Document:

Topo Master Services Agreement

 Exhibit 10.275 
 Portions of this exhibit marked [*] are requested to be treated confidentially. 
 TOPO MASTER SERVICES AGREEMENT 
 This TOPO MASTER SERVICES AGREEMENT
(“Agreement”), effective as of November 16, 2009 (“Effective Date”), is by and between Janssen Pharmaceutica, N.V., a corporation organized and existing under the laws of Belgium whose principal place of business is at
Turnhoutseweg 30, 2340 Beerse, Belgium (“Janssen”), and PPD Therapeutics, Inc., a Delaware corporation having an office at 3900 Paramount Parkway, Morrisville, North Carolina 27560 (“PPD”). Janssen and PPD are sometimes referred
to herein individually as a “Party” and collectively as the “Parties.” 
 WHEREAS, PPD is a company which
specializes in the development of compounds in many indications; and 
 WHEREAS, Janssen is in the business of performing
research aimed at discovering, developing and manufacturing pharmaceutical products, and has proprietary or license rights relating to certain technology used in such research and compounds discovered or developed in such research; and 

WHEREAS, Janssen and PPD entered into a Development and License Agreement, effective November 16, 2009, relating to the development
and license of a certain compound identified as [*] (the “TOPO License”); 
 WHEREAS, Janssen and PPD entered into a
TOPO Quality Agreement, effective November 16, 2009, relating to quality assurance and quality control activities related to the Services and Products conducted hereunder (the “TOPO Quality Agreement”); and 
 WHEREAS, in furtherance of the obligations of the Parties under the TOPO License, PPD would like to engage Janssen and its Affiliates to
perform Services (as defined below), and Janssen is willing to provide Services to PPD pursuant to the terms of this Agreement; 
  
 [*] Confidential treatment requested; certain information omitted and filed separately with the SEC. 

 NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements
hereinafter set forth, the Parties hereto agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 All capitalized terms not otherwise
defined in this Agreement shall have the definitions set forth in the TOPO License. As used throughout this Agreement, each of the following terms shall have the respective meaning set forth below: 
 1.01 “Applicable Laws” means all laws, rules, regulations, and guidelines of the United States (including but not limited to those
enforced by the FDA) and any other jurisdiction in which Services are rendered under this Agreement, including but not limited to those applicable to the provision of Services hereunder (including but not limited to those concerning the manufacture,
shipping, or handling of products for human therapeutic use). 
 1.02 “Costs” means, with respect to Janssen’s
supply of Product and/or provision of Services hereunder, Janssen’s reasonable, documented costs, including but not limited to such costs of all raw materials, intermediates, reagents, solvents, excipients, comparators, packaging and labeling
supplies, shipping expenses, and externally contracted materials or services and labor used or consumed in provision of Services, including all overhead amounts reasonably allocable to such Products and/or Services hereunder, provided that
(i) all of the foregoing shall be calculated in accordance with U.S. GAAP and (ii) such costs shall not include any costs for lot failures, batch failures, or other quality control, production, or performance failures to the extent such
failures result from any factors reasonably within Janssen’s (or its Affiliates’ or third party contractors’) control or any negligence, intentional misconduct, or breach of this Agreement by Janssen, any Affiliate thereof, or any
employees, agents, contractors, directors, officers, or other representatives of any of the foregoing. 
 1.03
“Deliverables” (each, a “Deliverable”) shall mean itemized parts or portions of the obligations to supply Products and/or perform Services which are designated in a Work Order. 
 1.04 “Deliverable Dates” (each, a “Deliverable Date”) shall mean a date for a particular Deliverable to be completed by
Janssen or provided to PPD (or its designee). 
 1.05 “Intellectual Property” shall mean intellectual property,
including without limitation trade secrets, know-how, technology, processes, data, improvements, and regulatory and other information, whether or not protected by patents, that is necessary for making, using, or marketing any Licensed Product.
“Intellectual Property Rights” shall mean patent applications, patents, trade secret rights, and other exclusive rights pertaining to Intellectual Property. 
  

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 1.06 “Product” shall mean any material, including CTM, API, comparators and
placebos relating to the Development of a Licensed Product to be produced by Janssen, and its Affiliates and subcontractors and supplied to PPD. 
 1.07 “Records” shall mean all books, records (including training records), data, reports, pictures and other documents (both in electronic and paper form) relating to the Services. 

1.08 “Services” shall mean any services including but not limited to manufacturing, synthesis development, optimization,
formulation, analytical method development, release testing, stability protocols and testing, packaging, labeling and shipping relating to the Licensed Product to be performed by Janssen, its Affiliates and subcontractors on behalf of PPD.

 1.09 “Work Order” shall mean a work order mutually agreed to in writing by the Parties referencing this Agreement,
describing the process, details, or specifications of the Services and/or Products, and the other particular terms agreed to by the Parties, including but not limited to (i) an estimate of Costs, (ii) Deliverables, and
(iii) Deliverable Dates related to the Services and/or Products to be provided thereunder. 
 ARTICLE 2 
 PROVISION OF SERVICES AND SUPPLY OF PRODUCT 
 2.01 Work Orders. The Products to be supplied and/or the Services to be performed under this Agreement shall be detailed or specified in one or more Work Orders, the first of which is attached to
this Agreement as Exhibit A. Work Orders under this Agreement shall be issued in writing and shall reference this Agreement and shall become effective upon the signature of both Janssen and PPD. Any Work Order, or any part thereof, may be revised,
supplemented or amended as reasonably required to achieve the Development Plan, but only through a Work Order amendment mutually agreed to in writing by both Parties (an “Amendment”), provided that Janssen shall not withhold their
agreement to any Amendment to the extent reasonably necessary to enable PPD’s performance of the Development Plan in a manner resulting in the generation of the Option Criteria. In the event that PPD requests an Amendment to a given Work Order,
the Parties shall draft a written change order (“Change

  

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Order”) containing an estimate of any Cost changes, effects on existing Deliverables and associated Deliverable Dates, as applicable. The Change Order will be the basis of the Amendment to
the applicable Work Order and, upon the Parties agreement with respect to such Amendment, the services set forth therein shall be deemed to be Services as part of such Work Order. In the event there is a dispute regarding the Change Order or its
terms, the dispute shall be resolved as specified in Article 14. In the event of any inconsistency between the terms of a Work Order and this Agreement, the terms of this Agreement shall govern. 
 2.02 Performance. Janssen shall (i) use Diligent Efforts to supply Products and/or perform all Services as specified in
any applicable Work Order and (ii) provide or complete each Deliverable, as applicable, by the relevant Deliverable Date. 
 2.03 Subcontractors. PPD understands that Janssen may need to use or retain subcontractors or other third parties to perform or assist Janssen in the performance of the Services. Janssen shall be primarily responsible to PPD for the
supply of Products and/or the performing the Services. Any Affiliate of Janssen may supply the Products and/or the conduct the Services as recited in the applicable Work Order referencing this Agreement; in such event, the word “Janssen”
as used herein shall be understood as referring to the Affiliate supplying the Products and/or the conducting such Services under the Work Order. Janssen may, at its sole discretion, designate and cause its Affiliates, or designate and cause a
contract research or manufacturing organization, to supply the Products and/or perform all or part of the Services pursuant to the applicable Work Order, provided, however, that (i) Janssen shall ensure that all contracts with subcontractors
include terms and provisions consistent with this Agreement and reasonably sufficient to ensure Janssen’s compliance with this Agreement and (ii) Janssen remain fully responsible and liable for its Affiliates’ and any
subcontractors’ compliance with the provisions of this Agreement and performance of Janssen’s obligations hereunder. Any act or omission by any Affiliate or subcontractor with respect to any matters related to this Agreement shall be
deemed the acts or omissions of Janssen, and Janssen shall be responsible and liable for any breach of the terms of this Agreement by any Affiliate or subcontractor as if such breach had been that of Janssen. 
 2.04 Technical Representatives. Each Party shall designate a suitably skilled technical representative, whose duties shall include,
but not be limited to, (a) reporting on the progress of

  

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Product(s) being supplied and/or the Services being performed under the Work Orders, (b) discussing modifications of development activities and (c) providing reasonable, consultation
and discussion with respect to regulatory compliance, quality assurance/quality control processes and procedures, and technology transfer, including but not limited to as needed to enable and assist PPD’s efforts to maintain and/or obtain
Regulatory Approvals for Licensed Products. The technical representatives shall meet weekly by telephone, video conference or in person, unless otherwise agreed to in writing by the Parties. In-person meetings will alternate between sites designated
by each Party. Each Party shall bear all expenses of its personnel arising from any in-person meetings. In addition, if Janssen or any Affiliate thereof determines that it may be unable to complete or provide a particular Deliverable by the
applicable Deliverable Date, Janssen shall (x) notify PPD of the circumstances concerning such potential delay, (y) meet with PPD to discuss the effects of such delay on the Development of the Licensed Product, and (z) take actions to
mitigate the adverse effects of such delay, subject to (i) PPD’s prior consent (not to be unreasonably withheld) and (ii) Section 2.01 with respect to any mitigating actions requiring a change to any Work Order. 
 ARTICLE 3 
 COSTS
FOR PRODUCT AND SERVICES 
 3.01 Price. In consideration for the Products being supplied and/or the Services to be
performed by Janssen, PPD shall pay Janssen the Costs for the supplied Product and/or the performed Services, [*]. The Cost of any subcontractor or other Third Party utilized by Janssen to perform any portion of a Work Order that is designated as
being performed at Janssen’s Cost shall be entirely borne by Janssen [*]. Janssen will invoice PPD on a monthly basis for the actual out of pocket Costs of starting materials, key reagents, comparators, third party services and FTE Costs (only
for those Deliverables for which PPD has total or partial funding obligations) incurred by Janssen in the performance of its obligations under a Work Order. Upon completion of a Deliverable, Janssen will invoice PPD for all Costs of such Deliverable
to be borne by PPD, less actual Costs previously invoiced. It is understood by both Parties that the Costs listed in the Work Orders are Janssen’s estimate of its Costs to supply Products and/or provide Services under

  
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the Work Orders (which may be on a Deliverable-by-Deliverable basis); however Janssen agrees that the invoiced FTE Cost for each Deliverable shall not exceed such estimates provided in the
applicable Work Order by more than [*] percent ([*]%). FTEs to be included in Costs to be borne by PPD hereunder will be billed at a rate of $[*] ([*] US dollars) per year, prorated for any portions thereof, and will be billed to PPD based on FTEs
used for Services rendered. Exhibit A sets forth the initial Work Order. 
 3.02 Effect of Janssen’s Termination Of Its
Right To Develop And Commercialize The Licensed Product. 
 (a) In the event Janssen terminates its right to Develop and
Commercialize the Licensed Product prior to the delivery by PPD of the Phase II Report to Janssen pursuant to the License Agreement, Janssen will continue to supply Products and/or perform Services until the Phase II Trial is completed by PPD, but
in no event less than [*] ([*]) days from the termination notice from Janssen, unless such Work Order(s) are earlier terminated pursuant to Sections 6.02, 6.03 or 6.04. 
 (b) In the event Janssen terminates its right to Develop and Commercialize the Licensed Product after the delivery of the Phase II Report, declines the Janssen Option during the Janssen Option Period by
written notice to PPD, or fails to exercise the Janssen Option during the Janssen Option Period, Janssen will continue to supply Products and/or perform Services for [*] ([*]) months after such termination, notice, or failure to exercise,
respectively. If PPD chooses to have Janssen continue to supply Products and/or perform Services after the [*] ([*]) months, a separate master services agreement and corresponding work orders will need to be negotiated between the Parties at that
time. 
 3.03 Payment Terms. Janssen shall submit reasonably detailed invoices setting forth the amounts due under this
Agreement, and such invoices will itemize the out of pocket Costs and FTE Cost due for each Deliverable. PPD will pay the amount invoiced in accordance with this Agreement to Janssen within forty-five (45) days from receipt of each invoice.
Janssen shall send original invoices to: PPD Therapeutics, Inc., Attn: Howard Brand, 3900 Paramount Parkway, Morrisville, NC 27560. After execution of the Agreement, Janssen may submit a completed request for electronic funds transfer to PPD in a
reasonable format, in which event PPD shall make payments hereunder by electronic funds transfer according to the information reasonably provided by Janssen on such request. 
  
 [*] Confidential treatment requested; certain information omitted and filed separately with the SEC. 
  

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 ARTICLE 4 
 MODIFICATIONS AND CHANGES TO THE PRODUCT/PROCESS 
 Over the course of this
development program, Janssen will be making changes and modifications typical to API and CTM development activities. Changes or modifications to the method or process of manufacture or production of the Product or to the analytical specifications
and methodology that may impact the Regulatory Filings, including the identity, potency, purity, quality, safety, efficacy, strength or fitness for use of the Product will be mutually discussed by both Parties and be subject to PPD’s prior
written approval. PPD will be responsible for notifying regulatory authorities regarding agreed-upon changes as required. 
 ARTICLE 5 
 REPORTS AND ACCESS 
 5.01 Reports. Janssen will provide to PPD summaries of all work performed in satisfaction of its obligations
under a Work Order. Such summaries shall be in sufficient detail and provided upon PPD’s request, as is necessary for PPD to comply with reporting requirement for regulatory or governmental agencies. Janssen will provide the analytical method
development reports and procedures, including the system suitability requirements, and current Product specifications upon request. Janssen will also provide to the designated PPD laboratory a reference standard in accordance with Janssen policies
and procedures for use in Product testing during the analytical method transfer. 
 5.02 Access. At the reasonable
request of PPD, Janssen will provide PPD, or grant PPD access to, the detailed information related to such work. 
  

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 ARTICLE 6 
 TERM AND TERMINATION 
 6.01 The term of this Agreement shall run from the
Effective Date until the completion of all work under any Work Orders referencing this Agreement, unless terminated earlier in accordance with the provisions of the following article. 
 6.02 Termination of the TOPO License. Upon termination of the TOPO License, this Agreement shall terminate. 
 6.03 Work Order Termination. 
 (a) At any time during the first [*] ([*]) months of the PPD Option Period under the TOPO License, PPD shall be entitled to terminate this Agreement or any Work Order upon 30 days’ written notice to
Janssen. 
 (b) If PPD has delivered the Phase II Report to Janssen and PPD fails to terminate any and all Work Orders within
[*] ([*]) months after any commencement of the PPD Option Period following such delivery by PPD, this Agreement shall terminate and any Work Order referencing this Agreement shall terminate. 
 (c) Upon the exercise by Janssen of the Janssen Option under the TOPO License, this Agreement shall terminate and any Work Order referencing
this Agreement shall terminate. 
 6.04 Termination for Breach. This Agreement may be terminated upon a Party providing
written notice to the other Party of its intent to terminate and stating the grounds therefore if the other Party shall materially breach or materially fail in the observance or performance of any representation, warranty, guarantee, covenant or
obligation under this Agreement or the TOPO Quality Agreement and not cure such breach or failure within the applicable time period specified in the following sentence or, in the case of any failure by Janssen to provide or complete a Deliverable by
the applicable Deliverable Date, provide a written plan to PPD for the resolution of such failure within [*] ([*]) business days after receipt of such notice from PPD. The Party receiving notice of a material breach shall have [*] ([*]) days from
the date of receipt of such notice to cure the breach or failure, provided that, notwithstanding the foregoing, with respect to any failure by Janssen to complete or provide a Deliverable by the applicable Deliverable Date, Janssen shall present a
written plan to PPD for resolution of the

  
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failure within [*] ([*]) business days after receipt of such notice from PPD and Janssen shall have [*] ([*]) days following the delivery of such written plan to PPD within which to cure such
failure by completing or providing the applicable Deliverable. In the event such written plan, if applicable, is provided and such breach or failure is cured within the applicable period pursuant to this Section 6.04, the notice shall not be
effective to terminate this Agreement. 
 6.05 Insolvency. This Agreement may be terminated by either Party upon [*]
([*]) days’ written notice to the other Party: (i) in the event that the other Party shall (a) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of
all or a substantial part of its property, (b) make a general assignment for the benefit of its creditors, (c) commence a voluntary case under the United States Bankruptcy Code, as now or hereafter in effect, or any foreign equivalent
thereof (the “Bankruptcy Code”), (d) file a petition seeking to take advantage of any law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or readjustment of debts (the “Bankruptcy Laws”),
(e) fail to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in any involuntary case under the Bankruptcy Code, or (f) take any corporate action for the purpose of effecting any of
the foregoing; or (ii) if a proceeding or case shall be commenced against the other Party in any court of competent jurisdiction seeking (a) its liquidation, reorganization, dissolution or winding-up, or the composition or readjustment of
its debts, (b) the appointment of a trustee, receiver, custodian, liquidator or the like of the Party or of all or any substantial part of its assets, or (c) similar relief under any Bankruptcy Laws, or an order, judgment or decree
approving any of the foregoing; or (iii) if an order for relief against the other Party hereto shall be entered in an involuntary case under the Bankruptcy Code. 
 6.06 Effect of Termination. 
 (a) In the event of the termination under
Section 10.2 of the TOPO License by PPD or the termination under Section 6.04 of this Agreement by PPD, Janssen shall, complete or wind-down its activities hereunder as reasonably requested by PPD in writing and, upon such termination,
provide to PPD all Products and other work product or Deliverables of any kind generated by Janssen up to the date of termination. In the event PPD terminates a Work Order under Section 6.04, Janssen shall transfer to PPD any technical
information deemed necessary by

  
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PPD, in its sole discretion, to enable a third party to continue the Services described in the terminated Work Order. Such transfer shall be pursuant to Section 5.2(c) of the TOPO License.
Upon such termination, Janssen will invoice PPD for all Costs incurred or irrevocably obligated thereunder, but in no event more than the total amount specified in the applicable Work Order(s). 
 (b) In the event of the termination of this Agreement or any Work Order, other than as set forth in Section 6.06(a), Janssen shall
complete or wind-down its activities hereunder and minimize the Costs to PPD. Upon termination no further obligations under this Agreement or such Work Order (as the case may be) shall be incurred by Janssen. Upon such termination, Janssen will
invoice PPD for all Costs incurred or irrevocably obligated thereunder, but in no event more than the total amount specified in the applicable Work Order(s). 
 (c) Notwithstanding the termination of this Agreement for any reason, each Party hereto shall be entitled to recover any and all damages which such Party shall have sustained by reason of the breach by
the other Party hereto of any of the terms of this Agreement. Termination of this Agreement for any reason shall not release either Party hereto from any liability which at such time has already accrued or which thereafter accrues from a breach or
default prior to such expiration or termination, nor affect in any way the survival of any other right, duty or obligation of either Party hereto which is expressly stated elsewhere in this Agreement to survive such termination. In the case of a
termination under Section 6.03 above, the non-defaulting Party may pursue any remedy available in law or in equity with respect to such breach. 
 6.07 Survival. The following provisions of this Agreement shall, in addition to any provisions specified elsewhere in this Agreement as surviving termination hereof in certain circumstances,
survive any termination or expiration hereof: Articles 1, 8, 10, 11, 13, 14, and 15 and Sections 2.03 (with respect to Janssen’s responsibility and liability for its Affiliates’ and any subcontractors’ compliance with the provisions
of this Agreement and performance of Janssen’s obligations hereunder), 6.06, 6.07, 9.01, 9.02(b), 9.02(c), 9.03, 9.04, and 9.05. 
  

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 ARTICLE 7 
 DELIVERY 
 7.01 Delivery. All reasonable, documented charges for
packing, hauling, storage, bar coding, and transportation of Product(s) to a point of delivery shall be paid by PPD and are included in the price set forth in the applicable Work Order(s), unless otherwise agreed to by the Parties. All shipments by
Janssen shall be accompanied by a packing slip, which shall describe the Products included therein, state the purchase order number (if needed), and show the shipment’s destination. In making shipments under this Agreement, Janssen and any
subcontractor shall comply with the terms of this Agreement and with PPD’s written shipping instructions. Janssen and any subcontractor shall also comply with GMP and all Applicable Laws, including but not limited to laws, rules, and
regulations applicable to the transportation hereunder of hazardous materials and dangerous goods. Janssen shall use a carrier reasonably designated by Janssen, and that carrier shall invoice Janssen directly for transportation services in
accordance with Janssen’s contract with that carrier. In the event of loss or damage to shipments via Janssen’s designated carrier, Janssen shall, as between the Parties, bear all risk of loss or damage in transit, and any claims for
freight loss or damage shall be filed with the carrier by Janssen. PPD shall reasonably assist with such claims if requested to do so by Janssen. Where shipments hereunder can be shipped at lower cost using PPD’s designated carrier, Janssen
shall, if and as consented to by PPD, such consent not to be unreasonably withheld, ship via such carrier and PPD shall pay such carrier’s invoices directly (and the budget for such Work Order shall be reduced by an amount equal to any
corresponding shipping costs originally intended to be passed through Janssen to PPD). In the event of loss or damage in transit to shipments via PPD’s designated carrier, PPD shall, as between the Parties, bear the risk of loss or damage in
transit, and any claims for freight loss and damage claims shall be filed with the carrier by PPD. Janssen shall reasonably assist with such claims if requested to do so by PPD. For purposes of this section, the term “carrier” shall
include other providers of transportation services, such as forwarders, brokers and customs brokers. Notwithstanding the foregoing, if delivery of any Product to its appointed destination is delayed by more than five (5) business days,
excluding delays at customs or other areas outside the reasonable control of Janssen, from the designated delivery date, PPD shall have the right to change the designated carrier used by Janssen to a carrier selected by PPD for future shipments,
Janssen shall ship Product via such carrier and PPD shall bear all risk of loss or damage in transit. 
  

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 7.02 Shipment. Except as provided in Section 7.01, the risk of loss with respect
to Product shall remain with Janssen until Product is delivered to PPD. Delivery to PPD shall, for purposes of Product provided by Janssen or its Affiliates under this Agreement, include delivery to a PPD facility or any other site designated by
PPD. Janssen will pack all Products ordered hereunder in a manner suitable for shipment and sufficient to enable the Product to withstand the effects of shipping, including handling during loading and unloading and as may otherwise be noted in the
applicable specifications and/or certificate of analysis provided in accordance with the Work Order or TOPO Quality Agreement executed by the Parties in conjunction herewith. 
 ARTICLE 8 
 RECORDS, AUDITS AND INSPECTIONS 

8.01 Records Retention. Janssen shall maintain, and shall cause any approved subcontractors to maintain, all Records generated
with respect to the supply of Products and/or performance of the Services, for not less than [*] ([*]) years following completion of all Services and provision of all Products and other Deliverables under the applicable Work Order and as are
necessary to comply with GMP, all Applicable Laws and all applicable laws, rules, and regulations in each country where the Product is being Developed or Commercialized (the “Retention Period”). Thereafter, Janssen will not destroy such
Records without giving PPD prior written notice and a reasonable opportunity to further store such records or transfer such records at PPD’s expense. 
 8.02 Audit of Books. PPD shall have the right to audit, through its representatives, agents, or designated auditors, during regular business hours and upon reasonable prior written notice,
Janssen’s financial records relating solely to Costs associated with this Agreement and any Work Order within [*] ([*]) years of expiration or termination of this Agreement. If any audit reveals that Janssen collected more from PPD than it was
entitled to collect under any Work Order, Janssen shall promptly reimburse such PPD for the amount of any overcharges. Janssen shall also pay PPD interest at the rate of [*] percent ([*]%) per month on such amount, but in no event to

  
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exceed the highest lawful rate of interest, calculated from the date the amount was paid to Janssen until the date of actual reimbursement to PPD. In the event that any such audit or examination
reveals that Janssen collected [*] percent ([*]%) or more than what it was entitled to collect under any Work Order, Janssen shall also reimburse PPD for the cost of such audit in addition to the other amounts owed pursuant to this Section.

