Document:

Form of Indenture

 Exhibit 4.2 

 
  

 
 MURPHY OIL USA, INC. 

AND EACH OF THE GUARANTORS PARTY HERETO 
 [—]% Senior Notes Due 2023 
  

 
 INDENTURE

 Dated as of August [—], 2013 

 
  

U.S. BANK NATIONAL ASSOCIATION 
 as Trustee, Registrar and Paying Agent 
  

 
  

 CROSS-REFERENCE TABLE 

 

					
	 TIA Section
	 	  	  	 Indenture
 Section

			
	 310(a)(1)
	 		  	  7.10
	 (a)(2)
	 		  	  7.10
	 (a)(3)
	 		  	  N.A.
	 (a)(4)
	 		  	  N.A.
	 (a)(5)
	 		  	  7.10
	 (b)
	 		  	  7.08; 7.10
	 (c)
	 		  	  N.A.
	 311(a)
	 		  	  7.11
	 (b)
	 		  	  7.11
	 (c)
	 		  	  N.A.
	 312(a)
	 		  	  2.05
	 (b)
	 		  	  11.03
	 (c)
	 		  	  11.03
	 313(a)
	 		  	  7.06
	 (b)(1)
	 		  	  7.06
	 (b)(2)
	 		  	  7.06
	 (c)
	 		  	  11.02
	 (d)
	 		  	  7.06
	 314(a)
	 		  	  4.02; 4.12
	 (b)
	 		  	  N.A.
	 (c)(1)
	 		  	  11.04
	 (c)(2)
	 		  	  11.04
	 (c)(3)
	 		  	  N.A.
	 (d)
	 		  	  N.A.
	 (e)
	 		  	  11.05
	 (f)
	 		  	  N.A.
	 315(a)
	 		  	  7.01
	 (b)
	 		  	  7.05
	 (c)
	 		  	  7.01
	 (d)
	 		  	  7.01
	 (e)
	 		  	  6.12
	316(a) (last sentence)	 		  	  11.06
	 (a)(1)(A)
	 		  	  6.05
	 (a)(1)(B)
	 		  	  6.04
	 (a)(2)
	 		  	  N.A.
	 (b)
	 		  	  6.07
	 (c)
	 		  	  9.04
	 317(a)(1)
	 		  	  6.08
	 (a)(2)
	 		  	  6.09
	 (b)
	 		  	  2.04
	 318(a)
	 		  	  11.01
	 (b)
	 		  	  N.A.
	 (c)
	 		  	  11.01

 N.A. means Not Applicable. 

 

			
	Note:	  	This Cross-Reference Table shall not, for any purpose, be deemed to be part of this Indenture.

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	Article 1	  
	
	Definitions and Incorporation by Reference	  
			
	 SECTION 1.01.
	 	 Definitions
	  	 	1	  
	 SECTION 1.02.
	 	 Other Definitions
	  	 	37	  
	 SECTION 1.03.
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	38	  
	 SECTION 1.04.
	 	 Rules of Construction
	  	 	38	  
	
	Article 2	  
	
	The Securities	  
			
	 SECTION 2.01.
	 	 Form and Dating
	  	 	39	  
	 SECTION 2.02.
	 	 Execution and Authentication
	  	 	40	  
	 SECTION 2.03.
	 	 Registrar and Paying Agent
	  	 	40	  
	 SECTION 2.04.
	 	 Paying Agent To Hold Money in Trust
	  	 	41	  
	 SECTION 2.05.
	 	 Securityholder Lists
	  	 	41	  
	 SECTION 2.06.
	 	 Transfer and Exchange
	  	 	41	  
	 SECTION 2.07.
	 	 Replacement Securities
	  	 	41	  
	 SECTION 2.08.
	 	 Outstanding Securities
	  	 	42	  
	 SECTION 2.09.
	 	 Temporary Securities
	  	 	42	  
	 SECTION 2.10.
	 	 Cancellation
	  	 	42	  
	 SECTION 2.11.
	 	 Defaulted Interest
	  	 	43	  
	 SECTION 2.12.
	 	 CUSIP Numbers, ISINs, etc.
	  	 	43	  
	 SECTION 2.13.
	 	 Issuance of Additional Securities
	  	 	43	  
	
	Article 3	  
	
	Redemption	  
			
	 SECTION 3.01.
	 	 Notices to Trustee
	  	 	44	  
	 SECTION 3.02.
	 	 Selection of Securities to Be Redeemed
	  	 	44	  
	 SECTION 3.03.
	 	 Notice of Redemption
	  	 	44	  
	 SECTION 3.04.
	 	 Effect of Notice of Redemption
	  	 	45	  
	 SECTION 3.05.
	 	 Deposit of Redemption Price
	  	 	45	  
	 SECTION 3.06.
	 	 Securities Redeemed in Part
	  	 	45	  
	 SECTION 3.07.
	 	 Special Mandatory Redemption
	  	 	45	  

  
 i 

							
	Article 4	  
	
	Covenants	  
			
	 SECTION 4.01.
	 	 Payment of Securities
	  	 	46	  
	 SECTION 4.02.
	 	 SEC Reports
	  	 	47	  
	 SECTION 4.03.
	 	 Limitation on Indebtedness
	  	 	48	  
	 SECTION 4.04.
	 	 Limitation on Restricted Payments
	  	 	52	  
	 SECTION 4.05.
	 	 Limitation on Restrictions on Distributions from Restricted Subsidiaries
	  	 	57	  
	 SECTION 4.06.
	 	 Limitation on Sales of Assets and Subsidiary Stock
	  	 	59	  
	 SECTION 4.07.
	 	 Limitation on Affiliate Transactions
	  	 	62	  
	 SECTION 4.08.
	 	 Change of Control
	  	 	64	  
	 SECTION 4.09.
	 	 Limitation on Liens
	  	 	66	  
	 SECTION 4.10.
	 	 Future Subsidiary Guarantors
	  	 	66	  
	 SECTION 4.11.
	 	 Suspension of Covenants
	  	 	66	  
	 SECTION 4.12.
	 	 Compliance Certificate
	  	 	67	  
	
	Article 5	  
	
	Successor Company	  
			
	 SECTION 5.01.
	 	 When Company May Merge or Transfer Assets
	  	 	68	  
	
	Article 6	  
	
	Defaults and Remedies	  
			
	 SECTION 6.01.
	 	 Events of Default
	  	 	70	  
	 SECTION 6.02.
	 	 Acceleration
	  	 	73	  
	 SECTION 6.03.
	 	 Other Remedies
	  	 	73	  
	 SECTION 6.04.
	 	 Waiver of Past Defaults
	  	 	73	  
	 SECTION 6.05.
	 	 Control by Majority
	  	 	73	  
	 SECTION 6.06.
	 	 Limitation on Suits
	  	 	74	  
	 SECTION 6.07.
	 	 Rights of Holders to Receive Payment
	  	 	74	  
	 SECTION 6.08.
	 	 Collection Suit by Trustee
	  	 	74	  
	 SECTION 6.09.
	 	 Trustee May File Proofs of Claim
	  	 	75	  
	 SECTION 6.10.
	 	 Priorities
	  	 	75	  
	 SECTION 6.11.
	 	 Undertaking for Costs
	  	 	75	  
	 SECTION 6.12.
	 	 Waiver of Stay or Extension Laws
	  	 	75	  

  
 ii 

					
	Article 7
	
	Trustee
			
	 SECTION 7.01.
	 	 Duties of Trustee
	  	76
	 SECTION 7.02.
	 	 Rights of Trustee
	  	77
	 SECTION 7.03.
	 	 Individual Rights of Trustee
	  	77
	 SECTION 7.04.
	 	 Trustee’s Disclaimer
	  	77
	 SECTION 7.05.
	 	 Notice of Defaults
	  	78
	 SECTION 7.06.
	 	 Reports by Trustee to Holders
	  	78
	 SECTION 7.07.
	 	 Compensation and Indemnity
	  	78
	 SECTION 7.08.
	 	 Replacement of Trustee
	  	79
	 SECTION 7.09.
	 	 Successor Trustee by Merger
	  	79
	 SECTION 7.10.
	 	 Eligibility; Disqualification
	  	80
	 SECTION 7.11.
	 	 Preferential Collection of Claims Against Company
	  	80
	
	Article 8
	
	Discharge of Indenture; Defeasance
			
	 SECTION 8.01.
	 	 Discharge of Liability on Securities; Defeasance
	  	80
	 SECTION 8.02.
	 	 Conditions to Defeasance
	  	81
	 SECTION 8.03.
	 	 Application of Trust Money
	  	82
	 SECTION 8.04.
	 	 Repayment to Company
	  	82
	 SECTION 8.05.
	 	 Indemnity for Government Obligations
	  	83
	 SECTION 8.06.
	 	 Reinstatement
	  	83
	
	Article 9
	
	Amendments
			
	 SECTION 9.01.
	 	 Without Consent of Holders
	  	83
	 SECTION 9.02.
	 	 With Consent of Holders
	  	84
	 SECTION 9.03.
	 	 Compliance with Trust Indenture Act
	  	85
	 SECTION 9.04.
	 	 Revocation and Effect of Consents and Waivers
	  	85
	 SECTION 9.05.
	 	 Notation on or Exchange of Securities
	  	85
	 SECTION 9.06.
	 	 Trustee To Sign Amendments
	  	86
	 SECTION 9.07.
	 	 Payment for Consent
	  	86
	
	Article 10
	
	Guarantees
			
	 SECTION 10.01.
	 	 Guarantees
	  	86
	 SECTION 10.02.
	 	 Limitation on Liability
	  	88
	 SECTION 10.03.
	 	 Successors and Assigns
	  	88
	 SECTION 10.04.
	 	 No Waiver
	  	88

  
 iii

							
	 SECTION 10.05.
	 	 Modification
	  	 	88	  
	 SECTION 10.06.
	 	 Release of Subsidiary Guarantor
	  	 	89	  
	 SECTION 10.07.
	 	 Contribution
	  	 	89	  
	
	Article 11	  
	
	Miscellaneous	  
			
	 SECTION 11.01.
	 	 Trust Indenture Act Controls
	  	 	89	  
	 SECTION 11.02.
	 	 Notices
	  	 	90	  
	 SECTION 11.03.
	 	 Communication by Holders with Other Holders
	  	 	90	  
	 SECTION 11.04.
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	90	  
	 SECTION 11.05.
	 	 Statements Required in Certificate or Opinion
	  	 	91	  
	 SECTION 11.06.
	 	 When Securities Disregarded
	  	 	91	  
	 SECTION 11.07.
	 	 Rules by Trustee, Paying Agent and Registrar
	  	 	91	  
	 SECTION 11.08.
	 	 Legal Holidays
	  	 	91	  
	 SECTION 11.09.
	 	 Governing Law
	  	 	92	  
	 SECTION 11.10.
	 	 No Recourse Against Others
	  	 	92	  
	 SECTION 11.11.
	 	 Successors
	  	 	92	  
	 SECTION 11.12.
	 	 Multiple Originals
	  	 	92	  
	 SECTION 11.13.
	 	 Table of Contents; Headings
	  	 	92	  

  

			
	Appendix A –	  	Rule 144A/Regulation S/IAI Appendix
	Exhibit A –	  	Form of Initial Security
	Exhibit B –	  	Form of Exchange Security
	Exhibit C –	  	Form of Transferee Letter of Representation

  
 iv 

 INDENTURE dated as of August
[—], 2013, among MURPHY OIL USA, INC., a Delaware corporation (the “Company”), MURPHY USA INC., a Delaware corporation (“Holdings”), each SUBSIDIARY GUARANTOR from
time to time a party hereto and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”). 
 Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Initial Securities and the Exchange Securities (collectively, the
“Securities”): 
 Article 1 
 Definitions and Incorporation by Reference 
 SECTION 1.01. Definitions.

 “Additional Assets” means: 
  

	 	(1)	any property, plant or equipment used in a Related Business; 

  

	 	(2)	the Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition of such Capital Stock by Holdings, the Company or another Restricted
Subsidiary; or 

  

	 	(3)	Capital Stock constituting a minority interest in any Person that at such time is a Restricted Subsidiary; 

provided, however, that any such Restricted Subsidiary described in clause (2) or (3) above is primarily engaged in a Related
Business. 
 “Additional Securities” means Securities issued under this Indenture after the Issue Date and in
compliance with Section 2.13 and 4.03, it being understood that any Securities issued in exchange for or replacement of any Initial Security issued on the Issue Date shall not be an Additional Security, including any such Securities issued
pursuant to a Registration Rights Agreement. 
 “Adjusted Treasury Rate” means, with respect to any redemption
date, (i) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities”, for
the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three (3) months before or after [—] , 2018, yields for the two published maturities most closely
corresponding to the Comparable Treasury 

 
Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (ii) if such
release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date, in each case calculated on the third Business Day immediately preceding the redemption date, plus 0.50%.

“Affiliate” of any specified Person means any other Person, directly or indirectly, controlling or controlled by or
under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. For purposes of Section 4.04, 4.06 and 4.07
only, “Affiliate” shall also mean any beneficial owner of Capital Stock representing 10% or more of the total voting power of the Voting Stock (on a fully diluted basis) of Holdings or of rights or warrants to purchase such Capital Stock
(whether or not currently exercisable) and any Person who would be an Affiliate of any such beneficial owner pursuant to the first sentence hereof. 
 “Aircraft Agreements” means, collectively, the Hangar Rental Agreement, the Aircraft Maintenance Labor Pooling Agreement and the Airplane Interchange Agreement, each between Murphy Oil
and the Company and to be dated on or prior to the Separation Date. 
 “Applicable Premium” means with respect
to a Security at any redemption date the excess of (if any) (A) the present value at such redemption date of (1) the redemption price of such Security on [—], 2018 (such redemption price
being described in the second paragraph of Section 5 of the Securities, exclusive of any accrued interest) plus (2) all required remaining scheduled interest payments due on such Security through
[—], 2018 (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate, over (B) the principal amount of such Security
on such redemption date. 
 “Asset Contribution” has the meaning set forth under the definition
“Transactions”. 
 “Asset Disposition” means any sale, lease, transfer or other disposition (or
series of related sales, leases, transfers or dispositions) by Holdings, the Company or any Restricted Subsidiary, including any disposition by means of a merger, consolidation or similar transaction (each referred to for the purposes of this
definition as a “disposition”), of 
 (1) any shares of Capital Stock of the Company or a
Restricted Subsidiary (other than directors’ qualifying shares or shares required by applicable law to be held by a Person other than Holdings, the Company or a Restricted Subsidiary); 

  
 2 

 (2) all or substantially all the assets of any division or line of business
of Holdings, the Company or any Restricted Subsidiary; or 
 (3) any other assets of Holdings, the Company or any
Restricted Subsidiary outside of the ordinary course of business of Holdings, the Company or such Restricted Subsidiary 
 other than, in the
case of clauses (1), (2) and (3) above, (A) a disposition by (x) a Restricted Subsidiary or the Company to Holdings, (y) a Restricted Subsidiary or Holdings to the Company or (z) a Restricted Subsidiary, the Company or
Holdings to a Restricted Subsidiary, (B) for purposes of Section 4.06 only, (i) (x) a disposition that constitutes a Restricted Payment (or would constitute a Restricted Payment but for the exclusions from the definition thereof)
and that is not prohibited by Section 4.04 and (ii) a disposition of all or substantially all the assets of Holdings in accordance with Section 5.01, (C) a disposition of assets with a Fair Market Value of less than $10,000,000;
provided, however, that for purposes of this clause (C), Fair Market Value may be determined by any Officer authorized by Holdings to do so, (D) a disposition of cash or Temporary Cash Investments, (E) the granting, creation
or perfection of a Lien not prohibited by Section 4.09 (but not the sale or other disposition of the property subject to such Lien), (F) the disposition of products, services, inventory, equipment, real property and accounts receivable or
other assets in the ordinary course of business, including in connection with the compromise, settlement or collection thereof, (G) sales in the ordinary course of business of immaterial assets, (H) the disposition of damaged, obsolete,
worn out, uneconomical or surplus property, equipment or assets, (I) licenses and sublicenses by Holdings, the Company or any Restricted Subsidiary of software or intellectual property in the ordinary course of business, (J) any surrender
or waiver of contract rights or the settlement, release, recovery one or surrender of contract, tort or other claims of any kind, (K) transfers of property subject to casualty or condemnation proceedings, (L) the voluntary termination of
Hedging Obligations, (M) the trade or exchange by Holdings, the Company or any Restricted Subsidiary of any asset for any other asset or assets; provided that the Fair Market Value of the asset or assets received by Holdings, the Company
or such Restricted Subsidiary in such trade or exchange (including any cash or Temporary Cash Investments) is reasonably equivalent to the Fair Market Value of the asset or assets disposed of by Holdings, the Company or such Restricted Subsidiary
pursuant to such trade or exchange; provided further, that if any cash or Temporary Cash Investments are used in such trade or exchange to achieve an exchange of equivalent value, that the amount of such cash and/or Temporary Cash Investments
shall be deemed proceeds of an “Asset Disposition”, (N) any disposition in connection with a Sale/Leaseback Transaction permitted under Section 4.03 and 4.09, (O) any disposition of Murphy Crude Supply, LLC; provided
that Murphy Crude Supply, LLC owns no assets other than those necessary for the completion of the Calumet Transaction, (P) any disposition of the Ethanol Assets or any disposition of shares of Capital Stock of the Ethanol Subsidiaries;
provided that the Ethanol Subsidiaries own no assets other than the Ethanol Assets or (Q) any other disposition pursuant to the Spin-Off Documents. 

  
 3 

 “Attributable Debt” in respect of a Sale/Leaseback Transaction means, as at
the time of determination, the present value (discounted at a rate implicit in such transaction, compounded annually) of the total obligations of the lessee for rental payments (other than amounts required to be paid on account of property taxes,
maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items that do not constitute payments for property rights) during the remaining term of the lease included in such Sale/Leaseback Transaction (including any
period for which such lease has been extended); provided, however, that if such Sale/Leaseback Transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the
definition of “Capital Lease Obligation”. 
 “Average Life” means, as of the date of determination,
with respect to any Indebtedness, the quotient obtained by dividing (1) the sum of the products of the numbers of years from the date of determination to the dates of each successive scheduled principal payment of or redemption or
similar payment with respect to such Indebtedness multiplied by the amount of such payment by (2) the sum of all such payments. 
 “Board of Directors” means the board of directors of Holdings or any committee thereof duly authorized to act on behalf of such board. 

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

“Calumet Transaction” means the transfer, sale or other disposition of the so-called “Northern Crude Gathering
System”. 
 “Capital Lease Obligation” means an obligation that is required to be classified and accounted
for as a capital lease for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance with GAAP; and the Stated
Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. For purposes of Section 4.09, a
Capital Lease Obligation shall be deemed to be secured by a Lien on the property being leased. 
 “Capital
Stock” of any Person means any and all shares, interests (including partnership interests), rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including
any Preferred Stock, but excluding any debt securities convertible into such equity. 

  
 4 

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

 (1) any “person” (as such term is used in Sections 13(d)(3) of the Exchange Act), other than
Murphy Oil (prior to the consummation of the Transactions), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the
Voting Stock of Holdings; provided that the consummation of any such transaction resulting in such person owning more than 50% of the total voting power of the Voting Stock of Holdings shall not be considered a Change of Control if
(a) Holdings becomes a direct or indirect wholly-owned subsidiary of a holding company and (b) immediately following such transaction, (x) the direct or indirect holders of the Voting Stock of the holding company are substantially the
same as the holders of Holdings’ Voting Stock immediately prior to such transaction or (y) no person is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company; 

(2) the adoption by the Board of Directors of a plan relating to the liquidation or dissolution of Holdings; 

(3) the merger or consolidation of Holdings with or into another Person or the merger of another Person with or into
Holdings, or the sale of all or substantially all the assets of Holdings (determined on a consolidated basis) to another Person other than a transaction following which (A) in the case of a merger or consolidation transaction, holders of
securities that represented 100% of the Voting Stock of Holdings immediately prior to such transaction (or other securities into which such securities are converted as part of such merger or consolidation transaction) own directly or indirectly at
least a majority of the voting power of the Voting Stock of the surviving Person or any direct or indirect parent company of the surviving Person in such merger or consolidation transaction immediately after such transaction and (B) in the case
of the sale of all or substantially all the assets of Holdings, each transferee becomes an obligor or a Guarantor in respect of the Securities; 
 (4) prior to the consummation of the Transactions, Murphy Oil ceases to own, directly or indirectly, 100% of each of the Capital Stock and aggregate voting power of the Voting Stock of the Company or
Holdings; or 
 (5) after the consummation of the Transactions, the Company ceases to be a Subsidiary of
Holdings. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Company” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the
successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the indenture securities. 

  
 5 

 “Comparable Treasury Issue” means the United States Treasury security
selected by the Quotation Agent as having a maturity comparable to the remaining term of the Securities from the redemption date to [—], 2018, that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of a maturity most nearly equal to [—], 2018. 

“Comparable Treasury Price” means, with respect to any redemption date, if clause (ii) of the Adjusted Treasury
Rate is applicable, the average of three, or such lesser number as is obtained by the Trustee, Reference Treasury Dealer Quotations for such redemption date. 
 “Consolidated Coverage Ratio” as of any date of determination means the ratio of 
 (1) the aggregate amount of EBITDA for the period of the most recent four (4) full consecutive fiscal quarters for which internal consolidated financial statements of Holdings are available to

 (2) Consolidated Interest Expense for such four (4) fiscal quarters; 

provided, however, that 
 (A) if Holdings, the Company or any Restricted Subsidiary has Incurred any Indebtedness since the beginning of such period that remains outstanding or if the transaction giving rise to the need to
calculate the Consolidated Coverage Ratio is an Incurrence of Indebtedness, or both, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving effect on a pro forma basis to such Indebtedness as if such
Indebtedness had been Incurred on the first day of such period, 
 (B) if Holdings, the Company or any Restricted
Subsidiary has repaid, repurchased, defeased or otherwise discharged any Indebtedness since the beginning of such period or if any Indebtedness is to be repaid, repurchased, defeased or otherwise discharged (in each case other than Indebtedness
Incurred under any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) on the date of the transaction giving rise to the need to calculate the Consolidated Coverage Ratio, EBITDA and Consolidated
Interest Expense for such period shall be calculated on a pro forma basis as if such discharge had occurred on the first day of such period, 
 (C) if since the beginning of such period Holdings, the Company or any Restricted Subsidiary shall have made any Asset Disposition, EBITDA for such period shall be reduced by an amount equal to EBITDA (if
positive) directly attributable to the assets which are the subject of such Asset Disposition for such period, or increased by an amount equal to EBITDA (if negative), directly attributable thereto for such period and Consolidated Interest Expense
for such 

  
 6 

 
period shall be reduced by an amount equal to the Consolidated Interest Expense directly attributable to any Indebtedness of Holdings, the Company or any Restricted Subsidiary repaid,
repurchased, defeased or otherwise discharged with respect to Holdings, the Company and the continuing Restricted Subsidiaries in connection with such Asset Disposition for such period (or, if the Capital Stock of any Restricted Subsidiary is sold,
the Consolidated Interest Expense for such period directly attributable to the Indebtedness of such Restricted Subsidiary to the extent Holdings, the Company and the continuing Restricted Subsidiaries are no longer liable for such Indebtedness after
such sale), 
 (D) if since the beginning of such period Holdings, the Company or any Restricted Subsidiary (by
merger or otherwise) shall have made an Investment in the Company or any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary) or an acquisition of assets, including any acquisition of assets occurring in connection with a
transaction requiring a calculation to be made hereunder, which constitutes all or substantially all of an operating unit of a business, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving pro
forma effect thereto (including the Incurrence of any Indebtedness) as if such Investment or acquisition had occurred on the first day of such period, and 

(E) if since the beginning of such period any Person (that subsequently became a Restricted Subsidiary or was merged with
or into Holdings, the Company or any Restricted Subsidiary since the beginning of such period) shall have made any Asset Disposition, any Investment or acquisition of assets that would have required an adjustment pursuant to clause (C) or
(D) above if made by Holdings, the Company or a Restricted Subsidiary during such period, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving pro forma effect thereto as if such Asset
Disposition, Investment or acquisition had occurred on the first day of such period. 
 For purposes of this definition, (i) whenever
pro forma effect is to be given to an acquisition of assets, the amount of income or earnings relating thereto and the amount of Consolidated Interest Expense associated with any Indebtedness Incurred in connection therewith, the
pro forma calculations shall be determined in good faith by a responsible financial or accounting Officer of Holdings and (ii) whenever pro forma effect is to be given to a transaction, the pro forma
calculations may include cost savings and all other operating expense reductions resulting from such transaction that have been realized or are, in the good faith judgment of a responsible financial or accounting Officer of Holdings, expected to be
realized within twelve (12) months of such transaction. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on
the date of determination had been the applicable rate for the entire period (taking into account any Interest Rate Agreement applicable to such Indebtedness if such Interest Rate Agreement has a remaining term in excess of twelve (12) months).
If any Indebtedness is incurred under a revolving credit facility and is being given pro forma effect, the interest on such Indebtedness shall be calculated based on the average daily balance of such Indebtedness for the four
(4) fiscal quarters subject to the pro forma calculation. 

  
 7 

 “Consolidated Current Liabilities” of such Person as of the date of
determination means the aggregate amount of liabilities of such Person and its consolidated Restricted Subsidiaries which may properly be classified as current liabilities under GAAP (including taxes accrued as estimated), on a consolidated basis,
after eliminating 
 (1) all intercompany items between any of such Person and any Restricted Subsidiary of such
Person; and 
 (2) all current maturities of long-term Indebtedness, all as determined in accordance with GAAP
consistently applied. 
 “Consolidated Interest Expense” means, for any period, the total interest expense of
Holdings, the Company and the consolidated Restricted Subsidiaries (other than non-cash interest expense attributable to convertible indebtedness under Accounting Practices Bulletin 14-1 or any successor
provision), plus, to the extent not included in such total interest expense, and to the extent incurred by Holdings, the Company or the Restricted Subsidiaries, without duplication, 

(1) interest expense attributable to Capital Lease Obligations, the interest portion of rent expense associated with
Attributable Debt in respect of the relevant lease giving rise thereto, determined as if such lease were a capitalized lease in accordance with GAAP, and the interest component of any deferred payment obligations; 

(2) amortization of debt discount (including the amortization of original issue discount resulting from the issuance of
Indebtedness at less than par) and debt issuance cost; provided, however, that any amortization of bond premium shall be credited to reduce Consolidated Interest Expense unless, pursuant to GAAP, such amortization of bond premium has
otherwise reduced Consolidated Interest Expense; 
 (3) capitalized interest; 

(4) non-cash interest expense; provided, however, that any non-cash interest expense or income attributable
to the movement in the mark-to-market valuation of Hedging Obligations or other derivative instruments pursuant to GAAP shall be excluded from the calculation of Consolidated Interest Expense); 

(5) commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance
financing; 
 (6) net payments pursuant to Hedging Obligations; 

  
 8 

 (7) all dividends accrued in respect of all Disqualified Stock of Holdings
and all Preferred Stock of the Company or any Restricted Subsidiary, in each case, held by Persons other than Holdings, the Company or a Restricted Subsidiary (other than such dividends payable solely in Capital Stock (other than Disqualified Stock)
of Holdings); 
 (8) interest accruing on any Indebtedness of any other Person to the extent such Indebtedness is
Guaranteed by (or secured by a Lien on the assets of) Holdings, the Company or any Restricted Subsidiary; and 

(9) the cash contributions to any employee stock ownership plan or similar trust to the extent such contributions are used
by such plan or trust to pay interest or fees to any Person (other than Holdings, the Company or a Restricted Subsidiary) in connection with Indebtedness Incurred by such plan or trust. 

“Consolidated Leverage Ratio” as of any date of determination means the ratio of (1) the aggregate amount of
Indebtedness of Holdings, the Company and the Restricted Subsidiaries as of such date of determination to (2) EBITDA for the most recent four (4) full consecutive fiscal quarters for which internal consolidated financial statements of
Holdings are available, in each case with such pro forma adjustments to Indebtedness and EBITDA as are consistent with the pro forma adjustment provisions set forth in the definition of Consolidated Coverage Ratio.

 “Consolidated Net Income” means, for any period, the net income of Holdings and its consolidated
Subsidiaries; provided, however, that there shall not be included in such Consolidated Net Income: 

(1) any net income of any Person (other than Holdings) if such Person is not the Company or a Restricted Subsidiary,
except that 
 (A) subject to the exclusion contained in clause (4) below, Holdings’ equity in the net
income of any such Person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually paid by such Person during such period to Holdings, the Company or a Restricted Subsidiary as a dividend or other
distribution (subject, in the case of a dividend or other distribution paid to a Restricted Subsidiary, to the limitations contained in clause (3) below); and 

(B) Holdings’ or the Company’s equity in a net loss of any such Person for such period shall be included in
determining such Consolidated Net Income up to the aggregate amount of cash actually funded by Holdings or the Company, as the case may be, during such period to such Person; 

(2) any net income (or loss) of any Person acquired by Holdings or a Subsidiary of Holdings in a pooling of interests
transaction (or any transaction accounted for in a manner similar to a pooling of interests) for any period prior to 

  
 9 

 
the date of such acquisition, to the extent such net income is not paid in cash as a dividend or other distribution to Holdings, the Company or a Restricted Subsidiary (subject, in the case of a
dividend or other distribution paid to a Restricted Subsidiary, to the limitations in clause (3) below); 

(3) any net income of any Restricted Subsidiary if such Restricted Subsidiary is subject to restrictions, directly or
indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to Holdings or the Company, except that 

(A) subject to the exclusion contained in clause (4) below, Holdings’ equity in the net income of any such
Restricted Subsidiary for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually paid by such Restricted Subsidiary during such period to Holdings, the Company or another Restricted Subsidiary as a
dividend or other distribution (subject, in the case of a dividend or other distribution paid to another Restricted Subsidiary, to the limitation contained in this clause); and 

(B) Holdings’ equity in a net loss of any such Restricted Subsidiary for such period shall be included in determining
such Consolidated Net Income; 
 (4) any gain (or loss) realized upon the sale or other disposition of any assets
of Holdings, its consolidated Subsidiaries or any other Person (including pursuant to any sale-and-leaseback arrangement) which are not sold or otherwise disposed of in the ordinary course of business and any gain (or loss) realized upon the sale or
other disposition of any Capital Stock of any Person; 
 (5) extraordinary gains or losses; 

(6) income and losses attributable to discontinued operations; 

(7) any non-cash compensation expense realized for grants of performance shares, stock options or other rights to
officers, directors and employees of Holdings, the Company or any Restricted Subsidiary shall be excluded; provided that such shares, options or other rights can be redeemed at the option of the holder only for Qualified Capital Stock of
Holdings, the Company or any Restricted Subsidiary; 
 (8) the cumulative effect of a change in accounting
principles; 
 (9) any net after-tax gain (or loss) attributable to the early retirement or conversion of
Indebtedness; 
 (10) unrealized gains and losses with respect to Hedging Obligations, including without
limitation, those resulting from the application of FASB ASC Topic 815; and 
 (11) non-cash interest expenses
attributable to the equity component of convertible debt, including under FASB ASC Topic 470, 

  
 10 

 in each case, for such period. Notwithstanding the foregoing, for the purposes of Section 4.04 only,
there shall be excluded from Consolidated Net Income any repurchases, repayments or redemptions of Investments, proceeds realized on the sale of Investments or return of capital to Holdings, the Company or a Restricted Subsidiary to the extent such
repurchases, repayments, redemptions, proceeds or returns increase the amount of Restricted Payments permitted under such Section pursuant to Section 4.04(a)(3)(D) or (E). 

“Consolidated Net Tangible Assets” of a Person as of any date of determination, means the total amount of assets (less
accumulated depreciation and amortization, allowances for doubtful receivables, other applicable reserves and other properly deductible items) which would appear on a consolidated balance sheet of such Person and its consolidated Restricted
Subsidiaries, determined on a consolidated basis in accordance with GAAP, and after giving effect to purchase accounting and after deducting therefrom Consolidated Current Liabilities and, to the extent otherwise included, the amounts of unamortized
debt discount and expenses and other unamortized deferred charges, goodwill, patents, trademarks, service marks, trade names, copyrights, licenses, organization or developmental expenses and other intangible items. 

“Consolidated Secured Indebtedness” means, as of any date of determination, an amount equal to the Consolidated Total
Indebtedness as of such date that is then secured by Liens on property or assets of Holdings, the Company or any Restricted Subsidiary plus, the aggregate additional Indebtedness that Holdings, the Company or any Restricted Subsidiary may Incur as
of such date pursuant to Section 4.03(b)(1) for which a financial institution has committed, or is otherwise obligated, to provide. 
 “Consolidated Secured Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Secured Indebtedness to (b) the aggregate amount of EBITDA for the
most recently ended four full consecutive fiscal quarters for which internal consolidated financial statements of Holdings are available, in each case with such pro forma adjustments to Consolidated Secured Indebtedness and EBITDA as
are consistent with the pro forma adjustment provisions set forth in the definition of Consolidated Coverage Ratio; provided, however, that for purposes of the calculation of the Consolidated Secured Leverage Ratio, in
connection with the Incurrence of any Lien pursuant to clause (26) of the definition of “Permitted Liens”, Holdings, the Company or the Restricted Subsidiaries may elect, pursuant to an Officer’s Certificate delivered to the
Trustee, to treat all or any portion of the commitment under any Indebtedness which is to be secured by such Lien as being Incurred at such time and any subsequent Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of
this calculation, to be an Incurrence at such subsequent time. 
 “Consolidated Total Indebtedness” means, as
of any date of determination, an amount equal to the aggregate amount of all outstanding Indebtedness of Holdings, the Company and the Restricted Subsidiaries on a consolidated basis. 

