6. Accuracy of Information. The Companies shall furnish or cause to be furnished to Blackstone such information as
Blackstone believes reasonably appropriate to rendering the Services and other services contemplated by this Agreement and to comply with the Securities and Exchange Commission or other legal requirements relating to the beneficial ownership by
Blackstone or its affiliates and their respective members, officers and employees of equity securities of the Companies (all such information so furnished, the “Information”). The Companies recognize and confirm that
Blackstone (a) will use and rely primarily on the Information and on information available from generally recognized public sources in performing the Services and other services contemplated by this Agreement without having independently
verified the same, (b) does not assume responsibility for the accuracy or completeness of the Information and such other information and (c) is entitled to rely upon the Information without independent verification. 

SECTION 7. Term. This Agreement will become effective as of the Closing and (except as otherwise provided herein) will
continue until the “Termination Date,” which is the earliest of (i) the tenth anniversary of the original date hereof, (ii) the date Blackstone receives the Milestone Payment in accordance with
Section 3(e) and (iii) such earlier date as the Companies and Blackstone may mutually agree upon in writing; provided, that (x) the occurrence of the Termination Date will not affect the obligations of the Companies to pay, or
cause to be paid, any amounts accrued but not yet paid as of such date, (y) Section 4 hereof will remain in effect after the Termination Date with respect to Out-of-Pocket Expenses that were incurred prior to or within a reasonable period
of time after the Termination Date, but which have not been paid to Blackstone or its affiliates in accordance with Section 4 hereof, and (z) the provisions of Sections 3(d), 3(f), 5, 6, 7, 8, 9 and 10 hereof will survive after the
Termination Date. The Advisory Fee will accrue and be payable with respect to the entire fiscal year of the Companies in which the Termination Date occurs, except as otherwise provided in Section 3(e). 

SECTION 8. Disclaimer, Opportunities, Release and Limitation of Liability. 

(a) Disclaimer; Standard of Care. Blackstone makes no representations or warranties, express or implied, in respect of the Services
to be provided hereunder. In no event shall Blackstone or any Indemnified Party be liable to the Companies or any of their affiliates for any act, alleged act, omission or alleged omission that does not constitute gross negligence or willful
misconduct of Blackstone as determined by a final, non-appealable determination of a court of competent jurisdiction. 
 (b)
Freedom to Pursue Opportunities. In recognition of the fact that Blackstone and its affiliates (i) currently have, and will in the future have or will consider 

  
 6 

 
acquiring, investments in other enterprises that engage or may engage in the same or similar activities or lines of business as the Companies or which the Companies may be interested in acquiring
(collectively, “Competing Activities”), (ii) may serve as an advisor, a director or in some other capacity in connection with one or more Competing Activities, and (iii) and in further recognition of the fact that
Blackstone and its affiliates have myriad duties to various investors and partners, and in further recognition of the benefits to be derived by the Companies hereunder and the difficulties which may confront any advisor who desires and endeavors
fully to satisfy such advisor’s duties in determining the full scope of such duties in any particular situation, the provisions of this Section 8(b) are set forth to regulate, define and guide the conduct of certain affairs of the
Companies as they may involve Blackstone and its affiliates. Except as Blackstone may otherwise agree in writing after the date hereof: 
 (i) Blackstone and its affiliates shall have the right: (A) to directly or indirectly engage in any business (including, without limitation, any business activities or lines of business that are the
same as or similar to those pursued by, or competitive with, the Companies and their subsidiaries); (B) to directly or indirectly do business with any client or customer of the Companies and their subsidiaries; (C) to take any other action
that Blackstone believes in good faith is necessary to or appropriate to fulfill its obligations as described in the first sentence of this Section 8(b); and (D) not to present potential transactions, matters or business opportunities to
the Companies or any of their subsidiaries, and to pursue, directly or indirectly, any such opportunity for themselves, and to direct any such opportunity to another person. 

(ii) Blackstone and its affiliates shall have no duty (contractual or otherwise) to communicate or present any corporate
opportunities to the Companies or any of their affiliates or to refrain from any actions specified in Section 8(b)(i) hereof, and the Companies, on their own behalf and on behalf of their affiliates, hereby irrevocably waives any right to
require Blackstone or any of their affiliates to act in a manner inconsistent with the provisions of this Section 8(b). 
 (iii) Neither Blackstone nor any of its affiliates shall be liable to the Companies or any of their affiliates for breach of any duty (contractual or otherwise) by reason of any activities or omissions of
the types referred to in this Section 8(b) or of any such person’s participation therein. 
 (c) Release. The
Companies hereby irrevocably and unconditionally release and forever discharge Blackstone and its affiliates and their respective partners (both general and limited), members (both managing and otherwise), officers, directors, employees, agents and
representatives from any and all liabilities, claims and causes of action related to, arising out of or in connection with the Transactions, the Services or other services contemplated by this Agreement or the engagement of Blackstone pursuant to,
and the performance by Blackstone of the Services or other services contemplated by, this Agreement that the Companies may have, or may claim to have, on or after the date hereof, or otherwise as a result of engaging in Competing Activities, except
with respect to any act or omission that constitutes gross negligence or willful misconduct as determined by a final, non-appealable determination of a court of competent jurisdiction. 