 ARTICLE 9 
 QUALITY/DEFECTIVE PRODUCT/INSPECTIONS/TESTING 
 9.01 Quality. The quality control of the Products will
be governed by the TOPO Quality Agreement. 
 9.02 Regulatory. 
 (a) Where applicable, all facilities utilized by Janssen to provide Services or manufacture or supply Products shall comply with and satisfy
all requirements under GMP and all Applicable Laws concerning the manufacture of pharmaceutical for human use, including the maintenance of such standards or requirements sufficient to pass any inspection pursuant to such requirements. During the
term of this Agreement, Janssen shall, with respect to each facility used in the provision of Services or manufacture or supply of Products, obtain and maintain all licenses, registrations, and other authorizations required to operate a GMP facility
under Applicable Laws. Janssen shall be responsible for all costs and fees related to obtaining and maintaining regulatory permits, certificates, approvals, or other authorizations required to manufacture Products, and/or qualify any manufacturing
sites for the manufacture of Products, under this Agreement in compliance with GMP and all Applicable Laws. 
 (b) As a result
of any audit or inspection of Janssen, or any request or inquiry made to Janssen, by any regulatory or governmental agency with respect to any Products manufactured, or any Services provided, by Janssen under this Agreement, Janssen will be
responsible for any reporting of issues or events, or responding to any inquiries or requests, regarding the manufacture of Products or performance of Services, as applicable, to the FDA or any other applicable regulatory or governmental authorities
to the extent required in accordance with GMP and Applicable Laws. Janssen shall notify PPD of any such issues, events, inquiries

  
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or requests within three (3) business day of identifying the issue or event, or receiving the inquiry or request. Further, Janssen shall furnish to PPD a copy of any reports submitted to the
FDA or any other applicable regulatory or governmental authorities as soon as reasonably possible following such submission, but in any event no later than three (3) business days. PPD shall be provided an opportunity to review and comment on
any and all such responses reasonably in advance of their submission by Janssen, which Janssen agrees to consider in good faith. Janssen also shall advise PPD of any occurrence or new information which arises out of the provision of Services
(including in process, release or stability), or other activities which may reasonably be expected to have adverse regulatory compliance and/or reporting consequences concerning any Services or Products. 
 (c) From the Effective Date until the expiration of the Janssen Option Period, Janssen shall reasonably assist PPD in the finalization of
the chemistry, manufacturing, and controls portion of any and all Regulatory Filings or correspondence (including but not limited to Regulatory Approvals or applications therefor), as requested by PPD in conjunction with its preparation and
submission of such materials with respect to any Licensed Products. Janssen shall provide PPD with all manufacturing procedures, controls for active and inactive ingredients and finished dosage forms, chemistry and stability information, and any
other information to the extent necessary for the preparation of Regulatory Approvals or Regulatory Filings. 
 9.03
Disposition of Defective Product. Delivery of Product by Janssen to PPD shall constitute a certification by Janssen that the Product has been tested and has been found to conform fully to the warranties provided in Section 12.01(a).
After a delivery of a shipment of any Product to PPD or a PPD designated facility, PPD shall have thirty (30) days, at its option, to examine the Product to determine if it conforms to the warranties provided in Section 12.01(a) and, on
the basis of such examination, to accept or reject the shipment. Any shipment of Product which PPD does not reject within the applicable thirty (30) day time period referenced above shall be deemed accepted. Upon acceptance, PPD shall release
Janssen from all claims for non-conformity, except to the extent any failure of any Product to conform with the warranties provided in Section 12.01(a) that does not result from PPD’s negligence, intentional misconduct, failure to comply
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specifications established in a written report or similar communication provided to PPD could not have been identified by reasonable visual examination upon delivery, but in no event longer than
six (6) months after delivery of Product to PPD (any such failure, a “Latent Defect”), in which event PPD shall not be deemed to have released Janssen from all claims for non-conformity. If PPD is deemed to have accepted Product in
accordance with the third (3rd) sentence of this
Section 9.03 and, within six (6) months of delivery of Product to PPD, identifies a Latent Defect with respect to such Product, PPD shall notify Janssen thereof in writing within fifteen (15) days of becoming aware of such
Products’ failure to conform with warranties provided in Section 12.01(a). Upon receipt of PPD’s written rejection of Product or notice of a Latent Defect, PPD and Janssen will cooperate to exchange information regarding such
Products’ failure. Unless Janssen reasonably objects to any such rejection or identification by PPD within thirty (30) business days of PPD’s notice thereof (in which case such rejection or identification shall be addressed under
Section 9.04 below), PPD shall return any such nonconforming Product to Janssen at Janssen’s expense and Janssen shall, as elected by PPD in its sole discretion, (i) supply PPD with replacement Product which conforms fully to the
warranties set forth in Section 12.01(a), at no additional cost to PPD, or (ii) refund to PPD all amounts paid to Janssen with respect to the manufacture and supply of such Products. 
 9.04 Independent Testing. If PPD rejects or identifies the Product as nonconforming pursuant to Section 9.03 and Janssen
provides notice to PPD under Section 9.03 of Janssen’s objection to such rejection or identification, the Parties shall negotiate in good faith to resolve such dispute for a period of at least ten (10) business days following
Janssen’s notice to PPD of such objection. If PPD and Janssen fail to agree as to the Product’s conformance to the warranties provided in Section 12.01(a) by the end of such ten (10) business day period, either Party may deliver
the Product to an independent third party laboratory, acceptable to the other Party, such acceptance not to be unreasonably withheld, delayed, or conditioned, for analytical testing to confirm the Product’s conformance to the warranties
provided in Section 12.01(a). All reasonable, documented costs associated with such third party testing shall be at PPD’s expense unless the tested Product is deemed by such third party to not be in compliance with the warranties provided
in Section 12.01(a) or other requirements under this Agreement, in which case all such costs, including reimbursement of freight and disposition costs, shall be paid by

  

 15 

 
Janssen. No inspection or testing of or payment for Product by PPD or any agent of PPD shall constitute acceptance by PPD thereof, nor shall any such inspection or testing be in lieu or
substitution of any obligation of PPD for testing, inspection and quality control that may be provided in the warranties provided in Section 12.01(a) or under applicable local, state, or federal laws, rules, regulations, standards, codes or
statutes. 
 9.05 Corrective Action. In the event any governmental or other regulatory agency shall request or order, or
if PPD reasonably determines, based on communications from or correspondence with any governmental or regulatory authority, to undertake, any corrective action with respect to any Product, which shall include but not be limited to any stock recovery
or corrective action, (collectively, all of the foregoing, “Corrective Action”), and the cause or basis of such Corrective Action is attributable to a breach by Janssen of any of its warranties, representations, or obligations contained
herein, then Janssen shall be liable, and shall reimburse PPD, for all reasonable costs of such action, including but not limited to the cost of any Product which is affected thereby and any cost of replacing such Product. Notwithstanding the
foregoing, if Janssen disputes PPD’s determination of a Corrective Action, the dispute shall be resolved as specified in Article 14. 
 ARTICLE 10 
 PROPRIETARY RIGHTS 
 10.01 Packaging. PPD shall have the right to determine the appearance and text of any labeling and packaging used in connection with
the Product or any finished product containing or contained in the Product. Janssen acknowledges that PPD shall retain all rights to the trademarks, tradedress, copyrights, and all other Intellectual Property that appear on or are otherwise used in
connection with the packaging of the Product pursuant to the TOPO License 
 10.02 Ownership of Intellectual Property Rights
and Improvements. All Intellectual Property rights to the Licensed Product, owned by Janssen prior to the Effective Date, and which is used by Janssen in the performance of its obligations under a Work Order shall remain the property of Janssen
(“Janssen IP”), subject to the terms of the TOPO License. PPD agrees not to assert against Janssen any ownership interest in the Janssen IP. Ownership of all inventions and discoveries derived from the Janssen IP shall be determined as set
forth in the TOPO License. 
  

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 ARTICLE 11 
 CONFIDENTIALITY 
 11.01 Nondisclosure of Confidential Information. All Information
disclosed by one Party to the other Party pursuant to this Agreement shall be the “Confidential Information” of the disclosing Party. The Parties agree that during the Term, and for a period of [*] ([*]) years thereafter, a Party receiving
Confidential Information of the other Party will (i) maintain in confidence such Confidential Information to the same extent such Party maintains its own proprietary industrial information of similar kind and value (but at a minimum each Party
shall use commercially reasonable efforts to do so), (ii) not publish or otherwise disclose such Confidential Information to any Third Party without prior written consent of the other Party, and (iii) not use such Confidential Information
for any purpose except those permitted by this Agreement. 
 11.02 Exceptions. The obligations in Section 11.01 shall not apply with
respect to any portion of the Confidential Information that the receiving Party can show by competent written proof: 
 (a) Was
generally available to the public or otherwise part of the public domain at the time it was disclosed to the receiving Party hereunder; or 
 (b) Was known to the receiving Party or its Affiliate, without obligation to keep it confidential, prior to disclosure by the disclosing Party; or 
 (c) Is subsequently disclosed to the receiving Party or its Affiliate without obligation to keep it confidential by a Third Party lawfully
in possession thereof and having the right to so disclose such Confidential Information without breach of any obligation of confidentiality to the disclosing Party; or 
 (d) Became generally available to the public or otherwise part of the public domain after its disclosure and other than through any act or omission of the receiving Party; or 
 (e) Has been or was independently developed or discovered by employees of the receiving Party or its Affiliates without the aid or use of
all or any part of such Confidential Information. 
  
 [*]
Confidential treatment requested; certain information omitted and filed separately with the SEC. 
  

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 11.03 Authorized Disclosure. A Party may disclose the other Party’s Confidential Information to
the extent such disclosure is reasonably necessary in the following instances: 
 (a) Filing or prosecuting Patents relating to
Sole Inventions or Joint Inventions; 
 (b) Regulatory Filings and prosecutions of the same; 
 (c) Prosecuting or defending litigation; 
 (d) To the extent such disclosure is required by applicable law or regulation, valid court order or legal process, provided, however, that such Party gives the other Party advance notice of such
required disclosure, limits the disclosure to that actually required, and cooperates, at the other Party’s expense, in the other Party’s attempts to obtain a protective order or confidential treatment of the Confidential Information
required to be disclosed; or 
 (e) Disclosure, in connection with the performance of or exercise of rights under this
Agreement, to Sublicensees, manufacturers, collaborators, contractors, employees, consultants, or other agents or representatives of a Party or its Affiliates, each of whom prior to disclosure must be bound by obligations of confidentiality and
non-use at least as protective as those set forth in this Article 8. 
 The Parties acknowledge that the terms of this Agreement
shall be treated as Confidential Information of both Parties. Such terms may be disclosed by a Party to investment bankers, counsel accountants, financial advisors, potential or actual investors, potential or actual lenders, potential or actual
acquirers, acquisition targets, or merger targets, actual or potential Sublicensees, or actual or potential other strategic partners, provided that they are bound by obligations of confidentiality and non-use at least as protective as those set
forth in this Article 8. In addition, a copy of this Agreement or a notification thereof may be filed or registered by either Party with any governmental or regulatory authority, including but not limited to the Federal Trade Commission, the Justice
Department, or the Securities and Exchange Commission (or any

  

 18 

 
similar foreign entity) if such filing is required by law or regulation. In connection with any such filing, such Party shall (i) provide the other Party a reasonable opportunity to review
and comment on any potential disclosure and (ii) use commercially reasonable efforts to obtain confidential treatment of economic, trade secret, and other confidential or proprietary information to the extent permitted by applicable laws,
rules, and regulations and the applicable governmental agency(ies). In any event, the Parties agree to take all reasonable action to avoid disclosure of Confidential Information except as permitted hereunder. 
 ARTICLE 12 
 REPRESENTATIONS AND WARRANTIES 
 12.01 Warranties. Janssen represents, warrants, and, if and as
applicable, covenants to PPD that: 
 (a) all Product supplied and Services performed in connection with this Agreement shall
meet all specifications set forth in the Work Order or otherwise agreed upon by the Parties and the Product shall be manufactured in accordance with GMP and all Applicable Laws, and all Services shall be provided in a manner that complies with all
Applicable Laws, GMP (if applicable), and the applicable specifications established therefor in the Work Order or otherwise agreed upon by the Parties; 
 (b) Janssen represents and warrants that it will not knowingly, use, in any capacity in connection with the provision of Services under this Agreement the services of any person or entity debarred or
subject to debarment under GMP or Applicable Laws; 
 (c) to its knowledge, neither Janssen nor any Affiliate thereof has
received, nor is aware of, any information which would or could reasonably be expected to have a material adverse effect on the manufacture of any Products in accordance with this Agreement; 
 (d) all necessary consents, approvals and authorizations of all regulatory and governmental authorities and other parties required to be
obtained by Janssen to perform its obligations under this Agreement have been obtained; and 
 (e) Janssen’s manufacture of
a Product, or use of equipment or know-how or practice of any method, process, or technology in performing the Services, under this Agreement does not, to Janssen’s knowledge, infringe or misappropriate any third party’s patent claims or
other intellectual property rights. 
  

 19 

 12.02 No Warranty by Janssen. EXCEPT FOR THE EXRPRESS WARRANTIES SET FORTH IN THIS
ARTICLE 12, JANSSEN GRANTS NO OTHER WARRANTIES, EXPRESS OR IMPLIED, REGARDING MERCHANITABLITY AND FITNESS FOR ANY USE OF THE PRODUCT. 
 12.03 Execution and Performance of Agreement. Janssen and PPD each represents and warrants to the other that it has full right, power and authority to enter into and perform its obligations under this Agreement. PPD and Janssen each
further represents and warrants to the other that the performance of its obligations under this Agreement will not result in a violation or breach of, and will not conflict with or constitute a default under any agreement, contract, commitment or
obligation by which such Party is bound. 
 ARTICLE 13 
 INDEMNIFICATION; RESPONSIBILITY FOR AFFILIATES 
 13.01
Indemnification by Janssen. Janssen shall defend, indemnify and hold harmless PPD and its Affiliates, and their respective directors, officers, employees and agents (“PPD Indemnitees”), against any and all liabilities, losses,
claims, and causes of action, and any damages or costs directly arising therefrom (including without limitation reasonable attorneys’ fees) (collectively, all of the foregoing, “Claims”) due to any third party claim directly resulting
from (a) personal injury or death, to the extent caused by use of any Product that was not manufactured in accordance with the specifications established in any Work Order or by mutual agreement of the Parties, GMP, Applicable Laws, and this
Agreement; (b) breach by Janssen or any Affiliate or subcontractor of either of the foregoing of any warranty, representation, covenant or agreement made by Janssen in this Agreement; or (c) any Janssen Indemnitee’s negligence,
intentional misconduct, or failure to comply with any Applicable Law, provided that Janssen shall not have any obligation under this Section 13.01 to the extent any Claim results from (a) breach by any PPD Indemnitee of any warranty,
representation, covenant or agreement made by PPD in this Agreement or (b) any PPD Indemnitee’s negligence, intentional misconduct, or failure to comply with any Applicable Laws. 
  

 20 

 13.02 Indemnification by PPD. PPD shall defend, indemnify and hold harmless Janssen
and its Affiliates, and their respective directors, officers, employees and agents (“Janssen Indemnitees”), against any and all Claims due to any third party claim directly resulting from: (a) personal injury or death to the extent
caused by PPD’s use of any Product; (b) breach by PPD or any Affiliate or subcontractor of either of the foregoing of any warranty, representation, covenant or agreement made by PPD in this Agreement; or (c) any PPD Indemnitee’s
negligence, intentional misconduct, or failure to comply with any Applicable Laws, provided that PPD shall not have any obligation under this Section 13.02 to the extent any Claim results from (i) the use of any Product that was not
manufactured in accordance with or otherwise did not satisfy the warranties in Section 12.01(a); (ii) breach by any Janssen Indemnitee of any warranty, representation, covenant or agreement made by Janssen in this Agreement; or
(iii) any Janssen Indemnitee’s negligence, intentional misconduct, or failure to comply with any Applicable Law. 
 13.03 Limitations. EXCEPT FOR CLAIMS OF PATENT INFRINGEMENT, BREACHES OF ARTICLE 11 OR 12, THE INDEMNIFICATION PROVIDED ABOVE, OR AS MAY BE EXPLICITLY PROVIDED IN THE TOPO LICENSE, IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE
OTHER PARTY FOR ANY INCIDENTAL, INDIRECT, SPECIAL, OR CONSEQUENTIAL LOSSES OR DAMAGES OF THE OTHER PARTY, WHETHER BASED UPON CONTRACT, NEGLIGENCE, OR ANOTHER THEORY OF LAW. Furthermore, any Party seeking indemnification under this Article 13 shall
inform the indemnifying Party in writing of the relevant claim in writing as soon as reasonably practicable after it receives notice of the claim, shall permit the indemnifying Party to assume direction and control of the defense of the claim
(including the right to select defense counsel, which counsel shall be reasonably satisfactory to the indemnified Party, and the right to settle the claim, provided such settlement does not admit fault or wrongdoing on the part of any indemnitee,
incur non-indemnified liability on the part of any indemnitee, adversely affect any of the intellectual property rights subject to this Agreement or the TOPO License, or otherwise adversely affect either Party’s ability to perform its
obligations under this Agreement or Develop or Commercialize Licensed Products under the TOPO License), and shall cooperate as reasonably requested by the indemnifying Party (at the expense of the indemnifying Party) in the defense of the claim. The
failure or delay to so notify the indemnifying Party shall not relieve the

  

 21 

 
indemnifying Party of any obligation or liability that it may have to the indemnitee except to the extent that the indemnifying Party demonstrates that its ability to defend or resolve such Third
Party claim is adversely affected thereby. No indemnitee shall enter into any settlement of any claim subject to indemnification under this Article 13 without the prior written consent of the indemnifying Party with respect thereto, which shall not
be unreasonably withheld, delayed or conditioned. 
 ARTICLE 14 
 DISPUTE RESOLUTION 
 14.01 Disputes. The Parties recognize that
disputes as to certain matters may from time to time arise during the term of this Agreement which relate to either Party’s rights and/or obligations hereunder. It is the objective of the Parties to establish procedures to facilitate the
resolution of disputes arising under this Agreement in an expedient manner by mutual cooperation and without resort to litigation. To accomplish this objective, the Parties agree to follow the procedures set forth in this Article 14 if and when a
dispute arises under this Agreement. In the event that a dispute arises between the Parties and such dispute cannot be resolved, then the dispute shall be referred in writing to the Chief Executive Officer of PPD and the Global Head of Chemical
Manufacturing and Controls, and the Global Therapeutic Area Head, CV & Metabolism, of Johnson & Johnson Pharmaceutical Research and Development L.L.C. for negotiation and a good faith attempt at resolution. If such personnel are
unable to resolve such dispute within thirty (30) days of initiating such negotiations, unless otherwise agreed by the Parties, such dispute shall be finally settled under Sections 14.03 and 14.04. 
 14.02 Governing Law; Jurisdiction. Resolution of all disputes arising out of or related to this Agreement or the performance, enforcement, breach or
termination of this Agreement and any remedies relating thereto, shall be governed by and construed under the substantive laws of the State of Delaware, without regard to conflicts of law or choice of law rules that would provide for application of
the law of a jurisdiction outside Delaware. Subject to the provisions of this Article 12, all disputes with respect to this Agreement shall be brought and heard either in the Delaware state courts located in New Castle County, Delaware, or the
federal district court for

  

 22 

 
the District of Delaware located in Wilmington, Delaware. The Parties to this Agreement each consent to the in personam jurisdiction and venue of such courts. The Parties agree that service of
process upon them in any such action may be made if delivered in person, by courier service, by telegram, by telefacsimile or by first class mail, and shall be deemed effectively given upon receipt. 
 14.03 Mediation. 
 (a) Any
dispute, controversy or claim arising out of or related to this agreement, or the interpretation, application, breach, termination or validity thereof, including any claim of inducement by fraud or otherwise, which claim would, but for this
provision, be submitted to arbitration shall, before submission to arbitration, first be mediated through non binding mediation in accordance with The CPR Mediation Procedure then in effect of the International Institute for Conflict Prevention and
Resolution (CPR) available at www.cpradr.org/m_proced.htm, except where that procedure conflicts with these provisions, in which case these provisions control. The mediation shall be conducted in Wilmington, Delaware and shall be attended by a
senior executive with authority to resolve the dispute from each of the operating companies that are Parties. 
 (b) The
mediator shall be neutral, independent, disinterested and shall be selected from a professional mediation firm such as JAMS or CPR. 
 (c) The Parties shall promptly confer in an effort to select a mediator by agreement. In the absence of such an agreement within (ten) 10 days of initiation of the mediation, the mediator shall be selected by CPR as follows: CPR shall
provide the Parties with a list of at least fifteen (15) names from the CPR Panels of Distinguished Neutrals. Each Party shall exercise challenges for cause, two peremptory challenges, and rank the remaining candidates within five
(5) working days of receiving the CPR list. The Parties may together interview the three top ranked candidates for no more than one hour each and, after the interviews, may each exercise one peremptory challenge. The mediator shall be the
remaining candidate with the highest aggregate ranking. 
  

 23 

 (d) The mediator shall confer with the Parties to design procedures to conclude the
mediation within no more than fifteen (15) days after initiation. Under no circumstances may the commencement of arbitration under Section 12.4 below be delayed more than fifteen (15) days by the mediation process specified herein
absent contrary agreement of the Parties. 
 (e) Each Party agrees not to use the period or pendency of the mediation to
disadvantage the other Party procedurally or otherwise. No statements made by either side during the mediation may be used by the other or referred to during any subsequent proceedings. 
 (f) Each Party has the right to pursue provisional, injunctive, or equitable relief from any court, such as attachment, preliminary,
temporary, or permanent injunction, replevin, etc., to avoid irreparable harm, maintain the status quo, or preserve the subject matter of the arbitration, even though mediation has not been commenced or completed. Any period of limitations that
would otherwise expire between the initiation of a mediation and its conclusion shall be extended until twenty (20) days after the conclusion of the mediation. 
 14.04 Dispute Resolution Process. 
 (a) Any dispute, claim or controversy
arising from or related in any way to this Agreement or the interpretation, application, breach, termination or validity thereof, including any claim of inducement of this Agreement by fraud or otherwise, and further including any such controversy
or claim involving the parent company, subsidiaries, or affiliates under common control of any Party, will be submitted for resolution to arbitration pursuant to the Non-Administered Arbitration Rules then in effect of the International Institute
for Conflict Prevention and Resolution (“CPR”) (available at http://www.cpradr.org), or successor, except where those rules conflict with these provisions, in which case these provisions control. The arbitration will be held in Wilmington,
Delaware. 
 (b) The panel shall consist of three arbitrators chosen from the CPR Panels of Distinguished Neutrals (unless the
Parties agree on the selection of the arbitrators) each of whom

  

 24 

 
shall be a lawyer with at least fifteen (15) years experience with a law firm or corporate law department of over twenty-five (25) lawyers or who was a judge of a court of general
jurisdiction. In the event the aggregate damages sought by the claimant are stated to be less than $[*] million, and the aggregate damages sought by the counterclaimant are stated to be less than $[*] million, and neither side seeks equitable
relief, then a single arbitrator shall be chosen, having the same qualifications and experience specified above. Each arbitrator shall be impartial and independent of the Parties and shall abide by the Code of Ethics for Arbitrators in Commercial
Disputes (available at http://www.adr.org/EthicsAndStandards). 
 (c) In the event the Parties cannot agree upon selection of
the arbitrator(s), the CPR will select arbitrator(s) as follows: CPR shall provide the Parties with a list of no less than twenty-five (25) proposed arbitrators (15 if a single arbitrator is to be selected) having the credentials referenced
above. Within fifteen (15) days of receiving such list, the Parties shall rank at least 65% of the proposed arbitrators on the initial CPR list, after exercising cause challenges. The Parties may then jointly interview the five candidates
(three if a single arbitrator is to be selected) with the highest combined rankings for no more than one hour each and, following the interviews, may exercise one peremptory challenge each. The panel will consist of the remaining three candidates
(or one, if one arbitrator is to be selected) with the highest combined rankings. In the event these procedures fail to result in selection of the required number of arbitrators, CPR shall select the appropriate number of arbitrators from among the
members of the various CPR Panels of Distinguished Neutrals, allowing each side challenges for cause and one peremptory challenge each. 
 (d) The Parties agree to cooperate (i) to attempt to select the arbitrator(s) by agreement within twenty-five (25) days of initiation of the arbitration, including jointly interviewing the final
candidates, (ii) to meet with the arbitrator(s) within twenty-five (25) days of selection and (iii) to agree at that meeting or before upon procedures for discovery and as to the conduct of the hearing which will result in the hearing
being concluded within no more than six (6) months after selection of the arbitrator(s) and in the award being rendered within thirty (30) days of the conclusion of the hearings, or of any post hearing briefing, which briefing will be
completed by both sides within twenty (20) days after the conclusion of the hearings. 
  
