Document:

Document

Exhibit 4.321

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES
EXCHANGE ACT OF 1934

As of the end of its most recent fiscal year, DTE Energy Company (“DTE Energy,” “we,” “our,” or “us”) had one series of junior subordinated debentures issued during 2020 registered under Section 12 of the Securities Exchange Act of 1934, as amended:
												
		•	2020 Series G 4.375% Junior Subordinated Debentures due 2080 (the “2020 Series G debentures” or the “junior subordinated debentures”)

DESCRIPTION OF JUNIOR SUBORDINATED DEBENTURES
The following summary sets forth the specific terms and provisions of the junior subordinated debentures. The summary is not complete, and is qualified by reference to the terms and provisions of the junior subordinated debentures and the indenture described below, which have been incorporated by reference as exhibits to the Annual Report on Form 10-K of which this exhibit forms a part. We encourage you to read the below-referenced indenture, as supplemented, for additional information.
General
The 2020 Series G debentures were issued under the Indenture, dated as of April 9, 2001, between DTE Energy and The Bank of New York Mellon Trust Company, N.A., as successor trustee, as supplemented. The 2020 Series G debentures are our unsecured obligations and will be subordinate in right of payment to our Senior Indebtedness (as described below under “Subordination”). The 2020 Series G debentures were initially issued in an aggregate principal amount of $230,000,000.
The 2020 Series G debentures are listed on the New York Stock Exchange under the trading symbol “DTB.” 
The indenture does not limit the amount of indebtedness that we may issue. As of December 31, 2020, approximately $8.1 billion aggregate principal amount of senior debt securities, excluding current maturities, and $1.2 billion of junior subordinated debentures were issued and outstanding under the indenture. On December 31, 2020, we and our subsidiaries had consolidated long-term indebtedness of approximately $15.6 billion, substantially all of which would be effectively senior to the junior subordinated debentures.
The authorized denominations for the junior subordinated debentures are $25 and integral multiples thereof.
Interest and Principal
The 2020 Series G debentures bear interest at a rate of 4.375% per year, payable in arrears quarterly on January 15, April 15, July 15 and October 15 of each year, subject to deferral as described below under “Deferral of Payment Periods.” 
The 2020 Series G debentures will mature and become due and payable, together with any accrued and unpaid interest thereon, on October 15, 2080. 
Interest will be paid to the person in whose name the junior subordinated debenture is registered at the close of business on the date (whether or not such day is a business day) fifteen calendar days immediately preceding the applicable interest payment date, except that interest not punctually paid will be payable to the person in whose name the junior subordinated debenture is registered as of the close of business on a special record date established in accordance with the provisions of the indenture, or otherwise as provided in the indenture. The amount of interest payable will be computed on the basis of a 360-day year consisting of twelve 30-day months and, for any period shorter than a quarter, on the basis of the actual number of days elapsed per 30-day month. 
“Business day” means any day other than a Saturday or Sunday or a day on which commercial banks in the state of New York are required or authorized by law or executive order to be closed. In the event that any interest payment date, redemption date or maturity date is not a business day, then the required payment of principal and interest will be made on the next succeeding day that is a business day (and without any interest or other payment in 
1

respect of any such delay). If, however, that business day is in the next calendar year, payment will be made on the immediately preceding business day, in each case with the same force and effect as if made on the payment date.
Redemption
We may redeem the 2020 Series G debentures at our option, in whole or in part, on or after October 15, 2025 at a redemption price of 100% of the principal amount of such junior subordinated debentures being redeemed plus accrued and unpaid interest to, but excluding, the redemption date.
In addition, we may redeem the 2020 Series G debentures before October 15, 2025 in whole, but not in part, within 90 days following the occurrence and continuance of a Tax Event (defined below) at a redemption price of 100% of the principal amount of junior subordinated debentures being redeemed plus accrued and unpaid interest to, but excluding, the redemption date.
We may also redeem the junior subordinated debentures at our option, in whole but not in part, before such dates stated above, at any time within 90 days after the conclusion of any review or appeal process instituted by us following the occurrence and continuance of a Rating Agency Event (defined below). In this event, the redemption price will be 102% of the principal amount of the junior subordinated debentures debentures being redeemed plus accrued and unpaid interest to, but excluding, the redemption date.
Notice of any redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each holder of junior subordinated debentures to be redeemed at such holder’s registered address. Unless DTE Energy defaults in payment of the redemption price, on and after the redemption date interest shall cease to accrue on the junior subordinated debentures called for redemption. If the junior subordinated debentures are only partially redeemed, the junior subordinated debentures will be redeemed pro rata or by lot or by any other method utilized by the trustee; provided that if, at the time of redemption, the junior subordinated debentures are registered as a global certificate held by a depositary, the depositary shall determine, in accordance with its procedures, the principal amount of such junior subordinated debentures held by each depositary participant to be redeemed.
The junior subordinated debentures will not be entitled to the benefit of a sinking fund or be subject to redemption at the option of the holder.
Redemption following a Tax Event
We will have the right to redeem all, but not fewer than all, of the junior subordinated debentures at the redemption prices and prior to the dates described above, at any time within 90 days following the occurrence and continuation of a Tax Event. A Tax Event means that DTE Energy has received an opinion of nationally recognized independent tax counsel experienced in such matters to the effect that, as a result of:
												
		•	any amendment to, change or announced proposed change in the laws or regulations of the United States or any of its political subdivisions or taxing authorities affecting taxation,
			
		•	any amendment to or change in an interpretation or application of such laws or regulations by any legislative body, court, governmental agency or regulatory authority, or
			
		•	any interpretation or pronouncement that provides for a position with respect to those laws or regulations that differs from the generally accepted position on the date the junior subordinated debentures are issued

 
which amendment or change becomes effective or proposed change, pronouncement, interpretation, action or decision is announced on or after the date of the prospectus supplement relating to the junior subordinated debentures, there is more than an insubstantial risk that interest payable on the junior subordinated debentures is not or within 90 days of the date of the opinion would not be deductible, in whole or in part, by us for United States federal income tax purposes.
Our right to redeem the junior subordinated debentures due to a Tax Event is subject to the condition that, if we have the opportunity to eliminate, within the 90-day period, the Tax Event by taking some ministerial action that will have no adverse effect on us or the holders of the junior subordinated debentures and will involve no material cost, we will pursue such measures in lieu of redemption. We cannot redeem the junior subordinated debentures while we are pursuing any such ministerial action.
2

Redemption following a Rating Agency Event
We will have the right to redeem the junior subordinated debentures, in whole but not in part, prior to the dates described above at any time within 90 days after the conclusion of any review or appeal process instituted by us following the occurrence and continuation of a Rating Agency Event (as defined below), at a redemption price equal to 102% of the principal amount of the junior subordinated debentures being redeemed plus accrued and unpaid interest to the redemption date.
“Rating Agency Event” means a change in the methodology published by any nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act (sometimes referred to in this exhibit as a “rating agency”) that currently publishes a rating for us in assigning equity credit to securities such as the junior subordinated debentures, as such methodology is in effect on the date of issuance of the applicable prospectus supplement relating to the junior subordinated debentures (the “current criteria”), which change results in a lower equity credit being assigned by such rating agency to the junior subordinated debentures as of the date of such change than the equity credit that would have been assigned to the junior subordinated debentures as of the date of such change by such rating agency pursuant to its current criteria.
Deferral of Payment Periods
So long as there is no event of default under the indenture with respect to the junior subordinated debentures, we may defer interest payments on the junior subordinated debentures for a period of up to 40 consecutive quarters; except that no such deferral period may extend beyond the maturity of the junior subordinated debentures. During this period, the interest on the junior subordinated debentures will still accrue at the applicable annual rate. In addition, interest on the deferred interest will accrue at the applicable annual rate, compounded quarterly, to the extent permitted by law.
Before the end of any deferral period that is shorter than 40 consecutive quarters, we may further defer the period, so long as the entire deferral period does not exceed 40 consecutive quarters or extend beyond the maturity or redemption date, if earlier, of the junior subordinated debentures. We may also elect to shorten the length of any deferral period. At the end of any deferral period, if all amounts then due on the junior subordinated debentures, including interest on unpaid interest, have been paid, we may elect to begin a new deferral period.
If we defer payment on the junior subordinated debentures, neither we nor our majority-owned subsidiaries may:
 
												
		•	declare or pay any dividend or distribution on DTE Energy Company capital stock;

			
		•	redeem, purchase, acquire or make a liquidation payment with respect to, any DTE Energy Company capital stock;
			
		•	make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any DTE Energy Company indebtedness that is equal in right of payment with, or junior to, the junior subordinated debentures; or
			
		•	make any guarantee payments with respect to any DTE Energy Company guarantee of indebtedness of our subsidiaries or any other party that is equal in right of payment with, or junior to, the junior subordinated debentures.

 
However, during an interest deferral period, we may (a) pay dividends or distributions payable solely in shares of common stock or options, warrants or rights to subscribe for or purchase shares of our common stock, (b) declare any dividend in connection with the implementation of a plan providing for the issuance by us to all holders of our common stock of rights entitling them to subscribe for or purchase common stock or any class or series of preferred stock, which rights (1) are deemed to be transferred with such common stock, (2) are not exercisable and (3) are also issued in respect of future issuances of common stock, in each case until the occurrence of a specified event or events (a “Rights Plan”), (c) issue any of our shares of capital stock under any Rights Plan or redeem or repurchase any rights distributed pursuant to a Rights Plan, (d) reclassify our capital stock or exchange or convert one class or series of our capital stock for another class or series of our capital stock, (e) purchase fractional interests in shares of our capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being 
3

converted or exchanged, and (f) purchase common stock related to the issuance of common stock or rights under our dividend reinvestment plan or any of our benefit plans for our directors, officers, employees, consultants or advisors.
We will give the holders of the junior subordinated debentures and the trustee notice of our election or any shortening or extension of the deferral period at least ten business days prior to the earlier of (1) the next succeeding interest payment date or (2) the date upon which we are required to give notice to the New York Stock Exchange or any applicable self-regulatory organization or to holders of the junior subordinated debentures of the record or payment date of the related interest payment.
 
Subordination
The junior subordinated debentures are our unsecured obligations and will be subordinate and junior in right of payment, to the extent set forth in the indenture, to all our Senior Indebtedness as defined below. If:
												
		•	we make a payment or distribution of any of our assets to creditors upon our dissolution, winding-up, liquidation or reorganization, whether in bankruptcy, insolvency or otherwise,

			
		•	a default beyond any grace period has occurred and is continuing with respect to the payment of principal, interest or any other monetary amounts due and payable on any Senior Indebtedness, or
			
		•	the maturity of any Senior Indebtedness has been accelerated because of a default on that Senior Indebtedness,

then the holders of Senior Indebtedness generally will have the right to receive payment, in the case of the first event above, of all amounts due or to become due upon that Senior Indebtedness, and, in the case of the second and third events above, of all amounts due on that Senior Indebtedness, or we must make provision for those payments, before the holders of any junior subordinated debentures have the right to receive any payments of principal or interest on their junior subordinated debentures.
If the trustee or any holder of junior subordinated debentures receives any payment or distribution on account of the junior subordinated debentures before all of our Senior Indebtedness is paid in full, then that payment or distribution will be paid over, or delivered and transferred to, the holders of our Senior Indebtedness at the time outstanding.
The rights of the holders of the junior subordinated debentures will be subrogated to the rights of the holders of our Senior Indebtedness to the extent of any payment we made to the holders of our Senior Indebtedness that otherwise would have been made to the holders of the junior subordinated debentures but for the subordination provisions. No payments on account of principal or any premium or interest in respect of the junior subordinated debentures may be made if there has occurred and is continuing a default in any payment with respect to Senior Indebtedness or an event of default with respect to any Senior Indebtedness resulting in the acceleration of its maturity, or if any judicial proceeding is pending with respect to any default.
The junior subordinated debentures will rank equally with our other outstanding junior subordinated debentures and any other pari passu junior subordinated debentures we may issue from time to time. The junior subordinated debentures will be effectively junior to all obligations of our subsidiaries. Our obligations under the junior subordinated debentures are not guaranteed by our subsidiaries.
Senior Indebtedness will be entitled to the benefits of the subordination provisions in the indenture irrespective of the amendment, modification or waiver of any term of the Senior Indebtedness. We may not amend the indenture to change adversely the subordination provisions applicable to any outstanding junior subordinated debentures without the consent of each holder of Senior Indebtedness that the amendment would adversely affect.
“Senior Indebtedness,” for purposes of the junior subordinated debentures of each series, means all Indebtedness, whether outstanding on the date of issuance of the junior subordinated debentures of the applicable series or thereafter created, assumed or incurred, except Indebtedness ranking equally with the junior subordinated debentures or Indebtedness ranking junior to the junior subordinated debentures. Senior Indebtedness does not include obligations to trade creditors or indebtedness of DTE Energy to its subsidiaries. Senior Indebtedness with respect to the junior subordinated debentures of any particular series will continue to be Senior Indebtedness with respect to the junior subordinated debentures of such series and be entitled to the benefits of the subordination provisions irrespective of any amendment, modification or waiver of any term of such Senior Indebtedness.
4

“Indebtedness ranking equally with the junior subordinated debentures,” for purposes of junior subordinated debentures of the applicable series, means Indebtedness, whether outstanding on the date of issuance of the junior subordinated debentures or thereafter created, assumed or incurred, to the extent the Indebtedness specifically by its terms ranks equally with and not prior to the junior subordinated debentures in the right of payment upon the happening of the dissolution, winding-up, liquidation or reorganization of DTE Energy. The securing of any Indebtedness otherwise constituting Indebtedness ranking equally with the junior subordinated debentures will not prevent the Indebtedness from constituting Indebtedness ranking equally with the junior subordinated debentures.
“Indebtedness ranking junior to the junior subordinated debentures,” for purposes of junior subordinated debentures of the applicable series, means any Indebtedness, whether outstanding on the date of issuance of the junior subordinated debentures of the applicable series or thereafter created, assumed or incurred, to the extent the Indebtedness by its terms ranks junior to and not equally with or prior to:
 
												
		•	the junior subordinated debentures, and

			
		•	any other Indebtedness ranking equally with the junior subordinated debentures,

in right of payment upon the happening of the dissolution, winding-up, liquidation or reorganization of DTE Energy. The securing of any Indebtedness otherwise constituting Indebtedness ranking junior to the junior subordinated debentures will not prevent the Indebtedness from constituting Indebtedness ranking junior to the junior subordinated debentures.
“Indebtedness” means:
 
												
		•	indebtedness for borrowed money;
			
		•	obligations for the deferred purchase price of property or services (other than trade payables not overdue by more than 60 days incurred in the ordinary course of business);
			
		•	obligations evidenced by notes, bonds, debentures or other similar instruments;
			
		•	obligations created or arising under any conditional sale or other title retention agreement with respect to acquired property;
			
		•	obligations as lessee under leases that have been or should be, in accordance with accounting principles generally accepted in the United States, recorded as capital leases;
			
		•	obligations, contingent or otherwise, in respect of acceptances, letters of credit or similar extensions of credit;
			
		•	obligations in respect of interest rate swap, cap or collar agreements, interest rate future or option contracts, currency swap agreements, currency future or option contracts and other similar agreements;
			
		•	guarantees of Indebtedness of others, directly or indirectly, or Indebtedness in effect guaranteed directly or indirectly through an agreement (1) to pay or purchase such Indebtedness or to advance or supply funds for the payment or purchase of such Indebtedness, (2) to purchase, sell or lease property, or to purchase or sell services, primarily for the purpose of enabling the debtor to make payment of such Indebtedness or to assure the holder of such Indebtedness against loss, (3) to supply funds to or in any other manner invest in the debtor or (4) otherwise to assure a creditor against loss; and
			
		•	Indebtedness described above secured by any lien (as defined in the indenture) on property.