  
 11 

 “Contributions” has the meaning set forth under the definition
“Transactions”. 
 “Credit Facilities” means one or more debt facilities (including the Senior Credit
Agreement), commercial paper facilities, securities purchase agreement, indenture or similar agreement, in each case, with banks or other institutional lenders or investors providing for revolving loans, term loans, receivables financing (including
through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables), letters of credit or the issuance of securities, including any related notes, guarantees, collateral documents,
instruments and agreement executed in connection therewith, and, in each case, as amended, restated, replaced (whether upon or after termination or otherwise), refinanced, supplemented, modified or otherwise changed (in whole or in part, and without
limitation as to amount, terms, conditions, covenants and other provisions) from time to time. 
 “Currency
Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement with respect to currency values. 
 “Default” means any event which is, or after notice or passage of time or both would be, an Event of Default. 
 “Designated Non-cash Consideration” means the Fair Market Value of non-cash consideration received by Holdings, the Company or one of the Restricted Subsidiaries in connection with an
Asset Disposition that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate setting forth the basis of such valuation, less the amount of Temporary Cash Investments received in connection with a subsequent
sale of such Designated Non-cash Consideration. 
 “Disqualified Stock” means, with respect to any Person, any
Capital Stock which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the holder thereof) or upon the happening of any event: 

(1) matures or is mandatorily redeemable (other than redeemable only for Capital Stock of such Person which is not itself
Disqualified Stock) pursuant to a sinking fund obligation or otherwise; 
 (2) is convertible or exchangeable at
the option of the holder for Indebtedness or Disqualified Stock; or 
 (3) is mandatorily redeemable or must be
purchased upon the occurrence of certain events or otherwise, in whole or in part, 
 in each case on or prior to the first anniversary after
the Stated Maturity of the Securities; provided, however, that any Capital Stock that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to purchase or redeem such
Capital Stock upon the occurrence of an “asset sale” or “change of control” occurring prior to the first anniversary after the Stated Maturity of the 

  
 12 

 
Securities shall not constitute Disqualified Stock if (A) the “asset sale” or “change of control” provisions applicable to such Capital Stock are not more favorable to
the holders of such Capital Stock than the terms applicable to the Securities under Sections 4.06 and 4.08 of this Indenture and (B) any such requirement only becomes operative after compliance with such terms applicable to the Securities,
including the purchase of any Securities tendered pursuant thereto. 
 “Distribution” has the meaning set forth
under the definition “Transactions”. 
 “EBITDA” for any period means the sum of Consolidated Net
Income, plus the following to the extent deducted in calculating such Consolidated Net Income: 
 (1) all
provisions for taxes based on the income or profits of Holdings, the Company and the consolidated Restricted Subsidiaries; plus 
 (2) Consolidated Interest Expense; plus 
 (3) depreciation
and amortization expense of Holdings, the Company and the consolidated Restricted Subsidiaries (including amortization of intangibles but excluding amortization expense attributable to a prepaid item that was paid in cash in a prior period);
plus 
 (4) any losses attributable to early extinguishment of Indebtedness or under any Hedging
Obligation, and any unrealized losses attributable to the application of “mark to market” accounting in respect of Hedging Obligations; plus  
 (5) an amount equal to any extraordinary loss plus any net loss realized by Holdings, the Company and the consolidated Restricted Subsidiaries in connection with (A) an Asset Disposition or
(B) any disposition of the Ethanol Assets or any disposition of the shares of Capital Stock of the Ethanol Subsidiaries; plus  
 (6) all impairments and other non-cash charges or expenses of Holdings, the Company and the consolidated Restricted Subsidiaries (excluding any such impairment and other non-cash charges and expenses to
the extent representing an accrual of or reserve for cash expenditures in any future period); less  
 (7)
all non-cash items of income of Holdings, the Company and the consolidated Restricted Subsidiaries (other than accruals of revenue by Holdings, the Company and the consolidated Restricted Subsidiaries in the ordinary course of business); plus
 
 (8) any fees and expenses for such period (if incurred prior to September 30, 2013) relating to the
Transactions, in an aggregate amount for all periods not to exceed $50,000,000; less  

  
 13 

 (9) any gains attributable to early extinguishment of Indebtedness or under
any Hedging Obligation, and any unrealized gains attributable to the application of “mark to market” accounting in respect of Hedging Obligations; less  

(10) an amount equal to any extraordinary gain plus any net gain realized by Holdings, the Company and the consolidated
Restricted Subsidiaries in connection with (A) an Asset Disposition or (B) any disposition of the Ethanol Assets or any disposition of the shares of Capital Stock of the Ethanol Subsidiaries, 

in each case for such period. Notwithstanding the foregoing, the provision for taxes based on the income or profits of, and the depreciation and
amortization and non-cash charges of, a Restricted Subsidiary shall be added to Consolidated Net Income to compute EBITDA only to the extent (and in the same proportion, including by reason of minority interests) that the net income or loss of such
Restricted Subsidiary was included in calculating Consolidated Net Income and only if a corresponding amount would be permitted at the date of determination to be dividended or otherwise contributed or distributed to Holdings by such Restricted
Subsidiary without prior approval (that has not been obtained), pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to such Restricted Subsidiary
or its stockholders. 
 “Employee Matters Agreement” means the Employee Matters Agreement between Murphy Oil
and Holdings, to be dated on or prior to the Separation Date. 
 “Escrow Agent” means JPMorgan Chase Bank, N.A.

 “Escrow Agreement” means the agreement dated
August [—], 2013 by and among the Company, the Escrow Agent and the Trustee. 
 “Ethanol Assets” means the Company’s ethanol production facilities located in Hankinson, North Dakota and in Hereford, Texas, including any and all real and personal, tangible and
intangible assets and properties, including cash, securities, accounts and contract rights primarily related to the operations of such facilities. 
 “Ethanol Subsidiaries” means Hankinson Holding, LLC, Hankinson Renewable Energy, LLC and Hereford Renewable Energy, LLC. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“Fair Market Value” means, with respect to any asset or property, the price which could be negotiated in an
arm’s-length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair Market Value shall be determined in good faith by
the Board of Directors, whose determination shall be conclusive and evidenced by a resolution of such Board of Directors; provided, however, 

  
 14 

 
that for purposes of Section 4.04(a)(3)(B), if the Fair Market Value of the property or assets in question is so determined to be in excess of $50,000,000, such determination must be
confirmed by an Independent Qualified Party. 
 “Foreign Subsidiary” means any Restricted Subsidiary of
Holdings that is not organized under the laws of the United States of America or any State thereof or the District of Columbia. 

“Form 10” means the registration statement on Form 10, originally filed by Holdings with the SEC on May 6,
2013, as amended through August 7, 2013. 
 “GAAP” means generally accepted accounting principles in the
United States of America as in effect as of the Issue Date, including those set forth in 
 (1) the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants; 

(2) statements and pronouncements of the Financial Accounting Standards Board; 

(3) such other statements by such other entity as approved by a significant segment of the accounting profession; and

 (4) the rules and regulations of the SEC governing the inclusion of financial statements (including pro
forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar written statements from the accounting
staff of the SEC, 
 except with respect to any reports or financial information required to be delivered pursuant to the covenant set forth
under Section 4.02 of this Indenture, which shall be prepared in accordance with GAAP as in effect on the date thereof. All ratios and computations based on GAAP contained in this Indenture shall be computed in conformity with GAAP. 

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any
Indebtedness of any Person and any obligation, direct or indirect, contingent or otherwise, of such Person 
 (1)
to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services,
to take-or-pay or to maintain financial statement conditions or otherwise); or 
 (2) entered into for the
purpose of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); 

  
 15 

 provided, however, that the term “Guarantee” shall not include endorsements for
collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning. 
 “Guarantor” means Holdings and any Subsidiary Guarantor. 

“Hedging Obligations” of any Person means the obligations of such Person pursuant to any Interest Rate Agreement,
Currency Agreement or similar agreements or arrangements relating to commodity prices. 
 “Holder” or
“Securityholder” means the Person in whose name a Security is registered on the Registrar’s books. 

“Incur” means issue, assume, Guarantee, incur or otherwise become liable for; provided, however, that any
Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a Restricted Subsidiary. The
term “Incurrence” when used as a noun shall have a correlative meaning. Solely for purposes of determining compliance with Section 4.03: 
 (1) amortization of debt discount or the accretion of principal with respect to a non-interest bearing or other discount security; 

(2) the payment of regularly scheduled interest in the form of additional Indebtedness of the same instrument or the
payment of regularly scheduled dividends on Capital Stock in the form of additional Capital Stock of the same class and with the same terms; 
 (3) the obligation to pay a premium in respect of Indebtedness arising in connection with the issuance of a notice of redemption or the making of a mandatory offer to purchase such Indebtedness;

 (4) changes in the principal amount of any Indebtedness that is denominated in a currency other than U.S.
dollars solely as a result of fluctuations in exchange rates or currency values; and 
 (5) the reclassification
of any outstanding Capital Stock as Indebtedness due to a change in accounting principles so long as such Capital Stock was issued prior to, and not in contemplation of, such accounting change 

shall not be deemed to be the Incurrence of Indebtedness. 
 “Indebtedness” means, with respect to any Person on any date of determination (without duplication): 

(1) the principal in respect of (A) indebtedness of such Person for money borrowed and (B) indebtedness
evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable, including, in each case, any premium on such indebtedness to the extent such premium has become due and payable;

  
 16 

 (2) all Capital Lease Obligations of such Person and all Attributable Debt
in respect of Sale/Leaseback Transactions entered into by such Person; 
 (3) all obligations of such Person
issued or assumed as the deferred purchase price of property and all conditional sale obligations of such Person, in either case due more than six months after such property is acquired or such sale is completed, and all obligations of such Person
under any title retention agreement relating to property acquired by such Person (but excluding (A) accounts payable or other liabilities to trade creditors arising in the ordinary course of business, (B) deferred compensation payable to
directors, officers or employees of Holdings, the Company or any other Restricted Subsidiary and (C) any purchase price adjustment or earnout incurred in connection with an acquisition, except to the extent that the amount payable pursuant to
such purchase price adjustment or earnout is, or becomes, reasonably determinable); 
 (4) all obligations of
such Person for the reimbursement of any obligor on any letter of credit, bankers’ acceptance or similar credit transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in
clauses (1) through (3) above) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth
Business Day following payment on the letter of credit); 
 (5) the amount of all obligations of such Person with
respect to the redemption, repayment or other repurchase of any Disqualified Stock of such Person or, with respect to any Preferred Stock of any Subsidiary of such Person (but excluding, in each case, any accrued dividends); 

(6) all Guarantees by such Person of (A) obligations of the type referred to in clauses (1) through (5) or
(B) dividends of other Persons; 
 (7) all obligations of the type referred to in clauses (1) through
(6) of other Persons secured by any Lien on any property or asset of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the Fair Market Value of such property
or assets and the amount of the obligation so secured; and 
 (8) to the extent not otherwise included in this
definition, Hedging Obligations of such Person. 
 Notwithstanding the foregoing, in connection with the purchase by Holdings, the Company or
any Restricted Subsidiary of any business, the term “Indebtedness” shall exclude post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such
payment depends on the performance of such business after the closing; provided, however, that, 

  
 17 

 
at the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid within thirty (30) days
thereafter. 
 The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all
obligations as described above; provided, however, that in the case of Indebtedness sold at a discount, the amount of such Indebtedness at any time shall be the accreted value thereof at such time. 

The amount of any Preferred Stock that has a fixed redemption, repayment or repurchase price shall be calculated in accordance with the
terms of such Preferred Stock as if such Preferred Stock were redeemed, repaid or repurchased on any date on which the amount of such Preferred Stock is to be determined pursuant to this Indenture; provided, however, that if such
Preferred Stock could not be required to be redeemed, repaid or repurchased at the time of such determination, the redemption, repayment or repurchase price shall be calculated as of the first date thereafter on which such Preferred Stock could be
required to be so redeemed, repaid or repurchased. If any Preferred Stock does not have a fixed redemption, repayment or repurchase price, the amount of such Preferred Stock shall be its maximum liquidation value. 

“Indenture” means this Indenture as amended or supplemented from time to time. 

“Independent Qualified Party” means an investment banking firm, accounting firm or appraisal firm of national standing;
provided, however, that such firm is not an Affiliate of Holdings. 
 “Intercompany Accounts” has
the meaning set forth under the definition “Transactions”. 
 “Interest Rate Agreement” means any
interest rate swap agreement, interest rate cap agreement or other financial agreement or arrangement with respect to exposure to interest rates. 
 “Investment” in any Person means any direct or indirect advance, loan (other than advances to customers in the ordinary course of business that are recorded as accounts receivable on the
balance sheet of the lender) or other extensions of credit (including by way of Guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for
the account or use of others), or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by such Person. If Holdings, the Company or any Restricted Subsidiary issues, sells or otherwise disposes of any Capital
Stock of a Person that is a Restricted Subsidiary such that, after giving effect thereto, such Person is no longer a Restricted Subsidiary, any Investment by Holdings, the Company or any Restricted Subsidiary in such Person remaining after giving
effect thereto shall be deemed to be a new Investment at such time. The acquisition by Holdings, the Company or any Restricted Subsidiary of a Person that holds an Investment 

  
 18 

 
in a third Person shall be deemed to be an Investment by Holdings, the Company or such Restricted Subsidiary in such third Person at such time. Except as otherwise provided for herein, the amount
of an Investment shall be its Fair Market Value at the time the Investment is made and without giving effect to subsequent changes in value. 
 For purposes of the definition of “Unrestricted Subsidiary”, the definition of “Restricted Payment” and Section 4.04, “Investment” shall include 

(1) the portion (proportionate to Holdings’ equity interest in such Subsidiary) of the Fair Market Value of the net
assets of any Subsidiary of Holdings at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary Holdings shall be deemed to
continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to (A) Holdings’ “Investment” in such Subsidiary at the time of such redesignation less (B) the portion
(proportionate to Holdings’ equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of such redesignation; and 

(2) any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of
such transfer, in each case as determined in good faith by the Board of Directors. 
 “Investment Grade Rating”
mans a rating equal to or higher than Baa3 (or equivalent) by Moody’s and BBB- (or the equivalent) by Standard and Poor’s, or an equivalent rating by any other Rating Agency. 

“Issue Date” means August [—], 2013. 

“Lease Agreement” means the Lease Agreement for 200 Peach Street, El Dorado, Arkansas, between Murphy Oil and the
Company, to be dated on or prior to the Separation Date. 
 “Legal Holiday” means a Saturday, a Sunday or a day
on which banking institutions are not required to be open in the State of New York. 
 “Lien” means any
mortgage or deed of trust, charge, pledge, lien, security interest, hypothecation, or other encumbrance upon or with respect to any property of any kind (including any conditional sale, capital lease, other title retention agreement or any leases in
the nature thereof) real or personal, moveable or immovable, now owned or hereafter acquired; provided, however, that in no event shall an operating lease be deemed to constitute a Lien. A Person shall be deemed to own subject to a
Lien any property which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capital Lease Obligation or other title retention agreement. 

“MOC Group” has the meaning set forth under the definition “Transactions”. 

  
 19 

 “Moody’s” means Moody’s Investors Service, Inc. and any successor
to its rating agency business. 
 “Murphy Oil” means Murphy Oil Corporation, a Delaware corporation and the
parent company of Holdings and the Company until the consummation of the Transactions on the Separation Date. 
 “Murphy
Oil Distribution” has the meaning set forth under the definition “Transactions”. 
 “MUSA
Group” has the meaning set forth under the definition “Transactions”. 
 “Net Available
Cash” from an Asset Disposition means cash payments and the Fair Market Value of any Temporary Cash Investments received therefrom (including any cash payments received by way of deferred payment of principal pursuant to a note or
installment receivable or otherwise and proceeds from the sale or other disposition of any securities (other than Temporary Cash Investments) received as consideration, but only as and when received, but excluding any other consideration received in
the form of assumption by the acquiring Person of Indebtedness or other obligations relating to such properties or assets or received in any other non-cash form), in each case net of 

(1) all legal, accounting and investment banking fees, title and recording tax expenses, commissions and other fees and
expenses incurred (including any relocation expenses incurred as a result thereof and any related severance and associated costs), and all Federal, state, provincial, foreign and local taxes required to be accrued as a liability under GAAP, as a
consequence of such Asset Disposition; 
 (2) all payments made on any Indebtedness which is secured by any
assets subject to such Asset Disposition, in accordance with the terms of any Lien upon or other security agreement of any kind with respect to such assets, or which must by its terms, or in order to obtain a necessary consent to such Asset
Disposition, or by applicable law, be repaid out of the proceeds from such Asset Disposition; 
 (3) all
distributions and other payments required to be made to minority interest holders in Restricted Subsidiaries as a result of such Asset Disposition; 
 (4) the deduction of appropriate amounts provided by the seller as a reserve, in accordance with GAAP, against any liabilities associated with the property or other assets disposed in such Asset
Disposition and retained by Holdings, the Company or any Restricted Subsidiary after such Asset Disposition; and 

  
 20 

 (5) any portion of the purchase price from an Asset Disposition placed in
escrow, whether as a reserve for adjustment of the purchase price, for satisfaction of indemnities in respect of such Asset Disposition or otherwise in connection with that Asset Disposition; provided, however, that upon the
termination of that escrow, Net Available Cash shall be increased by any portion of funds in the escrow that are released to Holdings, the Company or any Restricted Subsidiary. 

“Net Cash Proceeds”, with respect to any issuance or sale of Capital Stock or Indebtedness, means the cash proceeds of
such issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually incurred in connection with such issuance or
sale and net of taxes paid or payable as a result thereof. 
 “Obligations” means, with respect to any
Indebtedness, all obligations for principal, premium, interest, penalties, fees, indemnifications, reimbursements and other amounts payable pursuant to the documentation governing such Indebtedness. 

“Offering Memorandum” means the offering memorandum dated August [—],
2013 related to the offering of the Securities. 
 “Officer” means the Chairman of the Board of Directors, the
President, any Vice President, the Treasurer or any Assistant Treasurer, the Secretary or any Assistant Secretary of Holdings. “Officer” of the Company or any other Guarantor has a correlative meaning. 

“Officer’s Certificate” means a certificate signed by one Officer. 

“Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel
may be an employee of or counsel to Holdings or the Trustee (or if such opinion of counsel is in relation to a transaction of any other Guarantor or the Company, counsel to such other Guarantor or the Company). 

“Permitted Investment” means an Investment by Holdings, the Company or any Restricted Subsidiary in: 

(1) Holdings, the Company, a Restricted Subsidiary or a Person that shall, upon the making of such Investment, become a
Restricted Subsidiary; 
 (2) another Person if, as a result of such Investment, such other Person is merged or
consolidated with or into, or transfers or conveys all or substantially all its assets to, Holdings, the Company or a Restricted Subsidiary; 
 (3) cash and Temporary Cash Investments; 
 (4) receivables owing to
Holdings, the Company or any Restricted Subsidiary if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided, however, that

  
 21 

 
such trade terms may include such concessionary trade terms as Holdings, the Company or any such Restricted Subsidiary deems reasonable under the circumstances; 

(5) payroll, commission, travel, relocation and similar advances to cover matters that are expected at the time of such
advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 
 (6) loans or advances to directors and employees made in the ordinary course of business consistent with past practices of Holdings, the Company or such Restricted Subsidiary (including, without
limitation, loans and advances the net proceeds of which are used solely to purchase Capital Stock of Holdings in connection with restricted stock or employee stock purchase plans, or to exercise stock received pursuant thereto on other incentive
plans in a principal amount not to exceed the aggregate exercise or purchase price), or loans to refinance principal and accrued interest on any such loans; 
 (7) Investments received (a) in settlement of debts created in the ordinary course of business and owing to Holdings, the Company or any Restricted Subsidiary, (b) in satisfaction of judgments
or (c) in compromise or resolution of litigation, arbitration or other disputes; 
 (8) any Person to the
extent such Investment represents the non-cash portion of the consideration received for (a) an Asset Disposition as permitted pursuant Section 4.06 or (b) a disposition of assets not constituting an Asset Disposition (including, for
the avoidance of doubt, any disposition of the Ethanol Assets or any disposition of shares of Capital Stock of the Ethanol Subsidiaries); 
 (9) any Person where such Investment was acquired by Holdings, the Company or any Restricted Subsidiary (a) in connection with an acquisition, merger, amalgamation or consolidation with or into
Holdings, the Company or a Restricted Subsidiary in a transaction that is not prohibited by this Indenture to the extent that such Investment was not made in contemplation of such acquisition, merger, amalgamation or consolidation, (b) in
exchange for any other Investment or accounts receivable held by Holdings, the Company or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the Company of such other
Investment or accounts receivable or (c) as a result of a foreclosure by Holdings, the Company or any Restricted Subsidiary with respect to any secured Investment or other transfer of title with respect to any secured Investment in default;

 (10) any Person to the extent such Investments consist of advances, deposits and prepayment for purchases of
any assets, prepaid expenses, negotiable instruments held for collection and lease, utility and workers’ compensation, performance and other similar deposits made in the ordinary course of business by Holdings, the Company or any Restricted
Subsidiary; 

  
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 (11) any Person in exchange for Qualified Capital Stock of Holdings;

 (12) any Person to the extent such Investments consist of Hedging Obligations; 

(13) Guarantees of Indebtedness otherwise permitted under Section 4.03 or Guarantees by Holdings, the Company or any
Restricted Subsidiary of operating leases (other than Capital Lease Obligations) or of other obligations that do not constitute Indebtedness, in each case entered into by Holdings, the Company or a Restricted Subsidiary in the ordinary course of
business; 
 (14) any Person to the extent such Investment exists on, or any Investment pursuant to a binding
agreement that exists on, the Issue Date or is part of the Spin-Off Documents, and any extension, modification or renewal of any such Investments, but only to the extent not involving additional advances, contributions or other Investments of cash
or other assets or other increases thereof (other than as a result of the accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities, in each case, pursuant to the terms of such Investment as in effect on
the Issue Date or as otherwise contemplated pursuant to a binding agreement that exists on the Issue Date or is part of the Spin-Off Documents); 
 (15) any Person to the extent such Investments result solely from the receipt by Holdings, the Company or a Restricted Subsidiary from any of its Subsidiaries of a dividend or other Restricted Payment in
the form of Capital Stock, evidences of Indebtedness or other securities (but not any additions thereto made after the date of receipt thereof); and 
 (16) any Persons to the extent such Investments, when taken together with all other Investments made pursuant to this clause (16) and outstanding on the date such Investment is made, do not exceed
the greater of (A) $75,000,000 and (B) 6.5% of Consolidated Net Tangible Assets of Holdings, the Company and the Restricted Subsidiaries determined as of the date of such Investment. 

For purposes of this definition, in the event that a proposed Investment (or portion thereof) meets the criteria of more than one of the
categories of Permitted Investments described in clauses (1) through (16) above, Holdings shall be entitled to classify (but not reclassify) such Investment (or portion thereof) in one or more of such categories set forth above).

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

(1) pledges or deposits by such Person under worker’s compensation laws, unemployment insurance laws or similar
legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits
of cash or United States government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of
business; 

  
 23 

 (2) Liens imposed by law, such as carriers’, warehousemen’s,
mechanics’, materialmens’, repairmens’ and other like Liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with
respect to which such Person shall then be proceeding with an appeal or other proceedings for review and Liens arising solely by virtue of any statutory or common law provision relating to banker’s Liens, rights of set-off or similar rights and
remedies as to deposit accounts or other funds maintained with a creditor depository institution; provided, however, that (A) such deposit account is not a dedicated cash collateral account and is not subject to restrictions
against access by Holdings in excess of those set forth by regulations promulgated by the Federal Reserve Board and (B) such deposit account is not intended by Holdings, the Company or any Restricted Subsidiary to provide collateral to the
depository institution; 
 (3) Liens for taxes, assessments or governmental charges not yet subject to penalties
for non-payment or which are being contested in good faith by appropriate proceedings; 
 (4) Liens in favor of
issuers of surety bonds or letters of credit issued pursuant to the request of and for the account of such Person in the ordinary course of its business; provided, however, that such letters of credit do not constitute Indebtedness;

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

(6) leases or licenses with respect to the assets or properties of Holdings, the Company or any Restricted Subsidiary, so
long as such leases or licenses do not, individually or in the aggregate, interfere in any material respect with the ordinary course of the business of Holdings, the Company or any Restricted Subsidiary; 

(7) filing of Uniform Commercial Code financing statements (or similar filings under applicable law) regarding operating
leases; 
 (8) survey exceptions, minor encumbrances, easements or reservations of, or rights of others for,
licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property or Liens incidental to the conduct of the business of such Person or to the
ownership of its properties which were not Incurred in 

  
 24 

 
connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such
Person; 
 (9) judgment Liens in respect of judgments that do not constitute an Event of Default; 

(10) Liens securing Indebtedness Incurred to finance the construction, purchase or lease of, or repairs, improvements or
additions to, property, plant or equipment of such Person, including Permitted Indebtedness Incurred under Section 4.03(b)(11), provided, however, that the Lien may not extend to any other property owned by such Person or any of
its Restricted Subsidiaries at the time the Lien is Incurred (other than assets and property affixed or appurtenant thereto, improvements thereon, accessions thereto, proceeds or replacements in respect thereof); 

(11) Liens to secure Permitted Indebtedness Incurred under Section 4.03(b)(1); 

(12) Liens on assets of any Foreign Subsidiary to secure Indebtedness permitted by Section 4.03(b)(13); 

(13) Liens existing on the Issue Date or under the Spin-Off Documents; 

(14) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in
connection with the importation of goods; 
 (15) Liens on property or shares of Capital Stock of another Person
at the time such other Person becomes a Subsidiary of such Person (other than a Lien Incurred in connection with, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of transactions
pursuant to which such Person becomes such a Subsidiary); provided, however, that the Liens may not extend to any other property owned by such Person or any of its Restricted Subsidiaries (other than assets and property affixed or
appurtenant thereto, improvements thereon, accessions thereto, proceeds thereof or replacements in respect thereof); 
 (16) Liens on property at the time such Person or any of its Subsidiaries acquires the property, including any acquisition by means of a merger or consolidation with or into such Person or a Subsidiary of
such Person (other than a Lien Incurred in connection with, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of transactions pursuant to which such Person or any of its Subsidiaries
acquired such property); provided, however, that the Liens may not extend to any other property owned by such Person or any of its Restricted Subsidiaries (other than assets and property affixed or appurtenant thereto, improvements
thereon, accessions thereto, proceeds thereof or replacements in respect thereof); 

  
 25 

 (17) Liens securing Indebtedness or other obligations of a Subsidiary of
such Person owing to such Person or a Wholly Owned Subsidiary of such Person; 
 (18) Liens securing Hedging
Obligations so long as such Hedging Obligations are permitted to be incurred under this Indenture; 
 (19) Liens
in favor of Holdings, the Company or any Subsidiary Guarantor; 
 (20) Liens created for the benefit of (or to
secure) the Securities (or the Guarantees of the Securities) or payment obligations to the Trustee in respect thereof; 
 (21) Liens to secure any Refinancing (or successive Refinancings) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clause (10), (13), (15) or (16);
provided, however, that (A) such new Lien shall be limited to all or part of the same property and assets that secured or, under the written agreements pursuant to which the original Lien arose, could secure the original Lien
(plus improvements and accessions to, such property or proceeds or distributions thereof) and (B) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (i) the outstanding principal
amount or, if greater, committed amount of the Indebtedness described under clause (10), (13), (15) or (16) at the time the original Lien became a Permitted Lien and (ii) an amount necessary to pay any fees and expenses,
including premiums, related to such Refinancing; 
 (22) Liens Incurred to secure cash management services in the
ordinary course of business; 
 (23) Liens on assets pursuant to merger agreements, stock or asset purchase
agreements and similar agreements limiting the disposition of such assets pending the closing of the transactions contemplated thereby; 
 (24) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto; 

(25) Liens on any cash earnest money deposits, escrow arrangements or similar arrangements made by Holdings, the Company
or any Restricted Subsidiary in connection with any letter of intent or purchase agreement; 
 (26) other Liens
securing Indebtedness; provided, however, that at the time of incurrence after giving pro forma effect thereto, the Consolidated Secured Leverage Ratio would be no greater than 1.5 to 1.0; 

(27) Liens with respect to obligations that are at any one time outstanding not to exceed the greater of
(i) $50,000,000 and (ii) 4% of Consolidated Net Tangible Assets of Holdings, the Company and the Restricted Subsidiaries determined as of the date of such Incurrence; 

  
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 (28) Liens on and security interests in the account holding the Escrow Funds
and all deposits and investment property therein in favor of the Trustee, for its benefit and the benefit of the Holders; 
 (29) Liens incurred in connection with a Sale/Leaseback Transaction Incurred pursuant to Section 4.03(b)(14) of this Indenture. 
 Notwithstanding the foregoing, “Permitted Liens” shall not include any Lien described in clause (10), (15) or (16) above to the extent such Lien applies to any Additional Assets
acquired directly or indirectly from Net Available Cash pursuant to Section 4.06. For purposes of this definition, the term “Indebtedness” shall be deemed to include interest on such Indebtedness. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
 “Preferred Stock”, as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however designated) which is preferred as to the payment of dividends or
distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such Person. 

“principal” of a Security means the principal of the Security plus the premium, if any, payable on the Security which is
due or overdue or is to become due at the relevant time. 
 “Purchase Money Indebtedness” means Indebtedness
(including Capital Lease Obligations) (1) consisting of the deferred purchase price of property, conditional sale obligations, obligations under any title retention agreement, other purchase money obligations and obligations in respect of
industrial revenue bonds or similar Indebtedness, in each case where the maturity of such Indebtedness does not exceed the anticipated useful life of the asset being financed, and (2) (i) Incurred to finance the acquisition by Holdings,
the Company or a Restricted Subsidiary of such asset, including additions and improvements or (ii) assumed in connection with the acquisition of any fixed or capital assets; provided, however, that any Lien arising in connection
with any such Indebtedness shall be limited to the specific asset being financed or, in the case of real property or fixtures, including additions and improvements, the real property on which such asset is attached; provided further,
however, that such Indebtedness is Incurred no later than 180 days after such acquisition of such assets. 

“Qualified Capital Stock” of a Person means Capital Stock of such Person other than Disqualified Stock; provided,
however, that such Capital Stock shall not be deemed Qualified Capital Stock to the extent sold to a Subsidiary of such Person or financed, directly or indirectly, using funds (1) borrowed from such Person or any Subsidiary of such
Person or (2) contributed, extended, guaranteed or advanced by such 

  
 27 

 
Person or any Subsidiary of such Person (including, in respect of any employee stock ownership or benefit plan). Unless otherwise specified, Qualified Capital Stock refers to Qualified Capital
Stock of Holdings. 
 “Qualified Equity Offering” means any public or private issuance and sale of
Holdings’ common stock by Holdings; provided, however, that the cash proceeds therefrom equal to not less than 100% of the aggregate principal amount of any Securities to be redeemed are received by the Company as a contribution
to its common equity capital. Notwithstanding the foregoing, the term “Qualified Equity Offering” shall not include: 
  

	 	(1)	any issuance and sale with respect to common stock registered on Form S-4 or Form S-8; or 

 

	 	(2)	any issuance and sale to any Subsidiary of Holdings. 

 “Quotation Agent” means the Reference Treasury Dealer selected by the Trustee after consultation with Holdings. 
 “Rating Agencies” means Standard & Poor’s and Moody’s or if Standard & Poor’s or Moody’s or both shall not make a rating on the Securities publicly
available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by Holdings (as certified by a resolution of the Board of Directors) which shall be substituted for Standard & Poor’s or
Moody’s or both, as the case may be. 
 “Reference Treasury Dealer” means J.P. Morgan Securities LLC and
its successors and assigns and two other nationally recognized investment banking firms selected by Holdings that are primary U.S. Government securities dealers. 
 “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 at 5:00 p.m., New York City time, on the third Business Day immediately
preceding such redemption date. 
 “Refinance” means, in respect of any Indebtedness, to refinance, extend,
renew, refund, repay, prepay, redeem, defease or retire, or to issue other Indebtedness in exchange or replacement for, such Indebtedness. “Refinanced” and “Refinancing” shall have correlative meanings. 

“Refinancing Indebtedness” means Indebtedness that Refinances any Indebtedness of Holdings, the Company or any
Restricted Subsidiary existing on the Issue Date or under the Spin-Off Documents or Incurred in compliance with this Indenture, including Indebtedness that Refinances Refinancing Indebtedness; provided, however, that: 

(1) such Refinancing Indebtedness has a Stated Maturity no earlier than the Stated Maturity of the Indebtedness being
Refinanced; 

  
 28 

 (2) such Refinancing Indebtedness has an Average Life at the time such
Refinancing Indebtedness is Incurred that is equal to or greater than the Average Life of the Indebtedness being Refinanced; 
 (3) such Refinancing Indebtedness has an aggregate principal amount (or if Incurred with original issue discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or
if Incurred with original issue discount, the aggregate accreted value) then outstanding (plus accrued and unpaid interest and any related fees and expenses in connection with such Refinancing, including any premium and defeasance costs) under the
Indebtedness being Refinanced; and 
 (4) if the Indebtedness being Refinanced is subordinated in right of
payment to the Securities, such Refinancing Indebtedness is subordinated in right of payment to the Securities at least to the same extent as the Indebtedness being Refinanced; 
 provided further, however, that Refinancing Indebtedness shall not include (A) Indebtedness of a Subsidiary that Refinances Indebtedness of the Company or Holdings or
(B) Indebtedness of Holdings, the Company or a Restricted Subsidiary that Refinances Indebtedness of an Unrestricted Subsidiary. 
 “Related Business” means any business in which Holdings, the Company or any of the Restricted Subsidiaries was engaged on the Issue Date and any business related ancillary or
complementary to such business. 
 “Representative” means J.P. Morgan Securities LLC, as representative of the
Initial Purchasers listed on Schedule 1 of the Purchase Agreement. 
 “Restricted Payment” with respect to
any Person means 
 (1) the declaration or payment of any dividends or any other distributions of any sort in
respect of its Capital Stock (including any payment in connection with any merger or consolidation involving such Person) or similar payment to the direct or indirect holders of its Capital Stock (other than (A) dividends or distributions
payable solely in its Capital Stock (other than Disqualified Stock), (B) dividends or distributions payable solely to Holdings, the Company or a Restricted Subsidiary and (C) pro rata dividends or other distributions made by
a Subsidiary that is not a Wholly Owned Subsidiary to minority stockholders (or owners of an equivalent interest in the case of a Subsidiary that is an entity other than a corporation)); 

(2) the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of any Capital Stock of
Holdings held by any Person (other than by the Company or a Restricted Subsidiary) or of any Capital 

  
 29 

 
Stock of the Company or a Restricted Subsidiary held by any Affiliate of Holdings (other than by the Company or a Restricted Subsidiary), including in connection with any merger or consolidation
and including the exercise of any option to exchange any Capital Stock (other than into Capital Stock of Holdings that is not Disqualified Stock); 
 (3) the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value, prior to scheduled maturity, scheduled repayment or scheduled sinking fund payment of any Subordinated
Obligations of Holdings, the Company or any Subsidiary Guarantor (other than (A) from Holdings, the Company or any Restricted Subsidiary or (B) the purchase, repurchase, redemption, defeasance or other acquisition or retirement of
Subordinated Obligations purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one (1) year of the date of such purchase, repurchase, redemption, defeasance or other
acquisition or retirement); or 
 (4) the making of any Investment (other than a Permitted Investment) in any
Person. 
 Notwithstanding the foregoing, the consummation of any of the Transactions substantially on the terms described in
the Offering Memorandum shall not be deemed to be a Restricted Payment. 
 The amount of any Restricted Payment if made
otherwise than in cash shall be Fair Market Value of the assets subject thereto. 
 “Restricted Subsidiary”
means any Subsidiary of Holdings that is not an Unrestricted Subsidiary, provided that the Company shall not be considered a Restricted Subsidiary or an Unrestricted Subsidiary. 