(d) Limitation of Liability. In no event will Blackstone or any Indemnified Party be liable to the Companies or any of their
affiliates (i) for any indirect, special, incidental or consequential damages, including, without limitation, lost profits or savings, whether or not such damages are foreseeable, or for any third-party claims (whether based in contract, tort
or otherwise), related to, arising out of or in connection with the Transactions, the Services or other services contemplated by this Agreement or the engagement of Blackstone pursuant to, and the performance by Blackstone of the Services or other
services contemplated by, this Agreement, or 

  
 7 

 
otherwise as a result of engaging in Competing Activities, that the Companies may have, or may claim to have, on or after the date hereof, except with respect to any act or omission that
constitutes gross negligence or willful misconduct as determined by a final, non-appealable determination of a court of competent jurisdiction or (ii) for an amount in excess of the fees actually received by Blackstone hereunder. 

SECTION 9. Miscellaneous. 
 (a) No amendment or waiver of any provision of this Agreement, or consent to any departure by any party hereto from any such provision, will be effective unless it is in writing and signed by each of the
parties hereto. Any amendment, waiver or consent will be effective only in the specific instance and for the specific purpose for which given. The waiver by any party of any breach of this Agreement will not operate as or be construed to be a waiver
by such party of any subsequent breach. 
 (b) Any notices or other communications required or permitted hereunder shall be made
in writing and will be sufficiently given if delivered personally or sent by facsimile with confirmed receipt, or by overnight courier, addressed as follows or to such other address of which the parties may have given written notice: 

if to Blackstone: 
 c/o The Blackstone Group L.P. 
 345 Park Avenue 

New York, New York 10154 
 Attention:         Peter Wallace 

Facsimile:         (212) 583-5710 

if to the Companies: 
 c/o SeaWorld Parks & Entertainment, Inc. 
 9205 Southpark Center Loop, Ste
400 
 Orlando, FL 32819 
 Attention:         Chief Legal Officer 

Facsimile:         (407) 226-5039 
 Unless otherwise specified herein, such notices or other communications will be deemed received (i) on the date delivered, if delivered personally or sent by facsimile with confirmed receipt, and
(ii) one business day after being sent by overnight courier. 
 (c) This Agreement constitutes the entire agreement among
the parties with respect to the subject matter hereof, and supersedes all previous oral and written (and all contemporaneous oral) negotiations, commitments, agreements and understandings relating hereto. 

(d) This Agreement will be governed by, and construed in accordance with, the laws of the State of Delaware. 

(e) Each party to this Agreement, by its execution hereof, (i) hereby irrevocably submits to the exclusive jurisdiction of the state
and federal courts sitting in Wilmington, Delaware for the purpose of any action, claim, cause of action or suit (in contract, 

  
 8 

 
tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (ii) hereby waives to the extent not prohibited
by applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the
above-named courts, that its property is exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced
in or by such court and (iii) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to
the subject matter hereof or thereof other than before one of the above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in
contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is
or becomes a party in any litigation in connection with which it may assert indemnification rights set forth in this agreement, the court in which such litigation is being heard shall be deemed to be included in clause (i) above.
Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce a judgment of any of the above-named courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process in
any such proceeding in any manner permitted by Delaware law, and agrees that service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 9(b) hereof is reasonably calculated to give
actual notice. 
 (f) Neither this Agreement nor any of the rights or obligations hereunder may be assigned by the Companies
without the prior written consent of Blackstone; provided, however, that Blackstone may assign or transfer its duties or interests hereunder to any of its affiliates at the sole discretion of Blackstone. Subject to the foregoing, the provisions of
this Agreement will be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Subject to the next sentence, no person or party other than the parties hereto and their respective successors or
permitted assigns is intended to be a beneficiary of this Agreement. The parties acknowledge and agree that Blackstone and its affiliates and their respective partners (both general and limited), members (both managing and otherwise), officers,
directors, employees, agents and representatives are intended to be third-party beneficiaries under Section 5 hereof. 

(g) This Agreement may be executed by one or more parties to this Agreement on any number of separate counterparts (including by
facsimile), and all of said counterparts taken together will be deemed to constitute one and the same instrument. 
 (h) Any
provision of this Agreement that is prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction. 
 (i) Each payment made by the Companies pursuant to this Agreement shall be paid by wire transfer of immediately available federal funds to such account or accounts as specified by Blackstone to the
Company prior to such payment. 

  
 9 

 SECTION 10. Joint and Several Liability. All references herein to any
liability or obligation of the Companies shall be deemed to be a liability or obligation of SWPE, SeaWorld Parks & Entertainment LLC and Sea World LLC, which entities shall be jointly and severally liable to discharge such liabilities
and/or perform such obligations. 
 [Signature page follows] 

  
 10 

 IN WITNESS WHEREOF, the undersigned have executed, or have caused to be executed, this
Transaction and Advisory Fee Agreement as of the date first written above. 
  

			
	BLACKSTONE MANAGEMENT PARTNERS V L.L.C.
		
	By:	 	 /s/ Peter Wallace

	Name:	 	Peter Wallace
	Title:	 	Member
	
	BLACKSTONE REAL ESTATE ADVISORS VI L.P.
		
	By:	 	Blackstone Real Estate Advisors VI L.P., its general partner
		
	By:	 	 /s/ Gary Sumers

	Name:	 	Gary Sumers
	Title:	 	Member

  
 11 

 
			
	SEAWORLD PARKS & ENTERTAINMENT, INC.
		
	By:	 	 /s/ James Heaney

	Name:	 	James Heaney
	Title:	 	Chief Financial Officer
	
	SEAWORLD PARKS & ENTERTAINMENT LLC
		
	By:	 	 /s/ James Heaney

	Name:	 	James Heaney
	Title:	 	Chief Financial Officer
	
	SEA WORLD LLC
		
	By:	 	 /s/ James Heaney

	Name:	 	James Heaney
	Title:	 	Chief Financial Officer

  
 12

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