 [*] Confidential treatment requested; certain information omitted and filed separately with the SEC. 
  

 25 

 (e) In the event the Parties cannot agree upon procedures for discovery and conduct of the
hearing meeting the schedule set forth in paragraph d above, then the arbitrator(s) shall set dates for the hearing, any post hearing briefing, and the issuance of the award following the paragraph d schedule as closely as practical. The
arbitrator(s) shall provide for discovery according to those time limits, giving recognition to the understanding of the Parties that they contemplate reasonable discovery, including document demands and depositions, but that such discovery will be
limited so that the paragraph d schedule may be met without difficulty. In no event will the arbitrator(s), absent agreement of the Parties, allow more than a total of ten days for the hearing or permit either side to obtain more than a total of
forty (40) hours of deposition testimony from all witnesses, including both fact and expert witnesses, or serve more than twenty (20) individual requests for documents, including subparts. There shall be no requests for admission or
interrogatories. Multiple hearing days will be scheduled consecutively to the greatest extent possible. The arbitrator(s) shall have power to exclude evidence on grounds of hearsay, prejudice beyond its probative value, redundancy, or irrelevance
and no award shall be overturned by reason of any ruling on evidence. A transcript of the testimony adduced at the hearing shall be made and shall, upon request, be made available to either Party. 
 (f) The arbitrator(s) are expressly empowered to decide dispositive motions in advance of any hearing, including but not limited to motions
to dismiss and motions for summary judgment, and shall endeavor to decide such motions as would a Federal District Judge sitting in the jurisdiction whose substantive law governs as set forth in clause g below. 
 (g) The arbitrator(s) shall decide the issues presented in accordance with the substantive law of Delaware and may not apply principles such
as “amiable compositeur” or “natural justice and equity.” The arbitrator(s) shall render a written opinion stating the reasons upon which the award is based. To the extent possible, the arbitration hearings and award will be
maintained in confidence. 
  

 26 

 (h) In the event the award exceeds $[*] million in monetary damages, or grants any form of
equitable relief, or rejects a claim in excess of that amount or for equitable relief, then the losing Party may obtain review of the arbitrators’ award or decision by a single appellate arbitrator (the “Appeal Arbitrator”) selected
from the CPR Panels of Distinguished Neutrals by agreement or, failing agreement within ten (10) working days, pursuant to the selection procedures specified in paragraph d above. If CPR cannot provide such services, the Parties will together
select another provider of arbitration services that can. No Appeal Arbitrator shall be selected unless he or she commits to adhering to the time limits provided in paragraph i. Any such review must be initiated by written notice to the other Party
or Parties within twenty (20) days following the rendering of the award referenced in g above. Such notice will suspend the effect of the award, which will not be considered a final award unless the appeal is subsequently abandoned. 

(i) The Appeal Arbitrator will review the award applying the same standards of review that the U.S. Court of Appeals of the Circuit
applicable to the jurisdiction whose substantive law governs as set forth in clause g would apply to a judgment rendered by a district court after a bench trial. The Appeal Arbitrator may modify, vacate or affirm the award, or remand to the
arbitrator(s) for further proceedings. The Appeal Arbitrator will consider only the award, pertinent portions of the hearing transcript and evidentiary record as submitted by the Parties, opening and reply briefs of the Party pursuing the review,
and the answering brief of the opposing Party, plus a total of no more than four (4) hours of oral argument evenly divided between the Parties. The Party seeking review must submit its opening brief within fifty (50) and any reply brief
within ninety (90) days from the date of the award under review, whereas the opposing Party must submit its responsive brief within seventy-five (75) days of that date. Oral argument shall take place within three (3) months after the
date of the award under review, and the Appeal Arbitrator shall render a decision within thirty (30) days following oral argument. The decision of the Appeal Arbitrator will be considered the final award in the arbitration and will not be
subject to further review, except pursuant to the Federal Arbitration Act. 
 [*] Confidential treatment requested; certain information
omitted and filed separately with the SEC. 
  

 27 

 (j) The Parties consent to the jurisdiction of the Federal District Court for the district
in which the arbitration is held for the enforcement of these provisions and the entry of judgment on any award rendered hereunder (including after review by the Appeal Arbitrator where such an appeal is pursued). Should such court for any reason
lack jurisdiction, any court with jurisdiction may act in the same fashion. 
 (k) Each Party has the right before or, if the
arbitrator(s) cannot hear the matter within an acceptable period, during the arbitration to seek and obtain from the appropriate court provisional, injunctive, or equitable remedies such as attachment, preliminary or temporary injunction, replevin,
etc. to avoid irreparable harm, maintain the status quo, or preserve the subject matter of the arbitration. 
 (l) EACH PARTY
HERETO WAIVES ITS RIGHT TO TRIAL OF ANY ISSUE BY JURY. 
 14.05 Tolling of Time Periods. In the event that a controversy or claim has
been raised and is in the process of dispute resolution in accordance with Sections 14.02, 14.03 or 14.04, any applicable time period governing the underlying controversy or claim shall be tolled pending the outcome of the resolution process after
which the time period shall again begin to run. 
 ARTICLE 15 
 MISCELLANEOUS 
 15.01 Entire Agreement; Amendment. This
Agreement and the TOPO Quality Agreement, together with the Exhibits hereto, set forth the complete, final and exclusive agreement and all the covenants, promises, agreements, warranties, representations, conditions and understandings between the
Parties hereto and supersedes and terminates all prior agreements and understandings between the Parties. There are no covenants, promises, agreements, warranties, representations, conditions or understandings, either oral or written, between the
Parties other than as are set forth herein and therein. No subsequent alteration, amendment, change or addition to this Agreement shall be binding upon the Parties unless reduced to writing and signed by an authorized officer of each Party.

  

 28 

 15.02 Bankruptcy. All rights and licenses granted under or pursuant to any section of this Agreement
are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code, licenses of rights to “intellectual property” as defined under Section 101(35A) of the U.S. Bankruptcy Code. The Parties shall
retain and may fully exercise all of their respective rights and elections under the U.S. Bankruptcy Code. The Parties agree that a Party that is a licensee of such rights under this Agreement shall retain and may fully exercise all of its rights
and elections under the U.S. Bankruptcy Code, and that upon commencement of a bankruptcy proceeding by or against the licensing Party (such Party, the “Involved Party”) under the U.S. Bankruptcy Code, the other Party (such Party,
the “Noninvolved Party”) shall be entitled to a complete duplicate of or complete access to (as such Noninvolved Party deems appropriate), any such intellectual property and all embodiments of such intellectual property, provided
the Noninvolved Party continues to fulfill its payment or royalty obligations as specified herein in full. Such intellectual property and all embodiments thereof shall be promptly delivered to the Noninvolved Party (a) upon any such
commencement of a bankruptcy proceeding upon written request therefore by the Noninvolved Party, unless the Involved Party elects to continue to perform all of its obligations under this Agreement or (b) if not delivered under (a) above,
upon the rejection of this Agreement by or on behalf of the Involved Party upon written request therefor by the Noninvolved Party. The foregoing is without prejudice to any rights the Noninvolved Party may have arising under the U.S. Bankruptcy Code
or other applicable law. 
 15.03 Force Majeure. Both Parties shall be excused from the performance of their obligations under this
Agreement to the extent that such performance is prevented by force majeure and the nonperforming Party promptly provides notice of the prevention to the other Party (such notice shall specific the nature and extent of the force majeure event, its
anticipated duration and any action being taken to avoid or minimize its effect). Such excuse shall be continued so long as the condition constituting force majeure continues and the nonperforming Party takes reasonable efforts to remove the
condition. For purposes of this Agreement, force majeure shall include

  

 29 

 
conditions beyond the reasonable control of the Parties, including without limitation, an act of God, government or regulatory acts or restrictions, change in any standard of medical care, war,
acts of terrorism, civil commotion, labor strike or lock-out, epidemic, failure or default of public utilities or common carriers, destruction of facilities or materials by fire, earthquake, flood, storm or like catastrophe; provided, however, the
payment of invoices due and owing hereunder shall not be delayed by the Payor because of a force majeure affecting the Payor. 
 15.04
Notices. Any notice required or permitted to be given under this Agreement shall be in writing, shall specifically refer to this Agreement and shall be deemed to have been sufficiently given for all purposes if transmitted by facsimile
transmission (with transmission confirmed), mailed by first class certified or registered mail, postage prepaid (which shall be deemed received by the other Party on the fifth (5th) business day following deposit in the mail), express delivery
service with tracking (e.g., FedEx) (which shall be deemed received by the other Party upon delivery) or personally delivered. Unless otherwise specified in writing, the mailing addresses of the Parties shall be as described below.

  

			
	For Janssen:	  	Janssen Pharmaceutica N.V.
		  	Turnhoutseweg 30
		  	2340 Beerse
		  	Belgium
		  	Telefax:
		  	Attention: Legal
		
	With a copy to:	  	Chief Patent Counsel
		  	Johnson & Johnson
		  	1 Johnson & Johnson Plaza
		  	New Brunswick
		  	NJ 08933
		  	Telephone: (732) 524-2448
		  	Telefax: (732) 524-2788
		  	Attention: Phil Johnson, Esq.

  

 30 

			
	For PPD:	  	PPD Therapeutics, Inc.
		  	929 North Front Street
		  	Wilmington, NC 28401-3331
		  	Fax: (910) 762-5820
		  	Attention: General Counsel
		
	With a copy to:	  	Pharmaceutical Product Development, Inc.
		  	929 North Front Street
		  	Wilmington, NC 28401-3331
		  	Fax: (910) 762-5820
		  	Attention: General Counsel

 15.05 United States
Dollars. References in this Agreement to “Dollars” or “$” shall mean the legal tender of the United States of America. 
 15.06 No Strict Construction. This Agreement has been prepared jointly and shall not be strictly construed against either Party. 
 15.07 Assignment. Except as expressly provided herein, and without limitation of the Parties’ right to license or sublicense their rights to Licensed Products to Third Parties, as contemplated by this Agreement, neither Party
may assign or transfer (collectively “assign”) this Agreement, or any rights or obligations under this Agreement, without the prior written consent of the other, which consent may be withheld in the consenting Party’s discretion;
provided, however, a Party may make such an assignment without the other Party’s consent (i) to an Affiliate, provided that such Affiliate agrees in writing to be bound by the terms and conditions of this Agreement and that the
assigning Party remains liable for the full and complete performance of its obligations arising hereunder prior to such assignment; (ii) in conjunction with a Change of Control of such Party; or (iii) in conjunction with the sale of a
Party, or all or substantially all assets of such Party related to the subject matter of this Agreement, to, or the merger of a Party with, any Third Party. This Agreement shall be binding upon the successors and permitted assigns of the
Parties. Any assignment or attempted assignment by either Party in violation of the terms of this Section 15.06 shall be null and void and of no legal effect. 
  

 31 

 15.08 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. 
 15.09 Further Actions. Each Party
agrees to execute, acknowledge and deliver such further instruments, and to do all such other reasonable acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement. 
 15.10 Severability. If any one or more of the provisions of this Agreement is held to be invalid or unenforceable by any court of competent
jurisdiction from which no appeal can be or is taken, the provision shall be considered severed from this Agreement and shall not serve to invalidate any remaining provisions hereof. The Parties shall make a good faith effort to replace any invalid
or unenforceable provision with a valid and enforceable one such that the objectives contemplated by the Parties when entering this Agreement may be realized. 
 15.11 Ambiguities. Ambiguities, if any, in this Agreement shall not be construed against any Party, irrespective of which Party may be deemed to have authored the ambiguous provision. 

15.12 Headings. The headings for each article and section in this Agreement have been inserted for convenience of reference only and are not
intended to limit or expand on the meaning of the language contained in the particular article or section. 
 15.13 No Waiver. Any delay
in enforcing a Party’s rights under this Agreement or any waiver as to a particular default or other matter shall not constitute a waiver of such Party’s rights to the future enforcement of its rights under this Agreement, excepting only
as to an express written and signed waiver as to a particular matter for a particular period of time. All rights, remedies, undertakings, obligations and agreements contained in this Agreement shall be cumulative and none of them shall be in
limitation of any other remedy, right, undertaking, obligation or agreement of either Party. 
  

 32 

 15.14 Relationship of the Parties. Nothing herein shall be construed to create any relationship of
employer and employee, agent and principal, partnership or joint venture or any other legal entity, between the Parties or to constitute one Party as the agent of the other. Each Party is an independent contractor. Neither Party shall assume, either
directly or indirectly, any liability of or for the other Party. Neither Party shall have the authority to bind or obligate the other Party and neither Party shall represent that it has such authority. 
 15.15 No Use of Name. Except as set forth in Article 11 hereof, neither Party shall use in writing the name of the other Party without the other
Party’s written consent unless such writing simply refers to the existence of this Agreement or other information such concerning this Agreement that has been previously publicly disclosed. 
 15.16 No Implied Licenses. Except as expressly and specifically provided under this Agreement, the Parties agree that neither Party is granted any
implied rights to or under any of the other Party’s current or future patents, trade secrets, copyrights, moral rights, trade or service marks, trade dress, or any other intellectual property rights. 
 15.17 Third Party Beneficiaries. Except for the rights of the Indemnitees set forth in Article 13, all rights, benefits and remedies under this
Agreement are solely intended for the benefit of PPD and Janssen, and no Third Party shall have any rights whatsoever to (i) enforce any obligation contained in this Agreement; (ii) seek a benefit or remedy for any breach of this
Agreement; or (iii) take any other action relating to this Agreement under any legal theory, including but not limited to, actions in contract, tort (including but not limited to negligence, gross negligence and strict liability), or as a
defense, setoff or counterclaim to any action or claim brought or made by the Parties. 
 [Signature page to follow.] 

 

 33 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their
duly authorized respective representatives as of the day and year first above written. 
  

									
	PPD Therapeutics, Inc.	 		 	Janssen Pharmaceutica, N.V.
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
	Date:	 	  
	 		 	Date:	 	  

				
		 		 		 	Janssen Pharmaceutica, N.V.
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
		 		 		 	Date:	 	  

  

 34 

 EXHIBIT A 
 TOPO [*] 
 This Work Order, pursuant to the TOPO Master Services
Agreement between Janssen Pharmaceutica, N.V. (“Janssen”) and PPD Therapeutics, Inc. (“PPD”) dated November 16, 2009 (“Agreement”), is entered into and effective on November 16, 2009. PPD is referred to herein
as “Sponsor”. The Parties agree that Janssen shall perform the Services in accordance with this Work Order and is subject to all the terms and conditions of the Agreement. This Work Order is incorporated in and made a part of the Agreement
identified above. Nothing in this Work Order shall supersede the terms set forth in the Agreement. 
 DESCRIPTION OF SERVICES 

 [*] 
 [*] Confidential treatment
requested; certain information omitted and filed separately with the SEC. 

 IN WITNESS WHEREOF, the parties hereto have caused this Work Order to be executed by their
duly authorized respective representatives as of the day and year first above written. 
  

									
	Janssen Pharmaceutica, N.V.	 		 	PPD Therapeutics, Inc.
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
	Date:	 	  
	 		 	Date:	 	  

				
	Janssen Pharmaceutica, N.V.	 		 		 	
					
	By:	 	  
	 		 		 	
	Name:	 		 		 		 	
	Title:	 		 		 		 	
	Date:Form of Indenture

 EXHIBIT 4.2 
  
  
  
 MURPHY OIL CORPORATION 

                                        
                as Issuer 
 and 
 SUNTRUST BANK, NASHVILLE, NA. 
                                         
                as Trustee 
 Indenture

 Dated as of May 4, 1999 
  
  
  

 CROSS REFERENCE SHEET* 
  
  
 Between 
 Provisions of the Trust Indenture Act of 1939 and
the Indenture to be dated as of May 4, 1999 between MURPHY OIL CORPORATION and SUNTRUST BANK, Nashville, N.A., as Trustee: 
  

			
	 Section of the Act
	  	 Section of Indenture

	 310(a)(1)
	  	5.08
	 310(a)(3)
	  	Inapplicable
	 310(b)
	  	5.12 and 5.09(a), (b) and (d)
	 310(c)
	  	Inapplicable
	 311(a)
	  	5.13
	 311(b)
	  	5.13
	 311(c)
	  	Inapplicable
	 312(a)
	  	3.06
	 312(b)
	  	3.06
	 312(c)
	  	4.02(c)
	 313(a)
	  	3.08
	 313(b)(1)
	  	Inapplicable
	 313(b)(2)
	  	3.08
	 313(c)
	  	3.08
	 313(d)
	  	3.08
	 314(a)
	  	3.07
	 314(b)
	  	Inapplicable
	 314(c)(1) and (2)
	  	10.05
	 314(c)(3)
	  	Inapplicable
	 314(d)
	  	Inapplicable
	 314(e)
	  	10.05
	 314(f)
	  	Inapplicable
	 315(a), (c) and (d)
	  	5.01
	 315(b)
	  	4.11
	 315(e)
	  	4.12
	 316(a)(1)
	  	4.09
	 316(a)(2)
	  	Not required
	 316(a) (last sentence)
	  	6.04
	 316(b)
	  	4.07
	 317(a)
	  	4.02
	 317(b)
	  	3.04(a) and (b)
	 318(a)
	  	10.07

  

	*	This Cross Reference Sheet is not part of the Indenture. 

 TABLE OF CONTENTS 
  
  
  

					
	 	  	 	  	PAGE
	
	 ARTICLE 1
 DEFINITIONS

	 Section 1.01.
	  	Certain Terms Defined	  	1
	
	 ARTICLE 2
 SECURITIES

			
	 Section 2.01.
	  	Forms Generally	  	7
	 Section 2.02.
	  	Form of Trustee’s Certificate of Authentication	  	8
	 Section 2.03.
	  	Amount Unlimited; Issuable in Series	  	8
	 Section 2.04.
	  	Authentication and Delivery of Securities	  	10
	 Section 2.05.
	  	Execution of Securities	  	12
	 Section 2.06.
	  	Certificate of Authentication	  	14
	 Section 2.07.
	  	Denomination and Date of Securities, Payments of Interest	  	14
	 Section 2.08.
	  	Registration, Transfer and Exchange	  	15
	 Section 2.09.
	  	Mutilated, Defaced, Destroyed, Lost and Stolen Securities	  	16
	 Section 2.10.
	  	Cancellation of Securities; Disposition Thereof	  	17
	 Section 2.11.
	  	Temporary Securities	  	17
	 Section 2.12.
	  	Computation of Interest	  	18
	
	 ARTICLE 3
 COVENANTS OF THE ISSUER AND THE TRUSTEE

			
	 Section 3.01.
	  	Payment of Principal and Interest	  	18
	 Section 3.02.
	  	Offices for Payments, Etc.	  	18
	 Section 3.03.
	  	Appointment to Fill a Vacancy in Office of Trustee	  	19
	 Section 3.04.
	  	Paying Agents	  	19
	 Section 3.05.
	  	Certificate of the Issuer	  	20
	 Section 3.06.
	  	Securityholders Lists	  	20
	 Section 3.07.
	  	Reports by the Issuer	  	20
	 Section 3.08.
	  	Reports by the Trustee	  	20
	 Section 3.09.
	  	Limitation on Liens	  	21
	 Section 3.10.
	  	Limitation on Sale and Lease-Back Transactions	  	22
			
		  	 ARTICLE 4
 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF
DEFAULT
	  	
			
	 Section 4.01.
	  	Event of Default Defined; Acceleration of Maturity; Waiver of Default	  	22

  

 i 

					
	 Section 4.02.
	  	Collection of Indebtedness by Trustee; Trustee May Prove Debt	  	25
	 Section 4.03.
	  	Application of Proceeds	  	28
	 Section 4.04.
	  	Suits for Enforcement	  	29
	 Section 4.05.
	  	Restoration of Rights on Abandonment of Proceedings	  	29
	 Section 4.06.
	  	Limitations on Suits by Securityholders	  	29
	 Section 4.07.
	  	Unconditional Right of Securityholders to Institute Certain Suits	  	30
	 Section 4.08.
	  	Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default	  	30
	 Section 4.09.
	  	Control By Securityholders	  	30
	 Section 4.10.
	  	Waiver of Past Defaults	  	31
	 Section 4.11.
	  	Trustee to Give Notice of Default, But May Withhold in Certain Circumstances	  	31
	 Section 4.12.
	  	Right of Court to Require Filing of Undertaking to Pay Costs	  	32
	
	 ARTICLE 5
 CONCERNING THE TRUSTEE

			
	 Section 5.01.
	  	Duties and Responsibilities of The Trustee; During Default; Prior to Default	  	32
	 Section 5.02.
	  	Certain Rights of the Trustee	  	34
	 Section 5.03.
	  	Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof	  	35
	 Section 5.04.
	  	Trustee and Agents May Hold Securities, etc.	  	35
	 Section 5.05.
	  	Moneys Held by Trustee	  	35
	 Section 5.06.
	  	Compensation and Indemnification of Trustee and Its Prior Claim	  	35
	 Section 5.07.
	  	Right of Trustee to Rely on Officers’ Certificate, etc.	  	36
	 Section 5.08.
	  	Persons Eligible for Appointment as Trustee	  	36
	 Section 5.09.
	  	Resignation and Removal; Appointment of Successor Trustee	  	36
	 Section 5.10.
	  	Acceptance of Appointment by Successor Trustee	  	38
	 Section 5.11.
	  	Merger, Conversion, Consolidation or Succession to Business of Trustee	  	39
	 Section 5.12.
	  	Preferential Collection of Claims Against the Issuer	  	39
	
	 ARTICLE 6
 CONCERNING THE SECURITYHOLDERS

			
	 Section 6.01.
	  	Evidence of Action Taken by Securityholders	  	39
	 Section 6.02.
	  	Proof of Execution of Instruments and of Holding of Securities; Record Date	  	40
	 Section 6.03.
	  	Holders to Be Treated as Owners	  	40
	 Section 6.04.
	  	Securities Owned By Issuer Deemed Not Outstanding	  	40
	 Section 6.05.
	  	Right of Revocation of Action Taken	  	41

  

 ii 

					
	 ARTICLE 7
 SUPPLEMENTAL INDENTURES

			
	 Section 7.01.
	  	Supplemental Indentures Without Consent of Securityholders	  	41
	 Section 7.02.
	  	Supplemental Indentures With Consent of Securityholders	  	43
	 Section 7.03.
	  	Effect of Supplemental Indenture	  	44
	 Section 7.04.
	  	Documents to Be Given to Trustee	  	44
	 Section 7.05.
	  	Notation on Securities in Respect of Supplemental Indentures	  	44
	
