Document:

ruganseparationagreement

  {00028958.DOCX:4 } 1    EXECUTION VERSION  SEPARATION AGREEMENT AND GENERAL RELEASE   This SEPARATION AGREEMENT AND GENERAL RELEASE, dated as of September  1, 2021 (this “Agreement”), is entered into by and between Riley Exploration Permian, Inc., a  Delaware corporation (the “Company”), and Michael J. Rugen (“Employee”). The Company and  Employee are each referred to herein individually as a “Party” and collectively as the “Parties.”    WHEREAS, Employee was employed by the Company and, as of the Separation Date (as  defined below), Employee was no longer employed by the Company, as Employee voluntarily  resigned all positions with the Company without Good Reason as defined in the Parties’ February  26, 2021 (the “Employment Agreement”);   WHEREAS, the Parties wish for Employee to receive certain separation benefits and  treatment of Time-Based Restricted Stock (defined below), which are conditioned upon  Employee’s entry into, and non-revocation of, this Agreement in the time provided to do so and  Employee’s compliance with the terms of this Agreement; and   WHEREAS, the Parties wish to resolve any and all claims that Employee has or may have  against the Company or any of the other Company Parties (as defined below), including any claims  that Employee may have arising out of Employee’s employment or the end of such employment.   NOW, THEREFORE, in consideration of the promises set forth herein, and for other good  and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the  Parties, the Parties agree as follows:     1.     Resignation and Separation.   The Parties acknowledge and agree that, effective as of  September 1, 2021 (the “Separation Date”), Employee has irrevocably resigned without  Good Reason (as defined in the Employment Agreement) from: (i) all positions as an  officer of the Company and any of its subsidiaries and affiliates, (ii) the Board of Directors  of the Company and any of its subsidiaries and affiliates, and (iii) from the Board of  Directors (or similar governing body) of any corporation, limited liability entity, unlimited  liability entity, or other entity in which the Company or any of its subsidiaries or affiliates  holds an equity interest and with respect to which Board of Directors (or similar governing  body) Employee serves as the Company or such Company affiliate’s designee or other  representative immediately prior to the Separation Date. Regardless of whether Employee  signs this Agreement, Employee’s employment with the Company ceased as of Separation  Date.  Employee shall receive all wages earned through the Separation Date to which he is  entitled pursuant to the terms of the Employment Agreement.  This Agreement shall be  effective on the date immediately following the expiration of the Release Revocation  Period (as defined below), provided that Employee does not exercise his revocation right  pursuant to Section 16 (“Effective Date”).    2.     Separation Benefits.    Provided that Employee (i) signs this Agreement and returns it to  the Company in accordance with Section 19 below no later than 11:59 p.m. Central Time  on September 22, 2021; (ii) does not exercise Employee’s revocation right pursuant to  Section 16; and (iii) abides by each of Employee’s commitments set forth herein, then the  

 

  {00028958.DOCX:4 } 2    Employee will receive the following payments, each of which is subject to all applicable  withholdings in accordance with Section 14 below:  a. Separation Payment.  A lump sum cash payment of One Hundred Thirty Seven Thousand Five Hundred Dollars ($137,500.00) within 30 days from the Separation  Date.    b. Accrued Vacation.  Employee shall also be paid Fifteen Thousand Nine Hundred  Eighty-Four and 19/100 Dollars ($15,984.19) for his accrued, unused vacation  through the Separation Date, which is equal to fifteen (15) days.     c. COBRA Benefit.  During the portion, if any, of the period beginning on the  Separation Date and ending six (6) months thereafter (the “COBRA Benefit  Period”) that Employee elects to continue coverage for Employee and Employee’s  spouse and eligible dependents, if any, under the Company’s group health plans  pursuant to Consolidated Omnibus Budget Reconciliation Act of 1985, as amended  (“COBRA”), the Company shall pay the premium for such coverage to the  administrator for COBRA on a monthly basis (the “COBRA Benefit”). Employee  shall be eligible for such COBRA Benefit until the earliest of: (x) the last day of  the COBRA Benefit Period; (y) the date Employee is no longer eligible to receive  COBRA continuation coverage; and (z) the date on which Employee becomes  eligible to receive coverage under a group health plan sponsored by another  employer (and any such eligibility shall be promptly reported to the Company by  Employee); provided, however, that the election of COBRA continuation coverage  shall remain Employee’s sole responsibility.  Employee’s health and other medical  insurance coverage will cease at midnight on the last day of the month containing  the Separation Date.    d. Stock Award.  The Company shall accelerate the vesting of certain unvested Time- Based  Restricted Stock (defined below), as described further in Section 3(b) and  the Company will pay to Employee the associated Retained Distributions (as  defined in the Award Agreement) in the amount of Six Thousand Forty-One Dollars  ($6,041.00)    e. Indemnification and Insurance.  In the event that Employee is made a party or  threatened to be made a party to any action, suit, or proceeding, whether civil,  criminal, administrative, or investigative (a “Proceeding”), by reason of the fact  that he was a director or officer of the Company, or any affiliate of the Company,  or was serving at the request of the Company as a director, officer, member,  employee, or agent of another corporation or a partnership, joint venture, trust, or  other enterprise, Employee will be indemnified and held harmless by the Company  to the maximum extent permitted under applicable law and the Company’s bylaws  from and against any liabilities, costs, claims, and expenses, including all costs and  expenses incurred in defense of any Proceeding (including attorneys’ fees).  The  indemnification rights in the preceding sentence shall not apply to any Proceeding  Employee may bring against the Company or any other member of the Company  

 

  {00028958.DOCX:4 } 3    Parties (as defined below) or any Proceeding they may bring against him.  For a  period of six (6) years after the Separation Date, the Company or any successor to  the Company shall purchase and maintain, at its own expense, directors’ and  officers’ liability insurance providing coverage to Employee on terms that are no  less favorable than the coverage provided to other directors and similarly situated  executives of the Company or any successor.  Notwithstanding any other provision  of this Agreement, (i) the Employee’s execution of this Agreement is not a  concession or guaranty that he has any such right or claim to indemnification or  insurance coverage, (ii) this Agreement does not create any additional rights to  indemnification or insurance coverage other than as expressly provided for above,  and (iii) the Company and the other members of the Company Parties retain any  and all defenses they may have to such indemnification or coverage.     3.   Stock Award.        a.     Employee and the Company entered into that certain Restricted Stock Award  Agreement dated April 1, 2021 (the “Award Agreement”), pursuant to which  Employee was granted 10,788 shares of Restricted Stock, as defined in, and  pursuant to the terms of, the Award Agreement and the Company’s 2021 Long  Term Incentive Plan (as may be amended and restated from time to time) (the  “LTIP”). Such Restricted Stock awarded to Employee was granted pursuant to  time-based vesting requirements and is referred to as the “Time-Based Restricted  Stock.”    b.     Provided that Employee satisfies the terms set forth in Section 2(i)-(iii) then, as of  the Effective Date: (i) all shares of Time-Based Restricted Stock that were unvested  as of the time immediately prior to the Separation Date shall become vested; and  (ii) the Company shall pay to Employee the Retained Distributions set forth in  Section 2(d) above.    c.     In entering into this Agreement, Employee expressly acknowledges and agrees that  he has not assigned, transferred, alienated, encumbered, or hypothecated, sold,  delivered, mortgaged, pledged or granted options or rights to purchase any of the  Time-Based Restricted Stock.    4.     Satisfaction of All Payment Amounts; Prior Rights and Obligations.    Except as set  forth in this Agreement, Employee acknowledges that he has received all wages, bonuses  and other compensation, been provided all benefits and been afforded all rights and been  paid all sums that Employee is owed or has been owed or could ever be owed by the  Company or any other Company Party, including all payments arising out of the  Employment Agreement, all incentive plans (including the LTIP),  and any other bonus  arrangements or any other agreement between Employee and any Company Party.  For the  avoidance of doubt, Employee acknowledges and agrees that, except to the extent expressly  provided for under the terms of this Agreement, Employee is not eligible to receive any  other severance or severance benefits, and Employee is not entitled to receive any portion  

 

  {00028958.DOCX:4 } 4    of any further or future bonus or incentive award (pursuant to the Employment Agreement,  the LTIP or otherwise).   5.   Release of Claims.    a.     For good and valuable consideration, including the Company’s agreement to  provide the consideration set forth in Sections  2 and 3(b) (and any portions  thereof), Employee hereby forever releases, discharges and acquits the  Company, each of its present and former subsidiaries and other affiliates, and each  of the foregoing entities’ respective past, present and future subsidiaries, affiliates,  stockholders, members, partners, directors, officers, managers, employees, agents,  attorneys, heirs, predecessors, successors and representatives in their personal and  representative capacities, as well as all employee benefit plans maintained by the  Company or any of its subsidiaries or other affiliates and all fiduciaries and  administrators of any such plans, in their personal and representative capacities  (collectively, the “Company Parties”), from liability for, and Employee hereby  waives, any and all claims, damages, or causes of action of any kind related to  Employee’s employment with any Company Party, the termination of such  employment, and any other acts or omissions related to any matter on or prior to  the time that Employee executes this Agreement, whether arising under federal or  state laws or the laws of any other jurisdiction, including (i) any alleged violation  through such date of: (A) any federal, state or local anti-discrimination or anti- retaliation law, including the Age Discrimination in Employment Act of 1967  (including as amended  by the Older Workers Benefit Protection Act), Title VII of  the Civil Rights Act of 1964, the Civil Rights Act of 1991, Sections 1981 through  1988 of Title 42 of the United States Code, and the Americans with Disabilities Act  of 1990; (B) the Employee Retirement Income Security Act of 1974 (“ERISA”);  (C) the Immigration Reform Control Act; (D) the National Labor Relations Act;  (E) the Occupational Safety and Health Act; (F) the Family and Medical Leave Act  of 1993; (G) any federal, state or local wage and hour law; (H) any other local, state  or federal law, regulation, ordinance or orders which may have afforded any legal  or equitable causes of action of any nature; or (I) any public policy, contract, tort,  or common law claim or claim for defamation, emotional distress, fraud or  misrepresentation of any kind; (ii) any allegation for costs, fees, or other expenses  including attorneys’ fees incurred in, or with respect to, a Released Claim; (iii) any and all rights, benefits, or claims Employee may have under any employment  contract, incentive or compensation plan or agreement or under any other benefit  plan, program or practice, including the LTIP; and (iv) any claim for compensation,  damages or benefits of any kind not expressly set forth in this Agreement  (collectively, the “Released Claims”).  This Agreement is not intended to indicate  that any such claims exist or that, if they do exist, they are meritorious.  Rather,  Employee is simply agreeing that, in exchange for any consideration received by  Employee pursuant to Section 2 or 3(b), any and all potential claims of this nature  that Employee may have against any of the Company Parties, regardless of whether  they actually exist, are expressly settled, compromised and waived.  THIS  RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR  PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER  

 

  {00028958.DOCX:4 } 5    FAULT, INCLUDING STRICT LIABILITY, OF ANY OF THE COMPANY  PARTIES.    b.     Protected Disclosures/Actions. Despite any of the obligations stated in this  Agreement (including Released Claims), Employee acknowledges and agrees that  neither this Agreement nor any other agreement or policy of the Company Parties shall prevent Employee from participating in the Protected Disclosures/Actions (as  defined below), including providing information to or filing a report, charge or  complaint, including a challenge to the validity of this Agreement, with the Equal  Employment Opportunity Commission (“EEOC”), Department of Labor (“DOL”),  National Labor Relations Board (“NLRB”), Securities and Exchange Commission  (“SEC”) or any other governmental agency (each a “Governmental Agency”),  from participating in any investigation or proceeding conducted by any  governmental agency, or from any other protected whistleblower disclosure or  action (collectively “Protected Disclosures/Actions”). Employee understands that  this Agreement does not impose any condition precedent (such as prior notice to  the Company or Company Parties), any penalty, or any other restriction or  limitation adversely affecting Employee’s rights regarding any governmental  agency disclosure, report, claim or investigation. Employee further understands that  he may disclose his wages, hours, or other terms and conditions of employment in  the exercise of any rights provided by the National Labor Relations Act. Employee  acknowledges and agrees that he has waived in this Agreement any right to recover  any monetary relief or other personal remedies in any governmental agency or other  action brought against the Company and Company Parties by him or on his behalf;  however, Employee understands this Agreement does not limit his right to receive  an award for information provided under any SEC program.    6.     Representation About Claims.  Employee represents and warrants that, as of the date on  which Employee signs this Agreement, Employee has not filed any claims, complaints,  charges, or lawsuits against any of the Company Parties with any Governmental Agency  or with any state or federal court or arbitrator for or with respect to a matter, claim, or  incident that occurred or arose out of one or more occurrences that took place on or prior  to the time at which Employee signs this Agreement.  Employee further represents and  warrants that Employee has made no assignment, sale, delivery, transfer or conveyance of  any rights Employee has asserted or may have against any of the Company Parties with  respect to any Released Claim.    7.     Employee’s Acknowledgments.    By executing and delivering this Agreement, Employee  expressly acknowledges that:    a.     Employee has carefully read this Agreement and has had sufficient time to consider  it;    b.     Employee is receiving, pursuant to this Agreement, consideration in addition to  anything of value to which Employee is already entitled;  

 

  {00028958.DOCX:4 } 6      c.     Employee has been advised, and hereby is advised in writing, to discuss this  Agreement with an attorney of Employee’s choice and Employee has had an  adequate opportunity to do so prior to executing this Agreement;    d.     Employee fully understands the final and binding effect of this Agreement; the only  promises made to Employee to sign this Agreement are those contained herein;  Employee is signing this Agreement knowingly, voluntarily and of Employee’s  own free will, and Employee understands and agrees to each of the terms of this  Agreement;    e.     The only matters relied upon by Employee and causing Employee to sign this  Agreement are the provisions set forth in writing within the four corners of this  Agreement; and    f.     No Company Party has provided any tax or legal advice regarding this Agreement  and Employee has had an adequate opportunity to receive sufficient tax and legal  advice from advisors of Employee’s own choosing such that Employee enters into  this Agreement with full understanding of the tax and legal implications thereof.   8.   Covenants.      a.     Employment Agreement Covenants.  Employee acknowledges that he made  certain commitments, and agreed to certain covenants (the “Covenants”), with  respect to confidentiality and the non-disclosure of confidential information, non- competition, non-solicitation, inventions, and cooperation as set forth in Sections  11-13 and 30 of the Employment Agreement.  Notwithstanding the prior  termination of the Employment Agreement, and as a condition of the Company’s  willingness to enter into this Agreement, Employee agrees and commits to abide  by the provisions in Sections 11-13 and 30 of the Employment Agreement and  recognizes the effectiveness and enforceability of such provisions.  The foregoing  notwithstanding, the Parties hereby agree that the “Restricted Period” applicable to  his obligations under Section 12 of the Employment Agreement shall be reduced to  a period of six (6) months following the Separation Date. For avoidance of doubt,  Employee agrees that the Covenants’ provisions with respect to confidentiality, non-disclosure, inventions, and cooperation will remain effective indefinitely.    b.     Exceptions.  Notwithstanding the foregoing, nothing in this Agreement shall  prohibit or restrict Employee from lawfully (a) initiating communications directly  with, cooperating with, providing information to, causing information to be  provided to, or otherwise assisting in an investigation by, any Governmental  Agency or authority (including the SEC) regarding a possible violation of any law;  (b) responding to any inquiry or legal process directed to Employee from any Governmental Agency or authority; (c) testifying, participating or otherwise  assisting in an action or proceeding by any  Governmental Agency or authority  relating to a possible violation of law or (d) making any other disclosures that are  protected under the whistleblower provisions of any applicable law. Additionally,  pursuant to the federal Defend Trade Secrets Act of 2016, Employee shall not be  

 

  {00028958.DOCX:4 } 7    held criminally or civilly liable under any federal or state trade secret law for the  disclosure of a trade secret that: (i) is made (A) in confidence to a federal, state or  local government official, either directly or indirectly, or to an attorney and (B)  solely for the purpose of reporting or investigating a suspected violation of law; (ii)  is made to Employee’s attorney in relation to a lawsuit for retaliation against  Employee for reporting a suspected violation of law; or (iii) is made in a complaint  or other document filed in a lawsuit or other proceeding, if such filing is made under  seal. Nothing in this Agreement requires Employee to obtain prior authorization  from the Company before engaging in any conduct described in this Section 8(b),  or to notify the Company.    c.     Trading Restrictions. For a period of six (6) months after the Effective Date,  Employee agrees he will not sell shares of the Company’s common stock or enter  into any transaction involving Company securities to the extent such sale of shares  or other transaction either (a) may reasonably be expected to require the filing of a  report with the Commission pursuant to Section 16(a) of the Securities Exchange  Act of 1934, as amended (the “Exchange Act”), or (b) would give rise to short- swing profit liability under Section 16(b) of the Exchange Act.  Further, Employee  agrees not to directly or indirectly buy or sell the Company’s stock or other  securities as long as he possesses “material nonpublic information” as that term is  defined by interpretations of the Exchange Act and the rules and regulations  thereunder. Without limiting the generality of the foregoing, Employee agrees to  comply with all restrictions and prohibitions on trading in Company securities  applicable to designated employees (whether or not Employee is employed by the  Company at such time) under the Company’s Policy Prohibiting Insider Trading  and Unauthorized Disclosure of Information by certain Designated Persons (a copy  of which was provided to Employee and posted on the Company website) for and  during the blackout period ending on the close of the second full trading day  following the date of the public release of the Company’s operating results for the  quarter and fiscal year ended September 30, 2021.      9.     Applicable Law.    This Agreement is entered into under, and shall be governed for all  purposes by, the laws of the State of Oklahoma without reference to the principles of  conflicts of law thereof;  provided, however, that Section 3 of this Agreement shall be  governed by the laws of the State of Delaware without regard to the conflict of law  provision thereof.    10.     Counterparts.    This Agreement may be executed in one or more counterparts (including  electronic counterparts), each of which shall be deemed to be an original, but all of which  together will constitute one and the same Agreement.    11.     Amendment; Entire Agreement.  Subject to Section 13, this Agreement may not be  changed orally but only by an agreement in writing agreed to and signed by the Party to be  charged.  This Agreement, the Award Agreement, and the LTIP, along with any  confidentiality and non-disclosure agreements (including the Covenants), constitute the  entire agreement of the Parties with regard to the subject matters hereof and supersede all  

 

  {00028958.DOCX:4 } 8    prior and contemporaneous agreements and understandings, oral or written, between  Employee and any Company Party with regard to the subject matters hereof.        12.     Third-Party Beneficiaries.  Employee expressly acknowledges and agrees that each  Company Party that is not a signatory to this Agreement shall be a third-party beneficiary  of Employee’s releases, representations, and covenants herein and shall be entitled to  enforce such releases, representations, and covenants as if a party hereto.    13.     Severability and Modification.  Any term or provision of this Agreement (or part thereof)  that renders such term or provision (or part thereof) or any other term or provision (or part  thereof) of this Agreement invalid or unenforceable in any respect shall be severable and  shall be modified or severed to the extent necessary to avoid rendering such term or  provision (or part thereof) invalid or unenforceable, and such severance or modification  shall be accomplished in the manner that most nearly preserves the benefit of the Parties’  bargain hereunder.    14.     Withholding of Taxes and Other Deductions.    The Company may withhold from any  payments (cash, stock or any other wages or compensation) made pursuant to this  Agreement all federal, state, local, and other taxes and withholdings as may be required by  any law or governmental regulation or ruling (including without limitation, state and  federal income tax, Social Security and Medicare taxes).    15.     Return of Property.  Employee represents that Employee has returned to the Company  all documents, files (including electronically stored information), and other materials  constituting or reflecting confidential or proprietary information of the Company or any  other Company Party, and any other property belonging to the Company or any other Company Party, including all company vehicles, computers, mobile devices, computer  files, electronically stored information and other materials, and Employee further  represents and warrants that Employee has not maintained a copy of any such materials in  any form.    16.     Revocation Right.  Employee understands that he may revoke this Agreement at any time  within seven (7) days after he signs and delivers it to the Company, not counting the day  upon which it is signed and delivered (the “Release Revocation Period”). This Agreement  will not become effective or enforceable unless and until the seven (7) day revocation  period has expired without his revoking it.  To be effective, such revocation must be in  writing signed by Employee and must be received by the Company in accordance with  Section 19 below before 11:59 p.m. Central Time, on the last day of the Release Revocation  Period.  If an effective revocation is delivered in the foregoing manner and timeframe, then  no consideration shall be provided to Employee pursuant to Section 2 and 3(b) and the  release of claims set forth in Section 5 shall be of no force or effect and the remainder of  this Agreement shall be in full force and effect.    17.     Section 409A.  Neither this Agreement nor any payment provided hereunder are intended  to constitute “deferred compensation” subject to the requirements of Section 409A of the  Internal Revenue Code of 1986, as amended, and the applicable Treasury regulations and  administrative guidance issued thereunder (collectively, “Section 409A”), and this  

 

  {00028958.DOCX:4 } 9    Agreement shall be construed and administered in accordance with such intent.  For  purposes of Section 409A, each installment payment provided under this Agreement shall  be treated as a separate payment. Notwithstanding the foregoing, the Company makes no  representations that the payments provided under this Agreement comply with or are  exempt from the requirements of Section 409A and in no event shall the Company or any  other Company Party be liable for all or any portion of any taxes, penalties, interest or other  expenses that may be incurred by Employee on account of non-compliance with Section  409A.    18.     Interpretation.    Titles and headings to sections hereof are for the purpose of reference  only and shall in no way limit, define or otherwise affect the provisions hereof.  All  references herein to a statute, agreement, instrument or other document shall be deemed to  refer to such statute, agreement, instrument or other document as amended, supplemented,  modified and restated from time to time.  The word “or” as used herein is not exclusive  and is deemed to have the meaning “and/or.”  The words “herein”, “hereof”, “hereunder”  and other compounds of the word “here” shall refer to the entire Agreement and not to any  particular provision hereof.  The use herein of the word “including” following any general  statement, term or matter shall not be construed to limit such statement, term or matter to  the specific items or matters set forth immediately following such word or to similar items  or matters, whether or not non-limiting language (such as “without limitation”, “but not  limited to”, or words of similar import) is used with reference thereto, but rather shall be  deemed to refer to all other items or matters that could reasonably fall within the broadest  possible scope of such general statement, term or matter.  Neither this Agreement nor any  uncertainty or ambiguity herein shall be construed or resolved against any Party hereto,  whether under any rule of construction or otherwise.  On the contrary, this Agreement has  been reviewed by each of the Parties hereto and shall be construed and interpreted  according to the ordinary meaning of the words used so as to fairly accomplish the purposes  and intentions of the Parties.  19. Notices. Any notices regarding acceptance, rejection, revocation, breach, or any other  matters arising under this Separation Agreement shall be sent by certified mail, overnight  courier, or another method of delivery which provides a receipt of delivery and shall be  addressed as provided below. Any change of contact information listed below shall be  promptly reported to the other party at the address below. Notices to Michael J. Rugen  should be addressed to his/her home address on file with the Company. Notices to the  Company should be addressed to Riley Exploration Permian, Inc., Attention: Bobby D.  Riley, 29 East Reno Avenue, Oklahoma City, OK 73104.  20. Non-disparagement. Excluding the Protected Disclosures/Actions, Employee agrees to  not disparage, criticize, condemn or impugn the business or personal reputation or  character of the Company or any of the Company Parties and to not publish or make in any  manner any oral, electronic or written statements about the Company or any of the  Company Parties to any third party that are negative, untrue, malicious, obscene,  threatening, harassing, intimidating or discriminatory or which are designed to harm any  of the foregoing.  