 
Consolidation, Merger and Sale of Assets
DTE Energy may, without the consent of the holders of the junior subordinated debentures, consolidate or merge with or into, or convey, transfer or lease our properties and assets as an entirety or substantially as an entirety to, any person or permit any person to consolidate with or merge into us or convey, transfer or lease its properties and assets substantially as an entirety to us, as long as:
5

												
		•	if DTE Energy merges into or consolidates with, or transfers its properties and assets as an entirety (or substantially as an entirety) to any person, such person is a corporation, partnership or trust, organized and validly existing under the laws of the United States of America, any state thereof or the District of Columbia;
			
		•	any successor person (if not DTE Energy) assumes by supplemental indenture, the due and punctual payment of the principal of, any premium and interest on and any additional amounts with respect to all the junior subordinated debentures issued thereunder, and the performance of our obligations under the indenture and the junior subordinated debentures issued thereunder, and provides for conversion or exchange rights in accordance with the provisions of the junior subordinated debentures of any series that are convertible or exchangeable into common stock or other securities;

			
		•	no event of default under the indenture has occurred and is continuing after giving effect to the transaction;
			
		•	no event which, after notice or lapse of time or both, would become an event of default under the indenture has occurred and is continuing after giving effect to the transaction; and
			
		•	certain other conditions are met.

 
Upon any merger or consolidation described above or conveyance or transfer of the properties and assets of DTE Energy as or substantially as an entirety as described above, the successor person will succeed to DTE Energy’s obligations under the indenture and, except in the case of a lease, the predecessor person will be relieved of such obligations.
The indenture does not prevent or restrict any conveyance or other transfer, or lease, of any part of the properties of DTE Energy which does not constitute the entirety, or substantially the entirety, thereof.
Events of Default under the Indenture
The following are the “events of default” applicable to  junior subordinated debentures:
												
		•	default for 30 days in the payment of any installment of interest payable on the junior subordinated debentures when due and payable (except for the deferral of interest payments as discussed above in “Deferral of Payment Periods”);
			
		•	default in the payment of the principal of the junior subordinated debentures when due and payable; or
			
		•	certain events of bankruptcy, insolvency or similar reorganization, receivership or liquidation of DTE Energy.

 
With respect to the junior subordinated debentures, a failure to comply with covenants under the indenture does not constitute an event of default.
If an event of default with respect to the junior subordinated debentures of any series occurs and is continuing, either the trustee or the holders of at least 25% in aggregate principal amount of the outstanding junior subordinated debentures of that series may declare the principal amount of the junior subordinated debentures of that series to be due and payable immediately. At any time after a declaration of acceleration has been made, but before a judgment or decree for payment of money has been obtained by the trustee, and subject to applicable law and certain other provisions of the indenture, the holders of a majority in aggregate principal amount of the junior subordinated debentures of that series may, under certain circumstances, rescind and annul the acceleration. If an event of default occurs pertaining to certain events of bankruptcy, insolvency or reorganization specified in the indenture as described in the third bullet point above, the principal amount and accrued and unpaid interest and any additional amounts payable in respect of the junior subordinated debentures of that series, or a lesser amount as provided for in the junior subordinated debentures of that series, will be immediately due and payable without any declaration or other act by the trustee or any holder.
The indenture provides that within 90 days after the occurrence of any default under the indenture with respect to the junior subordinated debentures of any series, the trustee must transmit to the holders of the junior subordinated debentures of such series, in the manner set forth in the indenture, notice of the default known to the trustee, unless the default has been cured or waived. However, except in the case of a default in the payment of the 
6

principal of (or premium, if any) or interest or any additional amounts or in the payment of any sinking fund installment with respect to, any debt security of such series, the trustee may withhold such notice if and so long as the board of directors, the executive committee or a trust committee of directors or responsible officers of the trustee has in good faith determined that the withholding of such notice is in the interest of the holders of junior subordinated debentures of such series.
If an event of default occurs and is continuing with respect to the junior subordinated debentures of any series, the trustee may in its discretion proceed to protect and enforce its rights and the rights of the holders of junior subordinated debentures of such series by all appropriate judicial proceedings.
The indenture further provides that, subject to the duty of the trustee during any default to act with the required standard of care, the trustee will be under no obligation to exercise any of its rights or powers under the indenture at the request or direction of any of the holders of junior subordinated debentures, unless that requesting holder has offered to the trustee reasonable indemnity. Subject to such provisions for the indemnification of the trustee, and subject to applicable law and certain other provisions of the indenture, the holders of a majority in aggregate principal amount of the outstanding junior subordinated debentures of a series will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee, or exercising any trust or power conferred on the trustee, with respect to the junior subordinated debentures of such series.
The indenture provides that no holder of any junior subordinated debentures of a series will have any right to institute any proceeding with respect to the indenture for the appointment of a receiver or for any other remedy thereunder unless:
												
		•	that holder has previously given the trustee written notice of a continuing event of default;
			
		•	the holders of 25% in aggregate principal amount of the outstanding junior subordinated debentures of that series have made written request to the trustee to institute proceedings in respect of that event of default and have offered the trustee reasonable indemnity against costs and liabilities incurred in complying with such request; and

			
		•	for 60 days after receipt of such notice, the trustee has failed to institute any such proceeding and no direction inconsistent with such request has been given to the trustee during such 60-day period by the holders of a majority in aggregate principal amount of outstanding junior subordinated debentures of that series.

 
Furthermore, no holder will be entitled to institute any such action if and to the extent that such action would disturb or prejudice the rights of other holders.
However, each holder has an absolute and unconditional right to receive payment when due and to bring a suit to enforce that right.
Under the indenture, we are required to furnish to the trustee annually a statement as to our performance of certain of our obligations under the indenture and as to any default in such performance. We are also required to deliver to the trustee, within five days after occurrence thereof, written notice of any event that after notice or lapse of time or both would constitute an event of default.
Modification and Waiver
DTE Energy and the trustee may generally modify certain provisions of the indenture with the consent of the holders of not less than a majority in aggregate principal amount of the junior subordinated debentures of each series affected by the modification, except that no such modification or amendment may, without the consent of the holder of each debt security affected thereby:
												
		•	change the stated maturity of the principal of, or any installment of principal of, or any premium or interest on, or any additional amounts with respect to, any junior subordinated debenture issued under the indenture;
			
		•	reduce the principal amount of, or premium or interest on, or any additional amounts with respect to, any junior subordinated debenture issued under the indenture;
			

7

												
		•	change the place of payment or the coin or currency in which any junior subordinated debenture issued under that indenture or any premium or any interest on that junior subordinated debenture or any additional amounts with respect to that debt security is payable;
			
		•	reduce the percentage in principal amount of the outstanding junior subordinated debentures, the consent of whose holders is required under the indenture in order to take certain actions;
			
		•	change any of our obligations to maintain an office or agency in the places and for the purposes required by the indenture;
			
		•	modify any conversion or exchange provision in a manner adverse to holders of that debt security;
			
		•	modify any of the subordination provisions in a manner adverse to holders of that debt security
			
		•	impair the right to institute suit for the enforcement of any payment on or after the stated maturity of any junior subordinated debentures issued under that indenture or, in the case of redemption, exchange or conversion, if applicable, on or after the redemption, exchange or conversion date or, in the case of repayment at the option of any holder, if applicable, on or after the date for repayment; or
			
		•	modify any of the above provisions or certain provisions regarding the waiver of past defaults or the waiver of certain covenants, with limited exceptions.

 
In addition, we and the trustee may, without the consent of any holders, modify provisions of the indenture for certain purposes, including, among other things:
												
		•	evidencing the succession of another person to DTE Energy and the assumption by any such successor of the covenants of DTE Energy in the indenture and in the junior subordinated debentures;
			
		•	adding to the covenants of DTE Energy for the benefit of the holders of the junior subordinated debentures (and if such covenants are to be for the benefit of less than all series of junior subordinated debentures, stating that such covenants are expressly being included solely for the benefit of such series) or surrendering any right or power herein conferred upon DTE Energy with respect to the junior subordinated debentures;
			
		•	adding any additional events of default with respect to the junior subordinated debentures (and, if such event of default is applicable to less than all series of junior subordinated debentures, specifying the series to which such event of default is applicable);
			
		•	adding to or changing any provisions of the indenture to provide that bearer junior subordinated debentures may be registrable, changing or eliminating any restrictions on the payment of principal of (or premium, if any) or interest on or any additional amounts with respect to bearer junior subordinated debentures, permitting bearer junior subordinated debentures to be issued in exchange for registered junior subordinated debentures, permitting bearer junior subordinated debentures to be issued in exchange for bearer junior subordinated debenture of other authorized denominations or facilitating the issuance of junior subordinated debenture in uncertificated form provided that any such action shall not adversely affect the interests of the holders of the junior subordinated debentures in any material respect;
			
		•	establishing the form or terms of junior subordinated debentures of any series;
			
		•	evidencing and providing for the acceptance of appointment of a successor trustee and adding to or changing any of the provisions of the indenture to facilitate the administration of the trusts;
			
		•	curing any ambiguity, correcting or supplementing any provision in the indenture that may be defective or inconsistent with any other provision therein, or making or amending any other provisions with respect to matters or questions arising under the indenture which shall not adversely affect the interests of the holders of junior subordinated debentures of any series in any material respect;
			
		•	modifying, eliminating or adding to the provisions of the indenture to maintain the qualification of the indenture under the Trust Indenture Act as the same may be amended from time to time;
		•	adding to, deleting from or revising the conditions, limitations and restrictions on the authorized amount, terms or purposes of issue, authentication and delivery of junior subordinated debentures, as therein set forth;
			
		•	modifying, eliminating or adding to the provisions of any security to allow for such security to be held in certificated form;
			

8

												
		•	securing the debt securities;
			
		•	making provisions with respect to conversion or exchange rights of holders of securities of any series;
			
		•	amending or supplementing any provision contained therein or in any supplemental indenture, provided that no such amendment or supplement will adversely affect the interests of the holders of any junior subordinated debentures then outstanding in any material respect; or
			
		•	modifying, deleting or adding to any of the provisions of the indenture other than as contemplated above.

 The holders of at least 662/3% in aggregate principal amount of junior subordinated debentures of any series issued under the indenture may, on behalf of the holders of all junior subordinated debentures of that series, waive our compliance with certain restrictive provisions of the indenture. The holders of not less than a majority in aggregate principal amount of junior subordinated debentures of any series issued under the indenture may, on behalf of all holders of junior subordinated debentures of that series, waive any past default and its consequences under the indenture with respect to the junior subordinated debentures of that series, except:
												
		•	payment default with respect to junior subordinated debentures of that series; or
			
		•	a default of a covenant or provision of the indenture that cannot be modified or amended without the consent of the holder of each junior subordinated debenture of that series.

Governing Law
The indenture is, and the junior subordinated debentures will be, governed by, and construed in accordance with, the laws of the State of New York.
Concerning the Trustee
The Bank of New York Mellon Trust Company, N.A. is the successor trustee under the indenture. Affiliates of The Bank of New York Mellon Trust Company, N.A. also act as a lender and provide other banking, trust and investment services in the ordinary course of business to DTE Energy and its affiliates.
Book-Entry Securities
The junior subordinated debentures trade through The Depository Trust Company (“DTC”). Each series of  junior subordinated debentures is represented by one or more global certificates and is be registered in the name of Cede & Co., as DTC’s nominee. DTC may discontinue providing its services as securities depositary with respect to the junior subordinated debentures at any time by giving reasonable notice to us. Under those circumstances, in the event that a successor securities depositary is not obtained, securities certificates will be printed and delivered to the holders of record. Additionally, we may decide to discontinue use of the system of book entry transfers through DTC (or a successor depositary) with respect to the junior subordinated debentures. Upon receipt of a withdrawal request from us, DTC will notify its participants of the receipt of a withdrawal request from us reminding participants that they may utilize DTC’s withdrawal procedures if they wish to withdraw their securities from DTC, and DTC will process withdrawal requests submitted by participants in the ordinary course of business. To the extent that the book-entry system is discontinued, certificates for the junior subordinated debentures will be printed and delivered to the holders of record. Both we and the trustee have no responsibility for the performance by DTC or its direct and indirect participants of their respective obligations as described herein or under the rules and procedures governing their respective operations. Payments of principal and interest will be made to DTC in immediately available funds.

9Exhibit 10.1

 

Execution
Version

 

TAX MATTERS AGREEMENT

 

BY AND AMONG

 

Rexnord
Corporation,

 

LAND NEWCO, INC.,

 

AND

 

REGAL BELOIT CORPORATION

 

DATED AS OF FEBRUARY 15, 2021

 

     

     

    

 

TABLE OF CONTENTS 

 

	 	 	Page
	Section 1.                Definition of Terms	2
	 	 	 
	Section 2.                Allocation of Tax Liabilities	12
	 	 	 
	Section 2.01	General Rule	12
	Section 2.02	Attribution of Taxes	12
	Section 2.03	Transaction Taxes	12
	 	 	 
	Section 3.                 Preparation and Filing of Tax Returns	13
	 	 	 
	Section 3.01	General	13
	Section 3.02	Responsibility for Preparation and Filing and Payment of Taxes Shown Due	13
	Section 3.03	Tax Reporting Practices	14
	Section 3.04	Consolidated or Combined Tax Returns	14
	Section 3.05	Right to Review Tax Returns	14
	Section 3.06	Refunds, Carrybacks and Amended Tax Returns	15
	Section 3.07	Apportionment of Tax Attributes	17
	Section 3.08	Section 336(e) Election	17
	Section 3.09	Remainco Compensation for Tax Receivables	17
	 	 	 
	Section 4.                 Tax Payments	18
	 	 	 
	Section 4.01	Payment of Taxes	18
	Section 4.02	Indemnification Payments	18
	 	 	 
	Section 5.                 Tax Benefits and Remainco Tax Attributes	19
	 	 	 
	Section 5.01	Tax Benefits	19
	 	 	 
	Section 6.                 Tax-Free Status	20
	 	 	 
	Section 6.01	Restrictions on Spinco	20
	Section 6.02	Liability for Distribution Tax-Related Losses	23
	Section 6.03	Procedures Regarding Ruling Requests	23
	 	 	 
	Section 7.                Cooperation and Reliance	24
	 	 	 
	Section 7.01	Assistance and Cooperation	24
	Section 7.02	Income Tax Return Information	25
	Section 7.03	Non-Performance	25
	Section 7.04	Costs	25
	 	 	 
	Section 8.                 Tax Records	25
	 	 	 
	Section 8.01	Retention of Tax Records	25
	Section 8.02	Access to Tax Records	26
	 	 	 
	Section 9.                 Tax Contests	26
	 	 	 
	Section 9.01	Notice	26
	Section 9.02	Control of Tax Contests	27
	 	 	 
	Section 10.              Effective Date; Termination of Prior Intercompany Tax Allocation Agreements	28
	 	 	 
	Section 11.              Survival of Obligations	29

 

     

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	Page
	Section 12.               Treatment of Payments; Tax Gross Up	29
	 	 	 
	Section 12.01	Treatment of Tax Indemnity and Tax Benefit Payments	29
	Section 12.02	Tax Gross Up	29
	 	 	 
	Section 13.               Disagreements	29
	 	 	 
	Section 13.01	Disputes	29
	Section 13.02	Referral to Tax Advisor for Computational Disputes	30
	Section 13.03	Injunctive Relief	30
	 	 	 
	Section 14.               Expenses	30
	 	 	 
	Section 15.               General Provisions	30
	 	 	 
	Section 15.01	Notices	30
	Section 15.02	Binding Effect; Assignment	32
	Section 15.03	Waiver	32
	Section 15.04	Severability	32
	Section 15.05	Authority	33
	Section 15.06	Further Action	33
	Section 15.07	Integration	33
	Section 15.08 	Rules of Construction	33
	Section 15.09	Double Recovery	34
	Section 15.10	Counterparts	34
	Section 15.11	Governing Law; Jurisdiction; Remedies	35
	Section 15.12	Amendment	35
	Section 15.13	Remainco or Spinco Affiliates	35
	Section 15.14	Successors	35
	Section 15.15	Third-Party-Beneficiaries	36

 

     

     

    

 

TAX MATTERS AGREEMENT

 

This TAX MATTERS AGREEMENT
(this “Agreement”) is entered into as of February 15, 2021, by and among Rexnord Corporation, a Delaware
corporation (“Remainco”), Land Newco, Inc., a Delaware corporation and indirect wholly owned subsidiary
of Remainco (“Spinco,” and together with Remainco, the “Companies,” and each a “Company”),
and Regal Beloit Corporation, a Wisconsin corporation (“RMT Partner,” and together with Remainco and Spinco,
the “Parties,” and each a “Party”).