“Sale/Leaseback Transaction” means an arrangement relating to property owned by Holdings, the Company or a Restricted
Subsidiary on the Issue Date or thereafter acquired by Holdings, the Company or a Restricted Subsidiary whereby Holdings, the Company or a Restricted Subsidiary transfers such property to a Person and Holdings, the Company or a Restricted Subsidiary
leases it from such Person. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Senior Credit Agreement” means the credit agreement to be entered into on or prior to the Separation Date among the
Company, as borrower, Holdings, as guarantor, the other guarantors party thereto, J.P. Morgan Securities LLC, as lead arranger, and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, providing for a senior secured asset-based
loan credit facility and term facility, as amended, restated, replaced (whether before, upon or after termination or otherwise), refinanced, supplemented, modified or otherwise changed (in whole or in part, and without limitation as to amount,
terms, conditions, covenants and other provisions) from time to time. 

  
 30 

 “Senior Indebtedness” means with respect to any Person: 

(1) Indebtedness of such Person, whether outstanding on the Issue Date or thereafter Incurred; and 

(2) all other Obligations of such Person (including interest accruing on or after the filing of any petition in bankruptcy
or for reorganization relating to such Person whether or not post-filing interest is allowed in such proceeding) in respect of Indebtedness described in clause (1) above, 
 unless, in the case of clauses (1) and (2), in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is provided that such Indebtedness or other Obligations
are subordinate in right of payment to the Securities or the Guarantee of such Person, as the case may be; provided, however, that Senior Indebtedness shall not include: 

(A) any obligation of such Person to Holdings, the Company or any Subsidiary of Holdings; 

(B) any liability for Federal, state, local or other taxes owed or owing by such Person; 

(C) any accounts payable or other liability to trade creditors arising in the ordinary course of business; 

(D) any Capital Stock; 
 (E) any Indebtedness or other Obligation of such Person which is subordinate or junior in any respect to any other Indebtedness or other Obligation of such Person; 

(F) that portion of any Indebtedness which at the time of Incurrence is Incurred in violation of this Indenture;

 (G) any Indebtedness, which, when Incurred and without respect to any election under Section 111(b) of
Title 11, United States Code, is without recourse to such Person; 
 (H) any Indebtedness of or amounts owed by
such Person for compensation to employees or for services rendered to another Person; and 
 (I) Indebtedness of
such Person to a Subsidiary or any other Affiliate or any such Affiliate’s Subsidiaries. 

  
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 “Separation” means the completion of the Contributions and the Distribution
on the Separation Date. 
 “Separation and Distribution Agreement” means the Separation and Distribution
Agreement between Murphy Oil and Holdings, to be dated on or prior to the Separation Date. 
 “Separation Date”
has the meaning set forth under the definition “Transactions”. 
 “Significant Subsidiary” means any
Restricted Subsidiary that would be a significant subsidiary of Holdings within the meaning of Rule 1-02 of Regulation S-X promulgated by the SEC. 
 “Spin-Off Documents” means the Separation and Distribution Agreement, the Transition Services Agreement, the Tax Matters Agreement, the Employee Matters Agreement, the Trademark
Assignment Agreement, the Trademark License Agreement, the Lease Agreement and the Aircraft Agreements, together with any other agreements, instruments or other documents entered into in connection with any of the foregoing, each in substantially
the form filed as an exhibit to the Form 10, the terms of which shall be substantially consistent in all material respects with the information set forth in the Form 10. 

“Standard & Poor’s” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., and any successor to its rating agency business. 
 “Stated Maturity” means, with respect to
any security, the date specified in such security as the fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the
repurchase of such security at the option of the holder thereof upon the happening of any contingency unless such contingency has occurred). 
 “Stock Contribution” has the meaning set forth under the definition “Transactions”. 
 “Subordinated Obligation” means, with respect to a Person, any Indebtedness of such Person (whether outstanding on the Issue Date or thereafter Incurred) which is subordinate or junior in
right of payment to the Securities or a Guarantee of the Securities of such Person, as the case may be, pursuant to a written agreement to that effect. 
 “Subsidiary” means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Voting
Stock is at the time owned or controlled, directly or indirectly, by (1) such Person, (2) such Person and one or more Subsidiaries of such Person or (3) one or more Subsidiaries of such Person. 

  
 32 

 “Subsidiary Guarantee” means a Guarantee by a Subsidiary Guarantor of the
Company’s obligations with respect to the Securities. 
 “Subsidiary Guarantor” means each Subsidiary of
Holdings that executes this Indenture as a guarantor and each other Subsidiary of Holdings that thereafter guarantees the Securities pursuant to the terms of this Indenture. 
 “Tax Matters Agreement” means the Tax Matters Agreement between Murphy Oil and Holdings, to be dated on or prior to the Separation Date. 

“Temporary Cash Investments” means any of the following: 

(1) any investment in direct obligations of the United States of America or any agency thereof or obligations guaranteed
by the United States of America or any agency thereof; 
 (2) investments in demand and time deposit accounts,
certificates of deposit and money market deposits maturing within one year of the date of acquisition thereof issued by a bank or trust company which is organized under the laws of the United States of America, any State thereof or any foreign
country recognized by the United States of America, and which bank or trust company has capital, surplus and undivided profits aggregating in excess of $50,000,000 (or the foreign currency equivalent thereof) and has outstanding debt which is rated
“A” (or such similar equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Section 3(a)(62) of the Exchange Act) or any money-market fund sponsored by a registered broker
dealer or mutual fund distributor; 
 (3) repurchase obligations with a term of not more than thirty
(30) days for underlying securities of the types described in clause (1) above entered into with a bank meeting the qualifications described in clause (2) above; 

(4) investments in commercial paper, maturing not more than 364 days after the date of acquisition, issued by a
corporation (other than an Affiliate of Holdings) organized and in existence under the laws of the United States of America or any foreign country recognized by the United States of America with a rating at the time as of which any investment
therein is made of “P-1” (or higher) according to Moody’s or “A-1” (or higher) according to Standard & Poor’s; 
 (5) investments in securities with maturities of twenty-four (24) months or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States
of America, or by any political subdivision or taxing authority thereof, and rated at least “A” by Standard & Poor’s or “A” by Moody’s; 

  
 33 

 (6) investments in money market funds that invest substantially all their
assets in securities of the types described in clauses (1) through (5) above; and 
 (7) to the extent
held by a Foreign Subsidiary, other short-term Investment utilized by such Foreign Subsidiary in accordance with normal investment practices for cash management in Investments of a type analogous to those described in clauses (1) through
(6) of this definition. 
 “Trademark Assignment Agreement” means the Trademark Assignment Agreement
between Murphy Oil and Holdings, to be dated on or prior to the Separation Date. 
 “Trademark License
Agreement” means the Trademark License Agreement between Murphy Oil and Holdings, to be dated on or prior to the Separation Date. 
 “Transactions” means the following transactions, together with all other transactions pursuant to, and the performance of all other obligations under, the Spin-Off Documents: (i) the
contribution by Murphy Oil to the Company of (1) the real estate located at 422 North Washington Avenue, El Dorado, Arkansas and appurtenant furniture, fixtures and personal property, (2) the real estate located at 200 Peach Street,
El Dorado, Arkansas (but excluding, for the avoidance of doubt, lots 2 and 3 of Block 9, Original Town of El Dorado) and certain appurtenant furniture, fixtures and personal property, (3) a Cessna Citation 560XL aircraft and
(4) licenses associated with the SolArc and the PDI information systems and hardware primarily related thereto and, in each case, any related liabilities (collectively, the “Asset Contribution”); (ii) the liquidation by
the Company of Murphy Latin America Refining & Marketing, Inc., Murphy LOOP, Inc. and Murphy Lot Holdings, LLC by merging each with and into the Company; (iii) the transfer and assignment by the Company to Murphy Oil all of the
Assigned Marks (as such term is defined in the Trademark Assignment Agreement); (iv) the distribution by the Company (the “Murphy Oil Distribution”) to Murphy Oil of (A) a cash dividend of $650,000,000 and (B) all of
the stock of (x) Murphy Gas Gathering Inc., (y) Arkansas Oil Company and (z) Murphy Crude Oil Marketing, Inc. (collectively, the “Unrelated Subsidiaries”); (v) the contribution by Murphy Oil of all of the stock
of the Company to Holdings (making the Company a wholly owned Subsidiary of Holdings) in exchange for shares of common stock of Holdings pursuant to the Separation and Distribution Agreement (the “Stock Contribution” and, together
with the Asset Contribution, the “Contributions”), which stock Murphy Oil will distribute (together with all other common stock of Holdings held by Murphy Oil) to its stockholders (the “Distribution”; the date on
which the Distribution will occur is herein referred to as the “Separation Date”); and (vi) the settlement of all intercompany receivables, payables and other balances, in each case, that arise on or before the Separation Date
between Murphy Oil and its subsidiaries (other than any member of the MUSA Group (as defined in this definition)), including all predecessors to such persons (the “MOC Group”), on the one hand, and Holdings and its subsidiaries as
of the effective time of the Distribution and after giving effect to the Asset Contribution, the Murphy Oil Distribution, the 

  
 34 

 
Contributions and the Distribution, including all predecessors to such persons (the “MUSA Group”), on the other hand (collectively, “Intercompany Accounts”), by
one or more (1) cash payments in respect of such Intercompany Accounts and/or (2) distributions of such Intercompany Accounts (and/or an amount of cash in respect thereof that will be used to make a cash payment pursuant to clause (1)
above) and/or (3) contributions to capital of such Intercompany Accounts (and/or an amount of cash in respect thereof that will be used to make a cash payment pursuant to clause (1) above), in each case, between one or more members of the
MOC Group, on the one hand, and one or more members of the MUSA Group, on the other hand, provided that the net cash payments made from the MUSA Group to the MOC Group pursuant to clauses (1), (2) and (3) shall not in the
aggregate exceed $50,000,000. 
 “Transition Services Agreement” means the Transition Services Agreement
between Murphy Oil and Holdings, to be dated on or prior to the Separation Date. 
 “TIA” means the Trust
Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of this Indenture. 
 “Trustee” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor. 

“Trust Officer” means the Chairman of the Board, the President or any other officer or assistant officer of the Trustee
assigned by the Trustee to administer its corporate trust matters. 
 “Uniform Commercial Code” means the New
York Uniform Commercial Code as in effect from time to time. 
 “Unrelated Subsidiary” has the meaning set
forth under the definition “Transactions”. 
 “Unrestricted Subsidiary” means: 

(1) the Unrelated Subsidiaries and any other Subsidiary of Holdings or the Company on the Issue Date that shall not be a
Subsidiary of Holdings or the Company on the Separation Date; 
 (2) Murphy Crude Supply, LLC; 

(3) the Ethanol Subsidiaries; 
 (4) any Subsidiary of Holdings (other than the Company) that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors in the manner provided below; and

 (5) any Subsidiary of an Unrestricted Subsidiary. 

  
 35 

 The Board of Directors may designate any Subsidiary of Holdings other than the Company
(including any newly acquired or newly formed Subsidiary (or any Person becoming a Subsidiary through merger or consolidation or Investment therein)) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Capital
Stock or Indebtedness of, or holds any Lien on any property of, Holdings or any other Subsidiary of Holdings that is not a Subsidiary of the Subsidiary to be so designated; provided, however, that either (A) the Subsidiary to be
so designated has total assets of $1,000 or less or (B) if such Subsidiary has assets greater than $1,000, such designation would be permitted under Section 4.04. 
 If at any time Holdings or the Company delivers a written notice to the Trustee designating any Unrestricted Subsidiaries to be a Restricted Subsidiary, any such Subsidiary shall cease to be an
Unrestricted Subsidiary immediately upon the Trustee’s receipt of such notice. 
 “U.S. Dollar Equivalent”
means with respect to any monetary amount in a currency other than U.S. dollars, at any time for determination thereof, the amount of U.S. dollars obtained by converting such foreign currency involved in such computation into U.S. dollars at the
spot rate for the purchase of U.S. dollars with the applicable foreign currency as published in The Wall Street Journal in the “Exchange Rates” column under the heading “Currency Trading” (or comparable source, if The
Wall Street Journal ceases to publish these rates) on the date two (2) Business Days prior to such determination. 

Except as described under 4.03, whenever it is necessary to determine whether the Company or any of the Guarantors has complied with any
covenant in this Indenture or a Default has occurred and an amount is expressed in a currency other than U.S. dollars, such amount shall be treated as the U.S. Dollar Equivalent determined as of the date such amount is initially determined in
such currency. 
 “U.S. Government Obligations” means direct obligations (or certificates representing an
ownership interest in such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable at the
Company’s option. 
 “Voting Stock” of a Person means all classes of Capital Stock of such Person then
outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 
 “Wholly Owned Subsidiary” means a Restricted Subsidiary all the Capital Stock of which (other than directors’ qualifying shares) is owned directly or indirectly by Holdings or one or
more other Wholly Owned Subsidiaries. 

  
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 SECTION 1.02. Other Definitions. 

 

			
	 Term
	  	 Defined in
Section

		
	“Appendix”	  	2.01
		
	“Affiliate Transaction”	  	4.07(a)
		
	“Asset Sale Offer”	  	4.06(b)
		
	“Asset Sale Offer Amount”	  	4.06(c)(2)
		
	“Asset Sale Offer Period”	  	4.06(c)(2)
		
	“Bankruptcy Law”	  	6.01
		
	“Change of Control Offer”	  	4.08(b)
		
	“covenant defeasance option”	  	8.01(b)
		
	“Coverage Indebtedness”	  	4.03(a)
		
	“Credit Facility Indebtedness”	  	4.03(b)(1)
		
	“Custodian”	  	6.01
		
	“Escrow Funds”	  	3.07(a)
		
	“Escrow Release Conditions”	  	3.07(b)
		
	“Event of Default”	  	6.01
		
	“Guaranteed Obligations”	  	10.01
		
	“Initial Lien”	  	4.09
		
	“legal defeasance option”	  	8.01(b)
		
	“Notice of Default”	  	6.01
		
	“Paying Agent”	  	2.03
		
	“Permitted Indebtedness”	  	4.03(b)
		
	“Purchase Date”	  	4.06(c)(1)
		
	“Registrar”	  	2.03

  
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	“Reversion Date”	  	4.11(b)
		
	“Special Mandatory Redemption”	  	3.07(a)
		
	“Special Mandatory Redemption Date”	  	3.07(c)
		
	“Special Mandatory Redemption Price”	  	3.07(a)
		
	“Successor Holdings”	  	5.01(a)(1)
		
	“Successor Company”	  	5.01(b)(1)
		
	“Suspended Covenants”	  	4.11(a)
		
	“Suspension Date”	  	4.11(a)
		
	“Suspension Period”	  	4.11(b)
		
	“Trigger Date”	  	3.07(a)

 Additional defined terms are as defined in the Appendix. 

SECTION 1.03. Incorporation by Reference of Trust Indenture Act. This Indenture is subject to the mandatory provisions of the TIA
which are incorporated by reference in and made a part of this Indenture. The following TIA terms have the following meanings: 

“Commission” means the SEC; 
 “indenture securities” means the Securities and the Guarantees; 

“indenture security holder” means a Securityholder; 
 “indenture to be qualified” means this Indenture; 
 “indenture
trustee” or “institutional trustee” means the Trustee; and 
 “obligor” on the indenture securities
means the Company each Guarantor and any other obligor on the indenture securities. 
 All other TIA terms used in this
Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule have the meanings assigned to them by such definitions. 
 SECTION 1.04. Rules of Construction. Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it; 

  
 38 

 (2) an accounting term not otherwise defined has the meaning assigned to it
in accordance with GAAP; 
 (3) “or” is not exclusive; 

(4) “including” means including without limitation; 

(5) words in the singular include the plural and words in the plural include the singular; 

(6) unsecured Indebtedness shall not be deemed to be subordinate or junior to secured Indebtedness merely by virtue of its
nature as unsecured Indebtedness; 
 (7) secured Indebtedness shall not be deemed to be subordinate or junior to
any other secured Indebtedness merely because it has a junior priority with respect to the same collateral; 

(8) the principal amount of any noninterest bearing or other discount security at any date shall be the principal amount
thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP; 

(9) the principal amount of any Preferred Stock shall be (A) the maximum liquidation value of such Preferred Stock or
(B) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater; 
 (10) all references to the date the Securities were originally issued shall refer to the date the Issue Date; 
 (11) for the purposes of this Indenture, and the interpretation hereof, for period prior to the Distribution, the Company shall be deemed to be a wholly owned Subsidiary of Holdings and the Company’s
subsidiaries shall be deemed to be wholly owned Subsidiaries of Holdings; and 
 (12) no provision of this
Indenture shall prevent the consummation of the Transactions, nor shall the Transactions executed substantially as described in the Offering Memorandum give rise to any Default or Event of Default under this Indenture or the Securities. 

Article 2 

The Securities 
 SECTION 2.01. Form and Dating. Provisions relating to the Initial Securities and the Exchange Securities are set forth in the Rule 144A/Regulation S/IAI Appendix attached hereto as
Appendix A (the “Appendix”) which is hereby incorporated in, and expressly made part of, this Indenture. The Initial Securities and the Trustee’s 

  
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certificate of authentication shall be substantially in the form of Exhibit A hereto which is hereby incorporated in, and expressly made a part of, this Indenture. The Exchange Securities and the
Trustee’s certificate of authentication shall be substantially in the form of Exhibit B hereto, which is hereby incorporated in and expressly made a part of this Indenture. The Securities may have notations, legends or endorsements required by
law, stock exchange rule, agreements to which the Company is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). Each Security shall be dated the date of its authentication. The
terms of the Securities set forth in the Appendix and the Exhibits are part of the terms of this Indenture. However, to the extent any provision of any Security conflicts with the express provisions of this Indenture, the provisions of this
Indenture shall govern and be controlling. 
 SECTION 2.02. Execution and Authentication. One Officer shall sign
the Securities for the Company by manual or facsimile signature. 
 If an Officer whose signature is on a Security no longer
holds that office at the time the Trustee authenticates the Security, the Security shall be valid nevertheless. 
 A Security
shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Security. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 

On the Issue Date, the Trustee shall authenticate and deliver $500,000,000 of [—]%
Senior Notes Due 2023 and, at any time and from time to time thereafter, the Trustee shall authenticate and deliver Securities for original issue in an aggregate principal amount specified in such order, in each case upon a written order of the
Company signed by an Officer of the Company. Such order shall specify the amount of the Securities to be authenticated and the date on which the original issue of Securities is to be authenticated and, in the case of an issuance of Additional
Securities pursuant to Section 2.13 after the Issue Date, shall certify that such issuance is in compliance with Section 4.03. 
 The Trustee may appoint an authenticating agent reasonably acceptable to the Company to authenticate the Securities. Unless limited by the terms of such appointment, an authenticating agent may
authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent or agent for
service of notices and demands. 
 SECTION 2.03. Registrar and Paying Agent. The Company shall maintain an office
or agency where Securities may be presented for registration of transfer or for exchange (the “Registrar”) and an office or agency where Securities may be presented for payment (the “Paying Agent”). The Registrar
shall keep a register of the Securities and of their transfer and exchange. The Company may have one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional paying agent. 

  
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 The Company shall enter into an appropriate agency agreement with any Registrar, Paying
Agent or co-registrar not a party to this Indenture, which shall incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee of the name and address
of any such agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Company or any Wholly Owned Subsidiary
incorporated or organized within The United States of America may act as Paying Agent, Registrar, co-registrar or transfer agent. 
 The Company initially appoints the Trustee as Registrar and Paying Agent in connection with the Securities. 
 SECTION 2.04. Paying Agent To Hold Money in Trust. Prior to each due date of the principal and interest on any Security, the Company shall deposit with the Paying Agent a sum sufficient to
pay such principal and interest when so becoming due. The Company shall require each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for the benefit of Securityholders or the Trustee all money held
by the Paying Agent for the payment of principal of or interest on the Securities and shall notify the Trustee of any default by the Company in making any such payment. If the Company or a Subsidiary acts as Paying Agent, it shall segregate the
money held by it as Paying Agent and hold it as a separate trust fund. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon complying with this
Section, the Paying Agent shall have no further liability for the money delivered to the Trustee. 
 SECTION 2.05.
Securityholder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders. If the Trustee is not the Registrar, the Company
shall furnish to the Trustee, in writing at least five Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of
the names and addresses of Securityholders. 
 SECTION 2.06. Transfer and Exchange. The Securities shall be issued
in registered form and shall be transferable only upon the surrender of a Security for registration of transfer. When a Security is presented to the Registrar or a co-registrar with a request to register a transfer, the Registrar shall register the
transfer as requested if the requirements of this Indenture and Section 8-401(1) of the Uniform Commercial Code are met. When Securities are presented to the Registrar or a co-registrar with a request to exchange them for an equal principal
amount of Securities of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. 
 SECTION 2.07. Replacement Securities. If a mutilated Security is surrendered to the Registrar or if the Holder of a Security claims that the Security has

  
 41 

 
been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Security if the requirements of Section 8-405 of the Uniform Commercial
Code are met and the Holder satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the Company, such Holder shall furnish an indemnity bond sufficient in the judgment of the Company and the Trustee to protect the
Company, the Trustee, the Paying Agent, the Registrar and any co-registrar from any loss which any of them may suffer if a Security is replaced. The Company and the Trustee may charge the Holder for their expenses in replacing a Security.

 Every replacement Security is an additional Obligation of the Company. 

SECTION 2.08. Outstanding Securities. Securities outstanding at any time are all Securities authenticated by the Trustee
except for those canceled by it, those delivered to it for cancellation and those described in this Section as not outstanding. Subject to Section 11.06, a Security does not cease to be outstanding because the Company or an Affiliate of the
Company holds the Security. 
 If a Security is replaced pursuant to Section 2.07, it ceases to be outstanding unless the
Trustee and the Company receive proof satisfactory to them that the replaced Security is held by a protected purchaser (as defined in Section 8-303 of the Uniform Commercial Code). 

If the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money
sufficient to pay all principal and interest payable on that date with respect to the Securities (or portions thereof) to be redeemed or maturing, as the case may be, then on and after that date such Securities (or portions thereof) cease to be
outstanding and interest on them ceases to accrue. 
 SECTION 2.09. Temporary Securities. Until definitive
Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers
appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Securities and deliver them in exchange for temporary Securities. 

SECTION 2.10. Cancellation. The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar
and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel and destroy (subject to the record retention requirements of the
Exchange Act) all Securities surrendered for registration of transfer, exchange, payment or cancellation and deliver a certificate of such destruction to the Company unless the Company directs the Trustee to deliver canceled Securities to the
Company. The Company may not issue new Securities to replace Securities it has redeemed, paid or delivered to the Trustee for cancellation. 

  
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 SECTION 2.11. Defaulted Interest. If the Company defaults in a payment of
interest on the Securities, the Company shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Company may pay the defaulted interest to the persons who are Securityholders on a
subsequent special record date. The Company shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly mail to each Securityholder a notice that states the special
record date, the payment date and the amount of defaulted interest to be paid. 
 SECTION 2.12. CUSIP Numbers, ISINs,
etc. The Company in issuing the Securities may use “CUSIP” numbers, ISINs and “Common Code” numbers (in each case if then generally in use) and, if so, the Trustee shall use “CUSIP” numbers, ISINs and “Common
Code” numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as
contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall
advise the Trustee in writing of any change in any “CUSIP” numbers, ISINs or “Common Code” numbers applicable to the Securities. 
 SECTION 2.13. Issuance of Additional Securities. After the Issue Date, the Company shall be entitled, subject to its compliance with Section 4.03, to issue Additional Securities under
this Indenture, which Securities shall have identical terms as the Initial Securities issued on the Issue Date, other than with respect to the date of issuance and issue price. All the Securities issued under this Indenture shall be treated as a
single class for all purposes of this Indenture including waivers, amendments, redemptions and offers to purchase, provided, however, that in the event that any Additional Securities are not fungible with the Securities for U.S.
federal income tax purposes, such nonfungible Additional Securities shall be issued with a separate CUSIP or ISIN number so that they are distinguishable from the Securities. 
 With respect to any Additional Securities, the Company shall set forth in a resolution of the Board of Directors and an Officer’s Certificate, a copy of each which shall be delivered to the Trustee,
the following information: 
 (1) the aggregate principal amount of such Additional Securities to be
authenticated and delivered pursuant to this Indenture and the provision of Section 4.03 that the Company is relying on to issue such Additional Securities; 

(2) the issue price, the issue date and the CUSIP number of such Additional Securities; and 

whether such Additional Securities shall be Initial Securities or shall be issued in the form of Exchange Securities as set forth in
Exhibit B. 

  
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 Article 3 
 Redemption 
 SECTION 3.01. Notices to Trustee. If the Company
elects to redeem Securities pursuant to paragraph 5 of the Securities or pursuant to Section 3.07(b), it shall notify the Trustee in writing of the redemption date, the principal amount of Securities to be redeemed and the paragraph of the
Securities or the Section of this Indenture pursuant to which the redemption shall occur. 
 The Company shall give each notice
to the Trustee provided for in this Section at least 60 days before the redemption date unless the Trustee consents to a shorter period. Such notice shall be accompanied by an Officer’s Certificate and an Opinion of Counsel from the
Company to the effect that such redemption shall comply with the conditions herein. 
 SECTION 3.02. Selection of Securities
to Be Redeemed. If fewer than all the Securities are to be redeemed, the Trustee shall select the Securities to be redeemed pro rata to the extent practicable. The Trustee shall make the selection from outstanding Securities
not previously called for redemption. The Trustee may select for redemption portions of the principal of Securities that have denominations larger than $2,000. Securities and portions of them the Trustee selects shall be in principal amounts of
$2,000 or any greater integral multiple of $1,000 thereof. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. The Trustee shall notify the Company promptly of the
Securities or portions of Securities to be redeemed. 
 SECTION 3.03. Notice of Redemption. At least 30 days
but not more than 60 days before a date for redemption of Securities, except in the case of a Special Mandatory Redemption pursuant to Section 3.07 hereof, the Company shall mail a notice of redemption by first-class mail to each Holder of
Securities to be redeemed at such Holder’s registered address, except that redemption notices may be mailed more than 60 days prior to the redemption date if the notice is issued in connection with a defeasance of the Securities or a
satisfaction and discharge of this Indenture. Any inadvertent defect in the notice of redemption, including an inadvertent failure to give notice, to any Holder selected for redemption shall not impair or affect the validity of the redemption of any
other Security redeemed in accordance with provisions of this Indenture. 
 The notice shall identify the Securities to be
redeemed and shall state: 
 (1) the redemption date; 

(2) the redemption price; 
 (3) the name and address of the Paying Agent; 

  
 44 

 (4) that Securities called for redemption must be surrendered to the Paying
Agent to collect the redemption price; 
 (5) if fewer than all the outstanding Securities are to be redeemed,
the identification and principal amounts of the particular Securities to be redeemed; 
 (6) that, unless the
Company defaults in making such redemption payment, interest on Securities (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 

(7) the paragraph of the Securities or Section of this Indenture pursuant to which the Securities called for redemption
are being redeemed; 
 (8) the “CUSIP” number, ISIN or “Common Code” number, if any, printed
on the Securities being redeemed; and 
 (9) that no representation is made as to the correctness or accuracy of
the “CUSIP” number, ISIN, or “Common Code” number, if any, listed in such notice or printed on the Securities. 
 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense. In such event, the Company shall provide the Trustee with the
information required by this Section. 
 SECTION 3.04. Effect of Notice of Redemption. Once notice of redemption
is mailed, Securities called for redemption become due and payable on the redemption date and at the redemption price stated in the notice. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price stated in the
notice, plus accrued interest to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the related interest payment date), and such Securities shall be canceled by the Trustee. Failure
to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 

SECTION 3.05. Deposit of Redemption Price. Prior to the redemption date, the Company shall deposit with the Paying Agent
(or, if the Company or a Subsidiary is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of and accrued interest on all Securities to be redeemed on that date other than Securities or portions of
Securities called for redemption which have been delivered by the Company to the Trustee for cancellation. 
 SECTION 3.06.
Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Company shall execute and the Trustee shall authenticate for the Holder (at the Company’s expense) a new Security equal in principal amount to
the unredeemed portion of the Security surrendered. 
 SECTION 3.07. Special Mandatory Redemption. (a) In the
event that the Separation is not consummated on or prior to March 31, 2014 (the date of such event, the “Trigger Date”), the Company shall redeem all of the outstanding Securities (a

  
 45 

 
“Special Mandatory Redemption”) on the Special Mandatory Redemption Date using the Escrow Funds (as defined in the Escrow Agreement) at a redemption price equal to 100% of the
aggregate principal amount of such Securities, plus accrued and unpaid interest thereon to, but not including, the date of redemption (the “Special Mandatory Redemption Price”). 

(b) The Securities may also be redeemed at the Company’s option, in whole, but not in part, at the Special Mandatory Redemption
Price at any time prior to March 31, 2014, in accordance with the notice provisions set forth in Section 3.03, if the Company determines in its sole discretion that the Escrow Release Conditions (as defined in the Escrow Agreement) cannot
be satisfied by the Trigger Date. 
 (c) Notice of a Special Mandatory Redemption pursuant to Section 3.07(a) shall be
delivered by the Company to each Holder of the Securities no later than the next Business Day following the Trigger Date and the Securities shall be redeemed five (5) Business Days following the date of notice of redemption in accordance with
the Escrow Agreement (the “Special Mandatory Redemption Date”). 
 (d) Notice of a Special Mandatory Redemption
shall state: 
 (1) the Special Mandatory Redemption Date; 

(2) the Special Mandatory Redemption Price; 

(3) that on the Special Mandatory Redemption Date, the Special Mandatory Redemption Price shall become due and payable;
and 
 (4) that the Securities shall cease to bear interest on and after the Special Mandatory Redemption Date.

 (e) The Securities shall, on the Special Mandatory Redemption Date, become due and payable, and shall be paid by the Company,
at the Special Mandatory Redemption Price. The Securities shall cease to bear interest on and after the Special Mandatory Redemption Date. 
 Article 4 
 Covenants 

SECTION 4.01. Payment of Securities. The Company shall promptly pay the principal of and interest on the Securities on the dates
and in the manner provided in the Securities and in this Indenture. Principal and interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds in accordance with this Indenture money sufficient to pay all
principal and interest then due. 

  
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 The Company shall pay interest on overdue principal at the rate specified therefor in the
Securities, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
 SECTION
4.02. SEC Reports. Whether or not Holdings is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, Holdings shall file with the SEC subject to the next sentence and provide the Trustee and Securityholders (or
cause the Trustee to provide the Securityholders) with such annual and other reports as are specified in Sections 13 and 15(d) of the Exchange Act and applicable to a U.S. corporation subject to such Sections, such reports to be so filed and
provided at the times specified for the filings of such reports under such Sections (after giving effect to all applicable extensions and cure periods) and prepared in all material respects in accordance with the rules of regulations applicable to
such reports. 
 If, at any time, Holdings is not subject to the periodic reporting requirements of the Exchange Act for any
reason, Holdings shall nevertheless continue filing the reports specified in the preceding sentence with the SEC within the time periods specified above unless the SEC shall not accept such a filing. Holdings agrees that it shall not take any action
for the purpose of causing the SEC not to accept such filings. If, notwithstanding the foregoing, the SEC shall not accept such filings for any reason, Holdings shall post the reports specified in the preceding sentence on its website within the
time periods that would apply if Holdings were required to file those reports with the SEC. 
 Notwithstanding the foregoing,
Holdings may satisfy such requirements prior to the effectiveness of the Exchange Offer Registration Statement or the Shelf Registration Statement by filing with the SEC the Exchange Offer Registration Statement or Shelf Registration Statement, to
the extent that any such Registration Statement contains substantially the same information as would be required to be filed by Holdings if it were subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, and by
providing the Trustee and Securityholders with such Registration Statement (and any amendments thereto) promptly following the filing thereof. 
 At any time that any of Holdings’ Subsidiaries are Unrestricted Subsidiaries (other than the Unrelated Subsidiaries and Murphy Crude Supply, LLC), then the quarterly and annual financial information
required by the preceding paragraph shall include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and
Results of Operations”, of the financial condition and results of operations of Holdings, the Company and the Restricted Subsidiaries separate from the financial condition and results of operations of such Unrestricted Subsidiaries. 

Prior to the Separation Date, Holdings shall be deemed to be in compliance with such reporting requirements by virtue of the filing of
the Form 10 containing all the information, audit reports and exhibits required for such report. 

  
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 In addition, at any time when Holdings is not subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act, Holdings shall furnish to the Holders of the Securities and to prospective investors, upon the requests of such Holders, any information required to be delivered pursuant to Rule 144A(d)(4) under
the Securities Act so long as the Securities are not freely transferable under the Securities Act. The Company also shall comply with the other provisions of TIA § 314(a). 