 

  {00028958.DOCX:4 } 10    21. Cooperation; Further Assurances.  Employee agrees to fully cooperate with the  Company and its attorneys, and to provide truthful information and/or testimony regarding  any current or future litigation or investigations arising from actions or events occurring  during Employee’s employment with the Company.  Employee also agrees to notify the  Company if he is contacted by any person or representative of any person (except for  governmental representatives) seeking information about the Company.  Employee further  agrees that he shall do and perform (or shall cause to be done and performed) all such  further acts and shall execute and deliver all such other agreements, certificates,  instruments and documents as the Company may reasonably request in order to carry out  the intent and accomplish the purposes of this Agreement and the consummation of the  transactions contemplated thereunder.  22. Period to Consider this Agreement. Employee understand that he has twenty-one (21)  days from the date he receives this Agreement or the Separation Date, whichever is later  and not counting the day he receives this Agreement or the Separation Date (as applicable),  to consider whether he wishes to sign this Agreement. Employee understand that he may  not sign this Agreement prior to his Separation Date. If Employee signs this Agreement  before the end of the 21-day period, it will be his voluntary decision to do so because he  has decided that he does not need any additional time to decide whether to sign this  Agreement. Employee agrees that any changes made to this Agreement before he signs it,  whether material or immaterial, will not restart the 21-day period.    [SIGNATURE PAGE FOLLOWS]                   

 

  {00028958.DOCX:4 } 11    IN WITNESS WHEREOF, the Parties have executed this Separation Agreement and General  Release as of the Separation Date.                   THE COMPANY    Riley Exploration Permian, Inc.            /s/ Bobby D. Riley          Bobby D. Riley        Chief Executive Officer      EMPLOYEE      /s/ Michael J. Rugen    Michael J. RugenEX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
 SYLVAMO CORPORATION 

as Issuer 
  

 
 INTERNATIONAL
PAPER COMPANY 
 as guarantor 
  

 
 INDENTURE 

Dated as of September 3, 2021 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Trustee 
 $450,000,000 

7.000% Senior Notes due 2029 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	
	 ARTICLE I
	  

	
	 DEFINITIONS AND INCORPORATION BY REFERENCE
	  

			
	 SECTION 1.1
	 	Definitions	  	 	1	 
	 SECTION 1.2
	 	Other Definitions	  	 	52	 
	 SECTION 1.3
	 	Rules of Construction	  	 	54	 
	 SECTION 1.4
	 	Incorporation by Reference of TIA	  	 	55	 
	 SECTION 1.5
	 	Limited Condition Transaction	  	 	55	 
	
	 ARTICLE II
	  

	
	 THE NOTES
	  

			
	 SECTION 2.1
	 	Forms Generally	  	 	57	 
	 SECTION 2.2
	 	Form of Trustee’s Certificate of Authentication	  	 	58	 
	 SECTION 2.3
	 	Restrictive and Global Note Legends	  	 	58	 
	 SECTION 2.4
	 	Amount Unlimited	  	 	61	 
	 SECTION 2.5
	 	Denominations	  	 	61	 
	 SECTION 2.6
	 	Execution, Authentication and Delivery and Dating	  	 	61	 
	 SECTION 2.7
	 	Temporary Notes	  	 	62	 
	 SECTION 2.8
	 	Registrar and Paying Agent	  	 	62	 
	 SECTION 2.9
	 	Mutilated, Destroyed, Lost and Stolen Notes	  	 	64	 
	 SECTION 2.10
	 	Payment of Interest Rights Preserved	  	 	64	 
	 SECTION 2.11
	 	Persons Deemed Owners	  	 	65	 
	 SECTION 2.12
	 	Cancellation	  	 	66	 
	 SECTION 2.13
	 	Computation of Interest	  	 	66	 
	 SECTION 2.14
	 	CUSIP Numbers, ISINs, etc	  	 	66	 
	 SECTION 2.15
	 	Book-Entry Provisions for Global Notes	  	 	66	 
	 SECTION 2.16
	 	Special Transfer Provisions	  	 	68	 
	 SECTION 2.17
	 	[Reserved]	  	 	71	 
	 SECTION 2.18
	 	Paying Agent to Hold Money in Trust	  	 	71	 
	 SECTION 2.19
	 	Lists of Holders of the Notes	  	 	71	 
	
	 ARTICLE III
	  

	
	 COVENANTS
	  

			
	 SECTION 3.1
	 	Payment of Notes	  	 	71	 
	 SECTION 3.2
	 	Reports and Other Information	  	 	72	 

  
 i 

							
	 SECTION 3.3
	 	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	 	73	 
	 SECTION 3.4
	 	Limitation on Restricted Payments	  	 	82	 
	 SECTION 3.5
	 	Liens	  	 	89	 
	 SECTION 3.6
	 	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	 	89	 
	 SECTION 3.7
	 	Asset Sales	  	 	92	 
	 SECTION 3.8
	 	Transactions with Affiliates	  	 	97	 
	 SECTION 3.9
	 	Change of Control	  	 	101	 
	 SECTION 3.10
	 	Additional Guarantors	  	 	103	 
	 SECTION 3.11
	 	[Reserved]	  	 	104	 
	 SECTION 3.12
	 	Compliance Certificate; Statement by Officers as to Default	  	 	104	 
	 SECTION 3.13
	 	[Reserved]	  	 	105	 
	 SECTION 3.14
	 	[Reserved]	  	 	105	 
	 SECTION 3.15
	 	Covenant Suspension	  	 	105	 
	
	 ARTICLE IV
	  

	
	 MERGER; CONSOLIDATION OR SALE OF ASSETS
	  

			
	 SECTION 4.1
	 	When the Issuer May Merge or Otherwise Dispose of Assets	  	 	107	 
	
	 ARTICLE V
	  

	
	 REDEMPTION OF NOTES
	  

			
	 SECTION 5.1
	 	Applicability of Article	  	 	108	 
	 SECTION 5.2
	 	Right of Redemption	  	 	110	 
	 SECTION 5.3
	 	Election to Redeem; Notice to Trustee of Optional and Mandatory Redemptions	  	 	110	 
	 SECTION 5.4
	 	Notice of Redemption	  	 	111	 
	 SECTION 5.5
	 	Deposit of Redemption Price	  	 	112	 
	 SECTION 5.6
	 	Notes Payable on Redemption Date	  	 	112	 
	 SECTION 5.7
	 	Notes Redeemed in Part	  	 	113	 
	 SECTION 5.8
	 	Offer to Repurchase	  	 	113	 
	 SECTION 5.9
	 	Special Mandatory Redemption	  	 	115	 
	 SECTION 5.10
	 	Segregated Account	  	 	115	 
	
	 ARTICLE VI
	  

	
	 DEFAULTS AND REMEDIES
	  

			
	 SECTION 6.1
	 	Events of Default	  	 	115	 
	 SECTION 6.2
	 	Acceleration	  	 	117	 
	 SECTION 6.3
	 	Other Remedies	  	 	118	 
	 SECTION 6.4
	 	Waiver of Past Defaults	  	 	118	 

  
 ii 

							
	 SECTION 6.5
	 	Control by Majority	  	 	118	 
	 SECTION 6.6
	 	Limitation on Suits	  	 	119	 
	 SECTION 6.7
	 	[Reserved]	  	 	119	 
	 SECTION 6.8
	 	Collection Suit by Trustee	  	 	119	 
	 SECTION 6.9
	 	Trustee May File Proofs of Claim	  	 	119	 
	 SECTION 6.10
	 	Priorities	  	 	120	 
	 SECTION 6.11
	 	Undertaking for Costs	  	 	120	 
	
	 ARTICLE VII
	  

	
	 TRUSTEE
	  

			
	 SECTION 7.1
	 	Duties of Trustee	  	 	120	 
	 SECTION 7.2
	 	Rights of Trustee	  	 	122	 
	 SECTION 7.3
	 	Individual Rights of Trustee	  	 	123	 
	 SECTION 7.4
	 	Disclaimer	  	 	124	 
	 SECTION 7.5
	 	Notice of Defaults	  	 	124	 
	 SECTION 7.6
	 	Compensation and Indemnity	  	 	124	 
	 SECTION 7.7
	 	Replacement of Trustee	  	 	125	 
	 SECTION 7.8
	 	Successor Trustee by Merger	  	 	126	 
	 SECTION 7.9
	 	Eligibility; Disqualification	  	 	126	 
	 SECTION 7.10
	 	Limitation on Duty of Trustee	  	 	126	 
	
	 ARTICLE VIII
	  

	
	 DISCHARGE OF INDENTURE; DEFEASANCE
	  

			
	 SECTION 8.1
	 	Discharge of Liability on Securities; Defeasance	  	 	127	 
	 SECTION 8.2
	 	Conditions to Defeasance	  	 	128	 
	 SECTION 8.3
	 	Application of Trust Money	  	 	129	 
	 SECTION 8.4
	 	Repayment to the Issuer	  	 	129	 
	 SECTION 8.5
	 	Indemnity for U.S. Government Obligations	  	 	130	 
	 SECTION 8.6
	 	Reinstatement	  	 	130	 
	
	 ARTICLE IX
	  

	
	 AMENDMENTS
	  

			
	 SECTION 9.1
	 	Without Consent of Holders	  	 	130	 
	 SECTION 9.2
	 	With Consent of Holders	  	 	131	 
	 SECTION 9.3
	 	Effect of Consents and Waivers	  	 	133	 
	 SECTION 9.4
	 	Notation on or Exchange of Notes	  	 	133	 
	 SECTION 9.5
	 	Trustee to Sign Amendments	  	 	133	 
	 SECTION 9.6
	 	Net Short Holders	  	 	134	 

  
 iii 

							
	 ARTICLE X
	  

	
	 GUARANTEES
	  

			
	 SECTION 10.1
	 	Guarantees	  	 	136	 
	 SECTION 10.2
	 	Limitation on Liability; Termination, Release and Discharge	  	 	138	 
	 SECTION 10.3
	 	Right of Contribution	  	 	140	 
	 SECTION 10.4
	 	No Subrogation	  	 	141	 
	
	 ARTICLE XI
	  

	
	 INTERNATIONAL PAPER GUARANTEE
	  

			
	 SECTION 11.1
	 	Unconditional Guarantee	  	 	141	 
	 SECTION 11.2
	 	Limitation of International Paper’s Liability	  	 	143	 
	 SECTION 11.3
	 	Release of International Paper Guarantee	  	 	143	 
	 SECTION 11.4
	 	Contribution	  	 	144	 
	 SECTION 10.4
	 	No Subrogation	  	 	144	 
	
	 ARTICLE XII
	  

	
	 MISCELLANEOUS
	  

			
	 SECTION 12.1
	 	Notices	  	 	144	 
	 SECTION 12.2
	 	Certificate and Opinion as to Conditions Precedent	  	 	146	 
	 SECTION 12.3
	 	Statements Required in Certificate or Opinion	  	 	146	 
	 SECTION 12.4
	 	Rules by Trustee, Paying Agent and Registrar	  	 	147	 
	 SECTION 12.5
	 	Days Other than Business Days	  	 	147	 
	 SECTION 12.6
	 	Governing Law; Jurisdiction	  	 	147	 
	 SECTION 12.7
	 	Waiver of Jury Trial	  	 	147	 
	 SECTION 12.8
	 	No Recourse Against Others	  	 	147	 
	 SECTION 12.9
	 	Successors	  	 	147	 
	 SECTION 12.10
	 	Multiple Originals; Electronic Signatures	  	 	148	 
	 SECTION 12.11
	 	Variable Provisions	  	 	148	 
	 SECTION 12.12
	 	Table of Contents; Headings	  	 	148	 
	 SECTION 12.13
	 	Force Majeure	  	 	148	 
	 SECTION 12.14
	 	USA Patriot Act	  	 	148	 
	 SECTION 12.15
	 	Communication by Holders with Other Holders	  	 	148	 
	 SECTION 12.16
	 	Severability	  	 	149	 
	 SECTION 12.17
	 	FATCA	  	 	149	 

 EXHIBITS 
  

			
	EXHIBIT A	  	Form of Note
	EXHIBIT B	  	Form of Certificate of Beneficial Ownership
	EXHIBIT C	  	Form of Regulation S Certificate
	EXHIBIT D	  	Form of Position Representation

  

  
 iv 

 INDENTURE, dated as of September 3, 2021, as amended or supplemented from time to time
(this “Indenture”), among SYLVAMO CORPORATION, a Delaware corporation, INTERNATIONAL PAPER COMPANY, a New York corporation, the Subsidiary Guarantors from time to time parties hereto and THE BANK OF NEW YORK MELLON TRUST COMPANY,
N.A., as trustee (in such capacity, the “Trustee”). 
 Recitals of the Issuer 

WHEREAS, the Issuer has duly authorized the creation of an issue of $450,000,000 aggregate principal amount of the Issuer’s 7.000% Senior
Notes due 2029 (the “Initial Notes” and unless otherwise specified, together with any Additional Notes issued pursuant to Sections 2.4, 2.7, 2.8, 2.9, 2.15(d), 2.15(e) or 5.7
hereunder, the “Notes”); 
 WHEREAS, International Paper and the Guarantors have duly authorized the guarantee, on a senior
unsecured basis, of the full and punctual payment when due, whether at maturity, by acceleration or otherwise, of all the Issuer’s obligations under this Indenture and the Notes, whether for payment of principal of, premium, if any, or interest
on the Notes, expenses, indemnification or otherwise; and 
 WHEREAS, the Issuer, International Paper and Guarantors have duly authorized
the execution and delivery of this Indenture (as defined herein); 
 NOW, THEREFORE, each party hereto agrees as follows for the benefit of
the other parties and for the equal and ratable benefit of the Holders (as defined herein) of the Notes: 
 ARTICLE I 

Definitions and Incorporation by Reference 

SECTION 1.1 Definitions. 

“Acquired Indebtedness” means, with respect to any specified Person: 

(1) Indebtedness of any other Person existing at the time such other Person is merged, amalgamated or consolidated with or into
or became a Restricted Subsidiary of such specified Person, whether or not such Indebtedness is Incurred in connection with, or in contemplation of, such other Person merging, amalgamating or consolidating with or into, or becoming a Subsidiary of
such specified Person; and 
 (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

 Acquired Indebtedness shall be deemed to be Incurred on the date of the related acquisition of assets from any Person or the date the
acquired Person became a Restricted Subsidiary. 

 “Additional Notes” means notes issued under this Indenture in addition to
the Initial Notes (other than notes issued pursuant to Section 2.7, 2.8, 2.9, 2.15(d), 2.15(e) or 5.7). 

“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. “Control” (including, with correlative meanings, the terms “Controlling,” “Controlled by” and “under common Control
with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise. 
 “Applicable Premium” means, with respect to any Note on any applicable Redemption Date, the
greater of: 
 (1) 1.0% of the then outstanding principal amount of such Note; and 

(2) the excess, if any, of 

(a) the present value at such Redemption Date calculated as of the date of the applicable redemption notice of (i) the
redemption price of such Note at September 1, 2024 (such redemption price being set forth in the table in Exhibit A hereto) plus (ii) all required remaining scheduled interest payments due on the Note through September 1, 2024
(excluding accrued but unpaid interest to (but not including) the redemption date), computed using a discount rate equal to the Treasury Rate plus 50 basis points; over 

(b) the then outstanding principal amount of such Note. 

The Applicable Premium shall be calculated by the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate and the
Trustee shall have no duty to confirm or verify any such calculation. 
 “Approved Jurisdiction” means each of the Grand
Duchy of Luxembourg, Brazil and the Republic of Finland and any other jurisdiction designated as such under the New Credit Agreement. 

“asset” means any and all tangible and intangible assets and properties, including cash, securities, accounts and contract
rights. 
 “Asset Sale” means: 

(1) the sale, conveyance, transfer or other disposition (whether in a single transaction or a series of related transactions)
of property or assets (including by way of a Sale/Leaseback Transaction) of the Issuer or any Restricted Subsidiary; or 

  
 2 

 (2) the issuance or sale of Equity Interests (other than Preferred Stock of
Restricted Subsidiaries issued in compliance with Section 3.3 and directors’ qualifying shares or shares or interests required to be held by foreign nationals or other third parties to the extent required by applicable
law) of any Restricted Subsidiary (other than to the Issuer or another Restricted Subsidiary) (whether in a single transaction or a series of related transactions), 

(each of the foregoing referred to in this definition as a “disposition”), in each case, other than: 

(a) a sale, exchange or other disposition of cash, Cash Equivalents or Investment Grade Securities, or of obsolete, damaged,
unnecessary, unsuitable, surplus or worn out equipment, or other assets, in the ordinary course of business, or dispositions of property no longer used, useful or economically practicable to maintain in the conduct of the business of the Issuer and
its Restricted Subsidiaries (including allowing any registrations or any applications for registration of any intellectual property or other intellectual property rights to lapse or become abandoned); 

(b) the sale, conveyance, lease or other disposition of all or substantially all of the assets of the Issuer or any Guarantor
in compliance with Article IV or any disposition that constitutes a Change of Control; 
 (c) any Restricted Payment
that is permitted to be made, and is made, pursuant to Section 3.4 (including any transaction specifically excluded from the definition of the term “Restricted Payments,” including pursuant to the exceptions
contained in the definition thereof and the parenthetical exclusion of such definition, and any Permitted Investment); 
 (d)
any disposition of assets, or issuance or sale of Equity Interests of any Restricted Subsidiary, in a single transaction or series of related transactions, with an aggregate Fair Market Value (on the date a legally binding commitment for such
disposition was entered into) of less than $50.0 million; 
 (e) (i) any transfer or other disposition of property or
assets or issuance or sale of Equity Interests by a Restricted Subsidiary of the Issuer to the Issuer or by the Issuer or a Restricted Subsidiary of the Issuer to a Restricted Subsidiary of the Issuer and (ii) dispositions by any Restricted
Subsidiary of its Equity Interests constituting directors’ qualifying shares or interests required to be held by foreign nationals or other third parties to the extend required by applicable law; 

(f) the creation of any Lien permitted under this Indenture; 

(g) any issuance, sale, pledge or other disposition of Equity Interests in, or Indebtedness or other securities of, an
Unrestricted Subsidiary; 

  
 3 

 (h) the sale, lease, assignment, license, sublicense or sublease of
inventory, equipment, accounts receivable, notes receivable or other current assets held for sale in the ordinary course of business or the conversion of accounts receivable to notes receivable or dispositions or discounts of accounts receivable in
connection with the collection or compromise thereof; 
 (i) the lease, assignment, license, sublicense or sublease of any
real or personal property in the ordinary course of business or that would not materially interfere with the required use of such property by the Issuer or its Restricted Subsidiaries; 

(j) a sale or transfer of Receivables Assets, or participations therein, and related assets (i) to any Person in a
Qualified Receivables Factoring or (ii) to a Receivables Subsidiary in a Qualified Receivables Financing or in factoring or similar transactions; 

(k) a transfer of Receivables Assets (or a fractional undivided interest therein) by a Receivables Subsidiary in a Qualified
Receivables Financing; 
 (l) the contemporaneous exchange, in the ordinary course of business, of property for property of a
like kind, to the extent that the property received in such exchange is of a Fair Market Value at least equivalent to the Fair Market Value of the property exchanged; 

(m) (i) non-exclusive licenses, sublicenses or cross-licenses of intellectual property,
other intellectual property rights or other general intangibles and (ii) exclusive licenses, sublicenses or cross-licenses of intellectual property, other intellectual property rights or other general intangibles in the ordinary course of
business of the Issuer and its Restricted Subsidiaries; 
 (n) the sale in a Sale/Leaseback Transaction of any property
acquired after the Issue Date; provided that such sale is for at least Fair Market Value; 
 (o) the surrender or
waiver of obligations of trade creditors or customers or other contract rights that were incurred in the ordinary course of business of the Issuer or any Restricted Subsidiary, including pursuant to any plan of reorganization or similar arrangement
upon the bankruptcy or insolvency of any trade creditor or customer or compromise, settlement, release or surrender of a contract, tort or other litigation claim, arbitration or other disputes; 

(p) dispositions arising from foreclosures, condemnations, eminent domain, seizure, nationalization or any similar action with
respect to assets, dispositions of property subject to casualty events; 
 (q) dispositions of Investments (including Equity
Interests) in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements or rights of first refusal between the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 

  
 4 

 (r) to the extent allowable under Section 1031 of the Code, any
exchange of like property (excluding any boot thereon) for use in a Similar Business; 
 (s) dispositions of property to the
extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Asset Sale are reasonably promptly applied to the purchase price of such replacement property;

 (t) dispositions by the Issuer or any Restricted Subsidiary of any Disqualified Stock (including any Permitted Convertible
Indebtedness) to the extent permitted by Section 3.3; 
 (u) dispositions by the Issuer or any
Restricted Subsidiary of any Permitted Warrant Transaction substantially concurrently with any issuance or sale of Permitted Convertible Indebtedness permitted hereunder; 

(v) dispositions by the Issuer and its Restricted Subsidiaries of assets that are necessary or advisable, in the good faith
judgment of the Issuer, in order to obtain the approval of any governmental authority to consummate or avoid the prohibition or other restrictions on the consummation of any Asset Sale permitted under Section 3.7 or any
Investment permitted under Section 3.4 or any Permitted Investment; and 
 (w) (i) any disposition
to effectuate the pre-Spin-Off reorganization pursuant to the Spin-Off Documents and (ii) any other disposition to
International Paper or any of its Subsidiaries pursuant to Spin-Off Documents. 
 For the avoidance
of doubt, the unwinding of Swap Contracts or Permitted Bond Hedge Transactions shall not be deemed to constitute an Asset Sale. 

“Bankruptcy Law” means (i) Title 11, United States Code, or any similar federal or state law for the relief of debtors
and (ii) any applicable Luxembourg law relating to the opening of any bankruptcy proceedings (faillite), insolvency proceedings, proceedings for voluntary or judicial liquidation (liquidation volontaire ou judiciaire), composition
with creditors (concordat préventif dela faillite), moratorium or reprieve from payment (sursis de paiement), controlled management (gestion contrôlée), general settlement with creditors or reorganization or
similar proceedings affecting the rights of creditors generally (including, without limitation, the appointment of any Custodian or any proceedings for the relief against debtors in scenarios in which the relevant Issuer or Significant Subsidiary is
unable to pay its creditors (cessation de paiement) and unable to obtain credit (ébranlement de credit) or any other similar or analogous proceedings in any jurisdiction. 

  
 5 

 “Board of Directors” means as to any Person, the board of directors or
managers, sole member or managing member, or other governing body, as applicable, of such Person (or, if such Person is owned or managed by a single entity, the board of directors or managers, sole member or managing member or other governing body
of such entity) or any duly authorized committee thereof. 
 “Brazil Payment Agreement” means the Brazil Payment Agreement
between a subsidiary of the Issuer and a subsidiary of International Paper with respect to required payments in the event of any direct or indirect transfer, subject to certain exceptions for immaterial transfers, of Brazilian eucalyptus forest
plantations by Subsidiaries of the Issuer, which agreement is in substantially the form incorporated by reference into the Offering Memorandum. 

“Brazil Receivables Factoring Program” means Qualified Receivables Factoring related to Receivables Assets of one or more
Restricted Subsidiaries organized under the Laws of Brazil. 
 “Business Day” means a day other than a Saturday, Sunday or
other day on which banking institutions are authorized or required by law to close in New York City or, with respect to any payments to be made under this Indenture, the place of payment. 

“Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and 
 (4) any other interest or participation that confers
on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person (it being understood and agreed, for the avoidance of doubt, that “cash-settled phantom appreciation programs” in
connection with employee benefits that do not require a dividend or distribution shall not constitute Capital Stock). 

“Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in
respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP. 

“Cash Equivalents” means: 

(1) U.S. dollars, Canadian dollars, Japanese yen, pounds sterling, euros or the national currency of any participating member
state of the European Union (as it is constituted on the Issue Date), Australian dollars and, with respect to any Foreign Subsidiaries, other currencies held by such Foreign Subsidiary in the ordinary course of business; 

  
 6 

 (2) securities issued or directly guaranteed or insured by the government of
the United States or any country that is a member of the European Union (as it is constituted on the Issue Date) or any agency or instrumentality thereof in each case with maturities not exceeding two years from the date of acquisition; 

(3) money market deposits, certificates of deposit, time deposits and eurodollar time deposits with maturities of two years or
less from the date of acquisition, bankers’ acceptances, in each case with maturities not exceeding two years, and overnight bank deposits, in each case with any lender under the New Credit Agreement or any other commercial bank having capital
and surplus in excess of $250.0 million in the case of domestic banks or $100.0 million (or the dollar equivalent thereof) in the case of foreign banks; 

(4) repurchase obligations for underlying securities of the types described in clauses (2) and (3) above and clause
(6) below entered into with any financial institution meeting the qualifications specified in clause (3) above or securities dealers of recognized national standing; 

(5) commercial paper or variable or fixed rate notes issued by a corporation or other Person (other than an Affiliate of the
Issuer) rated at least “P-2” or “A-2” or the equivalent thereof by either Moody’s or S&P (or reasonably equivalent ratings of another
internationally recognized ratings agency) and in each case maturing within two years after the date of acquisition, and commercial paper or variable or fixed rate notes issued by or guaranteed by any lender under the New Credit Agreement or any
bank holding company owning any such lender; 
 (6) readily marketable direct obligations issued by any state, commonwealth
or territory of the United States of America or any political subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized
ratings agency) in each case with maturities not exceeding two years from the date of acquisition; 
 (7) Indebtedness issued
by Persons with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s (or reasonably equivalent ratings of another internationally recognized ratings agency) in each
case with maturities not exceeding two years from the date of acquisition, and securities of marketable short-term money market and similar highly liquid funds having assets in excess of $250.0 million; 

(8) investment funds investing at least 95.0% of their assets in investments of the types described in clauses (1) through
(7) above and (9) and (10) below; 
 (9) Investments with average maturities of 36 months or less from the date of
acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s (or reasonably equivalent ratings of another
internationally recognized ratings agency); and 

  
 7 

 (10) in the case of investments by any Foreign Subsidiary or investments
made in a country outside the United States of America, other investments of comparable tenor and credit quality to those described in the foregoing clauses (1) through (9) customarily utilized in the countries where such Foreign Subsidiary is
located or in which such investment is made. 
 Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in
currencies other than those set forth in clause (1) above; provided that such amounts are converted into any currency listed in clause (1) as promptly as practicable and in any event within 10 Business Days following the receipt of
such amounts. 
 “Cash Management Services” means any of the following (a) treasury services, (b) credit card,
debit card, merchant card, purchasing card or stored value card services (including, without limitation, the processing of payments and other administrative services with respect thereto), (c) cash management services (including, without limitation,
controlled disbursements, automated clearinghouse transactions, return items, netting, overdrafts, zero balance arrangements, cash sweeps, depository, lockbox, stop payment, electronic funds transfer, information reporting, temporary advances, wire
transfer and interstate depository network services) and (d) other banking products or services as may be requested by the Issuer or any Restricted Subsidiary (other than letters of credit and other than loans and advances except indebtedness
arising from services described in clauses (a) through (c) of this definition). 
 “CFC” means a “controlled
foreign corporation” within the meaning of Section 957(a) of the Code. 
 “Change of Control” means: 

(x) prior to the Spin-Off Effective Date, the Issuer ceases to be a Wholly Owned Subsidiary of
International Paper; and 
 (y) after the Spin-Off Effective Date, any of the following: 

(a) an event or series of events by which any “person” or “group” becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934), directly or indirectly, of Voting Stock representing 50% or more of the voting power of
all Voting Stock of the Issuer; or 
 (b) (i) the direct or indirect sale, transfer, conveyance or other disposition, in one
or a series of related transactions, of all or substantially all of the assets of the Issuer and the Restricted Subsidiaries, taken as a whole, to any “person” or “group” or (ii) the merger, amalgamation or consolidation of
the Issuer with another Person; provided that a transaction where the holders of all classes of Voting Stock of the Issuer immediately prior to such transaction own, directly or indirectly, Voting Stock representing more than 50% of the
voting power of all the Voting Stock of the transferee person or group (in the case of clause (i)) or the Person surviving such merger, amalgamation or consolidation (in the case of clause (ii)), immediately after such transaction shall not be a
Change of Control pursuant to this clause (b). 

  
 8 

 As used in this definition, the terms “person” and “group” shall have
the meanings as used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its Subsidiaries, and any Person acting in its capacity as trustee, agent or other fiduciary or
administrator of any such plan. Notwithstanding the foregoing: (A) the transfer of assets between or among the Restricted Subsidiaries and the Issuer shall not itself constitute a Change of Control; and (B) a “person” or
“group” shall not be deemed to have beneficial ownership of securities subject to a stock purchase agreement, merger agreement or similar agreement (or voting or option agreement related thereto) until the consummation of the transactions
contemplated by such agreement so long as such person or group does not have the right to control the voting of such securities prior to the consummation of such transactions. 

“Clearstream” means Clearstream Banking Société Anonyme. 

“CoBank” means CoBank, ACB, a federally chartered instrumentality of the United States. 

“CoBank Equities” means all of Issuer’s cash patronage, stock and other equities in CoBank acquired in connection with
its patronage loan from CoBank (or its affiliate), and proceeds thereof. 
 “Code” means the U.S. Internal Revenue Code of
1986, as amended from time to time. 
 “Company Order” means a written request or order signed in the name of the Issuer by
any Officer of the Issuer. 
 “Consolidated EBITDA” means of any Person for any period, Consolidated Net Income of such
Person and its Restricted Subsidiaries for such period plus, without duplication and to the extent deducted (or, in the case of clauses (7) and (9), not included) in calculating such Consolidated Net Income for such period, the sum of: 

(1) provisions for taxes based on income (or similar taxes in lieu of income taxes), profits, capital (or equivalents),
including federal, foreign, state or local, franchise, excise and similar taxes and foreign withholding taxes of such Person paid or accrued during such period including taxes reimbursed to International Paper pursuant to the Tax Matters Agreement;

 (2) Consolidated Interest Expense and, to the extent not reflected in such Consolidated Interest Expense, any net losses
on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk (or minus any net gains thereon to the extent included in calculating such Consolidated Net Income for such period), amortization or write-off of debt discount and debt issuance costs and commissions, premiums, discounts and other fees and charges associated with Indebtedness (including Consolidated Interest Expense of, and purchase discount fees
in respect of any Receivables Financing incurred by, such Person and its Restricted Subsidiaries for that period); 

  
 9 

 (3) depreciation and amortization expense and impairment charges (including
deferred financing fees, capitalized software expenditures, intangibles (including goodwill), organization costs and amortization of unrecognized prior service costs and actuarial gains and losses related to pensions and other post-employment
benefits); 
 (4) any extraordinary, unusual or non-recurring expenses or losses
(including fees, expenses and charges (and amortization thereof) associated with the Transactions), losses on sales of accounts receivable pursuant to a Receivables Financing, and restructuring and integration costs (whether or not classified as
restructuring costs, charges or expenses on the consolidated financial statements of the Issuer) or reserves, including any severance costs, costs associated with office and facility openings, closings and consolidations, relocation costs and other non-recurring business optimization expenses); 
 (5) any other non-cash charges, expenses or losses (except to the extent such charges, expenses or losses represent an accrual of or reserve for cash expenses in any future period or an amortization of a prepaid cash expense paid
in a prior period); 
 (6) transaction costs, fees, losses and expenses (in each case whether or not any transaction is
actually consummated) (including any other transactions in connection therewith and any reorganization expenses, those relating to the transactions contemplated hereby, and those payable in connection with the sale of Capital Stock, the incurrence
of Indebtedness permitted by Section 3.3, transactions permitted by Article IV, Asset Sales permitted by Section 3.7, or any Investment permitted by Section 3.4);

 (7) the amount of cost savings and other operating improvements and synergies projected by the Issuer in good faith to be
realized as a result of any acquisition or Asset Sale (including the termination or discontinuance of activities constituting such business) of business entities or assets, constituting a division or line of business of any business entity, division
or line of business that is the subject of any such acquisition or Asset Sale, or from any operational change taken or committed to be taken during such period (in each case calculated on a Pro Forma Basis as though such cost savings and other
operating improvements and synergies had been realized on the first day of such period), net of the amount of actual benefits realized during such period from such actions to the extent already included in the Consolidated Net Income for such
period; provided that such cost savings, operating improvements and synergies are reasonably anticipated to result from any action taken or expected to be taken within 18 months following such acquisition, disposition or operational change;
provided, further, that the aggregate amount of adjustments in respect of synergies, cost savings and other operating improvements, when aggregated with the aggregate amount of adjustments in respect of pro forma synergies, cost
savings and other operating improvements pursuant to the proviso to this definition, shall not exceed 15% of Consolidated EBITDA for such period prior to giving effect to such synergies, cost savings and other operating improvements for such period;

  
 10 

 (8) cash expenses relating to earn outs and similar obligations; 

(9) to the extent not otherwise included in Consolidated Net Income, proceeds of business interruption insurance in an amount
representing the earnings for the applicable period that such proceeds are intended to replace (whether or not received so long as the Issuer in good faith expects to receive the same within one year from the date of the underlying loss (it being
understood that (x) to the extent not actually received within such year, such proceeds shall be deducted in calculating Consolidated EBITDA for the applicable period and (y) to the extent received in a subsequent period, such amount shall
not be added in calculating Consolidated EBITDA in such subsequent period)); 
 (10) any extraordinary, unusual or
nonrecurring, exceptional, special or infrequent gain, loss or charge (including fees, expenses and charges (or any amortization thereof) associated with the Transactions (other than for the avoidance of doubt interest incurred on Indebtedness
Incurred pursuant to the Transactions) or any acquisition, merger or consolidation, whether or not completed), any severance (which, for the avoidance of doubt, shall include retention, integration or excess pension or other excess charges),
relocation, consolidation, closing, integration, facilities opening, business optimization, transition or restructuring costs, charges or expenses (whether or not classified as restructuring costs, charges or expenses on the consolidated financial
statements of the Issuer), any signing, retention or completion bonuses, and any costs associated with curtailments or modifications to pension and post-retirement employee benefit plans; and 

(11) the amount of any loss attributable to non-controlling interests; 

minus, to the extent reflected as income or a gain in the statement of such Consolidated Net Income for such period, the sum of: 

(a) any extraordinary, unusual or non-recurring income or gains; and 

(b) any other non-cash income or gains (other than the accrual of revenue in the
ordinary course), but excluding any such items (i) in respect of which cash was received in a prior period or will be received in a future period or (ii) which represent the reversal in such period of any accrual of, or reserve for,
anticipated cash charges in any prior period where such accrual or reserve is no longer required, all as determined on a consolidated basis; 

  
 11 

 provided that for purposes of calculating Consolidated EBITDA of the Issuer and its Restricted
Subsidiaries for any period, (A) the Consolidated EBITDA of any Person or properties constituting a division or line of business of any business entity, division or line of business, in each case, acquired by the Issuer or any of the Restricted
Subsidiaries during such period and including any synergies, cost savings and other operating improvements to the extent reasonably anticipated to result from any action taken or expected to be taken within 18 months following such acquisition,
disposition or operational change, or of any Subsidiary designated as a Restricted Subsidiary during such period, shall be included on a Pro Forma Basis for such period (but assuming the consummation of such acquisition or such designation, as the
case may be, occurred on the first day of such period) (provided that the aggregate amount of adjustments in respect of pro forma synergies, cost savings and other operating improvements, when aggregated with the aggregate amount of adjustments in
respect of pro forma synergies, cost savings and other operating improvements pursuant to clause (7) above, shall not exceed 15% of Consolidated EBITDA for such period prior to giving effect to such pro forma synergies, cost savings and other
operating improvements for such period) and (B) the Consolidated EBITDA of any Person or properties constituting a division or line of business of any business entity, division or line of business, in each case, disposed of by the Issuer or any
of the Restricted Subsidiaries during such period, or of any Subsidiary designated as an Unrestricted Subsidiary during such period, shall be excluded for such period (assuming the consummation of such Asset Sale or such designation, as the case may
be, occurred on the first day of such period). 
 Unless otherwise qualified, all references to “Consolidated EBITDA” in this
Indenture shall refer to Consolidated EBITDA of the Issuer. 
 “Consolidated Interest Expense” means, of any Person for any
period, (a) total cash interest expense (including that attributable to Capitalized Lease Obligations) of such Person and its Restricted Subsidiaries for such period with respect to all outstanding Indebtedness of such Person and its Restricted
Subsidiaries, minus (b) the sum of (i) total cash interest income of such Person and its Restricted Subsidiaries for such period (excluding any interest income earned on receivables due from clients), in each case determined in
accordance with GAAP plus (ii) any one time financing fees (to the extent included in such Person’s consolidated interest expense for such period), including, with respect to the Issuer, those paid in connection with the initial
issuance or any amendment of any Indebtedness. Unless otherwise qualified, all references to “Consolidated Interest Expense” in this Indenture shall refer to Consolidated Interest Expense of the Issuer. 

“Consolidated Net Income” means, of any Person for any period, the consolidated net income (or loss) attributable to such
Person and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided that in calculating Consolidated Net Income of the Issuer and its consolidated Restricted Subsidiaries for any
period, there shall be excluded: 
 (1) the income (or loss) of any Person accrued prior to the date it becomes a Restricted
Subsidiary or is merged into or consolidated with the Issuer or any of its Restricted Subsidiaries, 

  
 12 

 (2) the income (or loss) of any Person that is not a Restricted Subsidiary
(including any income (or loss) from investments recorded in such Person under the equity method of accounting), except to the extent that any such income is actually received by the Issuer or such Restricted Subsidiary in the form of dividends or
similar distributions or other payments (which dividends and distributions or other payments shall be included in the calculation of Consolidated Net Income), 

(3) solely for purposes of determining the amount available for Restricted Payments under
Section 3.4(a)(C)(1), any income (but not loss) of any Restricted Subsidiary (other than the Guarantors) if such 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 the Issuer or a Guarantor by operation of the terms of such Restricted Subsidiary’s articles, charter or any agreement, instrument, judgment, decree, order, statute or
governmental rule or regulation applicable to such Restricted Subsidiary or its stockholders (other than restrictions that have been waived or otherwise released), except that the Issuer’s equity in the net income of any such Restricted
Subsidiary for such period will be included in such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed (or to the extent converted, or having the ability to be converted, into cash or Cash
Equivalents) (subject, in the case of a dividend to another Restricted Subsidiary, to the limitation contained in this clause), 

(4) any income (loss) for such period attributable to the early extinguishment of Indebtedness or Swap Contracts, 

(5) (x) any gain or loss realized upon the sale, abandonment or other disposition of any asset of the Issuer or any Restricted
Subsidiary (including pursuant to any sale/leaseback transaction) that is not sold, abandoned or otherwise disposed of in the ordinary course of business (as determined by the Issuer in good faith) and (y) any gain or loss realized upon the
disposal, abandonment or discontinuation of operations of the Issuer or any Restricted Subsidiary (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when
and to the extent such operations are actually disposed of), 
 (6) any extraordinary gain or loss for the Issuer and its
Restricted Subsidiaries for such period, 
 (7) the cumulative effect of a change in accounting principles, 

(8) any unrealized gains or losses in respect of Swap Contracts, 

(9) any unrealized foreign currency transaction gains or losses, including in respect of Indebtedness of any Person denominated
in a currency other than the functional currency of such Person, 
 (10) (i) any
non-cash compensation charge arising from any grant of limited liability company interests, stock, stock options or other equity based awards and (ii) expenses related to
non-cash compensation related expenses, 

  
 13 

 (11) to the extent otherwise included in Consolidated Net Income, any
unrealized foreign currency translation or transaction gains or losses, including in respect of Indebtedness or other obligations of the Issuer or any Restricted Subsidiary owing to the Issuer or any Restricted Subsidiary, 

(12) any non-cash charge, expense or other impact attributable to application of the
purchase or recapitalization method of accounting (including the total amount of depreciation and amortization, cost of sales or other non-cash expense resulting from the
write-up of assets to the extent resulting from such purchase or recapitalization accounting adjustments), non-cash charges for deferred tax valuation allowances and non-cash gains, losses, income and expenses resulting from fair value accounting required by the applicable standard under GAAP, 

(13) to the extent covered by insurance and actually reimbursed (or the Issuer has determined that there exists reasonable
evidence that such amount will be reimbursed by the insurer and such amount is not denied by the applicable insurer in writing within 180 days and is reimbursed within 365 days of the date of such evidence (with a deduction in any future calculation
of Consolidated Net Income for any amount so added back to the extent not so reimbursed within such 365 day period)), any expenses, charges or losses with respect to liability or casualty events, 

(14) charges, losses, lost profits, expenses or write-offs to the extent indemnified or insured by a third party, including
expenses covered by indemnification provisions in any agreement in connection with any acquisition permitted by Section 3.4, to the extent actually reimbursed (or the Issuer has determined that there exists reasonable
evidence that such amount will be indemnified or reimbursed by the insurer or applicable third party and such amount is not denied by the applicable insurer or third party in writing within 180 days and is indemnified or reimbursed within 365 days
of the date of such evidence (with a deduction in any future calculation of Consolidated Net Income for any amount so added back to the extent not so indemnified or reimbursed within such 365 day period)), and 

(15) the tax impact, if applicable, of the exclusion of any item pursuant to the foregoing clauses (1) through (14). 

Unless otherwise qualified, all references to “Consolidated Net Income” in this Indenture shall refer to Consolidated Net Income of
the Issuer. 
 “Consolidated Senior Secured Debt” means, as of any date of determination, an amount equal to Consolidated
Total Debt that is secured by a Lien (other than Liens consisting of property or assets held in defeasance or deposited in trust for redemption, repayment, retirement, satisfaction, discharge or defeasance or similar arrangement for the benefit of
the indebtedness secured thereby) as of such date. 

  
 14 

 “Consolidated Senior Secured Debt Ratio” means, as of any date of
determination, the ratio of (a) Consolidated Senior Secured Debt as of the date of determination to (b) Four Quarter EBITDA; provided that, for purposes of the foregoing calculation, in the event that the Issuer shall classify
Indebtedness that is secured by Liens on property or assets of the Issuer and its Restricted Subsidiaries Incurred on the date of determination as Incurred (A) in part as Ratio Debt and/or pursuant to
Section 3.3(b)(i)(A)(II) and/or Section 3.3(b)(xv) and (B) in part pursuant to one or more other clauses of Section 3.3(b) that do not require compliance with a
financial ratio or test (including the Consolidated Senior Secured Debt Ratio and/or the Fixed Charge Coverage Ratio) (as provided in Section 3.3(c)(x)), any calculation of Consolidated Senior Secured Debt pursuant to this
definition on such date (but not in respect of any future calculation following such date) shall not include any such Indebtedness (and shall not give effect to any repayment, repurchase, redemption, satisfaction and discharge, defeasance or other
acquisition, retirement or discharge of Consolidated Senior Secured Debt from the proceeds thereof) to the extent Incurred pursuant to any such other clause of Section 3.3(b) specified in clause (B) above. For purposes of
calculating the Consolidated Senior Secured Debt Ratio, at all times on or prior to the Spin-Off Effective Date, pro forma effect will be given to the consummation of the
Spin-Off. 
 “Consolidated Total Debt” means, as of any date of determination, the
aggregate principal amount of Indebtedness of the Issuer and its Restricted Subsidiaries outstanding on such date, determined on a consolidated basis in accordance with GAAP (but excluding the effects of any discounting of indebtedness resulting
from the application of purchase accounting in connection with any acquisition or similar Investment), consisting of Indebtedness for borrowed money, obligations in respect of all drawn and unreimbursed letters of credit, Capitalized Lease
Obligations, purchase money Indebtedness and debt obligations evidenced by promissory notes or similar instruments and any Ratio Tested Committed Amount; provided that any Indebtedness incurred under any Receivables Financing shall be
excluded for purposes of any debt ratio calculation. 
 “Consolidated Total Debt Ratio” means, as of any date of
determination, the ratio of (a) Consolidated Total Debt as of the date of determination to (b) Four Quarter EBITDA. For purposes of calculating the Consolidated Total Debt Ratio, at all times on or prior to the Spin-Off Effective Date, pro forma effect will be given to the consummation of the Spin-Off. 

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

  
 15 

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

(b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of
the primary obligor; or 
 (3) to purchase property, securities or services primarily for the purpose of assuring the owner
of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“Corporate Trust Office” shall be at the address of the Trustee specified in Section 12.1 or such
other address as to which the Trustee may give notice to the Issuer or Holders pursuant to the procedures set forth in Section 12.1. 

“Covenant Adjustment Date” means the earliest of: (i) the date on which (x) a court of competent jurisdiction has
issued a final, non-appealable determination with respect to the Specified Disclosed Litigation (including as a result of a decision by the Issuer or any of its Subsidiaries not to pursue an available appeal)
and (y) any taxes, interest, penalties and governmental court charges (including any judgment in respect of such amounts) payable by the Issuer or any of its Subsidiaries as a result of such determination have been satisfied in full;
(ii) the date on which governmental authorities in Brazil irrevocably abandon and relinquish, or otherwise irrevocably cease to pursue, the Specified Disclosed Litigation; and (iii) the date on which (x) the Issuer or any of its
Subsidiaries has settled the Specified Disclosed Litigation (including by becoming party to an applicable amnesty program) and (y) any amounts payable by the Issuer or any of its Subsidiaries pursuant to the settlement agreement have been
satisfied in full; provided that, in the case of clauses (i) and (iii), (A) International Paper has satisfied in full its obligation to reimburse/indemnify the Issuer in accordance with the provisions of the Tax Matters Agreement and
(B) any Liens placed on the assets of the Issuer or any of its Restricted Subsidiaries by the governmental authorities in Brazil relating to the Specified Disclosed Litigation have been released. 

“Credit Agreement” means (i) the New Credit Agreement, including any notes, mortgages, guarantees, collateral documents,
instruments and agreements executed in connection therewith, as amended, restated, supplemented, waived, renewed or otherwise modified from time to time, and as replaced (whether or not upon termination, and whether with the original lenders or
otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture or commercial paper facilities with banks or other institutional lenders or investors extending the maturity
thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or
increasing the amount loaned or issued thereunder or altering the maturity thereof (provided that such increase in borrowings is permitted under Section 3.3) and (ii) whether or not the New Credit Agreement
remains outstanding, if designated by the Issuer to be included in the definition of “Credit Agreement,” one or more debt facilities, indentures or commercial paper facilities providing for revolving credit loans, term loans, notes,
debentures, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit. 

  
 16 

 “Custodian” means any receiver, trustee, assignee, liquidator, custodian,
supervisory commissioner, trustee commissaire, juge-commissaire, curateur, juge délégué or similar official under any Bankruptcy Law. 

“Default” means any event which is, or after notice or passage of time or both would be, an Event of Default. 