 

RECITALS

 

WHEREAS, the Board
of Directors of Remainco has determined that it is in the best interests of Remainco and its shareholders to separate the Spinco
Business from the Remainco Retained Business and to divest the Spinco Business in the manner contemplated by the Separation and
Distribution Agreement by and between Remainco and Spinco (the “Separation and Distribution Agreement”) and
the Merger Agreement;

 

WHEREAS, the Board
of Directors of Remainco and the Board of Directors of Spinco have approved the transfer of the Spinco Assets (as defined in the
Separation and Distribution Agreement) to Spinco and its Affiliates and the assumption by Spinco and its Affiliates of the Spinco
Liabilities (as defined in the Separation and Distribution Agreement), all as more fully described in the Separation and Distribution
Agreement and the other Ancillary Agreements;

 

WHEREAS, Remainco owns
all of the issued and outstanding shares of Chase Acquisition I, Inc., a Delaware corporation (“Acquisitionco”),
which in turn owns all of the issued and outstanding shares of RBS Global, Inc., a Delaware corporation (“Debtco”),
which in turn currently owns all of the outstanding membership interests of Rexnord, LLC, a Delaware limited liability company
(“Intermediateco”), which in turn currently owns all of the issued and outstanding shares of the common stock,
$0.01 par value, of Spinco (the “Spinco Common Stock”);

 

WHEREAS,
as more fully described in the Separation and Distribution Agreement and the other Ancillary Agreements, (1) immediately
prior to the Effective Time, Intermediateco will effect the Contribution and distribute all of the shares of Spinco Common
Stock held by Intermediateco to Debtco (the “First Distribution”), (2) immediately after the First Distribution,
Debtco will distribute all of the shares of Spinco Common Stock received in the First Distribution to Acquisitionco (the “Second
Distribution”), (3) immediately after the Second Distribution, Acquisitionco will distribute all of the shares of
Spinco Common Stock received in the Second Distribution to Remainco (the “Third Distribution”) and (4) immediately
after the Third Distribution, Remainco will distribute all of the shares of Spinco Common Stock received in the Third Distribution
to the holders of the outstanding shares of common stock, $0.01 par value, of Remainco (the “Remainco Common Stock”)
as of the close of business on the Record Date by means of a pro rata distribution and in accordance with a distribution ratio
to be determined by the Board of Directors of Remainco (the “Spin-Off, and, together with the First Distribution and
the Second Distribution, the “Distributions”);

 

    1 

     

    

 

WHEREAS, for U.S. federal
income tax purposes, the Contribution and the Second Distribution, taken together, are intended to qualify as a “reorganization”
within the meaning of Sections 355 and 368(a)(1)(D) of the Code and each of the Distributions (other than the First Distribution)
is intended to qualify as a distribution described in Section 355 of the Code;

 

WHEREAS, for U.S. federal
income tax purposes, it is the intention of the Companies that the Spin-Off, except for cash received in lieu of any fractional
shares, will qualify as tax-free under Section 355(a) of the Code to Remainco shareholders and as tax-free to Remainco
under Section 355(c) of the Code;

 

WHEREAS, pursuant to
the Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”), by and among Remainco,
Spinco, RMT Partner, and Phoenix 2021, Inc., a Delaware corporation (“Merger Sub”), immediately following
the Spin-Off, Merger Sub will merge with and into Spinco (the “Merger”) and all shares of Spinco Common Stock
will be converted into the right to receive common stock, par value $0.01 per share, of RMT Partner, upon the terms and subject
to the conditions set forth in the Merger Agreement;

 

WHEREAS, for U.S. federal
income tax purposes, it is the intention of the Parties that the Merger qualify as a “reorganization” within the meaning
of Section 368(a) of the Code;

 

WHEREAS, in connection
with the Contribution, the Distributions and the Merger, the Parties desire to set forth their agreement with respect to tax matters
for taxable periods prior to and including the Distribution Date.

 

NOW, THEREFORE, in
consideration of the foregoing and the terms, conditions, covenants and provisions of this Agreement, each of the Parties mutually
covenants and agrees as follows:

 

Section 1.         Definition
of Terms. For purposes of this Agreement (including the recitals hereof), the following
terms have the following meanings:

 

“Active Business”
means any business relied on to satisfy (i) the active trade or business requirements of Section 355(b) of the Code
and Treasury Regulation Section 1.355-3 or (ii) the continuity of business enterprise requirements under Treasury Regulation
Section 1.368-1(d), to the extent identified as such in the Tax Materials.

 

“Active Business
Entity” means any entity identified in the Tax Materials as conducting an Active Business as of the Distribution Date.

 

“Adjustment”
means a Remainco Adjustment, a Spinco Adjustment or a Joint Adjustment.

 

“Affiliate”
has the meaning set forth in the Separation and Distribution Agreement.

 

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

 

“Ancillary
Agreements” has the meaning set forth in the Separation and Distribution Agreement.

 

    2 

     

    

 

“Benefited
Party” has the meaning set forth in Section 3.06(a)(iii).

 

“Business
Day” has the meaning set forth in the Separation and Distribution Agreement.

 

“Capital Stock”
means all classes or series of capital stock of a Company, including (a) common stock, (b) all options, warrants and
other rights to acquire such capital stock and (c) all instruments properly treated as stock in the Company for U.S. federal
income tax purposes.

 

“Chosen Courts”
has the meaning set forth in Section 15.11 of this Agreement.

 

“Claiming
Company” shall have the meaning set forth in Section 3.06(a)(i) of this Agreement.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended.

 

“Companies”
and “Company” have the meanings set forth in the Preamble.

 

“Contribution”
has the meaning ascribed to the term “Spinco Contribution” in the Separation and Distribution Agreement.

 

“Controlling
Company” has the meaning set forth in Section 9.02(a) of this Agreement.

 

“Correlative
Detriment” means an increase in a Tax of a Company (or its Affiliates) that occurs as a result of the Tax position that
is the basis for a claim for Refund by the Claiming Company or for a Final Determination, utilizing the assumptions set forth in
the description of Remainco Full Taxpayer or Spinco Full Taxpayer, as the case may be.

 

“Dispute”
has the meaning set forth in Section 13.01 of this Agreement.

 

“Distribution
Date” has the meaning set forth in the Separation and Distribution Agreement.

 

“Distributions”
has the meaning set forth in the Recitals.

 

“Distribution
Taxes” means, without duplication, any and all Taxes (a) required to be paid by or imposed on a Company or any of
its Affiliates resulting from, or directly arising in connection with, the failure of the Contribution and First Distribution,
taken together, to qualify as a reorganization described in Sections 355(a) and 368(a)(1)(D) of the Code (or the failure
to qualify under or the application of corresponding provisions of the Tax Laws of other jurisdictions); or (b) required to
be paid by or imposed on a Company or any of its Affiliates resulting from, or directly arising in connection with, the failure
of the stock distributed in the Distributions to constitute “qualified property” for purposes of Sections 355(d),
355(e) and 361(c) of the Code (or any corresponding provision of the Tax Laws of other jurisdictions).

 

“Distribution
Tax-Related Losses” means (a) all Distribution Taxes imposed pursuant to any Final Determination and (b) all
reasonable accounting, legal and other professional fees and court costs incurred in connection with such Distribution Taxes, in
each case, resulting from the failure of the Contribution and the Distributions to have Tax-Free Status.

 

    3 

     

    

 

“Due Date”
means the date (taking into account all valid extensions) upon which a Tax Return is required to be filed with or Taxes are required
to be paid to a Tax Authority, whichever is applicable.

 

“Effective
Time” has the meaning set forth in the Merger Agreement.

 

“Employee
Matters Agreement” has the meaning set forth in the Separation and Distribution Agreement.

 

“Entity”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Extraordinary
Transaction” means any action that is not in the ordinary course of business, but shall not include any action expressly
required or otherwise contemplated by the Separation and Distribution Agreement, the Merger Agreement or any Ancillary Agreements
or that is undertaken pursuant to the Contribution, the Distribution or the Separation Transactions.

 

“Final Determination”
means the final resolution of liability for any Tax, which resolution may be for a specific issue or adjustment or for a taxable
period, (a) by IRS Form 870 or 870-AD (or any successor forms thereto), on the date of acceptance by or on behalf of
the taxpayer, or by a comparable form under the laws of a state, local, or non-U.S. taxing jurisdiction, except that a Form 870
or 870-AD or comparable form shall not constitute a Final Determination to the extent that it reserves (whether by its terms or
by operation of law) the right of the taxpayer to file a claim for refund or the right of the Tax Authority to assert a further
deficiency in respect of such issue or adjustment or for such taxable period (as the case may be); (b) by a decision, judgment,
decree, or other order by a court of competent jurisdiction, which has become final and unappealable; (c) by a closing agreement
or accepted offer in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the laws of a state, local,
or non-U.S. taxing jurisdiction; (d) by any allowance of a refund or credit in respect of an overpayment of Tax, but only
after the expiration of all periods during which such refund may be recovered (including by way of offset) by the jurisdiction
imposing such Tax; (e) by a final settlement resulting from a treaty-based competent authority determination; or (f) by
any other final disposition, including by reason of the expiration of the applicable statute of limitations or by mutual agreement
of the Companies.

 

“Final Overlap
Shareholder Spreadsheet” has the meaning set forth in Schedule D to the Merger Agreement.

 

“Group”
means the Remainco Group or the Spinco Group, or both, as the context requires.

 

“Income Taxes”
means:

 

(a)            all
Taxes based upon, measured by, or calculated with respect to (i) net income or profits (including, any capital gains, minimum
tax or any Tax on items of tax preference, but not including sales, use, real, or personal property, gross or net receipts, value
added, excise, leasing, transfer or similar Taxes), or (ii) multiple bases (including, corporate franchise, doing business
and occupation Taxes) if one or more bases upon which such Tax is determined is described in clause (a)(i) above; and

 

    4 

     

    

 

(b)            any
related interest and any penalties, additions to such Tax or additional amounts imposed with respect thereto by any Tax Authority.

 

“Income Tax
Returns” means all Tax Returns that relate to Income Taxes.

 

“Internal
Restructuring” has the meaning set forth in the Separation and Distribution Agreement.

 

“IRS”
means the United States Internal Revenue Service.

 

“Joint Adjustment”
means any proposed adjustment by a Tax Authority or claim for refund asserted in a Tax Contest which is neither a Spinco Adjustment
nor a Remainco Adjustment.

 

“Law”
means any Legal Requirement as defined in in the Separation and Distribution Agreement.

 

“Liabilities”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Merger”
has the meaning set forth in the Recitals.

 

“Merger Agreement”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Merger Sub”
has the meaning set forth in the Recitals.

 

“Mixed Business
Tax Return” means any Tax Return, including any consolidated, combined or unitary Tax Return, that reflects or reports
Taxes that relate to at least one asset or activity that is part of the Remainco Retained Business, on the one hand, and at least
one asset or activity that is part of the Spinco Business, on the other hand.

 

“Non-Controlling
Company” has the meaning set forth in Section 9.02(b) of this Agreement.

 

“Overlap Shareholders”
has the meaning set forth in the Merger Agreement.

 

“Parties”
and “Party” have the meanings set forth in the Preamble.

 

“Past Practices”
has the meaning set forth in Section 3.03(a) of this Agreement.

 

“Payment Date”
means (a) with respect to any Remainco federal consolidated Income Tax Return, the due date for any required installment of
estimated taxes determined under Section 6655 of the Code, the due date (determined without regard to extensions) for filing
the return determined under Section 6072 of the Code, and the date the return is filed, and (b) with respect to any other
Tax Return, the corresponding dates determined under the applicable Tax Law.

 

“Payor”
has the meaning set forth in Section 4.02(a) of this Agreement.

 

“Person”
has the meaning set forth in the Separation and Distribution Agreement, and includes Entities.

 

    5 

     

    

 

“Post-Distribution
Period” means any Tax Period beginning after the Distribution Date, and, in the case of any Straddle Period, the portion
of such Straddle Period beginning the day after the Distribution Date.

 

“Post-Distribution
Ruling” has the meaning set forth in Section 6.01 of this Agreement.

 

“Pre-Distribution
Period” means any Tax Period ending on or before the Distribution Date, and, in the case of any Straddle Period, the
portion of such Straddle Period ending on the Distribution Date.

 

“Preliminary
Tax Advisor” has the meaning set forth in Section 13.03 of this Agreement.

 

“Privilege”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Proposed
Acquisition Transaction” means a transaction or series of transactions (or any agreement, understanding or arrangement,
within the meaning of Section 355(e) of the Code and Treasury Regulations Section 1.355-7, or any other Treasury
Regulations promulgated thereunder, to enter into a transaction or series of transactions), whether such transaction is supported
by Company management or shareholders, is a hostile acquisition, or otherwise, as a result of which a Company would merge or consolidate
with any other Person or as a result of which any Person or any group of related Persons would (directly or indirectly) acquire,
or have the right to acquire, from a Company and/or one or more holders of outstanding shares of Capital Stock, (x) with respect
to Spinco, any share of Capital Stock of the Company, or (y) with respect to Remainco, a number of shares of Capital Stock
of the Company that would, when combined with any other changes in ownership of Capital Stock pertinent for purposes of Section 355(e) of
the Code, comprise forty percent (40%) or more of (A) the value of all outstanding shares of stock of the Company as of the
date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series, or (B) the
total combined voting power of all outstanding shares of voting stock of the Company as of the date of such transaction, or in
the case of a series of transactions, the date of the last transaction of such series. Notwithstanding the foregoing, a Proposed
Acquisition Transaction shall not include (i) the adoption by a Company of a shareholder rights plan, (ii) issuances
by a Company that satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services)
or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulations Section 1.355-7(d) or
(iii) transfers of Capital Stock of a Company that satisfy Safe Harbor VII (relating to public trading) of Treasury Regulation
Section 1.355-7(d). For purposes of determining whether a transaction constitutes an indirect acquisition, any recapitalization
resulting in a shift of voting power or any redemption of shares of stock shall be treated as an indirect acquisition of shares
of stock by the non-exchanging shareholders. This definition and the application thereof are intended to monitor compliance with
Section 355(e) of the Code and shall be interpreted accordingly. Any clarification of, or change in, the statute or Treasury
Regulations promulgated under Section 355(e) of the Code shall be incorporated in this definition and its interpretation.
For the avoidance of doubt, the Merger shall not constitute a Proposed Acquisition Transaction.

 

“Record Date”
has the meaning set forth in the Separation and Distribution Agreement.

 

    6 

     

    

 

“Refund”
means any refund (or credit in lieu thereof) of Taxes (including any overpayment of Taxes that can be refunded or, alternatively,
applied to other Taxes payable), including any interest paid on or with respect to such refund of Taxes; provided, however,
the amount of the refund of Taxes shall be net of any Taxes imposed by any Tax Authority on the receipt of the refund.

 

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

 

“Remainco
Adjustment” means any proposed adjustment by a Tax Authority or claim for refund asserted in a Tax Contest to the extent
Remainco would be solely responsible for any resulting Tax or solely entitled to receive any resulting Tax Benefit under this Agreement.

 

“Remainco
Retained Business” has the meaning provided in the Separation and Distribution Agreement.

 

“Remainco
Common Stock” has the meaning set forth in the Recitals.

 

“Remainco
Consolidated Return” means any U.S. federal consolidated Income Tax Return required to be filed by Remainco as the “common
parent” of an “affiliated group” (in each case, within the meaning of Section 1504 of the Code), and any
consolidated, combined, unitary or similar Income Tax Return required to be filed by Remainco under a similar or analogous provision
of state, local or non-U.S. Law.

 

“Remainco
Consolidated Taxes” means any Taxes attributable to any Remainco Consolidated Return.