	 ARTICLE 8
 CONSOLIDATION, MERGER, SALE OR CONVEYANCE

			
	 Section 8.01.
	  	Issuer May Consolidate, Etc., on Certain Terms	  	44
	 Section 8.02.
	  	Successor Corporation Substituted	  	45
	 Section 8.03.
	  	Opinion of Counsel to Trustee	  	45
	
	 ARTICLE 9
 SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

			
	 Section 9.01.
	  	Satisfaction and Discharge of Indenture	  	46
	 Section 9.02.
	  	Application by Trustee of Funds Deposited for Payment of Securities	  	47
	 Section 9.03.
	  	Repayment of Moneys Held by Paying Agent	  	47
	 Section 9.04.
	  	Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years	  	47
	
	 ARTICLE 10
 MISCELLANEOUS PROVISIONS

			
	 Section 10.01.
	  	Incorporators, Stockholders, Officer and Directors of Issuer Exempt from Individual Liability	  	48
	 Section 10.02.
	  	Provisions of Indenture for the Sole Benefit of Parties and Securityholders	  	48
	 Section 10.03.
	  	Successors and Assigns of Issuer Bound by Indenture	  	48
	 Section 10.04.
	  	Notices and Demands on Issuer, Trustee and Securityholders	  	48
	 Section 10.05.
	  	Officers’ Certificates and Opinions of Counsel; Statement to Be Contained Therein	  	49
	 Section 10.06.
	  	Payments Due on Saturdays, Sundays and Holidays	  	50
	 Section 10.07.
	  	Conflict of any Provision of Indenture with Trust Indenture Act of 1939	  	50
	 Section 10.08.
	  	New York Law to Govern	  	50
	 Section 10.09.
	  	Counterparts	  	50
	 Section 10.10.
	  	Effect of Headings	  	51
	 Section 10.11.
	  	Separability Clause	  	51

  

 iii 

					
	 ARTICLE 11
 REDEMPTION OF SECURITIES AND SINKING FUNDS

			
	 Section 11.01.
	  	Applicability of Article	  	51
	 Section 11.02.
	  	Notice of Redemption; Partial Redemptions	  	51
	 Section 11.03.
	  	Payment of Securities Called for Redemption	  	52
	 Section 11.04.
	  	Exclusion of Certain Securities from Eligibility for Selection for Redemption	  	53
	 Section 11.05.
	  	Mandatory and Optional Sinking Funds	  	53
	
	 ARTICLE 12
 DEFEASANCE

			
	 Section 12.01.
	  	Issuer’s Option To Effect Defeasance	  	55
	 Section 12.02.
	  	Defeasances and Discharge	  	56
	 Section 12.03.
	  	Covenant Defeasance	  	56
	 Section 12.04.
	  	Conditions to Defeasance	  	56
	 Section 12.05.
	  	Deposited Money and U.S. Government Obligations to Be Held in Trust; Reinstatement; Miscellaneous	  	58

  

			
	 TESTIMONTUM
	  	59
	 SIGNATURES
	  	60
	 ACKNOWLEDGMENTS
	  	61

  

 iv 

 THIS INDENTURE, dated as of May 4, 1999 between MURPHY OIL CORPORATION (the
“Issuer”), a corporation organized under the laws of the State of Delaware, and SUNTRUST BANK, NASHVILLE, N.A., a national banking association (the “Trustee”). 
 WITNESSETH: 
 WHEREAS, the Issuer has duly authorized the issue from time to time of its unsecured debentures, notes or other evidences of Indebtedness to be issued in one or more series (the “Securities”) up to such principal amount or
amounts as may from time to time be authorized in accordance with the terms of this Indenture and to provide, among other things, for the authentication, delivery and administration thereof, the Issuer has duly authorized the execution and delivery
of this Indenture; and 
 WHEREAS, all things necessary to make this Indenture a valid indenture and agreement according to its
terms have been done; 
 NOW, THEREFORE: 
 In consideration of the premises and the purchases of the Securities by the holders thereof, the Issuer and the Trustee mutually covenant and agree for the equal and proportionate benefit of the
respective holders from time to time of the Securities or of a series thereof as follows: 
 ARTICLE 1 
 DEFINITIONS 
 Section 1.01. Certain Terms Defined. The following terms (except as otherwise expressly provided or unless the context otherwise clearly requires) for all purposes of this Indenture and of any indenture supplemental hereto shall
have the respective meanings specified in this Article. All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939 or the definitions of which in the Securities Act of 1933 are referred to in the Trust Indenture Act
of 1939, including terms defined therein by reference to the Securities Act of 1933 (except as herein otherwise expressly provided or unless the context otherwise clearly requires), shall have the meanings assigned to such terms in said Trust
Indenture Act and in said Securities Act as in force at the date of this Indenture. All accounting terms used herein and not expressly defined shall have the meanings assigned to such terms in accordance with generally accepted accounting
principles, and the term “generally accepted accounting principles” means such accounting principles as are generally accepted at the time of any computation. The words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article have the meanings assigned to them in this Article
and include the plural as well as the singular. 

 “Board of Directors” means either the Board of Directors of the Issuer or
any committee of such Board duly authorized to act hereunder. 
 “Business Day” means, with respect to any
Security, a day that in the city (or in any of the cities, if more than one) in which amounts are payable, as specified in the form of such Security, is not a day on which banking institutions are authorized by law or regulation to close.

 “Capital Lease Obligations” means any obligation to pay rent or other amounts under a lease of (or other
agreement conveying the right to use) real or personal property that is required to be classified and accounted for as a capital lease obligation under generally accepted accounting principles, and, for the purposes of this Indenture, the amount of
such obligation at any date shall be the capitalized amount thereof at such date, determined in accordance with such principles. 
 “Capital Stock” means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock. 
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, or if at any time after the execution and
delivery of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date. 
 “Consolidated Net Assets” means the total of all assets (less depreciation and amortization reserves and other valuation
reserves and loss reserves) which, under generally accepted accounting principles, would appear on the asset side of a consolidated balance sheet of the Company and its Subsidiaries, less the aggregate of all liabilities, deferred credits, minority
shareholders’ interests in Subsidiaries, reserves and other items which, under such principles, would appear on the liability side of such consolidated balance sheet, except Funded Indebtedness and Stockholders’ Equity; provided, however,
that in determining Consolidated Net Assets, there shall not be included as assets, (i) all assets (other than goodwill, which shall be included) which would be classified as intangible assets under generally accepted accounting principles,
including, without limitation, patents, trademarks, copyrights and unamortized debt discount and expense, (ii) any treasury stock carried as an asset, or (iii) any write-ups of capital assets (other than write-ups resulting from the
acquisition of stock or assets of another corporation or business). 
 “Corporate Trust Office” means the
office of the Trustee at which the corporate trust business of the Trustee shall, at any particular time, be principally administered, which office is, at the date as of which this Indenture is dated, located at Sixth Floor, SunTrust Center, 424
Church Street, Nashville, Tennessee 37219. 
  

 2 

 “Debt” shall have the meaning set forth in Section 3.09. 

“Depositary” means, with respect to the Securities of any series issuable or issued in the form of one or more Global
Securities, the Person designated as Depositary by the Issuer pursuant to Section 2.03 until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Depositary”
shall mean or include each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities of that series shall mean the Depositary with respect
to the Global Securities of that series. 
 “Event of Default” means any event or condition specified as such
in Section 4.01. 
 “Funded Indebtedness” of any Person means all indebtedness for borrowed money created,
incurred, assumed or guaranteed in any manner by such Person, and all indebtedness incurred or assumed by such Person in connection with the acquisition of any business, property or asset, which in each case matures more than one year after, or
which by its terms is renewable or extendible or payable out of the proceeds of similar indebtedness incurred pursuant to the terms of any revolving credit agreement or any similar agreement at the option of such Person for a period ending more than
one year after the date as of which Funded Indebtedness is being determined (excluding any amount thereof which is included in current liabilities); provided, however, that Funded Indebtedness shall not include: (i) any indebtedness for
the payment, redemption or satisfaction of which money (or evidences of indebtedness, if permitted under the instrument creating or evidencing such indebtedness) in the necessary amount shall have been irrevocably deposited in trust with a trustee
or proper depository either on or before the maturity or redemption date thereof or (ii) any indebtedness of such Person to any of its subsidiaries or of any subsidiary to such Person or any other subsidiary or (iii) any indebtedness
incurred in connection with the financing of operating, construction or acquisition projects, provided that the recourse for such indebtedness is limited to the assets of such projects. 
 “Global Security” means a Security evidencing all or a part of a series of Securities, issued to the Depositary for such
series in accordance with Section 2.05, and bearing the legend prescribed in Section 2.05. 
 “Holder”, “holder of Securities”, “Securityholder” or other similar terms mean the Person in whose name a Security is registered in the security register kept by the Issuer for the purpose
in accordance with the terms hereof. 
 “Indebtedness” means (a) any liability of any Person (I) for
borrowed money, or any non-contingent reimbursement obligation relating to a letter of credit, or (2) evidenced by a bond, note, debenture or similar instrument (including a purchase money obligation) given in connection with the acquisition of
any businesses, properties or assets of any kind (other than a trade payable or a current

  

 3 

 
liability arising in the ordinary course of business), or (3) for the payment of money relating to a Capital Lease Obligation; (b) any liability of others described in the preceding
clause (a) that the Person has guaranteed or that is otherwise its legal liability; and (c) any amendment, supplement, modification, deferral, renewal, extension or refunding of any liability of the types referred to in clauses
(a) and (b) above. 
 “Indenture” means this instrument as originally executed and delivered or, if
amended or supplemented as herein provided, as so amended or supplemented or both, and shall include the forms and terms of particular series of Securities established as contemplated hereunder. 
 “Interest” means, when used with respect to non-interest bearing Securities, interest payable after maturity. 

“Issuer” means Murphy Oil Corporation, a corporation organized under the laws of the State of Delaware, and, subject to
Article 8, its successors and assigns. 
 “Issuer Order” means a written statement, request or order of the
Issuer signed in its name by the chairman of the Board of Directors, the president, any vice president or the treasurer of the Issuer. 
 “Mortgage” shall have the meaning set forth in Section 3.09. 
 “New York
Agency” means the office of Harris Trust Company of New York, serving as agent of the Trustee in The City of New York, which office is, at the date as of which this Indenture is dated, located at Nineteenth Floor, 88 Pine Street, New York,
New York 10005. 
 “Officers’ Certificate” means a certificate signed by the chairman of the Board of
Directors or the president or any vice president and by the treasurer or the secretary or any assistant secretary of the Issuer and delivered to the Trustee. Each such certificate shall comply with Section 314 of the Trust Indenture Act of 1939
and include the statements provided for in Section 10.05 hereof, if and to the extent that such sections are applicable. 
 “Opinion of Counsel” means an opinion in writing signed by legal counsel who may be an employee of or counsel to the Issuer and who shall be satisfactory to the Trustee. Each such opinion shall comply with Section 314
of the Trust Indenture Act of 1939 and include the statements provided for in Section 10.05 hereof, if and to the extent that such sections are applicable. 
 “Original Issue Discount Security” means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the
maturity thereof pursuant to Section 4.01. 
  

 4 

 “Outstanding”, when used with reference to Securities, shall, subject to
the provisions of Section 6.04, mean, as of any particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except 
 (a) Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 
 (b) Securities, or portions thereof, for the payment or redemption of which moneys in the necessary amount shall have been
deposited in trust with the Trustee or with any paying agent (other than the Issuer) or shall have been set aside, segregated and held in trust by the Issuer for the holders of such Securities (if the Issuer shall act as its own paying agent),
provided that if such Securities, or portions thereof, are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as herein provided, or provision satisfactory to the Trustee shall have been made for
giving such notice; and 
 (c) Securities in substitution for which other Securities shall have been
authenticated and delivered, or which shall have been paid, pursuant to the terms of Section 2.09 (except with respect to any such Security as to which proof satisfactory to the Trustee is presented that such Security is held by a person in
whose hands such Security is a legal, valid and binding obligation of the Issuer). 
 In determining whether the holders of the requisite
principal amount of Outstanding Securities of any or all series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be
Outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the maturity thereof pursuant to Section 4.01. 
 “Periodic Offering” means an offering of Securities of a series from time to time, the specific terms of which Securities,
including, without limitation, the rate or rates of interest, if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if any, with respect thereto, are to be determined by the Issuer or its agents upon the issuance
of such Securities. 
 “Person” means any individual, corporation, partnership, joint venture, association,
joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “principal” whenever used with reference to the Securities or any Security or any portion thereof, shall be deemed to include “and premium, if any”. 
 “Principal Property” means all property and equipment directly engaged in the exploration, production, refining, marketing
and transportation activities of the Issuer and its Subsidiaries, except any such property and equipment which the Board of Directors declares is not material to the business of the Issuer and its Subsidiaries taken as a whole. 
  

 5 

 “Responsible Officer” when used with respect to the Trustee means the
chairman of the board of directors, any vice chairman of the board of directors, the chairman of the trust committee, the chairman of the executive committee, any vice chairman of the executive committee, the president, any vice president, the
cashier, the secretary, the treasurer, any senior trust officer, any trust officer, any assistant trust officer, any assistant vice president, any assistant cashier, any assistant secretary, any assistant treasurer, or any other officer or assistant
officer of the Trustee customarily performing functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of his knowledge of and familiarity
with the particular subject. 
 “Restricted Subsidiary” means any Subsidiary of the Issuer that owns a
Principal Property and has Stockholders’ Equity that is greater than 2% of the Consolidated Net Assets of the Issuer. 
 “Sale and Lease-Back Transaction” shall have the meaning set forth in Section 3.10. 
 “Security” or “Securities” has the meaning stated in the first recital of this Indenture, or, as the case may be, Securities that have been authenticated and delivered under this Indenture. 
 “Senior Funded Indebtedness” means any Funded Indebtedness which is also Senior Indebtedness. 
 “Senior Indebtedness” shall mean the principal of and premium, if any, and interest on (including interest accruing after
the filing of a petition initiating any proceeding pursuant to any bankruptcy law) and other amounts due on or in connection with any Indebtedness of the Issuer, whether outstanding on the date of this Indenture or hereafter created, incurred or
assumed, unless, in the case of any particular Indebtedness, the instrument creating or evidencing the same or pursuant to which the same is outstanding expressly provides that such Indebtedness shall be subordinated to the Securities.
Notwithstanding the foregoing, Senior Indebtedness shall not include Indebtedness of the Issuer to a Subsidiary of the Issuer for money borrowed or advanced from such Subsidiary. 
 “Stockholders’ Equity” means the aggregate of (however designated) capital, capital stock (including preferred stock),
capital surplus, capital in excess of par value of stock, earned surplus, net income retained for use in the business and cumulative foreign exchange translation adjustments, after deducting the cost of shares of the Issuer held in its treasury.

  

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 “Subsidiary” means (i) any corporation of which more than 50% of the
total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors thereof is at the time directly or indirectly owned by the Issuer or by the Issuer and one or more
Subsidiaries or by one or more Subsidiaries, and (ii) any limited partnership in which the Issuer or a Subsidiary is a general partner and in which more than 50% of the voting interests thereof is at the time directly or indirectly owned by the
Issuer or by the Issuer and one or more Subsidiaries or by one or more Subsidiaries. The term “subsidiary”, when used with respect to any Person other than the Issuer, shall have a meaning correlative to the foregoing. 
 “Trust Indenture Act of 1939” (except as otherwise provided in Sections 7.01 and 7.02) means the Trust Indenture Act of
1939 as in force at the date as of which this Indenture was originally executed. 
 “Trustee” means the Person
identified as “Trustee” in the first paragraph hereof and, subject to the provisions of Article 5, shall also include any successor trustee. “Trustee” shall also mean or include each Person who is then a trustee hereunder
and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the trustee with respect to the Securities of such series. 
 “U.S. Government Obligations” shall have the meaning set forth in Section 9.01. 
 “vice president” when used with respect to the Issuer or the Trustee, means any vice president, whether or not designated
by a number or a word or words added before or after the title of “vice president”. 
 “Yield to
Maturity” means the yield to maturity on a series of Securities, calculated at the time of issuance of such series, or, if applicable, at the most recent redetermination of interest on such series, and calculated in accordance with accepted
financial practice. 
 ARTICLE 2 
 SECURITIES 
 Section 2.01. Forms Generally. The
Securities of each series shall be substantially in such form (not inconsistent with this Indenture) as shall be established by or pursuant to a resolution of the Board of Directors (as set forth in such resolution or, to the extent established
pursuant to rather than set forth in such resolution, an Officers’ Certificate detailing such establishment) or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture and may have imprinted or otherwise reproduced thereon such legend or legends, not

  

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inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto, or with any rules of any securities exchange or to
conform to general usage, all as may be determined by the officers executing such Securities, as evidenced by their execution of the Securities. 
 The definitive Securities shall be printed, lithographed or engraved on steel engraved borders, all as determined by the officers executing such Securities, as evidenced by their execution of such
Securities. 
 Section 2.02. Form of Trustee’s Certificate of Authentication. The Trustee’s certificate of
authentication on all Securities shall be in substantially the following form: 
 This is one of the Securities of the series
designated herein and referred to in the within-mentioned Indenture. 
  

			
	 SUNTRUST BANK, NASHVILLE, N.A.,
as Trustee

		
	By:	 	 
		 	Authorized Officer

 Section 2.03. Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more series. There shall be established in or pursuant to a resolution of the Board of Directors and
set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, 
 (1) the title of the Securities of the series (which shall distinguish the Securities of the series from all other
Securities); 
 (2) any limit upon the aggregate principal amount of the Securities of the series that may be
authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 2.08, 2.09, 2.11, 7.05
or 11.03); 
 (3) the date or dates on which the principal of the Securities of the series is payable;

 (4) if other than the coin or currency of the United States, the coin or currency in which the Securities of
that series are denominated, the coin or currency in which payment of the principal of or interest, if any, on the Securities of that series shall be payable and the method of valuing that coin or currency for purposes of determining the aggregate
principal amount of Securities of that series then Outstanding and the amount to be paid to satisfy a judgment denominated in the coin or currency of the United States; 
  

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 (5) the rate or rates at which the Securities of the series shall bear
interest, if any, or the method by which such rate shall be determined, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable and the record dates for the determination of Holders
to whom interest is payable; 
 (6) the place or places where the principal of and any interest on Securities of
the series shall be payable (if other than as provided in Section 3.02); 
 (7) the price or prices at
which, the period or periods within which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Issuer, pursuant to any sinking fund or otherwise; 
 (8) if other than denominations of $1,000 and any multiple thereof, the denominations in which Securities of the series shall
be issuable; 
 (9) the obligation, if any, of the Issuer to redeem, purchase or repay Securities of the series
pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the price or prices at which and the period or periods within which and the terms and conditions upon which Securities of the series shall be redeemed,
purchased or repaid, in whole or in part, pursuant to such obligation; 
 (10) if other than the principal amount
thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 4.01 or provable in bankruptcy pursuant to Section 4.02;

 (11) if the amount of payments of principal of and interest on the Securities of the series may be determined
with reference to an index based on a coin or currency other than that in which the Securities of the series are denominated, the manner in which such amounts shall be determined; 
 (12) whether and under what circumstances the Issuer will pay additional amounts on the Securities of the series held by a
person who is not a U.S. person in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Issuer will have the option to redeem such Securities rather than pay such additional amounts; 
  

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 (13) any trustees, authenticating or paying agents, transfer agents or
registrars or any other agents with respect to the Securities of such series; 
 (14) any other events of default
or covenants with respect to the Securities of such series; 
 (15) whether the Securities of the series shall be
issued in the form of one or more Global Securities and, in such case, the Depositary for such Global Security or Securities; and 
 (16) any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture). 
 All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to such resolution of the Board of Directors or
Officers’ Certificate or in any such indenture supplemental hereto. All Securities of any one series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or
pursuant to such a resolution of the Board of Directors, such Officer’s Certificate or in any such indenture supplemental hereto. 
 Section 2.04. Authentication and Delivery of Securities. At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Securities of any series executed by the Issuer to the Trustee
for authentication, and the Trustee shall thereupon authenticate and deliver such Securities to or upon the written order of the Issuer (contained in the Issuer Order referred to below in this Section), or pursuant to such procedures acceptable to
the Trustee and to such recipients as may be specified from time to time by an Issuer Order. The maturity date, original issue date, interest rate and any other terms of the Securities of such series may, if not previously established by a Board
Resolution, Officers’ Certificate or indenture supplemental hereto pursuant to Section 2.03, be determined by or pursuant to such Issuer Order and procedures. If provided for in such procedures, such Issuer Order may authorize
authentication and delivery pursuant to oral instructions from the Issuer or its duly authorized agent, which instructions shall be promptly confirmed in writing. In authenticating such Securities and accepting the additional responsibilities under
this Indenture in relation to such Securities the Trustee shall be entitled to receive (in the case of subparagraphs 1, 2, 3 and 4 below only at or before the time of the first request of the Issuer to the Trustee to authenticate Securities of such
series), and (subject to Section 5.01) shall be fully protected in relying upon, unless and until such documents have been superseded or revoked: 
 (1) a copy of any resolution or resolutions of the Board of Directors relating to such series, in each case certified by the Secretary or an Assistant Secretary of the Issuer; 
  

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 (2) an executed supplemental indenture, if any; 
 (3) an Officers’ Certificate setting forth the form and terms, or the manner of establishing the terms, of the
Securities as required pursuant to Section 2.01 and 2.03, respectively and prepared in accordance with Section 10.05; 
 (4) an Opinion of Counsel, prepared in accordance with Section 10.05, to the effect that 
 (a) the form or forms of such Securities have been established by or pursuant to a resolution of the Board of Directors or by a supplemental indenture as permitted by Section 2.01 and 2.03 in
conformity with the provisions of this Indenture; 
 (b) in the case of an underwritten offering, the terms of
the Securities have been duly authorized and established in conformity with the provisions of this Indenture, and, in the case of a Periodic Offering, certain terms of the Securities have been established pursuant to a resolution of the Board of
Directors, an Officers’ Certificate or a supplemental indenture in accordance with this Indenture, and when such other terms as are to be established pursuant to procedures set forth in an Issuer Order shall have been established, all such
terms will have been duly authorized by the Issuer and will have been established in conformity with the provisions of this Indenture; 
 (c) such Securities, when authenticated and delivered by the Trustee and issued by the Issuer in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and
binding obligations of the Issuer; 
 (d) all laws and requirements in respect of the execution and delivery by
the Issuer of the Securities have been complied with; and 
 (e) covering such other matters as the Trustee may
reasonably request. 
 (5) an Issuer Order requesting such authentication and setting forth delivery instructions
if the Securities are not to be delivered to the Issuer, provided that, with respect to Securities of a series subject to a Periodic Offering, (a) such Issuer Order may be delivered by the Issuer to the Trustee prior to the delivery to the
Trustee of such Securities for authentication and delivery, (b) the Trustee shall authenticate and deliver Securities of such series for original issue from time to time, in an aggregate principal amount not exceeding the aggregate principal
amount established for such series, pursuant to an Issuer

  