“Depositary” or “DTC” means The Depository Trust Company, its nominees and their respective successors and
assigns, or such other depository institution hereinafter appointed by the Issuer. 
 “Designated
Non-cash Consideration” means non-cash consideration received by the Issuer or one of its Restricted Subsidiaries in connection with an Asset Sale that is so
designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection on such
Designated Non-cash Consideration. 
 “Disinterested Directors” means, with respect
to any Affiliate Transaction, one or more members of the Board of Directors of the Issuer having no material direct or indirect financial interest in or with respect to such Affiliate Transaction. A member of any such Board of Directors shall not be
deemed to have such a financial interest by reason of such member’s holding Capital Stock of the Issuer or any options, warrants or other rights in respect of such Capital Stock. 

“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person that, by its terms (or by the terms
of any security into which it is convertible or for which it is redeemable or exchangeable), in each case, at the option of the holder thereof or upon the happening of any event: 

(1) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a
change of control or asset sale; provided that the relevant asset sale or change of control provisions, taken as a whole, are no more favorable in any material respect to holders of such Capital Stock than the asset sale and change of control
provisions applicable to the Notes and any purchase requirement triggered thereby may not become operative until compliance with the asset sale and change of control provisions applicable to the Notes (including the purchase of any Notes tendered
pursuant thereto)); 
 (2) is convertible or exchangeable for Indebtedness or Disqualified Stock; or 

(3) is redeemable at the option of the holder thereof, in whole or in part; 

  
 17 

 in each case prior to the date that is 91 days after the earlier of the maturity date of the
Notes and the date the Notes are no longer outstanding; provided, however, that only the portion of Capital Stock that so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the
holder thereof prior to such date shall be deemed to be Disqualified Stock; provided, further, however, that if such Capital Stock is issued to any employee or to any plan for the benefit of employees, officers, directors,
managers, consultants or independent contractors of the Issuer or its Subsidiaries or by any such plan to such employees, officers, directors, managers, consultants or independent contractors such Capital Stock shall not constitute Disqualified
Stock solely because it may be required to be repurchased by the Issuer or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s, officer’s, director’s, manager’s,
consultant’s or independent contractor’s termination, death or disability; provided, further, that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by
delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified Stock. 
 “Domestic
Subsidiary” means any Subsidiary of the Issuer that is not a Foreign Subsidiary. 
 “Electronic Means” means the
following communications methods: e-mail, facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or
another method or system specified by the Trustee as available for use in connection with its services under this Indenture. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
Capital Stock that arises only by reason of the happening of a contingency or any debt security that is convertible into, or exchangeable for, Capital Stock). 

“Equity Offering” means any public or private sale after the Issue Date of Qualified Equity Interests of the Issuer, other
than: 
 (1) public offerings with respect to the Issuer’s common stock registered on Form S-4 or Form S-8 or successor form thereto; and 

(2) issuances to any Subsidiary of the Issuer. 

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Existing Bilateral Letter of Credit” means that certain GARANTIE AUTONOME A PREMIERE DEMANDE N°
306386/21, dated March 2, 2021, issued by the BNP Paribas naming SVD 87 as beneficiary, as the same may be amended, modified, restated or supplemented from time to time; provided that the aggregate face amount shall not exceed €50,000,000
at any time (including after giving effect to any automatic increases). 

  
 18 

 “Factoring Transaction” means any transaction or series of transactions
that may be entered into by the Issuer or any Restricted Subsidiary pursuant to which the Issuer or such Restricted Subsidiary may sell, convey, assign or otherwise transfer Receivables Assets (which may include a backup or precautionary grant of
security interest in such Receivables Assets so sold, conveyed, assigned or otherwise transferred or purported to be so sold, conveyed, assigned or otherwise transferred, and a security interest over the account or accounts where the relevant
obligors with respect to such Receivables Assets are directed to make payments) to any Person that is not a Restricted Subsidiary; provided that any such Person that is a Subsidiary meets the qualifications in clauses (1) through (3) of
the definition of “Receivables Subsidiary.” 
 “Fair Market Value” means, with respect to any asset or property
on any date of determination, the value of the consideration obtainable in a sale of such asset or property in an arm’s-length transaction between a willing seller and a willing buyer (as determined in
good faith by the senior management or the Board of Directors of the Issuer, whose determination will be conclusive for all purposes under this Indenture and the Notes). 

“Fixed Charge Coverage Ratio” means, as of the date of any determination, the ratio of (1) Four Quarter EBITDA to
(2) Fixed Charges for such period calculated on a Pro Forma Basis; provided that, in the event that the Issuer shall classify Indebtedness Incurred or Preferred Stock or Disqualified Stock issued on the date of determination as Incurred
or issued (A) in part as Ratio Debt and/or pursuant to Section 3.3(b)(i)(A)(II) and/or Section 3.3(b)(xv) and (B) in part pursuant to one or more clauses of
Section 3.3 that do not require compliance with a financial ratio or test (including the Consolidated Senior Secured Debt Ratio and/or the Fixed Charge Coverage Ratio) (as provided in
Section 3.3(c)(x)), any calculation of Fixed Charges pursuant to this definition on such date (but not in respect of any future calculation following such date) shall not include any such Indebtedness or Preferred Stock or
Disqualified Stock issued (and shall not give effect to any repayment, repurchase, redemption, defeasance or other acquisition, retirement or discharge of Indebtedness from the proceeds thereof) to the extent Incurred pursuant to any such other
clause of Section 3.3(b) specified in clause (B) above. For purposes of calculating the Fixed Charge Coverage Ratio, (a) at all times on or prior to the Spin-Off Effective
Date, pro forma effect will be given to the consummation of the Spin-Off and (b) from and after the Spin-Off Effective Date, such calculation shall be made with
respect to the Issuer and the Restricted Subsidiaries. 
 “Fixed Charges” means, for any period, the sum of: 

(1) Consolidated Interest Expense of the Issuer and its Restricted Subsidiaries for such period, and 

(2) the product of (a) all cash dividend payments (excluding items eliminated in consolidation) for such period on any
series of Preferred Stock or Disqualified Stock of the Issuer and its Restricted Subsidiaries held by Persons other than the Issuer or a Restricted Subsidiary and (b) a fraction, the numerator of which is one and the denominator of which is one
minus the then current combined federal, state and local statutory tax rate of the Issuer and its Restricted Subsidiaries, expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP. 

  
 19 

 “Fixed GAAP Date” means the Issue Date; provided that at any time
after the Issue Date, the Issuer may by written notice to the Trustee elect to change the Fixed GAAP Date to be the date specified in such notice, and upon such notice, the Fixed GAAP Date shall be such date for all periods beginning on and after
the date specified in such notice. 
 “Fixed GAAP Terms” means (a) the definitions of the terms “Capitalized
Lease Obligation,” “Consolidated EBITDA,” “Consolidated Interest Expense,” “Consolidated Net Income,” “Consolidated Senior Secured Debt,” “Consolidated Senior Secured Debt Ratio,”
“Consolidated Total Debt,” “Consolidated Total Debt Ratio,” “Fixed Charge Coverage Ratio,” “Fixed Charges” and “Indebtedness,” (b) all defined terms in this Indenture to the extent used in or
relating to any of the foregoing definitions, and all ratios and computations based on any of the foregoing definitions, and (c) any other term or provision of this Indenture or the Notes that, at the Issuer’s election, may be specified by
the Issuer by written notice to the Trustee from time to time; provided that the Issuer may elect to remove any term from constituting a Fixed GAAP Term. 

“Foreign Subsidiary” means any Subsidiary of the Issuer which is organized under the laws of a jurisdiction other than the
United States or any state thereof or the District of Columbia. 
 “Four Quarter EBITDA” means, as of any date of
determination, Consolidated EBITDA of the Issuer and its Restricted Subsidiaries for the most recently ended four fiscal quarters for which internal financial statements are available immediately preceding such date, calculated on a Pro Forma Basis.

 “FSHCO” means a Subsidiary that has no material assets other than Equity Interests (or Equity Interests and debt) of one
or more Foreign Subsidiaries that are CFCs (other than Foreign Subsidiaries organized in an Approved Jurisdiction). 

“GAAP” means generally accepted accounting principles in the United States of America as in effect on the Fixed GAAP Date
(for purposes of the Fixed GAAP Terms) and as in effect from time to time (for all other purposes of this Indenture), including those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as approved by a significant segment of the accounting profession (but excluding the
policies, rules and regulations of the SEC applicable only to public companies); provided that the Issuer may at any time elect by written notice to the Trustee to so use IFRS in lieu of GAAP for financial reporting purposes and, upon any
such notice, references herein to GAAP shall thereafter be construed to mean (a) for periods beginning on and after the date specified in such notice, IFRS as in effect on the date specified in such notice (for purposes of the Fixed GAAP Terms)
and as in effect from time to time (for all other purposes of this Indenture) and (b) for prior periods, GAAP as defined in the first sentence of this definition. All ratios and computations based on GAAP contained in this Indenture shall be
computed in conformity with GAAP. 

  
 20 

 “guarantee” means, as to any Person, a guarantee (other than by endorsement
of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part of any
Indebtedness or other obligations. 
 “Guarantee” means any guarantee of the Obligations of the Issuer under this Indenture
and the Notes by any Restricted Subsidiary of the Issuer in accordance with the provisions of this Indenture. 

“Guarantors” means, collectively, each Subsidiary Guarantor; provided that upon the release or discharge of such
Person from its Guarantee in accordance with this Indenture, such Person shall immediately cease to be a Guarantor. 

“Holder” or “Noteholder” means the Person in whose name a Note is registered on the Note Registrar’s
books. 
 “IFRS” means the International Financial Reporting Standards as issued by the International Accounting Standards
Board. 
 “Incur” means, with respect to any Indebtedness, Capital Stock or Lien, to issue, assume, enter into any
guarantee of, incur or otherwise become liable, for such Indebtedness, Capital Stock or Lien, as applicable; and the terms “Incurs,” “Incurred,” and “Incurrence” shall have a correlative meaning;
provided that any Indebtedness, Capital Stock or Lien of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise) shall be deemed to be Incurred by
such Person at the time it becomes a Subsidiary. 
 “Indebtedness” means, with respect to any Person, without duplication:

 (1) the principal of any indebtedness of such Person, whether or not contingent, (a) in respect of borrowed money,
(b) evidenced by bonds, notes, debentures or similar instruments, (c) in respect of letters of credit or similar instruments (or, without duplication, reimbursement agreements in respect thereof), (d) representing the deferred and unpaid
purchase price of any property (including Capitalized Lease Obligations), except (i) any such balance that constitutes a trade payable, accrued expense or similar obligation to a trade creditor, in each case Incurred in the ordinary course of
business and (ii) any earn-out obligation until and unless the payment of which has been determined by such Person in good faith to be probable (in the amount so determined), (e) obligations under or in
respect of Receivables Financings, and (f) all obligations attributable to Synthetic Leases related to tangible property; 

  
 21 

 (2) to the extent not otherwise included, any guarantee by such Person of
the Indebtedness of another Person (other than by endorsement of negotiable instruments for collection in the ordinary course of business); and 

(3) to the extent not otherwise included, Indebtedness of another Person secured by a Lien on any asset owned by such Person
(whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will be the lesser of (a) the Fair Market Value of such asset at such date of determination, and (b) the
amount of such Indebtedness of such other Person; 
 provided, however, that such amount shall only apply for
each of clauses (1)(a), (1)(b), (1)(d) and (1)(f) above, if and to the extent any of the foregoing Indebtedness would appear as a liability on an unconsolidated balance sheet of such Person prepared in accordance with GAAP (but excluding contingent
liabilities which appear only in a footnote to a balance sheet). 
 For the avoidance of doubt, and without limitation of the foregoing,
(x) the term “Indebtedness” shall not include any letter of credit that secured performance, bonds that secure performance, surety bonds or similar instruments that are issued in the ordinary course of business, (y) neither the
obligations of the Issuer under any Permitted Warrant Transaction nor the obligations of the Issuer under any Permitted Bond Hedge Transaction shall constitute Indebtedness and (z) Permitted Convertible Indebtedness shall at all times prior to
the repurchase, conversion or payment thereof be valued at the full stated principal amount thereof and shall not include any reduction or appreciation in value of the shares and/or cash deliverable upon conversion thereof. 

“Indenture” has the meaning set forth in the preamble hereto. 

“Independent Financial Advisor” means an accounting, appraisal or investment banking firm or consultant, in each case of
nationally recognized standing that is, in the good faith determination of the Issuer, qualified to perform the task for which it has been engaged. 

“Initial Notes” has the meaning set forth in the recitals hereto. 

“Initial Purchasers” means the initial purchasers listed in the Offering Memorandum under the heading “Plan of
Distribution.” 
 “Interest Payment Date” means, when used with respect to any Note and any installment of interest
thereon, the date specified in such Note as the fixed date on which such installment of interest is due and payable, as set forth in such Note. 

“International Paper” means International Paper Company, a New York corporation. 

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

  
 22 

 “Investment Grade Securities” means: 

(1) securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality
thereof (other than Cash Equivalents); 
 (2) securities that have an Investment Grade Rating, but excluding any debt
securities or instruments constituting loans or advances among the Issuer and its Subsidiaries; 
 (3) investments in any
fund that invests at least 95.0% of its assets in investments of the type described in clauses (1) and (2) above and clause (4) below which fund may also hold immaterial amounts of cash pending investment and/or distribution; and 

(4) corresponding instruments in countries other than the United States customarily utilized for high quality investments and
in each case with maturities not exceeding two years from the date of acquisition. 
 “Investments” means, with respect to
any Person, all investments by such Person in other Persons (including Affiliates) in the form of (a) loans (including guarantees of Indebtedness), (b) advances or capital contributions (excluding accounts receivable, trade credit and
advances or other payments made to customers, dealers, suppliers and distributors and payroll, commission, travel and similar advances to officers, directors, managers, employees, consultants and independent contractors made in the ordinary course
of business), and (c) purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person. If the Issuer or any Restricted Subsidiary sells or otherwise disposes of any Equity
Interests of any Restricted Subsidiary, or any Restricted Subsidiary issues any Equity Interests, in either case, such that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of the Issuer, the Issuer shall
be deemed to have made an Investment on the date of any such sale or other disposition equal to the Fair Market Value of the Equity Interests of and all other Investments in such Restricted Subsidiary retained. In no event shall a guarantee of an
operating lease of the Issuer or any Restricted Subsidiary be deemed an Investment. For purposes of the definition of “Unrestricted Subsidiary” and Section 3.4: 

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

(a) the Issuer’s “Investment” in such Subsidiary at the time of such redesignation less 

  
 23 

 (b) the portion (proportionate to the Issuer’s 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. 
 The
amount of any Investment outstanding at any time (including for purposes of calculating the amount of any Investment outstanding at any time under Section 3.4, and otherwise determining compliance with
Section 3.4) shall be the original cost of such Investment (determined, in the case of any Investment made with assets of the Issuer or any Restricted Subsidiary, based on the Fair Market Value of the assets invested and
without taking into account subsequent increases or decreases in value), reduced by any dividend, distribution, interest payment, return of capital, repayment or other amount received in cash by the Issuer or a Restricted Subsidiary in respect of
such Investment, and in the case of an Investment in any Person, shall be net of any Investment by such Person in the Issuer or any Restricted Subsidiary. 

“Issue Date” means the date on which the Initial Notes are originally issued. 

“Issuer” means Sylvamo Corporation, and any successor in interest thereto. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, hypothecation, charge, security interest, preference,
priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, or any
option or other agreement to sell). 
 “Limited Condition Transaction” means (i) any acquisition, including by way of
merger, amalgamation, consolidation or other business combination or the acquisition of Capital Stock or otherwise, of any assets, business or Person, or any other Investment by one or more of the Issuer and its Subsidiaries permitted by this
Indenture, in each case, whose consummation is not conditioned on the availability of, or on obtaining, third party financing or (ii) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified
Stock or Preferred Stock requiring notice in advance of such redemption, repurchase, defeasance, satisfaction and discharge or repayment. 

“Moody’s” means Moody’s Investors Service, Inc., or any successor to the rating agency business thereof. 

“Net Cash Proceeds” means the aggregate cash proceeds (using the Fair Market Value of any Cash Equivalents) received by the
Issuer or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash
Consideration received in any Asset Sale and any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received, and including any proceeds received as a result
of unwinding any related Swap Contracts in connection with such transaction 

  
 24 

 
but excluding the assumption by the acquiring Person of Indebtedness relating to the disposed assets or other consideration received in any other non-cash
form), net of the cash costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration (including, without limitation, legal, accounting and investment banking fees, and
brokerage and sales commissions and other payments made to International Paper to satisfy contractual obligations under the Brazil Payment Agreement), and any relocation expenses incurred as a result thereof, taxes paid or payable as a result
thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements related thereto), amounts required to be applied to the repayment of principal, premium (if any) and interest on Indebtedness required (other
than pursuant to Section 3.7(b)) to be paid as a result of such transaction, any costs associated with unwinding any related Swap Contracts in connection with such transaction and any deduction of appropriate amounts to be
provided by the Issuer or any of its Restricted Subsidiaries as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Issuer or any of its Restricted Subsidiaries
after such sale or other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such
transaction. 
 “Net Short Holder” means any Notes Beneficial Owner (alone or together with its Affiliates (but subject to
clause (vi) below)) (other than (x) any Notes Beneficial Owner that is a Regulated Bank and (y) any Initial Purchaser and any Affiliate of an Initial Purchaser that is not a Regulated Bank) that, as a result of its (or its
Affiliates’ (but subject to clause (vi) below)) interest, whether held directly or through any intermediary, in any total return swap, total rate of return swap, credit default swap or other derivative contract (other than any such total
return swap, total rate of return swap, credit default swap or other derivative contract entered into pursuant to bona fide market making activities), has a net short position with respect to the Notes. For purposes of determining whether a Notes
Beneficial Owner (alone or together with its Affiliates (but subject to clause (vi) below)) has a “net short position” on any date of determination: (i) derivative contracts with respect to the Notes and such contracts that are
the functional equivalent thereof shall be counted at the notional amount thereof in U.S. dollars, (ii) notional amounts in other currencies shall be converted to the U.S. dollar equivalent thereof by such Notes Beneficial Owner in a
commercially reasonable manner consistent with generally accepted financial practices and based on the prevailing conversion rate (determined on a mid-market basis) on the date of determination,
(iii) derivative contracts in respect of an index that includes the Issuer or any of the Guarantors or any instrument issued or guaranteed by the Issuer or any of the Guarantors shall not be deemed to create a short position with respect to the
Notes, so long as (x) such index is not created, designed, administered or requested by such Notes Beneficial Owner or its Affiliates (other than its Excluded Affiliates) and (y) the Issuer and Guarantors and any instrument issued or
guaranteed by the Issuer or any of the Guarantors, collectively, shall represent less than 5% of the components of such index, (iv) derivative transactions that are documented using either the 2014 ISDA Credit Derivatives Definitions or the
2003 ISDA Credit Derivatives Definitions (collectively, the “ISDA CDS Definitions”) shall be deemed to create a short position with respect to the Notes if such Notes Beneficial Owner or its Affiliates (other than its Excluded
Affiliates) is a protection buyer or the equivalent thereof for such derivative transaction and (x) the Notes are a “Reference Obligation” under the terms of 

  
 25 

 
such derivative transaction (whether specified by name in the related documentation, included as a “Standard Reference Obligation” on the most recent list published by Markit, if
“Standard Reference Obligation” is specified as applicable in the relevant documentation or in any other manner), (y) the Notes would be a “Deliverable Obligation” under the terms of such derivative transaction or (z) the
Issuer or any of the Guarantors (or any of their successors) is designated as a “Reference Entity” under the terms of such derivative transactions, (v) credit derivative transactions or other derivatives transactions not documented
using the ISDA CDS Definitions shall be deemed to create a short position with respect to the Notes if such transactions are functionally equivalent to a transaction that offers such Notes Beneficial Owner or its Affiliates (other than its Excluded
Affiliates) protection in respect of the Notes, or as to the credit quality of the Issuer or any of the Guarantors (or any of their successors) other than, in each case, as part of an index so long as (x) such index is not created, designed,
administered or requested by such Notes Beneficial Owner or its Affiliates (other than its Excluded Affiliates) and (y) the Issuer and Guarantors and any instrument issued or guaranteed by the Issuer or any of the Guarantors, collectively,
shall represent less than 5% of the components of such index and (vi) in connection with any amendment, supplement, waiver or modification of this Indenture or the Notes, as well as any other request, demand, authorization, direction, notice,
consent or waiver under this Indenture, each Notes Beneficial Owner shall either (A) reasonably inquire as to whether its Screened Affiliates have any interest in the Notes and/or any applicable total return swap, total rate of return swap,
credit default swap or other derivative contract, and such Screened Affiliates’ interests therein shall only be included in determining whether such Notes Beneficial Owner (alone or together with its Affiliates) is a Net Short Holder to the
extent determined from such reasonable inquiry or (B) provide a certification or deemed certification to the Trustee and the Issuer that such Notes Beneficial Owner is not coordinating or acting in concert with any of its Affiliates (other than
any Affiliates designated in writing by such Notes Beneficial Owner whose interests in the Notes and/or any applicable total return swap, total rate of return swap, credit default swap or other derivative contract shall be included in determining
whether such Notes Beneficial Owner is a Net Short Holder (each a “Designated Affiliate”)) with respect to its interest in the Notes and/or any applicable total return swap, total rate of return swap, credit default swap or other
derivative contract, in which case the interests of the Affiliates (other than any Designated Affiliates) of such Notes Beneficial Owner in any Notes and/or any applicable total return swap, total rate of return swap, credit default swap or other
derivative contract shall not be included in determining whether such Notes Beneficial Owner is a Net Short Holder (any such Affiliate in clause (A) or (B) above (other than any Designated Affiliates) whose Notes and/or any applicable total
return swap, total rate of return swap, credit default swap or other derivative contract are not included in determining whether such Notes Beneficial Owner is a Net Short Holder, an “Excluded Affiliate”). 

“New Credit Agreement” means that certain Credit Agreement to be entered into in connection with the Transactions as
described in the Offering Memorandum under “Description of Other Indebtedness – Senior Secured Credit Facilities,” as amended, restated, supplemented, waived, renewed or otherwise modified from time to time. 

“Non-Guarantor Subsidiary” means any Restricted Subsidiary of the Issuer that is not
a Subsidiary Guarantor. 

  
 26 

 “Non-U.S. Person” means a Person
who is not a U.S. Person (as defined in Regulation S). 
 “Notes” has the meaning set forth in the recitals hereto. 

“Notes Beneficial Owner” means a Person who is a beneficial owner of interests in the Notes (including Additional Notes, if
any). 
 “Notes Custodian” means the custodian with respect to the Global Notes (as appointed by the Depositary), or any
successor Person thereto and shall initially be the Trustee. 
 “Obligations” means any principal, interest (including any
interest accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state,
U.S. federal or foreign law), premium, penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities
payable under the documentation governing any Indebtedness; provided that Obligations with respect to the Notes shall not include fees or indemnification in favor of other third parties other than the Trustee and the Holders. 

“Offering Memorandum” means the offering memorandum related to the offering of Initial Notes, dated August 20, 2021.

 “Officer” means, with respect to any Person, the Chairman of the Board, Chief Executive Officer, Chief Financial
Officer, President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary (or any person serving the equivalent function of any of the foregoing) of such Person (or the general partner, managing member
or sole member of such Person) or any individual designated as an “Officer” for purposes of this Indenture by the Board of Directors of such Person (or the general partner, managing member or sole member of such Person). 