 

“Remainco
Full Taxpayer” means the assumption that each relevant member of the Remainco Group (a) is subject to the highest
marginal regular statutory Income Tax rate, (b) in the case of a Tax Benefit, has sufficient taxable income to permit the
realization or receipt of the relevant Tax Benefit at the earliest possible time, and (c) in the case of an Adjustment, will
not utilize any Tax Attribute other than a Tax Attribute arising from the Adjustment at issue.

 

“Remainco
Group” has the meaning set forth in the Separation and Distribution Agreement.

 

“Remainco
SAG” means the “separate affiliated group” as defined in Section 355(b)(3) of the Code that includes
Remainco.

 

“Remainco
Tainting Act” means (a) any action (or the failure to take any action) within its control by Remainco or any member
of the Remainco Group (including entering into any agreement, understanding or arrangement or any negotiations with respect to
any transaction or series of transactions) that, (b) any event (or series of events) involving the capital stock of Remainco,
any assets of Remainco or any assets of any member of the Remainco Group that, or (c) any breach by Remainco or any member
of the Remainco Group of any representation, warranty or covenant made by them in this Agreement, the Merger Agreement, any Ancillary
Agreement or the Tax Materials that, in each case, would affect the Tax-Free Status; provided, however, the term
 “Remainco Tainting Act” shall not include any action expressly required or permitted by the Separation and Distribution
Agreement, the Merger Agreement or any Ancillary Agreements or undertaken pursuant to the Distribution Documents (other than any
action described in Section 6.01).

 

    7 

     

    

 

“Remainco
Taxes” means, without duplication, (a) any Remainco Consolidated Taxes, (b) any Taxes that are attributable
to the Remainco Retained Business, (c) any Taxes imposed (i) on gain recognized under Treasury Regulations Section 1.1502-19(b) in
connection with an excess loss account with respect to the stock of Spinco or any member of the Spinco Group at the time of the
Distributions, (ii) on net deferred gains taken into account under Treasury Regulations Section 1.1502-13(d) with
respect to deferred intercompany transactions between a Spinco Group member and a Remainco Group member and (iii) under similar
or corresponding provisions of state, local or non-U.S. Law, (d) any Taxes attributable to a Remainco Tainting Act, (e) any
Taxes attributable to Spinco or a member of the Spinco Group attributable to any Pre-Distribution Period, and (f) any Taxes
with respect to the Separation Transactions or the Internal Restructuring.

 

“Required
Company” shall have the meaning set forth in Section 4.02(a) of this Agreement.

 

“Responsible
Company” means, with respect to any Tax Return, the Company having responsibility for preparing and filing such Tax Return
under this Agreement.

 

“Restricted
Period” means the period beginning at the Effective Time and ending on the two (2)-year anniversary of the day after
the Distribution Date.

 

“Retention
Date” shall have the meaning set forth in Section 8.01 of this Agreement.

 

“RMT Partner”
has the meaning set forth in the Preamble.

 

“Ruling Request”
means the letter filed by Remainco with the IRS requesting the rulings specified in clauses (a) through (c) contemplated
in the definition of Ruling set forth in the Merger Agreement (including all attachments, exhibits, and other materials submitted
with such ruling request letter and any amendment or supplement to such ruling request letter).

 

“Separation
and Distribution Agreement” has the meaning set forth in the Recitals.

 

“Separation
Plan” has the meaning set forth in the Separation and Distribution Agreement.

 

“Separation
Transactions” means those transactions undertaken by the Companies and their Affiliates pursuant to the Separation Plan
to separate ownership of the Spinco Business from ownership of the Remainco Retained Business.

 

“Single
Business Tax Return” means any Tax Return including any consolidated, combined or unitary Tax Return that reflects or
reports Tax Items relating only to the Remainco Retained Business, on the one hand, or the Spinco Business, on the other (but not
both).

 

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

 

“Spinco Adjustment”
means any proposed adjustment by a Tax Authority or claim for refund asserted in a Tax Contest to the extent Spinco would be solely
responsible for any resulting Tax or solely entitled to receive any resulting Tax Benefit under this Agreement.

 

    8 

     

    

 

“Spinco Business”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Spinco Common
Stock” has the meaning set forth in the Recitals.

 

“Spinco Full
Taxpayer” means the assumption that each relevant member of the Spinco Group (a) is subject to the highest marginal
regular statutory Income Tax rate, (b) in the case of a Tax Benefit, has sufficient taxable income to permit the realization
or receipt of the relevant Tax Benefit at the earliest possible time, (c) in the case of an Adjustment, will not utilize any
Tax Attribute other than a Tax Attribute arising from the Adjustment at issue.

 

“Spinco Group”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Spinco New
Debt” has the meaning set forth in the Separation and Distribution Agreement.

 

“SpinCo Replacement
Debt” has the meaning set forth in Section 6.01(a) of this Agreement.

 

“Spinco SAG”
means the “separate affiliated group” as defined in Section 355(b)(3) of the Code that includes Spinco.

 

“Spinco Tainting
Act” means (a) any action (or the failure to take any action) within its control by Spinco or any member of the
Spinco Group (including entering into any agreement, understanding or arrangement or any negotiations with respect to any transaction
or series of transactions) that, (b) any event (or series of events) involving the capital stock of Spinco, any assets of
Spinco or any assets of any member of the Spinco Group that, or (c) any breach by Spinco or any member of the Spinco Group
of any representation, warranty or covenant made by them in this Agreement, the Merger Agreement, any Ancillary Agreement
or the Tax Materials that, in each case, would affect the Tax-Free Status; provided, however, that the term “Spinco
Tainting Act” shall not include any action expressly required or permitted by the Separation and Distribution Agreement,
the Merger Agreement or any Ancillary Agreements (other than any action described in Section 6.01) or undertaken pursuant
to, or prior to, the Distributions.

 

“Spinco Taxes”
means, without duplication, (a) any Taxes of Spinco or a member of the Spinco Group attributable to any Post-Distribution
Period , (b) any Taxes attributable to a Spinco Tainting Act, and (c) any Taxes attributable to an Extraordinary Transaction
effected after the Effective Time on the Distribution Date by Spinco or a member of the Spinco Group at the direction of RMT Partner,
in the case of each of clauses (a) through (c), other than Remainco Taxes.

 

“Straddle
Period” means any Tax Period that begins on or before and ends after the Distribution Date.

 

    9 

     

    

 

“Tax”
or “Taxes” means (a) any income, gross income, gross receipts, profits, capital stock, franchise, withholding,
payroll, social security, workers compensation, unemployment, disability, property, ad valorem, stamp, excise, severance, occupation,
service, sales, use, license, lease, transfer, import, export, value added, escheat or unclaimed property liability, customs, duties,
alternative minimum, estimated or other tax (including any fee, assessment, or other charge in the nature of or in lieu of any
tax) imposed by any governmental entity or political subdivision thereof, and any interest, penalties, additions to tax, or additional
amounts in respect of the foregoing and (b) all liabilities in respect of any items described in clause (a) payable by
reason of assumption, transferee or successor liability, operation of Law or Treasury Regulations Section 1.1502-6(a) (or
any predecessor or successor thereof or any analogous or similar provision under Law), in each case, including any Taxes resulting
from an Adjustment.

 

“Tax Advisor”
means a tax counsel or accountant of recognized standing in the relevant jurisdiction.

 

“Tax Attribute”
means a net operating loss, net capital loss, investment credit, foreign tax credit, excess charitable contribution, general business
credit or any other Tax Item that could affect a Tax.

 

“Tax Authority”
means, with respect to any Tax, the governmental entity or political subdivision thereof that imposes such Tax and the agency (if
any) charged with the collection of such Tax for such entity or subdivision.

 

“Tax Benefit”
means any refund, credit, or other reduction in otherwise required Tax payments (determined on a “with and without”
basis) that is actually received, net of reasonable expenses related to establishing the Tax Benefit.

 

“Tax Contest”
means an audit, review, examination, or any other administrative or judicial proceeding with the purpose or effect of redetermining
Taxes (including any administrative or judicial review of any claim for refund).

 

“Tax-Free
Status” means the following U.S. federal income Tax consequences in connection with the Distributions and certain related
transactions, (a) the qualification of the Contribution and Second Distribution, taken together, as a “reorganization”
described in Sections 355(a) and 368(a)(1)(D) of the Code, (b) each of the Distributions (other than the First Distribution)
as a transaction in which the Spinco Common Stock distributed to Acquisitionco, to Remainco and to holders of Remainco Common Stock,
respectively, is “qualified property” for purposes of Sections 355(c) and 361(c) of the Code (and neither
Section 355(d) nor Section 355(e) of the Code cause such Spinco Common Stock to be treated as other than “qualified
property” for such purposes), (c) the nonrecognition of income, gain or loss by Intermediateco and Spinco upon the Contribution
and the Second Distribution under Sections 355, 361 and/or 1032 of the Code, as applicable, other than intercompany items or excess
loss accounts taken into account pursuant to the Treasury Regulations promulgated pursuant to Section 1502 of the Code, and
(d) the nonrecognition of income, gain or loss by Acquisitionco, Remainco and the holders of Remainco Common Stock, respectively
upon the receipt of Spinco Common Stock in the Distributions (except with respect to the receipt of cash in lieu of fractional
shares of Spinco Common Stock, if any).

 

“Tax-Free
Transaction Failure” shall have the meaning set forth in Section 3.08 of this Agreement.

 

“Tax Item”
means any item of income, gain, loss, deduction, expense, or credit, or other attribute that may have the effect of increasing
or decreasing any Tax.

 

    10 

     

    

 

“Tax Law”
means the law of any governmental entity or political subdivision thereof relating to any Tax.

 

“Tax Materials”
means the Tax Opinions/Rulings or any submission, certificate, representation letter or other material delivered by the Parties
to a Tax Advisor or Tax Authority in connection with the rendering of any Tax Opinions/Rulings; provided that Tax Materials shall
exclude any materials not provided to RMT Partner to review prior to execution.

 

“Tax Opinions/Rulings”
means (x) the formal written opinions or similar memoranda of a Tax Advisor regarding the Tax-Free Status and/or (y) the
rulings by the IRS or other Tax Authority received in respect of a Ruling Request delivered to Remainco (and made available to
Spinco or, if prior to the Effective Time, RMT Partner), in each case, in connection with the Contribution, the Distributions or
the Merger or otherwise with respect to the Separation Transactions, including, for the avoidance of doubt, the Remainco Tax Opinion.

 

“Tax Period”
means, with respect to any Tax, the period for which the Tax is reported as provided under the Code or other applicable Tax Law.

 

“Tax Records”
means any Tax Returns, Tax Return work papers, documentation relating to any Tax Contests, and any other books of account or records
(whether or not in written, electronic or other tangible or intangible forms and whether or not stored on electronic or any other
medium) required to be maintained under the Code or other applicable Tax Laws or under any record retention agreement with any
Tax Authority.

 

“Tax Return”
means any report of Taxes due, any claim for refund of Taxes paid, any information return with respect to Taxes, or any other similar
report, statement, declaration, or document required to be filed under the Code or other Tax Law, including any attachments, exhibits,
or other materials submitted with any of the foregoing, and including any amendments or supplements to any of the foregoing.

 

“Transaction
Taxes” mean any Taxes other than Distribution Taxes (a) imposed on or by reason of the Contribution and Distributions,
or (b) imposed on the distribution of cash or any other property from Spinco to Intermediateco, Acquisitionco or Remainco,
including any Transfer Taxes.

 

“Transfer
Tax” means any sales, use, privilege, transfer (including real property transfer), intangible, recordation, registration,
documentary, stamp, duty or similar Tax imposed with respect to the Separation Transactions.

 

“Treasury
Regulations” means the regulations promulgated from time to time under the Code as in effect for the relevant Tax Period.

 

“Unqualified
Tax Opinion” means an unqualified “will” opinion of a Tax Advisor, on which the Companies may rely to the
effect that a transaction will not affect the Tax-Free Status. Any such opinion must assume that the Contribution and Distributions
would have qualified for Tax-Free Status.

 

    11 

     

    

 

Section 2.         Allocation
of Tax Liabilities.

 

Section 2.01     General
Rule.

 

(a)      Remainco
Liability. Remainco shall be liable for, and shall indemnify and hold harmless the Spinco Group
from and against (x) any liability for Remainco Taxes and (y) any Distribution Tax-Related Losses for which Remainco
is responsible pursuant to Section 6.02.

 

(b)      Spinco
Liability. Spinco shall be liable for, and shall indemnify and hold harmless the Remainco Group from and against (x) any
liability for Spinco Taxes and (y) any Distribution Tax-Related Losses for which Spinco is responsible pursuant to Section 6.02.

 

Section 2.02     Attribution
of Taxes.

 

(a)      General.
For all purposes of this Agreement, a Tax and any Tax Items shall be considered attributable to the Spinco Business on the one
hand and the Remainco Retained Business on the other (but not both) to the extent that such Tax and/or Tax Item would result if
such Tax Return were prepared on a separate basis taking into account only the operations and assets of the Spinco Business on
the one hand and only the operations and assets of the Remainco Retained Business on the other hand (but not both), as applicable.
With respect to U.S. federal Income Taxes, Remainco and Spinco shall cooperate in good faith to determine such amount on a separate
pro forma Spinco Group consolidated return prepared: (i) including only Tax Items of members of the Spinco Group that were
included in the relevant Remainco Consolidated Return; (ii) using all elections, accounting methods and conventions used
on such Remainco Consolidated Return; and (iii) applying the highest statutory marginal corporate income Tax rate in effect
for such taxable period. With respect to other Income Taxes attributable to the Spinco Business, Remainco and Spinco shall cooperate
in good faith to determine such amount using similar principles. With respect to any other Tax Items, Remainco and SpinCo shall
cooperate in good faith to determine, and otherwise in accordance with this Agreement, which Tax Items are properly attributable
to assets or activities of the Spinco Business (and in the case of a Tax Item that is properly attributable to both the Spinco
Business and the Remainco Retained Business, the allocation of such Tax Item between the Spinco Business and the Remainco Retained
Business).

 

(b)      Straddle
Period Tax Allocation. Remainco and Spinco shall take all actions necessary or appropriate
to close the taxable year of Spinco and each member of the Spinco Group for all Tax purposes as of the close of the Distribution
Date to the extent permissible or required under applicable Law. If applicable Law does not require or permit Spinco or any member
of the Spinco Group, as the case may be, to close its taxable year on the Distribution Date, then the allocation of income or deductions
required to determine any Taxes or other amounts attributable to the portion of the Straddle Period ending on, or beginning after,
the Distribution Date shall be made by means of a closing of the books and records of Spinco or such member of the Spinco Group
as of the close of the Distribution Date; provided that exemptions, allowances or deductions that are calculated on an annual
or periodic basis shall be allocated between such portions in proportion to the number of days in each such portion; provided,
further, that real property and other property or similar periodic Taxes shall be apportioned on a per diem basis.

 

Section 2.03     Transaction
Taxes. Transaction Taxes shall be allocated 100% to Remainco.

 

    12 

     

    

 

Section 3.              Preparation
and Filing of Tax Returns.

 

Section 3.01          General.
Tax Returns shall be prepared and filed when due (including extensions) in accordance
with this Section 3. The Companies shall provide, and shall cause their Affiliates to provide, assistance and cooperation
to one another in accordance with Section 8 with respect to the preparation and filing of Tax Returns, including providing
information required to be provided in Section 7.

 

Section 3.02          Responsibility
for Preparation and Filing and Payment of Taxes Shown Due.

 

(a)           Remainco
Consolidated Return. Remainco shall prepare and file all Remainco Consolidated Returns for a
Pre-Distribution Period or a Straddle Period. Notwithstanding anything to the contrary in this Agreement, for all Tax purposes,
the Parties shall report any Extraordinary Transactions that are effected by the Spinco Group on the Distribution Date after the
Effective Time as occurring on the day after the Distribution Date to the extent permitted by Treasury Regulations Section 1.1502-76(b)(1)(ii)(B) or
any similar or analogous provision of state, local or non-U.S. Law.