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Order or pursuant to procedures acceptable to the Trustee as may be specified from time to time by an Issuer Order, (c) the maturity date or dates, original issue date or dates, interest
rate or rates and any other terms of Securities of such series shall be determined by an Issuer Order or pursuant to such procedures and (d) if provided for in such procedures, such Issuer Order may authorize authentication and delivery
pursuant to oral or electronic instructions from the Issuer or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing; 
 The Trustee shall have the right to decline to authenticate and deliver any Securities under this Section if the Trustee, being advised by counsel, determines that such action may not lawfully be taken by
the Issuer or if the Trustee in good faith by its board of directors or board of trustees, executive committee, or a trust committee of directors or trustees or Responsible Officers shall determine that such action would expose the Trustee to
personal liability to existing Holders or would affect the Trustee’s own rights, duties or immunities under the Securities, this Indenture or otherwise. 
 Section 2.05. Execution of Securities. The Securities shall be signed on behalf of the Issuer by both (a) the chairman of its Board of Directors or any vice chairman of its Board of Directors
or its president or any vice president and (b) by its treasurer or any assistant treasurer or its secretary or any assistant secretary, under its corporate seal which may, but need not, be attested. Such signatures may be the manual or facsimile
signatures of the present or any future such officers. The seal of the Issuer may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Securities. Typographical and other minor errors or
defects in any such reproduction of the seal or any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. 
 In case any officer of the Issuer who shall have signed any of the Securities shall cease to be such officer before the Security so signed
shall be authenticated and delivered by the Trustee or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or disposed of as though the person who signed such Security had not ceased to be such officer of the
Issuer; and any Security may be signed on behalf of the Issuer by such persons as, at the actual date of the execution of such Security, shall be the proper officers of the Issuer, although at the date of the execution and delivery of this Indenture
any such person was not such an officer. 
 If the Issuer shall establish pursuant to Section 2.03 that the Securities of a
series are to be issued in the form of one or more Global Securities, then the Issuer shall execute and the Trustee shall, in accordance with this Section and the Issuer Order with respect to such series, authenticate and deliver one or more Global
Securities that (i) shall represent and shall be denominated in an amount equal to the aggregate principal amount of all of the Securities of such series having the same terms issued and not yet canceled,

  

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(ii) shall be registered in the name of the Depositary for such Global Security or Securities or the nominee of such Depositary, (iii) shall be delivered by the Trustee to such
Depositary or pursuant to such Depositary’s instructions and (iv) shall bear a legend substantially to the following effect: “Unless and until it is exchanged in whole or in part for Securities in definitive registered form, this
Security may not be transferred except as a whole by the Depositary to the nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor
Depositary or a nominee of such successor Depositary.” 
 Each Depositary designated pursuant to Section 2.03 must, at
the time of its designation and at all times while it serves as Depositary, be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and any other applicable statute or regulation. 
 Notwithstanding any other provision of this Section 2.05, unless and until it is exchanged in whole or in part for Securities in
definitive form, a Global Security representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary. 
 If at any time the Depositary for any Securities of a series represented by one or more Global Securities notifies the Issuer that it is
unwilling or unable to continue as Depositary for such Securities or if at any time the Depositary for such Securities shall no longer be eligible under this Section 2.05, the Issuer shall appoint a successor Depositary eligible under this
Section 2.05 with respect to such Securities. If a successor Depositary eligible under this Section 2.05 for such Securities is not appointed by the Issuer within 90 days after the Issuer receives such notice or becomes aware of such
ineligibility, the Issuer’s election pursuant to Section 2.03 that such Securities be represented by one or more Global Securities shall no longer be effective and the Issuer will execute, and the Trustee, upon receipt of an Officers’
Certificate for the authentication and delivery of definitive Securities of such series, will authenticate and deliver, Securities of such series in definitive registered form without coupons, in any authorized denominations, in an aggregate
principal amount equal to the principal amount of the Global Security or Securities representing such Securities in exchange for such Global Security or Securities. 
 The Issuer may at any time and in its sole discretion determine that the Securities of any series issued in the form of one or more Global Securities shall no longer be represented by a Global Security or
Securities. In such event the Issuer will execute, and the Trustee, upon receipt of an Issuer Order for the authentication and delivery of definitive Securities of such series, will authenticate

  

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and deliver, Securities of such series in definitive registered form without coupons, in any authorized denominations, in an aggregate principal amount equal to the principal amount of the Global
Security or Securities representing such Securities, in exchange for such Global Security or Securities. 
 If specified by the
Issuer pursuant to Section 2.03 with respect to Securities represented by a Global Security, the Depositary for such Global Security may surrender such Global Security in exchange in whole or in part for Securities of the same series in
definitive registered form on such terms as are acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall execute, and the Trustee shall authenticate and deliver, without service charge, 
 (i) to the Person specified by such Depositary a new Security or Securities of the same series, of any authorized
denominations as requested by such Person, in an aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Global Security; and 
 (ii) to such Depositary a new Global Security in a denomination equal to the difference, if any, between the principal amount
of the surrendered Global Security and the aggregate principal amount of Securities authenticated and delivered pursuant to clause (i) above. 
 Upon the exchange of a Global Security for Securities in definitive registered form without coupons, in authorized denominations, such Global Security shall be canceled by the Trustee or an agent of the
Issuer or the Trustee. Securities in definitive registered form without coupons issued in exchange for a Global Security pursuant to this Section 2.05 shall be registered in such names and in such authorized denominations as the Depositary for
such Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee or an agent of the Issuer or the Trustee. The Trustee or such agent shall deliver such Securities to or as directed by
the Persons in whose names such Securities are so registered. 
 Section 2.06. Certificate of Authentication. Only
such Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore recited, executed by the Trustee by the manual signature of one of its authorized officers, shall be entitled to the benefits of this
Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon any Security executed by the Issuer shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and
that the holder is entitled to the benefits of this Indenture. 
 Section 2.07. Denomination and Date of Securities,
Payments of Interest. The Securities shall be issuable as registered securities without coupons and in denominations as shall be specified as contemplated by Section 2.03. In the absence of any such specification with respect to the
Securities of any series, the Securities of such series shall be issuable in denominations of $1,000 and any multiple

  

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thereof. The Securities shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plan as the officers of the Issuer executing the same may determine with
the approval of the Trustee as evidenced by the execution and authentication thereof. 
 Each Security shall be dated the date
of its authentication, shall bear interest, if any, from such date and shall be payable on the dates, in each case, which shall be specified as contemplated by Section 2.03. 
 The person in whose name any Security of any series is registered at the close of business on any record date applicable to a particular
series with respect to any interest payment date for such series shall be entitled to receive the interest, if any, payable on such interest payment date notwithstanding any transfer or exchange of such Security subsequent to the record date and
prior to such interest payment date, except if and to the extent the Issuer shall default in the payment of the interest due on such interest payment date for such series, in which case such defaulted interest shall be paid to the persons in whose
names Outstanding Securities for such series are registered at the close of business on a subsequent record date (which shall be not less than five Business Days prior to the date of payment of such defaulted interest) established by notice given by
mail by or on behalf of the Issuer to the holders of Securities not less than 15 days preceding such subsequent record date. The term “record date” as used with respect to any interest payment date (except a date for payment of defaulted
interest) shall mean the date specified as such in the terms of the Securities of any particular series, or, if no such date is so specified, if such interest payment date is the first day of a calendar month, the fifteenth day of the next preceding
calendar month or, if such interest payment date is the fifteenth day of a calendar month, the first day of such calendar month, whether or not such record date is a Business Day. 
 Section 2.08. Registration, Transfer and Exchange. The Issuer will keep or cause to be kept at each office or agency to be
maintained for the purpose as provided in Section 3.02 a register or registers in which, subject to such reasonable regulations as it may prescribe, it will register, and will register the transfer of, Securities as in this Article provided.
Such register shall be in written form in the English language or in any other form capable of being converted into such form within a reasonable time. At all reasonable times such register or registers shall be open for inspection by the Trustee.

 Upon due presentation for registration of transfer of any Security of any series at any such office or agency to be
maintained for the purpose as provided in Section 3.02, the Issuer shall execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Security or Securities of the same series in authorized
denominations for a like aggregate principal amount. 
  

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 Any Security or Securities of any series may be exchanged for a Security or Securities of
the same series in other authorized denominations, in an equal aggregate principal amount. Securities of any series to be exchanged shall be surrendered at any office or agency to be maintained by the Issuer for the purpose as provided in
Section 3.02, and the Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor the Security or Securities of the same series which the Securityholder making the exchange shall be entitled to receive, bearing
numbers not contemporaneously outstanding. 
 All Securities presented for registration of transfer, exchange, redemption or
payment shall (if so required by the Issuer or the Trustee) be duly endorsed by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the holder or his attorney
duly authorized in writing. 
 The Issuer may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any exchange or registration of transfer of Securities. No service charge shall be made for any such transaction. 
 The Issuer shall not be required to exchange or register a transfer of (a) any Securities of any series for a period of 15 days next preceding the first mailing of notice of redemption of Securities of
such series to be redeemed, or (b) any Securities selected, called or being called for redemption except, in the case of any Security where notice has been given that such Security is to be redeemed in part, the portion thereof not so to be
redeemed. 
 All Securities issued upon any transfer or exchange of Securities shall be valid obligations of the Issuer,
evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange. 
 Section 2.09. Mutilated, Defaced, Destroyed, Lost and Stolen Securities. In case any temporary or definitive Security shall become mutilated, defaced or be destroyed, lost or stolen, the
Issuer in its discretion may execute, and upon the written request of any officer of the Issuer, the Trustee shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and
substitution for the mutilated or defaced Security, or in lieu of and substitution for the Security so destroyed, lost or stolen. In every case, the applicant for a substitute Security shall furnish to the Issuer and to the Trustee and any agent of
the Issuer or the Trustee such security or indemnity as may be required by them to indemnify and defend and to save each of them harmless and, in every case of destruction, loss or theft, shall furnish evidence to their satisfaction of the
destruction, loss or theft of such Security and of the ownership thereof. 
 Upon the issuance of any substitute Security, the
Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. In case any
Security which has matured or is about to mature or has been called for redemption in full shall

  

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become mutilated or defaced or be destroyed, lost or stolen, the Issuer may instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in
the case of a mutilated or defaced Security), if the applicant for such payment shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as any of them may require to save each of them
harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer and the Trustee and any agent of the Issuer or the Trustee evidence to their satisfaction of the destruction, loss or theft of such Security
and of the ownership thereof. 
 Every substitute Security of any series issued pursuant to the provisions of this Section by
virtue of the fact that any such Security is destroyed, lost or stolen shall constitute an additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone and that
substitute Security shall be entitled to all the benefits of (but shall be subject to all the limitations of rights set forth in) this Indenture equally and proportionately with any and all other Securities of such series duly authenticated and
delivered hereunder. All Securities shall be held and owned upon the express condition that, to the extent permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, defaced or destroyed, lost
or stolen Securities and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities
without their surrender. 
 Section 2.10. Cancellation of Securities; Disposition Thereof. All Securities
surrendered for payment, redemption, registration of transfer or exchange, or for credit against any payment in respect of a sinking or analogous fund, if surrendered to the Issuer or any agent of the Issuer or of the Trustee, shall be delivered to
the Trustee for cancellation or, if surrendered to the Trustee, shall be canceled by it; and no Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of
canceled Securities held by it in accordance with its customary procedures and deliver a certificate of disposition to the Issuer. If the Issuer shall acquire any of the Securities, such acquisition shall not operate as a redemption or satisfaction
of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation. 
 Section 2.11. Temporary Securities. Pending the preparation of definitive Securities for any series, the Issuer may execute and the Trustee shall authenticate and deliver temporary Securities for such series (printed,
lithographed, typewritten or otherwise reproduced, in each case in form satisfactory to the Trustee). Temporary Securities of any series shall be issuable as registered Securities without coupons, of any authorized denomination, and substantially in
the form of the definitive Securities of such series but with such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the

  

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Issuer with the concurrence of the Trustee. Temporary Securities may contain such reference to any provisions of this Indenture as may be appropriate. Every temporary Security shall be executed
by the Issuer and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities. Without unreasonable delay the Issuer shall execute and shall furnish definitive
Securities of such series and thereupon temporary Securities of such series may be surrendered in exchange therefor without charge at each office or agency to be maintained by the Issuer for that purpose pursuant to Section 3.02, and the
Trustee shall authenticate and deliver in exchange for such temporary Securities of such series a like aggregate principal amount of definitive Securities of the same series of authorized denominations. Until so exchanged, the temporary Securities
of any series shall be entitled to the same benefits under this Indenture as definitive Securities of such series. 
 Section 2.12. Computation of Interest. Except as otherwise specified as contemplated by Section 2.03 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360 day year
of twelve 30-day months. 
 ARTICLE 3 
 COVENANTS OF THE ISSUER AND THE TRUSTEE 
 Section 3.01. Payment of Principal and Interest. The Issuer covenants and agrees for the benefit of each series of Securities
that it will duly and punctually pay or cause to be paid the principal of, and interest on, each of the Securities of such series at the place or places, at the respective times and in the manner provided in such Securities. Each instalment of
interest on the Securities of any series may be paid by mailing checks for such interest payable to or upon the written order of the holders of Securities entitled thereto as they shall appear on the registry books of the Issuer. 
 Section 3.02. Offices for Payments, Etc. So long as any of the Securities remain Outstanding, the Issuer will maintain in The
City of New York, the following for each series: an office or agency (a) where the Securities may be presented for payment, (b) where the Securities may be presented for registration of transfer and for exchange as in this Indenture provided and (c)
where notices and demands to or upon the Issuer in respect of the Securities or of this Indenture may be served. The Issuer will give to the Trustee written notice of the location of any such office or agency and of any change of location thereof.
Unless otherwise specified in accordance with Section 2.03, the Issuer hereby initially designates the New York Agency, as the office to be maintained by it for each such purpose. In case the Issuer shall fail to so designate or maintain any
such office or agency or shall fail to give such notice of the location or of any change in the location thereof, presentations and demands may be made and notices may be served at the New York Agency. 
  

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 Section 3.03. Appointment to Fill a Vacancy in Office of Trustee. The Issuer,
whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 5.09, a Trustee, so that there shall at all times be a Trustee with respect to each series of Securities hereunder.

 Section 3.04. Paying Agents. Whenever the Issuer shall appoint a paying agent other than the Trustee with respect
to the Securities of any series, it will cause such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section, 
 (a) that it will hold all sums received by it as such agent for the payment of the principal of or interest on the Securities
of such series (whether such sums have been paid to it by the Issuer or by any other obligor on the Securities of such series) in trust for the benefit of the holders of the Securities of such series or of the Trustee, 
 (b) that it will give the Trustee notice of any failure by the Issuer (or by any other obligor on the Securities of such
series) to make any payment of the principal of or interest on the Securities of such series when the same shall be due and payable, and 
 (c) that it will pay any such sums so held by it in trust to the Trustee upon the Trustee’s written request at any time during the continuance of the failure referred to in clause (b) above.

 The Issuer will, on or prior to each due date of the principal of or interest on the Securities of such series, deposit with
the paying agent a sum sufficient to pay such principal or interest so becoming due, and (unless such paying agent is the Trustee) the Issuer will promptly notify the Trustee of any failure to take such action. 
 If the Issuer shall act as its own paying agent with respect to the Securities of any series, it will, on or before each due date of the
principal of or interest on the Securities of such series, set aside, segregate and hold in trust for the benefit of the holders of the Securities of such series a sum sufficient to pay such principal or interest so becoming due. The Issuer will
promptly notify the Trustee of any failure to take such action. 
 Anything in this Section to the contrary notwithstanding, the
Issuer may at any time, for the purpose of obtaining a satisfaction and discharge with respect to one or more or all series of Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust for any such
series by the Issuer or any paying agent hereunder, as required by this Section, such sums to be held by the Trustee upon the trusts herein contained. 
  

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 Anything in this Section to the contrary notwithstanding, the agreement to hold sums in
trust as provided in this Section is subject to the provisions of Section 9.03 and 9.04. 
 Section 3.05.
Certificate of the Issuer. The Issuer will deliver to the Trustee, on or before a date not more than 120 days after the end of each fiscal year of the Issuer ending after the date of this Indenture, a written statement signed by the following
officers (one of whom shall be the principal executive, financial or accounting officer of the Issuer): the Chairman, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Comptroller, an Assistant Comptroller, the
Secretary or the Assistant Secretary of the Issuer, stating whether or not, after a review under each signer’s supervision of the activities of the Issuer during such year and of the Issuer’s performance under this Indenture, to the best
knowledge, based on such review, of the signers thereof, the Issuer has fulfilled all of its obligations, conditions and covenants under this Indenture throughout such year, and, if there has been a default in the fulfillment of any such obligation,
condition or covenant specifying each default and the nature and status thereof. 
 Section 3.06. Securityholders Lists.
If and so long as the Trustee shall not be the Security registrar for the Securities of any series, the Issuer will furnish or cause to be furnished to the Trustee a list in such form as the Trustee may reasonably require of the names and
addresses of the holders of the Securities of such series pursuant to Section 312 of the Trust Indenture Act of 1939 (a) semi-annually not more than 15 days after each record date for the payment of interest on such Securities, as hereinabove
specified, as of such record date and on dates to be determined pursuant to Section 2.03 for non-interest bearing securities in each year, and (b) at such other times as the Trustee may request in writing, within thirty days after receipt by
the Issuer of any such request as of a date not more than 15 days prior to the time such information is furnished. 
 Section 3.07. Reports by the Issuer. The Issuer covenants to file with the Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the annual reports and of the information,
documents, and other reports which the Issuer may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 or pursuant to Section 314 of the Trust Indenture Act of 1939.

 Section 3.08. Reports by the Trustee. Any Trustee’s report required under Section 3 13(a) of the Trust
Indenture Act of 1939 shall be transmitted on or before July 15 in each year following the date hereof, so long as any Securities are Outstanding hereunder, and shall be dated as of a date convenient to the Trustee no more than 60 nor less than
45 days prior thereto. At the time it delivers such report, the Trustee shall deliver a copy thereof to the Issuer. 
  

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 Section 3.09. Limitation on Liens. The Issuer will not, nor will it permit any
Restricted Subsidiary to, incur, assume, guarantee or suffer to exist any Indebtedness for money borrowed (herein referred to as “Debt”) if such Debt is secured, directly or indirectly, by any mortgage, pledge, security interest or
lien of any kind (hereinafter referred to as a “Mortgage”) upon any Principal Property or upon any Indebtedness or share of capital stock of any Restricted Subsidiary which owns any Principal Property, now owned or hereafter
acquired, without making effective provision, and the Issuer in such case will make or cause to be made effective provision, whereby the Securities of each series will be secured by such Mortgage equally and ratably with (or prior to) any other Debt
thereby secured so long as such Debt shall be so secured, except that the foregoing provisions shall not apply to: (i) Mortgages existing at the time of acquisition of the property, shares of stock or Indebtedness affected thereby or incurred
to secure payment of all or part of the purchase price of such property, shares of stock or Indebtedness or to secure Debt incurred prior to, at the time of or within 120 days after the acquisition or completion of construction of such property,
shares of stock or Indebtedness for the purpose of financing all or part of the purchase price or cost of construction thereof, as the case may be (provided that such Mortgages are limited to such property and improvements thereon or the shares of
stock or Indebtedness so acquired), (ii) Mortgages affecting property, shares of stock or Indebtedness of a Person existing at the time it becomes a Restricted Subsidiary (provided that any such Mortgage shall attach only to the properties and
improvements thereon or the shares of stock or Indebtedness so acquired), (iii) Mortgages which secure only Debt of a Restricted Subsidiary owing to the Issuer or a Subsidiary, (iv) Mortgages or easements on property of the Issuer or any
Restricted Subsidiary related to the financing of such property on a tax-exempt basis pursuant to Section 1 03(b)(4) or (b)(6) of the Internal Revenue Code of 1986, as amended (or any successor section thereto), that do not in the aggregate
materially detract from the value of property or assets or materially impair the use thereof in the operation of the business of the Issuer or any Restricted Subsidiary, (v) Mortgages in favor of the United States of America or any
instrumentality thereof, or in favor of any foreign government or any department, agency, instrumentality or political subdivision thereof, to secure partial, progress, advance or other payments pursuant to any contract or statute,
(vi) Mortgages existing at the date of this Indenture, (vii) liens on property or assets of the Issuer or any Restricted Subsidiary consisting of marine Mortgages provided for in Title XI of the Merchant Marine Act of 1936 or foreign
equivalents, (viii) Mortgages on property of the Issuer or any Restricted Subsidiary securing Debt incurred in connection with the financing of operating, constructing or acquiring projects, provided that the recourse for such Debt is limited
to the assets of such projects, and (ix) any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any Mortgage referred to in the foregoing clauses (i) to (viii) inclusive or
of any Debt secured thereby, provided that the principal amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement, and; provided, further, that such
Mortgage shall be limited to all or part of substantially the same property which secured the Mortgage extended, renewed or replaced (plus improvements on such property). 
  

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 Notwithstanding the foregoing, the Issuer or any Restricted Subsidiary may create or permit
to exist Mortgages on any Principal Property, or upon any indebtedness or share of capital stock of any Restricted Subsidiary so long as the aggregate amount of Debt secured by all such Mortgages (excluding therefrom the Debt secured by Mortgages
set forth in clauses (i) through (ix), inclusive, above) does not exceed 10% of the Consolidated Net Assets of the Issuer. 
 Section 3.10. Limitation on Sale and Lease-Back Transactions. The Issuer will not, nor will it permit any Restricted Subsidiary to, enter into any arrangement with any Person providing for the leasing by the Issuer or a
Restricted Subsidiary as lessee of any Principal Property (except for temporary leases for a term of not more than three years), which property has been or is to be sold or transferred by the Issuer or such Restricted Subsidiary to such person
(herein referred to as a “Sale and Lease-Back Transaction”), unless (i) the Issuer or such Restricted Subsidiary would be entitled to incur Debt secured by a Mortgage on the property to be leased without violation of
Section 3.09 and without equally and ratably securing the Securities of each series or (ii) the Issuer shall, and in any such case the Issuer covenants that it will, apply an amount equal to the greater of (a) the proceeds of such
sale or transfer or (b) the fair value (as determined by the Board of Directors) of the property so leased to the defeasance or retirement (other than any mandatory retirement), within 120 days of the effective date of any such arrangement, of
Senior Funded Indebtedness; provided, however, that the amount to be so applied to the defeasance or retirement of such Senior Funded Indebtedness will be reduced by an amount (not previously used to reduce the amount of such
defeasance or retirement) equal to the lesser of (x) the amount expended by the Issuer since the date of this Indenture and within twelve months prior to the effective date of any such arrangement or within 120 days thereafter for the
acquisition by it of unencumbered Principal Properties or (y) the fair value (as determined by the Board of Directors) of unencumbered Principal Properties so acquired by the Issuer during such twelve-month period and 120-day period.