“Officer’s Certificate” means a certificate signed on behalf of the Issuer by an Officer of the Issuer that meets the
requirements set forth in this Indenture. 
 “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 the Issuer. 
 “Outstanding” or
“outstanding,” when used with respect to Notes means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture, except: 

(i) Notes theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 

(ii) Notes for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any
Paying Agent in trust for the Holders of such Notes, provided that, if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor reasonably satisfactory to the Trustee has
been made; and 

  
 27 

 (iii) Notes in exchange for or in lieu of which other Notes have been
authenticated and delivered pursuant to this Indenture. 
 A Note does not cease to be Outstanding because the Issuer or any Affiliate of
the Issuer holds the Note; provided that in determining whether the Holders of the requisite amount of Outstanding Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder (other than in respect of
any such action pursuant to Section 9.2(b), which requires the consent of each Holder of an affected Note), Notes owned by the Issuer or any Affiliate of the Issuer 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 request, demand, authorization, direction, notice, consent or waiver, only Notes which a Responsible Officer actually knows are so owned shall
be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the reasonable satisfaction of the Trustee the pledgee’s right to act with respect to such Notes and that the
pledgee is not the Issuer or an Affiliate of the Issuer. 
 “Pari Passu Indebtedness” means any Indebtedness of the Issuer
or any Restricted Subsidiary other than Subordinated Indebtedness. 
 “Paying Agent” means any Person authorized by the
Issuer to pay the principal of (and premium, if any) or interest on any Notes on behalf of the Issuer. The Trustee will initially act as Paying Agent for the Notes. 

“Permitted Bond Hedge Transaction” means any call or capped call option (or substantively equivalent derivative transaction)
relating to the Issuer’s common stock (or other securities or property following a merger event, reclassification or other change of the common stock of the Issuer) purchased by the Issuer in connection with the issuance of any Permitted
Convertible Indebtedness and settled in common stock of the Issuer (or such other securities or property), cash or a combination thereof (such amount of cash determined by reference to the price of the Issuer’s common stock or such other
securities or property), and cash in lieu of fractional shares of common stock of the Issuer; provided that the terms, conditions and covenants of each such transaction shall be such as are customary for transactions of such type (as
determined by the Board of Directors of the Issuer, or a committee thereof, in good faith). 
 “Permitted Convertible
Indebtedness” means senior, unsecured Indebtedness of the Issuer or any Restricted Subsidiary that is convertible into shares of common stock of the Issuer (or other securities or property following a merger event, reclassification or other
change of the common stock of the Issuer), cash or a combination thereof (such amount of cash determined by reference to the price of the Issuer’s common stock or such other securities or property), and cash in lieu of fractional shares of
common stock of the Issuer. 
 “Permitted Investments” means: 

  
 28 

 (1) any Investment in cash and Cash Equivalents or Investment Grade
Securities and Investments that were Cash Equivalents or Investment Grade Securities when made; 
 (2) any Investment in the
Issuer (including the Notes) or any Restricted Subsidiary; 
 (3) any Investment by the Issuer or any Restricted Subsidiary
of the Issuer in the Issuer or any other Restricted Subsidiary of the Issuer; 
 (4) any Investment by the Issuer or any
Restricted Subsidiary of the Issuer in a Person that is primarily engaged in a Similar Business if as a result of such Investment (a) such Person becomes a Restricted Subsidiary of the Issuer, or (b) such Person, in one transaction or a
series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary of the Issuer (and any Investment
held by such Person that was not acquired by such Person in contemplation of so becoming a Restricted Subsidiary or in contemplation of such merger, consolidation, amalgamation, transfer, conveyance or liquidation); 

(5) any Investment in securities or other assets (including promissory notes and
non-cash consideration) received in connection with an Asset Sale made pursuant to Section 3.7 or any other disposition of assets not constituting an Asset Sale; 

(6) any Investment (v) existing on the Issue Date, (w) contemplated to be existing on the Spin-Off Effective Date, (x) made pursuant to binding commitments in effect on the Issue Date or the Spin-Off Effective Date, (y) made pursuant to the Spin-Off Documents, or (z) that modifies, replaces, refinances, refunds, renews or extends any Investment described under either of the immediately preceding clauses (x) and (y); provided that any
such Investment is in an amount that does not exceed the amount modified, replaced, refinanced, refunded, renewed or extended, except as contemplated pursuant to the terms of such Investment in existence on the Issue Date or the Spin-Off Effective Date or as otherwise permitted under this definition or Section 3.4; 

(7) loans and advances to, or guarantees of Indebtedness of, employees, directors, officers, managers, consultants or
independent contractors in the ordinary course of business, in an aggregate amount, taken together with all other Investments made pursuant to this clause (7) that are at the time outstanding, not to exceed $15.0 million; 

(8) loans and advances to officers, directors, employees, managers, consultants and independent contractors for
business-related travel and entertainment expenses, moving and relocation expenses and other similar expenses, in each case in the ordinary course of business; 

  
 29 

 (9) any Investment (x) acquired by the Issuer or any of its Restricted
Subsidiaries (a) in exchange for any other Investment or accounts receivable held by the Issuer or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of
such other Investment or accounts receivable, or (b) as a result of a foreclosure or other remedial action by the Issuer or any of its Restricted Subsidiaries with respect to any Investment or other transfer of title with respect to any
Investment in default and (y) received in compromise or resolution of (a) obligations of trade creditors or customers that were incurred in the ordinary course of business of the Issuer or any Restricted Subsidiary, including pursuant to
any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer, or (b) litigation, arbitration or other disputes; 

(10) Swap Contracts and Cash Management Services permitted under Section 3.3(b)(x); 

(11) Investments consisting of any bid, performance or similar project related bonds, parent company performance guarantees,
bank performance guaranties or surety bonds or performance letters of credit, together with any payment thereunder; 
 (12)
additional Investments by the Issuer or any of its Restricted Subsidiaries in an aggregate amount, taken together with all other Investments made pursuant to this clause (12) that are at the time outstanding, not to exceed the greater of (x)
$85.0 million and (y) 3.0% of Total Assets; provided, however, that if any Investment pursuant to this clause (12) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and
such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (2) above and shall cease to have been made pursuant to this clause (12); 

(13) any transaction to the extent it constitutes an Investment that is permitted and made in accordance with the provisions of
Section 3.8(c) (except transactions described in clause (ii), (iii), (iv), (xi) or (xii) of Section 3.8(c)); 

(14) Investments the payment for which consists of Qualified Equity Interests; provided, however, that such
Equity Interests will not increase the amount available for Restricted Payments under Section 3.4(a)(C); 

(15) Investments consisting of the leasing, licensing, sublicensing or contribution of intellectual property pursuant to joint
marketing arrangements with other Persons; 
 (16) Investments consisting of purchases or acquisitions of inventory,
supplies, materials and equipment or purchases, acquisitions, licenses, sublicenses, leases or subleases of intellectual property, other assets or other rights, in each case in the ordinary course of business; 

  
 30 

 (17) any Investment in a Receivables Subsidiary or any Investment by a
Receivables Subsidiary in any other Person in connection with a Qualified Receivables Financing, including Investments of funds held in accounts permitted or required by the arrangements governing such Qualified Receivables Financing or any related
Indebtedness; 
 (18) Investments of a Restricted Subsidiary of the Issuer acquired after the Issue Date or of an entity
merged or amalgamated into or consolidated with a Restricted Subsidiary of the Issuer in a transaction that is not prohibited by Article IV after the Issue Date to the extent that such Investments were not made in contemplation of such
acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 

(19) repurchases of the Notes; 

(20) guarantees of Indebtedness permitted to be Incurred under Section 3.3 and Obligations relating
to such Indebtedness, and guarantees in the ordinary course of business; 
 (21) advances, loans or extensions of trade
credit in the ordinary course of business by the Issuer or any of the Restricted Subsidiaries; 
 (22) Investments consisting
of purchases and acquisitions of assets or services in the ordinary course of business; 
 (23) Investments in the ordinary
course of business consisting of Uniform Commercial Code Article 3 endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers; 

(24) Investments to the extent such Investments consist of 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 the Issuer or any Restricted Subsidiary; 

(25) accounts receivable, security deposits and prepayments and other credits granted or made in the ordinary course of
business and any Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and others, including in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and
disputes with or judgments against, such account debtors and others, in each case in the ordinary course of business; 
 (26)
Investments acquired as a result of a foreclosure by the Issuer or any Restricted Subsidiary with respect to any secured Investments or other transfer of title with respect to any secured Investment in default; 

(27) Investments resulting from pledges and deposits that are Permitted Liens; 

  
 31 

 (28) acquisitions of obligations of one or more directors, officers or other
employees or consultants of the Issuer, or any Subsidiary of the Issuer in connection with such director’s, officer’s, employee’s or consultant’s acquisition of Equity Interests of the Issuer, so long as no cash is actually
advanced by the Issuer or any Restricted Subsidiary to any such director, officer, employee or consultant in connection with the acquisition of any such obligations; 

(29) guarantees of operating leases (for the avoidance of doubt, excluding Capitalized Lease Obligations) or of other
obligations that do not constitute Indebtedness, in each case, entered into by the Issuer or any Restricted Subsidiary in the ordinary course of business; 

(30) Investments consisting of the redemption, purchase, repurchase or retirement of any Equity Interests permitted by
Section 3.4; 
 (31) Investments consisting of guarantees in the ordinary course of business to
support the obligations of any Restricted Subsidiary under its worker’s compensation and general insurance agreements; 

(32) Investments resulting from the forgiveness or conversion to Equity Interests of any Indebtedness permitted pursuant to
Section 3.3; 
 (33) the purchase of any Permitted Bond Hedge Transaction by the Issuer and the
performance of its obligations thereunder; 
 (34) Investments held to meet obligations of the Issuer and its Restricted
Subsidiaries to pay benefits under non-qualified retirement and deferred compensation plans maintained for the benefit of employees in the ordinary course of its business and consistent with past practice or
ordinary course industry norms; 
 (35) any Investment by the Issuer or any of its Restricted Subsidiaries in a Similar
Business in an aggregate amount, taken together with all other Investments made pursuant to this clause (35) that are at the time outstanding, not to exceed the greater of (x) $140.0 million and (y) 5.0% of Total Assets; provided,
however, that if any Investment pursuant to this clause (35) is made in any Person that is not a Restricted Subsidiary of the Issuer at the date of the making of such Investment and such Person becomes a Restricted Subsidiary of the
Issuer after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (2) above and shall cease to have been made pursuant to this clause (35); 

(36) Investments in joint ventures of the Issuer or any of its Restricted Subsidiaries in an aggregate amount, taken together
with all other Investments made pursuant to this clause (36) that are at the time outstanding, not to exceed the greater of (i) $55.0 million and (ii) 2.0% of Total Assets; provided, however, that if any Investment pursuant
to this clause (36) is made in any joint venture that is not a Restricted Subsidiary at the date of the making of such Investment and such joint venture becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed
to have been made pursuant to clause (2) above and shall cease to have been made pursuant to this clause (36); 

  
 32 

 (37) intercompany current liabilities owed to Unrestricted Subsidiaries or
joint ventures incurred in the ordinary course of business in connection with the cash management operations of the Issuer and its Subsidiaries; and 

(38) the CoBank Equities and any other stock or securities of, or Investments in, CoBank or its investment services or
programs. 
 “Permitted Liens” means, with respect to any Person: 

(1) Liens Incurred in connection with workers’ compensation laws, unemployment insurance laws or similar legislation or
other social security legislation, or in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases or subleases to which such Person is a party, or to secure public or statutory obligations of such Person or to
secure surety, judgment, stay, customs or appeal bonds or other obligations of a like nature to which such Person is a party, or as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary
course of business; 
 (2) (A) Liens imposed by law, such as carriers’, warehousemen’s, landlords’,
materialmen’s, repairmen’s, construction contractors’, mechanics’ or other similar Liens, in each case for sums not yet overdue by more than 60 days 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 (or which, if due and payable, are being contested in good faith by appropriate
proceedings and for which adequate reserves are being maintained, to the extent required by GAAP (or, for Foreign Subsidiaries, in conformity with generally accepted accounting principles that are applicable in their respective jurisdiction of
organization)), and (B) Liens placed on the assets of any Subsidiary organized under the Laws of Brazil by any governmental authority in Brazil relating to the Specified Disclosed Litigation and/or good faith deposits made in the ordinary
course of business to secure the performance of bids, lawsuits, judicial and/or administrative proceedings; 
 (3) Liens for
taxes, assessments or other governmental charges or levies (i) which are not yet overdue by more than 60 days or (ii) which are being contested in good faith by appropriate proceedings and for which adequate reserves are being maintained
to the extent required by GAAP (or, for Foreign Subsidiaries, in conformity with generally accepted accounting principles that are applicable in their respective jurisdiction of organization), or for property taxes on property such Person or one of
its Subsidiaries has determined to abandon if the sole recourse for such tax, assessment, charge, levy or claim is to such property; 

  
 33 

 (4) Liens in favor of issuers of performance and surety bonds, bid,
indemnity, warranty, release, judgment, appeal or similar bonds or with respect to regulatory requirements or letters of credit or bankers’ acceptances issued and completion guarantees provided for, in each case, pursuant to the request of and
for the account of such Person in the ordinary course of its business and Liens securing the Existing Bilateral Letter of Credit; 

(5) survey exceptions, encumbrances, ground leases, easements or reservations of, or rights of others for, licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph and telephone and cable television lines, gas and oil pipelines and other similar purposes, or zoning,
building codes or other restrictions (including, without limitation, minor defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens which do not in the aggregate materially adversely interfere with the
ordinary conduct of the business of such Person; 
 (6) Liens Incurred to secure Obligations in respect of Indebtedness
permitted to be Incurred pursuant to clause (i), (iv), (v), (xix)(x), (xx), (xxiii), (xxviii) or (xxxii) of Section 3.3(b) and, solely in respect of Refinancing Indebtedness of Obligations in respect of Indebtedness
Incurred (or unutilized commitments in respect of Indebtedness) pursuant to Section 3.3(b)(i) or any successive Refinancing of such Indebtedness, Section 3.3(b)(xiv) and, in each case, obligations
secured ratably thereunder; provided that, (x) in the case of Section 3.3(b)(iv), such Lien extends only to the assets and/or Capital Stock, the acquisition, lease, construction, repair, replacement or
improvement of which is financed thereby and any replacements, additions, accessions and improvements thereto and any income, profits or proceeds thereof (collectively, the “Improvements”); and (y) in the case of
Section 3.3(b)(xx) and Section 3.3(b)(xxiii), such Lien does not extend to the property or assets (or income or profits therefrom) of any Restricted Subsidiary other than a Non-Guarantor Subsidiary or Foreign Subsidiary, as the case may be; 
 (7) Liens of the
Issuer or any of its Restricted Subsidiaries existing on the Issue Date (or contemplated to be existing on the Spin-Off Effective Date) and Liens Incurred under the
Spin-Off Documents (other than Liens Incurred to secure Indebtedness under the New Credit Agreement) and any renewal or extensions thereof; 

(8) Liens on assets of, or Equity Interests in, a Person at the time such Person becomes a Subsidiary; provided,
however, that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided, further, that such Liens are limited to all or part of the same property or
assets (plus Improvements on such property or assets) that secured (or, under the written arrangements under which the Liens arose, could secure) the obligations to which such Liens relate; provided, further, that for purposes of this
clause (8), if a Person other than the Issuer is the Successor Company with respect thereto, any Subsidiary thereof shall be deemed to become a Subsidiary of the Issuer, and any property or assets of such Person or any such Subsidiary shall be
deemed acquired by the Issuer or a Restricted Subsidiary, as the case may be, when such Person becomes such Successor Company; 

  
 34 

 (9) Liens on assets at the time the Issuer or a Restricted Subsidiary of the
Issuer acquired the assets, including any acquisition by means of a merger, amalgamation or consolidation with or into the Issuer or any Restricted Subsidiary of the Issuer; provided, however, that such Liens are not created or
Incurred in connection with, or in contemplation of, such acquisition; provided, further, that such Liens are limited to all or part of the same property or assets (plus Improvements on such property or assets) that secured (or, under
the written arrangements under which the Liens arose, could secure) the obligations to which such Liens relate; provided, further, that for purposes of this clause (9), if a Person other than the Issuer is the Successor Company with
respect thereto, any Subsidiary thereof shall be deemed to become a Subsidiary of the Issuer, and any property or assets of such Person or any such Subsidiary shall be deemed acquired by the Issuer or a Restricted Subsidiary, as the case may be,
when such Person becomes such Successor Company; 
 (10) Liens securing Indebtedness or other obligations of the Issuer or a
Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary of the Issuer permitted to be Incurred in accordance with Section 3.3 and Liens on property of any Restricted Subsidiary that is a Non-Guarantor Subsidiary securing Indebtedness in respect of any Non-Guarantor Subsidiary; 

(11) Liens securing Swap Contracts Incurred in compliance with Section 3.3; 

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

(13) leases, subleases, licenses, sublicenses, occupancy agreements or assignments of or in respect of real or personal
property; 
 (14) Liens arising from, or from Uniform Commercial Code financing statement filings regarding, leases or
consignments entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business; 
 (15) Liens in
favor of the Issuer or any Restricted Subsidiary; 
 (16) (i) Liens on Receivables Assets (and in the case of Foreign
Subsidiaries, bank accounts into which proceeds of accounts receivables are paid) Incurred in connection with a Qualified Receivables Factoring or a Qualified Receivables Financing permitted by Section 3.3(b)(xxii) and
(ii) Liens securing Indebtedness or other obligations of any Receivables Subsidiary; 
 (17) (i) deposits made or other
security provided in the ordinary course of business to secure liability to insurance carriers or under self-insurance arrangements in respect of such obligations and (ii) liens on insurance policies and the proceeds thereof securing the
financing of the premiums with respect thereto; 

  
 35 

 (18) (i) Liens on Equity Interests in and assets of a Foreign Subsidiary
securing Indebtedness or other obligations of a Foreign Subsidiary permitted by Section 3.3(b)(xxiii) and (ii) Liens on Equity Interests of an Unrestricted Subsidiary (other than an Unrestricted Subsidiary the primary
assets of which are cash and/or Cash Equivalents) securing Indebtedness of such Unrestricted Subsidiary; 
 (19) grants of
intellectual property, software and other technology licenses that do not materially detract from or interfere with the Issuer’s use of such assets; 

(20) judgment and attachment Liens not giving rise to an Event of Default pursuant to
Section 6.1(vii) and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 

(21) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered
into in the ordinary course of business; 
 (22) Liens Incurred to secure Cash Management Services and other “bank
products” (including those described in Section 3.3(b)(x)); 
 (23) Liens to secure any
Refinancing (or successive Refinancings) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (7), (8), (9) and (11) of this definition; provided, however, that (x) such new Lien shall be
limited to all or part of the same property or assets that secured (or, under the written arrangements under which the original Lien arose, could secure) the original Lien (plus Improvements on such property or assets), and (y) the Indebtedness
secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (7), (8), (9) and (11) of this
definition at the time the original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay the Related Costs in connection therewith, related to such Refinancing; 

(24) other Liens securing obligations the principal amount of which does not exceed the greater of (x) $85.0 million and
(y) 3.0% of Total Assets, at any one time outstanding; 
 (25) Liens (i) on the Equity Interests or assets of a joint
venture to secure Indebtedness of such joint venture permitted to be Incurred pursuant to Section 3.3, (ii) consisting of customary rights of first refusal and tag, drag and similar rights in joint venture agreements and
agreements with respect to Subsidiaries that are not Wholly Owned Subsidiaries or (iii) consisting of any encumbrance or restriction (including put and call arrangements) in favor of a joint venture party with respect to Equity Interests of, or
assets owned by, any joint venture or similar arrangement pursuant to any joint venture or similar agreement; 

  
 36 

 (26) Liens on equipment of the Issuer or any Restricted Subsidiary of the
Issuer granted in the ordinary course of business to the Issuer’s or such Restricted Subsidiary’s client at which such equipment is located; 

(27) Liens created for the benefit of (or to secure) all of the Notes or the Guarantees; 

(28) Liens on property or assets used to redeem, defease or to satisfy and discharge Indebtedness; provided that such
redemption, defeasance or satisfaction and discharge is not prohibited by this Indenture; 
 (29) 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 and exportation of goods; 

(30) Liens (i) of a collection bank arising under Section 4-210 of the
Uniform Commercial Code, or any comparable or successor provision, on items in the course of collection; (ii) attaching to pooling, commodity trading accounts or other commodity brokerage accounts Incurred in the ordinary course of business;
and (iii) in favor of banking or other financial institutions or entities, or electronic payment service providers, arising as a matter of law encumbering deposits (including the right of set-off) and
which are within the general parameters customary in the banking or finance industry; 
 (31) Liens that are contractual
rights of set-off (i) relating to the establishment of depository relations with banks or other Persons not given in connection with the issuance of Indebtedness; (ii) relating to pooled deposit or
sweep accounts of the Issuer or any Restricted Subsidiary to permit satisfaction of overdraft or similar obligations Incurred in the ordinary course of business of the Issuer and its Restricted Subsidiaries; or (iii) relating to purchase orders
and other agreements entered into with customers of the Issuer or any of its Restricted Subsidiaries in the ordinary course of business; 

(32) any encumbrance or restriction (including put and call arrangements) with respect to capital stock of any joint venture or
similar arrangement pursuant to any joint venture or similar agreement; 
 (33) Liens on insurance policies and the proceeds
thereof securing the financing of the premiums with respect thereto; 
 (34) Liens on vehicles or equipment of the Issuer or
any of the Restricted Subsidiaries granted in the ordinary course of business; 
 (35) Liens arising solely by virtue of any
statutory or common law provision or customary business provision (including Liens created pursuant to contractual arrangements and general terms and conditions of banks) relating to banker’s liens, rights of setoff or similar rights; 

  
 37 

 (36) Liens (i) solely on cash advances and any cash earnest money
deposits made by the Issuer or any Restricted Subsidiary in connection with any letter of intent or other agreement in respect of any Permitted Investment or Investment permitted pursuant to Section 3.4, (ii) on cash in
escrows established for an adjustment in purchase price or liabilities or indemnities for dispositions or an acquisition of property or other Investment, to the extent the relevant disposition, acquisition or Investment is in respect of any
Permitted Investment or permitted pursuant to Section 3.4; 
 (37) the prior rights of consignees
and their lenders under consignment arrangements entered into in the ordinary course of business; 
 (38) Liens on securities
that are the subject of repurchase agreements constituting Cash Equivalents or Investment Grade Securities; 
 (39) Liens
encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts Incurred in the ordinary course of business and not for speculative purposes; 

(40) rights reserved or vested in any Person by the terms of any lease, license, franchise, grant or permit held by the Issuer
or any of its Restricted Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant or permit, or to require annual or periodic payments as a condition to the continuance thereof; 

(41) restrictive covenants affecting the use to which real property may be put; provided that the covenants are complied
with; 
 (42) security given to a public utility or any municipality or governmental authority when required by such utility
or authority in connection with the operations of that Person in the ordinary course of business; 
 (43) zoning by-laws and other land use restrictions, including, without limitation, site plan agreements, development agreements and contract zoning agreements; 

(44) receipt of progress payments and advances from customers in the ordinary course of business to the extent same creates a
Lien on the related inventory and proceeds thereof; 
 (45) Liens deemed to exist in connection with Investments permitted by
clause (1) of the definition of “Permitted Liens” that constitute repurchase obligations; 
 (46) Liens
securing obligations in respect of trade-related letters of credit permitted under the covenant described under Section 3.3 and covering the goods (or the documents of title in respect of such goods) financed by such
letters of credit and the proceeds and products thereof; 

  
 38 

 (47) Liens arising by virtue of the rendition, entry or issuance against the
Issuer or any of its Subsidiaries, or any property of the Issuer or any of its Subsidiaries, of any judgment, writ, order or decree to the extent the rendition, entry, issuance or continued existence of such judgment, writ, order or decree (or any
event or circumstance relating thereto) has not resulted in the occurrence of an Event of Default hereunder; 
 (48) Liens in
favor of U.S. governmental authorities on deposit accounts in connection with auctions conducted on behalf of such governmental authorities in the ordinary course of business; provided that such Liens apply only to the amounts actually
obtained from auctions conducted on behalf of such governmental authorities; 
 (49) Liens on cash and Cash Equivalents
consisting of proceeds of Indebtedness permitted hereunder issued by the Issuer or a Subsidiary under any indenture or similar debt instrument, pursuant to customary escrow arrangements that require the release of such cash and Cash Equivalents
within 150 days after the date that such escrow is established and funded, provided that such Liens extend solely to the account in which such cash and Cash Equivalents are deposited and are solely in favor of the holders of such Indebtedness
(or any agent or trustee for such Person or Persons); 
 (50) Liens on cash and Cash Equivalents that are earmarked to be
used to satisfy, defease or discharge Indebtedness; provided that (w) such cash and Cash Equivalents are deposited into an account from which payment is to be made, directly or indirectly, to the Person or Persons holding the
Indebtedness that is to be satisfied, defeased or discharged, (x) such Liens extend solely to the account in which such cash and Cash Equivalents are deposited and are solely in favor of the Person or Persons holding the Indebtedness (or any
agent or trustee for such Person or Persons) that is to be satisfied, defeased or discharged and (y) the satisfaction, defeasance or discharge of such Indebtedness is permitted hereunder; 

(51) Liens on the Investments permitted by clause (31) of the definition of “Permitted Investments” securing the
obligations described therein; 
 (52) Liens in favor of a trustee or agent in an indenture or similar document relating to
any Indebtedness to the extent such Liens secure only customary compensation and reimbursement obligations of such trustee or agent; 

(53) any Lien for the purposes of Section 12(3) of the Personal Property Securities Act (PPSA) of Australia that does not
secure payment or performance of an obligation; 
 (54) Liens in connection with sales of receivables in connection with
energy service company projects; 

  
 39 

 (55) Liens on cash proceeds of Indebtedness (and on the related escrow
accounts) in connection with the issuance of such Indebtedness into (and pending the release from) a customary escrow arrangement, to the extent such Indebtedness is Incurred in compliance with Section 3.4; and 

(56) CoBank’s statutory Lien in the CoBank Equities. 