 

(b)           Mixed
Business Tax Returns

 

(i)         Remainco
shall prepare and file (or cause to be prepared and filed) any Mixed Business Tax Return for a Pre-Distribution Period or a Straddle
Period required by Law to be filed by the Remainco Group.

 

(ii)        Spinco
shall prepare and file (or cause to be prepared and filed) any Mixed Business Tax Return for a Pre-Distribution Period or a Straddle
Period required by Law to be filed by the Spinco Group after the Distribution Date.

 

(c)           Single
Business Tax Returns.

 

(i)         Remainco
shall prepare and file (or cause to be prepared and filed) any Single Business Tax Return for a Pre-Distribution Period or a Straddle
Period required by Law to be filed by the Remainco Group.

 

(ii)         Spinco
shall prepare and file (or cause to be prepared and filed) any Single Business Tax Return for a Pre-Distribution Period or a Straddle
Period required by Law to be filed by the Spinco Group after the Distribution Date.

 

(d)           Notwithstanding
anything to the contrary in this Section 3, (i) the portion of any Tax Return that relates to any Taxes attributable
to a Remainco Tainting Act shall be prepared by the Responsible Company in the manner determined by Remainco in its sole discretion,
(ii) the portion of any Tax Return not described in the foregoing clause (i) that relates to any Taxes attributable
to a Spinco Tainting Act shall be prepared by the Responsible Company in the manner determined by Spinco in its sole discretion,
and (iii) the portion of any Tax Return that relates to any Taxes attributable to an error in the Final Overlap Shareholder
Spreadsheet shall be prepared jointly by Remainco and Spinco. For the avoidance of doubt, the foregoing sentence shall apply only
to the extent that the Parties shall be aware of the Remainco Tainting Act, the Spinco Tainting Act, or an error in the Final
Overlap Shareholder Spreadsheet, as applicable, at the time such Tax Return is prepared.

 

    13 

     

    

 

Section 3.03         Tax
Reporting Practices.

 

(a)          General
Rule. With respect to any Tax Return that either Company has the obligation and right to prepare
and file, or cause to be prepared and filed, under Section 3.02, for any Pre-Distribution Period or any Straddle Period (or
Post-Distribution Period to the extent items reported on such Tax Return might reasonably be expected to affect items as reported
on any Tax Return for any Pre-Distribution Period or any Straddle Period), such Tax Return shall be prepared in accordance with
past practices, accounting methods, elections or conventions (“Past Practices”), including, for example, the
methodology historically adopted by the Companies for the accrual of non-U.S. Taxes for purposes of computing any foreign tax
credit for U.S. tax purposes, used with respect to the Tax Returns in question (unless there is no reasonable basis for the use
of such Past Practices), and to the extent any items are not covered by Past Practices (or in the event that there is no reasonable
basis for the use of such Past Practices), in accordance with reasonable Tax accounting practices selected by the Company preparing
and filing the Tax Return.

 

Section 3.04         Consolidated
or Combined Tax Returns.

 

(a)          Spinco
will elect and join and will cause its Affiliates to elect and join, in filing any consolidated, combined or unitary Tax Returns
that Remainco determines in good faith are required to be filed or that Remainco chooses to file pursuant to Section 3.02
with respect to any Pre-Distribution Period.

 

(b)          With
respect to all Remainco Consolidated Returns for the taxable year which includes the Distribution Date, Remainco shall use the
closing of the books method under Treasury Regulations Section 1.1502-76.

 

Section 3.05         Right
to Review Tax Returns.

 

(a)          Except
as otherwise agreed by the Companies, in the case of any material Tax Returns provided for by Section 3.02, to the extent
not previously filed, no later than thirty (30) days prior to the Due Date of each such Tax Return (reduced to fifteen (15) days
for state or local Tax Returns), the Responsible Company shall make available or cause to be made available drafts of such Tax
Return (together with all related work papers) to the other Company. The other Company shall have access to any and all data and
information necessary for the preparation of all such Tax Returns and the Companies shall cooperate fully in the preparation and
review of such Tax Returns. Subject to the preceding sentence, no later than fifteen (15) days after receipt of such Tax Returns
(reduced to ten (10) days for state or local Tax Returns), the other Company shall have a right to object to such Tax Return
(or items with respect thereto) by written notice to the Responsible Company; such written notice shall contain such disputed
item (or items) and the basis for its objection.

 

    14 

     

    

 

(b)            If
a Company does object by proper written notice described in Section 3.05(a), the Companies shall act in good faith to resolve
any such dispute as promptly as practicable; provided, however, that, notwithstanding anything to the contrary contained
herein, if the Companies have not resolved the disputed item or items by the day five (5) days prior to the Due Date of such
Tax Return, such Tax Return shall be filed as prepared pursuant to this Section 3.05 (revised to reflect all initially disputed
items that the Companies have agreed upon prior to such date).

 

(c)            In
the event a Tax Return is filed that includes any disputed item for which proper notice was given pursuant to Section 3.05(a) that
was not finally resolved and agreed upon, such disputed item (or items) shall be resolved in accordance with Section 13.
In the event that the resolution of such disputed item (or items) in accordance with Section 13 with respect to a Tax Return
is inconsistent with such Tax Return as filed, the Responsible Company (with cooperation from the other Company) shall, as promptly
as practicable, amend such Tax Return to properly reflect the final resolution of the disputed item (or items). In the event that
the amount of Taxes shown to be due and owing on a Tax Return is adjusted as a result of a resolution pursuant to Section 13,
proper adjustment shall be made to the amounts previously paid or required to be paid in accordance with Section 4 in a manner
that reflects such resolution.

 

Section 3.06           Refunds,
Carrybacks and Amended Tax Returns.

 

(a)            Refunds.

 

(i)             Each
Company (and its Affiliates) (the “Claiming Company”) shall be entitled to Refunds that relate to Taxes for
which it (or its Affiliates) is liable hereunder. For the avoidance of doubt, to the extent that a particular Refund of Taxes may
be allocable to a Straddle Period with respect to which the Parties may share responsibility pursuant to Sections 2 and 3, the
portion of such Refund to which each Party will be entitled shall be determined by comparing the amount of payments made by a Party
to a Tax Authority or to the other Party (and reduced by the amount of payments received from the other Party) pursuant to Sections
2 and 3 with the Tax liability of such Party as determined under Section 2.01, taking into account the facts as utilized for
purposes of claiming such Refund.

 

(ii)         Notwithstanding
Section 3.06(a)(i), to the extent a claim for a Refund results in a Correlative Detriment to the other Company (or its Affiliates),
any such Refund that is received by the Claiming Company (or its Affiliates) shall, and only to the extent thereof, be paid to
the other Company (or its Affiliates) that incurs such Correlative Detriment.

 

(iii)            In
the event of an adjustment relating to Taxes pursuant to a Final Determination for which one Party is responsible under this Agreement
which would have given rise to a Refund but for an offset against the Taxes for which the other Party is or may be responsible
pursuant to this Agreement (the “Benefited Party”), then the Benefited Party shall pay to the other Party, within
ten (10) days of the Final Determination of such adjustment an amount equal to the amount of such reduction in the Taxes of
the Benefited Party.

 

    15 

     

    

 

(iv)        Any
Refund or portion thereof to which a Claiming Company is entitled pursuant to this Section 3.06(a) that is received or
deemed to have been received as described herein by the other Company (or its Affiliates) shall be paid by such other Company to
the Claiming Company in immediately available funds in accordance with Section 4. To the extent a Company (or its Affiliates)
applies or causes to be applied an overpayment of Taxes as a credit toward or a reduction in Taxes otherwise payable (or a Tax
Authority requires such application in lieu of a Refund) and such Refund, if received, would have been payable by such Company
to the Claiming Company pursuant to this Section 3.06(a), such Company shall be deemed to have actually received a Refund
to the extent thereof on the date on which the overpayment is applied to reduce Taxes otherwise payable.

 

(v)         Notwithstanding
anything to the contrary in this Agreement, any Company that has claimed (or caused one or more of its Affiliates to claim) a Refund
shall be liable for any Taxes that become due and payable as a result of the subsequent adjustment, if any, to the Refund claim.

 

(b)           Carrybacks.

 

(i)          To
the extent permitted by applicable Law, Spinco shall relinquish, waive or otherwise forgo the carryback of any loss, credit or
other Tax Attribute from any Post-Distribution Period to any Pre-Distribution Period or Straddle Period with respect to Taxes
reflected on a Remainco Consolidated Return.

 

(ii)         Notwithstanding
anything to the contrary in this Agreement, any Company that has claimed (or caused one or more of its Affiliates to claim) a Tax
Attribute carryback shall be liable for any Taxes that result from such carryback claim or become due and payable as a result of
the subsequent adjustment, if any, to the carryback claim.

 

(iii)        A
Company shall be entitled to any Refund that is attributable to, and would not have arisen but for, a carryback of a Tax Attribute
by such Company pursuant to the provisions set forth in Section 3.06(b).

 

(iv)        A
Company shall be entitled to any Tax Benefit actually recognized by the other Company or its Affiliates as a result of any carryback
of a Tax Attribute by such first Company.

 

(c)            Amended
Tax Returns.

 

(i)          Notwithstanding
Section 3.01, neither Company (nor its Affiliates) shall file an amended Tax Return for a Pre-Distribution Period or a Straddle
Period without the consent in its sole discretion, of the other Company; provided, however, that Remainco may file
any such amended Tax Return to the extent it relates solely to Remainco Taxes.

 

(ii)         A
Company that is permitted (or whose Affiliate is permitted) to file an amended Tax Return shall not be relieved of any liability
for payments pursuant to this Agreement notwithstanding that the other Company consented to the filing of such amended Tax Return
giving rise to such liability.

 

    16 

     

    

 

Section 3.07     Apportionment
of Tax Attributes. Remainco shall reasonably determine in good faith, and advise Spinco
in writing, of the amount of any Tax Attributes arising in a Pre-Distribution Period that shall be allocated or apportioned to
the Spinco Group under applicable Law, provided that this Section 3.07 shall not be construed as obligating Remainco to undertake
an “earnings & profits study” or similar determinations. The Remainco Group and the Spinco Group agree to
compute all Taxes for Post-Distribution Periods consistently with the determination of the allocation of Tax Attributes pursuant
to this Section 3.07 unless otherwise required by a Final Determination. Subject to sections 3.08 and 3.09, to the extent
that the amount of any Tax Attribute is later reduced or increased as a result of a Final Determination, such reduction or increase
shall be allocated to the Party to which such Tax Attribute was allocated pursuant to this Section 3.07.

 

Section 3.08     Section 336(e) Election.
Remainco shall make a timely protective election under and in accordance with Section 336(e) of the Code and the Treasury
Regulations issued thereunder with respect to the Spin-Off for Spinco and each Spinco entity that is a domestic corporation for
U.S. federal income tax purposes (a “Section 336(e) Election”). Remainco shall provide a copy of the contents
of a Section 336(e) Election and any agreements or filings required in connection with a Section 336(e) Election
to Spinco for consent, which shall not be unreasonably withheld or delayed. Spinco shall take any action reasonably requested by
Remainco in connection with the filing of a Section 336(e) Election. It is intended that a Section 336(e) Election
have no effect unless the Spin-Off is a “qualified stock disposition” either because (i) the Spin-Off is not a
transaction described in Treasury Regulations Section 1.336-1(b)(5)(i)(B) or (ii) Treasury Regulations Section 1.336-1(b)(5)(ii) applies
to the Spin-Off (any such circumstance, a “Tax-Free Transaction Failure”). For the avoidance of doubt, if the Section 336(e) Election
becomes effective, the calculation of Remainco Taxes and Spinco Taxes, as the case may be, shall take into account any income,
gain, loss or deduction arising from the Section 336(e) Election.

 

Section 3.09     Remainco
Compensation for Tax Receivables. If and to the extent that there is a Tax-Free Transaction
Failure and the resulting Taxes (including any Taxes attributable to the Section 336(e) Election) are considered Remainco
Taxes (rather than Spinco Taxes), (a)(i) Remainco shall be entitled to periodic payments from Spinco equal to 10% of the tax
savings arising from the step-up in tax basis resulting from the Section 336(e) Election and (ii) the Parties shall
negotiate in good faith the terms of a tax receivable agreement to govern the calculation of such payments; provided that any such
tax saving in clause (i) shall be determined using a “with and without” methodology (treating any deductions or
amortization attributable to the step-up in tax basis resulting from the Section 336(e) Election as the last items claimed
for any taxable year, including after the utilization of any available net operating loss carryforwards) and (b) Spinco shall
indemnify and hold harmless Remainco for, and shall pay to Remainco, with respect to 90% of (i) the amount, if any, by which
Remainco Taxes are increased, determined using a “with and without” methodology, that are attributable to the effectiveness
of the Section 336(e) Election as a result of the Tax-Free Transaction Failure as compared to the Remainco Taxes that
would otherwise be payable as a result of the Tax-Free Transaction Failure had the Section 336(e) Election not been made,
and (ii) all reasonable accounting, legal and other professional fees and court costs incurred solely in connection with the
amount described in the immediately preceding clause (i), with such payments being made, with respect to Remainco Taxes, on or
prior to each Payment Date or, if later, three (3) Business Days after receiving notice from Remainco of the amount of such
Remainco Taxes, and, in the case of the items set forth in sub-clause (ii) of this clause (b), three (3) Business Days
after receiving notice from Remainco of such amount.

 

    17 

     

    

 

 

Section 4.          Tax
Payments.

 

Section 4.01     Payment
of Taxes.

 

(a)            Computation
and Payment of Tax Due. At least three (3) Business Days prior to any Payment Date
for any Tax Return, the Responsible Company shall compute the amount of Tax required to be paid to the applicable Tax Authority
(taking into account the requirements of Section 3.03 relating to consistent reporting practices, as applicable) with respect
to such Tax Return on such Payment Date. The Responsible Company shall pay such amount to such Tax Authority on or before such
Payment Date. The Responsible Company shall provide notice to the other Company setting forth such other Company’s responsibility
for the amount of Taxes paid to the Tax Authority and provide proof of payment of such Taxes.

 

(b)            Computation
and Payment of Liability with Respect to Tax Due. Within fifteen (15) days following the
earlier of (i) the due date (including extensions) for filing any such Tax Return (excluding any Tax Return with respect to
payment of estimated Taxes or Taxes due with a request for extension of time to file) or (ii) the date on which such Tax Return
is filed, if Remainco is the Responsible Company, then Spinco shall pay to Remainco the amount allocable to the Spinco Group under
the provisions of this Agreement, and if Spinco is the Responsible Company, then Remainco shall pay to Spinco the amount allocable
to the Remainco Group under the provisions of this Agreement. For the avoidance of doubt, however, the thirty (30) day period described
herein shall not commence unless and until the Responsible Company notifies the other Company pursuant to Section 4.01(a) hereof,
nor shall interest accrue during any time period where such notification has not been received.

 

(c)            Adjustments
Resulting in Underpayments. In the case of any adjustment pursuant to a Final Determination
with respect to any such Tax Return, the Responsible Company shall pay to the applicable Tax Authority when due any additional
Tax due with respect to such Tax Return required to be paid as a result of such adjustment pursuant to such Final Determination.
The Responsible Company shall compute the amount attributable to the Spinco Group or the Remainco Group (as the case may be) in
accordance with this Agreement and Spinco shall pay to Remainco any amount due Remainco (or Remainco shall pay Spinco any amount
due Spinco) under this Agreement within thirty (30) days from the later of (i) the date the additional Tax was paid by the
Responsible Company or, in an instance where no cash payment is due to a Tax Authority, the date of such Final Determination, or
(ii) the date of receipt of a written notice and demand from the Responsible Company for payment of the amount due, accompanied
by evidence of payment and a statement detailing the Taxes paid and describing in reasonable detail the particulars relating thereto.

 

Section 4.02     Indemnification
Payments.