SECTION 4.03. Limitation on Indebtedness. (a) Holdings shall not, and shall not permit the Company or any Restricted
Subsidiary to, Incur, directly or indirectly, any Indebtedness; provided, however, that Holdings, the Company and the Restricted Subsidiaries shall be entitled to Incur Indebtedness if, on the date of such Incurrence and after giving
effect thereto on a pro forma basis (including a pro forma application of the net proceeds therefrom), the Consolidated Coverage Ratio exceeds 2.0 to 1.0 (any such Indebtedness Incurred pursuant to this clause (a) being herein
referred to as “Coverage Indebtedness”); provided further, that the amount of Indebtedness that may be Incurred pursuant to the foregoing by Restricted Subsidiaries that are not Guarantors shall not exceed $250,000,000 at any
one time outstanding. 
 (b) Notwithstanding the foregoing paragraph (a), Holdings, the Company and the Restricted
Subsidiaries shall be entitled to Incur any or all of the following Indebtedness (any such Indebtedness Incurred pursuant to this clause (b) being herein referred to as “Permitted Indebtedness”): 

(1) Indebtedness Incurred by Holdings, the Company and any Restricted Subsidiary pursuant to any Credit Facility;
provided, however, that, after giving effect to any such Incurrence, the aggregate principal amount of all Indebtedness Incurred under this clause (1) and then outstanding does not exceed the greater of (i) $1,000,000,000 and
(ii) the sum of $500,000,000 and 25% of Consolidated Net Tangible Assets of Holdings, the Company and the Restricted Subsidiaries determined on the date of such Incurrence (any such Indebtedness Incurred pursuant to this clause (1) being
herein referred to as “Credit Facility Indebtedness”); provided further, that the amount of Indebtedness that may be Incurred pursuant to the foregoing by Restricted Subsidiaries that are not Guarantors shall not exceed
$150,000,000 at any one time outstanding under this clause (1); 
 (2) Indebtedness owed to and held by
Holdings, the Company or a Restricted Subsidiary; provided, however, that (A) any subsequent issuance or transfer of any Capital Stock which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any
subsequent transfer of such Indebtedness (other than to Holdings, the Company or a Restricted Subsidiary) shall be deemed, in each case, to constitute the Incurrence of such Indebtedness by the obligor thereon, (B) if the Company is the obligor
on such Indebtedness, such Indebtedness shall be expressly subordinated to the prior payment in full of all obligations with respect to the Securities and (C) if a Guarantor is the obligor on such Indebtedness, such Indebtedness shall be
expressly subordinated to the prior payment in full of all obligations of such Guarantor with respect to its Guarantee; 

  
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 (3) the Initial Securities and the Exchange Securities (other than any
Additional Securities); 
 (4) Indebtedness outstanding on the Issue Date or under the Spin-Off Documents (other
than Indebtedness described in clause (1), (2) or (3) of this Section 4.03(b)); 
 (5)
Indebtedness of a Restricted Subsidiary Incurred and outstanding on or prior to the date on which such Restricted Subsidiary was acquired by Holdings (other than Indebtedness Incurred in connection with, or to provide all or any portion of the funds
or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Subsidiary became a Subsidiary or was acquired by Holdings); provided, however, that on the date of such acquisition and
after giving pro forma effect thereto, Holdings would have been entitled to Incur at least $1.00 of Coverage Indebtedness pursuant to Section 4.03(a); 

(6) Refinancing Indebtedness in respect of any Coverage Indebtedness or any Permitted Indebtedness Incurred pursuant to
clauses (3), (4) or (5) of this Section 4.03(b) or this clause (6); 
 (7) Hedging Obligations
incurred in the ordinary course of business and not for the purpose of speculation; 
 (8) Obligations in respect
of workers’ compensation claims, public liability insurance, unemployment insurance, property, casualty or liability insurance, self-insurance obligations, bankers’ acceptances, or customs, completion, advance payment, performance, bid,
performance, appeal and surety bonds, completion guarantees and other similar obligations provided by Holdings, the Company or any Restricted Subsidiary in the ordinary course of business, including guarantees or obligations with respect to letters
of credit supporting the foregoing; 
 (9) Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within 10 Business Days of its Incurrence;

 (10) the Guarantee by Holdings, the Company or any Subsidiary Guarantor of Indebtedness of Holdings, the
Company or any Subsidiary Guarantor that was permitted to be Incurred by another provision of this covenant; provided, however, that if the Indebtedness being guaranteed is subordinated to or pari passu with the
Securities, then the Guarantee thereof Incurred pursuant to this clause (10) shall be subordinated or pari passu, as applicable, to the same extent as the Indebtedness being Guaranteed; 

  
 49 

 (11) Purchase Money Indebtedness (i) Incurred to finance the
acquisition, construction, development, design, installation or improvement by Holdings, the Company or a Restricted Subsidiary of assets or (ii) assumed in connection with the acquisition of any fixed or capital assets, and any Refinancing
Indebtedness Incurred to Refinance such Indebtedness, in an aggregate principal amount which, when added together with the amount of Indebtedness Incurred pursuant to this clause (11) and then outstanding, does not exceed the greater of
(A) $75,000,000 and (B) 6.5% of Consolidated Net Tangible Assets of Holdings, the Company and the Restricted Subsidiaries determined as of the date of such Incurrence; 

(12) Indebtedness Incurred by Holdings, the Company or any Restricted Subsidiary in an aggregate principal amount which,
when taken together with all other Indebtedness of Holdings, the Company and the Restricted Subsidiaries outstanding on the date of such Incurrence and incurred pursuant to this clause (12) does not exceed the greater of (A) $50,000,000
and (B) 4% of the Consolidated Net Tangible Assets of Holdings, the Company and the Restricted Subsidiaries determined at the date of such Incurrence; 
 (13) Indebtedness Incurred by Foreign Subsidiaries of Holdings in an aggregate principal amount at any time outstanding pursuant to this clause (13) not to exceed the greater of (A) $75,000,000
and (B) 6.5% of Consolidated Net Tangible Assets of the Foreign Subsidiaries determined as of the date of such Incurrence; 
 (14) Attributable Debt of Holdings, the Company or any Restricted Subsidiary Incurred in connection with any Sale/Leaseback Transaction which, when taken together with all other Attributable Debt of
Holdings, the Company and the Restricted Subsidiaries outstanding on the date of such Incurrence and incurred pursuant to this clause (14), does not exceed the greater of (A) $25,000,000 and (B) 1.5% of Consolidated Net Tangible
Assets of Holdings, the Company and the Restricted Subsidiaries determined at the date of such Incurrence; 

(15) any obligation arising from agreements of Holdings, the Company or any Restricted Subsidiary providing for
indemnification, adjustment of purchase price, earn outs, or similar obligations, in each case, incurred or assumed in connection with the sale, disposition or acquisition of any business, assets, Indebtedness or Capital Stock of Holdings, the
Company or a Restricted Subsidiary in a transaction not prohibited by this Indenture; 
 (16) Indebtedness of
Holdings, the Company or any Restricted Subsidiary consisting of (A) the financing of insurance premiums or (B) take-or-pay obligations contained in ordinary course supply arrangements; 

(17) Indebtedness of Holdings, the Company or any Restricted Subsidiary in respect of any agreement or other arrangement
governing the 

  
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provision of treasury or cash management services, including deposit accounts, overdraft, credit or debit card, funds transfer, automated clearinghouse, zero balance accounts, returned check
concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade finance services and other cash management services; 
 (18) Indebtedness due to any landlord in connection with the financing by such landlord of leasehold improvements; and 

(19) Indebtedness consisting of obligations under deferred compensation arrangements, non-competition agreements or
similar arrangements. 
 (c) Notwithstanding the foregoing, neither Holdings, the Company nor any Subsidiary Guarantor may Incur
any Indebtedness pursuant to Section 4.03(b) if the proceeds thereof are used, directly or indirectly, to Refinance any Subordinated Obligations of Holdings, the Company or any Subsidiary Guarantor unless such Indebtedness shall be subordinated
to the Securities or the applicable Guarantee to at least the same extent as such Subordinated Obligations. 
 (d) For purposes
of determining compliance with this Section 4.03, (1) any Indebtedness outstanding on the Separation Date under the Senior Credit Agreement shall be treated as Incurred on the Issue Date under clause (1) of paragraph (b) above,
(2) in the event that an item of Indebtedness (or any portion thereof) meets the criteria of more than one of the types of Indebtedness described above, Holdings, in its sole discretion, shall classify such item of Indebtedness (or any portion
thereof) at the time of Incurrence and shall only be required to include the amount and type of such Indebtedness in one of the clauses of paragraph (b) above, (3) Holdings shall be entitled to divide and classify an item of Indebtedness
in more than one of the types of Indebtedness described in the clauses of paragraph (b) above and, in that connection, Holdings shall be entitled to treat a portion of such Indebtedness as Coverage Indebtedness and the balance of such
Indebtedness as an item or items of Permitted Indebtedness, (4) any Permitted Indebtedness originally classified as Incurred pursuant to one of the clauses in paragraph (b) above (other than pursuant to clause 1 of paragraph
(b) above) may later be reclassified by Holdings in whole or in part such that it shall be deemed as having been Incurred as Coverage Indebtedness pursuant to paragraph (a) above or as Permitted Indebtedness pursuant to another clause in
paragraph (b) above, as applicable, to the extent that such reclassified Indebtedness could be Incurred pursuant thereto at the time of such reclassification, (5) the accrual of interest or Preferred Stock dividends, the accretion or
amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of Preferred Stock as Indebtedness due to a change in accounting principles, and
the payment of dividends on Preferred Stock or Disqualified Stock in the form of additional shares of the same class of Preferred Stock or Disqualified Stock shall not be deemed to be an Incurrence of Indebtedness or an issuance of Preferred Stock
or Disqualified Stock and (6) the reclassification of any lease or other liability of Holdings, the Company or any of the Restricted Subsidiaries as Indebtedness due to a change in accounting principles after the Issue Date shall not be deemed
to be an Incurrence of Indebtedness. 

  
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 (e) For purposes of determining compliance with any U.S. dollar denominated restriction on
the Incurrence of Indebtedness where the Indebtedness Incurred is denominated in a different currency, the amount of such Indebtedness shall be the U.S. Dollar Equivalent determined on the date of the Incurrence of such Indebtedness;
provided, however, that if any such Indebtedness denominated in a different currency is subject to a Currency Agreement with respect to U.S. dollars covering all principal, premium, if any, and interest payable on such Indebtedness,
the amount of such Indebtedness expressed in U.S. dollars shall be as provided in such Currency Agreement. The principal amount of any Refinancing Indebtedness Incurred in the same currency as the Indebtedness being Refinanced shall be the
U.S. Dollar Equivalent of the Indebtedness Refinanced, except to the extent that (1) such U.S. Dollar Equivalent was determined based on a Currency Agreement, in which case the Refinancing Indebtedness shall be determined in
accordance with the preceding sentence, and (2) the principal amount of the Refinancing Indebtedness exceeds the principal amount of the Indebtedness being Refinanced, in which case the U.S. Dollar Equivalent of such excess shall be
determined on the date such Refinancing Indebtedness is Incurred. Notwithstanding any other provision of this Section 4.03, the maximum amount of Indebtedness that Holdings, the Company or any of the Restricted Subsidiaries may incur pursuant
to this Section 4.03 shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values. 
 SECTION 4.04. Limitation on Restricted Payments. (a) Holdings shall not, and shall not permit the Company or any Restricted Subsidiary, directly or indirectly, to make a Restricted Payment if
at the time such Restricted Payment is made: 
 (1) a Default shall have occurred and be continuing (or would
result therefrom); 
 (2) Holdings is not entitled to Incur an additional $1.00 of Coverage Indebtedness pursuant
to Section 4.03(a); or 
 (3) the aggregate amount of such Restricted Payment and all other Restricted
Payments since the Issue Date would exceed the sum of (without duplication): 
 (A) 50% of the Consolidated Net
Income accrued during the period (treated as one accounting period) from the beginning of the fiscal quarter during which the Issue Date occurs to the end of the most recent fiscal quarter ending prior to the date of such Restricted Payment for
which consolidated financial statements of Holdings are available (or, in case such Consolidated Net Income shall be a deficit, minus 100% of such deficit); plus 

  
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 (B) 100% of the aggregate Net Cash Proceeds or Fair Market Value of any
asset (other than cash) received by Holdings either (x) from the issuance or sale of its Qualified Capital Stock subsequent to the Issue Date or (y) as a contribution in respect of its Qualified Capital Stock from its shareholders
subsequent to the Issue Date, but excluding in each case any Net Cash Proceeds that are used to redeem Securities in accordance with the third paragraph under Section 5 of the Securities; plus 

(C) the amount by which the principal amount of consolidated Indebtedness of Holdings (other than Indebtedness owing to a
Subsidiary) is reduced upon the conversion or exchange subsequent to the Issue Date of any consolidated Indebtedness of Holdings convertible or exchangeable for Qualified Capital Stock of Holdings (less the amount of any cash, or the fair value of
any other property, distributed by Holdings upon such conversion or exchange); provided, however, that the foregoing amount shall not exceed the Net Cash Proceeds received by Holdings, the Company or any Restricted Subsidiary from the
sale of such Indebtedness (excluding Net Cash Proceeds from sales to a Subsidiary of Holdings or to an employee stock ownership plan or a trust established by Holdings or any of its Subsidiaries for the benefit of their employees); plus

 (D) except as included in clause (E) below, an amount equal to the sum of (x) the aggregate amount
of cash and the Fair Market Value of any asset other than cash received by Holdings, the Company or any Restricted Subsidiary subsequent to the Issue Date with respect to Investments (other than Permitted Investments) made by Holdings, the Company
or any Restricted Subsidiary in any Person (other than Holdings, the Company or any Restricted Subsidiary) and resulting from repurchases, repayments or redemptions of such Investments by such Person, and any proceeds realized on the sale of any
such Investment, and (y) in the event that Holdings redesignates an Unrestricted Subsidiary to be a Restricted Subsidiary, the portion (proportionate to Holdings’ equity interest in such Subsidiary) of the Fair Market Value of the net
assets of such Unrestricted Subsidiary at the time such Unrestricted Subsidiary is designated a Restricted Subsidiary (other than to the extent Holdings’ Investment in such Unrestricted Subsidiary constituted a Permitted Investment);
provided, however, that the foregoing sum shall not exceed, in the case of any such Person or Unrestricted Subsidiary, the amount of Investments (excluding Permitted Investments) previously made (and treated as a Restricted Payment) by
Holdings, the Company or any Restricted Subsidiary in such Person or Unrestricted Subsidiary; plus 
 (E)
50% of (x) any dividends received in cash by Holdings, the Company or a Restricted Subsidiary after the Separation Date from an Unrestricted Subsidiary or (y) the net proceeds from the sale or other disposition of the Capital Stock of an
Unrestricted Subsidiary received in cash by Holdings, the Company or a Restricted Subsidiary after the 

  
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Separation Date, in each case, to the extent that such dividends or proceeds were not otherwise included in Consolidated Net Income for such period. 

For the avoidance of doubt, the Transactions shall be excluded from the calculation of the amount of Restricted Payments under
Section 4.04(a)(3). 
 (b) The provisions of Section 4.04(a) shall not prohibit: 

(1) any Restricted Payment made out of the Net Cash Proceeds of the substantially concurrent sale of, or made by exchange
for, Qualified Capital Stock of Holdings or a substantially concurrent cash capital contribution received by Holdings from its shareholders with respect to its Qualified Capital Stock, with a sale, exchange or contribution being deemed substantially
concurrent if such Restricted Payment occurs not more than 120 days after such sale, exchange or contribution; provided, however, that (A) such Restricted Payment shall be excluded in the calculation of the amount of
Restricted Payments and (B) the Net Cash Proceeds from such sale or such cash capital contribution (to the extent so used for such Restricted Payment) shall be excluded from the calculation of amounts under Section 4.04(a)(3)(B);

 (2) any purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of
Subordinated Obligations of Holdings, the Company or any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent Incurrence of, Indebtedness of such Person which is permitted to be Incurred pursuant to
Section 4.03, with an Incurrence being deemed substantially concurrent if such purchase, repurchase, redemption, defeasance or other acquisition or retirement for value occurs not more than 120 days after such Incurrence; provided,
however, that such purchase, repurchase, redemption, defeasance or other acquisition or retirement for value shall be excluded in the calculation of the amount of Restricted Payments; 

(3) the payment of any dividend, distribution or redemption of any Capital Stock or Subordinated Indebtedness within sixty
(60) days after the date of declaration thereof or call for redemption if, at such date of declaration or call for redemption, such payment or redemption was permitted by the provisions of Section 4.04(a) (the declaration of such payment
shall be deemed a Restricted Payment under Section 4.04(a) as of the date of declaration and the payment itself shall be deemed to have been paid on such date of declaration and shall not also be deemed a Restricted Payment under
Section 4.04(a)); provided, however, that any Restricted Payment made in reliance on this clause (3) shall reduce the amount available for Restricted Payments pursuant to Section 4.04(a)(3) only once; 

(4) the purchase, redemption or other acquisition or retirement for value of shares of Capital Stock of Holdings or any of
its Subsidiaries from officers, former officers, employees, former employees, directors or former 

  
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directors of Holdings or any of its Subsidiaries (or permitted transferees of such officers, former officers, employees, former employees, directors or former directors), pursuant to the terms of
the agreements (including employment agreements) or plans (or amendments thereto) under which such individuals purchase or sell or are granted the option to purchase or sell, shares of such Capital Stock; provided, however, that the
aggregate amount of such Restricted Payments (excluding amounts representing cancelation of Indebtedness) shall not exceed $10,000,000 in any calendar year, with any portion of such $10,000,000 amount that is unused in any calendar year to be
carried forward to the next successive calendar year and added to such amount for that successive year, plus, to the extent not previously applied or included, the Net Cash Proceeds received by Holdings from sales of Qualified Capital Stock
of Holdings to employees or directors of Holdings or any of its Subsidiaries that occur after the Separation Date (to the extent such Net Cash Proceeds have not otherwise been applied to the payment of Restricted Payments by virtue of
Section 4.04(a)(3)); provided further, however, that such Restricted Payments shall be excluded in the calculation of the amount of Restricted Payments; 

(5) the declaration and payments of dividends on Disqualified Stock or any Preferred Stock of any Restricted Subsidiary
issued pursuant to Section 4.03; provided, however, that, at the time of payment of such dividend, no Default shall have occurred and be continuing (or result therefrom); provided further, however, that such
dividends shall be excluded in the calculation of the amount of Restricted Payments; 
 (6) repurchases,
redemptions or other acquisitions or retirement for value of Capital Stock (a) deemed to occur upon exercise, conversion or exchange of stock options, warrants or other rights to acquire Capital Stock, if such Capital Stock represents a portion
of the exercise price of such options, warrants or other rights or (b) made in lieu of withholding taxes in connection with any such exercise, conversion or exchange; provided, however, that such Restricted Payments shall be
excluded in the calculation of the amount of Restricted Payments; 
 (7) cash payments in lieu of the issuance of
fractional shares in connection with the exercise, conversion or exchange of warrants, options or other securities convertible into or exchangeable for Capital Stock of Holdings or in connection with the Transactions; provided,
however, that such payments shall be excluded in the calculation of the amount of Restricted Payments; 

(8) if no Default shall have occurred and be continuing, the payment, purchase, redemption, defeasance or other
acquisition or retirement of Subordinated Obligations of Holdings, the Company or any Subsidiary Guarantor, in each case, (a) in the event of a Change of Control, at a purchase price not greater than 101% of the principal amount of such
Subordinated Obligations or (b) in the event of an Asset Sale, at a purchase price not greater than 100% of the principal amount of such Subordinated Obligations, plus, in either case, any

  
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accrued and unpaid interest thereon; provided, however, that prior to such payment, purchase, redemption, defeasance or other acquisition or retirement, the Company (or a third
party to the extent permitted by this Indenture) has made a Change of Control Offer or an Asset Sale Offer, as applicable, with respect to the Securities as a result of such Change of Control or Asset Sale, and has repurchased all Securities validly
tendered and not withdrawn in connection with such Change of Control Offer or Asset Sale Offer; provided further, however, that such payments, purchases, redemptions, defeasances or other acquisitions or retirements shall be included
in the calculation of the amount of Restricted Payments; 
 (9) payments of intercompany subordinated Permitted
Indebtedness the Incurrence of which was permitted under Section 4.03(b)(2); provided, however, that no Event of Default has occurred and is continuing or would otherwise result therefrom; provided further, however,
that such payments shall be excluded in the calculation of the amount of Restricted Payments; 
 (10) so long as
no Default or Event of Default has occurred and is continuing or shall result therefrom, other Restricted Payments in an aggregate amount not to exceed the greater of (i) $50,000,000 and (ii) 4% of Consolidated Net Tangible Assets of
Holdings, the Company and the Restricted Subsidiaries determined as of the date of such Restricted Payment, provided, however, that such payments shall be included in the calculation of the amount of Restricted Payments; 

(11) the Transactions substantially on the terms described in the Offering Memorandum, provided, however,
that such payments shall be excluded in the calculation of the amount of Restricted Payments; 
 (12) dividends
or distributions in an aggregate amount per annum not to exceed 6% of the net cash proceeds received by or contributed to the capital of Holdings in connection with any Qualified Equity Offering following the Issue Date, provided,
however, that such payments shall be included in the calculation of the amount of Restricted Payments; 

(13) so long as no Default or Event of Default has occurred and is continuing or shall result therefrom, other Restricted
Payments if, immediately after giving effect to such Restricted Payment (including the Incurrence of any Indebtedness to finance such payment) as if it had occurred at the beginning of the most recently ended four (4) full consecutive fiscal
quarters for which internal consolidated financial statements of Holdings are available, the Consolidated Leverage Ratio would not be greater than 2.5 to 1.0, provided, however, that such payments shall be included in the calculation
of the amount of Restricted Payments; and 
 (14) transactions pursuant to other agreements or arrangements in
effect on the Separation Date substantially on the terms described in the Offering 

  
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Memorandum or any amendment, modification or supplement thereto or replacement thereof, as long as the terms of such agreement or arrangement, as so amended, modified, supplemented or replaced is
not materially more disadvantageous to Holdings, the Company and the Restricted Subsidiaries, taken as a whole, than the terms of such agreement or arrangement described in the Offering Memorandum, provided, however, that such payments
shall be excluded in the calculation of the amount of Restricted Payments. 
 For purposes of determining compliance with this
Section 4.04, if a Restricted Payment meets the criteria of more than one of the categories of Restricted Payments described in the clauses (1) through (10) and (14) of Section 4.04(b), the Company shall be permitted to
divided or classify (or later divide, classify or reclassify in whole or in part in its sole discretion) such Restricted Payment in any manner that complies with this Section 4.04. 

Notwithstanding the foregoing, Holdings and the Company shall not make any Restricted Payment prior to the consummation of the
Transactions (other than any Restricted Payments made as a part of the Transactions substantially on the terms described in the Offering Memorandum). 
 SECTION 4.05. Limitation on Restrictions on Distributions from Restricted Subsidiaries. The Company shall not, and Holdings shall not permit any Restricted Subsidiary to, create or otherwise cause
or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to (a) pay dividends or make any other distributions on its Capital Stock to the Company or a Restricted Subsidiary or
pay any Indebtedness owed to the Company or any Restricted Subsidiary, (b) make any loans or advances to the Company or any Restricted Subsidiary or (c) transfer any of its property or assets to the Company or any Restricted Subsidiary,
except: 
 (1) with respect to clauses (a), (b) and (c), 

(A) any encumbrance or restriction pursuant to an agreement in effect at or entered into on or prior to the Separation
Date substantially on the terms and to the extent described in the Offering Memorandum, including the Senior Credit Agreement and the Spin-Off Documents; 
 (B) any encumbrance or restriction with respect to a Restricted Subsidiary pursuant to an agreement relating to any Indebtedness Incurred by such Restricted Subsidiary on or prior to the date on which
such Restricted Subsidiary was acquired by Holdings (other than Indebtedness Incurred as consideration in, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions
pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was acquired by Holdings) and outstanding on such date; 

  
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 (C) any encumbrance or restriction pursuant to an agreement effecting a
Refinancing of Indebtedness Incurred pursuant to an agreement referred to in Section 4.05(1)(A) or (B) or this clause (C) or contained in any amendment to an agreement referred to in Section 4.05(1)(A) or (B) or this
clause (C); provided, however, that the encumbrances and restrictions with respect to such Restricted Subsidiary contained in any such refinancing agreement or amendment are not materially less favorable, taken as a whole, to the
Company (as determined by the Board of Directors in its reasonable and good faith judgment) than encumbrances and restrictions with respect to such Restricted Subsidiary contained in such predecessor agreements; 

(D) any encumbrance or restriction with respect to a Restricted Subsidiary imposed pursuant to an agreement entered into
for the sale or disposition of all or substantially all the Capital Stock or assets of such Restricted Subsidiary pending the closing of such sale or disposition; 

(E) any encumbrance or restriction pursuant to an agreement or instrument relating to any property or assets acquired
after the Issue Date, so long as such encumbrance or restriction relates only to the property or assets so acquired and is not created in anticipation of such acquisition; 

(F) any encumbrance or restriction pursuant to applicable law, rule, regulation or order; 

(G) restrictions on cash, cash equivalents, Temporary Cash Investments or other deposits or net worth imposed under
contracts entered into the ordinary course of business, including such restrictions imposed by customers, suppliers, landlords or insurance, surety or bonding companies; 

(H) any encumbrance or restriction with respect to a Foreign Subsidiary entered into in the ordinary course of business or
pursuant to the terms of Indebtedness that was Incurred by such Foreign Subsidiary in compliance with the terms of this Indenture; 
 (I) provisions contained in any license, permit or other accreditation with a regulatory authority entered into the ordinary course of business; 

(J) provisions in agreements or instruments which prohibits the payment or making of dividends or other distributions
other than on a pro rata basis; 
 (K) customary provisions in organizational documents, joint
venture agreements and other similar agreements (in each case relating solely to the respective joint venture or similar entity or the equity interests therein) entered into (i) in the ordinary course of business or (ii) with the approval
of the Board of Directors; and 

  
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 (L) any encumbrance or restrictions existing under or by reason of any
agreements governing other Indebtedness permitted to be incurred under Section 4.03 and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the
restrictions therein are not materially more restrictive, taken as a whole, than those permitted in (y) this Indenture, the Securities and the Guarantees or (z) agreements governing Indebtedness outstanding on the Issue Date, in each case
as determined by the Company in its reasonable and good faith judgment. 
 (2) with respect to clause (c)
only, 
 (A) any encumbrance or restriction consisting of customary nonassignment provisions in leases governing
leasehold interests to the extent such provisions restrict the transfer of the lease or the property leased thereunder; and 
 (B) any encumbrance or restriction contained in security agreements or mortgages securing Indebtedness of a Restricted Subsidiary to the extent such encumbrance or restriction restricts the transfer of
the property subject to such security agreements or mortgages. 
 SECTION 4.06. Limitation on Sales of Assets and Subsidiary
Stock. (a) Holdings shall not, and shall not permit the Company or any Restricted Subsidiary to, directly or indirectly, consummate any Asset Disposition unless (1) Holdings, the Company or such Restricted Subsidiary receives
consideration at the time of such Asset Disposition at least equal to the Fair Market Value (including as to the value of all non-cash consideration) of the shares and assets subject to such Asset Disposition; (2) at least 75% of the
consideration thereof received by Holdings, the Company or such Restricted Subsidiary is in the form of cash or Temporary Cash Investments; and (3) an amount equal to 100% of the Net Available Cash from such Asset Disposition is applied by
Holdings (or the Company or such Restricted Subsidiary, as the case may be) (A) first, to the extent Holdings elects, within 365 days of the receipt of such Net Available Cash, (i) to reduce the outstanding principal amount of
Permitted Indebtedness Incurred pursuant to Section 4.03(b)(1); (ii) to reduce the outstanding principal amount of any other Senior Indebtedness of Holdings, the Company or any Subsidiary Guarantor; provided, however, that
the Company shall equally and ratably reduce the principal amount of Securities outstanding, through open-market purchases (to the extent such purchases are at or above 100% of the principal amount thereof) or through redemption, or shall offer (in
accordance with the procedures set forth below in Section 4.06(b)) to all Holders to purchase their Securities at 100% of the principal amount thereof, plus accrued but unpaid interest, if any, in an aggregate principal amount which, if the
offer were accepted, would result in such reduction; or (iii) to reduce Indebtedness of a Restricted Subsidiary that is not a Guarantor; in each case other than Indebtedness owed to Holdings

  
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or an Affiliate of Holdings; (B) second, to the extent of the balance of such Net Available Cash after application in accordance with clause (A), to the extent Holdings elects,
to acquire Additional Assets or make any other capital expenditures in respect of a Related Business within 365 days of the receipt of such Net Available Cash; and (C) third, to the extent of the balance of such Net Available Cash
after application in accordance with clauses (A) and (B), to make an offer to the Holders of the Securities (and to holders of other Senior Indebtedness of the Company designated by the Company) to purchase Securities (and such other Senior
Indebtedness of the Company) pursuant to and subject to the conditions contained in this Indenture; provided, however, that in connection with any prepayment, repayment or purchase of Indebtedness pursuant to clause (A) or
(C) above, Holdings, the Company or such Restricted Subsidiary shall cause the related loan commitment (if any) to be reduced in an amount equal to the principal amount so prepaid, repaid or purchased. 

The requirement of Section 4.06(a)(3)(B) shall be deemed to be satisfied if a bona fide binding contract committing to make the
investment, acquisition or expenditure referred to therein is entered into by Holdings, the Company or any of its Restricted Subsidiaries within the time period specified in Section 4.06(a)(3)(A) and such Net Available Cash is subsequently
applied in accordance with such contract within 180 days following the date such agreement is entered into. 

Notwithstanding the foregoing provisions of this Section 4.06, Holdings, the Company and the Restricted Subsidiaries shall not be
required to apply any Net Available Cash in accordance with this Section 4.06 except to the extent that the aggregate Net Available Cash from all Asset Dispositions which is not applied in accordance with this Section 4.06 exceeds
$20,000,000. Pending application of Net Available Cash pursuant to this Section 4.06, such Net Available Cash shall be invested in Temporary Cash Investments or applied to temporarily reduce revolving credit Indebtedness. 

For the purposes of Section 4.06(a)(2), the following are deemed to be cash or Temporary Cash Investments: (i) the assumption
or discharge of Indebtedness of Holdings (other than obligations in respect of Disqualified Stock of Holdings), the Company or any Restricted Subsidiary (other than obligations in respect of Disqualified Stock or Preferred Stock of the Company or a
Restricted Subsidiary that is a Subsidiary Guarantor) and the release of Holdings, the Company or such Restricted Subsidiary from all liability on such Indebtedness in connection with such Asset Disposition; (ii) any securities received by
Holdings, the Company or any Restricted Subsidiary from the transferee that are converted by Holdings, the Company or such Restricted Subsidiary into cash within ninety (90) days after such Asset Disposition, to the extent of the cash received
in that conversion; and (iii) any Designated Non-cash Consideration received by Holdings, the Company or any Restricted Subsidiary in such Asset Disposition having an aggregate Fair Market Value, taken together with all other Designated
Non-cash Consideration received pursuant to this clause (3) that is at that time outstanding, not to exceed the greater of (1) $50,000,000 and (2) 4% of Consolidated Net Tangible Assets of Holdings, the Company and the Restricted
Subsidiaries at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in
value). 

  
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 (b) In the event of an Asset Disposition that requires the purchase of Securities (and other
Senior Indebtedness) pursuant to Section 4.06(a)(3)(C) (or following which, the Company elects to purchase the Securities pursuant Section 4.06(a)(3)(A)(ii) above), the Company shall purchase Securities tendered pursuant to an offer (an
“Asset Sale Offer”) by the Company for the Securities (and such other Senior Indebtedness) at a purchase price of 100% of their principal amount without premium, plus accrued but unpaid interest in accordance with the procedures
(including prorating in the event of oversubscription) set forth in this Indenture. If the aggregate purchase price of the securities tendered exceeds the Net Available Cash allotted to their purchase, the Company shall select the securities to be
purchased on a pro rata basis but in round denominations, which in the case of the Securities shall be minimum denominations of $2,000 principal amount or any greater integral multiple of $1,000 thereof. The Company shall not be
required to make such an Asset Sale Offer pursuant to this Section 4.06 if the Net Available Cash available therefor is less than $50,000,000 (which lesser amount shall be carried forward for purposes of determining whether such an Asset Sale
Offer is required with respect to the Net Available Cash from any subsequent Asset Disposition). Upon completion of such an Asset Sale Offer, Net Available Cash shall be reset at zero. 

(c) (1) Promptly, and in any event within 10 days after the Company becomes obligated to make an Asset Sale Offer, the Company
shall deliver to the Trustee and send, by first-class mail to each Holder, a written notice stating that the Holder may elect to have his Securities purchased by the Company either in whole or in part (subject to prorating as described in
Section 4.06(b) in the event the Asset Sale Offer is oversubscribed) in denominations of $2,000 of principal amount or any greater integral multiple of $1,000 thereof, at the applicable purchase price. The notice shall specify a purchase date
not less than 30 days nor more than 60 days after the date of such notice (the “Purchase Date”) and shall contain such information concerning the business of the Company which the Company in good faith believes shall enable such
Holders to make an informed decision. 
 (2) Not later than the date upon which written notice of an Asset Sale
Offer is delivered to the Trustee as provided below, the Company shall deliver to the Trustee an Officer’s Certificate as to (A) the amount of the Asset Sale Offer (the “Asset Sale Offer Amount”), including information as
to any other Senior Indebtedness included in the Asset Sale Offer, (B) the allocation of the Net Available Cash from the Asset Dispositions pursuant to which such Asset Sale Offer is being made and (C) the compliance of such allocation
with the provisions of Section 4.06(a) and (b). On such date, the Company shall also irrevocably deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust) in Temporary
Cash Investments, maturing on the last day prior to the Purchase Date or on the Purchase Date if funds are immediately available by open of business, an amount equal to the Asset Sale Offer Amount to be held for payment in accordance with

  
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the provisions of this Section. If the Asset Sale Offer includes other Senior Indebtedness, the deposit described in the preceding sentence may be made with any other paying agent pursuant to
arrangements satisfactory to the Trustee. Upon the expiration of the period for which the Asset Sale Offer remains open (the “Asset Sale Offer Period”), the Company shall deliver to the Trustee for cancellation the Securities or
portions thereof which have been properly tendered to and are to be accepted by the Company. The Trustee shall, on the Purchase Date, mail or deliver payment (or cause the delivery of payment) to each tendering Holder in the amount of the purchase
price. In the event that the aggregate purchase price of the Securities delivered by the Company to the Trustee is less than the Asset Sale Offer Amount applicable to the Securities, the Trustee shall deliver the excess to the Company immediately
after the expiration of the Asset Sale Offer Period for application in accordance with this Section 4.06. 

(3) Holders electing to have a Security purchased shall be required to surrender the Security, with an appropriate form
duly completed, to the Company at the address specified in the notice at least three Business Days prior to the Purchase Date. Holders shall be entitled to withdraw their election if the Trustee or the Company receives not later than one Business
Day prior to the Purchase Date, a telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Security which was delivered for purchase by the Holder and a statement that such Holder is withdrawing his
election to have such Security purchased. Holders whose Securities are purchased only in part shall be issued new Securities equal in principal amount to the unpurchased portion of the Securities surrendered. 