For purposes of determining compliance with this definition, (v) a Lien need not be Incurred solely by reference to one category of
Permitted Liens described in this definition but may be Incurred under any combination of such categories (including in part under one such category and in part under any other such category), (w) in the event that a Lien (or any portion thereof)
meets the criteria of one or more of such categories of Permitted Liens, the Issuer shall, in its sole discretion, classify or reclassify such Lien (or any portion thereof) in any manner that complies with this definition, (x) the principal
amount of Indebtedness secured by a Lien outstanding under any category of “Permitted Liens” shall be determined after giving effect to the application of proceeds of any such Indebtedness to refinance any such other Indebtedness,
(y) if any Liens securing Indebtedness are Incurred to Refinance Liens securing Indebtedness initially Incurred (or, Lien securing Indebtedness Incurred to Refinance Liens securing Indebtedness initially Incurred) in reliance on a category of
“Permitted Liens” measured by reference to a percentage of Total Assets or Four Quarter EBITDA at the time of Incurrence, and such Refinancing would cause the percentage of Total Assets or Four Quarter EBITDA restriction to be exceeded if
calculated based on the Total Assets or Four Quarter EBITDA on the date of such Refinancing, such percentage of Total Assets or Four Quarter EBITDA restriction shall not be deemed to be exceeded (and such newly Incurred Liens shall be deemed
permitted) to the extent the principal amount of such Indebtedness secured by such newly Incurred Liens does not exceed the principal amount of such Indebtedness secured by such Liens being Refinanced, plus the Related Costs Incurred or payable in
connection with such Refinancing and (z) if any Liens securing Indebtedness are Incurred to Refinance Liens securing Indebtedness initially Incurred (or, Liens securing Indebtedness Incurred to Refinance Liens securing Indebtedness initially
Incurred) in reliance on a category of “Permitted Liens” measured by reference to a fixed dollar amount, such fixed dollar amount shall not be deemed to be exceeded (and such newly Incurred Liens shall be deemed permitted) to the extent
the principal amount of such Indebtedness secured by such newly Incurred Liens does not exceed the principal amount of such Indebtedness secured by such Liens being Refinanced, plus the Related Costs Incurred or payable in connection with such
Refinancing. 
 “Permitted Warrant Transaction” means any call option, warrant or right to purchase (or substantively
equivalent derivative transaction) relating to the Issuer’s common stock (or other securities or property following a merger event, reclassification or other change of the common stock of the Issuer) sold by the Issuer substantially
concurrently with any purchase by the Issuer of a Permitted Bond Hedge Transaction and settled in common stock of the Issuer (or such other securities or property), cash or a combination thereof (such amount of cash determined by reference to the
price of the Issuer’s common stock or such other securities or property), and cash in lieu of fractional shares of common stock of the Issuer; provided that the terms, conditions and covenants of each such transaction shall be such as
are customary for transactions of such type (as determined by the Board of Directors of the Issuer, or a committee thereof, in good faith). 

  
 40 

 “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. 

“Place of Payment” means a city or any political subdivision thereof in which any Paying Agent appointed pursuant to
Article II is located. 
 “Predecessor Notes” of any particular Note means every previous Note evidencing all or a
portion of the same debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.9 in lieu of a mutilated, lost, destroyed or stolen Note
shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
 “Preferred Stock” means any
Equity Interest with preferential right of payment of dividends or upon liquidation, dissolution or winding up. 
 “Pro Forma
Basis,” and “Pro Forma Effect” means, for purposes of the calculation of any test, financial ratio, basket or covenant under this Indenture (including the Consolidated Senior Secured Debt Ratio, the Consolidated Total Debt
Ratio and the Fixed Charge Coverage Ratio and the calculation of Four Quarter EBITDA) as of any date, that pro forma effect will be given to each Specified Transaction that has occurred during the four consecutive fiscal quarter period being used to
calculate such test, financial ratio, basket or covenant (the “Reference Period”), and/or subsequent to the end of the Reference Period but no later than the date of such calculation; provided that “Pro Forma Basis”
and “Pro Forma Effect” in respect of any Specified Transaction shall be calculated in good faith in a reasonable manner in accordance with the terms of this Indenture. For purposes of making any computation referred to in the preceding
sentence, each Specified Transaction and the following transactions in connection therewith (to the extent applicable) shall be deemed to have occurred as of the first day of the Reference Period: (a) historical income statement items (whether
positive or negative) attributable to the property or Person, if any, subject to such Specified Transaction, (i) in the case of a disposition of all or substantially all Equity Interests in any Restricted Subsidiary of the Issuer or any
division, product line, or facility used for operations of the Issuer or any of its Restricted Subsidiaries or a designation of a Subsidiary as an Unrestricted Subsidiary, shall be excluded, and (ii) in the case of a purchase or other
acquisition of all or substantially all of the property and assets or business of any Person, or of assets constituting a business unit, a line of business or division of such Person, or of all or substantially all of the Equity Interests in a
Person or a designation of a Subsidiary as a Restricted Subsidiary, shall be included, (b) any repayment, repurchase, retirement, redemption, satisfaction, and discharge or defeasance of Indebtedness, Disqualified Stock or Preferred Stock, and
(c) any Indebtedness Incurred or assumed by the Issuer or any of its Restricted Subsidiaries in connection therewith and if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for
purposes of this definition determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination (taking into account any hedging obligations applicable to such Indebtedness if
such hedging obligation has a remaining term in excess of 12 months). 

  
 41 

 “Public Indebtedness” means any Indebtedness consisting of bonds,
debentures, notes or other similar debt securities issued in (x) a public offering under the Securities Act or (y) a private placement to institutional investors that is underwritten for resale in accordance with Rule 144A under the
Securities Act (or Rule 144A and Regulation S) whether or not it includes registration rights entitling the holders of such debt securities to registration thereof with the SEC for public resale. The term “Public Indebtedness” (i) shall
not include the Notes and (ii) for the avoidance of doubt, shall not be construed to include any Indebtedness issued to institutional investors in a direct placement of such Indebtedness that is not underwritten by an intermediary (it being
understood that, without limiting the foregoing, a financing that is distributed to not more than ten Persons (provided that multiple managed accounts and affiliates of any such Persons shall be treated as one Person for the purposes
of this definition) shall be deemed not underwritten), or any Indebtedness under the New Credit Agreement, commercial bank or similar Indebtedness, Receivables Financing, Capitalized Lease Obligation or recourse transfer of any financial asset or
any other type of Indebtedness Incurred in a manner not customarily viewed as a “securities offering.” 
 “QIB”
means any “qualified institutional buyer” (as defined in Rule 144A). 
 “Qualified Equity Interests” means Equity
Interests of the Issuer other than Disqualified Stock. 
 “Qualified Receivables Factoring” means any Factoring Transaction
that meets the following conditions: 
 (1) such Factoring Transaction is
non-recourse to, and does not obligate, the Issuer or any Restricted Subsidiary, or their respective assets (other than Receivables Assets) in any way other than pursuant to Standard Securitization
Undertakings; provided that the Brazil Receivables Factoring Program need not meet the requirements of this clause (1); 

(2) all sales, conveyances, assignments or contributions of Receivables Assets by the Issuer or any Restricted Subsidiary are
made at Fair Market Value in the context of a Factoring Transaction (as determined in good faith by the Issuer or any direct or indirect parent of the Issuer); and 

(3) such Factoring Transaction (including financing terms, covenants, termination events (if any) and other provisions thereof)
is on market terms at the time such Factoring Transaction is first entered into or acquired (as determined in good faith by the Issuer or any direct or indirect parent of the Issuer) (in the case of the Brazil Receivables Factoring Program taking
into account the recourse nature of such transaction, where applicable) and may include Standard Securitization Undertakings. 

  
 42 

 The grant of a security interest in any accounts receivable of the Issuer or any of its
Restricted Subsidiaries (other than a Receivables Subsidiary) to secure any Credit Agreement shall not be deemed a Qualified Receivables Factoring. 

“Qualified Receivables Financing” means any Receivables Financing of a Receivables Subsidiary that meets the following
conditions: 
 (1) the Board of Directors of the Issuer shall have determined in good faith that such Qualified Receivables
Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Issuer and its Restricted Subsidiaries; 

(2) all sales, conveyances, assignments or contributions of Receivables Assets by the Issuer or any Restricted Subsidiary to
the Receivables Subsidiary are made at Fair Market Value (as determined in good faith by the Issuer); and 
 (3) the
financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined in good faith by the Issuer) and may include Standard Securitization Undertakings. 

The grant of a security interest in any accounts receivable of the Issuer or any of its Restricted Subsidiaries (other than a Receivables
Subsidiary) to secure any Credit Agreement shall not be deemed a Qualified Receivables Financing. 
 “Rating Agency” means
(1) each of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate the Notes for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of
Section 3 under the Exchange Act selected by the Issuer as a replacement agency for Moody’s or S&P, as the case may be. 

“Receivables Assets” means accounts receivable (whether now existing or arising in the future) of the Issuer or any of its
Subsidiaries, and any assets related thereto including, without limitation, all collateral securing such accounts receivable, all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts
receivable and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization or factoring transactions involving accounts receivable and any Swap Contracts
entered into by the Issuer or any such Subsidiary in connection with such accounts receivable. 
 “Receivables Financing”
means any transaction or series of transactions that may be entered into by the Issuer or any of its Subsidiaries pursuant to which the Issuer or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Subsidiary (in
the case of a transfer by the Issuer or any of its Subsidiaries), and (b) any other Person (in the case of a transfer by a Receivables Subsidiary), or may grant a security interest in, any Receivables Assets. 

  
 43 

 “Receivables Repurchase Obligation” means (i) any obligation of a
seller of receivables in a Qualified Receivables Factoring or Qualified Receivables Financing to repurchase receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or
portion thereof becoming subject to any asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the
seller or (ii) any right of a seller of receivables in a Qualified Receivables Factoring or Qualified Receivables Financing to repurchase defaulted receivables for the purposes of claiming sales tax bad debt relief. 

“Receivables Subsidiary” means a Wholly Owned Restricted Subsidiary of the Issuer (or another Person formed for the purposes
of engaging in a Qualified Receivables Financing with the Issuer in which the Issuer or any Subsidiary of the Issuer makes an Investment and to which the Issuer or any Subsidiary of the Issuer transfers Receivables Assets) which engages in no
activities other than in connection with the financing of Receivables Assets of the Issuer and its Subsidiaries, all proceeds thereof and all rights (contractual or other), collateral and other assets relating thereto, and any business or activities
incidental or related to such business, and which is designated by the Board of Directors of the Issuer (as provided below) as a Receivables Subsidiary and: 

(1) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the
Issuer or any other Subsidiary of the Issuer (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Issuer or any
other Subsidiary of the Issuer in any way other than pursuant to Standard Securitization Undertakings, or (iii) subjects any property or asset of the Issuer or any other Subsidiary of the Issuer, directly or indirectly, contingently or
otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings; 
 (2) with which
neither the Issuer nor any other Subsidiary of the Issuer has any material contract, agreement, arrangement or understanding other than on terms which the Issuer reasonably believes to be no less favorable to the Issuer or such Subsidiary than those
that might be obtained at the time from Persons that are not Affiliates of the Issuer; and 
 (3) to which neither the Issuer
nor any other Subsidiary of the Issuer has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. 

Any such designation by the Board of Directors of the Issuer shall be evidenced to the Trustee by filing with the Trustee a certified copy of
the resolution of the Board of Directors of the Issuer giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing conditions. 

“Redemption Price” means the “redemption price” as such term is deemed in Exhibit A hereto. 

  
 44 

 “Refinance” means to extend, renew, refund, refinance, replace, repay,
prepay, redeem, repurchase, retire, defease or discharge, and “Refinancing,” “Refinances” and “Refinanced” shall have correlative meanings. 

“Regulated Bank” means (x) a banking organization with a consolidated combined capital and surplus of at least
$5.0 billion that is (i) a U.S. depository institution the deposits of which are insured by the Federal Deposit Insurance Corporation; (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act of 1913; (iii) a
branch, agency or commercial lending company of a foreign bank operating pursuant to approval by and under the supervision of the Board of Governors of the Federal Reserve System under 12 CFR part 211; (iv) a
non-U.S. branch of a foreign bank managed and controlled by a U.S. branch referred to in clause (iii); or (v) any other U.S. or non-U.S. depository institution or
any branch, agency or similar office thereof supervised by a bank regulatory authority in any jurisdiction or (y) any Affiliate of a Person set forth in clause (x) to the extent that (1) all of the Capital Stock of such Affiliate is
directly or indirectly owned by either (I) such Person set forth in clause (x) or (II) a parent entity that also owns, directly or indirectly, all of the Capital Stock of such Person set forth in clause (x) and (2) such Affiliate is a
securities broker or dealer registered with the SEC under Section 15 of the Exchange Act. 
 “Regulation S” means
Regulation S promulgated under the Securities Act. 
 “Regulation S Certificate” means a certificate substantially in the
form attached hereto as Exhibit C hereto. 
 “Related Business Assets” means assets (other than cash or Cash
Equivalents) used or useful in a Similar Business; provided that any assets received by the Issuer or a Restricted Subsidiary in exchange for assets transferred by the Issuer or a Restricted Subsidiary will not be deemed to be Related
Business Assets if they consist of securities of a Person, unless such Person is, or upon receipt of the securities of such Person, such Person would become, a Restricted Subsidiary. 

“Related Costs” means the aggregate amount of any fees, underwriting discounts, accrued and unpaid interest, premiums
(including tender premiums), defeasance costs and other costs, fees, discounts and expenses. 
 “Replacement Assets” means
(1) substantially all the assets of a Person primarily engaged in a Similar Business or (2) a majority of the Voting Stock of any Person primarily engaged in a Similar Business that will become, on the date of acquisition thereof, a
Restricted Subsidiary. 
 “Responsible Officer,” when used with respect to the Trustee, means any officer within the
Corporate Trust Office of the Trustee including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed
by the Persons who at the time shall be such officers, and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject, in
each case, having direct responsibility for the administration of this Indenture or the Notes. 

  
 45 

 “Restricted Investment” means an Investment other than a Permitted
Investment. 
 “Restricted Period” means, in relation to the Initial Notes, the 40 consecutive days beginning on and
including the later of (A) the day on which the Initial Notes are offered to persons other than distributors (as defined in Regulation S under the Securities Act) and (B) the Issue Date; and, in relation to any Additional Notes that bear
the Private Placement Legend, it means the comparable period of 40 consecutive days. 
 “Restricted Subsidiary” means any
Subsidiary of a Person other than an Unrestricted Subsidiary of such Person. Unless otherwise indicated in this Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Issuer. 

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

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

“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC
business, or any successor to the rating agency business thereof. 
 “Sale/Leaseback Transaction” means an arrangement
relating to property now owned or hereafter acquired by the Issuer or a Restricted Subsidiary whereby the Issuer or a Restricted Subsidiary transfers such property to a Person and the Issuer or such Restricted Subsidiary leases it from such Person,
other than leases between the Issuer and a Restricted Subsidiary of the Issuer or between Restricted Subsidiaries of the Issuer. 

“Screened Affiliate” means any Affiliate of a Holder (i) that makes investment decisions independently from such Holder
and any other Affiliate of such Holder that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder and any other Affiliate of such Holder that is not a Screened Affiliate and such screens
prohibit the sharing of information with respect to the Issuer or any of its Subsidiaries, (iii) whose investment policies are not directed by such Holder or any other Affiliate of such Holder that is acting in concert with such Holder in
connection with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or any other Affiliate of such Holder that is acting in concert with such Holder in connection with
its investment in the Notes. 
 “SEC” means the Securities and Exchange Commission. 

“Secured Indebtedness” means any Indebtedness secured by a Lien. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 

  
 46 

 “Significant Subsidiary” means any Restricted Subsidiary that would be a
“significant subsidiary” of the Issuer within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC. 

“Similar Business” means any business engaged or proposed to be engaged in by the Issuer or any of its Restricted
Subsidiaries on the Issue Date and any business or other activities that are similar, ancillary, complementary, incidental or related to, or an extension, development or expansion of, the businesses in which the Issuer and its Restricted
Subsidiaries are engaged on the Issue Date. 
 “Special Payment” means a cash distribution or payment on or before the Spin-Off Effective Date by the Issuer to International Paper or one or more of International Paper’s Subsidiaries in an aggregate amount not to exceed the excess of (A) the proceeds of the term facilities
under the New Credit Agreement, the revolving credit facility under the New Credit Agreement drawn in connection with the Transactions and the Notes (not including Additional Notes), net of related fees, discounts and expenses, together with cash
and Cash Equivalents of the Issuer and its Restricted Subsidiaries over (B) $100.0 million. 
 “Special Record Date”
for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 2.10. 

“Specified Disclosed Litigation” means the Brazilian tax matter described in Note 10 to the Issuer’s unaudited financial
statements for the six months ended June 30, 2021 included in the Offering Memorandum. 
 “Specified Transaction”
means any Incurrence or repayment, repurchase, redemption, satisfaction and discharge, defeasance or other acquisition, retirement or discharge of Indebtedness (excluding Indebtedness Incurred for working capital purposes other than pursuant to the
New Credit Agreement) or Disqualified Stock or Preferred Stock, any Investment that results in a Person becoming a Subsidiary, any designation of a Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary, any acquisition or any Asset
Sale or other disposition that results in a Restricted Subsidiary ceasing to be a Subsidiary of the Issuer, any investment constituting an acquisition of assets constituting a business unit, line of business or division of another Person by the
Issuer or a Restricted Subsidiary, any disposition of a business unit, line of business or division of the Issuer or a Restricted Subsidiary, the cessation of the operations of a business unit, line of business or division of the Issuer or a
Restricted Subsidiary, in each case whether by merger, consolidation, amalgamation or otherwise or any operational change or any material restructuring of the Issuer or implementation of initiative or other event that by the terms of this Indenture
requires “Pro Forma Compliance” with a test or covenant thereunder or requires or permits a test or covenant to be calculated on a “Pro Forma Basis” or to be given “Pro Forma Effect.” “Specified Transaction”
shall also include any Investment or Asset Sale made by any Person that subsequently became a Restricted Subsidiary or was merged with or into the Issuer or any of its Restricted Subsidiaries since the beginning of any applicable Reference Period.

  
 47 

 “Spin-Off” means the distribution
of at least 80.1% of the shares of common stock of the Issuer to shareholders of International Paper. 
 “Spin-Off Documents” means the Separation and Distribution Agreement, in substantially the form incorporated by reference into the Offering Memorandum, by and between International Paper and the Issuer (the
“Separation and Distribution Agreement”) and the various other agreements by and between International Paper and the Issuer or one of its Restricted Subsidiaries, in substantially the forms incorporated by reference into the
Offering Memorandum, in each case as modified as described in the Offering Memorandum under “—Certain Relationships and Related Person Transactions.” 

“Spin-Off Effective Date” means the date of the consummation of the Spin-Off. 
 “Standard Securitization Undertakings” means representations, warranties,
covenants, indemnities and guarantees of performance entered into by the Issuer or any Subsidiary of the Issuer which the Issuer has determined in good faith to be customary in a Factoring Transaction or a Receivables Financing including, without
limitation, those relating to the servicing of the assets of a Receivables Subsidiary, it being understood that any Receivables Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking. 

“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). 
 “Subordinated Indebtedness” means (a) with
respect to the Issuer, any Indebtedness of the Issuer which is by its terms expressly subordinated in right of payment to the Notes, and (b) with respect to any Guarantor, any Indebtedness of such Guarantor which is by its terms expressly
subordinated in right of payment to its Guarantee. 
 “Subsidiary” means, with respect to any Person (1) any
corporation, association or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than 50.0% of the total voting power of the Voting Stock is at the time of determination owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof and (2) any partnership, joint venture, limited liability company or similar entity of which (x) more than
50.0% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other
Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (y) such Person or any Restricted Subsidiary of such Person is a controlling general
partner or otherwise controls such entity. 

  
 48 

 “Subsidiary Guarantor” means each Restricted Subsidiary of the Issuer that
executes this Indenture as a Guarantor on the Issue Date and each other Restricted Subsidiary of the Issuer that Incurs a Guarantee of the Notes; provided that upon the release or discharge of such Person from its Guarantee in accordance with
this Indenture, such Person automatically ceases to be a Guarantor. 
 “Swap Contract” means (a) any and all rate swap
transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or
forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to
any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and
Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement, including any obligations or liabilities under any such master agreement. 

“Synthetic Lease” means, as to any Person, any lease (including leases that may be terminated by the lessee at any time) of
any property (whether real, personal or mixed) (a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains ownership of the property so leased for U.S. Federal income tax purposes,
other than any such lease under which such Person is the lessor. 
 “Tax Matters Agreement” means the Tax Matters
Agreement, to be dated on or before the Spin-Off Effective Date, between International Paper and the Issuer, which agreement is substantially in the form incorporated by reference into the Offering Memorandum
(as modified as described in the Offering Memorandum under “—Certain Relationships and Related Person Transactions – Tax Matters Agreement”), which, among other matters, governs the allocation of liabilities in connection with
the Specified Disclosed Litigation. 
 “Threshold Amount” means $100.0 million or its foreign currency equivalent.