 

(a)            If
any Company (the “Payor”) is required under applicable Tax Law to pay to a Tax Authority a Tax that another
Company (the “Required Company”) is liable for under this Agreement, the Payor shall provide notice to the Required
Company for the amount due, accompanied by evidence of payment and a statement detailing the Taxes paid and describing in reasonable
detail the particulars relating thereto. Such Required Company shall have a period of thirty (30) days after the receipt of notice
to respond thereto. Unless the Required Company disputes the amount it is liable for under this Agreement, the Required Company
shall reimburse the Payor within forty-five (45) days of delivery by the Payor of the notice described above. To the extent the
Required Company does not agree with the amount the Payor claims the Required Company is liable for under this Agreement, the dispute
shall be resolved in accordance with Section 13.

 

    18 

     

    

 

(b)            Any
Tax indemnity payment required to be made by the Required Company pursuant to this Agreement shall be reduced by any corresponding
Tax Benefit payment required to be made to the Required Company by the other Company pursuant to Section 5. For the avoidance
of doubt, a Tax Benefit payment is treated as corresponding to a Tax indemnity payment to the extent the Tax Benefit realized is
directly attributable to the same Tax Item (or adjustment of such Tax Item pursuant to a Final Determination) that gave rise to
the Tax indemnity payment.

 

(c)            All
indemnification payments under this Agreement shall be made by Remainco directly to Spinco and by Spinco directly to Remainco;
provided, however, that if the Companies mutually agree with respect to any such indemnification payment, any member
of the Remainco Group, on the one hand, may make such indemnification payment to any member of the Spinco Group, on the other hand,
and vice versa. All indemnification payments shall be treated in the manner described in Section 12.

 

Section 5.          Tax
Benefits and Remainco Tax Attributes.

 

Section 5.01     Tax
Benefits.

 

(a)            If
a member of the Spinco Group recognizes any Tax Benefit as a result of an adjustment pursuant to a Final Determination to any Taxes
for which a member of the Remainco Group is liable hereunder and such Tax Benefit would not have arisen but for such adjustment
(determined on a “with and without” basis), or if a member of the Remainco Group recognizes any Tax Benefit as a result
of an adjustment pursuant to a Final Determination to any Taxes for which a member of the Spinco Group is liable hereunder and
such Tax Benefit would not have arisen but for such adjustment (determined on a “with and without” basis), Spinco or
Remainco, as the case may be, shall make a payment to the other company within one hundred twenty (120) days following such actual
recognition of the Tax Benefit, in an amount equal to such Tax Benefit.

 

(b)            No
later than one hundred twenty (120) days after a Tax Benefit described in Section 5.01(a) is actually recognized by a
member of the Remainco Group or a member of the Spinco Group, Remainco (if a member of the Remainco Group recognizes such Tax Benefit)
or Spinco (if a member of the Spinco Group recognizes such Tax Benefit) shall provide the other Company with notice of the amount
payable to such other Company by Remainco or Spinco pursuant to this Section 5. In the event that Remainco or Spinco disagrees
with any such calculation described in this Section 5.01(b), Remainco or Spinco shall so notify the other Company in writing
within thirty (30) days of receiving the written calculation set forth above in this Section 5.01(b). Remainco and Spinco
shall endeavor in good faith to resolve such disagreement, and, failing that, the amount payable under this Section 5 shall
be determined in accordance with the disagreement resolution provisions of Section 13 as promptly as practicable.

 

    19 

     

    

 

For the avoidance of doubt, this Section 5
shall apply to any adjustment under Section 482 of the Code or any similar provisions by any Tax Authority increasing the
amount of payments received or deemed received by (1) any member of the Remainco Group from any member of the Spinco Group
or (2) any member of the Spinco Group from any member of the Remainco Group.

 

Section 6.          Tax-Free
Status.

 

Section 6.01     Restrictions
on the Companies.

 

(a)            Restrictions
on Spinco. During the Restricted Period, Spinco and RMT Partner shall not:

 

(i)            enter
into any Proposed Acquisition Transaction, approve any Proposed Acquisition Transaction for any purpose, or allow any Proposed
Acquisition Transaction to occur, with respect to Spinco;

 

(ii)            merge
or consolidate with any other Person (other than (i) pursuant to the Merger or (ii) any merger or consolidation in which
Spinco merges with an entity wholly-owned, directly or indirectly, by RMT Partner and Spinco is the surviving corporation) or liquidate
or partially liquidate; or approve or allow any merger, consolidation, liquidation, or partial liquidation of any of the Active
Business Entities;

 

(iii)            approve
or allow the discontinuance, cessation, or sale or other transfer of, or a material change in, any Active Business;

 

(iv)            approve
or allow the sale, issuance, or other disposition, directly or indirectly, of any share of, or other equity interest or an instrument
convertible into an equity interest in, any of the Active Business Entities;

 

(v)            sell
or otherwise dispose of more than thirty-five percent (35%) percent of its consolidated gross or net assets, or approve or allow
the sale or other disposition (to an Affiliate or otherwise) of more than thirty-five percent (35%) of its consolidated gross or
net assets or more than thirty-five percent (35%) of the consolidated gross or net assets of the Active Business conducted by a
particular Active Business Entity (in each case excluding sales or other dispositions (i) in the ordinary course of business
or (ii) to a Person that is a disregarded entity separate from the transferor for U.S. federal income tax purposes, and measured
based on fair market values as of the Distribution Date);

 

(vi)            amend
its certificate of incorporation (or other organizational documents), or take any other action or approve or allow the taking of
any action, whether through a stockholder vote or otherwise, affecting the voting rights of Spinco stock;

 

    20 

     

    

 

(vii)            issue
shares of a new class of non-voting stock, or otherwise issue shares of stock in a non-pro rata proportion that could reasonably
be expected to have adverse consequences under Section 355(e) of the Code;

 

(viii)            purchase,
directly or through any Affiliate, any of RMT Partner’s outstanding stock, other than through stock purchases meeting the
requirements of Section 4.05(1)(b) of Revenue Procedure 96-30 (without regard to the effect of Revenue Procedure 2003--48
on Revenue Procedure 96-30);

 

(ix)            refinance
or assume (excluding any guarantee of the Spinco New Debt by the RMT Partner or any of its Affiliates), within a year of the Distributions,
the Spinco New Debt; provided that, for purposes of this Section 6.01(a)(ix), SpinCo may repay all or any portion of the SpinCo
New Debt with the proceeds of new third-party indebtedness of SpinCo (the “SpinCo Replacement Debt”) in which
case the representations, warranties and covenants in this Agreement with respect to the SpinCo New Debt shall be deemed to refer
to the SpinCo Replacement Debt;

 

(x)            with
respect to the Distributions, take any action or fail to take any action, or permit any member of the Spinco Group to take any
action or fail to take any action, that is inconsistent with any representation or covenant made in the Tax Opinions/Rulings or
the Ruling Request; or

 

(xi)            take
any action or permit any other member of the Spinco Group to take any action (including any transactions with a third-party or
any transaction with any Company) that, individually or in the aggregate (taking into account other transactions described in this
Section 6.01) would be reasonably likely to adversely affect the Tax-Free Status;

 

provided,
however, that in the case of any of the Active Business Entities, Spinco or RMT Partner shall be permitted to take such
action or one or more actions set forth in the foregoing clauses (ii), (iv) or (v) in connection with any internal restructuring
or integration transaction as long as such action does not cause the Spinco SAG to cease conducting the Active Business being conducted
by such Active Business Entity; provided further, that Spinco or RMT Partner shall be permitted to take such action or one or more
actions set forth in the foregoing clauses (i) through (x) if, prior to taking any such actions, Spinco or RMT Partner
shall (1) have received a favorable private letter ruling from the IRS, or a ruling from another Tax Authority that confirms
that such action or actions will not result in Distribution Taxes, taking into account such actions and any other relevant transactions
in the aggregate (a “Post-Distribution Ruling”), in form and substance satisfactory to Remainco in its discretion,
which discretion shall be reasonably exercised in good faith to prevent the imposition on Remainco, or responsibility for payment
by Remainco, of Distribution Taxes (which discretion shall include consideration of the reasonableness of any representations made
in connection with such Post-Distribution Ruling) or (2) have received an Unqualified Tax Opinion, taking into account such
actions and any other relevant transactions in the aggregate, in form and substance satisfactory to Remainco (including any representations
or assumptions that may be included in such Unqualified Tax Opinion), acting reasonably and in good faith solely to prevent the
imposition on Remainco, or responsibility for payment by Remainco, of Distribution Taxes. Spinco and RMT Partner shall provide
a copy of the Post-Distribution Ruling or the Unqualified Tax Opinion described in this paragraph to Remainco as soon as practicable
prior to taking or failing to take any action set forth in the foregoing clause (a) through (j). Remainco’s evaluation
of a Post-Distribution Ruling or Unqualified Tax Opinion may consider, among other factors, the appropriateness of any underlying
assumptions, representations, and covenants made in connection with such Post-Distribution Ruling or Unqualified Tax Opinion. Spinco
shall bear all costs and expenses of securing any such Post-Distribution Ruling or Unqualified Tax Opinion and shall reimburse
Remainco for all reasonable out-of-pocket costs and expenses that Remainco may incur in good faith in seeking to obtain or evaluate
any such Post-Distribution Ruling or Unqualified Tax Opinion.

 

    21 

     

    

 

(b)            Restrictions
on Remainco. During the Restricted Period, Remainco shall not:

 

(i)            enter
into any Proposed Acquisition Transaction, approve any Proposed Acquisition Transaction for any purpose, or allow any Proposed
Acquisition Transaction to occur with respect to Remainco;

 

(ii)            merge
or consolidate with any other Person or liquidate or partially liquidate; or approve or allow any merger, consolidation, liquidation,
or partial liquidation of any of the Active Business Entities;

 

(iii)            approve
or allow the discontinuance, cessation, or sale or other transfer of, or a material change in, any Active Business;

 

(iv)            approve
or allow the sale, issuance, or other disposition, directly or indirectly, of any share of, or other equity interest or an instrument
convertible into an equity interest in, any of the Active Business Entities;

 

(v)            sell
or otherwise dispose of more than thirty-five percent (35%) percent of its consolidated gross or net assets, or approve or allow
the sale or other disposition (to an Affiliate or otherwise) of more than thirty-five percent (35%) of its consolidated gross or
net assets or more than thirty-five percent (35%) of the consolidated gross or net assets of the Active Business conducted by a
particular Active Business Entity (in each case excluding sales or other dispositions (i) in the ordinary course of business
or (ii) to a Person that is a disregarded entity separate from the transferor for U.S. federal income tax purposes, and measured
based on fair market values as of the Distribution Date);

 

(vi)            amend
its certificate of incorporation (or other organizational documents), or take any other action or approve or allow the taking of
any action, whether through a stockholder vote or otherwise, affecting the voting rights of Remainco stock;

 

(vii)            issue
shares of a new class of non-voting stock, or otherwise issue shares of stock in a non-pro rata proportion that could reasonably
be expected to have adverse consequences under Section 355(e) of the Code;

 

(viii)            with
respect to the Distributions, take any action or fail to take any action, or permit any member of the Remainco Group to take any
action or fail to take any action, that is inconsistent with any representation or covenant made in the Tax Opinions/Rulings or
the Ruling Request; or

 

    22 

     

    

 

(ix)            take
any action or permit any other member of the Remainco Group to take any action (including any transactions with a third-party or
any transaction with any Company) that, individually or in the aggregate (taking into account other transactions described in this
Section 6.01) would be reasonably likely to adversely affect the Tax-Free Status;

 

provided,
however, that in the case of any of the Active Business Entities, Spinco or RMT Partner shall be permitted to take such
action or one or more actions set forth in the foregoing clauses (ii), (iv) or (v) in connection with any internal restructuring
or integration transaction as long as such action does not cause the Remainco SAG to cease conducting the Active Business being
conducted by such Active Business Entity; provided further, that Remainco shall be permitted to take such action or one or more
actions set forth in the foregoing clauses (i) through (ix) if, prior to taking any such actions, Remainco shall (1) have
received a favorable Post-Distribution Ruling, in form and substance satisfactory to RMT Partner in its discretion, which discretion
shall be reasonably exercised in good faith to prevent the imposition on Spinco, or responsibility for payment by Spinco, of Distribution
Taxes (which discretion shall include consideration of the reasonableness of any representations made in connection with such Post-Distribution
Ruling) or (2) have received an Unqualified Tax Opinion, taking into account such actions and any other relevant transactions
in the aggregate, in form and substance satisfactory to RMT Partner (including any representations or assumptions that may be included
in such Unqualified Tax Opinion), acting reasonably and in good faith solely to prevent the imposition on Spinco, or responsibility
for payment by Spinco, of Distribution Taxes. Remainco shall provide a copy of the Post-Distribution Ruling or the Unqualified
Tax Opinion described in this paragraph to RMT Partner as soon as practicable prior to taking or failing to take any action set
forth in the foregoing clause (a) through (j). RMT Partner’s evaluation of a Post-Distribution Ruling or Unqualified
Tax Opinion may consider, among other factors, the appropriateness of any underlying assumptions, representations, and covenants
made in connection with such Post-Distribution Ruling or Unqualified Tax Opinion. Remainco shall bear all costs and expenses of
securing any such Post-Distribution Ruling or Unqualified Tax Opinion and shall reimburse RMT Partner for all reasonable out-of-pocket
costs and expenses that Spinco may incur in good faith in seeking to obtain or evaluate any such Post-Distribution Ruling or Unqualified
Tax Opinion.

 

Section 6.02     Liability
for Distribution Tax-Related Losses. In the event that Distribution Taxes become due and
payable to a Tax Authority pursuant to a Final Determination, then, notwithstanding anything to the contrary in this Agreement:

 

(a)            if
such Distribution Taxes are attributable to a Remainco Tainting Act, then Remainco shall be responsible for any Distribution Tax-Related
Losses;

 

(b)            if
such Distribution Taxes are attributable to a Spinco Tainting Act, then Spinco shall be responsible for any Distribution Tax-Related
Losses;

 

(c)            if
such Distribution Taxes are attributable to both a Remainco Tainting Act and a Spinco Tainting Act, responsibility for such Distribution
Tax-Related Losses shall be allocated between Remainco and Spinco according to relative fault; provided, however, that if such
Distribution Taxes result from the application of Section 355(e) of the Code to the Distributions, (i) Remainco
shall be one hundred percent (100%) responsible for any Distribution Tax-Related Losses if a Remainco Tainting Act causes the application
of Section 355(e) of the Code and a Spinco Tainting Act does not cause the application of Section 355(e) of
the Code, and (ii) Spinco shall be one hundred percent (100%) responsible for any Distribution Tax-Related Losses if a Spinco
Tainting Act cause the application of Section 355(e) of the Code and a Remainco Tainting Act does not cause the application
of Section 355(e) of the Code;

 

    23 

     

    

 

(d)            if
such Distribution Taxes are attributable to an error on the Final Overlap Shareholder Spreadsheet or otherwise to the failure of
the Tax-Free Status because of an issue with respect to the computation or availability of Overlap Shareholders, then Spinco shall
be responsible for 90% of any Distribution Tax-Related Losses and Remainco shall be responsible for 10% of any Distribution Tax-Related
Losses; and

 

(e)            if
such Distribution Taxes are not attributable to a Remainco Tainting Act or a Spinco Tainting Act or an event described in Section 6.02(d) of
this Agreement, then Remainco shall be one hundred percent (100%) responsible for any Distribution Tax-Related Losses.

 

Section 7.         Cooperation
and Reliance.

 

Section 7.01     Assistance
and Cooperation.

 

(a)            The
Companies shall cooperate (and cause their respective Affiliates to cooperate) with each other and with each other’s agents,
including accounting firms and legal counsel, in connection with Tax matters relating to the Companies and their Affiliates including
(i) preparation and filing of Tax Returns, (ii) determining the liability for and amount of any Taxes due (including
estimated Taxes) or the right to and amount of any refund of Taxes, (iii) examinations of Tax Returns, and (iv) any administrative
or judicial proceeding in respect of Taxes assessed or proposed to be assessed. Such cooperation shall include making all information
and documents in their possession relating to the other Company and its Affiliates available to such other Company as provided
in Section 8. Each of the Companies shall also make available to the other, as reasonably requested and available, personnel
(including officers, directors, employees and agents of the Companies or their respective Affiliates) responsible for preparing,
maintaining, and interpreting information and documents relevant to Taxes, and personnel reasonably required as witnesses or for
purposes of providing information or documents in connection with any administrative or judicial proceedings relating to Taxes.