(4) At the time the Company delivers Securities to the Trustee which are to be accepted for purchase, the Company shall
also deliver an Officer’s Certificate stating that such Securities are to be accepted by the Company pursuant to and in accordance with the terms of this Section. A Security shall be deemed to have been accepted for purchase at the time the
Trustee, directly or through an agent, mails or delivers payment therefor to the surrendering Holder. 
 (d) The Company shall
comply, to the extent applicable, with the requirements of Rule 14e-1 of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Securities pursuant to this Section 4.06. To the extent that the
provisions of any securities laws or regulations conflict with provisions of this Section 4.06, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this
Section 4.06 by virtue of its compliance with such securities laws or regulations. 
 SECTION 4.07. Limitation on
Affiliate Transactions. (a) Holdings shall not, and shall not permit the Company or any Restricted Subsidiary to, enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property, employee
compensation arrangements or the rendering of any service) with, or for the benefit of, any Affiliate of Holdings, the Company or any Restricted Subsidiary 

  
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(an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $7,500,000, unless (1) the terms of the Affiliate Transaction, taken as a whole, are
no less favorable to Holdings, the Company or such Restricted Subsidiary than those that could reasonably be expected to have been obtained at the time of the Affiliate Transaction in comparable arm’s-length dealings with a Person who is not an
Affiliate; and (2) Holdings delivers to the Trustee (A) if such Affiliate Transaction involves an amount in excess of $25,000,000 but not greater than $50,000,000, an Officer’s Certificate certifying that such Affiliate Transaction or
series of Affiliate Transactions complies with this Section 4.07 and (B) if such Affiliate Transaction involves an amount in excess of $50,000,000, a resolution of the Board of Directors of Holdings set forth in an Officer’s
Certificate certifying that such Affiliate Transaction or series of related Affiliate Transactions complies with this Section 4.07 and that such Affiliate Transaction or series of related Affiliate Transactions has been approved by a majority
of the disinterested members of the Board of Directors, if any. For purposes of Section 4.07(a)(2)(B), any Affiliate Transaction shall be deemed to have satisfied the requirements thereof if (x) such Affiliate Transaction is approved by a
majority of the disinterested members of the Board of Directors or (y) in the event there are no disinterested members, a letter from an accounting, appraisal or investment banking firm of national standing is provided stating that such
transaction is fair to Holdings, the Company or such Restricted Subsidiary from a financial point of view or that such Affiliate Transaction meets the requirements of Section 4.07(a)(1). 

(b) The provisions of Section 4.07(a) shall not prohibit (1) (A) any Permitted Investment or (B) any Investment
(other than a Permitted Investment) or other Restricted Payment, in each case permitted to be made pursuant to Section 4.04; (2) any employment agreement, employee benefit plan, officer or director indemnification agreement or any similar
arrangement entered into by Holdings, the Company or any Restricted Subsidiary in the ordinary course of business, and any issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of,
any such agreement, plan or arrangement; (3) loans or advances to employees in the ordinary course of business in accordance with the past practices of Holdings, the Company or any Restricted Subsidiary, but in any event not to exceed
$2,500,000 in the aggregate outstanding at any one time; (4) the payment of reasonable fees, compensation and payments in respect of indemnities to directors, officers, employees or consultants of Holdings, the Company and the Restricted
Subsidiaries; (5) any transaction with Holdings, the Company, a Restricted Subsidiary or joint venture or similar entity which would constitute an Affiliate Transaction solely because Holdings, the Company or a Restricted Subsidiary owns an
equity interest in or otherwise controls the Company, such Restricted Subsidiary, joint venture or similar entity; (6) the issuance or sale of any Capital Stock (other than Disqualified Stock) of Holdings or the issuance or sale of any Capital
Stock of the Company or any Restricted Subsidiary (or any Person that thereby becomes a Restricted Subsidiary) to Holdings, the Company or any Restricted Subsidiary; (7) transactions with customers, clients, vendors, suppliers or other
purchasers or sellers of goods or services, in each case in the ordinary course of business (including pursuant to joint venture agreements); (8) any transaction on arm’s-length terms with any non-Affiliate that becomes an Affiliate as a
result of such transactions; (9) transactions pursuant to agreements or arrangements in effect on the Separation Date 

  
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substantially on the terms described in the Offering Memorandum, including the Transactions; (10) any transactions between Holdings, the Company or any Restricted Subsidiary, on one hand,
and any Person, on the other hand, a director of which is also a director of Holdings, the Company or a Restricted Subsidiary, and such director is the sole cause for such Person to be deemed an Affiliate of Holdings, the Company and/or a Restricted
Subsidiary; provided that such director abstains from voting as a director of Holdings, the Company or the Restricted Subsidiary, as applicable, in connection with the approval of the transaction; and (11) other agreements or
arrangements in effect on the Issue Date or pursuant to the Spin-Off Documents or any amendment, modification or supplement thereto or replacement thereof, as long as such agreement or arrangement, as so amended, modified, supplemented or replaced
is not materially more disadvantageous to Holdings, the Company and the Restricted Subsidiaries, taken as a whole, than the agreement or arrangement in existence on the Issue Date or pursuant to the Spin-Off Documents. 

SECTION 4.08. Change of Control. (a) Upon the occurrence of a Change of Control, each Holder shall have the right to require
that the Company repurchase such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase plus accrued and unpaid interest, if any, to the date of purchase (subject to the
right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date): 
 (b)
Within thirty (30) days following any Change of Control unless the Company has previously or concurrently mailed a redemption notice with respect to all outstanding Securities as described under Section 5 of the Securities, the Company
shall mail a notice by first-class mail to each Holder with a copy to the Trustee (the “Change of Control Offer”) stating: 
 (1) that a Change of Control has occurred and that such Holder has the right to require the Company to purchase such Holder’s Securities at a purchase price in cash equal to 101% of the principal
thereof on the date of purchase, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest on the relevant interest payment date); 

(2) the circumstances and relevant facts regarding such Change of Control; 

(3) the purchase date (which shall be no earlier than thirty (30) days nor later than sixty (60) days from the
date such notice is mailed); and 
 (4) the instructions, as determined by the Company, consistent with this
Section 4.08, that a Holder must follow in order to have its Securities purchased. 
 (c) The Company shall not be required
to make a Change of Control Offer following a Change of Control if a third party makes the Change of Control Offer 

  
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in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and purchases all Securities
validly tendered and not withdrawn under such Change of Control Offer. 
 (d) Holders electing to have a Security purchased
shall be required to surrender the Security, with an appropriate form duly completed, to the Company at the address specified in the notice at least three Business Days prior to the purchase date. Holders shall be entitled to withdraw their election
if the Trustee or the Company receives not later than one Business Day prior to the purchase date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Security which was delivered for
purchase by the Holder and a statement that such Holder is withdrawing his election to have such Security purchased. 
 (e) On
the purchase date, all Securities purchased by the Company under this Section shall be delivered by the Company to the Trustee for cancellation, and the Company shall pay the purchase price plus accrued and unpaid interest, if any, to the
Holders entitled thereto. 
 (f) If the terms of the Senior Credit Agreement prohibit the Company from making a Change of
Control Offer or from purchasing the Securities pursuant thereto, prior to the mailing of the notice to Securityholders described in the preceding paragraph, but in any event within thirty (30) days following any Change of Control, the Company
covenants to: 
 (1) repay in full all Indebtedness outstanding under the Senior Credit Agreement or offer to repay in full all
such Indebtedness and repay the Indebtedness of each lender who has accepted such offer; or 
 (2) obtain the requisite consent
under the Senior Credit Agreement to permit the purchase of the Securities as described above. 
 The Company must first comply
with this Section 4.08(f) before it shall be required to purchase Securities in the event of a Change of Control, provided, however, that the Company’s failure to comply with this Section 4.08(f) or to make a Change of
Control Offer because of any such failure shall constitute a default described in Section 6.01(5) (and not under Section 6.01(2)). 
 (g) A Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making
of the Change of Control Offer. 
 (h) The Company shall comply, to the extent applicable, with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws or regulations in connection with the repurchase of Securities as a result of a Change of Control. To the extent that the provisions of any securities laws or regulations conflict
with the provisions of this Section, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached the Company’s obligations under this Section by virtue of the Company’s compliance
with such securities laws or regulations. 

  
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 SECTION 4.09. Limitation on Liens. Holdings shall not, and shall not permit the
Company or any Restricted Subsidiary to, directly or indirectly, Incur or permit to exist any Lien (the “Initial Lien”) of any nature whatsoever on any of its properties (including Capital Stock of the Company or a Restricted
Subsidiary), whether owned at the Issue Date or thereafter acquired, securing any Indebtedness, other than Permitted Liens, without effectively providing that the Securities and the Guarantees shall be secured equally and ratably with (or prior to)
the obligations so secured for so long as such obligations are so secured. 
 Any such Lien thereby created in favor of the
Securities or any Guarantee shall be automatically and unconditionally released and discharged upon (i) the release and discharge of each Initial Lien to which it relates, (ii) in the case of such Lien in favor of any Subsidiary Guarantor,
upon the termination and discharge of such Subsidiary Guarantee in accordance with the terms of this Indenture or (iii) any sale, exchange or transfer to any Person not an Affiliate of Holdings of the property or assets secured by such Initial
Lien. 
 With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the
Incurrence of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection
with any accrual of interest or fees, any accretion of accreted value, any amortization of original issue discount, any payment of interest in the form of additional Indebtedness containing the same terms or in the form of Qualified Capital Stock of
Holdings, any payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class or any accretion of original issue discount or liquidation preference and any increase in the amount of Indebtedness
outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness. 
 SECTION 4.10. Future Subsidiary Guarantors. Holdings shall cause each domestic Wholly Owned Subsidiary that Guarantees Indebtedness under the Senior Credit Agreement to execute and deliver to the
Trustee a supplemental indenture pursuant to which such Subsidiary shall Guarantee payment of the Securities on the same terms and conditions as those set forth in Article 10 of this Indenture and applicable to the other Subsidiary Guarantors.

 SECTION 4.11. Suspension of Covenants. (a) Following the first day (the “Suspension Date”) that:
(a) the Securities have an Investment Grade Rating from both Ratings Agencies, and (b) no Default has occurred and is continuing under this Indenture, Holdings, the Company and the Restricted Subsidiaries shall not be subject to Sections
4.03, 4.04, 4.05, 4.06, 4.07, 4.10, 5.01(a)(3) and 5.01(b)(3) (collectively, the “Suspended Covenants”) and the then-existing Subsidiary Guarantees will be suspended as of the Suspension Date. 

  
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 (b) In the event that Holdings, the Company and the Restricted Subsidiaries are not subject
to the Suspended Covenants for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraws its Investment Grade Rating or downgrades the rating
assigned to the Securities below an Investment Grade Rating, then Holdings, the Company and the Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants with respect to future events and the Subsidiary Guarantees will be
reinstated. The period of time between the Suspension Date and the Reversion Date is referred to in this description as the “Suspension Period”. Notwithstanding that the Suspended Covenants may be reinstated, no Default shall be
deemed to have occurred as a result of a failure to comply with the Suspended Covenants during the Suspension Period. 
 (c) On
the Reversion Date, all Indebtedness Incurred during the Suspension Period shall be classified to have been Incurred pursuant to Sections 4.03(a) or 4.03(b) (to the extent such Indebtedness would be permitted to be Incurred thereunder as of the
Reversion Date and after giving effect to Indebtedness Incurred prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness would not be so permitted to be Incurred pursuant to Sections 4.03(a) or 4.03(b),
such Indebtedness shall be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 4.03(b)(4). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments
under Section 4.04 shall be made as though Section 4.04 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be made
as Restricted Payments under Section 4.04(a) and the provisions specified in Sections 4.04(a)(3)(A)-(E) will increase the amount available to be made under Section 4.04(a). For purposes of determining compliance with
Section 4.06(a), the amount of Net Available Cash from all Asset Dispositions not applied in accordance with the covenant shall be deemed to be reset to zero. 
 SECTION 4.12. Compliance Certificate. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company an Officer’s Certificate stating that in the
course of the performance by such Officer of his or her duties he or she would normally have knowledge of any Default and whether or not such Officer knows of any Default that occurred during such period. If so, the certificate shall describe the
Default, its status and what action the Company is taking or proposes to take with respect thereto. The Company also shall comply with TIA § 314(a)(4). 

  
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 Article 5 
 Successor Company 
 SECTION 5.01. When Company May Merge or Transfer
Assets. (a) Holdings shall not consolidate with or merge with or into, or convey, transfer or lease, in one transaction or a series of transactions, directly or indirectly, all or substantially all its assets to, any Person, unless:

 (1) Holdings shall be the surviving corporation or the resulting, surviving or transferee Person
(“Successor Holdings”) shall be a Person organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and Successor Holdings (if not Holdings) shall expressly assume, by an
indenture supplemental thereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the obligations of Holdings under its Guarantee of the Securities and this Indenture; 

(2) immediately after giving pro forma effect to such transaction (and treating any Indebtedness which
becomes an obligation of Successor Holdings or any Subsidiary as a result of such transaction as having been Incurred by Successor Holdings or such Subsidiary at the time of such transaction), no Default shall have occurred and be continuing;

 (3) immediately after giving pro forma effect to such transaction, Successor Holdings would
(a) be able to Incur an additional $1.00 of Coverage Indebtedness pursuant to Section 4.03(a) or (b) have had a Consolidated Coverage Ratio greater than the Consolidated Coverage Ratio immediately prior to such transaction and without
giving pro forma effect thereto; and 
 (4) Holdings shall have delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture. 

(b) The Company shall not consolidate with or merge with or into, or convey, transfer or lease, in one transaction or a series of related
transactions, directly or indirectly, all or substantially all of its assets in one or a series of related transactions to, any Person, unless: 
 (1) the surviving corporation or the resulting, surviving or transferee Person (the “Successor Company”) shall be a corporation, limited liability corporation or limited partnership
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Company (if not the Company) shall expressly assume, by an indenture supplemental thereto, executed and delivered
to the Trustee, in form reasonably satisfactory to the Trustee, all the obligations of the Company under the Securities and this Indenture; and if the Successor Company shall be a limited liability

  
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corporation or limited partnership, a Wholly Owned Subsidiary of the Successor Company that is a corporation organized and existing under the laws of the United States of America, any State
thereof or the District of Columbia shall expressly assume, on a joint and several basis with the Successor Company, by an indenture supplemental thereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the
obligations of the Successor Company under the Securities and this Indenture; 
 (2) immediately after giving
pro forma effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Company or any Subsidiary as a result of such transaction as having been Incurred by the Successor Company or such
Subsidiary at the time of such transaction) no Default shall have occurred and be continuing; 
 (3) immediately
after giving pro forma effect to such transaction, Holdings would (a) be able to Incur an additional $1.00 of Coverage Indebtedness pursuant to Section 4.03(a) or (b) have had a Consolidated Coverage Ratio greater than
the Consolidated Coverage Ratio immediately prior to such transaction and without giving pro forma effect thereto; and 
 (4) the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if
any) comply with this Indenture. 
 For purposes of this Section 5.01, the sale, lease, conveyance, assignment, transfer or
other disposition of all or substantially all of the properties and assets of one or more Subsidiaries of Holdings or the Company, which properties and assets, if held by Holdings or the Company instead of such Subsidiaries, would constitute all or
substantially all of the properties and assets of Holdings or the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of Holdings or the Company, as applicable. 

For the avoidance of doubt, any disposition of the Ethanol Assets or any disposition of shares of Capital Stock of the Ethanol
Subsidiaries shall not constitute the sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all of the properties and assets of Holdings, the Company or the Restricted Subsidiaries. 

Successor Holdings or the Successor Company shall be the successor to Holdings or the Company, as applicable, and shall succeed to, and
be substituted for, and may exercise every right and power of, Holdings or the Company, as applicable, under this Indenture and the predecessor Holdings or the Company, as applicable, except in the case of a lease, shall be released from the
obligation to pay the principal of and interest on the Securities and Guarantees, as applicable. 

  
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 For all purposes of this Indenture, Subsidiaries of Successor Holdings shall, upon any
transaction subject to this covenant, become Restricted Subsidiaries or Unrestricted Subsidiaries as provided pursuant to this Indenture. 
 (c) Holdings shall not permit any Subsidiary Guarantor to consolidate with or merge with or into, or convey, transfer or lease, in one transaction or a series of transactions, directly or indirectly, all
or substantially all of its assets to any Person unless: (1) except in the case of a Subsidiary Guarantor (x) that has been disposed of in its entirety to another Person (other than to Holdings or an Affiliate of Holdings), whether through
a merger, consolidation or sale of Capital Stock or assets or (y) that, as a result of the disposition of all or a portion of its Capital Stock, ceases to be a Subsidiary, in both cases, if in connection therewith Holdings provides an
Officer’s Certificate to the Trustee to the effect that Holdings shall comply with its obligations under Section 4.06 in respect of such disposition, the resulting, surviving or transferee Person (if not such Subsidiary) shall be a Person
organized and existing under the laws of the jurisdiction under which such Subsidiary was organized or under the laws of the United States of America, any State thereof or the District of Columbia, and such Person shall expressly assume, by a
supplemental indenture, in a form satisfactory to the Trustee, all the obligations of such Subsidiary, if any, under its Subsidiary Guarantee; (2) immediately after giving effect to such transaction or transactions on a pro forma
basis (and treating any Indebtedness which becomes an obligation of the resulting, surviving or transferee Person as a result of such transaction as having been issued by such Person at the time of such transaction), no Default shall have occurred
and be continuing; and (3) Holdings delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture, if any, complies with this Indenture.

 Notwithstanding this Section 5.01(c), (1) any Restricted Subsidiary may consolidate with, merge into or transfer
all or part of its properties and assets to Holdings, the Company or any Subsidiary Guarantor and (2) Holdings or the Company may merge with an Affiliate incorporated solely for the purpose of reincorporating Holdings or the Company in a
jurisdiction within the United States of America, any State thereof or the District of Columbia. 
 Article 6 

Defaults and Remedies 
 SECTION 6.01. Events of Default. Each of the following is an “Event of Default”: 
 (1) a default in the payment of interest on the Securities when due, continued for thirty (30) days; 
 (2) a default in the payment of principal of any Security when due at its Stated Maturity, upon optional redemption, upon required purchase, upon declaration of acceleration or otherwise; 

  
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 (3) the failure by Holdings or the Company to comply with its obligations
under Section 5.01; 
 (4) the failure by Holdings to comply for one hundred eighty (180) days
after the notice specified below with any of its obligations under Section 4.02; 
 (5) the failure by
Holdings, the Company or any Subsidiary Guarantor to comply with any of its agreements contained in the Securities or this Indenture (other than those referred to in clause (1), (2), (3) or (4) above) and such failure continues for sixty
(60) days after the notice specified below; 
 (6) Indebtedness of Holdings, the Company or any Significant
Subsidiary is (x) not paid within any applicable grace period after final maturity or (y) is accelerated by the holders thereof prior to its Stated Maturity because of a default and, in either case (x) or (y), the total amount of such
Indebtedness unpaid or accelerated exceeds $50,000,000 or its foreign currency equivalent at the time; provided that if, prior to any acceleration of the Securities, (i) any such default is cured or waived, (ii) any such
acceleration is rescinded or (iii) such Indebtedness is repaid, within a period of thirty (30) days from the earlier of continuation of such default beyond any applicable grace or cure period or the occurrence of such acceleration, as
the case may be, any such Event of Default under this Indenture (but not any acceleration of the Securities) shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree; 

(7) Holdings, the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 (A) commences a voluntary case; 

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

(C) consents to the appointment of a Custodian of it or for any substantial part of its property; or 

(D) makes a general assignment for the benefit of its creditors; 

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

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

(A) is for relief against Holdings, the Company or any Significant Subsidiary in an involuntary case; 

  
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 (B) appoints a Custodian of Holdings, the Company or any Significant
Subsidiary or for any substantial part of its property; or 
 (C) orders the winding up or liquidation of
Holdings, the Company or any Significant Subsidiary; 
 or any similar relief is granted under any foreign laws and the order or
decree remains unstayed and in effect for 60 days; 
 (9) any judgment or decree for the payment of money in
excess of $50,000,000 or its foreign currency equivalent at the time is entered against Holdings, the Company or any Significant Subsidiary, remains outstanding for a period of sixty (60) consecutive days following the entry of such judgment or
decree and is not discharged, waived or the execution thereof stayed, and is not adequately covered by insurance or indemnities which have been cash collateralized; 

(10) any Guarantee ceases to be in full force and effect or any Guarantor denies or disaffirms its obligations under its
Guarantee (in each case other than as permitted in accordance with the terms of this Indenture); 
 (11) after
the consummation of the Transactions, the Company ceases to be a Subsidiary of Holdings; or 
 (12) the failure
by the Company to comply with, or the breach of, any material provision of the Escrow Agreement on or prior to the Separation Date. 
 The foregoing shall constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is 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. 
 The term
“Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or
similar official under any Bankruptcy Law. 
 A Default under clause (4) or (5) is not an Event of Default until the
Trustee or the Holders of at least 25% in principal amount of the outstanding Securities notify Holdings of the Default and Holdings does not cure such Default within the time specified after receipt of such notice. Such notice must specify the
Default, demand that it be remedied and state that such notice is a “Notice of Default”. Any Default for the failure to deliver any report within the time periods prescribed in Section 4.02 or to deliver any notice or
certificate pursuant to any other provision of this Indenture shall be deemed to be cured upon the subsequent delivery of any such report, notice or certificate, even though such delivery is not within the prescribed period specified. 

  
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 The Company shall deliver to the Trustee, within 30 days after the occurrence thereof,
written notice in the form of an Officer’s Certificate of any event which with the giving of notice or the lapse of time would become an Event of Default, its status and what action the Company is taking or proposes to take with respect
thereto. 
 SECTION 6.02. Acceleration. If an Event of Default (other than an Event of Default specified in
Section 6.01(7) or (8)) occurs and is continuing, the Trustee by notice to the Company or the Holders of at least 25% in principal amount of the Securities by notice to the Company and the Trustee may declare the principal of and accrued
but unpaid interest on all the Securities to be due and payable. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default specified in Section 6.01(7) or (8) occurs, the principal of
and interest on all the Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Securityholders. The Holders of a majority in principal amount of the Securities by
notice to the Trustee may rescind an acceleration and its consequences (including any payment Default that directly resulted from such acceleration) if the rescission would not conflict with any judgment or decree and if all existing Events of
Default have been cured or waived except nonpayment of principal or interest that has become due solely because of acceleration. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

SECTION 6.03. Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to
collect the payment of principal of or interest on the Securities or to enforce the performance of any provision of the Securities or this Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Securityholder in
exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are
cumulative. 
 SECTION 6.04. Waiver of Past Defaults. The Holders of a majority in principal amount of the Securities by
notice to the Trustee may waive an existing Default and its consequences except (a) a Default in the payment of the principal of or interest on a Security, (b) a Default arising from the failure to redeem or purchase any Security when required
pursuant to this Indenture or (c) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Securityholder affected. When a Default is waived, it is deemed cured, but no such waiver shall extend
to any subsequent or other Default or impair any consequent right. 
 SECTION 6.05. Control by Majority. The Holders of a
majority in principal amount of the Securities may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse
to follow any direction that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee 

  
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determines is unduly prejudicial to the rights of other Securityholders or would involve the Trustee in personal liability; provided, however, that the Trustee may take any other
action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused
by taking or not taking such action. 
 SECTION 6.06. Limitation on Suits. Except to enforce the right to receive payment
of principal, premium (if any) or interest when due, no Securityholder may pursue any remedy with respect to this Indenture or the Securities unless: 
 (1) the Holder gives to the Trustee written notice stating that an Event of Default is continuing; 
 (2) the Holders of at least 25% in principal amount of the Securities make a written request to the Trustee to pursue the remedy; 

(3) the Holder or Holders offer to the Trustee reasonable security or indemnity against any loss, liability or expense;

 (4) the Trustee does not comply with the request within sixty (60) days after the receipt of the request
and the offer of security or indemnity; and 
 (5) such Holders of a majority in principal amount of the
Securities do not give the Trustee a direction inconsistent with the request during such 60-day period. 
 A Securityholder may
not use this Indenture to prejudice the rights of another Securityholder or to obtain a preference or priority over another Securityholder. In the event that the Definitive Securities are not issued to any beneficial owner promptly after the
Registrar has received a request from the Holder of a Global Security to issue such Definitive Securities to such beneficial owner of its nominee, the Company expressly agrees and acknowledges, with respect to the right of any Holder to pursue a
remedy pursuant to this Indenture, the right of such beneficial holder of Securities to pursue such remedy with respect to the portion of the Global Security that represents such beneficial holder’s Securities as if such Definitive Securities
had been issued. 
 SECTION 6.07. Rights of Holders to Receive Payment. Notwithstanding any other provision of this
Indenture, the right of any Holder to receive payment of principal of and interest on the Securities held by such Holder, on or after the respective due dates expressed in the Securities, or to bring suit for the enforcement of any such payment on
or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 SECTION 6.08.
Collection Suit by Trustee. If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the
whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section 7.07. 

  
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 SECTION 6.09. Trustee May File Proofs of Claim. The Trustee may file such
proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Securityholders allowed in any judicial proceedings relative to the Company, its creditors or its property and, unless
prohibited by law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each
Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. 
 SECTION
6.10. Priorities. If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property in the following order: 

FIRST: to the Trustee for amounts due under Section 7.07; 

SECOND: to Securityholders for amounts due and unpaid on the Securities for principal and interest, ratably, without
preference or priority of any kind, according to the amounts due and payable on the Securities for principal and interest, respectively; and 
 THIRD: to the Company. 
 The Trustee may fix a record date and payment date for
any payment to Securityholders pursuant to this Section. 
 SECTION 6.11. Undertaking for Costs. In any suit for
the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to
pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made
by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in aggregate principal amount of the Securities. 

SECTION 6.12. Waiver of Stay or Extension Laws. The Company (to the extent it may lawfully do so) shall not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and
the Company (to the extent that it may lawfully 

  
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do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and
permit the execution of every such power as though no such law had been enacted. 
 Article 7 

Trustee 

SECTION 7.01. Duties of Trustee. (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise
the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and
no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the
absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own wilful misconduct, except that: 

(1) this paragraph does not limit the effect of paragraph (b) of this Section; 

(2) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved in
a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3)
the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 
 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section. 

(e) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.

  
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 (f) Money held in trust by the Trustee need not be segregated from other funds except to the
extent required by law. 
 (g) No provision of this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it. 
 (h) Every provision of this Indenture relating to the conduct or affecting
the liability of or affording protection to the Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 
 SECTION 7.02. Rights of Trustee. (a) The Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not
investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an
Officer’s Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel. 

(c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due
care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be
authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute wilful misconduct or negligence. 
 (e) The Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Securities shall be full and complete authorization and
protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
 SECTION 7.03. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or its
Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11. 

SECTION 7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement of the Company in this Indenture or in any
document issued in connection with the sale of the Securities or in the Securities other than the Trustee’s certificate of authentication. 

  
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 SECTION 7.05. Notice of Defaults. If a Default occurs, is continuing and is
known to the Trustee, the Trustee shall mail to each Securityholder notice of the Default within ninety (90) days after it occurs. Except in the case of a Default in the payment of principal of or interest on any Security, the Trustee may
withhold the notice if and so long as the Trustee in good faith determines that withholding the notice is not opposed to the interests of the Securityholders. 
 SECTION 7.06. Reports by Trustee to Holders. As promptly as practicable after each August 15 beginning with August 15, 2014, and in any event prior to October 15 in each year,
the Trustee shall mail to each Securityholder a brief report dated as of August 15 that complies with TIA § 313(a). The Trustee also shall comply with TIA § 313(b). 

A copy of each report at the time of its mailing to Securityholders shall be filed with the SEC and each stock exchange (if any) on which
the Securities are listed. The Company agrees to notify promptly the Trustee whenever the Securities become listed on any stock exchange and of any delisting thereof. 
 SECTION 7.07. Compensation and Indemnity. The Company shall pay to the Trustee from time to time reasonable compensation for its services. The Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the
compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents and counsel. The Company shall indemnify the Trustee against any and all loss, liability or
expense (including attorneys’ fees) incurred by it in connection with the administration of this trust and the performance of its duties hereunder. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity.
Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee may have separate counsel and the Company shall pay the fees and expenses of such counsel.
The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct, negligence or bad faith. 

To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all money or
property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Securities. 
 The Company’s payment obligations pursuant to this Section shall survive the discharge of this Indenture. When the Trustee incurs expenses after the occurrence of an Event of Default specified in
Section 6.01(7) or (8) with respect to the Company, the expenses are intended to constitute expenses of administration under the Bankruptcy Law. 

  
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 SECTION 7.08. Replacement of Trustee. The Trustee may resign at any time by so
notifying the Company. The Holders of a majority in principal amount of the Securities may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Company shall remove the Trustee if: 

(1) the Trustee fails to comply with Section 7.10; 

(2) the Trustee is adjudged bankrupt or insolvent; 

(3) a receiver or other public officer takes charge of the Trustee or its property; or 

(4) the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal amount of the Securities and such Holders
do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor
Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the
Company. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of
its succession to Securityholders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07. 

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the
Holders of 10% in principal amount of the Securities may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 If the Trustee fails to comply with Section 7.10, any Securityholder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 Notwithstanding the replacement of the Trustee pursuant to this Section, the Company’s obligations under
Section 7.07 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.09. Successor Trustee by
Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Trustee. 

  
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 In case at the time such successor or successors by merger, conversion or consolidation to
the Trustee shall succeed to the trusts created by this Indenture any of the Securities 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 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 to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have. 

SECTION 7.10. Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of TIA
§ 310(a). The Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b); provided,
however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company are
outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. 
 SECTION 7.11.
Preferential Collection of Claims Against Company. The Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be
subject to TIA § 311(a) to the extent indicated. 
 Article 8 

Discharge of Indenture; Defeasance 
 SECTION 8.01. Discharge of Liability on Securities; Defeasance. (a) When (1) the Company delivers to the Trustee all outstanding Securities (other than Securities replaced
pursuant to Section 2.07) for cancelation or (2) all outstanding Securities have become due and payable, whether at maturity or on a redemption date as a result of the mailing of a notice of redemption pursuant to Article 3 hereof and, in
the case of clause (2), the Company irrevocably deposits with the Trustee funds sufficient to pay at maturity or upon redemption all outstanding Securities, including interest thereon to maturity or such redemption date (other than Securities
replaced pursuant to Section 2.07), and if in either case the Company pays all other sums payable hereunder by the Company, then this Indenture shall, subject to Section 8.01(c), cease to be of further effect. The Trustee shall acknowledge
satisfaction and discharge of this Indenture on demand of the Company accompanied by an Officer’s Certificate and an Opinion of Counsel and at the cost and expense of the Company. 

  
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 (b) Subject to Sections 8.01(c) and 8.02, the Company at any time may terminate (1) all
its obligations under the Securities and this Indenture (“legal defeasance option”) or (2) its obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09 and 4.10 and the operation of Sections 6.01(6),
6.01(7), 6.01(8) and 6.01(9) (but, in the case of Sections 6.01(7) and (8), with respect only to Significant Subsidiaries) and the limitations contained in Section 5.01(a)(3) and 5.01(b)(3) (“covenant defeasance option”).
The Company may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. 
 If
the Company exercises its legal defeasance option, payment of the Securities may not be accelerated because of an Event of Default with respect thereto. If the Company exercises its covenant defeasance option, payment of the Securities may not be
accelerated because of an Event of Default specified in Section 6.01(4), 6.01(5), 6.01(6), 6.01(7), 6.01(8) or 6.01(9) (but, in the case of Sections 6.01(7) and (8), with respect only to Significant Subsidiaries) or because of the failure
of the Company to comply with Section 5.01(a)(3) or 5.01(b)(3). If the Company exercises its legal defeasance option or its covenant defeasance option, each Subsidiary Guarantor, if any, shall be released from all its obligations with
respect to its Subsidiary Guarantee. 
 Upon satisfaction of the conditions set forth herein and upon request of the Company,
the Trustee shall acknowledge in writing the discharge of those obligations that the Company terminates. 
 (c) Notwithstanding
clauses (a) and (b) above, the Company’s obligations in Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 7.07 and 7.08 and in this Article 8 shall survive until the Securities have been paid in full. Thereafter, the Company’s
obligations in Sections 7.07, 8.04 and 8.05 shall survive. 
 SECTION 8.02. Conditions to Defeasance. The Company
may exercise its legal defeasance option or its covenant defeasance option only if: 
 (1) the Company
irrevocably deposits in trust with the Trustee money or U.S. Government Obligations for the payment of principal of and interest on the Securities to maturity or redemption, as the case may be; 

(2) the Company delivers to the Trustee a certificate from a nationally recognized firm of independent accountants
expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash at such times and in such amounts
as will be sufficient to pay principal and interest when due on all the Securities to maturity or redemption, as the case may be; 
 (3) 123 days pass after the deposit is made and during the 123-day period no Default specified in Section 6.01(7) or (8) with respect to Holdings or the Company occurs which is continuing
at the end of the period; 

  
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 (4) the deposit does not constitute a default under any other agreement
binding on the Company; 
 (5) the Company delivers to the Trustee an Opinion of Counsel to the effect that the
trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940; 
 (6) in the case of the legal defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (A) the Company has received from, or there has been published by,
the Internal Revenue Service a ruling, or (B) since the date of this Indenture there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that,
the Securityholders 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; 
 (7) in the case of the covenant defeasance option, the Company shall
have delivered to the Trustee an Opinion of Counsel to the effect that the Securityholders 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; and 
 (8) the Company delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Securities as
contemplated by this Article 8 have been complied with. 
 Before or after a deposit, the Company may make arrangements
satisfactory to the Trustee for the redemption of Securities at a future date in accordance with Article 3. 
 SECTION 8.03.
Application of Trust Money. The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government
Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Securities. 
 SECTION 8.04. Repayment to Company. The Trustee and the Paying Agent shall promptly turn over to the Company upon request any excess money or securities held by them at any time. 

Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held
by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Securityholders entitled to the money must look to the Company for payment as general creditors. 

  
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 SECTION 8.05. Indemnity for Government Obligations. The Company shall pay and
shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 

SECTION 8.06. Reinstatement. If the Trustee or Paying Agent is unable to apply any money or U.S. Government
Obligations in accordance with this Article 8 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 Company’s and
each Guarantor’s obligations under this Indenture, each Guarantee and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or Paying Agent is permitted to
apply all such money or U.S. Government Obligations in accordance with this Article 8; provided, however, that, if the Company has made any payment of interest on or principal of any Securities because of the reinstatement of
its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent. 