 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as
in effect on the Issue Date. 
 “Total Assets” means the total assets of the Issuer and its Restricted Subsidiaries, as
shown on the consolidated balance sheet of the Issuer as of the most recently completed fiscal quarter. 

  
 49 

 “Transactions” means, collectively, any or all of the following:
(i) the Spin-Off and all other transactions pursuant to, and the execution, delivery and performance of, the Spin-Off Documents (including the Special Payment and
the internal reorganization described therein), (ii) the entry into this Indenture, and related documents and the offer and issuance of the Notes, (iii) the entry into the New Credit Agreement and the making of the initial credit extensions
thereunder and (iv) all other transactions relating to any of the foregoing (including payment of fees and expenses related to any of the foregoing). 

“Treasury Rate” means, with respect to a Redemption Date, the weekly average yield to maturity at the time of computation of
United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 that has become publicly available at least two Business Days prior to the date of the applicable
redemption notice (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Redemption Date to September 1, 2024; provided, however,
that if the period from such Redemption Date to September 1, 2024 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation
(calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from September 1, 2024 to
such Redemption Date is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. 

“Trustee” means the respective party named as such in this Indenture until a successor replaces it and, thereafter, means the
successor. 
 “Unrestricted Subsidiary” means: 

(1) any Subsidiary of the Issuer that at the time of determination shall be designated an Unrestricted Subsidiary by the Board
of Directors of the Issuer in the manner provided below; and 
 (2) any Subsidiary of an Unrestricted Subsidiary. 

The Board of Directors of the Issuer may designate any Subsidiary of the Issuer (including any existing Subsidiary and any newly acquired or
newly formed Subsidiary of the Issuer but excluding the Issuer) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on any property of, the Issuer
or any other Subsidiary of the Issuer that is not a Subsidiary of the Subsidiary to be so designated; provided, however, that the Subsidiary to be so designated and its Subsidiaries do not at the time of designation have any
Indebtedness pursuant to which the lender or investor has recourse to any of the assets of the Issuer or any of its Restricted Subsidiaries; provided, further, however, that either: 

(a) the Subsidiary to be so designated has total consolidated assets of $1,000 or less; or 

  
 50 

 (b) if such Subsidiary has consolidated assets greater than $1,000, then
such designation would be permitted under the covenant described in Section 3.4. 
 The Board of Directors of the
Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however, that immediately after giving effect to such designation and any related transactions: 

(x) (1) the Issuer could Incur $1.00 of additional Indebtedness as Ratio Debt; or 

(2) the Fixed Charge Coverage Ratio would be equal to or greater than such ratio immediately prior to such designation; and

 (y) no Event of Default shall have occurred and be continuing. 

Any such designation by the Board of Directors of the Issuer shall be evidenced to the Trustee by promptly filing with the Trustee a copy of
the resolution of the Board of Directors of the Issuer giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions. 

“U.S. Government Obligations” means securities that are: 

(1) direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged; or

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

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote
(without regard to the occurrence of any contingency) in the election of the Board of Directors of such Person. 
 “Weighted Average
Life to Maturity” means, when applied to any Indebtedness or Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing (1) the sum of the products of the number of years from the date of
determination to the date of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment, by (2) the sum
of all such payments. 

  
 51 

 “Wholly Owned Restricted Subsidiary” means any Wholly Owned Subsidiary that
is a Restricted Subsidiary. 
 “Wholly Owned Subsidiary” of any Person means a direct or indirect Subsidiary of such Person
100.0% of the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares or shares or interests required to be held by foreign nationals or other third parties to the extent required by applicable
law) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person. 
 SECTION 1.2 Other
Definitions. 
  

			
	 Term
	  	 Defined in Section

	“2002 Law”	  	10.2(f)
	“Accounts Regulation”	  	10.2(f)
	“Affiliate Transaction”	  	3.8(a)
	“Agent Members”	  	2.15(b)
	“Asset Sale Offer”	  	3.7(d)
	“Authentication Order”	  	2.6
	“Certain Capital Markets Debt”	  	3.10(a)
	“Certificate of Beneficial Ownership”	  	2.16(b)(3)
	“Change of Control Offer”	  	3.9(b)
	“Change of Control Payment”	  	3.9(a)
	“Change of Control Payment Date”	  	3.9(b)(iii)
	 “Consolidated Tax Payments”

“Control”
	  	 3.8(c)(xv)

1.1

	 “covenant defeasance option”

“Covenant Satisfaction Officer’s Certificate”
	  	 8.1(b)

9.6(b)

	“Covenant Suspension Event”	  	3.15(a)
	 “Defaulted Interest”
 “Directing
Holder”
	  	 2.10

9.6(a)

	“disposition”	  	1.1
	“Distribution Compliance Date”	  	2.1
	“EDGAR”	  	3.2(a)
	“Event of Default”	  	6.1
	 “Excess Proceeds”
 “Final
Decision”
	  	 3.7(d)

9.6(a)

	“Finnish Companies Act”	  	10.2(g)
	“Global Notes”	  	2.1
	“Guarantor Obligations”	  	10.1(a)
	“Improvements”	  	1.1
	“Increased Amount”	  	3.5(c)

  
 52 

			
	 Term
	  	 Defined in Section

	 “International Paper Guarantee”
	  	 11.1(a)

	“International Paper Guarantee Obligations”	  	11.1(a)
	“Intra-Group Liabilities”	  	10.2(f)
	“LCA Election”	  	1.5(b)
	“LCT Determination Date”	  	1.5
	“legal defeasance option”	  	8.1(b)
	“Luxembourg Guarantor”	  	10.2(f)
	“Minimum Denomination”	  	2.5
	“Note Register” and “Note Registrar”	  	2.8
	“Noteholder Direction”	  	9.6(a)
	“Offer Amount”	  	5.8(a)
	“Offer Period”	  	5.8(a)
	“Offer to Repurchase”	  	5.8
	“Outside Date”	  	5.9(a)
	“Permanent Regulation S Global Notes”	  	2.1
	“Permitted Debt”	  	3.3(b)
	 “Physical Notes”
 “Position
Representation”
	  	 2.1

9.6(a)

	“primary obligations” and “primary obligor”	  	1.1
	“Private Placement Legend”	  	2.3
	“protected purchaser”	  	2.9
	“Purchase Date”	  	5.8(a)
	“Ratio Debt”	  	3.3(a)
	“Ratio Tested Committed Amount”	  	3.3(b)(i)(A)(II)
	“Redemption Date”	  	5.4
	“Reference Period”	  	1.1
	“Refinancing Indebtedness”	  	3.3(b)(xiv)
	 “Refunding Capital Stock”

“Regular Record Date”
	  	 3.4(b)(ii)(a)

Exhibit A

	“Regulation S Global Notes”	  	2.1
	“Regulation S Note Exchange Date”	  	2.16(b)(3)
	“Regulation S Physical Notes”	  	2.1
	“Resale Restriction Termination Date”	  	2.3
	“Restricted Payments”	  	3.4(a)
	“Retired Capital Stock”	  	3.4(b)(ii)(a)
	“retiring Trustee”	  	7.7
	“Reversion Date”	  	3.15(b)
	“Rule 144A Global Notes”	  	2.1
	 “Rule 144A Physical Notes”

“Segregated Account”
	  	 2.1

5.10

	“Successor Company”	  	4.1(a)(i)
	“Successor Guarantor”	  	4.1(b)(A)
	“Suspended Covenants”	  	3.15(a)

  
 53 

			
	 Term
	  	 Defined in Section

	“Suspension Period”	  	3.15(b)
	“Temporary Regulation S Global Notes”	  	2.1
	 “Unpaid Amount”
 “Verification
Covenant”
 “Verification Covenant Officer’s Certificate”
	  	 3.4(b)(ii)(c)

9.6(a)
 9.6(b)

 SECTION 1.3 Rules of Construction. Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 

(d) “including” means including without limitation; 

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

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

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

(i) the words “herein,” “hereof’ and “hereunder” and any other words of similar import refer to this Indenture as
a whole and not any particular Article, Section, clause or other subdivision; 
 (j) notwithstanding any provision of this Indenture, no
provision of the TIA shall apply or be incorporated by reference into this Indenture or the Notes, except as specifically set forth in this Indenture; and 

(k) A reference in this Indenture to: 

(1) a “director”, “manager” or “officer” of such person includes a director
(administrateur) or a manager (gérant); 

  
 54 

 (2) “collateral” includes, without limitation, any
hypothèque, nantissement, gage, privilège, accord de transfert de propriété à titre de garantie, gage sur fonds de commerce, sûreté réelle, droit de rétention and any type of real
security or agreement or arrangement having a similar effect; and 
 (3) a
“set-off” or similar action includes, without limitation and for the purposes of Luxembourg law, legal set-off. 

SECTION 1.4 Incorporation by Reference of TIA. Whenever this Indenture refers explicitly to a provision of the TIA, such provision is
incorporated by reference in and made a part of this Indenture to the extent such provision is specifically and expressly set forth in this Indenture as being applicable. Any terms incorporated by reference in this Indenture that are explicitly
defined by the TIA, defined explicitly by any TIA reference to another statute or defined explicitly by SEC rule under the TIA, have the meanings so assigned to them therein. 

SECTION 1.5 Limited Condition Transaction. 

In connection with any action being taken in connection with a Limited Condition Transaction, for purposes of: 

(a) determining compliance with any provision of this Indenture which requires that no Default or Event of Default, as applicable, has
occurred, is continuing or would result from any such action, as applicable, such condition shall, at the option of the Issuer, be deemed satisfied, so long as no Default or Event of Default, as applicable, exists on the date (the “LCT
Determination Date”) (x) a definitive agreement for such Limited Condition Transaction is entered into, (y) in connection with an acquisition to which the United Kingdom City Code on Takeovers and Mergers (or any equivalent thereof
under laws, rules or regulations in any other applicable jurisdiction) applies, on which a “Rule 2.7 announcement” of a firm intention to make an offer in respect of a target of a Limited Condition Transaction is made (or the equivalent
notice under such equivalent laws, rules or regulations in such other applicable jurisdiction) or (z) notice of redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified Stock or Preferred Stock
is given and not as of any later date as would otherwise be required under this Indenture (it being understood that, for the avoidance of doubt, if the Issuer has exercised its option under this Section 1.5(a), and any
Default or Event of Default occurs following the effective date on which the applicable Limited Condition Transaction was entered into and prior to the consummation of such Limited Condition Transaction, any such Default or Event of Default shall be
deemed to not have occurred or be continuing for purposes of determining whether any action being taken in connection with such Limited Condition Transaction is permitted hereunder); and 

(b) 
 (i) any
calculation of the Consolidated Senior Secured Debt Ratio, the Consolidated Total Debt Ratio or the Fixed Charge Coverage Ratio or any other financial measure, or any amount based on Total Assets, Four Quarter EBITDA or a percentage of Total Assets
or Four Quarter EBITDA, or any other determination under any basket or ratio under this Indenture; or 

  
 55 

 (ii) any other determination as to whether any such Limited Condition
Transaction and any related transactions (including any financing thereof) complies with the covenants or agreements contained in this Indenture; 

in each case, at the option of the Issuer (the Issuer’s election to exercise such option in connection with any Limited Condition
Transaction, an “LCA Election”), may be made as of the LCT Determination Date, and, to the extent so made, will not be required to be made at any later date as would otherwise be required under this Indenture; provided
that (1) the determinations in clauses (a) and (b) shall give Pro Forma Effect to such Limited Condition Transaction and any related transactions (including any Incurrence or discharge of Indebtedness and Liens and the use of proceeds
thereof) and, (2) compliance with such ratios, baskets or amounts (and any related requirements and conditions) shall not be determined or tested at any time after the LCT Determination Date for such Limited Condition Transaction and any
actions or transactions related thereto (including any Incurrence or discharge of Indebtedness and Liens and the use of proceeds thereof). 

For purposes of determining compliance with any ratio, basket or amount on the LCT Determination Date, Consolidated Interest Expense for
purposes of the Fixed Charge Coverage Ratio will be calculated using an assumed interest rate based on the indicative interest margin contained in any financing commitment documentation with respect to such Indebtedness or, if no such indicative
interest margin exists, as determined by the Issuer in good faith, which determination shall be conclusive. 
 For the avoidance of doubt,
if the Issuer has made an LCA Election and any of the ratios, baskets or amounts for which compliance was determined or tested as of the LCT Determination Date are exceeded as a result of fluctuations in any such ratio, basket or amount, including
due to fluctuations in Consolidated EBITDA of the Issuer or the Person subject to such Limited Condition Transaction or any applicable currency exchange rate, at or prior to the consummation of the relevant transaction or action, such baskets,
ratios or amounts will not be deemed to have been exceeded as a result of such fluctuations. 
 If the Issuer has made an LCA Election for
any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio, basket or amount (unless the definitive agreement for, or firm offer in respect of, such Limited Condition Transaction (in the case of an acquisition
or Investment) is terminated or expires without its consummation or such notice of redemption, repurchase, defeasance, satisfaction and discharge or repayment is revoked or expires without consummation) shall be calculated both (1) giving Pro
Forma Effect to such Limited Condition Transaction and any related transactions (including any Incurrence or discharge of Indebtedness and Liens and the use of proceeds thereof) and (2) assuming such Limited Condition Transaction and other
transactions in connection therewith (including any Incurrence or discharge of Indebtedness and Liens and the use of proceeds thereof) have not been consummated. 

  
 56 

 ARTICLE II 

The Notes 
 SECTION 2.1
Forms Generally. The Initial Notes and Additional Notes and the Trustee’s certificate of authentication relating thereto shall be in substantially the forms set forth, or referenced, in this Article II and Exhibit A annexed
hereto (as such forms may be modified in accordance with Section 2.4). Exhibit A is hereby incorporated in and expressly made a part of this Indenture. The Notes may have such appropriate notations, legends,
endorsements, identifications and other similar variations as are required or permitted by law, stock exchange rule or depositary rule or usage, agreements to which the Issuer is subject, if any, or other customary usage, or as may consistently
herewith be determined by the Officers of the Issuer executing such Notes, as evidenced by such execution (provided always that any such notation, legend, endorsement, identification or variation is in a form acceptable to the Issuer).
Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A are part of the terms of this Indenture. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate
reference thereto on the face of the Note. 
 Initial Notes and any Additional Notes offered and sold in reliance on Rule 144A shall be
issued in the form of one or more permanent global Notes in substantially the form set forth in Exhibit A hereto (as such form may be modified in accordance with Section 2.4), unless the Issuer otherwise notifies the
Trustee in writing, except as otherwise permitted herein. Such Global Notes shall be referred to collectively herein as the “Rule 144A Global Notes,” and shall be deposited with the Notes Custodian for credit to an account of an
Agent Member and shall be duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of any Rule 144A Global Notes may from time to time be increased or decreased by adjustments made on the
records of the Notes Custodian as hereinafter provided. 
 Initial Notes and any Additional Notes offered and sold in offshore transactions
in reliance on Regulation S under the Securities Act shall be issued in the form of one or more permanent global Notes in substantially the form set forth in Exhibit A hereto (as such form may be modified in accordance with
Section 2.4) (the “Permanent Regulation S Global Notes”), unless the Issuer notifies the Trustee in writing that such global Notes should be issued in temporary form, in which case such global Notes shall
be issued in the form of one or more temporary global Notes in substantially the form set forth in Exhibit A hereto (as such form may be modified in accordance with Section 2.4) (the “Temporary Regulation S
Global Notes” and, together with the Permanent Regulation S Global Notes, the “Regulation S Global Notes”). The Regulation S Global Notes shall be deposited with the Notes Custodian for credit to an account of an Agent
Member holding on behalf of Euroclear or Clearstream and shall be duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of a Regulation S Global Note may from time to time be increased
or decreased by adjustments made in the records of the Notes Custodian as hereinafter provided. 

  
 57 

 Following the expiration of the distribution compliance period set forth in Regulation S
(the “Distribution Compliance Date”) with respect to any Temporary Regulation S Global Note, beneficial interests in such Temporary Regulation S Global Note shall be exchanged as provided in Sections 2.15 and 2.16 for
beneficial interests in Permanent Regulation S Global Notes, except as otherwise permitted herein. Simultaneously with the authentication of such Permanent Regulation S Global Note, the Trustee shall cancel the related Temporary Regulation S Global
Note. 
 Subject to the limitations on the issuance of certificated Notes set forth in Sections 2.15 and 2.16, Notes issued
pursuant to Section 2.8 in exchange for or upon transfer of beneficial interests (x) in a Rule 144A Global Note shall be in the form of permanent certificated Notes substantially in the form set forth in Exhibit
A hereto (as such form may be modified in accordance with Section 2.4) (the “Rule 144A Physical Notes”) or (y) in a Permanent Regulation S Global Note or in a Temporary Regulation S Global Note (if
any) on or after the Regulation S Note Exchange Date, with respect to any Temporary Regulation S Global Note, shall be in the form of permanent certificated Notes substantially in the form set forth in Exhibit A hereto (as such form may be
modified in accordance with Section 2.4) (the “Regulation S Physical Notes”), respectively, as hereinafter provided. 

The Rule 144A Physical Notes and Regulation S Physical Notes shall be construed to include any certificated Notes issued in respect thereof
pursuant to Section 2.7, 2.8, 2.9 or 5.7, and the Rule 144A Global Notes and Regulation S Global Notes shall be construed to include any global Notes issued in respect thereof pursuant to
Section 2.7, 2.8, 2.9 or 5.7. The Rule 144A Physical Notes and the Regulation S Physical Notes, together with any other certificated Notes issued and authenticated pursuant to this Indenture, are
sometimes collectively herein referred to as the “Physical Notes.” The Rule 144A Global Notes and the Regulation S Global Notes, together with any other global Notes that are issued and authenticated pursuant to this Indenture, are
sometimes collectively referred to as the “Global Notes.” 
 SECTION 2.2 Form of Trustee’s
Certificate of Authentication. The Notes will have endorsed thereon a Trustee’s certificate of authentication in substantially the following form: 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	                                    
                                         
                                         
          
	as Trustee
		
	By:	  	                                      
                                         
                                     
		  	 Authorized Officer

	
	Dated:                                   
                                         
                                        

 SECTION 2.3 Restrictive and Global Note Legends. Each Global Note and Physical Note (and all Notes
issued in exchange therefor or substitution thereof) shall bear the following legend set forth below (the “Private Placement Legend”) on the face thereof until the Private Placement Legend is removed or not required in accordance
with Section 2.16(4): 

  
 58 

 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE US SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR UNDER 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: ONE YEAR AFTER THE LATER OF
THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES 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)][IN THE CASE OF
REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN
RELIANCE ON REGULATION S], ONLY (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (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 (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A 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 TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES,
WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (E) 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) OR (E) TO REQUIRE CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE EARLIER OF THE TRANSFER OF THIS SECURITY PURSUANT TO CLAUSE
(B) ABOVE OR THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY THE PURCHASER OF THIS SECURITY OF THE RESALE RESTRICTIONS REFERRED TO IN THIS PARAGRAPH.

  
 59 

 BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER HEREOF WILL BE DEEMED TO
HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS
UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS
ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY BY SUCH HOLDER WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS, AND NONE OF THE COMPANY, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES HAS ACTED AS A FIDUCIARY OF, NOR HAS
BEEN RELIED UPON FOR ANY INVESTMENT ADVICE BY, SUCH HOLDER WITH RESPECT TO ITS DECISION TO ACQUIRE AND HOLD THIS SECURITY. 
 Any Regulation
S Global Note shall also bear the following legend on the face thereof: 
 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. 

Each Global Note shall also bear the following legend on the face thereof: 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN 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. 

  
 60 

 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTIONS
2.15 AND 2.16 OF THE INDENTURE (AS DEFINED HEREIN). 
 Any Temporary Regulation S Global Note shall also bear the following legend on the
face thereof: 
 EXCEPT AS SPECIFIED IN THE INDENTURE, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL
NOTE WILL NOT BE EXCHANGEABLE FOR INTERESTS IN THE PERMANENT REGULATION S GLOBAL NOTE OR ANY OTHER NOTE REPRESENTING AN INTEREST IN THE NOTES REPRESENTED HEREBY WHICH DO NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS ON TRANSFER, UNTIL THE EXPIRATION
OF THE “40 DAY DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE MEANING OF RULE 903(b)(2) OF REGULATION S UNDER THE SECURITIES ACT). DURING SUCH 40 DAY DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION
S GLOBAL NOTE MAY NOT BE SOLD, PLEDGED OR TRANSFERRED TO A U.S. PERSON OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON. 
 SECTION 2.4
Amount Unlimited. The aggregate principal amount of Notes that may be authenticated and delivered and Outstanding under this Indenture is not limited, subject to compliance with the covenants set forth in this Indenture. Provisions relating
to the Initial Notes are set forth in Exhibit A attached hereto which is hereby incorporated in, and expressly made part of, this Indenture. Any Additional Notes issued under this Indenture shall have the same terms as the Initial Notes in
all respects except that the issue date, the issue price and the initial interest payment date may differ. Any such Additional Notes shall be consolidated with and form a single series with the Initial Notes; provided that if any Additional
Notes are not fungible with the Notes for U.S. federal income tax purposes, such Additional Notes will have a separate “CUSIP” or “ISIN” number. 

SECTION 2.5 Denominations. The Notes shall be issuable only in fully registered form, without coupons, and only in minimum
denominations of $2,000 (the “Minimum Denomination”), and integral multiples of $1,000 in excess thereof. 
 SECTION 2.6
Execution, Authentication and Delivery and Dating. The Notes shall be executed on behalf of the Issuer by one Officer thereof. The signature of any such Officer on the Notes may be manual, electronic or by facsimile. 

Notes bearing the manual, electronic or facsimile signature of an individual who was at any time an Officer of the Issuer shall bind the
Issuer, notwithstanding that such individual has ceased to hold such office prior to the authentication and delivery of such Notes or did not hold such office at the date of such Notes. 

  
 61 

 At any time and from time to time after the execution and delivery of this Indenture, the
Issuer may deliver Notes executed by the Issuer to the Trustee for authentication; and the Trustee shall authenticate and deliver (i) Initial Notes for original issue in the aggregate principal amount not to exceed $450.0 million and
(ii) Additional Notes from time to time for original issue in aggregate principal amounts specified by the Issuer, upon a written order of the Issuer in the form of an Officer’s Certificate of the Issuer (an “Authentication
Order”). Such Officer’s Certificate shall specify the amount of Notes to be authenticated and the date on which the Notes are to be authenticated, the “CUSIP,” “ISIN,” “Common Code” or other similar
identification numbers of such Notes, if any, whether the Notes are to be Notes or Additional Notes and whether the Notes are to be issued as one or more Global Notes or Physical Notes and such other information as the Issuer may include or the
Trustee may reasonably request. 
 All Notes shall be dated the date of their authentication. 