 ARTICLE 4 
 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT 
 Section 4.01. Event of Default Defined; Acceleration of Maturity; Waiver of Default. “Event of Default” with
respect to Securities of any series wherever used herein, means each one of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (a) default in the payment of any installment of interest upon any of the Securities of such series as and when the same
shall become due and payable, and continuance of such default for a period of 30 days; or 
  

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 (b) default in the payment of all or any part of the principal on any of the
Securities of such series as and when the same shall become due and payable either at maturity, upon redemption, by declaration or otherwise; or 
 (c) default in the payment of any sinking fund installment as and when the same shall become due and payable by the terms of the Securities of such series; or 
 (d) default in the performance, or breach, of any covenant or warranty of the Issuer in respect of the Securities of such
series (other than a covenant or warranty in respect of the Securities of such series a default in whose performance or whose breach is elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period of 90
days after there has been given, by registered or certified mail, to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities of all series affected
thereby, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 
 (e) a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Issuer in an
involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Issuer or for any
substantial part of its property or ordering the winding up or liquidation of the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 
 (f) the Issuer shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar
official) of the Issuer or for any substantial part of its property, or make any general assignment for the benefit of creditors; 
 (g) an event of default, as defined in any indenture or instrument evidencing or securing or under which the Issuer has at the date of this Indenture or shall hereafter have outstanding, any Debt in an
amount exceeding $25,000,000, which default shall involve (i) the failure by the Issuer to make any payment when such Debt is due and payable after demand has been made and

  

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the passage of any applicable grace period and such failure shall have continued for a period of thirty days after written notice thereof to the Issuer and the Trustee by the holders of not less
than 25% in aggregate principal amount of the Securities of such series or (ii) a default in the payment of interest, premium, principal or a default in the payment of a sinking fund or redemption payment, which shall have resulted in such Debt
having been accelerated so that the same shall be or become due and payable prior to the date on which the same would otherwise become due and payable, and such acceleration shall not be stayed, rescinded or annulled within ten days after written
notice thereof to the Issuer and the Trustee by the holders of at least 25% in aggregate principal amount of the Securities of such series; provided, however, that if such event of default under such indenture or instrument shall be remedied
or cured by the Issuer or be waived by the holders of such Debt before any judgment or decree for the payment of the moneys due shall have been obtained or entered, then the Event of Default hereunder by reason thereof shall be deemed likewise to
have been thereupon remedied, cured or waived without further action upon the part of either the Trustee or any of the holders of the Securities of such series; or 
 (h) any other Event of Default provided in the supplemental indenture or provided in or pursuant to the resolution of the
Board of Directors under which such series of Securities is issued or in the form of Security for such series. 
 If an Event of Default with
respect to Securities of such series occurs and is continuing, then, and in each and every such case, unless the principal of all of the Securities of such series shall have already become due and payable, either the Trustee or the Holders of not
less than 25% in aggregate principal amount of the Securities of such series then Outstanding hereunder (each such series voting as a separate class) by notice in writing to the Issuer (and to the Trustee if given by Securityholders), may declare
the entire principal (or, if the Securities of such series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) of all Securities of such series and the interest accrued
thereon, if any, to be due and payable immediately, and upon any such declaration the same shall become immediately due and payable. 
 The foregoing provisions, however, are subject to the condition that if, at any time after the principal (or, if the Securities are Original Issue Discount Securities, such portion of the principal as may be specified in the terms thereof)
of the Securities of any series shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the Issuer shall pay or shall deposit with
the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of such series and the principal of any and all Securities of such series which shall have become due otherwise than by acceleration (with interest upon
such principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest, at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount
Securities) specified in the Securities of such series to the date of such payment or

  

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deposit) and such amount as shall be sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and all other expenses and liabilities incurred, and all
advances made, by the Trustee except as a result of negligence or bad faith, and if any and all Events of Default under the Indenture, other than the non-payment of the principal of Securities which shall have become due by acceleration, shall have
been cured, waived or otherwise remedied as provided herein—then and in every such case the holders of a majority in aggregate principal amount of all the Securities of such series, each series voting as a separate class, then Outstanding, by
written notice to the Issuer and to the Trustee, may waive all defaults with respect to such series and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any
subsequent default or shall impair any right consequent thereon. 
 For all purposes under this Indenture, if a portion of the
principal of any Original Issue Discount Securities shall have been accelerated and declared due and payable pursuant to the provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the
principal amount of such Original Issue Discount Securities shall be deemed, for all purposes hereunder, to be such portion of the principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the
principal thereof as shall be due and payable as a result of such acceleration, together with interest, if any, thereon and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities. 

The Trustee shall not be charged with notice of any event of default referred to in Section 4.01(g) unless (i) an officer of
the Trustee assigned to its Corporate Trustee Administration Department shall have actual knowledge thereof or (ii) the Trustee shall have received written notice thereof from the Issuer, the holder of any Debt referred to in
Section 4.01(g) or the holders of not less than 25% in aggregate principal amount of the Securities of any series. 
 Section 4.02. Collection of Indebtedness by Trustee; Trustee May Prove Debt. The Issuer covenants that (a) in case default shall be made in the payment of any installment of interest on any of the Securities of any series when
such interest shall have become due and payable, and such default shall have continued for a period of 30 days or (b) in case default shall be made in the payment of all or any part of the principal of any of the Securities of any series when the
same shall have become due and payable, whether upon maturity of the Securities of such series or upon any redemption or by declaration or otherwise—then upon demand of the Trustee, the Issuer will pay to the Trustee for the benefit of the
Holders of the Securities of such series the whole amount that then shall have become due and payable on all Securities of such series for principal or interest, as the case may be (with interest to the date of such payment upon the overdue
principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount

  

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Securities) specified in the Securities of such series); and in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including reasonable
compensation to the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and any expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of its
negligence or bad faith. 
 Until such demand is made by the Trustee, the Issuer may pay the principal of and interest on the
Securities of any series to the registered holders, whether or not the principal of and interest on the Securities of such series be overdue. 
 In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or
proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment or final decree against the Issuer or other obligor
upon such Securities and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Securities, wherever situated, the moneys adjudged or decreed to be payable. 
 In case there shall be pending proceedings relative to the Issuer or any other obligor upon the Securities under Title 11 of the United
States Code or any other applicable Federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for
or taken possession of the Issuer or its property or such other obligor, or in case of any other comparable judicial proceedings relative to the Issuer or other obligor upon the Securities of any series, or to the creditors or property of the Issuer
or such other obligor, the Trustee, irrespective of whether the principal of any Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant
to the provisions of this Section, shall be entitled and empowered, by intervention in such proceedings or otherwise: 
 (a) to file and prove a claim or claims for the whole amount of principal and interest (or, if the Securities of any series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of
such series) owing and unpaid in respect of the Securities of any series, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the
Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of
negligence or bad faith) and of the Securityholders allowed in any judicial proceedings relative to the Issuer or other obligor upon the Securities of any series, or to the creditors or property of the Issuer or such other obligor, 
  

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 (b) unless prohibited by applicable law and regulations, to vote on behalf
of the holders of the Securities of any series in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or person performing similar functions in comparable
proceedings, and 
 (c) to collect and receive any moneys or other property payable or deliverable on any such
claims, and to distribute all amounts received with respect to the claims of the Securityholders and of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian or other similar official is hereby authorized by each of the
Securityholders to make payments to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to the Securityholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation
to the Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of negligence or bad
faith and all other amounts due to the Trustee or any predecessor Trustee pursuant to Section 5.06. 
 Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Securityholder any plan or reorganization, arrangement, adjustment or composition affecting the Securities of any series or
the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person. 
 All rights of action and of asserting claims under this Indenture, or under any of the Securities, may be enforced by the Trustee without
the possession of any of the Securities or the production thereof on any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be brought in its own name as trustee of an express trust, and
any recovery of judgment, subject to the payment of the expenses, liabilities incurred, disbursements and compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the ratable benefit of the
holders of the Securities in respect of which such action was taken. 
 In any proceedings brought by the Trustee (and also any
proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the holders of the Securities in respect to which such action was taken, and it shall not
be necessary to make any holders of such Securities parties to any such proceedings. 
  

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 Section 4.03. Application of Proceeds. Any moneys collected by the Trustee
pursuant to this Article in respect of any series shall be applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal or interest, upon presentation of the several
Securities in respect of which monies have been collected and stamping (or otherwise noting) thereon the payment, or issuing Securities of such series in reduced principal amounts in exchange for the presented Securities of like series if only
partially paid, or upon surrender thereof if fully paid: 
 FIRST: To the payment of costs and expenses
applicable to such series in respect of which monies have been collected, including reasonable compensation to the Trustee and each predecessor Trustee and their respective agents and attorneys and of all expenses and liabilities incurred, and all
advances made, by the Trustee and each predecessor Trustee except as a result of negligence or bad faith, and all other amounts due to the Trustee or any predecessor Trustee pursuant to Section 5.06; 
 SECOND: In case the principal of the Securities of such series in respect of which moneys have been collected shall not have
become and be then due and payable, to the payment of interest on the Securities of such series in default in the order of the maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the
Trustee) upon the overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in such Securities, such payments to be made ratably to the persons
entitled thereto, without discrimination or preference; 
 THIRD: In case the principal of the Securities of such
series in respect of which moneys have been collected shall have become and shall be then due and payable, to the payment of the whole amount then owing and unpaid upon all the Securities of such series for principal and interest, with interest upon
the overdue principal, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities)
specified in the Securities of such series; and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities of such series, then to the payment of such principal and interest or Yield to Maturity,
without preference or priority of principal over interest or Yield to Maturity, or of interest or Yield to Maturity over principal, or of any installment of interest over any other installment of interest, or of any Security of such series over any
other Security of such series, ratably to the aggregate of such principal and accrued and unpaid interest or Yield to Maturity; and 
  

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 FOURTH: To the payment of the remainder, if any, to the Issuer or any other
person lawfully entitled thereto. 
 Section 4.04. Suits for Enforcement. In case an Event of Default has occurred,
has not been waived and is continuing, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and
enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture or
to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. 
 Section 4.05.
Restoration of Rights on Abandonment of Proceedings. In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined
adversely to the Trustee, then and in every such case the Issuer and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Issuer, the Trustee and the Securityholders
shall continue as though no such proceedings had been taken. 
 Section 4.06. Limitations on Suits by Securityholders.
No Holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to
this Indenture, or for the appointment of a trustee, receiver, liquidator, custodian or other similar official or for any other remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of default and of the
continuance thereof, as hereinbefore provided, and unless also the Holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action
or proceedings in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby and the Trustee for 60 days after its
receipt of such notice, request and offer of indemnity shall have failed to institute any such action or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 4.09; it being
understood and intended, and being expressly covenanted by the taker and Holder of every Security with every other taker and Holder and the Trustee, that no one or more Holders of Securities of any series shall have any right in any manner whatever
by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other such Holder of Securities, or to obtain or seek to obtain priority over or preference

  

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to any other such Holder or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Securities of the
applicable series. For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 
 Section 4.07. Unconditional Right of Securityholders to Institute Certain Suits. Notwithstanding any other provision in this
Indenture and any provision of any Security, the right of any Holder of any Security to receive payment of the principal of and interest on such Security on or after the respective due dates expressed or provided for in such Security, or to
institute suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 Section 4.08. Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default. Except as provided in Sections 2.09 and 4.06, no right or remedy herein conferred upon or reserved to the
Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 No delay or omission of the Trustee or of any Securityholder to exercise any right or power accruing upon any Event of Default occurring and
continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein; and, subject to Section 4.06, every power and remedy given by this Indenture or by law to
the Trustee or to the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders. 
 Section 4.09. Control By Securityholders. The Holders of a majority in aggregate principal amount of the Securities of each series affected (with each series voting as a separate class) at the
time Outstanding shall 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 Securities of such series
by this Indenture; provided that such direction shall not be otherwise than in accordance with law and the provisions of this Indenture and provided further that (subject to the provisions of Section 5.01) the Trustee shall have the right to
decline to follow any such direction if the Trustee, being advised by counsel, shall determine that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith by its board of directors, the executive committee or
a trust committee of directors or Responsible Officers of the Trustee shall determine that the action or proceedings so directed would involve the Trustee in personal liability or if the Trustee in good faith shall so determine that the actions or
forebearances specified

  

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in or pursuant to such direction would be unduly prejudicial to the interests of Holders of the Securities of all series so affected not joining in the giving of said direction, it being
understood that (subject to Section 5.01) the Trustee shall have no duty to ascertain whether or not such actions or forebearances are unduly prejudicial to such Holders. 
 Nothing in this Indenture shall impair the right of the Trustee in its discretion to take any action deemed proper by the Trustee and which
is not inconsistent with such direction or directions by Securityholders. 
 Section 4.10. Waiver of Past Defaults.
Prior to a declaration of the acceleration of the maturity of the Securities of any series as provided in Section 4.01, the Holders of a majority in aggregate principal amount of the Securities of such series at the time Outstanding (each
such series voting as a separate class) may on behalf of the Holders of all the Securities of such series waive any past default or Event of Default described in clause (d) or (g) of Section 4.01 which relates to less than all series
of Securities then Outstanding, except a default in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Holder affected as provided in Section 7.02. Prior to a declaration of acceleration of
the maturity of the Securities of any series as provided in Section 4.01, the Holders of Securities of a majority in principal amount of all the Securities then Outstanding (voting as one class) may on behalf of all Holders waive any past
default or Event of Default referred to in said clause (d) or (g) which relates to all series of Securities then Outstanding, or described in clause (e) or (f) of Section 4.01, except a default in respect of a covenant or
provision hereof which cannot be modified or amended without the consent of the Holder of each Security affected as provided in Section 7.02. In the case of any such waiver, the Issuer, the Trustee and the Holders of the Securities of each
series affected shall be restored to their former positions and rights hereunder, respectively. 
 Upon any such waiver, such
default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this Indenture; but no such waiver
shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. 
 Section 4.11. Trustee to Give Notice of Default, But May Withhold in Certain Circumstances. The Trustee shall give to the Securityholders of any series, as the names and addresses of such Holders appear on the registry books,
notice by mail of all defaults known to the Trustee which have occurred with respect to such series, such notice to be transmitted within 90 days after the occurrence thereof, unless such defaults shall have been cured before the giving of such
notice (the term “default” or “defaults” for the purposes of this Section being hereby defined to mean any event or condition which is, or with notice or lapse of time or both would become, an Event of Default);
provided that, except in the case of default in the payment of the principal of or interest on

  

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any of the Securities of such series, or in the payment of any sinking or purchase fund installment with respect to the Securities of such series, the Trustee shall be protected in withholding
such notice if and so long as the board of directors, the executive committee or a trust committee of directors or trustees and/or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests
of the Securityholders of such series. 
 Section 4.12. Right of Court to Require Filing of Undertaking to Pay Costs.
All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not
apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder or group of Securityholders of any series holding in the aggregate more than 10% in aggregate principal amount of the Securities of such series, or, in the
case of any suit relating to or arising under clauses (d) or (g) of Section 4.01 (if the suit relates to Securities of more than one but less than all series), 10% in aggregate principal amount of Securities Outstanding affected
thereby, or in the case of any suit relating to or arising under clauses (d) or (g) (if the suit relates to all the Securities then Outstanding), (e) or (1) of Section 4.01, 10% in aggregate principal amount of all
Securities Outstanding, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of or interest on any Security on or after the due date expressed in such Security. 
 ARTICLE 5 
 CONCERNING THE TRUSTEE 
 Section 5.01. Duties and
Responsibilities of The Trustee; During Default; Prior to Default. With respect to the Holders of any series of Securities issued hereunder, the Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a
particular series and after the curing or waiving of all Events of Default which may have occurred with respect to such series, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event
of Default with respect to the Securities of a series has occurred (which has not been cured or waived) the Trustee shall with respect to such series of Securities exercise such of the rights and powers vested in it by this Indenture, and use the
same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 
  

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 No provision of this Indenture shall be construed to relieve the Trustee from liability for
its own negligent action, its own negligent failure to act or its own willful misconduct, except that 
 (a)
prior to the occurrence of an Event of Default with respect to the Securities of any series and after the curing or waiving of all such Events of Default with respect to such series which may have occurred: 
 (i) the duties and obligations of the Trustee with respect to the Securities of such series shall be determined solely by the
express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and 
 (ii) in the absence of bad faith on the part of the Trustee, the Trustee
may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the
case of any such statements, certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the
requirements of this Indenture; 
 (b) the Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders pursuant to Section 4.09 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this
Indenture. 
 None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that the repayment of such funds or adequate indemnity against
such liability is not reasonably assured to it. 
  

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 The provisions of this Section 5.01 are in furtherance of and subject to Sections 315
and 316 of the Trust Indenture Act of 1939. 
 Section 5.02. Certain Rights of the Trustee. In furtherance of and
subject to the Trust Indenture Act of 1939, and subject to Section 5.01: 
 (a) the Trustee may rely and
shall be protected in acting or refraining from acting upon any resolution, Officers’ Certificate or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, note, coupon, security or
other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 (b) any request, direction, order or demand of the Issuer mentioned herein shall be sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be herein specifically
prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a copy thereof certified by the secretary or an assistant secretary of the Issuer; 
 (c) the Trustee may consult with counsel and any advice or Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or Opinion of Counsel; 
 (d) the Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture at the
request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which
might be incurred therein or thereby; 
 (e) the Trustee shall not be liable for any action taken or omitted by
it in good faith and believed by it to be authorized or within the discretion, rights or powers conferred upon it by this Indenture; 
 (f) prior to the occurrence of an Event of Default hereunder and after the curing or waiving of all Events of Default, the Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond, debenture, note, coupon, security, or other paper or document unless requested in writing so to do by the
Holders of not less than a majority in aggregate principal amount of the Securities of all series affected then Outstanding; provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to
be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such
expenses or liabilities as a condition to proceeding; the reasonable expenses of every such investigation shall be paid by the Issuer or, if paid by the Trustee or any predecessor trustee, shall be repaid by the Issuer upon demand; and 

 

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 (g) the Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys not regularly in its employ and the Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by it
hereunder. 
 Section 5.03. Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds
Thereof. The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for the correctness of the same.
The Trustee makes no representation as to the validity or sufficiency of this Indenture or of the Securities. The Trustee shall not be accountable for the use or application by the Issuer of any of the Securities or of the proceeds thereof.

 Section 5.04. Trustee and Agents May Hold Securities, etc. The Trustee or any agent of the Issuer or the Trustee,
in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not the Trustee or such agent and may otherwise deal with the Issuer and receive, collect, hold and retain
collections from the Issuer with the same rights it would have if it were not the Trustee or such agent. 
 Section 5.05. Moneys Held by Trustee. Subject to the provisions of Section 9.04 hereof, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they
were received, but need not be segregated from other funds except to the extent required by mandatory provisions of law. Neither the Trustee nor any agent of the Issuer or the Trustee shall be under any liability for interest on any moneys received
by it hereunder. 
 Section 5.06. Compensation and Indemnification of Trustee and Its Prior Claim. The Issuer
covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) and the
Issuer covenants and agrees to pay or reimburse the Trustee and each predecessor Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by or on behalf of it in accordance with any of the provisions of this
Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all agents and other persons not regularly in its employ) except to the extent any such expense, disbursement or advance may arise from its
negligence or bad faith. The Issuer also covenants to indemnify the Trustee and each predecessor Trustee for, and to hold it harmless against, any loss, liability or expense arising out of or in connection with the

  

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acceptance or administration of this Indenture or the trusts hereunder and the performance of its duties hereunder, including the costs and expenses of defending itself against or investigating
any claim of liability in the premises, except to the extent such loss, liability or expense is due to the negligence or bad faith of the Trustee or such predecessor Trustee. The obligations of the Issuer under this Section to compensate and
indemnify the Trustee and each predecessor Trustee and to pay or reimburse the Trustee and each predecessor Trustee for expenses, disbursements and advances shall constitute additional Indebtedness hereunder and shall survive the satisfaction and
discharge of this Indenture. Such additional Indebtedness shall be a senior claim to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the holders of particular
Securities, and the Securities are hereby subordinated to such senior claim. 
 Section 5.07. Right of Trustee to Rely
on Officers’ Certificate, etc. Subject to Sections 5.01 and 5.02, whenever in the administration of the trusts of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or
suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and
established by an Officers’ Certificate delivered to the Trustee, and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it
under the provisions of this Indenture upon the faith thereof. 
 Section 5.08. Persons Eligible for Appointment as
Trustee. The Trustee for each series of Securities hereunder shall at all times be a corporation having a combined capital and surplus of at least $50,000,000, and which is eligible in accordance with the provisions of Section 3 10(a) of
the Trust Indenture Act of 1939. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of a Federal, State or District of Columbia supervising or examining authority, then for the purposes of
this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 
 Section 5.09. Resignation and Removal; Appointment of Successor Trustee. (a) The Trustee, or any trustee or trustees hereafter
appointed, may at any time resign with respect to one or more or all series of Securities by giving written notice of resignation to the Issuer and by mailing notice thereof by first class mail to Holders of the applicable series of Securities at
their last addresses as they shall appear on the Security register. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor trustee or trustees with respect to the applicable series by written instrument in
duplicate, executed by authority of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee or trustees. If no

  

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successor trustee shall have been so appointed with respect to any series and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning trustee may
petition any court of competent jurisdiction for the appointment of a successor trustee, or any Securityholder who has been a bona fide Holder of a Security or Securities of the applicable series for at least six months may, subject to the
provisions of Section 4.12, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe,
appoint a successor trustee. 
 (b) In case at any time any of the following shall occur: 
 (i) the Trustee shall fail to comply with the provisions of Section 310(b) of the Trust Indenture Act of 1939 with
respect to any series of Securities after written request therefor by the Issuer or by any Securityholder who has been a bona fide Holder of a Security or Securities of such series for at least six months; or 
 (ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 3 10(a) of the Trust Indenture
Act of 1939 and shall fail to resign after written request therefor by the Issuer or by any Securityholder; or 
 (iii) the Trustee shall become incapable of acting with respect to any series of Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 
 then, in any such case, the Issuer may remove the Trustee with respect to the applicable series of Securities and appoint a successor trustee for such series by written instrument, in duplicate, executed by order of the Board of Directors
of the Issuer, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to Section 315(e) of the Trust Indenture Act of 1939, any Securityholder who has been a bona fide Holder
of a Security or Securities of such series for at least six months may on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee
with respect to such series. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 
 (c) The Holders of a majority in aggregate principal amount of the Securities of each series at the time Outstanding may at any time remove the Trustee with respect to Securities of such series and
appoint a successor trustee with respect to the Securities of such series by delivering to the Trustee so removed, to the successor trustee so appointed and to the Issuer the evidence provided for in Section 6.01 of the action in that regard
taken by the Securityholders. 
  

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 (d) Any resignation or removal of the Trustee with respect to any series and any appointment
of a successor trustee with respect to such series pursuant to any of the provisions of this Section 5.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 5.10. 
 Section 5.10. Acceptance of Appointment by Successor Trustee. Any successor trustee appointed as provided in Section 5.09
shall execute and deliver to the Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee with respect to all or any applicable series shall become
effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such series of its predecessor hereunder, with like effect as if originally named
as trustee for such series hereunder; but, nevertheless, on the written request of the Issuer or of the successor trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall, subject to Section 9.04, pay over to the
successor trustee all moneys at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor trustee all such rights, powers, duties and obligations. Upon request of any such successor trustee, the Issuer
shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a prior claim upon all property or
funds held or collected by such trustee to secure any amounts then due it pursuant to the provisions of Section 5.06. 
 If
a successor trustee is appointed with respect to the Securities of one or more (but not all) series, the Issuer, the predecessor Trustee and each successor trustee with respect to the Securities of any applicable series shall execute and deliver an
indenture supplemental hereto which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor Trustee with respect to the Securities of any series as to which
the predecessor Trustee is not retiring shall continue to be vested in the predecessor Trustee, and shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such trustees co-trustees of the same trust and that each such trustee shall be trustee of a trust or trusts under
separate indentures. 
 Upon acceptance of appointment by any successor trustee as provided in this Section 5.10, the
Issuer shall mail notice thereof by first-class mail to the Holders of Securities of any series for which such successor trustee is acting as trustee at their last addresses as they shall appear in the Security register. If the acceptance of
appointment is substantially contemporaneous with the resignation,

  

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then the notice called for by the preceding sentence may be combined with the notice called for by Section 5.09. If the Issuer fails to mail such notice within ten days after acceptance of
appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Issuer. 
 Section 5.11. Merger, Conversion, Consolidation or Succession to Business of Trustee. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that
such corporation shall be eligible under the provisions of Section 5.08, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 
 In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture any of the Securities of any series
shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee and deliver such Securities so authenticated; and, in case at that time any of the Securities
of any series shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor Trustee; and in all such cases such certificate shall have
the full force which it is anywhere in the Securities of such series or in this Indenture provided that the certificate of the Trustee shall have; provided, that the right to adopt the certificate of authentication of any predecessor Trustee
or to authenticate Securities of any series in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 
 Section 5.12. Preferential Collection of Claims Against the Issuer. Reference is made to Section 311 of the Trust Indenture Act of 1939, as amended. 
 ARTICLE 6 
 CONCERNING THE SECURITYHOLDERS 
 Section 6.01. Evidence of Action
Taken by Securityholders. Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by a specified percentage in principal amount of the Securityholders of any or all
series may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such specified percentage of Securityholders in person or by agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to the Trustee. Proof of execution of any instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and
(subject to Sections 5.01 and 5.02) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Article. 
  