 

(b)            Any
information or documents provided under this Section 7 shall be kept confidential by the Company receiving the information
or documents, except as may otherwise be necessary in connection with the filing of Tax Returns or in connection with any administrative
or judicial proceedings relating to Taxes. Notwithstanding any other provision of this Agreement or any other agreement, (i) neither
Company nor any Affiliate shall be required to provide the other Company or any Affiliate or any other Person access to or copies
of any information or procedures (including the proceedings of any Tax Contest) other than information or procedures that relate
solely to the first Company, the business or assets of the first Company or any of its Affiliates and (ii) in no event shall
any Company or its Affiliates be required to provide the other Company, any of the other Company’s Affiliates or any other
Person access to or copies of any information if such action could reasonably be expected to result in the waiver of any Privilege.
In addition, in the event that a Company determines that the provision of any information to the other Company or an Affiliate
of the other Company could be commercially detrimental, violate any Law or agreement or waive any Privilege, the Company shall
use reasonable best efforts to permit compliance with its obligations under this Section 7 in a manner that avoids any such
harm or consequence.

 

    24 

     

    

 

Section 7.02     Tax
Return Information. Spinco and Remainco acknowledge that time is of the essence in relation
to any request for information, assistance or cooperation made by Remainco or Spinco pursuant to Section 7.01 or this Section 7.02.
Each Company shall provide to the other Company information and documents relating to its Group required by the other Company to
prepare Tax Returns. Any information or documents the Responsible Company requires to prepare such Tax Returns shall be provided
in such form as the Responsible Company reasonably requests and in sufficient time for the Responsible Company to file such Tax
Returns on a timely basis.

 

Section 7.03     Non-Performance.
If a Company (or any of its Affiliates) fails to comply with any of its obligations set forth in this Section 7 upon reasonable
request and notice by the other Company (or any of its Affiliates) and such failure results in the imposition of additional Taxes,
the non-performing Company shall be liable in full for such additional Taxes.

 

Section 7.04     Costs.
Each Company shall devote the personnel and resources necessary in order to carry out this Section 7 and shall make its employees
available on a mutually convenient basis to provide explanations of any documents or information provided hereunder. Each Company
shall carry out its responsibilities under this Section 7 at its own cost and expense.

 

Section 8.          Tax
Records.

 

Section 8.01     Retention
of Tax Records. Each Company shall preserve and keep all Tax Records exclusively relating
to the assets and activities of its Group for Pre-Distribution Periods (including Tax Records relevant to the abandoned property
audits commenced prior to the date hereof in the possession of the Spinco Group, including electronic records in the Spinco Group’s
SAP Software Solutions or Navision systems), and Remainco shall preserve and keep all other Tax Records relating to Taxes of the
Groups for Pre-Distribution Periods, for so long as the contents thereof may become material in the administration of any matter
under the Code or other applicable Tax Law, but in any event until the later of (i) the expiration of any applicable statutes
of limitations, or (ii) seven (7) years after the Distribution Date (such later date, the “Retention Date”).
After the Retention Date, each Company may dispose of such Tax Records upon ninety (90) days’ prior written notice to the
other Company. If, prior to the Retention Date, (a) a Company reasonably determines that any Tax Records which it would otherwise
be required to preserve and keep under this Section 8 are no longer material in the administration of any matter under the
Code or other applicable Tax Law and the other Company agrees, then such first Company may dispose of such Tax Records upon ninety
(90) days’ prior notice to the other Company. Any notice of an intent to dispose given pursuant to this Section 8.01
shall include a list of the Tax Records to be disposed of describing in reasonable detail each file, book, or other record accumulation
being disposed. The notified Company shall have the opportunity, at its cost and expense, to copy or remove, within such ninety
(90)-day period, all or any part of such Tax Records. If, at any time prior to the Retention Date, a Company determines to decommission
or otherwise discontinue any computer program or information technology system used to access or store any Tax Records (including
electronic records in the Spinco Group’s SAP Software Solutions or Navision systems), then such Company may decommission
or discontinue such program or system upon ninety (90) days’ prior notice to the other Company and the other Company shall
have the opportunity, at its cost and expense, to copy, within such ninety (90)-day period, all or any part of the underlying data
relating to the Tax Records accessed by or stored on such program or system.

 

    25 

     

    

 

Section 8.02     Access
to Tax Records. The Companies and their respective Affiliates shall make available to
each other for inspection and copying during normal business hours upon reasonable notice all Tax Records (and, for the avoidance
of doubt, any pertinent underlying data accessed or stored on any computer program or information technology system, including
in the Spinco Group’s SAP Software Solutions or Navision systems)) in their possession and shall permit the other Company
and its Affiliates, authorized agents and representatives and any representative of a Tax Authority or other Tax auditor direct
access during normal business hours upon reasonable notice to any computer program or information technology system used to access
or store any Tax Records, in each case to the extent reasonably required by the other Company in connection with the preparation
of Tax Returns or financial accounting statements, audits, litigation, or the resolution of items under this Agreement. To the
extent any Tax Records are required to be or are otherwise transferred by the Companies or their respective Affiliates to any person
other than an Affiliate, the Company or its respective Affiliate shall transfer such records to the other Company at such time.

 

Section 9.          Tax
Contests.

 

Section 9.01     Notice.
Each of the Companies shall provide prompt notice to the other Company of any written
communication from a Tax Authority regarding any pending or threatened Tax audit, assessment or proceeding or other Tax Contest
of which it becomes aware related to Taxes for which it is indemnified by the other Company hereunder. Such notice shall attach
copies of the pertinent portion of any written communication from a Tax Authority and contain factual information (to the extent
known) describing any asserted Tax liability in reasonable detail and shall be accompanied by copies of any notice and other documents
received from any Tax Authority in respect of any such matters. If an indemnified Company has knowledge of an asserted Tax liability
with respect to a matter for which it is entitled to indemnification hereunder and such Company fails to give the indemnifying
Company prompt notice of such asserted Tax liability and the indemnifying Company is entitled under this Agreement to contest the
asserted Tax liability, then (i) if the indemnifying Company is precluded from contesting the asserted Tax liability in any
forum as a result of the failure to give prompt notice, the indemnifying Company shall have no obligation to indemnify the indemnified
Company for such Tax liability or any other Taxes arising from such failure, and (ii) if the indemnifying Company is not precluded
from contesting the asserted Tax liability in any forum, but such failure to give prompt notice results in a material monetary
detriment to the indemnifying Company, then any amount which the indemnifying Company is otherwise required to pay the indemnified
Company pursuant to this Agreement shall be reduced by the amount of such detriment.

 

    26 

     

    

 

Section 9.02     Control
of Tax Contests.

 

(a)            Controlling
Company. In the case of any Tax Contest with respect to any Tax Return, the Company that
would be primarily liable under this Agreement to pay the applicable Tax Authority the Taxes resulting from such Tax Contest shall
administer and control such Tax Contest (the “Controlling Company”); provided, however, with respect to any
Tax Contest relating to a Pre-Distribution Period and Spinco with respect to which Remainco is the Controlling Company, Remainco
at its election may direct Spinco to conduct all or part of such Tax Contest subject to the supervision and direction of Remainco
at Remainco’s expense.

 

(b)            Settlement
Rights. The Controlling Company must obtain the prior consent, such consent not
to be unreasonably withheld, conditioned or delayed, of the other non-controlling Company (the “Non-Controlling Company”)
prior to contesting, litigating, compromising or settling any Tax Contest related to an adjustment which the Non-Controlling Company
may reasonably be expected to become liable to make any indemnification payment under this Agreement (or any payment under Section 5).
Unless waived by the Companies in writing, in connection with any potential adjustment in a Tax Contest as a result of which adjustment
the Non-Controlling Company may reasonably be expected to become liable to make any indemnification payment under this Agreement
(or any payment under Section 5) to the Controlling Company under this Agreement: (i) the Controlling Company shall keep
the Non-Controlling Company informed in a timely manner of all actions taken or proposed to be taken by the Controlling Company
with respect to such potential adjustment in such Tax Contest; (ii) the Controlling Company shall provide the Non-Controlling
Company copies of any written materials relating to such potential adjustment in such Tax Contest received from any Tax Authority;
(iii) the Controlling Company shall timely provide the Non-Controlling Company with copies of any correspondence or filings
submitted to any Tax Authority or judicial authority in connection with such potential adjustment in such Tax Contest; (iv) the
Controlling Company shall consult with the Non-Controlling Company (including, without limitation, regarding the use of outside
advisors to assist with the Tax Contest) and offer the Non-Controlling Company a reasonable opportunity to comment before submitting
any written materials prepared or furnished in connection with such potential adjustment in such Tax Contest; and (v) the
Controlling Company shall defend such Tax Contest diligently and in good faith. The failure of the Controlling Company to take
any action specified in the preceding sentence with respect to the Non-Controlling Company shall not relieve the Non-Controlling
Company of any liability and/or obligation which it may have to the Controlling Company under this Agreement except to the extent
that the Non-Controlling Company was actually harmed by such failure, and in no event shall such failure relieve the Non-Controlling
Company from any other liability or obligation which it may have to the Controlling Company.

 

(c)            Tax
Contest Participation. Unless waived by the Companies in writing, the Controlling Company
shall provide the Non-Controlling Company with written notice reasonably in advance of, and the Non-Controlling Company shall have
the right to attend, any formally scheduled meetings with Tax Authorities or hearings or proceedings before any judicial authorities
in connection with any potential adjustment in a Tax Contest pursuant to which the Non-Controlling Company may reasonably be expected
to become liable to make any indemnification payment (or any payment under Section 5) to the Controlling Company under this
Agreement. The failure of the Controlling Company to provide any notice specified in this Section 9.02(c) to the Non-Controlling
Company shall not relieve the Non-Controlling Company of any liability and/or obligation which it may have to the Controlling Company
under this Agreement except to the extent that the Non-Controlling Company was actually harmed by such failure, and in no event
shall such failure relieve the Non-Controlling Company from any other liability or obligation which it may have to the Controlling
Company.

 

    27 

     

    

 

(d)            Power
of Attorney. Each member of the Spinco Group shall execute and deliver to Remainco (or
such member of the Remainco Group as Remainco shall designate) any power of attorney or other similar document reasonably requested
by Remainco (or such designee) in connection with any Tax Contest (as to which Remainco is the Controlling Company) described in
this Section 9. Each member of the Remainco Group shall execute and deliver to Spinco (or such member of the Spinco Group
as Spinco shall designate) any power of attorney or other similar document requested by Spinco (or such designee) in connection
with any Tax Contest (as to which Spinco is the Controlling Company) described in this Section 9.

 

(e)            Costs.
All external out-of-pocket costs and expenses that are incurred by the Controlling Company
with respect to a Tax Contest related to an adjustment which the Non-Controlling Company may reasonably be expected to become liable
to make any indemnification payment under this Agreement shall be shared by the Companies according to each Company’s relative
share of the potential Tax liability with respect to the Tax Contest as determined under this Agreement; provided, however,
that a Non-Controlling Company shall not be liable for fees payable to outside advisors to the extent that the Controlling Company
failed to consult with the Non-Controlling Company pursuant to Section 9.02(b). If the Controlling Company incurs out-of-pocket
costs and expenses to be shared under this Section 9.02(e) during a fiscal quarter, such Controlling Company shall provide
notice to the Non-Controlling Company within thirty (30) days after the end of such fiscal quarter for the amount due from such
Non-Controlling Company pursuant to this Section 9.02(e), describing in reasonable detail the particulars relating thereto.
Such Non-Controlling Company shall have a period of thirty (30) days after the receipt of notice to respond thereto. Unless the
Non-Controlling Company disputes the amount it is liable for under this Section 9.02(e), the Non-Controlling Company shall
reimburse the Controlling Company within forty-five (45) days of delivery by the Controlling Company of the notice described above.
To the extent the Non-Controlling Company does not agree with the amount the Controlling Company claims the Non-Controlling Company
is liable for under this Section 9.02(e), the dispute shall be resolved in accordance with Section 13. During the first
month of each fiscal quarter in which it expects to incur costs for which reimbursement may be sought under this Section 9.02(e),
the Controlling Company will provide the Non-Controlling Company with a good faith estimate of such costs.

 

Section 10.        Effective
Date; Termination of Prior Intercompany Tax Allocation Agreements. This Agreement shall
be effective as of the date hereof. As of the Distribution Date, (i) all prior intercompany Tax allocation agreements or arrangements
between one or more members of the Remainco Group, on the one hand, and one or more members of the Spinco Group, on the other hand,
shall be terminated; and (ii) amounts due under such agreements shall be settled. Upon such termination and settlement, no
further payments by or to Remainco or by or to Spinco with respect to such agreements shall be made, and all other rights and obligations
resulting from such agreements between the Companies and their Affiliates shall cease at such time.

 

    28 

     

    

 

Section 11.       Survival
of Obligations. The representations, warranties, covenants and agreements set forth in
this Agreement shall be unconditional and absolute and shall remain in effect without limitation as to time.

 

Section 12.       Treatment
of Payments; Tax Gross Up.

 

Section 12.01    Treatment
of Tax Indemnity and Tax Benefit Payments. In the absence of any change in Tax treatment
under the Code or other applicable Tax Law,

 

(a)            any
Tax indemnity payments made by a Company under this Agreement shall be treated for Tax purposes by the Payor and the recipient
as distributions or capital contributions, as appropriate, occurring immediately before the Spin-Off (but only to the extent the
payment does not relate to a Tax allocated to the Payor in accordance with Section 1552 of the Code or the Treasury Regulations
thereunder or Treasury Regulations Section 1.1502-33(d) (or under corresponding principles of other applicable Tax Laws))
or as payments of an assumed or retained liability, and

 

(b)            any
Tax Benefit payments made by a Company under Section 5, shall be treated for Tax purposes by the Payor and the recipient as
distributions or capital contributions, as appropriate, occurring immediately before the Spin-Off (but only to the extent the payment
does not relate to a Tax allocated to the Payor in accordance with Section 1552 of the Code or the Treasury Regulations thereunder
or Treasury Regulations Section 1.1502-33(d) (or under corresponding principles of other applicable Tax Laws)) or as
payments of an assumed or retained liability.

 

Section 12.02     Tax
Gross Up. If notwithstanding the manner in which Tax indemnity payments and Tax Benefit
payments were reported, there is an adjustment to the Tax liability of a Company as a result of its receipt of a payment pursuant
to this Agreement (disregarding for these purposes any such adjustment which arises solely as a result of a failure of the recipient
Company to distribute such payment in the manner described in Section 361(b)(1)(A) of the Code) such payment shall be
appropriately adjusted so that the amount of such payment, reduced by all Income Taxes payable with respect to the receipt thereof
(but taking into account all correlative Tax Benefits resulting from the payment of such Income Taxes), shall equal the amount
of the payment which the Company receiving such payment would otherwise be entitled to receive pursuant to this Agreement.

 

Section 13.        Disagreements.

 

Section 13.01     Disputes.
Except as set forth in Section 13.03 and Section 13.04, in the event of any
dispute or disagreement (a “Dispute”) between any member of the Remainco Group and any member of the Spinco
Group under this Agreement, the provisions of Article VII of the Separation and Distribution Agreement shall apply mutatis
mutandis.