Article 9 

Amendments 
 SECTION 9.01. Without Consent of Holders. The Company, the Guarantors and the Trustee may amend this Indenture or the Securities without notice to or consent of any Securityholder:

 (1) to cure any ambiguity, omission, defect or inconsistency; 

(2) to comply with Article 5; 
 (3) to provide for uncertificated Securities in addition to or in place of certificated Securities; provided, however, that the uncertificated Securities are issued in registered form for
purposes of Section 163(f) of the Code or in a manner such that the uncertificated Securities are described in Section 163(f)(2)(B) of the Code; 
 (4) to add Guarantees with respect to the Securities, including any Subsidiary Guarantee, or to secure the Securities; provided that any amendment or supplemental indenture evidencing any such
additional Subsidiary Guarantee may be executed by the relevant Subsidiary Guarantor and the Trustee and shall not be required to be executed by any other Person; 

(5) to add to the covenants of Holdings, the Company or any Subsidiary Guarantor for the benefit of the Holders or to
surrender any right or power herein conferred upon Holdings, the Company or any Subsidiary Guarantor; 

  
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 (6) to make any change that does not adversely affect the rights of any
Holder of the Securities; 
 (7) to comply with any requirements of the SEC in connection with qualifying, or
maintaining the qualification of, this Indenture under the TIA; 
 (8) to conform the text of this Indenture, the
Securities or any Guarantee to any provision of the “Description of the notes” in the Offering Memorandum to the extent that such provision in such “Description of the notes” was intended to be a verbatim recitation of a
provision of this Indenture, the Securities or such Guarantee; or 
 (9) to make any amendment to the provisions
of this Indenture relating to the transfer and legending of Securities; provided, however, that (a) compliance with this Indenture as so amended would not result in Securities being transferred in violation of the Securities Act
or any other applicable securities law and (b) such amendment does not materially and adversely affect the rights of Holders to transfer Securities. 
 After an amendment under this Section becomes effective, the Company shall mail to Securityholders a notice briefly describing such amendment. The failure to give such notice to all Securityholders, or
any defect therein, shall not impair or affect the validity of an amendment under this Section. 
 SECTION 9.02. With Consent
of Holders. The Company, the Guarantors and the Trustee may amend this Indenture or the Securities (including the obligations of the Company to make a Change of Control Offer pursuant to Section 4.08 of this Indenture) with the
written consent of the Holders of at least a majority in principal amount of the Securities then outstanding (including consents obtained in connection with a tender offer or exchange for the Securities) and any past default or compliance with any
provisions may also be waived with the consent of the Holders of at least a majority in principal amount of the Securities then outstanding. However, without the consent of each Securityholder affected thereby, an amendment or waiver may not:

 (1) reduce the amount of Securities whose Holders must consent to an amendment; 

(2) reduce the rate of or extend the time for payment of interest on any Security; 

(3) reduce the principal of or change the Stated Maturity of any Security; 

(4) change the provisions applicable to the redemption of any Security contained in Article 3 hereto or
Section 5 of the Securities; 

  
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 (5) make any Security payable in money other than that stated in the
Security; 
 (6) make any change in Section 6.04 or 6.07 or the second sentence of this Section; 

(7) make any changes in the ranking or priority of any Security that would adversely affect the Securityholders; or

 (8) make any change in, or release other than in accordance with this Indenture, any Guarantee that would
adversely affect the Securityholders. 
 It shall not be necessary for the consent of the Holders under this Section to approve
the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 

After an amendment under this Section becomes effective, the Company shall mail to Securityholders a notice briefly describing such
amendment. The failure to give such notice to all Securityholders, or any defect therein, shall not impair or affect the validity of an amendment under this Section. 
 SECTION 9.03. Compliance with Trust Indenture Act. Every amendment to this Indenture or the Securities shall comply with the TIA as then in effect. 

SECTION 9.04. Revocation and Effect of Consents and Waivers. A consent to an amendment or a waiver by a Holder of a Security shall
bind the Holder and every subsequent Holder of that Security or portion of the Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent or waiver is not made on the Security. However, any such
Holder or subsequent Holder may revoke the consent or waiver as to such Holder’s Security or portion of the Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective. After an amendment
or waiver becomes effective, it shall bind every Securityholder. An amendment or waiver becomes effective upon the execution of such amendment or waiver by the Company, any applicable Guarantor and Trustee. 

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Securityholders entitled to give
their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Securityholders at
such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders after such
record date. 
 SECTION 9.05. Notation on or Exchange of Securities. If an amendment changes the terms of a Security, the
Trustee may require the Securityholder to deliver the Security to the Trustee. The Trustee may place an appropriate notation on the Security regarding the changed terms and return it to the Holder. Alternatively, if the

  
 85 

 
Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make the
appropriate notation or to issue a new Security shall not affect the validity of such amendment. 
 SECTION 9.06. Trustee To
Sign Amendments. The Trustee shall sign any amendment authorized pursuant to this Article 9 if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign
it. In signing such amendment the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Officer’s Certificate and an Opinion
of Counsel stating that such amendment is authorized or permitted by this Indenture. 
 SECTION 9.07. Payment for
Consent. Neither the Company nor any Affiliate of the Company shall, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the Securities unless such consideration is offered to all Holders and is paid to all Holders that so consent, waive or agree to amend in the time frame set forth in solicitation
documents relating to such consent, waiver or agreement. 
 Article 10 

Guarantees 
 SECTION 10.01. Guarantees. Each Guarantor hereby unconditionally and irrevocably guarantees, jointly and severally, on a senior unsecured basis, to each Holder and to the Trustee and its successors
and assigns (a) the full and punctual payment of principal of and interest on the Securities when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the Company under this Indenture and
the Securities and (b) the full and punctual performance within applicable grace periods of all other obligations of the Company under this Indenture and the Securities (all the foregoing being hereinafter collectively called the
“Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from such Guarantor and that such Guarantor shall remain
bound under this Article 10 notwithstanding any extension or renewal of any Obligation. 
 Each Guarantor waives presentation
to, demand of, payment from and protest to the Company of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each Guarantor waives notice of any default under the Securities or the Guaranteed Obligations. The
obligations of each Guarantor hereunder shall not be affected by (1) the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Company or any other Person (including any Guarantor)
under this Indenture, the Securities or any other agreement or otherwise; (2) any extension or renewal of any thereof; (3) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the

  
 86 

 
Securities or any other agreement; (4) the release of any security held by any Holder or the Trustee for the Guaranteed Obligations or any of them; (5) the failure of any Holder or the
Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or (6) except as set forth in Section 10.06, any change in the ownership of a Guarantor. 

Each Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment, performance and compliance when due (and not
a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Guaranteed Obligations. 
 Except as expressly set forth in Sections 4.11, 8.01(b), 10.02 and 10.06, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for
any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or
unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the
Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Securities or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of
the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of such Guarantor or would otherwise operate as a discharge of such Guarantor as a matter
of law or equity. 
 Each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as
the case may be, if at any time payment, or any part thereof, of principal of or interest on any Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of the Company or otherwise.

 In furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee has at law or in
equity against any Guarantor by virtue hereof, upon the failure of the Company to pay the principal of or interest on any Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to
perform or comply with any other Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Trustee an amount equal to the sum of
(A) the unpaid amount of such Guaranteed Obligations, (B) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by law) and (C) all other monetary Guaranteed Obligations of the Company to
the Holders and the Trustee. 
 Each Guarantor agrees that, as between it, on the one hand, and the Holders and the Trustee, on
the other hand, (i) the maturity of the Guaranteed Obligations hereby may be accelerated as provided in Article 6 for the purposes of such Guarantor’s 

  
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Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event of
any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for the purposes of this Section.

 Each Guarantor also agrees to pay any and all reasonable costs and expenses (including reasonable attorneys’ fees)
incurred by the Trustee or any Holder in enforcing any rights under this Section. 
 SECTION 10.02. Limitation on
Liability. Each Guarantor, and by its acceptance of Securities, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of each such Guarantor (a) not constitute a fraudulent transfer or conveyance for
purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to any such Guarantee, and (b) not result in a distribution to
shareholders not permitted under the applicable foreign or state law. Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations guaranteed hereunder by any Guarantor shall not
exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates to such Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of
creditors generally. 
 SECTION 10.03. Successors and Assigns. This Article 10 shall be binding upon each Guarantor and
its successors and assigns and shall enure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon
that party in this Indenture and in the Securities shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 

SECTION 10.04. No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right,
power or privilege under this Article 10 shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the affected
Guarantors and the Trustee and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 10 at law, in equity, by statute or otherwise. 

SECTION 10.05. Modification. Subject to Article 9, no modification, amendment or waiver of any provision of this Article 10,
nor the consent to any departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the affected Guarantors and the Trustee, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice or demand in the same, similar or other circumstances. 

  
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 SECTION 10.06. Release of Subsidiary Guarantor. A Subsidiary Guarantor shall be
released from its obligations under this Article 10 (other than any obligation that may have arisen previously under Section 10.07): 
 (1) upon the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary to the extent permitted by this Indenture, 

(2) at such time as such Subsidiary Guarantor ceases to guarantee any Indebtedness of the Company under the Senior Credit
Agreement, except as a result of payment under such Guarantee, 
 (3) upon the sale or other disposition
(including by way of consolidation or merger) of such Subsidiary Guarantor in compliance with all of the terms of this Indenture, following which such Subsidiary Guarantor is no longer a Subsidiary, 

(4) upon defeasance of the Securities pursuant to Article 8, or 

(5) upon the full satisfaction of the Company’s obligations under this Indenture. 

At the request of the Company, the Trustee shall execute and deliver an appropriate instrument evidencing such release. 

SECTION 10.07. Contribution. Each Guarantor that makes a payment under its Guarantee shall be entitled upon payment in full of all
Guaranteed Obligations under this Indenture to a contribution from each other Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors at the
time of such payment determined in accordance with GAAP. 
 Article 11 

Miscellaneous 
 SECTION 11.01. Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA,
the required provision shall control. 

  
 89 

 SECTION 11.02. Notices. Any notice or communication shall be in writing and delivered
in person or mailed by first-class mail addressed as follows: 
 if to Holdings, the Company or any Subsidiary Guarantor:

 Murphy USA Inc. 
 200 Peach Street 
 El Dorado, Arkansas 71730 

Attention: 

Facsimile: 
 with
a copy to: 
 Davis Polk &Wardwell LLP 
 450 Lexington Avenue 
 New York, New York 10017 

Attention: 

Facsimile: 
 if
to the Trustee: 
 U.S. Bank National Association 
 Global Corporate Trust Services 
 1349 West Peachtree Street, NW, Suite 1050

 Atlanta, Georgia 30309 
 Attention: 
 Facsimile: 

Holdings, the Company, any Subsidiary Guarantor or the Trustee by notice to the other may designate additional or different addresses for
subsequent notices or communications. 
 Any notice or communication mailed to a Securityholder shall be mailed to the
Securityholder at the Securityholder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 

Failure to mail a notice or communication to a Securityholder or any defect in it shall not affect its sufficiency with respect to other
Securityholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
 SECTION 11.03. Communication by Holders with Other Holders. Securityholders may communicate pursuant to TIA § 312(b) with other Securityholders with respect to their rights under
this Indenture or the Securities. Holdings, the Company, any Subsidiary Guarantor the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 SECTION 11.04. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take or refrain from taking any action under this Indenture, the
Company shall furnish to the Trustee: 
 (1) an Officer’s Certificate in form and substance reasonably
satisfactory to the Trustee stating that, in the opinion of the signer, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

  
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 (2) an Opinion of Counsel in form and substance reasonably satisfactory to
the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 SECTION
11.05. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include: 

(1) a statement that the individual making such certificate or opinion has read such covenant or condition; 

(2) 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; 
 (3) a statement that, in the opinion of such individual,
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 

(4) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied
with. 
 SECTION 11.06. When Securities Disregarded. In determining whether the Holders of the required principal amount
of Securities have concurred in any direction, waiver or consent, Securities owned by the Company or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall be disregarded
and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities which the Trustee knows are so owned shall be so disregarded.
Also, subject to the foregoing, only Securities outstanding at the time shall be considered in any such determination. 

SECTION 11.07. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of
Securityholders. The Registrar and the Paying Agent may make reasonable rules for their functions. 
 SECTION 11.08. Legal
Holidays. If an interest payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday with the same force and effect as if made on such date, and the interest which accrues for the period from
such interest payment date to such next day that is not a Legal Holiday will be payable on the next succeeding interest payment date. If a regular record date is a Legal Holiday, the record date shall not be affected. 

  
 91 

 SECTION 11.09. Governing Law. This Indenture and the Securities shall be governed by,
and construed in accordance with, the laws of the State of New York. 
 SECTION 11.10. No Recourse Against Others. A
director, officer, employee or stockholder, as such, of Holdings, the Company or any Subsidiary Guarantor shall not have any liability for any obligations of the Company under the Securities or this Indenture or of such Guarantor under its Guarantee
or this Indenture for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Securityholder shall waive and release all such liability. The waiver and release shall be part of the
consideration for the issue of the Securities. 
 SECTION 11.11. Successors. All agreements of Holdings, the Company and
the Subsidiary Guarantors in this Indenture and the Securities shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors. 

SECTION 11.12. Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 
 SECTION
11.13. Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof
and shall not modify or restrict any of the terms or provisions hereof. 
 [Remainder of Page Intentionally Left
Blank] 

  
 92 

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

			
	MURPHY OIL USA, INC.
		
	        By	 	
	
	  

	Name:
	
	Title:

  

			
	MURPHY USA INC.
		
	        By	 	
	
	  

	Name:
	
	Title:

  

			
	 519 BEVERAGE, INC.
 864 HOLDINGS, INC.
 864 BEVERAGE, INC.

MURPHY OIL TRADING COMPANY (EASTERN)

SPUR OIL CORPORATION
 SUPERIOR CRUDE
TRADING COMPANY

		
	        By	 	
	
	  

	Name:
	
	Title:

 [Signature Page of the Indenture] 

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as Trustee, Registrar and Paying Agent

		
	        By	 	
	
	  

	Name:	 	
		
	Title:	 	

 [Signature Page of the Indenture] 

  
 2 

 APPENDIX A 
 PROVISIONS RELATING TO INITIAL SECURITIES 
 AND EXCHANGE SECURITIES

 1. Definitions 
 1.1 Definitions 
 Capitalized terms used in this Appendix and not otherwise
defined shall have the meanings provided in the Indenture. For the purposes of this Appendix and the Indenture as a whole, the following terms shall have the meanings indicated below: 

“Applicable Procedures” means, with respect to any transfer or transaction involving a Regulation S Global Security
or beneficial interest therein, the rules and procedures of the Depositary for such Global Security, Euroclear and Clearstream, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Clearstream” means Clearstream Banking, société anonyme, or any successor securities clearing agency.

 “Definitive Security” means a certificated Initial Security or Exchange Security (bearing the Restricted
Securities Legend if the transfer of such Security is restricted by applicable law) that does not include the Global Securities Legend. 
 “Depositary” means The Depository Trust Company, its nominees and their respective successors. 
 “Euroclear” means the Euroclear Clearance System or any successor securities clearing agency. 
 “Exchange Securities” means (1) the [—] % Senior Notes due 2023 issued pursuant to the Indenture in connection with a Registered
Exchange Offer pursuant to the Registration Rights Agreement and (2) Additional Securities, if any, issued pursuant to a registration statement filed with the SEC under the Securities Act. 

“Global Securities Legend” means the legend set forth under that caption in Exhibit A to the Indenture. 

“IAI” means an institutional “accredited investor” as described in Rule 501(a)(1), (2), (3) or
(7) under the Securities Act. 
 “Initial Purchasers” means (1) with respect to the Initial
Securities issued on the Issue Date, J.P. Morgan Securities LLC, Stephens Inc., RBC Capital Markets LLC, Regions Securities LLC, Wells Fargo Securities LLC, U.S. Bancorp Investments, Inc., Mitsubishi UFJ Securities (USA), Inc., Fifth Third
Securities, Inc., Capital One Securities, Inc., Comerica Securities, Inc. and PNC Capital Markets LLC, and (2) with respect to each issuance of Additional Securities, the Persons purchasing such Additional Securities under the related Purchase
Agreement. 

 “Initial Securities” means (1) $500,000,000 aggregate principal amount
of [—]% Senior Notes Due 2023 issued on the Issue Date and (2) Additional Securities, if any, issued in a transaction exempt from the registration requirements of the Securities Act.

 “Purchase Agreement” means (a) the Purchase Agreement dated August
[—], 2013 among Holdings, the Company, the Subsidiary Guarantors and the Initial Purchasers, and (b) any other similar Purchase Agreement relating to Additional Securities. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Registered Exchange Offer” means an offer by the Company, pursuant to a Registration Rights Agreement, to
certain Holders of Initial Securities, to issue and deliver to such Holders, in exchange for their Initial Securities, a like aggregate principal amount of Exchange Securities registered under the Securities Act. 

“Registration Rights Agreement” means (a) the Registration Rights Agreement dated August [—], 2013, among the Company, the Guarantors and the Initial Purchasers and (b) any other similar Registration Rights Agreement relating to Additional Securities. 

“Regulation S” means Regulation S under the Securities Act. 

“Regulation S Securities” means all Initial Securities offered and sold outside the United States in reliance on
Regulation S. 
 “Restricted Period”, with respect to any Securities, means the period of 40 consecutive
days beginning on and including the later of (a) the day on which such Securities are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S, notice of which day
shall be promptly given by the Company to the Trustee, and (b) the Issue Date with respect to such Securities. 

“Restricted Securities Legend” means the legend set forth in Section 2.3(e)(i) herein. 

“Rule 501” means Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 

“Rule 144A” means Rule 144A under the Securities Act. 

“Rule 144A Securities” means all Initial Securities offered and sold to QIBs in reliance on Rule 144A. 

  
 2 

 “Securities Custodian” means the custodian with respect to a Global
Security (as appointed by the Depositary) or any successor person thereto, who shall initially be the Trustee. 
 “Shelf
Registration Statement” means a shelf registration statement filed by the Company in connection with the offer and sale of Initial Securities pursuant to a Registration Rights Agreement. 

“Transfer Restricted Securities” means Definitive Securities and any other Securities that bear or are required to bear
the Restricted Securities Legend. 
 1.2 Other Definitions 

 

			
	 Term:
	  	Defined in Section:
		
	“Agent Members”	  	2.1(c)
	“Global Security”	  	2.1(b)
	“IAI Global Security”	  	2.1(b)
	“Regulation S Global Security”	  	2.1(b)
	“Rule 144A Global Security”	  	2.1(b)

 2. The Securities 
 2.1 Form and Dating 
 (a) The Initial Securities issued on the Issue Date
will be (i) offered and sold by the Company pursuant to the Purchase Agreement and (ii) resold, initially only to (1) QIBs in reliance on Rule 144A and (2) Persons other than U.S. Persons (as defined in Regulation S) in
reliance on Regulation S. Such Initial Securities may thereafter be transferred to, among others, QIBs, purchasers in reliance on Regulation S and, except as set forth below, IAIs in accordance with Rule 501. Additional Securities offered after
the date hereof may be offered and sold by the Company from time to time pursuant to one or more Purchase Agreements in accordance with applicable law. 
 (b) Global Securities. Rule 144A Securities shall be issued initially in the form of one or more permanent global Securities in definitive, fully registered form (collectively, the
“Rule 144A Global Security”) and Regulation S Securities shall be issued initially in the form of one or more global Securities (collectively, the “Regulation S Global Security”), in each case without
interest coupons and bearing the Global Securities Legend and Restricted Securities Legend, which shall be deposited on behalf of the purchasers of the Securities represented thereby with the Securities Custodian, and registered in the name of the
Depositary or a nominee of the Depositary, duly executed by the Company and authenticated by the Trustee as provided in the Indenture. One or more global securities in definitive, fully registered form without interest coupons and bearing the Global
Securities Legend and the Restricted Securities Legend (collectively, the “IAI Global Security”) shall also be issued on the Closing Date, deposited with the Securities Custodian, and registered in the name of the Depositary or a
nominee of the 

  
 3 

 
Depositary, duly executed by the Company and authenticated by the Trustee as provided in the Indenture to accommodate transfers of beneficial interests in the Securities to IAIs subsequent to the
initial distribution. Beneficial ownership interests in the Regulation S Global Security shall not be exchangeable for interests in the Rule 144A Global Security, the IAI Global Security or any other Security without a Restricted
Securities Legend until the expiration of the Restricted Period. The Rule 144A Global Security, the IAI Global Security and the Regulation S Global Security are each referred to herein as a “Global Security” and are collectively
referred to herein as “Global Securities”, provided, that the term “Global Security” when used in Sections 2.1(b)(third paragraph), 2.1(c), 2.3(g)(i), 2.3(h)(i) and 2.4 shall also include any Security in global form issued
in connection with a Registered Exchange Offer. The aggregate principal amount of the Global Securities may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee and on the
schedules thereto as hereinafter provided. 
 (c) Book-Entry Provisions. This Section 2.1(c) shall apply only to a
Global Security deposited with or on behalf of the Depositary. 
 The Company shall execute and the Trustee shall, in accordance
with this Section 2.1(c) and Section 2.2 and pursuant to an order of the Company signed by one Officer, authenticate and deliver initially one or more Global Securities that (i) shall be registered in the name of the Depositary for
such Global Security or Global Securities or the nominee of such Depositary and (ii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions or held by the Trustee as Securities Custodian.

 Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under the Indenture
with respect to any Global Security held on their behalf by the Depositary or by the Trustee as Securities Custodian or under such Global Security, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the
Trustee as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices of such Depositary governing the exercise of the rights of a holder of a
beneficial interest in any Global Security. 
 (d) Definitive Securities. Except as provided in Section 2.3 or 2.4,
owners of beneficial interests in Global Securities will not be entitled to receive physical delivery of certificated Securities. 
 2.2 Authentication. The Trustee shall authenticate and make available for delivery upon a written order of the Company signed by one Officer (a) Initial Securities for original issue on
the Issue Date in an aggregate principal amount of $500,000,000, (b) subject to the terms of the Indenture, Additional Securities in an unlimited aggregate principal amount and (c) the Exchange Securities for issue only in a Registered
Exchange 

  
 4 

 
Offer pursuant to a Registration Rights Agreement and for a like principal amount of Initial Securities exchanged pursuant thereto. Such order shall specify the amount of the Securities to be
authenticated, the date on which the original issue of Securities is to be authenticated and whether the Securities are to be Initial Securities or Exchange Securities. 
 2.3 Transfer and Exchange. (a) Transfer and Exchange of Definitive Securities. When Definitive Securities are presented to the Registrar with a request: 

(i) to register the transfer of such Definitive Securities; or 

(ii) to exchange such Definitive Securities for an equal principal amount of Definitive Securities of other
authorized denominations, 
 the Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such
transaction are met; provided, however, that the Definitive Securities surrendered for transfer or exchange: 
 (1) shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, duly executed by the Holder thereof or his attorney
duly authorized in writing; and 
 (2) in the case of Transfer Restricted Securities, are accompanied by the
following additional information and documents, as applicable: 
 (A) if such Definitive Securities are
being delivered to the Registrar by a Holder for registration in the name of such Holder, without transfer, a certification from such Holder to that effect (in the form set forth on the reverse side of the Initial Security); or 

(B) if such Definitive Securities are being transferred to the Company, a certification to that effect (in the form
set forth on the reverse side of the Initial Security); or 
 (C) if such Definitive Securities are being
transferred pursuant to an exemption from registration in accordance with Rule 144 under the Securities Act or in reliance upon another exemption from the registration requirements of the Securities Act, (x) a certification to that effect (in
the form set forth on the reverse side of the Initial Security) and (y) if the Company so requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the legend set
forth in Section 2.3(e)(i). 
 (b) Restrictions on Transfer of a Definitive Security for a Beneficial Interest in a
Global Security. A Definitive Security may not be exchanged for a beneficial interest in a Global Security except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Security, duly endorsed or
accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, together with: 
 (i) certification (in the form set forth on the reverse side of the Initial Security) that such Definitive Security is being transferred (1) to a QIB in accordance with Rule 144A,
(2) to an IAI that has furnished to the Trustee a signed letter substantially in the form of Exhibit C or (3) outside the United States in an offshore transaction within the meaning of Regulation S and in compliance with Rule 904
under the Securities Act; and 

  
 5 

 (ii) written instructions directing the Trustee to make, or to direct
the Securities Custodian to make, an adjustment on its books and records with respect to such Global Security to reflect an increase in the aggregate principal amount of the Securities represented by the Global Security, such instructions to contain
information regarding the Depositary account to be credited with such increase, 
 then the Trustee shall cancel such Definitive Security and
cause, or direct the Securities Custodian to cause, in accordance with the standing instructions and procedures existing between the Depositary and the Securities Custodian, the aggregate principal amount of Securities represented by the Global
Security to be increased by the aggregate principal amount of the Definitive Security to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Global Security
equal to the principal amount of the Definitive Security so canceled. If no Global Securities are then outstanding and the Global Security has not been previously exchanged for certificated securities pursuant to Section 2.4, the Company shall
issue and the Trustee shall authenticate, upon written order of the Company in the form of an Officer’s Certificate, a new Global Security in the appropriate principal amount. 

(c) Transfer and Exchange of Global Securities. (i) The transfer and exchange of Global Securities or beneficial
interests therein shall be effected through the Depositary, in accordance with the Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depositary therefor. A transferor of a beneficial
interest in a Global Security shall deliver a written order given in accordance with the Depositary’s procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in such Global
Security or another Global Security and such account shall be credited in accordance with such order with a beneficial interest in the applicable Global Security and the account of the Person making the transfer shall be debited by an amount equal
to the beneficial interest in the Global Security being transferred. Transfers by an owner of a beneficial interest in the Rule 144A Global Security or the IAI Global Security to a transferee who takes delivery of such interest through the
Regulation S Global Security, whether before or after the expiration of the Restricted Period, shall be made only upon receipt by the Trustee of a certification in the form provided on the reverse of the Initial Securities from the transferor to the
effect that such transfer is being made in accordance with Regulation S or (if available) Rule 144 under the Securities Act and that, if such transfer is being made prior to the expiration of the Restricted Period, the interest transferred shall be
held immediately thereafter through Euroclear or Clearstream. In the case of a transfer of a 

  
 6 

 
beneficial interest in either the Regulation S Global Security or the Rule 144A Global Security for an interest in the IAI Global Security, the transferee must furnish a signed letter
substantially in the form of Exhibit C to the Indenture to the Trustee. 
 (ii) If the proposed transfer is
a transfer of a beneficial interest in one Global Security to a beneficial interest in another Global Security, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Security to which
such interest is being transferred in an amount equal to the principal amount of the interest to be so transferred, and the Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global
Security from which such interest is being transferred. 
 (iii) Notwithstanding any other provisions of
this Appendix (other than the provisions set forth in Section 2.4), a Global Security may not be transferred as a whole except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. 
 (iv) In the event that a Global Security is exchanged for Definitive Securities pursuant to Section 2.4 prior to the consummation of a Registered Exchange Offer or the effectiveness of a Shelf
Registration Statement with respect to such Securities, such Securities may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.3 (including the certification requirements
set forth on the reverse of the Initial Securities intended to ensure that such transfers comply with Rule 144A, Regulation S or such other applicable exemption from registration under the Securities Act, as the case may be) and such other
procedures as may from time to time be adopted by the Company. 
 (d) Restrictions on Transfer of Regulation S Global
Security. (i) Prior to the expiration of the Restricted Period, interests in the Regulation S Global Security may only be held through Euroclear or Clearstream. During the Restricted Period, beneficial ownership interests in the
Regulation S Global Security may only be sold, pledged or transferred through Euroclear or Clearstream in accordance with the Applicable Procedures and only (1) to the Company, (2) so long as such security is eligible for resale pursuant
to Rule 144A, to a person whom the selling holder reasonably believes is a QIB that purchases for its own account or for the account of a QIB to whom notice is given that the resale, pledge or transfer is being made in reliance on
Rule 144A, (3) in an offshore transaction in accordance with Regulation S, (4) pursuant to an exemption from registration under the Securities Act provided by Rule 144 (if applicable) under the Securities Act, (5) to an
IAI purchasing for its own account, or for the account of such an IAI, in a minimum principal amount of Securities of $250,000 or (6) pursuant to an effective registration statement under the Securities Act, in each case in accordance with any
applicable securities laws of any state of the United States. Prior to the expiration of the Restricted Period, transfers by an owner of a beneficial interest in the Regulation S 

  
 7 

 
Global Security to a transferee who takes delivery of such interest through the Rule 144A Global Security or the IAI Global Security shall be made only in accordance with Applicable Procedures
and upon receipt by the Trustee of a written certification from the transferor of the beneficial interest in the form provided on the reverse of the Initial Security to the effect that such transfer is being made to (1) a QIB within the meaning
of Rule 144A in a transaction meeting the requirements of Rule 144A or (2) an IAI purchasing for its own account, or for the account of such an IAI, in a minimum principal amount of the Securities of $250,000. Such written certification shall
no longer be required after the expiration of the Restricted Period. In the case of a transfer of a beneficial interest in the Regulation S Global Security for an interest in the IAI Global Security, the transferee must furnish a signed letter
substantially in the form of Exhibit C to the Indenture to the Trustee. 
 (ii) Upon the expiration of the
Restricted Period, beneficial ownership interests in the Regulation S Global Security shall be transferable in accordance with applicable law and the other terms of the Indenture. 

(e) Legend 
 (i) Except as permitted by the following paragraphs (ii), (iii) or (iv), each Security certificate evidencing the Global Securities and the Definitive Securities (and all Securities issued
in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such for purposes of the legend only): 

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

  
 8 

 
DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY)], ONLY (A) TO THE ISSUER,
(B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE
IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM
PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED WITHOUT FURTHER ACTION OF THE ISSUER, THE TRUSTEE OR ANY HOLDER AT SUCH TIME AS THE ISSUER INSTRUCTS THE TRUSTEE IN WRITING TO REMOVE SUCH LEGEND IN
ACCORDANCE WITH THE INDENTURE. 
 Each certificate evidencing a Security offered in reliance on Regulation S
shall, in addition to the foregoing, bear a legend in substantially the following form: 
 BY ITS ACQUISITION
HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 

  
 9 

 Each Definitive Security shall bear the following additional legend:

 IN CONNECTION WITH ANY TRANSFER, THE HOLDER SHALL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH
CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
 (ii) Upon any sale or transfer of a Transfer Restricted Security that is a Definitive Security, the Registrar shall permit the Holder thereof to exchange such Transfer Restricted Security for a
Definitive Security that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Security if the Holder certifies in writing to the Registrar that its request for such exchange was made in
reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Initial Security). 
 (iii) After a transfer of any Initial Securities during the period of the effectiveness of a Shelf Registration Statement with respect to such Initial Security, all requirements pertaining to the
Restricted Securities Legend on such Initial Securities shall cease to apply and the requirements that any such Initial Securities be issued in global form shall continue to apply. 

(iv) Upon the consummation of a Registered Exchange Offer with respect to the Initial Securities pursuant to which
Holders of such Initial Securities are offered Exchange Securities in exchange for their Initial Securities, all requirements pertaining to Initial Securities that Initial Securities be issued in global form shall continue to apply, and Exchange
Securities in global form without the Restricted Securities Legend shall be available to Holders that exchange such Initial Securities in such Registered Exchange Offer. 

(vi) Upon a sale or transfer after the expiration of the Restricted Period of any Initial Security acquired pursuant
to Regulation S, all requirements that such Initial Security bear the Restricted Securities Legend shall cease to apply and the requirements requiring any such Initial Security be issued in global form shall continue to apply. 

(vii) Any Additional Securities sold in a registered offering shall not be required to bear the Restricted Securities
Legend. 
 (f) Cancellation or Adjustment of Global Security. At such time as all beneficial interests in a Global
Security have either been exchanged for Definitive Securities, transferred, redeemed, repurchased or cancelled, such Global Security shall be returned by the Depositary to the Trustee for cancellation or retained and cancelled by the

  
 10 

 
Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Security is exchanged for Definitive Securities, transferred in exchange for an interest in another Global
Security, redeemed, repurchased or canceled, the principal amount of Securities represented by such Global Security shall be reduced and an adjustment shall be made on the books and records of the Trustee (if it is then the Securities Custodian for
such Global Security) with respect to such Global Security, by the Trustee or the Securities Custodian, to reflect such reduction. 
 (g) Obligations with Respect to Transfers and Exchanges of Securities 
 (i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate, Definitive Securities and Global Securities at the Registrar’s request.

 (ii) No service charge shall be made for any registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon exchanges pursuant to
Sections 2.07, 3.06, 4.06, 4.08 and 9.05 of the Indenture). 
 (iii) Prior to the due presentation for
registration of transfer of any Security, the Company, the Trustee, the Paying Agent or the Registrar may deem and treat the person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of
principal of and interest on such Security and for all other purposes whatsoever, whether or not such Security is overdue, and none of the Company, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary.

 (iv) All Securities issued upon any transfer or exchange pursuant to the terms of the Indenture shall
evidence the same debt and shall be entitled to the same benefits under the Indenture as the Securities surrendered upon such transfer or exchange. 
 (h) No Obligation of the Trustee 
 (i) The Trustee
shall have no responsibility or obligation to any beneficial owner of a Global Security, a member of, or a participant in the Depositary or any other Person with respect to the accuracy of the records of the Depositary or its nominee or of any
participant or member thereof, with respect to any ownership interest in the Securities or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of
redemption or repurchase) or the payment of any amount, under or with respect to such Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Securities shall be given or made only to
the registered Holders (which shall be the Depositary or its nominee in the case of a Global Security). The rights of 

  
 11 

 
beneficial owners in any Global Security shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully
protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. 
 (ii) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under the Indenture or under applicable law with respect
to any transfer of any interest in any Security (including any transfers between or among Depositary participants, members or beneficial owners in any Global Security) other than to require delivery of such certificates, opinions and other
documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of the Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 2.4 Definitive Securities. (a) A Global Security deposited with the Depositary or with the Trustee as
Securities Custodian pursuant to Section 2.1 or issued in connection with a Registered Exchange Offer shall be transferred to the beneficial owners thereof in the form of Definitive Securities in an aggregate principal amount equal to the
principal amount of such Global Security, in exchange for such Global Security, only if such transfer complies with Section 2.3 and (i) the Depositary notifies the Company that it is unwilling or unable to continue as a Depositary for such
Global Security or if at any time the Depositary ceases to be a “clearing agency” registered under the Exchange Act, and, in either case, a successor depositary is not appointed by the Company within 90 days of such notice or after
the Company becomes aware of such event, or (ii) an Event of Default has occurred and is continuing or (iii) the Company, in its sole discretion, notifies the Trustee in writing that it elects to cause the issuance of certificated
Securities under the Indenture. 
 (b) Any Global Security that is transferable to the beneficial owners thereof pursuant
to this Section 2.4 shall be surrendered by the Depositary to the Trustee, to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such
Global Security, an equal aggregate principal amount of Definitive Securities of authorized denominations. Any portion of a Global Security transferred pursuant to this Section shall be executed, authenticated and delivered only in denominations of
$2,000 or any greater integral multiple of $1,000 thereof and registered in such names as the Depositary shall direct. Any certificated Initial Security in the form of a Definitive Security delivered in exchange for an interest in the Global
Security shall, except as otherwise provided by Section 2.3(e), bear the Restricted Securities Legend. 
 (c) Subject
to the provisions of Section 2.4(b), the registered Holder of a Global Security may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a
Holder is entitled to take under the Indenture or the Securities. 