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 Section 6.02. Proof of Execution of Instruments and of Holding of Securities; Record
Date. Subject to Sections 5.01 and 5.02, the execution of any instrument by a Securityholder or his agent or proxy may be proved in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as
shall be satisfactory to the Trustee. The holding of Securities shall be proved by the Security register or by a certificate of the registrar thereof. The Issuer may set a record date for purposes of determining the identity of holders of Securities
of any series entitled to vote or consent to any action referred to in Section 6.01 which record date may be set at any time or from time to time by notice to the Trustee, for any date or dates (in the case of any adjournment or
reconsideration) not more than 60 days nor less than five days prior to the proposed date of such vote or consent, and thereafter, notwithstanding any other provisions hereof, only holders of Securities of such series of record on such record date
shall be entitled to so vote or give such consent or revoke such vote or consent. 
 Section 6.03. Holders to Be Treated
as Owners. The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the person in whose name any Security shall be registered upon the Security register for such series as the absolute owner of such Security (whether
or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of this Indenture, interest on
such Security and for all other purposes; and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such person, or upon his order, shall be
valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security. 
 Section 6.04. Securities Owned By Issuer Deemed Not Outstanding. In determining whether the Holders of the requisite aggregate principal amount of Outstanding Securities of any or all series
have concurred in any direction, consent or waiver under this Indenture, Securities which are owned by the Issuer or any other obligor on the Securities or by any person directly or indirectly controlling or controlled by or under direct or indirect
common control with the Issuer or any other obligor on the Securities shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected
in relying on any such direction, consent or waiver only Securities which the Trustee knows are so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to
the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Issuer or any other obligor upon the Securities or any person directly or indirectly controlling or controlled by or
under

  

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direct or indirect common control with the Issuer or any other obligor on the Securities. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any
decision made by the Trustee in accordance with such advice. Upon request of the Trustee, the Issuer shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Securities, if any, known by the Issuer to be owned
or held by or for the account of any of the above-described persons; and, subject to Sections 5.01 and 5.02, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the
fact that all Securities not listed therein are Outstanding for the purpose of any such determination. 
 Section 6.05.
Right of Revocation of Action Taken. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 6.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the
Securities of any or all series, as the case may be, specified in this Indenture in connection with such action, any Holder of a Security the serial number of which is shown by the evidence to be included among the serial numbers of the Securities
the Holders of which have consented to such action may, by filing written notice at the Corporate Trust Office and upon proof of holding as provided in this Article, revoke such action so far as concerns such Security. Except as aforesaid any such
action taken by the Holder of any Security shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Security and of any Securities issued in exchange or substitution therefor or on registration of transfer
thereof, irrespective of whether or not any notation in regard thereto is made upon any such Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be,
specified in this Indenture in connection with such action shall be conclusively binding upon the Issuer, the Trustee and the Holders of all the Securities affected by such action. 
 ARTICLE 7 
 SUPPLEMENTAL
INDENTURES 
 Section 7.01. Supplemental Indentures Without Consent of Securityholders. The Issuer,
when authorized by a resolution of its Board of Directors (which resolution may provide general terms or parameters for such action and may provide that the specific terms of such action may be determined in accordance with or pursuant to an Issuer
Order), and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto for one or more of the following purposes: 
 (a) to convey, transfer, assign, mortgage or pledge to the Trustee as security for the Securities of one or more series any
property or assets; 
  

 41 

 (b) to evidence the succession of another corporation to the Issuer, or
successive successions, and the assumption by the successor corporation of the covenants, agreements and obligations of the Issuer pursuant to Article 8; 
 (c) to add to the covenants of the Issuer such further covenants, restrictions, conditions or provisions as its Board of Directors and the Trustee shall consider to be for the protection of the Holders of
Securities, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any of the several remedies
provided in this Indenture as herein set forth; provided, that in respect of any such additional covenant, restriction, condition or provision such supplemental indenture may provide for a particular period of grace after default (which
period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit the remedies available to the Trustee upon such an Event of Default or may limit
the right of the Holders of a majority in aggregate principal amount of the Securities of such series to waive such an Event of Default; 
 (d) to cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture, which may be defective or inconsistent with any other provision contained herein or
in any supplemental indenture; or to make such other provisions in regard to matters or questions arising under this Indenture or under any supplemental indenture as the Board of Directors may deem necessary or desirable; provided that no
such action shall adversely affect the interests of the Holders of the Securities in any material respect; 
 (e)
to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 2.03; and 
 (f) to
evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Section 5.10. 
 The Trustee is hereby authorized to join with the Issuer in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer,
assignment, mortgage or pledge of any property thereunder, but the Trustee shall not be obligated to enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

  

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 Any supplemental indenture authorized by the provisions of this Section may be executed
without the consent of the Holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 7.02. 
 Section 7.02. Supplemental Indentures With Consent of Securityholders. With the consent (evidenced as provided in Article 6) of the Holders of not less than a majority in aggregate principal
amount of the Securities at the time Outstanding of each series affected by such supplemental indenture, the Issuer, when authorized by a resolution of its Board of Directors, and the Trustee may, from time to time and at any time, enter into an
indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the
Holders of the Securities of each such series; provided, that no such supplemental indenture shall (a) extend the final maturity of any Security, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of
interest thereon, or reduce any amount payable on redemption thereof or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon an acceleration of the maturity thereof pursuant to
Section 4.01 or the amount thereof provable in bankruptcy pursuant to Section 4.02, or impair or affect the right of any Securityholder to institute suit for the payment thereof or, if the Securities provide therefor, any right of
repayment at the option of the Securityholder without the consent of the Holder of each Security so affected, or (b) reduce the aforesaid percentage of Securities of any series, the consent of the Holders of which is required for any such
supplemental indenture, without the consent of the Holders of each Security so affected. 
 A supplemental indenture which
changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of holders of Securities of such series
with respect to such covenant or provision, shall be deemed not to affect the rights under this Indenture of the holders of Securities of any other series. 
 Upon the request of the Issuer, accompanied by a copy of a resolution of the Board of Directors certified by the secretary or an assistant secretary of the Issuer authorizing the execution of any such
supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders as aforesaid and other documents, if any, required by Section 6.01, the Trustee shall join with the Issuer in the execution of such
supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such
supplemental indenture. 
 It shall not be necessary for the consent of the Securityholders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
  

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 Promptly after the execution by the Issuer and the Trustee of any supplemental indenture
pursuant to the provisions of this Section, the Issuer shall mail a notice thereof by first class mail to the Holders of Securities of each series affected thereby at their addresses as they shall appear on the registry books of the Issuer, setting
forth in general terms the substance of such supplemental indenture. Any failure of the Issuer to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

Section 7.03. Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions
hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Issuer and the Holders of
Securities of each series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be
and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 Section 7.04.
Documents to Be Given to Trustee. The Trustee, subject to the provisions of Sections 5.01 and 5.02, may receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to
this Article 7 complies with the applicable provisions of this Indenture. 
 Section 7.05. Notation on Securities in
Respect of Supplemental Indentures. Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article may bear a notation in form approved by the Trustee for such
series as to any matter provided for by such supplemental indenture. If the Issuer or the Trustee shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any
modification of this Indenture contained in any such supplemental indenture may be prepared by the Issuer, authenticated by the Trustee and delivered in exchange for the Securities of such series then Outstanding. 
 ARTICLE 8 
 CONSOLIDATION, MERGER, SALE OR CONVEYANCE 
 Section 8.01. Issuer May Consolidate, Etc., on Certain Terms. The Issuer covenants that it will not merge or consolidate with any other corporation or sell or convey all or substantially all of its assets to any Person, unless
(i) either the Issuer shall be the continuing corporation, or the successor corporation or the Person which acquires by sale or conveyance substantially all the assets of the Issuer (if other than the Issuer) shall be a corporation organized
under the laws of the United States of America or any State

  

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thereof and shall expressly assume the due and punctual payment of the principal of and interest on all the Securities, according to their tenor, and the due and punctual performance and
observance of all of the covenants and conditions of this Indenture to be performed or observed by the Issuer, by supplemental indenture in form satisfactory to the Trustee, executed and delivered to the Trustee by such corporation, and
(ii) the Issuer or such successor corporation, as the case may be, shall not, immediately after such merger or consolidation, or such sale or conveyance, be in default in the performance of any such covenant or condition of this Indenture.

 Section 8.02. Successor Corporation Substituted. In case of any such consolidation, merger, sale or conveyance,
and following such an assumption by the successor corporation, such successor corporation shall succeed to and be substituted for the Issuer, with the same effect as if it had been named herein. Such successor corporation may cause to be signed, and
may issue either in its own name or in the name of the Issuer prior to such succession any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Issuer and delivered to the Trustee; and, upon the order of
such successor corporation instead of the Issuer and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities which previously shall have been signed and
delivered by the officers of the Issuer to the Trustee for authentication, and any Securities which such successor corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the Securities so issued shall
in all respects have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities had been issued at the date of the execution
hereof. 
 In case of any such consolidation, merger, sale, lease or conveyance such changes in phraseology and form (but not in
substance) may be made in the Securities thereafter to be issued as may be appropriate. 
 In the event of any such sale or
conveyance (other than a conveyance by way of lease) the Issuer or any successor corporation which shall theretofore have become such in the manner described in this Article shall be discharged from all obligations and covenants under this Indenture
and the Securities and may be liquidated and dissolved. 
 Section 8.03. Opinion of Counsel to Trustee. The Trustee,
subject to the provisions of Sections 5.01 and 5.02, may receive an Opinion of Counsel, prepared in accordance with Section 10.05, as conclusive evidence that any such consolidation, merger, sale, lease or conveyance, and any such assumption,
and any such liquidation or dissolution, complies with the applicable provisions of this Indenture. 
  

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 ARTICLE 9 
 SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS 
 Section 9.01. Satisfaction and Discharge of Indenture. If at any time (a) the Issuer shall have paid or caused to be paid the
principal of and interest on all the Securities of any series Outstanding hereunder (other than Securities of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.09) as and when
the same shall have become due and payable, or (b) the Issuer shall have delivered to the Trustee for cancellation all Securities of any series theretofore authenticated (other than any Securities of such series which shall have been destroyed, lost
or stolen and which shall have been replaced or paid as provided in Section 2.09) or (c) (i) all the Securities of such series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their
terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and (ii) the Issuer shall have irrevocably deposited or
caused to be deposited with the Trustee as trust funds the entire amount in cash (other than moneys repaid by the Trustee or any paying agent to the Issuer in accordance with Section 9.04) or direct obligations of the United States of America,
backed by its full faith and credit (“U.S. Government Obligations”), maturing as to principal and interest in such amounts and at such times as will insure the availability of cash sufficient (in case U.S. Government Obligations
have been so deposited, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee) to pay at maturity or upon redemption all Securities of such series
(other than any Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09) not theretofore delivered to the Trustee for cancellation, including principal and
interest due or to become due on or prior to such date of maturity as the case may be, and if, in any such case, the Issuer shall also pay or cause to be paid all other sums payable hereunder by the Issuer with respect to Securities of such series,
then this Indenture shall cease to be of further effect with respect to Securities of such series (except as to (i) rights of registration of transfer and exchange of Securities of such series, and the Issuer’s right of optional
redemption, if any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (iii) rights of holders to receive payments of principal thereof and interest thereon, upon the original stated due dates therefor (but not
upon acceleration) and remaining rights of the holders to receive mandatory sinking fund payments, if any, (iv) the rights, obligations and immunities of the Trustee hereunder (v) the rights of the Securityholders of such series as
beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them and (vi) the obligations of the Issuer under Section 3.02), and the Trustee, on demand of the Issuer accompanied by an
Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Issuer, shall execute proper instruments acknowledging such satisfaction of and discharging this Indenture with respect to such series; provided, that

  

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the rights of Holders of the Securities to receive amounts in respect of principal of and interest on the Securities held by them shall not be delayed longer than required by then-applicable
mandatory rules or policies of any securities exchange upon which the Securities are listed. The Issuer agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred and to compensate the Trustee for any
services thereafter reasonably and properly rendered by the Trustee in connection with this Indenture or the Securities of such series. 
 Section 9.02. Application by Trustee of Funds Deposited for Payment of Securities. Subject to Section 9.04, all moneys deposited with the Trustee pursuant to Section 9.01 shall be
held in trust and applied by it to the payment, either directly or through any paying agent (including the Issuer acting as its own paying agent), to the Holders of the particular Securities of such series for the payment or redemption of which such
moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but such money need not be segregated from other funds except to the extent required by law. 
 Section 9.03. Repayment of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture or
any defeasance under Article 12 with respect to Securities of any series, all moneys then held by any paying agent under the provisions of this Indenture with respect to such series of Securities shall, upon demand of the Issuer, be repaid to it or
paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys. 
 Section 9.04. Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years. Any moneys deposited with or paid to the Trustee or any paying agent for the payment of the principal of or interest on any Security of any
series and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable, shall, upon the written request of the Issuer and unless otherwise required by mandatory provisions
of applicable escheat or abandoned or unclaimed property law, be repaid to the Issuer by the Trustee for such series or such paying agent, and the Holder of the Security of such series shall, unless otherwise required by mandatory provisions of
applicable escheat or abandoned or unclaimed property laws, thereafter look only to the Issuer for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any paying agent with respect to such moneys shall
thereupon cease provided, however, that the Trustee or such paying agent, before being required to make any such repayment, may at the expense of the Issuer cause to be published once, in a newspaper published in the English language,
customarily published on each Business Day and of general circulation in the Borough of Manhattan, The City and State of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30
days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. 
  

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 ARTICLE 10 
 MISCELLANEOUS PROVISIONS 
 Section 10.01.
Incorporators, Stockholders, Officer and Directors of Issuer Exempt from Individual Liability. No recourse under or upon any obligation, covenant or agreement contained in this Indenture, or in any Security, or because of any Indebtedness
evidenced thereby, shall be had against any incorporator, as such or against any past, present or future stockholder, officer or director, as such, of the Issuer or of any successor, either directly or through the Issuer or any successor, under any
rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities by the holders
thereof and as part of the consideration for the issue of the Securities. 
 Section 10.02. Provisions of Indenture for
the Sole Benefit of Parties and Securityholders. Nothing in this Indenture or in the Securities, expressed or implied, shall give or be construed to give to any person, firm or corporation, other than the parties hereto and their successors and
the Holders of the Securities, any legal or equitable right, remedy or claim under this Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their
successors and of the Holders of the Securities. 
 Section 10.03. Successors and Assigns of Issuer Bound by Indenture.
All the covenants, stipulations, promises and agreements in this Indenture contained by or in behalf of the Issuer shall bind its successors and assigns, whether so expressed or not. 
 Section 10.04. Notices and Demands on Issuer, Trustee and Securityholders. Any notice or demand which by any provision of this
Indenture is required or permitted to be given or served by the Trustee or by the Holders of Securities to or on the Issuer may be given or served by being deposited postage prepaid, first-class mail (except as otherwise specifically provided
herein) addressed (until another address of the Issuer is filed by the Issuer with the Trustee) to Murphy Oil Corporation, 200 Peach Street, P.O. Box 7000, El Dorado, Arkansas 71731-7000. Any notice, direction, request or demand by the Issuer or any
Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes if in writing and by being deposited postage prepaid, first-class mail (except as otherwise specifically provided herein) addressed to
the Corporate Trust Office, Attention: Corporate Trustee Administration Department. 
 Where this Indenture provides for notice
to Holders, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,. first-class postage prepaid, to each Holder entitled thereto, at his last address as it appears in the Security register. In
any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. 
  

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 Where this Indenture provides for notice in any manner, such notice may be waived in writing
by the person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent
to the validity of any action taken in reliance upon such waiver. 
 In case, by reason of the suspension of or irregularities
in regular mail service, it shall be impracticable to mail notice to the Issuer and Securityholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory
to the Trustee shall be deemed to be a sufficient giving of such notice. 
 Section 10.05. Officers’ Certificates
and Opinions of Counsel; Statement to Be Contained Therein. Upon any application or demand by the Issuer to the Trustee to take any action under any of the provisions of this Indenture, the Issuer shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been
complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional
certificate or opinion need be furnished. 
 Each certificate or opinion provided for in this Indenture and delivered to the
Trustee with respect to compliance with a condition or covenant provided for in this Indenture (other than the certificate required by Section 3.05) shall include (a) a statement that the person making such certificate or opinion has read
such covenant or condition, (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based, (c) a statement that, in the opinion
of such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with and (d) a statement as to whether or not, in the
opinion of such person, such condition or covenant has been complied with. 
 Any certificate, statement or opinion of an
officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon
which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or opinion of counsel may be based, insofar

  

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as it relates to factual matters, information with respect to which is in the possession of the Issuer, upon the certificate, statement or opinion of or representations by an officer of officers
of the Issuer, unless such counsel knows that the certificate, statement or opinion or representations with respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of
reasonable care should know that the same are erroneous. 
 Any certificate, statement or opinion of an officer of the Issuer or
of counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Issuer, unless such officer or counsel, as the case may be, knows
that the certificate or opinion or representations with respect to the accounting matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are
erroneous. 
 Any certificate or opinion of any independent firm of public accountants filed with the Trustee shall contain a
statement that such firm is independent. 
 Section 10.06. Payments Due on Saturdays, Sundays and Holidays. If the
date of maturity of interest on or principal of the Securities of any series or the date fixed for redemption or repayment of any such Security shall not be a Business Day, then payment of interest or principal need not be made on such date, but may
be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption or repayment, and no interest shall accrue on the payment so deferred for the period after such date.

 Section 10.07. Conflict of any Provision of Indenture with Trust Indenture Act of 1939. If and to the extent that
any provision of this Indenture limits, qualifies or conflicts with the duties imposed by or with another provision (an “incorporated provision”) included in this Indenture by operation of Sections 310 to 318, inclusive, of the
Trust Indenture Act of 1939, such imposed duties or incorporated provision shall control. 
 Section 10.08. New York Law
to Govern. This Indenture and each Security shall be deemed to be a contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State, except as may otherwise be required by
mandatory provisions of law. 
 Section 10.09. Counterparts. This Indenture may be executed in any number of
counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 
  

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 Section 10.10. Effect of Headings. The Article and Section headings herein and
the Table of Contents are for convenience only and shall not affect the construction hereof. 
 Section 10.11.
Separability Clause. In case any provision of this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 
 ARTICLE 11 
 REDEMPTION OF SECURITIES AND SINKING FUNDS 
 Section 11.01. Applicability of Article. The provisions of this Article shall be applicable to the Securities of any series
which are redeemable before their maturity or to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 2.03 for Securities of such series. 
 Section 11.02. Notice of Redemption; Partial Redemptions. Notice of redemption to the Holders of Securities of any series to be
redeemed as a whole or in part at the option of the Issuer shall be given by mailing notice of such redemption by first class mail, postage prepaid, at least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders of
Securities of such series at their last addresses as they shall appear upon the registry books. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the
notice. Failure to give notice by mail, or any defect in the notice to the Holder of any Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Security
of such series. 
 The notice of redemption to each such Holder shall specify the principal amount of each Security of such
series held by such Holder to be redeemed, the date fixed for redemption, the redemption price, the place or places of payment, that payment will be made upon presentation and surrender of such Securities, that such redemption is pursuant to the
mandatory or optional sinking fund, or both, if such be the case, that interest accrued to the date fixed for redemption will be paid as specified in such notice and that on and after said date interest thereon or on the portions thereof to be
redeemed will cease to accrue. In case any Security of a series is to be redeemed in part only the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that on and after the date fixed for
redemption, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued. 
  

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 The notice of redemption of Securities of any series to be redeemed at the option of the
Issuer shall be given by the Issuer or, at the Issuer’s request, by the Trustee in the name and at the expense of the Issuer. 
 On or prior to the redemption date specified in the notice of redemption given as provided in this Section, the Issuer will deposit with the Trustee or with one or more paying agents (or, if the Issuer is acting as its own paying agent, set
aside, segregate and hold in trust as provided in Section 3.04) an amount of money sufficient to redeem on the redemption date all the Securities of such series so called for redemption at the appropriate redemption price, together with accrued
interest to the date fixed for redemption. If less than all the Outstanding Securities of a series are to be redeemed, the Issuer will deliver to the Trustee at least 70 days prior to the date on which notice of redemption is to be issued an
Officers’ Certificate stating the aggregate principal amount of Securities to be redeemed. 
 If less than all the
Securities of a series are to be redeemed, the Trustee shall select, in such manner as it shall deem appropriate and fair, Securities of such Series to be redeemed in whole or in part. Securities may be redeemed in part in multiples equal to the
minimum authorized denomination for Securities of such series or any multiple thereof. The Trustee shall promptly notify the Issuer in writing of the Securities of such series selected for redemption and, in the case of any Securities of such series
selected for partial redemption, the principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities of any series shall relate, in the case
of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed. 
 Section 11.03. Payment of Securities Called for Redemption. If notice of redemption has been given as above provided, the Securities or portions of Securities specified in such notice shall
become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption, and on and after said date (unless the Issuer shall default in the payment
of such Securities at the redemption price, together with interest accrued to said date) interest on the Securities or portions of Securities so called for redemption shall cease to accrue and, except as provided in Sections 5.05 and 9.04, such
Securities shall cease from and after the date fixed for redemption to be entitled to any benefit or security under this Indenture, and the Holders thereof shall have no right in respect of such Securities except the right to receive the redemption
price thereof and unpaid interest to the date fixed for redemption. On presentation and surrender of such Securities at a place of payment specified in said notice, said Securities or the specified portions thereof shall be paid and redeemed by the
Issuer at the applicable redemption price, together with interest accrued thereon to the date fixed for redemption; provided that any semiannual payment of interest becoming due on or prior to the date fixed for redemption shall be payable to
the Holders of such Securities registered as such on the relevant record date subject to the terms and provisions of Section 2.04 hereof. 
  

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 If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal shall, until paid or duly provided for, bear interest from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Security) borne by the Security. 

Upon presentation of any Security redeemed in part only, the Issuer shall execute and the Trustee shall authenticate and deliver to or on
the order of the Holder thereof, at the expense of the Issuer, a new Security or Securities of such series , of authorized denominations, in principal amount equal to the unredeemed portion of the Security so presented. 
 Section 11.04. Exclusion of Certain Securities from Eligibility for Selection for Redemption. Securities shall be excluded from
eligibility for selection for redemption if they are identified by registration and certificate number in a written statement signed by an authorized officer of the Issuer and delivered to the Trustee at least 40 days prior to the last date on which
notice of redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such written statement directly or indirectly controlling or
controlled by or under direct or indirect common control with the Issuer. 
 Section 11.05. Mandatory and Optional
Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment”, and any payment in excess of such minimum amount
provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment”. The date on which a sinking fund payment is to be made is herein referred to as the “sinking fund payment
date”. 
 In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of
Securities in cash, the Issuer may at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by the Issuer or receive credit
for Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the Issuer and delivered to the Trustee for cancellation pursuant to Section 2.10, (b) receive credit for
optional sinking fund payments (not previously so credited) made pursuant to this Section, or (c) receive credit for Securities of such series (not previously so credited) redeemed by the Issuer through any optional redemption provision
contained in the terms of such series. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. 
  