 

    29 

     

    

 

Section 13.02     Referral
to Tax Advisor for Computational Disputes. Notwithstanding anything to the contrary in
Section 13.01, with respect to any Dispute under this Agreement involving computational matters (excluding, for the avoidance
of doubt, the determination under the Merger Agreement of Overlap Shareholders), if the Parties are not able to resolve the Dispute
through the process set forth in Section 13.01, then such Dispute will be referred to a Tax Advisor acceptable to each of
the Companies to act as an arbitrator in order to resolve the Dispute. In the event that the Companies are unable to agree upon
a Tax Advisor within fifteen (15) days following the completion of the discussion process, the Companies shall each separately
retain an independent, nationally recognized law or accounting firm (each, a “Preliminary Tax Advisor”), which
Preliminary Tax Advisors shall jointly select a Tax Advisor on behalf of the Companies to act as an arbitrator in order to resolve
the Dispute. The Tax Advisor may, in its discretion, obtain the services of any third-party appraiser, accounting firm or consultant
that the Tax Advisor deems necessary to assist it in resolving such disagreement. The Tax Advisor shall furnish written notice
to the Companies of its resolution of any such Dispute as soon as practical, but in any event no later than thirty (30) days after
its acceptance of the matter for resolution. Any such resolution by the Tax Advisor will be conclusive and binding on the Companies.
Following receipt of the Tax Advisor’s written notice to the Companies of its resolution of the Dispute, the Companies shall
each take or cause to be taken any action necessary to implement such resolution of the Tax Advisor. Each Company shall pay its
own fees and expenses (including the fees and expenses of its representatives) incurred in connection with the referral of the
matter to the Tax Advisor (and the Preliminary Tax Advisors, if any). All fees and expenses of the Tax Advisor (and the Preliminary
Tax Advisors, if any) in connection with such referral shall be shared equally by the Companies.

 

Section 13.03     Injunctive
Relief. Nothing in this Section 13 will prevent either Company from seeking injunctive
relief if any delay resulting from the efforts to resolve the Dispute through the process set forth above could result in serious
and irreparable injury to either Company. Notwithstanding anything to the contrary in this Agreement, Remainco and Spinco are the
only members of their respective Group entitled to commence a dispute resolution procedure under this Agreement, and each of Remainco
and Spinco will cause its respective Group members not to commence any dispute resolution procedure other than as provided in this
Section 13.

 

Section 14.        Expenses.
Except as otherwise expressly provided to the contrary in this Agreement or in any Ancillary Agreement, any amount to be paid or
reimbursed by a Party (and/or a member of such Party’s Group), on the one hand, to the other Party (and/or a member of such
Party’s Group), on the other hand, under this Agreement shall be paid or reimbursed hereunder within 30 days after presentation
of an invoice or a written demand therefor and setting forth, or accompanied by, reasonable documentation or other reasonable explanation
supporting such amount.

 

Section 15.       General
Provisions.

 

Section 15.01     Notices.
All notices, requests, demands and other communications under this Agreement shall be
in writing and shall be deemed to have been duly given or made as follows: (a) if sent by registered or certified mail in
the U.S. return receipt requested, upon receipt; (b) if sent by nationally recognized overnight air courier (such as
Federal Express), two (2) Business Days after mailing; (c) if sent by facsimile transmission or e-mail before 5:00
p.m. Central Time, when transmitted and receipt is confirmed; (d) if sent by facsimile transmission or e-mail after
5:00 p.m. Central Time and receipt is confirmed, on the following Business Day; or (e) if otherwise actually personally
delivered, when delivered; provided that such notices, requests, demands and other communications are delivered to
the physical address, e-mail address or facsimile number set forth below, or to such other address as any Party shall provide by
like notice to the other Parties to this Agreement:

 

    30 

     

    

 

if to Remainco or, prior to the Distributions,
Spinco, to:

 

Rexnord Corporation

511 W. Freshwater Way

Milwaukee, WI 53204

Attention: Patricia M. Whaley, Vice President, General Counsel & Secretary

Email: [#####]

 

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

 

Morgan, Lewis & Bockius LLP 

101 Park Avenue

New York, NY 10178 

Attention: R. Alec Dawson and Andrew L. Milano 

Phone:   (212) 309-7092 

(212) 309-6252 

Fax: (212) 309-6001 

Email:
alec.dawson@morganlewis.com

       andrew.milano@morganlewis.com

 

and

 

Richards, Layton & Finger, P.A. 

920 North King Street 

P.O. Box 551 

Wilmington, DE 19801 

Attention: Mark Gentile and Stephanie Norman 

Phone: (302) 651-7722; (302) 651-7756 

Email: gentile@rlf.com; norman@rlf.com

 

if to RMT Partner or, following the Distributions,
Spinco, to:

 

Regal Beloit Corporation

200 State Street

Beloit, WI 53511

Attention: Thomas E. Valentyn, Vice President, General Counsel and Secretary

Email: [#####]

 

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

 

Sidley Austin LLP

One South Dearborn Street

Chicago, IL 60603

Attention: Scott R. Williams and Christopher R. Hale

Fax: (312) 853-7036

Email: swilliams@sidley.com and chale@sidley.com

 

    31 

     

    

 

A copy of any notice from Remainco to Spinco,
or from Spinco to Remainco, prior to the Distributions shall be provided to RMT Partner in accordance with the notice procedures
set forth in this Section 15.01.

 

Section 15.02     Binding
Effect; Assignment. This Agreement shall be binding upon, and shall be enforceable by
and inure solely to the benefit of, the Parties and their respective successors and permitted assigns; provided, however,
that neither this Agreement nor any Party’s rights or obligations hereunder may be assigned or delegated by such Party without
the prior written consent of the other Parties, except that a Party may assign any of its rights under this Agreement: (i) as
collateral security to a creditor, (ii) to one of its Affiliates or (iii)(A) in connection with the sale of all or substantially
all of its assets or (B) in the case of RMT Partner or Spinco in connection with the sale of substantially all of the assets
of the Spinco Business or the business unit of which it is a part; provided, however, that in each case, no such assignment shall
relieve such Party of any of its obligations. Any attempted assignment or delegation of this Agreement or any of such rights or
obligations by any Party in violation of this Agreement without the prior written consent of the other Parties shall be void and
of no effect.

 

Section 15.03     Waiver.
No failure on the part of any Party to exercise any power, right, privilege or remedy
under this Agreement, and no delay on the part of any Party in exercising any power, right, privilege or remedy under this Agreement,
shall operate as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power,
right, privilege or remedy shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy.
The rights and remedies hereunder are cumulative and not exclusive of any rights or remedies that any Party would otherwise have.
No Party shall be deemed to have waived any claim arising out of this Agreement, or any power, right, privilege or remedy under
this Agreement, unless the waiver of such claim, power, right, privilege or remedy is expressly set forth in a written instrument
duly executed and delivered on behalf of such Party, and, in the case of waivers by Remainco or Spinco or any of their Subsidiaries,
consented to in writing by RMT Partner; and any waiver shall not be applicable or have any effect except in the specific instance
in which it is given.

 

Section 15.04     Severability.
Any term or provision of this Agreement (or part thereof) that is invalid or unenforceable
in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions of this
Agreement or the validity or enforceability of the offending term or provision (or part thereof) in any other situation or in any
other jurisdiction. If a final judgment of a court of competent jurisdiction declares that any term or provision of this Agreement
(or part thereof) is invalid or unenforceable, the Parties agree that the court making such determination shall have the power
to limit such term or provision (or part thereof), to delete specific words or phrases or to replace such term or provision with
a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable
term or provision (or part thereof), and this Agreement shall be valid and enforceable as so modified. In the event such court
does not exercise the power granted to it in the prior sentence, the Parties agree to replace such invalid or unenforceable term
or provision (or part thereof) with a valid and enforceable term or provision that will achieve, to the extent possible, the economic,
business and other purposes of such invalid or unenforceable term or provision.

 

    32 

     

    

 

Section 15.05     Authority.
Each of the Parties represents to the other that (a) it has the corporate or other
requisite power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance
of this Agreement have been duly authorized by all necessary corporate or other action, (c) it has duly and validly executed
and delivered this Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’
rights generally and general equity principles.

 

Section 15.06     Further
Action. The Parties shall execute and deliver all documents, provide all information,
and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement, including
the execution and delivery to the other Parties and their Affiliates and representatives of such powers of attorney or other authorizing
documentation as is reasonably necessary or appropriate in connection with Tax Contests (or portions thereof) under the control
of such other Parties in accordance with Section 9.

 

Section 15.07     Integration.
The exhibits and schedules hereto shall be construed with and as an integral part of this
Agreement to the same extent as if the same had been set forth verbatim herein. Nothing in the exhibits or schedules hereto constitutes
an admission of any liability or obligation of any member of the Remainco Group or the Spinco Group or any of their respective
Affiliates to any third party, nor, with respect to any third party, an admission against the interests of any member of the Remainco
Group or the Spinco Group or any of their respective Affiliates. The inclusion of any item or liability or category of item or
liability on any exhibit or schedule hereto is made solely for purposes of allocating potential liabilities among the Parties and
shall not be deemed as or construed to be an admission that any such liability exists. Except as expressly set forth herein, this
Agreement is not intended to address, and should not be interpreted to address, the matters specifically and expressly covered
by the Separation and Distribution Agreement, the Merger Agreement or any of the other Ancillary Agreements. In furtherance thereof,
except as otherwise specifically set forth in this Agreement or the Separation and Distribution Agreement, the rights and obligations
of the Parties with respect to Taxes shall be governed by this Agreement.

 

Section 15.08     Rules of
Construction.

 

(a)            For
purposes of this Agreement, whenever the context requires: the singular number shall include the plural, and vice versa; the
masculine gender shall include the feminine and neuter genders; the feminine gender shall include the masculine and neuter
genders; and the neuter gender shall include masculine and feminine genders.

 

(b)            The
Parties agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting Party shall
not be applied in the construction or interpretation of this Agreement.

 

(c)            As
used in this Agreement, unless otherwise specified, the words “include” and “including,” and variations
thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words “without limitation.”

 

    33 

     

    

 

(d)            As
used in this Agreement, the word “extent” in the phrase “to the extent” shall mean the degree to which
a subject or other thing extends, and such phrase shall not mean simply “if.”

 

(e)            As
used in this Agreement, the terms “or,” “any” or “either” are not exclusive.

 

(f)            Except
as otherwise indicated, all references in this Agreement to “Articles,” “Sections,” “Exhibits”
and “Schedules” are intended to refer to Sections or Articles of this Agreement and exhibits or schedules to this Agreement.

 

(g)            As
used in this Agreement, the terms “hereunder,” “hereof,” “hereto,” “herein” and
words of similar import shall be deemed to refer to this Agreement as a whole and not to any particular Section or other provision.

 

(h)            The
headings contained in this Agreement are for convenience of reference only, shall not be deemed to be a part of this Agreement
and shall not be referred to in connection with the construction or interpretation of this Agreement.

 

(i)            Any
payment to be made pursuant hereto shall be made in U.S. dollars and by wire transfer of immediately available funds.

 

(j)            Unless
the context requires otherwise, references in this Agreement to “Remainco” shall also be deemed to refer to the applicable
member of the Remainco Group, references to “Spinco” shall also be deemed to refer to the applicable member of the
Spinco Group and, in connection therewith, any references to actions or omissions to be taken, or refrained from being taken, as
the case may be, by Remainco or Spinco shall be deemed to require Remainco or Spinco, as the case may be, to cause the applicable
members of the Remainco Group or the Spinco Group, respectively, to take, or refrain from taking, any such action. In the event
of any inconsistency or conflict which may arise in the application or interpretation of any of the definitions set forth in Section 1,
for the purpose of determining what is and is not included in such definitions, any item explicitly included on a schedule referred
to in any such definition shall take priority over any provision of the text thereof.

 

Section 15.09     Double
Recovery. Nothing in this Agreement is intended to confer to or impose upon any Party
a duplicative recovery with respect to any matter arising out of the same facts and circumstances.

 

Section 15.10     Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed
an original and all of which shall constitute one and the same instrument. The exchange of a fully executed Agreement (in counterparts
or otherwise) by facsimile or electronic transmission shall be sufficient to bind the Parties to the terms and conditions of this
Agreement.

 

    34 

     

    

 

Section 15.11     Governing
Law; Jurisdiction; Remedies. This Agreement shall be governed by, and construed in accordance
with, the Laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts
of laws thereof. In any dispute between any of the Parties arising out of or relating to this Agreement or any of the transactions
contemplated hereby: (a) each of the Parties irrevocably and unconditionally consents and submits to the exclusive jurisdiction
and venue of the Court of Chancery of the State of Delaware or, if under applicable Law, the Court of Chancery does not have subject
matter jurisdiction over such matter in any federal court in the State of Delaware or, if under applicable Law, neither such court
has subject matter jurisdiction over such matter, in any other state court in the State of Delaware, and in each case any appellate
court with jurisdiction therefrom (the “Chosen Courts”); (b) each of the Parties irrevocably waives the right
to trial by jury; and (c) each of the Parties irrevocably and unconditionally waives, and agrees not to assert, by way
of motion or as a defense, counterclaim or otherwise, any claim (i) that it is not personally subject to the jurisdiction
of the Chosen Courts as described herein for any reason; (ii) that it or its property is exempt or immune from jurisdiction
of any such court or from any legal process commenced in such courts; and (iii) that (x) the claim, action, suit
or other dispute in any such court is brought in an inconvenient forum; (y) the venue of such claim, action, suit or
other dispute is improper; or (z) this Agreement, the Ancillary Agreements, or the subject matter hereof or thereof,
may not be enforced in or by such courts. Each of the Parties further agrees that, to the fullest extent permitted by applicable
Law, service of any process, summons, notice or document in accordance with the provisions of Section 15.01 will be effective
service of process for any claim, action, suit or other dispute in the Chosen Courts, with respect to any matters to which it has
submitted to jurisdiction as set forth in this paragraph. The Parties hereby agree that a final judgment in any such claim, suit,
action or other dispute will be conclusive, subject to any appeal, and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by applicable Law. The Parties agree that irreparable damage would occur and that the Parties would
not have any adequate remedy at law in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to specific performance
and injunctive or other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions
of this Agreement without the requirement for the posting of any bond, this being in addition to any other remedy to which they
are entitled at law or in equity. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of,
any rights or remedies otherwise available.

 

Section 15.12     Amendment.
This Agreement may not be amended except by an instrument in writing signed by an authorized representative of each of the Parties..

 

Section 15.13     Remainco
or Spinco Affiliates. If, at any time, Remainco or Spinco acquires or creates one or more
Affiliates that are includable in the Remainco Group or Spinco Group, as the case may be, they shall be subject to this Agreement
and all references to the Remainco Group or Spinco Group, as the case may be, herein shall thereafter include a reference to such
Affiliates.

 

Section 15.14     Successors.
This Agreement shall be binding on and inure to the benefit of any successor by merger, acquisition of assets, or otherwise, to
any of the Parties hereto (including but not limited to any successor of Remainco or Spinco succeeding to the Tax attributes of
either under Section 381 of the Code), to the same extent as if such successor had been an original Party to this Agreement.
As of the Effective Time, this Agreement shall be binding on RMT Partner and RMT Partner shall be subject to the obligations and
restrictions imposed on Spinco hereunder and, for the avoidance of doubt, any restrictions applicable to Spinco shall apply to
RMT Partner mutatis mutandis.

 

    35 

     

    

 

Section 15.15     Third-Party-Beneficiaries.
This Agreement is solely for the benefit of the Parties and nothing in this Agreement, express or implied, is intended to or shall
confer upon any Person (other than the Parties) any right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement.

 

[Signature page follows.]

 

    36 

     

    

 

IN WITNESS WHEREOF,
each Party has caused this Agreement to be executed on its behalf by a duly authorized officer on the date first set forth above.

 

Rexnord Corporation,
a Delaware corporation

 

 

	By:	/s/ Todd A. Adams	 
	Name: 	Todd A. Adams	 
	Title:	President and Chief Executive Officer	 
	 	 	 
	 	 	 
	Land Newco, Inc., a Delaware corporation	 
	 	 	 
	 	 	 
	By:	/s/ Todd A. Adams	 
	Name: 	Todd A. Adams	 
	Title:	President	 

 

     

     

    

 

IN WITNESS WHEREOF, each Party has caused
this Agreement to be executed on its behalf by a duly authorized officer on the date first set forth above.

 

 

Regal Beloit Corporation,
a Wisconsin corporation

 

 

	By:	/s/ Louis V. Pinkham	 
	Name: 	Louis V. Pinkham	 
	Title:	Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}]]