  
 12 

 (d) In the event of the occurrence of any of the events specified in Section 2.4(a)(i),
(ii) or (iii), the Company will promptly make available to the Trustee a reasonable supply of Definitive Securities in fully registered form without interest coupons. 

  
 13 

 EXHIBIT A 
 [FORM OF FACE OF INITIAL SECURITY] 
 [Global Securities Legend] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, 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 IS 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. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [FOR REGULATION S GLOBAL SECURITY ONLY:
UNTIL 40 DAYS AFTER THE LATER OF COMMENCEMENT OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF SECURITIES WITHIN THE UNITED STATES BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF
SUCH OFFER OR SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.] 
 [Restricted Securities Legend] 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. 
 THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF,
AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE 

 
“RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: THE DATE ON WHICH THE ISSUER INSTRUCTS THE TRUSTEE THAT THIS RESTRICTIVE LEGEND SHALL BE DEEMED
REMOVED (WHICH INSTRUCTION IS EXPECTED TO BE GIVEN ON OR ABOUT THE ONE YEAR ANNIVERSARY OF THE ISSUANCE OF THIS SECURITY)] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON
WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY)], ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES
WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED
INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR
OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S
RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED WITHOUT
FURTHER ACTION OF THE ISSUER, THE TRUSTEE OR ANY HOLDER AT SUCH TIME AS THE ISSUER INSTRUCTS THE TRUSTEE IN WRITING TO REMOVE SUCH LEGEND IN ACCORDANCE WITH THE INDENTURE. 
 [IN THE CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS
SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 

  
 2 

 Each Definitive Security shall bear the following additional legend: 

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

  
 3 

			
	No.        	  	$        

 [—]% Senior Notes Due 2023 

 

	
	CUSIP No.            
	
	ISIN No.            

 Murphy Oil USA, Inc., a Delaware corporation, promises to pay
            , or registered assigns, the principal sum listed on the Schedule of Increases or Decreases in Global Security attached hereto on
[—], 2023. 
 Interest Payment Dates:
[—] and [—]. 
 Record
Dates: [—] and [—]. 

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

IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	MURPHY OIL USA, INC.
		
	        By	 	
	
	  

		 	Name:
		
		 	Title:

  

									
	 TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

	
	Dated:
	
	U.S. BANK NATIONAL ASSOCIATION
		 	 as Trustee, certifies
that this is one of
the Securities referred
to in the Indenture.

					
		 		 		 	By	 	
			
		 	  	 	  

		 		 	 Authorized Signatory

  
 4 

 [FORM OF REVERSE SIDE OF INITIAL SECURITY] 

[—]% Senior Note Due 2023 

 

	1.	Interest 

 (a) Murphy
Oil USA, Inc., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this
Security at the rate per annum shown above; provided, however, that if a Registration Default (as defined in the Registration Rights Agreement) occurs, Additional Interest will accrue on this Security at a rate of 0.25% per annum
(increasing by an additional 0.25% per annum for each subsequent 90-day period that occurs after the date on which the Registration Default occurs to a maximum additional interest rate of 1.00%) from and including the date on which any new
Registration Default shall occur to but excluding the date on which all Registration Defaults have been cured. The Company shall pay interest semiannually in arrears on [—] and [—] of each year. Interest on the Securities shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from [—], 2013 until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day
months. 
  

	2.	Method of Payment 

 The
Company shall pay interest on the Securities (except defaulted interest) to the Persons who are registered Holders at the close of business on the [—] or
[—] next preceding the interest payment date even if Securities are canceled after the record date and on or before the interest payment date. Holders must surrender Securities to a Paying Agent to
collect principal payments. The Company shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the
Securities represented by a Global Security (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depositary. The
Company will make all payments in respect of a certificated Security (including principal, premium, if any, and interest), at the office of the Paying Agent, except that, at the option of the Company, payment of interest may be made by mailing a
check to the registered address of each Holder thereof; provided, however, that payments on the Securities may also be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such
Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the
Trustee may accept in its discretion). 

  
 5 

	3.	Paying Agent and Registrar 

Initially, U.S. Bank National Association, a national banking association, the initial Trustee under the Indenture, shall act as Paying
Agent and Registrar. The Company may appoint and change any Paying Agent or Registrar without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 

 

	4.	Indenture 

 The Company
issued the Securities under an Indenture dated as of August [—], 2013 (the “Indenture”), among the Company, the Guarantors and the Trustee. The terms of the Securities include those
stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in
the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all terms and provisions of the Indenture, and Holders (as defined in the Indenture) are referred to the Indenture and the TIA
for a statement of such terms and provisions. 
 The Securities are senior unsecured obligations of the Company. This Security
is one of Initial Securities referred to in the Indenture. The Securities include the Initial Securities and any Exchange Securities issued in exchange for Initial Securities pursuant to the Indenture. The Initial Securities and any Exchange
Securities are treated as a single class of securities under the Indenture. The Indenture imposes certain limitations on the ability of Holdings, the Company and the Restricted Subsidiaries to, among other things, make certain Investments and other
Restricted Payments, pay dividends and other distributions, incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of such
Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or incur Liens or make asset sales. The Indenture also imposes limitations on the ability of the Company and each Guarantor to consolidate or merge with or
into any other Person or convey, transfer or lease all or substantially all its property. These limitations are subject to suspension during a Suspension Period. 
 To guarantee the due and punctual payment of the principal of or interest on the Securities and all other amounts payable by the Company under the Indenture and the Securities when and as the same shall
be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Securities and the Indenture, the Guarantors have jointly and severally unconditionally guaranteed the Guaranteed Obligations on a senior basis
pursuant to the terms of the Indenture, subject to the release provisions in the Indenture in respect of Subsidiary Guarantors, including those applicable during a Suspension Period. 

 

	5.	Optional Redemption 

Except as set forth in the following paragraphs of this Section 5, the Securities shall not be redeemable at the option of the
Company prior to [—], 2018. 

  
 6 

 On or after [—], 2018, the Securities
shall be redeemable at the option of the Company, in whole or in part, on not less than 30 nor more than 60 days prior notice, at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest
to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the 12-month period commencing
on [—] of the years set forth below: 
  

					
	 Year
	  	Redemption
Price	 
		
	 2018
	  	 	[—	]% 
	 2019
	  	 	[—	]% 
	 2020
	  	 	[—	]% 
	 2021 and thereafter
	  	 	100.000	% 

 In addition, at any time prior to [—], 2016, the
Company may, at its option, redeem on one or more occasions Securities (which includes Additional Securities, if any) up to a maximum of 35% of the aggregate principal amount of the Securities (calculated giving effect to any issuance of Additional
Securities) originally issued at a redemption price equal to [—]% of the principal amount thereof, plus accrued and unpaid interest thereon to the redemption date (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant interest payment date), with the Net Cash Proceeds from one or more Qualified Equity Offerings; provided, however, that (1) at least 65% of such aggregate
principal amount of the Securities (calculated giving effect to any issuance of Additional Securities) remains outstanding immediately after the occurrence of each such redemption (other than Securities held, directly or indirectly, by the Company
or its Affiliates); and (2) each such redemption occurs within ninety (90) days after the date of the related Qualified Equity Offering. 
 Prior to [—], 2018, we will be entitled at our option to redeem all or a portion of the notes at a redemption price equal to 100% of the principal amount
of the notes, plus the Applicable Premium as of, and accrued and unpaid interest to, the redemption date (subject to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date). 

Any such redemption shall be made within 60 days of such Qualified Equity Offering upon not less than 30 nor more than
60 days notice mailed to each Holder of Securities being redeemed and otherwise in accordance with the procedures set forth in the Indenture. 
  

	6.	Mandatory Redemption or Sinking Fund 

 Except pursuant to Section 3.07 of the Indenture, the Securities are not subject to any mandatory redemption or sinking fund. 

  
 7 

	7.	Notice of Redemption 

Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date
(except in the case of a Special Mandatory Redemption) to each Holder of Securities to be redeemed at his or her registered address. Securities in denominations of $2,000 or less may be redeemed in whole but not in part. If money sufficient to pay
the redemption price of and accrued and unpaid interest, if any, on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and certain other conditions are
satisfied, on and after such date interest ceases to accrue on such Securities (or such portions thereof) called for redemption. 
  

	8.	Repurchase of Securities at the Option of Holders upon Change of Control and Asset Dispositions 

Upon the occurrence of a Change of Control, any Holder of Securities will have the right, subject to certain conditions specified in the
Indenture, to cause the Company to repurchase all or any part of the Securities of such Holder at a purchase price equal to 101% of the principal amount of the Securities to be repurchased plus accrued and unpaid interest to the date of repurchase
(subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date that is on or prior to the date of purchase) as provided in, and subject to the terms of, the Indenture. 

In accordance with Section 4.06 of the Indenture, the Company will be required to offer to purchase Securities upon the occurrence
of certain asset sales or dispositions. 
  

	9.	Denominations; Transfer; Exchange 

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

	10.	Persons Deemed Owners 

Except as provided in paragraph 2 hereof, the registered Holder of this Security may be treated as the owner of it for all purposes.

  

	11.	Unclaimed Money 

 If money
for the payment of principal or interest remains unclaimed for two years, the Trustee and the Paying Agent shall pay the money back to the Company at its written request unless an abandoned property law designates another Person. After

  
 8 

 
any such payment, Holders entitled to the money must look to the Company for payment as general creditors and the Trustee and the Paying Agent shall have no further liability with respect to such
monies. 
  

	12.	Discharge and Defeasance 

Subject to certain conditions, the Company at any time may terminate some of or all its obligations under the Securities and the Indenture
if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal of, and interest on, the Securities to redemption or maturity, as the case may be. 

 

	13.	Amendment, Waiver 

Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Securities may be amended without prior notice to
any Holder but with the written consent of the Holders of at least a majority in aggregate principal amount of the outstanding Securities and (ii) any default may be waived with the written consent of the Holders of at least a majority in
principal amount of the outstanding Securities. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company, the Guarantors and the Trustee may amend the Indenture or the Securities (i) to cure any
ambiguity, omission, defect or inconsistency; (ii) to comply with Article 5 of the Indenture; (iii) to provide for uncertificated Securities in addition to or in place of certificated Securities; (iv) to add Guarantees with
respect to the Securities or to secure the Securities; (v) to add additional covenants or to surrender rights and powers conferred on the Company or any Guarantor; (vi) to comply with the requirements of the SEC in order to effect or
maintain the qualification of the Indenture under the TIA; (vii) to make any change that does not adversely affect the rights of any Holder; (viii) to conform the text of the Indenture, the Securities or any Guarantee to any provision
contained in the Offering Memorandum under the heading “Description of the notes” in the Offering Memorandum to the extent that such provision in such “Description of the notes” was intended to be a verbatim recitation of a
provision of the Indenture, the Securities or such Subsidiary Guarantee, as applicable; or (ix) to make any amendment to the provisions of the Indenture relating to the transfer and legending of Securities. 

 

	14.	Defaults and Remedies 

 If
an Event of Default occurs (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization) and is continuing, the Trustee or the Holders of at least 25% in principal amount of the outstanding Securities may
declare the principal of and accrued but unpaid interest on all the Securities to be due and payable. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization occurs, the principal of and interest on all the
Securities shall become immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority in principal amount of the outstanding Securities may rescind
any such acceleration with respect to the Securities and its consequences. 

  
 9 

 If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to
exercise any of the rights or powers under the Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee reasonable indemnity or security against any loss, liability or expense and certain other
conditions are complied with. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue any remedy with respect to the Indenture or the Securities unless (i) such Holder has
previously given the Trustee notice that an Event of Default is continuing, (ii) Holders of at least 25% in principal amount of the outstanding Securities have requested the Trustee in writing to pursue the remedy, (iii) such Holders have
offered the Trustee reasonable security or indemnity against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity and
(v) the Holders of a majority in principal amount of the outstanding Securities have not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to certain
restrictions, the Holders of a majority in principal amount of the outstanding Securities are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or
power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the
Trustee in personal liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action.

  

	15.	Trustee Dealings with the Company 

 Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and
collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 

 

	16.	No Recourse Against Others 

A director, officer, employee or stockholder, as such, of Holdings, the Company or any Subsidiary Guarantor shall not have any liability
for any obligations of Holdings, the Company or any Subsidiary Guarantor under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder waives
and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 
  

	17.	Authentication 

 This
Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security. 

  
 10 

	18.	Abbreviations 

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

	19.	Governing Law 

 THIS
SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

	20.	CUSIP and ISIN Numbers 

The Company has caused CUSIP and ISIN numbers to be printed on the Securities and has directed the Trustee to use CUSIP and ISIN numbers
in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon. 
 The Company will furnish to any Holder of Securities upon written request and
without charge to the Holder a copy of the Indenture which has in it the text of this Security. 

  
 11 

 ASSIGNMENT FORM 
 To assign this Security, fill in the form below: 
 I or we assign and transfer this Security to

  
  

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

 
 (Insert assignee’s soc. sec.
or tax I.D. No.) 
 and irrevocably appoint
                     agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

 
  
  

 

									
	Date:	 	  
	 		 	Your Signature:	 	  

  
  

 
 Sign exactly as your name appears on the other side
of this Security. Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee. 

  
 12 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR REGISTRATION OF 

TRANSFER RESTRICTED SECURITIES 

This certificate relates to $         principal amount of Securities held in (check applicable space)
             book-entry or              definitive form by the undersigned. 

The undersigned (check one box below): 
  

	 ̈	has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Security held by the Depositary a Security or Securities in
definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Security (or the portion thereof indicated above); 

 

	 ̈	has requested the Trustee by written order to exchange or register the transfer of a Security or Securities. 

In connection with any transfer of any of the Securities evidenced by this certificate occurring prior to the expiration of the period referred to in
Rule 144(k) under the Securities Act, the undersigned confirms that such Securities are being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW 
  

					
	(1)	 	 ̈	  	to the Company; or
			
	(2)	 	 ̈	  	to the Registrar for registration in the name of the Holder, without transfer; or
			
	(3)	 	 ̈	  	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	(4)	 	 ̈	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or
for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933;
or
			
	(5)	 	 ̈	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of
1933 and such Security shall be held immediately after the transfer through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or

  
 13 

					
	(6)	 	 ̈	  	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a
signed letter containing certain representations and agreements; or
			
	(7)	 	 ̈	  	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Securities
evidenced by this certificate in the name of any Person other than the registered Holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Trustee may require, prior to registering any such transfer
of the Securities, such legal opinions, certifications and other information as the Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933. 
  

									
		 		 		 	  

		 		 		 	Your Signature
				
	Signature Guarantee:	 		 		 	
				
	Date:	 	  
	 		 	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee	 		 	        	 	Signature of Signature Guarantee

  
  

TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account
is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information
regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to
claim the exemption from registration provided by Rule 144A. 
  

									
	Dated:	 	  
	 		 	  

		 		 		 	        	 	NOTICE: To be executed by an executive officer

  
 14 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 
 The initial principal amount of this Global Security is $[        ]. The following increases or decreases in this Global Security have been made: 

 

									
	Date of Exchange	  	Amount of decrease in
Principal Amount of this
Global Security	  	Amount of increase in
Principal Amount of this
Global Security	  	Principal amount of this
Global Security following
such decrease or increase	  	Signature of authorized
signatory of Trustee or
Securities Custodian
		  		  		  		  	
		  		  		  		  	

  
 15 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 4.06 (Asset Disposition) or 4.08 (Change of
Control) of the Indenture, check the box: 
 Asset Disposition  ̈ Change of
Control  ̈ 
 If you want to elect to have only part of this Security purchased
by the Company pursuant to Section 4.06 or 4.08 of the Indenture, state the amount ($2,000 or any greater integral multiple of $1,000 thereof): 
 $         
  

									
	Date:	 	  
	 		 	Your Signature:	 	  

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

  

			
	Signature Guarantee:	 	  

		 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee

  
 16 

 EXHIBIT B 
 [FORM OF FACE OF EXCHANGE SECURITY] 
 [Global Securities Legend] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, 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 IS 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. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

			
	No.            	  	$        

 [—]% Senior Notes Due 2023 

CUSIP No.            

ISIN No.            

Murphy Oil USA, Inc., a Delaware corporation, promises to pay         , or registered assigns,
the principal sum listed on the Schedule of Increases or Decreases in Global Security attached hereto on [—], 2023. 
 Interest Payment Dates: [—] and [—]. 

Record Dates: [—] and [—].

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

IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	MURPHY OIL USA, INC.
		
	    By	 	
	  

		 	Name:
		
		 	Title:

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 

Dated: 
  

			
	U.S. BANK NATIONAL ASSOCIATION
	 as Trustee, certifies
    that this is one of
    the Securities
referred
    to in the Indenture.

		
		 	By

  

					
		 		 	  
 Authorized
Signatory

  
 2 

 [FORM OF REVERSE SIDE OF EXCHANGE SECURITY] 

[—]% Senior Note Due 2023 

 

	1.	Interest 

 (a) Murphy
Oil USA, Inc., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this
Security at the rate per annum shown above; provided, however, that if a Registration Default (as defined in the Registration Rights Agreement) occurs, Additional Interest will accrue on this Security at a rate of 0.25% per annum
(increasing by an additional 0.25% per annum for each subsequent 90-day period that occurs after the date on which the Registration Default occurs to a maximum additional interest rate of 1.00%) from and including the date on which any new
Registration Default shall occur to but excluding the date on which all Registration Defaults have been cured. The Company shall pay interest semiannually in arrears on [—] and [—] of each year. Interest on the Securities shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from [—], 2013 until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day
months. 
  

	2.	Method of Payment 

 The
Company shall pay interest on the Securities (except defaulted interest) to the Persons who are registered Holders at the close of business on the [—] or
[—] next preceding the interest payment date even if Securities are canceled after the record date and on or before the interest payment date. Holders must surrender Securities to a Paying Agent to
collect principal payments. The Company shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the
Securities represented by a Global Security (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depositary. The
Company will make all payments in respect of a certificated Security (including principal, premium, if any, and interest), at the office of the Paying Agent, except that, at the option of the Company, payment of interest may be made by mailing a
check to the registered address of each Holder thereof; provided, however, that payments on the Securities may also be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such
Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the
Trustee may accept in its discretion). 

  
 3 

	3.	Paying Agent and Registrar 

Initially, U.S. Bank National Association, a national banking association, the initial Trustee under the Indenture, shall act as Paying
Agent and Registrar. The Company may appoint and change any Paying Agent or Registrar without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 

 

	4.	Indenture 

 The Company
issued the Securities under an Indenture dated as of August [—], 2013 (the “Indenture”), among the Company, the Guarantors and the Trustee. The terms of the Securities include those
stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in
the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all terms and provisions of the Indenture, and Holders (as defined in the Indenture) are referred to the Indenture and the TIA
for a statement of such terms and provisions. 
 The Securities are senior unsecured obligations of the Company. This Security
is one of Initial Securities referred to in the Indenture. The Securities include the Initial Securities and any Exchange Securities issued in exchange for Initial Securities pursuant to the Indenture. The Initial Securities and any Exchange
Securities are treated as a single class of securities under the Indenture. The Indenture imposes certain limitations on the ability of Holdings, the Company and the Restricted Subsidiaries to, among other things, make certain Investments and other
Restricted Payments, pay dividends and other distributions, incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of such
Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or incur Liens or make asset sales. The Indenture also imposes limitations on the ability of the Company and each Guarantor to consolidate or merge with or
into any other Person or convey, transfer or lease all or substantially all its property. These limitations are subject to suspension during a Suspension Period. 
 To guarantee the due and punctual payment of the principal of or interest on the Securities and all other amounts payable by the Company under the Indenture and the Securities when and as the same shall
be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Securities and the Indenture, the Guarantors have jointly and severally unconditionally guaranteed the Guaranteed Obligations on a senior basis
pursuant to the terms of the Indenture, subject to the release provisions in the Indenture in respect of Subsidiary Guarantors, including those applicable during a Suspension Period. 

 

	5.	Optional Redemption 

Except as set forth in the following paragraphs of this Section 5, the Securities shall not be redeemable at the option of the
Company prior to [—], 2018. 

  
 4 

 On or after [—], 2018, the Securities
shall be redeemable at the option of the Company, in whole or in part, on not less than 30 nor more than 60 days prior notice, at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest
to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the 12-month period commencing
on [—] of the years set forth below: 
  

					
	 Year
	  	Redemption
Price	 
		
	 2018
	  	 	[—	]% 
	 2019
	  	 	[—	]% 
	 2020
	  	 	[—	]% 
	 2021 and thereafter
	  	 	100.000	% 

 In addition, at any time prior to [—], 2016, the
Company may, at its option, redeem on one or more occasions Securities (which includes Additional Securities, if any) up to a maximum of 35% of the aggregate principal amount of the Securities (calculated giving effect to any issuance of Additional
Securities) originally issued at a redemption price equal to [—]% of the principal amount thereof, plus accrued and unpaid interest thereon to the redemption date (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant interest payment date), with the Net Cash Proceeds from one or more Qualified Equity Offerings; provided, however, that (1) at least 65% of such aggregate
principal amount of the Securities (calculated giving effect to any issuance of Additional Securities) remains outstanding immediately after the occurrence of each such redemption (other than Securities held, directly or indirectly, by the Company
or its Affiliates); and (2) each such redemption occurs within ninety (90) days after the date of the related Qualified Equity Offering. 
 Prior to [—], 2018, we will be entitled at our option to redeem all or a portion of the notes at a redemption price equal to 100% of the principal amount
of the notes, plus the Applicable Premium as of, and accrued and unpaid interest to, the redemption date (subject to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date). 

Any such redemption shall be made within 60 days of such Qualified Equity Offering upon not less than 30 nor more than
60 days notice mailed to each Holder of Securities being redeemed and otherwise in accordance with the procedures set forth in the Indenture. 
  

	6.	Mandatory Redemption or Sinking Fund 

 Except pursuant to Section 3.07 of the Indenture, the Securities are not subject to any mandatory redemption or sinking fund. 

  
 5 

	7.	Notice of Redemption 

Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date
(except in the case of a Special Mandatory Redemption) to each Holder of Securities to be redeemed at his or her registered address. Securities in denominations of $2,000 or less may be redeemed in whole but not in part. If money sufficient to pay
the redemption price of and accrued and unpaid interest, if any, on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and certain other conditions are
satisfied, on and after such date interest ceases to accrue on such Securities (or such portions thereof) called for redemption. 
  

	8.	Repurchase of Securities at the Option of Holders upon Change of Control and Asset Dispositions 

Upon the occurrence of a Change of Control, any Holder of Securities will have the right, subject to certain conditions specified in the
Indenture, to cause the Company to repurchase all or any part of the Securities of such Holder at a purchase price equal to 101% of the principal amount of the Securities to be repurchased plus accrued and unpaid interest to the date of repurchase
(subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date that is on or prior to the date of purchase) as provided in, and subject to the terms of, the Indenture. 

In accordance with Section 4.06 of the Indenture, the Company will be required to offer to purchase Securities upon the occurrence
of certain asset sales or dispositions. 
  

	9.	Denominations; Transfer; Exchange 

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

	10.	Persons Deemed Owners 

Except as provided in paragraph 2 hereof, the registered Holder of this Security may be treated as the owner of it for all purposes.

  

	11.	Unclaimed Money 

 If money
for the payment of principal or interest remains unclaimed for two years, the Trustee and the Paying Agent shall pay the money back to the Company at its written request unless an abandoned property law designates another Person. After

  
 6 

 
any such payment, Holders entitled to the money must look to the Company for payment as general creditors and the Trustee and the Paying Agent shall have no further liability with respect to such
monies. 
  

	12.	Discharge and Defeasance 

Subject to certain conditions, the Company at any time may terminate some of or all its obligations under the Securities and the Indenture
if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal of, and interest on, the Securities to redemption or maturity, as the case may be. 

 

	13.	Amendment, Waiver 

Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Securities may be amended without prior notice to
any Holder but with the written consent of the Holders of at least a majority in aggregate principal amount of the outstanding Securities and (ii) any default may be waived with the written consent of the Holders of at least a majority in
principal amount of the outstanding Securities. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company, the Guarantors and the Trustee may amend the Indenture or the Securities (i) to cure any
ambiguity, omission, defect or inconsistency; (ii) to comply with Article 5 of the Indenture; (iii) to provide for uncertificated Securities in addition to or in place of certificated Securities; (iv) to add Guarantees with
respect to the Securities or to secure the Securities; (v) to add additional covenants or to surrender rights and powers conferred on the Company or any Guarantor; (vi) to comply with the requirements of the SEC in order to effect or
maintain the qualification of the Indenture under the TIA; (vii) to make any change that does not adversely affect the rights of any Holder; (viii) to conform the text of the Indenture, the Securities or any Guarantee to any provision
contained in the Offering Memorandum under the heading “Description of the notes” in the Offering Memorandum to the extent that such provision in such “Description of the notes” was intended to be a verbatim recitation of a
provision of the Indenture, the Securities or such Subsidiary Guarantee, as applicable; or (ix) to make any amendment to the provisions of the Indenture relating to the transfer and legending of Securities. 

 

	14.	Defaults and Remedies 

 If
an Event of Default occurs (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization) and is continuing, the Trustee or the Holders of at least 25% in principal amount of the outstanding Securities may
declare the principal of and accrued but unpaid interest on all the Securities to be due and payable. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization occurs, the principal of and interest on all the
Securities shall become immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority in principal amount of the outstanding Securities may rescind
any such acceleration with respect to the Securities and its consequences. 

  
 7 

 If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to
exercise any of the rights or powers under the Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee reasonable indemnity or security against any loss, liability or expense and certain other
conditions are complied with. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue any remedy with respect to the Indenture or the Securities unless (i) such Holder has
previously given the Trustee notice that an Event of Default is continuing, (ii) Holders of at least 25% in principal amount of the outstanding Securities have requested the Trustee in writing to pursue the remedy, (iii) such Holders have
offered the Trustee reasonable security or indemnity against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity and
(v) the Holders of a majority in principal amount of the outstanding Securities have not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to certain
restrictions, the Holders of a majority in principal amount of the outstanding Securities are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or
power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the
Trustee in personal liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action.

  

	15.	Trustee Dealings with the Company 

 Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and
collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 

 

	16.	No Recourse Against Others 

A director, officer, employee or stockholder, as such, of Holdings, the Company or any Subsidiary Guarantor shall not have any liability
for any obligations of Holdings, the Company or any Subsidiary Guarantor under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder waives
and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 
  

	17.	Authentication 

 This
Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security. 

  
 8 

	18.	Abbreviations 

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

	19.	Governing Law 

 THIS
SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

	20.	CUSIP and ISIN Numbers 

The Company has caused CUSIP and ISIN numbers to be printed on the Securities and has directed the Trustee to use CUSIP and ISIN numbers
in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon. 
 The Company will furnish to any Holder of Securities upon written request and
without charge to the Holder a copy of the Indenture which has in it the text of this Security. 

  
 9 

 ASSIGNMENT FORM 
 To assign this Security, fill in the form below: 
 I or we assign and transfer this Security to

  
  

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

 
 (Insert assignee’s soc. sec.
or tax I.D. No.) 
 and irrevocably appoint
                     agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

 
  
  

 

									
	Date:	 	  
	 		 	Your Signature:	 	  

  
  

 
 Sign exactly as your name appears on the other side
of this Security. Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee. 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 4.06 (Asset Disposition) or 4.08 (Change of
Control) of the Indenture, check the box: 
 Asset Disposition  ̈ Change of
Control  ̈ 
 If you want to elect to have only part of this Security purchased
by the Company pursuant to Section 4.06 or 4.08 of the Indenture, state the amount ($2,000 or any greater integral multiple of $1,000 thereof): 
 $ 
  

									
	Date:	 	  
	 		 	Your Signature:	 	  

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

 

			
	Signature Guarantee:	 	  

		 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 
 The initial principal amount of this Global Security is $[        ]. The following increases or decreases in this Global Security have been made: 

 

									
	Date of Exchange	  	Amount of decrease in
Principal Amount of this
Global Security	  	Amount of increase in
Principal Amount of this
Global Security	  	Principal amount of this
Global Security following
such decrease or increase	  	Signature of authorized
signatory of Trustee or
Securities Custodian
		  		  		  		  	
		  		  		  		  	

 EXHIBIT C 
 Form of 
 Transferee Letter of Representation 

Murphy Oil USA, Inc. 
 In care of 

[        ] 
 [        ] 

[        ] 
 Ladies and Gentlemen: 
 This certificate is delivered to request a transfer of
$[        ] principal amount of the [—]% Senior Notes due 2023 (the “Securities”) of Murphy Oil USA, Inc. (the “Company”). 

Upon transfer, the Securities would be registered in the name of the new beneficial owner as follows: 

Name:
                                        

Address:                        
             
 Taxpayer ID
Number:                                        

 The undersigned represents and warrants to you that: 

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

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

  

			
	TRANSFEREE:                          
                  ,
		
	            by:Form of Registration Rights Agreement

 Exhibit 4.3 
 FORM OF REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT
dated August [•], 2013 (this “Agreement”) is entered into by and among Murphy Oil USA, Inc., a Delaware corporation (the “Company”), Murphy USA Inc., a Delaware corporation which, upon completion of the
Separation (as defined in the Purchase Agreement (as defined in below)) will become the parent of the Company (“Holdings”), the subsidiaries of the Company listed in Schedule 1 hereto (together with Holdings, the “Initial
Guarantors”) and J.P. Morgan Securities LLC, as representative (the “Representative”) of the initial purchasers listed in Schedule 1 to the Purchase Agreement (as defined below) (the “Initial Purchasers”).

 The Company, the Guarantors and the Representative, for itself and on behalf of the several Initial Purchasers, are parties
to the Purchase Agreement dated August [•], 2013 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $500,000,000 aggregate principal amount of the Company’s [•]% Senior
Notes due 2023 (the “Securities”) which will be guaranteed on an unsecured senior basis by each of the Guarantors. As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company and the Guarantors have
agreed to provide to the Initial Purchasers and their direct and indirect transferees the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement.

 In consideration of the foregoing, the parties hereto agree as follows: 

1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 

“Additional Guarantor” shall mean any subsidiary of the Company that executes a supplemental indenture to the Indenture
pursuant to which such subsidiary becomes a Guarantor of the Securities after the date of this Agreement. 
 “Business
Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed. 
 “Company” shall have the meaning set forth in the preamble and shall also include the Company’s successors. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 
 “Exchange Dates” shall have the meaning set forth in Section 2(a)(ii) hereof. 

 “Exchange Offer” shall mean the exchange offer by the Company and the
Guarantors of Exchange Securities for Registrable Securities pursuant to Section 2(a) hereof. 
 “Exchange Offer
Registration” shall mean a registration under the Securities Act effected pursuant to Section 2(a) hereof. 

“Exchange Offer Registration Statement” shall mean an exchange offer registration statement on Form S-4 (or, if
applicable, on another appropriate form) and all amendments and supplements to such registration statement, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by
reference therein. 
 “Exchange Securities” shall mean senior notes issued by the Company and guaranteed by the
Guarantors under the Indenture containing terms identical to the Securities (except that the Exchange Securities will not be subject to restrictions on transfer or to any increase in annual interest rate for failure to comply with this Agreement,
and may have a different first interest payment date) and to be offered to Holders of Securities in exchange for Securities pursuant to the Exchange Offer. 
 “FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Free Writing Prospectus” means each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared
by or on behalf of the Company or used or referred to by the Company in connection with the sale of the Securities or the Exchange Securities. 
 “Guarantees” shall mean the guarantees of the Securities and guarantees of the Exchange Securities by the Guarantors under the Indenture. 

“Guarantors” shall mean the Initial Guarantors, any Additional Guarantors and any Guarantor’s successor that
Guarantees the Securities. 
 “Holders” shall mean the Initial Purchasers, for so long as they own any
Registrable Securities, and each of their successors, assigns and direct and indirect transferees who become owners of Registrable Securities under the Indenture; provided that, for purposes of Section 4 and Section 5 hereof, the
term “Holders” shall include Participating Broker-Dealers. 
 “Indemnified Person” shall have the
meaning set forth in Section 5(c) hereof. 
 “Indemnifying Person” shall have the meaning set forth in
Section 5(c) hereof. 
 “Indenture” shall mean the Indenture relating to the Securities dated as of August
[•], 2013 among the Company, the Guarantors and U.S. Bank National Association, as trustee, and as the same may be amended from time to time in accordance with the terms thereof. 

  
 2 

 “Initial Purchasers” shall have the meaning set forth in the preamble.

 “Inspector” shall have the meaning set forth in Section 3(a)(xiv) hereof. 

“Issuer Information” shall have the meaning set forth in Section 5(a) hereof. 

“J.P. Morgan” shall have the meaning set forth in the preamble. 

“Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of the outstanding Registrable
Securities; provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, any Registrable Securities owned directly or indirectly by the Company or any of its affiliates
shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage or amount; and provided, further, that if the Company shall issue any additional Securities under the Indenture
prior to consummation of the Exchange Offer or, if applicable, the effectiveness of any Shelf Registration Statement, such additional Securities and the Registrable Securities to which this Agreement relates shall be treated together as one class
for purposes of determining whether the consent or approval of Holders of a specified percentage of Registrable Securities has been obtained. 
 “Notice and Questionnaire” shall mean a notice of registration statement and selling security holder questionnaire distributed to a Holder by the Company upon receipt of a Shelf Request
from such Holder. 
 “Participating Broker-Dealers” shall have the meaning set forth in Section 4(a)
hereof. 
 “Participating Holder” shall mean any Holder of Registrable Securities that has returned a completed
and signed Notice and Questionnaire to the Company in accordance with Section 2(b) hereof. 
 “Person”
shall mean an individual, partnership, limited liability company, corporation, trust or unincorporated organization, or a government or agency or political subdivision thereof. 

“Prospectus” shall mean the prospectus included in, or, pursuant to the rules and regulations of the Securities Act,
deemed a part of, a Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any
portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to such prospectus, and in each case including any document incorporated by reference therein. 

“Purchase Agreement” shall have the meaning set forth in the preamble. 