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 On or before the sixtieth day next preceding each sinking fund payment date for any series,
the Issuer will deliver to the Trustee a written statement (which need not contain the statements required by Section 10.05) signed by an authorized officer of the Issuer (a) specifying the portion of the mandatory sinking fund payment to
be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series, (b) stating that none of the Securities of such series has theretofore been so credited, (c) stating that no defaults in the payment of
interest or Events of Default with respect to such series have occurred (which have not been waived or cured) and are continuing and (d) stating whether or not the Issuer intends to exercise its right to make an optional sinking fund payment
with respect to such series and, if so, specifying the amount of such optional sinking fund payment which the Issuer intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required
to be delivered to the Trustee in order for the Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.10 to the Trustee with such
written statement (or reasonably promptly thereafter if acceptable to the Trustee). Such written statement shall be irrevocable and upon its receipt by the Trustee the Issuer shall become unconditionally obligated to make all the cash payments or
payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure of the Issuer, on or before any such sixtieth day, to deliver such written statement and Securities specified in this paragraph, if any, shall
not constitute a default but shall constitute, on and as of such date, the irrevocable election of the Issuer (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid
entirely in cash without the option to deliver or credit Securities of such series in respect thereof and (ii) that the Issuer will make no optional sinking fund payment with respect to such series as provided in this Section. 
 If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date
plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or a lesser sum if the Issuer shall so request) with respect to the Securities of any particular series, such cash shall be applied on the next
succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued interest to the date fixed for redemption. If such amount shall be $50,000 or less and the Issuer makes no
such request then it shall be carried over until a sum in excess of $50,000 is available. The Trustee shall select, in the manner provided in Section 11.02, for redemption on such sinking fund payment date a sufficient principal amount of
Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by the Issuer) inform the Issuer of the serial numbers of the Securities of such series (or portions thereof) so selected. The Trustee, in the
name and at the expense of the Issuer (or the Issuer, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in

  

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Section 11.02 (and with the effect provided in Section 11.03) for the redemption of Securities of such series in part at the option of the Issuer. The amount of any sinking fund
payments not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this
Section. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such
series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of, and interest on, the Securities of such series at maturity. 
 On or prior to each sinking fund payment date, the Issuer shall pay to the Trustee in cash or shall otherwise provide for the payment of all
interest accrued to the date fixed for redemption on Securities to be redeemed on such sinking fund payment date. 
 The Trustee
shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or mail any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest
on such Securities or of any Event of Default except that, where the mailing of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have
received from the Issuer a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking
fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article 4 and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in
Section 4.10 or the default cured on or before the sixtieth day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section to the
redemption of such Securities. 
 ARTICLE 12 
 DEFEASANCE 
 Section 12.01. Issuer’s Option To Effect
Defeasance. The Issuer may at its option, by Board Resolution, at any time, elect to defease the Issuer’s obligations under the Outstanding Securities of any series and this Indenture in accordance with either Section 12.02 or
Section 12.03 upon compliance with the conditions set forth below in this Article 12. Notwithstanding any such election, the terms of the Securities of such series shall remain in full force and effect. 
  

 55 

 Section 12.02. Defeasances and Discharge. Upon the Issuer’s exercise of the
option set forth in Section 12.01 applicable to this Section, and after the expiration of the 90-day (or other) period referred to in clause (6)(ii) of Section 12.05, the Issuer shall be deemed to have been discharged from its
obligations with respect to the Outstanding Securities of such series on the date the conditions set forth below are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the Issuer shall be deemed to
have paid and discharged the entire indebtedness represented by the Outstanding Securities of such series and to have satisfied all its other obligations under the Securities of such series and this Indenture insofar as the Securities of such series
are concerned (and the Trustee, upon an Issuer Order and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder:
(A) the rights of holders of Outstanding Securities of such series to receive, solely from the trust fund described in Section 12.05 and as more fully set forth in such Section, payments in respect of the principal of and interest on the
Securities of such series when such payments are due, (B) the Issuer’s obligations with respect to such Securities of such series under Sections 2.08, 2.09 and 3.02, (C) the rights, powers, trusts, duties, and immunities of the
Trustee hereunder, including but not limited to Article 5, (D) the Issuer’s right of optional redemption, if any, (E) the rights of Holders to receive mandatory sinking fund payments, if any, and (F) this Article 12. Subject to
compliance with this Article 12, the Issuer may exercise its option under this Section 12.02 notwithstanding the prior exercise of its option under Section 12.03 with respect to the Securities of such series. 
 Section 12.03. Covenant Defeasance. Upon the Issuer’s exercise of the option set forth in Section 12.01 applicable to
this Section, and after the expiration of the 90-day (or other) period referred to in clause (6)(ii) of Section 12.05, the Issuer shall be released from its obligations under Sections 3.09 and 3.10, with respect to the Outstanding
Securities of any series on and after the date the conditions set forth below are satisfied (hereinafter, “covenant defeasance”). For this purpose, such covenant defeasance means that, with respect to the Outstanding Securities of
such series, the Issuer may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section, whether directly or indirectly by reason of any reference elsewhere herein to any such Section
or by reason of any reference in any such Section to any other provision herein or in any other document, and such omission to comply shall not constitute a default or Event of Default under Section 4.01(d), but, except as specified above, the
remainder of this Indenture and the Securities of such series shall be unaffected thereby. 
 Section 12.04. Conditions
to Defeasance. The following shall be the conditions to application of either Section 12.02 or Section 12.03 to the Outstanding Securities of any series. 
 (1) The Issuer shall irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the holders of Securities of such series (A) money in an amount, or (B) U.S. Government Obligations which through the
scheduled

  

 56 

 
payment of principal and interest, if any, in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or
(C) a combination thereof, sufficient, in each case, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall
be applied by the Trustee to pay and discharge the principal of and interest, if any, on the Outstanding Securities of such series on the stated maturity of such principal or interest or earlier date of redemption. 
 (2) No Event of Default or event which after notice or lapse of time or both would become an Event of Default with respect to
the Securities of such series shall have occurred and be continuing on the date of such deposit. 
 (3) Such
defeasance or covenant defeasance shall not cause the Trustee for the Securities of such series to have a conflicting interest as defined in Section 3 10(b) of the Trust Indenture Act of 1939 with respect to any Securities of the Issuer.

 (4) Such defeasance or covenant defeasance shall be permitted by, and shall not result in breach or violation
of, or constitute a default under, this Indenture or any other agreement or instrument to which the Issuer is a party or by which it is bound. 
 (5) Such defeasance or covenant defeasance shall not cause any Securities of such series then listed on any registered national securities exchange under the Securities Exchange Act of 1934, as amended,
to be delisted. 
 (6) In the case of an election under Section 12.02, the Issuer shall have delivered to
the Trustee an Opinion of Counsel stating (i) that the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling to the effect that, and based thereon such opinion shall confirm that, the Holders of the
Outstanding Securities of such series will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such defeasance had not occurred, and (ii) that after the passage of 90 days (or such other period of time as then required by the non-insider preference provisions of any applicable federal bankruptcy laws)
following the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally, and (iii) that there would not occur any violation of
the Investment Company Act of 1940, as amended, on the part of the Issuer, the trust funds representing such deposit or the Trustee as a result of such deposit and the related exercise of the Issuer’s election under this Article 12. 

 

 57 

 (7) In the case of an election under Section 12.03, the Issuer shall
have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the Outstanding Securities of such series will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance and will
be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred. Such Opinion shall also cover the matters referred to in clauses (ii) and
(iii) of Section 12.4(6). 
 (8) The Issuer shall have delivered to the Trustee an irrevocable Issuer
Order to apply the monies so deposited towards payment of all indebtedness on the Securities of such series at their stated maturity or earlier date of redemption, and an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for relating to either the defeasance under Section 12.02 or the covenant defeasance under Section 12.03 (as the case may be) have been complied with. 
 Section 12.05. Deposited Money and U.S. Government Obligations to Be Held in Trust; Reinstatement; Miscellaneous. Subject to the
provisions of Section 9.04, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 12.05 in respect of the Outstanding Securities of any series shall be held in trust and
applied by the Trustee, in accordance with the provisions of the Securities of such series and this Indenture, to the payment, either directly or through any paying agent (including the Issuer acting as its own paying agent), as the Trustee may
determine, to the holders of Securities of such series, of all sums due and to become due thereon in respect of principal and interest, if any, but such money need not be segregated from other funds except to the extent required by law. 

The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to Section 9.01 or 12.05 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the Outstanding Securities of such
series. 
 If the Trustee is unable to apply any money or U.S. Government Obligations in accordance with Section 9.01 or
12.05 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s obligations under this Indenture and the
Securities of such series shall be revived and reinstated as though no deposit had occurred pursuant to Section 9.01 or 12.05; provided that if the Issuer has made any payment of principal of or interest on any Securities of such series
because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Securities of such series to receive such payment from the money or U.S. Government Obligations held by the Trustee. 
  

 58 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and
their respective corporate seals to be hereunto affixed and attested. all as of the day and year first written above. 
  

			
	MURPHY OIL CORPORATION
		
	By: 	 	 
		 	Steven A. Cosse’
		 	Senior Vice President and General Counsel

  

			
	Attest:
		
	By: 	 	 
		 	Walter K. Compton
		 	Secretary

  

			
	SUNTRUST BANK, NASHVILLE, N.A.,
        as Trustee
		
	By: 	 	 

  

			
	Attest:
		
	By: 	 	 

					
	STATE OF ARKANSAS	  	)	  	
		  	:	  	ss
	COUNTY OF UNION	  	)	  	

 On this              day
                     of before me personally came Walter K. Compton to me personally known, who, being by me duly sworn, did depose and say that he
resides at El Dorado, Arkansas that he is a Secretary of MURPHY OIL CORPORATION, one of the corporations described in and which executed the above instrument; that he knows the corporate seal of said corporation; that the seal affixed to said
instrument is such corporate seal; that it was so affixed by authority of the Board of Directors of said corporation. and that he signed his name thereto by like authority. 
  

	
	
	  
	Notary Public

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and
their respective corporate seals to be hereunto affixed and attested. all as of the day and year first written above. 
  

			
	MURPHY OIL CORPORATION
		
	By: 	 	 

  

			
	Attest:
		
	By: 	 	 

  

			
	SUNTRUST BANK, NASHVILLE, N.A.,
        as Trustee
		
	By: 	 	 

  

			
	Attest:
		
	By: 	 	 

					
	STATE OF                     	  	)	  	
		  	:	  	ss
	COUNTY OF                 	  	)	  	

 On this              day of
                     before me personally came
                     to me personally known, who, being by me duly sworn, did depose and say that he resides at
                     that he is a SUNTRUST BANK, NASHVILLE, N.A., one of the corporations described in and which executed the above instrument; that
he knows the corporate seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by authority of the Board of Directors of said corporation. and that he signed his name thereto by like
authority. 
  

	
	
	  
	Notary Public

 EXHIBIT 4.2 
 Continued 
  
  

 
 MURPHY OIL CORPORATION 

 and 
 SUNTRUST BANK, NASHVILLE, N.A. 
                                       
                  Trustee 
  
  
 Supplemental
Indenture 
 Dated as of May 4, 1999 
  
  
 $250,000,000 aggregate principle amount of 7.05% Notes Due 2029 
  
  
  

 TABLE OF CONTENTS1 
  
  
  

			
	 	  	PAGE
	 PARTIES
	  	1
	 RECITALS
	  	
	 Purpose of Supplemental Indenture
	  	1
	 Form of Note
	  	1
	 Form of Certificate of Authentication
	  	3
	 Form of Note
	  	4
	 Compliance with Legal Requirements
	  	7
	 Consideration
	  	7
	 PART I: CREATION AND AUTHORIZATION OF SERIES
	  	8
	 PART II: SPECIAL PROVISIONS APPLICABLE TO THIS SERIES
	  	8
	 TESTIMONIUM
	  	9
	 SIGNATURES AND SEALS
	  	9

  
  

	1	 The Table of Contents is not part of this Supplemental Indenture. 

 SUPPLEMENTAL INDENTURE, dated as of May 4, 1999, between Murphy Oil Corporation, a
Delaware corporation (hereinafter sometimes referred to as the “Company”), and SUNTRUST BANK, NASHVILLE, N.A. a national banking association (hereinafter sometimes referred to as the “Trustee”). 
 WITNESSETH THAT: 
 WHEREAS, the Company and the Trustee have entered into an Indenture (the “Indenture”) dated as of May 4, 1999 providing for the issuance of debt securities in series; and 
 WHEREAS, for its lawful corporate purposes, the Company desires to create and authorize the series 7.05% Notes due May 1, 2029
(hereinafter referred to as the “Notes”) in an aggregate principal amount of Two Hundred Fifty Million Dollars ($250,000,000) and to provide the terms and conditions upon which the Notes are to be executed, registered, authenticated,
issued and delivered, the Company has duly authorized the execution and delivery of this Supplemental Indenture; and 
 WHEREAS,
the Notes and the certificates of authentication to be borne by the Notes are to be substantially in the following forms, respectively; 

 [FORM OF NOTE] 
 [FACE] 
 Unless this certificate is presented by an
authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of
Cede & Co. or such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 Unless and until it is exchanged in whole or in part for Securities in definitive registered form, this Security may not be transferred except as a whole by the Depositary to the nominee of the Depositary
or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. 

			
	No. 1	  	CUSIP #626717AA0
		  	$250,000,000            

 MURPHY OIL CORPORATION 
 7.05% Note Due 2029 
 Murphy Oil Corporation, a corporation duly organized and existing under the laws of the State of Delaware (herein called the
“Company”), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of Two Hundred Fifty Million Dollars ($250,000,000) on May 1, 2029, at the office or agency of the Company in the
Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semiannually on May 1 and
November 1 of each year, commencing November 1, 1999, on said principal sum at said office or agency, in like coin or currency, at the rate per annum specified in the title of this Note; provided, that payment of interest may be made on
any Note issued in definitive form, at the option of the Company by check mailed to the address of the person entitled thereto as such address shall appear on the Security register. Interest on the Note will accrue from the most recent date to which
interest has been paid, or if no interest has been paid, from May 4, 1999. The interest so payable on any May 1 or November 1 will, subject to certain exceptions provided in the Indenture dated as of May 4, 1999 (herein called
the “Indenture”) referred to on the reverse hereof, be paid to the person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the April 15 or October 15 (whether or not a Business
Day), as the case may be, next preceding such May 1 or November 1. Reference is made to the further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though
fully set forth at this place. 
 This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been executed by the Trustee under the Indenture referred to on the reverse hereof by manual signature. 

 IN WITNESS WHEREOF, Murphy Oil Corporation has caused this instrument to be duly executed.

  

			
	MURPHY OIL CORPORATION
		
	 By:
	 	 
		
	 By:
	 	 

 TRUSTEE’S CERTIFICATE
OF AUTHENTICATION 
 Dated: May 4, 1999 
 This is one of the Securities designated herein and referred to in the within-mentioned Indenture. 
  

			
	 SUNTRUST BANK, NASHVILLE, N.A.,
as Authorized Signatory

		
	 By:
	 	 
		 	 Authorized Officer

 [REVERSE OF NOTE] 
 MURPHY OIL CORPORATION 
 7.05% Note Due 2029 
 This Note is one of a duly authorized issue of unsecured debentures, notes, or other evidences of indebtedness of the Company (hereinafter
called the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an indenture dated as of May 4, 1999 (herein called the “Indenture”), duly executed and delivered by the Company
to SunTrust Bank, Nashville, N.A., as Trustee (herein called the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties
and immunities thereunder of the Trustee, the Company and the Holders of the Securities. The Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times,
may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), may be subject to different sinking, purchase or analogous funds (if any) and may otherwise vary as provided in the Indenture. This Note is
one of a series designated as the 7.05% Notes Due 2029 (the “Notes”) of the Company, limited in aggregate principal amount to $250,000,000. 
 In case an Event of Default with respect to the Notes shall have occurred and be continuing, the principal hereof may be declared, and upon such declaration shall become, due and payable, in the manner,
with the effect and subject to the conditions provided in the Indenture. 
 The Indenture contains provisions permitting the
Company and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal amount of the Securities of each series issued under such Indenture then Outstanding and affected, to add any provisions to, or change in any
manner or eliminate any of the provisions of, such Indenture or modify in any manner the rights of the Holders of the Securities of each series so affected; provided that the Company and the Trustee may not, without the consent of the Holder of each
outstanding Security affected thereby, (i) extend the stated maturity of any Security, or reduce the principal amount thereof or reduce the rate or extend the time of payment of interest thereon, or reduce any amount payable on redemption
thereof or reduce the principal amount of any original issue discount security payable upon acceleration or provable in bankruptcy or impair or affect the right to institute suit for the payment on any Security when due or (ii) reduce the
aforesaid percentage in principal amount of Securities of any series issued under such Indenture, the consent of the Holders of which is required for any such modification. It is also provided in the Indenture that, with respect to certain defaults
or Events of Default regarding the Securities of any series, prior to any declaration accelerating the maturity of such Securities, the Holders of a majority in aggregate principal amount Outstanding of the Securities of such series (or, in the case
of certain defaults or Events of Default, all or certain

 
series of the Securities) may on behalf of the Holders of all the Securities of such series (or, in the case of certain defaults or Events of Default, all or certain series of the Securities, as
the case may be) waive any such past default or Event of Default and its consequences. The preceding sentence shall not, however, apply to a default in the payment of the principal of or interest on any of the Securities. Any such consent or waiver
by the Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Note and any Notes which may be issued in exchange or substitution herefor or on
registration of transfer hereof, irrespective of whether or not any notation thereof is made upon this Note or such other Notes. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note in the
manner, at the respective times, at the rate and in the coin or currency herein prescribed. 
 The Notes are redeemable as a
whole or in part, at the option of the Company at any time and from time to time, at a redemption price equal to the greater of(i) 100% of principal amount of such Notes, or (ii) the sum of the present values of the Remaining Scheduled Payments
of the Notes being redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, plus in each case accrued interest thereon, if any, to the
date of redemption. 
 “Remaining Scheduled Payments” means the remaining scheduled payments of the principal
of and interest on each Note to be redeemed that would be due after the related redemption date but for such redemption. If the redemption date is not an interest payment date with respect to the Note being redeemed, the amount of the next
succeeding scheduled interest payment on the Note will be reduced by the amount of interest accrued thereon to that redemption date. 
 “Treasury Rate” means the rate per annum equal to the semiannual equivalent yield to maturity (computed as of the second business day immediately preceding the redemption date) of the Comparable Treasury Issue, assuming a
price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the redemption date. 
 “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker that would be used, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 
  

 8 

 “Comparable Treasury Price” means: 
  

	 	•	 	 the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) as of the
third business day preceding the redemption date, as set forth in the daily statistical release (or any successor release) published by the Federal Reserve Bank of New York and designated “Composite 3:30 p.m. Quotations for U.S. Government
Securities” or 

  

	 	•	 	 if that release (or any successor release) is not published or does not contain such prices on that business day, (a) the average of the Reference
Treasury Dealer Quotations for the redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (b) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
quotations obtained 

 “Independent Investment Banker” means one of the Reference Treasury
Dealers that the Company appoints. 
 “Reference Treasury Dealer” means each of Salomon Smith Barney Inc. (and
its successors) and four other nationally recognized investment banking firms that are primary U.S. Government securities dealers specified from time to time by the Company. If, however, any of them shall cease to be a primary U.S. Government
securities dealer, the Company will substitute another nationally recognized investment banking firm that is such a dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer as of 3:30 p.m., New York time, on the third business day preceding the redemption date. 
 The Notes are issuable in registered form without coupons in denominations of $1,000 and any integral multiple of $1,000 at the office or
agency of the Company in the Borough of Manhattan, The City of New York, and in the manner and subject to the limitations provided in the Indenture, but without the payment of any service charge, Notes may be exchanged for a like aggregate principal
amount of Notes of other authorized denominations. 
 Upon due presentment for registration of transfer of this Note at the
office or agency of the Company in the Borough of Manhattan, The City of New York, a new Note or Notes of authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange therefor, subject to the
limitations provided in the Indenture, without charge except for any tax or other governmental charge imposed in connection therewith. 
  

 9 

 The Company, the Trustee and any authorized agent of the Company or the Trustee may deem and
treat the registered Holder hereof as the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payment of, or on account of, the
principal hereof and subject to the provisions on the face hereof, interest hereon, and for all other purposes, and none of the Company, the Trustee or any authorized agent of the Company or the Trustee shall be affected by any notice to the
contrary. 
 No recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any indenture
supplemental thereto or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer or director, as such of the Company or of any successor corporation, either directly
or through the Company or any successor corporation, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived
and released by the acceptance hereof and as part of the consideration for the issue hereof. 
 This Note shall for all purposes
be governed by, and construed in accordance with, the laws of the State of New York. 
 Terms used herein which are defined in
the Indenture shall have the respective meanings assigned thereto in the Indenture. 
 AND WHEREAS, all acts and things
necessary to make the Notes, when executed by the Company and authenticated and delivered by or on behalf of the Trustee as in this Indenture provided, the valid, binding and legal obligations of the Company, and to constitute these presents a valid
Indenture and agreement according to its terms, have been done and performed. 
 NOW THEREFORE: 
 In order to declare the terms and conditions upon which the Notes are executed, registered, authenticated, issued and delivered, and in
consideration of the premises, of the purchase and acceptance of such Notes by the holders thereof and of the sum of one dollar to it duly paid by the Trustee at the declaration of these presents, the receipt whereof is hereby acknowledged, the
Company covenants and agrees with the Trustee, for the equal and proportionate benefit of the respective holders from time to time by such Notes, as follows: 
  

 10 

 PART I 
 CREATION AND AUTHORIZATION OF NOTES 
 There is hereby created and
authorized the series of Notes entitled the “7.05% Notes Due 2029”, which shall be a closed series limited to $250,000,000 aggregate principal amount (except such Notes authenticated and delivered upon registration of transfer of, or in
exchange for, or in lieu of, other Notes of this series pursuant to Sections 2.08, 209, 2.11 or 11.03). 
 PART II

 SPECIAL PROVISIONS APPLICABLE TO THIS SERIES 
 There are no special provisions applicable to this Series. 
 IN WITNESS WHEREOF, Murphy Oil Corporation has caused this Supplemental Indenture to be signed and delivered and its corporate seal affixed hereunto and the same to be attested, and the Trustee has caused
this Supplemental Indenture to be signed and delivered and its corporate seal to be affixed hereunto and the same to be attested, all as of the day and year first written above. 
  

			
	MURPHY OIL CORPORATION
		
	 By:
	 	 
	
	ATTEST:
	
	 
	
	 SUNTRUST BANK, NASHVILLE, N.A.,
AS TRUSTEE

		
	 By:
	 	 
		
		 	 
	
	ATTEST:
	
	 

  

 11 

 IN WITNESS WHEREOF, Murphy Oil Corporation has caused this Supplemental Indenture to be
signed and delivered and its corporate seal to be affixed hereunto and the same to be attested, and the Trustee has caused this Supplemental Indenture to be signed and delivered and its corporate seal to be affixed hereunto and the same to be
attested, all as of the day and year first written above. 
  

			
	MURPHY OIL CORPORATION, INC.
		
	By:	 	 
	
	ATTEST:
	
	 
	
	 SUNTRUST BANK, NASHVILLE, N.A.,
AS TRUSTEE

		
	By:	 	 
		
		 	 
	
	ATTEST:
	
	 

  

 12

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