“Registrable Securities” shall mean the Securities; provided that the Securities shall cease to be Registrable
Securities (i) when a Registration Statement with respect to 

  
 3 

 
such Securities has become effective under the Securities Act and such Securities have been exchanged or disposed of pursuant to such Registration Statement, (ii) when such Securities cease
to be outstanding or (iii) when the Exchange Offer is consummated, whether or not such notes are tendered for exchange in the Exchange Offer, except for Securities whose beneficial interests are held by an Initial Purchaser and that are
ineligible to be exchanged in the Exchange Offer,. 
 “Registration Default” shall mean the occurrence of any
of the following: (i) the Exchange Offer is not completed on or prior to the Target Registration Date, (ii) the Shelf Registration Statement, if required pursuant to Section 2(b)(i) or Section 2(b)(ii) hereof, has not become
effective on or prior to the Target Registration Date, (iii) if the Company receives a Shelf Request pursuant to Section 2(b)(iii), the Shelf Registration Statement required to be filed thereby has not become effective by the later of
(a) the Target Registration Date and (b) 90 days after delivery of such Shelf Request, (iv) the Shelf Registration Statement, if required by this Agreement, has become effective and thereafter ceases to be effective or the Prospectus
contained therein ceases to be usable, in each case whether or not permitted by this Agreement, at any time during the Shelf Effectiveness Period, and such failure to remain effective or usable exists for more than 60 days (whether or not
consecutive) in any 12-month period or (v) the Shelf Registration Statement, if required by this Agreement, has become effective and thereafter, on more than two occasions in any 12-month period during the Shelf Effectiveness Period, the Shelf
Registration Statement ceases to be effective or the Prospectus contained therein ceases to be usable, in each case whether or not permitted by this Agreement. 
 “Registration Expenses” shall mean any and all expenses incident to performance of or compliance by the Company and the Guarantors with this Agreement, including without limitation:
(i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with state securities or blue sky laws (including reasonable fees and disbursements of counsel for any
Underwriters or Holders in connection with blue sky qualification of any Exchange Securities or Registrable Securities), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing any
Registration Statement, any Prospectus, any Free Writing Prospectus and any amendments or supplements thereto, any underwriting agreements, securities sales agreements or other similar agreements and any other documents relating to the performance
of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating to the qualification of the Indenture under applicable securities laws, (vi) the fees and disbursements of the Trustee and its
counsel, (vii) the fees and disbursements of counsel for the Company and the Guarantors and, in the case of a Shelf Registration Statement, the fees and disbursements of one counsel for the Participating Holders (which counsel shall be selected
by the Participating Holders holding a majority of the aggregate principal amount of Registrable Securities held by such Participating Holders and which counsel may also be counsel for the Initial Purchasers) and (viii) the fees and
disbursements of the independent registered public accountants of the Company and the Guarantors, including the expenses of any special audits or “comfort” letters required by or incident to the performance of and compliance with this
Agreement, but excluding fees and expenses of counsel to the Underwriters (other than fees and expenses set forth in clause (ii) above) or the Holders and underwriting discounts and commissions, brokerage commissions and transfer taxes, if any,
relating to the sale or disposition of Registrable Securities by a Holder. 

  
 4 

 “Registration Statement” shall mean any registration statement of the
Company and the Guarantors that covers any of the Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. 
 “Representative” shall have the meaning set forth in the preamble. 
 “SEC” shall mean the United States Securities and Exchange Commission. 
 “Securities” shall have the meaning set forth in the preamble. 

“Securities Act” shall mean the Securities Act of 1933, as amended from time to time. 

“Shelf Effectiveness Period” shall have the meaning set forth in Section 2(b) hereof. 

“Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof. 

“Shelf Registration Statement” shall mean a “shelf” registration statement of the Company and the Guarantors
that covers all or a portion of the Registrable Securities (but no other securities unless approved by a majority in aggregate principal amount of the Securities held by the Participating Holders) on an appropriate form under Rule 415 under the
Securities Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part
thereof, all exhibits thereto and any document incorporated by reference therein. 
 “Shelf Request” shall have
the meaning set forth in Section 2(b) hereof. 
 “Staff” shall mean the staff of the SEC. 

“Target Registration Date” shall mean August [•], 2014. 

“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended from time to time. 

“Trustee” shall mean the trustee with respect to the Securities under the Indenture. 

“Underwriter” shall have the meaning set forth in Section 3(e) hereof. 

  
 5 

 “Underwritten Offering” shall mean an offering in which Registrable
Securities are sold to an Underwriter for reoffering to the public. 
 2. Registration Under the Securities Act.
(a) To the extent not prohibited by any applicable law or applicable interpretations of the Staff, the Company and the Guarantors shall use their reasonable best efforts to (x) cause to be filed an Exchange Offer Registration Statement
covering an offer to the Holders to exchange all the Registrable Securities for Exchange Securities and (y) have such Registration Statement become and remain effective after the last Exchange Date for use by one or more Participating
Broker-Dealers and other Persons, if any, with similar prospectus delivery requirements for the period of time required under the Securities Act for the delivery of a prospectus by Participating Broker-Dealers or such other Persons. The Company and
the Guarantors shall commence the Exchange Offer promptly after the Exchange Offer Registration Statement is declared effective by the SEC and use their reasonable best efforts to complete the Exchange Offer not later than 60 days after such
effective date. 
 The Company and the Guarantors shall commence the Exchange Offer by mailing the related Prospectus,
appropriate letters of transmittal and other accompanying documents to each Holder stating, in addition to such other disclosures as are required by applicable law, substantially the following: 

 

	 	(i)	that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities validly tendered and not properly withdrawn will be accepted for
exchange; 

  

	 	(ii)	the dates of acceptance for exchange (which shall be a period of at least 20 Business Days from the date such notice is mailed) (the “Exchange Dates”);

  

	 	(iii)	that any Registrable Security not tendered will remain outstanding and continue to accrue interest but will not retain any rights under this Agreement, except as
otherwise specified herein; 

  

	 	(iv)	that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be required to (A) surrender such Registrable Security,
together with the appropriate letters of transmittal, to the institution and at the address and in the manner specified in the notice, or (B) effect such exchange otherwise in compliance with the applicable procedures of the depositary for such
Registrable Security, in each case prior to the close of business on the last Exchange Date; and 

  

	 	(v)	that any Holder will be entitled to withdraw its election, not later than the close of business on the last Exchange Date, by (A) sending to the institution and at
the address specified in the notice, a telegram, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange and a statement that such Holder is withdrawing its
election to have such Securities exchanged or (B) effecting such withdrawal in compliance with the applicable procedures of the depositary for the Registrable Securities. 

  
 6 

 As a condition to participating in the Exchange Offer, a Holder will be required to
represent to the Company and the Guarantors that (1) any Exchange Securities to be received by it will be acquired in the ordinary course of its business, (2) at the time of the commencement of the Exchange Offer it has no arrangement or
understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of the Securities Act, (3) it is not an “affiliate” (within the
meaning of Rule 405 under the Securities Act) of the Company or any Guarantor and (4) if such Holder is a broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a
result of market-making or other trading activities, then such Holder will deliver a Prospectus (or, to the extent permitted by law, make available a Prospectus to purchasers) in connection with any resale of such Exchange Securities. 

As soon as practicable after the last Exchange Date, the Company and the Guarantors shall: 

 

	 	(I)	accept for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn pursuant to the Exchange Offer; and 

 

	 	(II)	deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities or portions thereof so accepted for exchange by the Company and issue, and
cause the Trustee to promptly authenticate and deliver to each Holder, Exchange Securities equal in principal amount to the principal amount of the Registrable Securities tendered by such Holder. 

The Company and the Guarantors shall use their reasonable best efforts to complete the Exchange Offer as provided above and shall comply
with the applicable requirements of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than that the Exchange Offer
does not violate any applicable law or applicable interpretations of the Staff. 
 (b) In the event that (i) the Company and
the Guarantors determine that the Exchange Offer Registration provided for in Section 2(a) hereof is not available or the Exchange Offer may not be completed as soon as practicable after the last Exchange Date because it would violate any
applicable law or applicable interpretations of the Staff, (ii) the Exchange Offer is not for any other reason completed by the Target Registration Date or (iii) upon receipt of a written request (a “Shelf Request”) from
any Initial Purchaser representing that it holds Registrable Securities that are or were ineligible to be exchanged in the Exchange Offer, the Company and the Guarantors shall use their reasonable best efforts to cause to be filed as soon as
practicable after such determination, date or Shelf Request, as the case may be, a Shelf Registration Statement providing for the sale of all the Registrable Securities by the Holders thereof and to have such Shelf Registration Statement become
effective; provided that no Holder will be entitled to have 

  
 7 

 
any Registrable Securities included in any Shelf Registration Statement, or entitled to use the prospectus forming a part of such Shelf Registration Statement, until such Holder shall have
delivered a completed and signed Notice and Questionnaire and provided such other information regarding such Holder to the Company as is contemplated by Section 3(b) hereof. 

In the event that the Company and the Guarantors are required to file a Shelf Registration Statement pursuant to clause (iii) of the
preceding sentence, the Company and the Guarantors shall use their reasonable best efforts to file and have become effective both an Exchange Offer Registration Statement pursuant to Section 2(a) hereof with respect to all Registrable
Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable Securities held by the Initial Purchasers after completion
of the Exchange Offer. 
 The Company and the Guarantors agree to use their reasonable best efforts to keep the Shelf
Registration Statement, if required, continuously effective for a period of two years from its effectiveness or such shorter period that will terminate when all the Securities cease to be Registrable Securities (the “Shelf Effectiveness
Period”). The Company and the Guarantors further agree to supplement or amend the Shelf Registration Statement, the related Prospectus and any Free Writing Prospectus if required by the rules, regulations or instructions applicable to the
registration form used by the Company for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder or if reasonably requested by a Holder of Registrable Securities with respect to information
relating to such Holder, and to use their reasonable best efforts to cause any such amendment to become effective, if required, and such Shelf Registration Statement, Prospectus or Free Writing Prospectus, as the case may be, to become usable as
soon as thereafter practicable, subject to Section 3(d) below. The Company and the Guarantors agree to furnish to the Participating Holders copies of any such supplement or amendment promptly after its being used or filed with the SEC.

 (c) The Company and the Guarantors shall pay all Registration Expenses in connection with any registration pursuant to
Section 2(a) or Section 2(b) hereof. Each Holder shall pay all underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities
pursuant to the Shelf Registration Statement. 
 (d) An Exchange Offer Registration Statement pursuant to Section 2(a)
hereof will not be deemed to have become effective unless it has been declared effective by the SEC. A Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared
effective by the SEC or is automatically effective upon filing with the SEC as provided by Rule 462 under the Securities Act. 

If a Registration Default occurs, the interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for
the first 90-day period beginning on the day immediately following such Registration Default and (ii) an additional 0.25% per annum 

  
 8 

 
with respect to each subsequent 90-day period, in each case until and including the date such Registration Default ends, up to a maximum increase of 1.00% per annum. A Registration Default
ends when the Securities cease to be Registrable Securities or, if earlier, (1) in the case of a Registration Default under clause (i) of the definition thereof, when the Exchange Offer is completed, (2) in the case of a Registration
Default under clause (ii) or clause (iii) of the definition thereof, when the Shelf Registration Statement becomes effective or (3) in the case of a Registration Default under clause (iv) or clause (v) of the definition
thereof, when the Shelf Registration Statement again becomes effective or the Prospectus again becomes usable. If at any time more than one Registration Default has occurred and is continuing, then, until the next date that there is no Registration
Default, the increase in interest rate provided for by this paragraph shall apply as if there occurred a single Registration Default that begins on the date that the earliest such Registration Default occurred and ends on such next date that there
is no Registration Default. 
 (e) Without limiting the remedies available to the Initial Purchasers and the Holders, the Company
and the Guarantors acknowledge that any failure by the Company or the Guarantors to comply with their obligations under Section 2(a) and Section 2(b) hereof may result in material irreparable injury to the Initial Purchasers or the Holders
for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may be required to
specifically enforce the Company’s and the Guarantors’ obligations under Section 2(a) and Section 2(b) hereof. 
 3. Registration Procedures. (a) In connection with their obligations pursuant to Section 2(a) and Section 2(b) hereof, the Company and the Guarantors shall promptly: 

(i) prepare and file with the SEC a Registration Statement on the appropriate form under the Securities Act, which form (A) shall be
selected by the Company and the Guarantors, (B) shall, in the case of a Shelf Registration, be available for the sale of the Registrable Securities by the Holders thereof and (C) shall comply as to form in all material respects with the
requirements of the applicable form and include or incorporate by reference all financial statements required by the SEC to be filed therewith; and use their reasonable best efforts to cause such Registration Statement to become effective and remain
effective for the applicable period in accordance with Section 2 hereof; 
 (ii) subject to Section 3(d) below, prepare
and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement effective for the applicable period in accordance with Section 2 hereof and cause each
Prospectus to be supplemented by any required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act; and keep each Prospectus current during the period described in Section 4(a)(3) of and Rule
174 under the Securities Act that is applicable to transactions by brokers or dealers with respect to the Registrable Securities or Exchange Securities; 
 (iii) to the extent any Free Writing Prospectus is used, file with the SEC any Free Writing Prospectus that is required to be filed by the Company or the Guarantors with the SEC in accordance with the
Securities Act and to retain any Free Writing Prospectus not required to be filed; 

  
 9 

 (iv) in the case of a Shelf Registration, furnish to each Participating Holder, to counsel
for the Initial Purchasers, to counsel for such Participating Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each Prospectus, preliminary prospectus or Free Writing
Prospectus, and any amendment or supplement thereto, as such Participating Holder, counsel or Underwriter may reasonably request in order to facilitate the sale or other disposition of the Registrable Securities thereunder; and, subject to
Section 3(c) hereof, the Company and the Guarantors consent to the use of such Prospectus, preliminary prospectus or such Free Writing Prospectus and any amendment or supplement thereto in accordance with applicable law by each of the
Participating Holders and any such Underwriters in connection with the offering and sale of the Registrable Securities covered by and in the manner described in such Prospectus, preliminary prospectus or such Free Writing Prospectus or any amendment
or supplement thereto in accordance with applicable law; 
 (v) use their reasonable best efforts to register or qualify the
Registrable Securities under all applicable state securities or blue sky laws of such jurisdictions as any Participating Holder shall reasonably request in writing by the time the applicable Registration Statement becomes effective; cooperate with
such Participating Holders in connection with any filings required to be made with FINRA; and do any and all other acts and things that may be reasonably necessary or advisable to enable each Participating Holder to complete the disposition in each
such jurisdiction of the Registrable Securities owned by such Participating Holder; provided that neither the Company nor any Guarantor shall be required to (1) qualify as a foreign corporation or other entity or as a dealer in
securities in any such jurisdiction where it would not otherwise be required to so qualify, (2) file any general consent to service of process in any such jurisdiction or (3) subject itself to taxation in any such jurisdiction if it is not
so subject; 
 (vi) notify counsel for the Initial Purchasers and, in the case of a Shelf Registration, notify each Participating
Holder and counsel for such Participating Holders promptly and, if requested by any such Participating Holder or counsel, confirm such advice in writing (1) when a Registration Statement has become effective, when any post-effective amendment
thereto has been filed and becomes effective, when any Free Writing Prospectus has been filed or any amendment or supplement to the Prospectus or any Free Writing Prospectus has been filed, (2) of any request by the SEC or any state securities
authority for amendments and supplements to a Registration Statement, Prospectus or any Free Writing Prospectus or for additional information after the Registration Statement has become effective, (3) of the issuance by the SEC or any state
securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, including the receipt by the Company of any notice of objection of the SEC to the use of a Shelf
Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, (4) if, between the applicable effective date of a Shelf Registration 

  
 10 

 
Statement and the closing of any sale of Registrable Securities covered thereby, the representations and warranties of the Company or any Guarantor contained in any underwriting agreement,
securities sales agreement or other similar agreement, if any, relating to an offering of such Registrable Securities cease to be true and correct in all material respects or if the Company or any Guarantor receives any notification with respect to
the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (5) of the happening of any event during the period a Registration Statement is effective that
makes any statement made in such Registration Statement or the related Prospectus or any Free Writing Prospectus untrue in any material respect or that requires the making of any changes in such Registration Statement or Prospectus or any Free
Writing Prospectus in order to make the statements therein not misleading, (6) of any determination by the Company or any Guarantor that a post-effective amendment to a Registration Statement or any amendment or supplement to the Prospectus or
any Free Writing Prospectus would be appropriate and (7) of any good faith determination by the Company that effecting a Shelf Registration (or maintaining the effectiveness or usability of a Shelf Registration Statement) would materially and
adversely affect an offering of securities of the Company or of the fact that the Company is in possession of material non-public information the disclosure of which would not be in the best interest of the Company; 

(vii) subject to Section 3(d) below, use their reasonable best efforts to obtain the withdrawal of any order suspending the
effectiveness of a Registration Statement or, in the case of a Shelf Registration, the resolution of any objection of the SEC pursuant to Rule 401(g)(2) under the Securities Act, including by filing an amendment to such Registration Statement on the
proper form, at the earliest possible moment and provide immediate notice to each Holder or Participating Holder of the withdrawal of any such order or such resolution; 
 (viii) in the case of a Shelf Registration, furnish to each Participating Holder upon request, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment
thereto (without any documents incorporated therein by reference or exhibits thereto, unless requested); 
 (ix) in the case of a
Shelf Registration, cooperate with the Participating Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable
Securities to be issued in such denominations and registered in such names (consistent with the provisions of the Indenture) as such Participating Holders may reasonably request at least one Business Day prior to the closing of any sale of
Registrable Securities; 
 (x) upon the occurrence of any event contemplated by Section 3(a)(vi)(5) hereof, subject to
Section 3(d) below, use their reasonable best efforts to prepare and file with the SEC a supplement or post-effective amendment to the applicable Exchange Offer Registration Statement or Shelf Registration Statement or the related Prospectus or
any Free Writing Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered (or, to the extent permitted by 

  
 11 

 
law, made available) to purchasers of the Registrable Securities, such Prospectus or Free Writing Prospectus, as the case may be, will not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and the Company shall notify the Participating Holders (in the case of a Shelf Registration Statement)
and the Initial Purchasers and any Participating Broker-Dealers known to the Company (in the case of an Exchange Offer Registration Statement) to suspend use of the Prospectus or any Free Writing Prospectus as promptly as practicable after the
occurrence of such an event, and such Participating Holders, such Participating Broker-Dealers and the Initial Purchasers, as applicable, hereby agree to suspend use of the Prospectus or any Free Writing Prospectus, as the case may be, upon receipt
of such notice from the Company until the Company and the Guarantors have amended or supplemented the Prospectus or the Free Writing Prospectus, as the case may be, to correct such misstatement or omission; 

(xi) a reasonable time prior to the filing of any Registration Statement, any Prospectus, any Free Writing Prospectus, any amendment to a
Registration Statement or amendment or supplement to a Prospectus or a Free Writing Prospectus or of any document that is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus after initial filing
of a Registration Statement, provide copies of such document to the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, to the Participating Holders and their counsel); and the Company and the Guarantors shall
not, at any time after initial filing of a Registration Statement, use or file any Prospectus, any Free Writing Prospectus, any amendment of or supplement to a Registration Statement or a Prospectus or a Free Writing Prospectus, or any document that
is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus, of which the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, the Participating Holders and their
counsel) shall not have previously been advised, furnished a copy and given the reasonable opportunity to provide comments, if any; 
 (xii) obtain a CUSIP number for all Exchange Securities or Registrable Securities, as the case may be, not later than the initial effective date of a Registration Statement; 

(xiii) cause the Indenture to be qualified under the Trust Indenture Act in connection with the registration of the Exchange Securities or
Registrable Securities, as the case may be; cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and
execute, and use their reasonable best efforts to cause the Trustee to execute, all documents as may be required to effect such changes and all other forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in
a timely manner; 
 (xiv) in the case of a Shelf Registration, make available for inspection by a representative of the
Participating Holders (an “Inspector”), any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, any 

  
 12 

 
attorneys and accountants designated by a majority in aggregate principal amount of the Securities held by the Participating Holders and any attorneys and accountants designated by such
Underwriter, at reasonable times and in a reasonable manner, all pertinent financial and other records, documents and properties of the Company and its subsidiaries, and cause the respective officers, directors and employees of the Company and the
Guarantors to supply all information reasonably requested by any such Inspector, Underwriter, attorney or accountant in connection with a Shelf Registration Statement; provided that if any such information is identified by the Company or any
Guarantor as being confidential or proprietary, each Person receiving such information shall take such actions as are reasonably necessary to protect the confidentiality of such information to the extent such action is otherwise not inconsistent
with, an impairment of or in derogation of the rights and interests of any Inspector, Holder or Underwriter; 
 (xv) in the case
of a Shelf Registration, if (i) requested by the Majority Holders and (ii) the Company or any Guarantor has similar debt securities listed on any securities exchange or any automated quotation system, use their reasonable best efforts to
cause all Registrable Securities to be listed on such securities exchange or such automated quotation system on which such similar debt securities issued or guaranteed by the Company or any Guarantor are then listed, to the extent such Registrable
Securities satisfy applicable listing requirements; 
 (xvi) if reasonably requested by any Participating Holder, promptly
include or incorporate by reference in a Prospectus supplement or post-effective amendment such information with respect to such Participating Holder as such Participating Holder reasonably requests to be included therein and make all required
filings of such Prospectus supplement or such post-effective amendment as soon as the Company has received notification of the matters to be so included in such filing; 
 (xvii) in the case of a Shelf Registration, enter into such customary agreements and take all such other actions in connection therewith (including those requested by the Holders of a majority in
principal amount of the Registrable Securities covered by the Shelf Registration Statement) in order to expedite or facilitate the disposition of such Registrable Securities including, but not limited to, an Underwritten Offering and in such
connection, (1) to the extent possible, make such representations and warranties to the Participating Holders and any Underwriters of such Registrable Securities with respect to the business of the Company and its subsidiaries and the
Registration Statement, Prospectus, any Free Writing Prospectus and documents incorporated by reference or deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by issuers to underwriters in
underwritten offerings and confirm the same if and when requested, (2) obtain opinions of counsel to the Company and the Guarantors (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to the Participating
Holders and such Underwriters and their respective counsel) addressed to each Participating Holder and Underwriter of Registrable Securities, covering the matters customarily covered in opinions requested in underwritten offerings, (3) obtain
“comfort” letters from the independent registered public accountants of the Company and the Guarantors (and, if necessary, any other registered public accountant of any subsidiary of the Company or any Guarantor, or of

  
 13 

 
any business acquired by the Company or any Guarantor for which financial statements and financial data are or are required to be included in the Registration Statement) addressed to each
Participating Holder (to the extent permitted by applicable professional standards) and Underwriter of Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in “comfort” letters
in connection with underwritten offerings, including but not limited to financial information contained in any preliminary prospectus, Prospectus or Free Writing Prospectus and (4) deliver such documents and certificates as may be reasonably
requested by the Holders of a majority in principal amount of the Registrable Securities being sold or the Underwriters, and which are customarily delivered in underwritten offerings, to evidence the continued validity of the representations and
warranties of the Company and the Guarantors made pursuant to clause (1) above and to evidence compliance with any customary conditions contained in an underwriting agreement; and 

(xviii) so long as any Registrable Securities remain outstanding, cause each Additional Guarantor upon the creation or acquisition by the
Company of such Additional Guarantor, to execute a counterpart to this Agreement in the form attached hereto as Annex A and to deliver such counterpart, together with an opinion of counsel as to the enforceability thereof against such entity, to the
Initial Purchasers no later than five Business Days following the execution thereof. 
 (b) In the case of a Shelf Registration
Statement, the Company may require each Holder of Registrable Securities to furnish to the Company a Notice and Questionnaire and such other information regarding such Holder and the proposed disposition by such Holder of such Registrable Securities
as the Company and the Guarantors may from time to time reasonably request in writing, and the Company and the Guarantors may exclude from such Shelf Registration Statement the Registrable Securities of any Holder that fails to furnish a Notice and
Questionnaire or such other information. 
 (c) Each Participating Holder agrees that, upon receipt of any notice from the
Company and the Guarantors of the happening of any event of the kind described in Section 3(a)(vi)(3), Section 3(a)(vi)(5) or Section 3(a)(vi)(7) hereof or any notice pursuant to Section 3(d) hereof, such Participating Holder
will forthwith discontinue disposition of Registrable Securities pursuant to the Shelf Registration Statement until such Participating Holder’s receipt of the copies of the supplemented or amended Prospectus and any Free Writing Prospectus
contemplated by Section 3(a)(x) or notice that the suspension period referred to in Section 3(d) has ended and, if so directed by the Company and the Guarantors, such Participating Holder will deliver to the Company and the Guarantors all
copies in its possession, other than permanent file copies then in such Participating Holder’s possession, of the Prospectus and any Free Writing Prospectus covering such Registrable Securities that is current at the time of receipt of such
notice. 
 (d) If the Company and the Guarantors shall give any notice to suspend the disposition of Registrable Securities
pursuant to a Registration Statement, the Company and the Guarantors shall extend the period during which such Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during

  
 14 

 
the period from and including the date of the giving of such notice to and including the date when the Holders of such Registrable Securities shall have received copies of the supplemented or
amended Prospectus or any Free Writing Prospectus necessary to resume such dispositions. The Company and the Guarantors may give any such notice only twice during any 365-day period and any such suspensions shall not exceed 60 days in the aggregate
and there shall not be more than two suspensions in effect during any 365-day period. 
 (e) The Participating Holders who desire
to do so may sell such Registrable Securities in an Underwritten Offering. In any such Underwritten Offering, the investment bank or investment banks and manager or managers (each an “Underwriter”) that will administer the offering
will be selected by the Holders of a majority in principal amount of the Registrable Securities included in such offering. 
 4.
Participation of Broker-Dealers in Exchange Offer. (a) The Staff has taken the position that any broker-dealer that receives Exchange Securities for its own account in the Exchange Offer in exchange for Securities that were acquired by
such broker-dealer as a result of market-making or other trading activities (a “Participating Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus
meeting the requirements of the Securities Act in connection with any resale of such Exchange Securities. 
 The Company and the
Guarantors understand that it is the Staff’s position that if the Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating
Broker-Dealers may resell the Exchange Securities, without naming the Participating Broker-Dealers or specifying the amount of Exchange Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers (or, to the extent
permitted by law, made available to purchasers) to satisfy their prospectus delivery obligation under the Securities Act in connection with resales of Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the
requirements of the Securities Act. 
 (b) In light of the above, and notwithstanding the other provisions of this Agreement, the
Company and the Guarantors agree to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement for such period after the last Exchange Date (as such period may be extended pursuant to Section 3(d) hereof), as may
be necessary in order to expedite or facilitate the disposition of any Exchange Securities by Participating Broker-Dealers consistent with the positions of the Staff recited in Section 4(a) above. The Company and the Guarantors further agree
that Participating Broker-Dealers shall be authorized, subject to Section 3(d) hereof, to deliver (or, to the extent permitted by law, make available) such Prospectus during such period in connection with the resales contemplated by this
Section 4. 
 (c) The Initial Purchasers shall have no liability to the Company, any Guarantor or any Holder with respect to
any request that they may make pursuant to Section 4(b) hereof. 

  
 15 

 5. Indemnification and Contribution. (a) The Company and each Guarantor, jointly
and severally, agree to indemnify and hold harmless each Initial Purchaser and each Holder, their respective affiliates, directors and officers and each Person, if any, who controls any Initial Purchaser or any Holder within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, reasonable legal fees and other expenses incurred in connection with
any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any
Registration Statement or any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading, or (2) any untrue statement or alleged untrue
statement of a material fact contained in any Prospectus, any Free Writing Prospectus or any “issuer information” (“Issuer Information”) filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or
any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims,
damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Initial Purchaser or information relating
to any Holder furnished to the Company in writing through the Representative or any selling Holder, respectively, expressly for use therein. In connection with any Underwritten Offering permitted by Section 3, the Company and the Guarantors,
jointly and severally, will also indemnify the Underwriters, if any, selling brokers, dealers and similar securities industry professionals participating in the distribution, their respective affiliates and each Person who controls such Persons
(within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders, if requested in connection with any Registration Statement, any Prospectus, any Free Writing
Prospectus or any Issuer Information. 
 (b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the
Company, the Guarantors, the Initial Purchasers and the other selling Holders, the directors of the Company and the Guarantors, each officer of the Company and the Guarantors who signed the Registration Statement and each Person, if any, who
controls the Company, the Guarantors, any Initial Purchaser and any other selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph
(a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any
information relating to such Holder furnished to the Company in writing by such Holder expressly for use in any Registration Statement, any Prospectus and any Free Writing Prospectus. 

(c) If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted
against any Person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified Person”) shall promptly notify the Person against whom

  
 16 

 
such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any
liability that it may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that
the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against an
Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others entitled to
indemnification pursuant to this Section 5 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as
incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the
Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have
reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties)
include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the
Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and
that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm (x) for any Initial Purchaser, its affiliates, directors and officers and any control Persons of such Initial Purchaser shall be designated in
writing by the Representative, (y) for any Holder, its directors and officers and any control Persons of such Holder shall be designated in writing by the Majority Holders and (z) in all other cases shall be designated in writing by the
Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to
indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or
threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional release of such
Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to or any admission of fault,
culpability or a failure to act by or on behalf of any Indemnified Person. 

  
 17 

 (d) If the indemnification provided for in paragraphs (a) and (b) above is
unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall
contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantors
from the offering of the Securities and the Exchange Securities, on the one hand, and by the Holders from receiving Securities or Exchange Securities registered under the Securities Act, on the other hand, or (ii) if the allocation provided by
clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company and the Guarantors on the one hand and the
Holders on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the Company and the Guarantors on the one
hand and the Holders on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied
by the Company and the Guarantors or by the Holders and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

(e) The Company, the Guarantors and the Holders agree that it would not be just and equitable if contribution pursuant to this
Section 5 were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in
paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above,
any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this Section 5, in no event shall a Holder be required to contribute any amount in excess of the
amount by which the total price at which the Securities or Exchange Securities sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The
Holders’ obligations to contribute pursuant to this Section 5 are several and not joint. 
 (f) The remedies provided
for in this Section 5 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity. 
 (g) The indemnity and contribution provisions contained in this Section 5 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any
investigation made by or on behalf of the Initial Purchasers or any Holder or any Person controlling any Initial Purchaser or any Holder, or by or on behalf of the Company or the Guarantors or the officers or directors of or any Person controlling
the Company or the Guarantors, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities pursuant to a Shelf Registration Statement. 

  
 18 

 6. General. 
 (a) No Inconsistent Agreements. The Company and the Guarantors represent, warrant and agree that (i) the rights granted to the Holders hereunder do not in any way conflict with and are not
inconsistent with the rights granted to the holders of any other outstanding securities issued or guaranteed by the Company or any Guarantor under any other agreement and (ii) neither the Company nor any Guarantor has entered into, or on or
after the date of this Agreement will enter into, any agreement that is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof. 

(b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company and the Guarantors have obtained the written consent of Holders of at least a majority in aggregate principal amount of
the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent; provided that no amendment, modification, supplement, waiver or consent to any departure from the provisions of Section 5
hereof shall be effective as against any Holder of Registrable Securities consented to in writing by such Holder. Any amendments, modifications, supplements, waivers or consents pursuant to this Section 6(b) shall be by a writing executed by
each of the parties hereto. 
 (c) Notices. All notices and other communications provided for or permitted hereunder shall
be made in writing by hand-delivery, registered first-class mail, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Company by means of a notice given in
accordance with the provisions of this Section 6(c), which address initially is, with respect to the Initial Purchasers, the address set forth in the Purchase Agreement; (ii) if to the Company and the Guarantors, initially at the
Company’s address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c); and (iii) to such other persons at their respective addresses
as provided in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c). All such notices and communications shall be deemed to have been duly given: at the
time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if telecopied; and on the next Business Day if timely delivered to an air courier
guaranteeing overnight delivery. Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in the Indenture. 

(d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and
transferees of each of the parties, including, 

  
 19 

 
without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition
of Registrable Securities in violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities in any manner, whether by operation of law or otherwise, such Registrable Securities
shall be held subject to all the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement
and such Person shall be entitled to receive the benefits hereof. The Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Company or the Guarantors with respect to any failure by a Holder to
comply with, or any breach by any Holder of, any of the obligations of such Holder under this Agreement. 
 (e) Third Party
Beneficiaries. Each Holder shall be a third party beneficiary to the agreements made hereunder between the Company and the Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such
agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the rights of other Holders hereunder. 
 (f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement. 
 (g) Headings. The headings in this
Agreement are for convenience of reference only, are not a part of this Agreement and shall not limit or otherwise affect the meaning hereof. 
 (h) Governing Law. This Agreement, and any claim, controversy or dispute arising under or related to this Agreement, shall be governed by and construed in accordance with the laws of the State of
New York. 
 (i) Entire Agreement; Severability. This Agreement contains the entire agreement between the parties relating
to the subject matter hereof and supersedes all oral statements and prior writings with respect thereto. If any term, provision, covenant or restriction contained in this Agreement is held by a court of competent jurisdiction to be invalid, void or
unenforceable or against public policy, the remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated. The Company, the Guarantors
and the Initial Purchasers shall endeavor in good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, void or unenforceable
provisions. 

  
 20 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	MURPHY OIL USA, INC.
		
	By	 	 
	Name:	 	
	Title:	 	

  

			
	MURPHY USA INC.
		
	By	 	 
	Name:	 	
	Title:	 	

  

			
	 591 BEVERAGE, INC.

864 HOLDINGS, INC.
 864 BEVERAGE, INC.

MURPHY OIL TRADING COMPANY
 (EASTERN)

SPUR OIL CORPORATION
 SUPERIOR CRUDE
TRADING
 COMPANY

		
	By	 	 
	Name:	 	
	Title:	 	

  
 21 

 
			
	 Confirmed and accepted as of the date first above written:

 
 J.P. MORGAN SECURITIES LLC

 
 For itself and on behalf of the

several Initial Purchasers

		
	By	 	 
		 	

 Authorized Signatory 

  
 22 

 Schedule 1 
 Initial Guarantors 
 Murphy USA Inc. 

591 Beverage, Inc. 
 864 Holdings, Inc. 
 864 Beverage, Inc. 

Murphy Oil Trading Company (Eastern) 

Spur Oil Corporation 
 Superior Crude Trading Company 

  
 23 

 Annex A 
 Counterpart to Registration Rights Agreement 
 The undersigned hereby
absolutely, unconditionally and irrevocably agrees as a Guarantor (as defined in the Registration Rights Agreement, dated July [•], 2013 by and among Murphy Oil USA, Inc., a Delaware corporation, the guarantors party thereto and J.P. Morgan
Securities LLC, on behalf of itself and the other Initial Purchasers) to be bound by the terms and provisions of such Registration Rights Agreement. 
 IN WITNESS WHEREOF, the undersigned has executed this counterpart as of             , 201    . 

 

			
	[GUARANTOR]
		
	By	 	 
	Name:	 	
	Title:

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