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form provided for herein executed by the Trustee by manual, facsimile or electronic signature, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note
has been duly authenticated and delivered hereunder. 
 SECTION 2.7 Temporary Notes. Until definitive Notes are ready for delivery,
the Issuer may prepare and upon receipt of an Authentication Order the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Issuer considers appropriate
for temporary Notes. If temporary Notes are issued, the Issuer will cause definitive Notes to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes shall be exchangeable for definitive Notes upon
surrender of the temporary Notes at the office or agency of the Issuer in a Place of Payment, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes the Issuer shall execute and upon receipt of an
Authentication Order the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Notes of authorized denominations. Until so exchanged the temporary Notes shall in all respects be entitled to the same
benefits under this Indenture as definitive Notes of the same series and tenor. 
 SECTION 2.8 Registrar and Paying Agent. The Issuer
shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency of the Issuer in a Place of Payment being herein sometimes collectively referred to as the
“Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and of transfers of Notes. The Issuer may have one or more
co-registrars. The term “Note Registrar” includes any co-registrars. 

  
 62 

 The Issuer may have one or more additional paying agents, and the term “Paying
Agent” shall include any additional Paying Agent. 
 The Issuer initially appoints the Trustee as “Note Registrar” and
“Paying Agent” in connection with the Notes, until such time as it has resigned or a successor has been appointed. The Issuer may change the Paying Agent or Note Registrar for the Notes without prior notice to the Holders of Notes. The
Issuer may enter into an appropriate agency agreement with any Note Registrar or Paying Agent not a party to this Indenture. Any such agency agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall
notify the Trustee in writing of the name and address of any such agent. If the Issuer fails to appoint or maintain a Note Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant
to Section 7.6. The Issuer or any Subsidiary of the Issuer may act as Paying Agent, Note Registrar or transfer agent. 

Upon surrender for transfer of any Note at the office or agency of the Issuer in a Place of Payment, in compliance with all applicable
requirements of this Indenture and applicable law, the Issuer shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of the same series, of any authorized
denominations and of a like aggregate principal amount. 
 At the option of the Holder, Notes may be exchanged for other Notes, of any
authorized denominations and of a like tenor and aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, the Issuer shall execute, and the Trustee shall
authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive. 
 All Notes issued upon any transfer or
exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such transfer or exchange. 

Every Note presented or surrendered for transfer or exchange shall (if so required by the Issuer or the Trustee) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Note Registrar duly executed, by the Holder thereof or such Holder’s attorney duly authorized in writing. 

No service charge shall be made for any registration, transfer or exchange of Notes, but the Issuer and/or Trustee may require payment of a
sum sufficient to cover any transfer tax or other governmental charge that may be imposed in connection therewith. 
 The Issuer shall not
be required (i) to issue, transfer or exchange any Note during a period beginning at the opening of business 15 Business Days before the day of the sending of a notice of redemption (or purchase) of Notes selected for redemption (or purchase)
under Section 5.3(b) and ending at the close of business on the day of such sending, or (ii) to transfer or exchange any Note so selected for redemption (or purchase) in whole or in part. 

  
 63 

 SECTION 2.9 Mutilated, Destroyed, Lost and Stolen Notes. If a mutilated Note is
surrendered to the Note Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall authenticate a replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the Holder (a) satisfies the Issuer or the Trustee within a reasonable time after such Holder has notice of such loss, destruction or
wrongful taking and the Note Registrar does not register a transfer prior to receiving such notification, (b) makes such request to the Issuer or the Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the Issuer, such
Holder shall furnish an indemnity bond sufficient in the judgment of (i) the Trustee to protect the Trustee and (ii) the Issuer to protect the Issuer, the Trustee, a Paying Agent and the Note Registrar from any loss that any of them may
suffer if a Note is replaced. 
 In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and
payable, the Issuer in its discretion may, instead of issuing a new Note, pay such Note. 
 Upon the issuance of any new Note under this
Section 2.9, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the
Trustee) connected therewith. 
 Every new Note issued pursuant to this Section 2.9 in lieu of any destroyed, lost
or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture
equally and ratably with any and all other Notes duly issued hereunder. 
 The provisions of this Section 2.9 are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

SECTION 2.10 Payment of Interest Rights Preserved. Interest on any Note that is payable, and is punctually paid or duly provided for,
on any Interest Payment Date shall be paid to the Person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest specified in Exhibit A hereto. 

Any interest on any Note that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (“Defaulted
Interest”) shall forthwith cease to be payable to the registered Holder on the relevant Regular Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the Issuer, at its election, as provided in clause
(1) or clause (2) below: 

  
 64 

 (1) The Issuer may elect to make payment of any Defaulted Interest to the
Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Issuer shall
notify the Trustee and Paying Agent in writing of the amount of Defaulted Interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee or Paying Agent an amount of
money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements reasonably satisfactory to the Trustee or Paying Agent for such deposit prior to the date of the proposed payment, such money
when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as provided in this clause (1). Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not
more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee and the Paying Agent of the notice of the proposed payment. The Trustee shall promptly notify the Issuer of such
Special Record Date and, in the name and at the expense of the Issuer, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder at such
Holder’s address as it appears in the Note Register, or sent electronically, not less than 10 days prior to such Special Record Date or otherwise in accordance with DTC procedures. Notice of the proposed payment of such Defaulted Interest and
the Special Record Date therefor having been so given, such Defaulted Interest shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered on such Special Record Date and shall no longer be payable
pursuant to the following clause (2). 
 (2) The Issuer may make payment of any Defaulted Interest in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuer to the Trustee and the Paying Agent of the proposed
payment pursuant to this clause (2), such payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing provisions of this
Section 2.10, each Note delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Note of the same series shall carry the rights to interest accrued and unpaid, and to accrue, that were
carried by such other Note. 
 SECTION 2.11 Persons Deemed Owners. The Issuer, International Paper, any Subsidiary Guarantor, the
Trustee, the Paying Agent and any agent of any of them may treat the Person in whose name any Note is registered as the owner of such Note for the purpose of receiving payment of principal of (and premium, if any), and (subject to
Section 2.10) interest on, such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, International Paper, any Subsidiary Guarantor, the Trustee, the Paying Agent nor any
agent of any of them shall be affected by notice to the contrary. 

  
 65 

 SECTION 2.12 Cancellation. All Notes surrendered for payment, redemption, transfer,
exchange or conversion shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and, if not already cancelled, shall be promptly cancelled by it. The Issuer may at any time deliver to the Trustee for cancellation any
Notes previously authenticated and delivered hereunder that the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee. No Notes shall be authenticated in lieu of or in exchange for
any Notes cancelled as provided in this Section 2.12, except as expressly permitted by this Indenture. All cancelled Notes held by the Trustee shall be disposed of by the Trustee in accordance with its customary procedures
(subject to the record retention requirements of the Exchange Act). 
 SECTION 2.13 Computation of Interest. Interest on the Notes
shall be computed on the basis of a 360 day year consisting of twelve 30-day months. 
 SECTION 2.14
CUSIP Numbers, ISINs, etc. The Issuer in issuing the Notes may use “CUSIP” numbers, ISINs and “Common Code” numbers (if then generally in use), and if so, the Trustee may use the CUSIP numbers, ISINs and “Common
Code” numbers in notices of redemption or exchange as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness or accuracy of such numbers printed in the
notice or on the Notes; that reliance may be placed only on the other identification numbers printed on the Notes; and that any redemption shall not be affected by any defect in or omission of such numbers. The Issuer should promptly notify the
Trustee, in writing, of any change in any “CUSIP,” “ISIN” or “Common Code” number, but failure to so notify the Trustee shall not constitute a Default or Event of Default by the Issuer. 

SECTION 2.15 Book-Entry Provisions for Global Notes. 

(a) Each Global Note initially shall (i) be registered in the name of the Depositary for such Global Note or the nominee of such
Depositary, in each case for credit to the account of an Agent Member, and (ii) be delivered to the Notes Custodian. Neither the Issuer nor any of its agents shall have any responsibility or liability for any aspect of the records relating to
or payments made on account of beneficial ownership interests of a Global Note, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

(b) Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to
any Global Note held on their behalf by the Depositary, or the Notes Custodian, or under such Global Notes. The Depositary may be treated by the Issuer, any other obligor upon the Notes, the Trustee and any agent of any of them as the absolute owner
of the Global Notes for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, any other obligor upon the Notes, the Trustee or any agent of any of them 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 governing the exercise of the rights of a beneficial owner of any Note. The registered Holder of a
Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this Indenture or the Notes. 

  
 66 

 The Holder of any Global Note 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 this Indenture or the Notes. 

(c) Transfers of a Global Note shall be limited to transfers of such Global Note in whole, but, subject to the immediately succeeding sentence,
not in part, to the Depositary, its successors or their respective nominees. Interests of beneficial owners in a Global Note may not be transferred or exchanged for Physical Notes unless (i) the Issuer has consented thereto in writing, or such
transfer or exchange is made pursuant to the next sentence, and (ii) such transfer or exchange is in accordance with the applicable rules and procedures of the Depositary and the provisions of Sections 2.8 and 2.16. Subject to the
limitation on issuance of Physical Notes set forth in Section 2.16(3), Physical Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in the relevant Global Note, if (i) the
Depositary notifies the Issuer at any time that it is unwilling or unable to continue as Depositary for the Global Notes and a successor depositary is not appointed within 120 days; (ii) the Depositary ceases to be registered as a
“Clearing Agency” under the Securities Exchange Act of 1934 and a successor depositary is not appointed within 120 days; or (iii) an Event of Default shall have occurred and be continuing with respect to the Notes and the Trustee has
received a written request from the Depositary to issue Physical Notes. 
 (d) In connection with any transfer or exchange of a portion of
the beneficial interest in any Global Note to beneficial owners for Physical Notes pursuant to Section 2.15(c), the Note Registrar shall record on its books and records the date and a decrease in the principal amount of
such Global Note in an amount equal to the beneficial interest in the Global Note being transferred, and the Issuer shall execute, and the Trustee shall authenticate and deliver, one or more Physical Notes of like tenor and principal amount of
authorized denominations. 
 (e) In connection with a transfer of an entire Global Note to beneficial owners pursuant to
Section 2.15(c), the applicable Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner
identified by the Depositary, in exchange for its beneficial interest in the applicable Global Note, an equal aggregate principal amount of Rule 144A Physical Notes (in the case of any Rule 144A Global Note) or Regulation S Physical Notes (in the
case of any Regulation S Global Note), as the case may be, of authorized denominations. 
 (f) The transfer and exchange of a Global Note or
beneficial interests therein shall be effected through the Depositary, in accordance with this Indenture (including applicable restrictions on transfer set forth in Section 2.16) and the applicable rules and procedures
therefor of the Depositary. Any beneficial interest in one of the Global Notes that is transferred to a Person who takes delivery in the form of an interest in a different Global Note will, upon transfer, cease to be an interest in such Global Note
and become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer restrictions, if any, and other procedures 

  
 67 

 
applicable to beneficial interests in such other Global Note for as long as it remains such an interest. A transferor of a beneficial interest in a Global Note shall deliver to the Note Registrar
a written order given in accordance with the Depositary’s applicable rules and procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in the relevant Global Note (or shall
otherwise comply with the then applicable rules and procedures of the Depositary). Subject to Section 2.16, the Note Registrar shall, in accordance with such instructions, instruct the Depositary to credit to the account of
the Person specified in such instructions a beneficial interest in such Global Note and to debit the account of the Person making the transfer the beneficial interest in the Global Note being transferred. 

(g) Any Physical Note delivered in exchange for an interest in a Global Note pursuant to Section 2.15(c) shall,
unless such exchange is made on or after the Resale Restriction Termination Date applicable to such Note and except as otherwise provided in Section 2.3 and Section 2.16, bear the Private Placement
Legend. 
 (h) Notwithstanding the foregoing, through the Restricted Period, a beneficial interest in a Regulation S Global Note may be held
only through designated Agent Members holding on behalf of Euroclear or Clearstream unless delivery is made in accordance with the applicable provisions of Section 2.16. 

SECTION 2.16 Special Transfer Provisions. 

(1) Transfers to Non-U.S. Persons. The following provisions shall apply with respect to the
registration of any proposed transfer of a Note that is a Restricted Security (within the meaning of Rule 144(a)(3) of the Securities Act) to any Non-U.S. Person: The Note Registrar shall register such
transfer if it complies with all other applicable requirements of this Indenture (including Section 2.8), and 

(a) if (x) such transfer is after the relevant Resale Restriction Termination Date with respect to such Note or (y) the proposed
transferor has delivered to the Note Registrar and the Issuer and the Trustee a Regulation S Certificate and, unless otherwise agreed by the Issuer and the Trustee, an Opinion of Counsel, certifications and other information satisfactory to the
Issuer and the Trustee, and 
 (b) if the proposed transferor is or is acting through an Agent Member holding a beneficial interest in a
Global Note, upon receipt by the Note Registrar and the Issuer and the Trustee of (x) the certificate, opinion, certifications and other information, if any, required by clause (a) above and (y) written instructions given in
accordance with the procedures of the Note Registrar and of the Depositary; 
 whereupon (i) the Note Registrar shall reflect on its
books and records the date and (if the transfer does not involve a transfer of any Outstanding Physical Note) a decrease in the principal amount of the relevant Global Note in an amount equal to the principal amount of the beneficial interest in the
relevant Global Note to be transferred, and (ii) either (A) if the proposed transferee is or is acting through an Agent Member holding a beneficial interest in a relevant Regulation S Global Note, the Note Registrar shall reflect on its books
and records the date and an increase in the principal amount of such Regulation S Global Note in an amount equal to the principal amount of the beneficial interest being so transferred or (B) otherwise the Issuer shall execute and the Trustee
shall authenticate and deliver one or more Physical Notes of like tenor and amount. 

  
 68 

 (2) Transfers to QIBs. The following provisions shall apply with respect to the
registration of any proposed transfer of a Note that is a Restricted Security (within the meaning of Rule 144(a)(3) of the Securities Act) to a QIB (excluding transfers to Non-U.S. Persons): The Note Registrar
shall register such transfer if it complies with all other applicable requirements of this Indenture (including Section 2.8), and 

(a) if such transfer is being made by a proposed transferor who has checked the box provided for on the form of such Note stating, or has
otherwise certified to the Note Registrar and the Issuer and the Trustee in writing, that the sale has been made in compliance with the provisions of Rule 144A to a transferee who has signed the certification provided for on the form of such Note
stating, or has otherwise certified to Note Registrar and the Issuer and the Trustee in writing, that it is purchasing such Note 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 QIB within the meaning of Rule 144A, 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 Issuer as it 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 its foregoing representations in order to claim the exemption from registration provided by Rule 144A; and 

(b) if the proposed transferee is an Agent Member, and the Note to be transferred consists of a Physical Note that after transfer is to be
evidenced by an interest in a Global Note or consists of a beneficial interest in a Global Note that after the transfer is to be evidenced by an interest in a different Global Note, upon receipt by the Note Registrar of written instructions given in
accordance with the Depositary’s and the Note Registrar’s procedures, whereupon the Note Registrar shall reflect on its books and records the date and an increase in the principal amount of the transferee Global Note in an amount equal to
the principal amount of the Physical Note or such beneficial interest in such transferor Global Note to be transferred, and the Trustee shall cancel the Physical Note so transferred or reflect on its books and records the date and a decrease in the
principal amount of such transferor Global Note, as the case may be. 
 (3) Limitation on Issuance of Physical Notes. No Physical Note
shall be exchanged for a beneficial interest in any Global Note, except in accordance with Section 2.15 and this Section 2.16. 

A beneficial owner of an interest in a Regulation S Global Note shall not be permitted to exchange such interest for a Physical Note (any such
exchange being limited, in any case, to the circumstances set forth in Section 2.15(c)) or (in the case of such interest in a Temporary Regulation S Global Note) an interest in a Permanent Regulation S Global Note until a
date, which must be after the Distribution Compliance Date, on which the Issuer receives a certificate of beneficial ownership substantially in the form of Exhibit B from such beneficial owner (a “Certificate of Beneficial
Ownership”). Such date, as it relates to a Regulation S Global Note, is herein referred to as the “Regulation S Note Exchange Date.” 

  
 69 

 (4) Private Placement Legend. Upon the transfer, exchange or replacement of Notes not
bearing the Private Placement Legend, the Note Registrar shall deliver Notes that do not bear the Private Placement Legend. Upon the transfer, exchange or replacement of Notes bearing the Private Placement Legend, the Note Registrar shall deliver
only Notes that bear the Private Placement Legend unless (i) the requested transfer is after the relevant Resale Restriction Termination Date with respect to such Notes, (ii) upon written request of the Issuer after there is delivered to
the Note Registrar an Opinion of Counsel (which opinion and counsel are satisfactory to the Issuer) to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of
the Securities Act, (iii) with respect to a Regulation S Global Note (on or after the Resale Restriction Termination Date with respect to such Regulation S Global Note) or Regulation S Physical Note, in each case with the agreement of the
Issuer, or (iv) such Notes are sold or exchanged pursuant to an effective registration statement under the Securities Act. 
 (5)
Other Transfers. The Note Registrar shall effect and register, upon receipt of a written request from the Issuer to do so, a transfer not otherwise permitted by this Section 2.16, such registration to be done in
accordance with the otherwise applicable provisions of this Section 2.16, upon the furnishing by the proposed transferor or transferee of a written Opinion of Counsel (which opinion and counsel are satisfactory to the
Issuer) to the effect that, and such other certifications or information as the Issuer or the Trustee may require to confirm that, the proposed transfer is being made pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act. 
 A Note that is a Restricted Security (within the meaning of Rule 144(a)(3) of the
Securities Act) may not be transferred other than as provided in this Section 2.16. A beneficial interest in a Global Note that is a Restricted Security (within the meaning of Rule 144(a)(3) of the Securities Act) may not
be exchanged for a beneficial interest in another Global Note other than through a transfer in compliance with this Section 2.16. 

(6) General. By its acceptance of any Note bearing the Private Placement Legend, each Holder of such a Note acknowledges the
restrictions on transfer of such Note set forth in this Indenture and in the Private Placement Legend and agrees that it will transfer such Note only as provided in this Indenture. 

The Note Registrar shall retain copies of all letters, notices and other written communications received pursuant to
Section 2.15 or this Section 2.16 (including all Notes received for transfer pursuant to Section 2.16). The Issuer shall have the right to require the Note Registrar to
deliver to the Issuer, at the Issuer’s expense, copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice to the Note Registrar. 

  
 70 

 In connection with any transfer of any Note, the Trustee, the Note Registrar and the Issuer
shall be entitled to receive, shall be under no duty to inquire into, may conclusively presume the correctness of, and shall be fully protected in relying upon the certificates, opinions and other information referred to herein (or in the forms
provided herein, attached hereto or to the Notes, or otherwise) received from any Holder and any transferee of any Note regarding the validity, legality and due authorization of any such transfer, the eligibility of the transferee to receive such
Note and any other facts and circumstances related to such transfer. 
 SECTION 2.17 [Reserved]. 

SECTION 2.18 Paying Agent to Hold Money in Trust. The Issuer shall require each Paying Agent other than the Trustee to agree in writing
that the Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal of, premium, if any, and interest on the Notes. The Issuer at any time may require a Paying Agent
to pay all money held by such Paying Agent to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer or a Guarantor) shall have no further liability for the money delivered to the Trustee. If the Issuer or any
Subsidiary of the Issuer acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. 

SECTION 2.19 Lists of Holders of the Notes. 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 Holders. If the Trustee is not the Note Registrar, the Issuer shall furnish to the Trustee at least seven 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 Holders, including the aggregate principal amount of the Notes held by each Holder thereof. 

ARTICLE III 
 Covenants

 SECTION 3.1 Payment of Notes. The Issuer shall promptly pay the principal of, premium, if any, and interest on the Notes on
the dates and in the manner provided in the Notes and in this Indenture. Principal, premium, if any, and interest shall be considered paid on the date due if by 11:00 a.m. (New York City time) on such date the Trustee or the Paying Agent holds in
accordance with this Indenture money sufficient to pay all principal, premium, if any, and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to
the terms of this Indenture. 
 The Issuer shall pay interest on overdue principal at the rate specified therefor in the Notes. 

  
 71 

 Notwithstanding anything to the contrary contained in this Indenture, the Issuer may, to the
extent it is required to do so by law, deduct or withhold income or other similar taxes imposed by the United States of America from principal or interest payments hereunder. 

SECTION 3.2 Reports and Other Information. 

(a) So long as any Notes are outstanding and whether or not the Issuer is subject to the reporting requirements of Section 13 or 15(d) of
the Exchange Act, the Issuer shall furnish to the Holders, or file with the SEC for public availability through the SEC’s Electronic Data Gathering, Analysis, and Retrieval System (or any successor system) (“EDGAR”) no later
than 15 days after the dates specified below (or no later than 15 days after the date on which the Form 10-Q is due after taking into account the transition period applicable to the first Form 10-Q following the Spin-Off Effective Date): 
 (i)
within 90 days after the end of each fiscal year (or, solely with respect to the fiscal year ending December 31, 2021, 120 days), an annual report as would be required to be filed with the SEC on Form
10-K if the Issuer were required to file such reports; 
 (ii) within 45 days after
the end of each of the first three fiscal quarters of each fiscal year, a quarterly report as would be required to be filed with the SEC on Form 10-Q if the Issuer were required to file such reports; and 

(iii) within 5 days after the period then in effect under the rules and regulations promulgated under the Exchange Act with
respect to the filing of a Current Report on Form 8-K after the occurrence of an event required to be therein reported, a current report as would be required to be filed with the SEC on Form 8-K if the Issuer were required to file such reports. 
 (b) If the Issuer has designated any of its
Subsidiaries as an Unrestricted Subsidiary and if any such Unrestricted Subsidiary or group of Unrestricted Subsidiaries, if taken together as one Subsidiary, would constitute a Significant Subsidiary of the Issuer, then the annual and quarterly
reports required by Sections 3.2(a)(i) and 3.2(a)(ii) above shall include a presentation of selected financial metrics (in the Issuer’s sole discretion) of such Unrestricted Subsidiaries as a group in the “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” or other comparable section. 
 (c) If the Issuer does not
file reports containing such information with the SEC, the Issuer shall make available the information required by Rule 144A(d)(4) under the Securities Act and such reports to the Trustee under this Indenture, to any Holder and, upon request, to any
beneficial owner of the Notes, in each case by posting such information on its website or an online data system and shall make such information readily available to any Holder or any bona fide prospective investor in the Notes (which prospective
investors will be limited to “qualified institutional buyers” within the meaning of Rule 144A of the Securities Act that certify their status as such to the reasonable satisfaction of the Issuer); provided that the Issuer may
require 

  
 72 

 
that any such person that accesses such information agree to treat such information as confidential or access such information on a password-protected online data system that requires a
confidentiality acknowledgment; provided, further, that the Issuer shall post such information thereon and make readily available any password or other login information to any Holder, beneficial owner, prospective holder, securities analyst
or market maker. 
 (d) In addition, to the extent not satisfied by any of the foregoing, the Issuer shall furnish to Holders and
prospective investors in the Notes, upon their request, any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the Notes are not freely transferable under the Securities Act. 

(e) Delivery of such reports, information and documents to the Trustee pursuant to this Section 3.2 is for
informational purposes only, and the Trustee’s receipt thereof shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance
with any of its covenants under this Indenture (as to which the Trustee is entitled to certificates). The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer’s compliance with the covenants or
with respect to any reports or other documents filed with the SEC or EDGAR or any website under this Indenture, or participate in any conference calls. 

SECTION 3.3 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock. 

(a) The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness (including
Acquired Indebtedness) or issue any shares of Disqualified Stock and the Issuer will not permit any of its Restricted Subsidiaries to issue any shares of Preferred Stock; provided, however, that the Issuer and any Restricted Subsidiary
may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock and any Restricted Subsidiary may issue shares of Preferred Stock, in each case if the Fixed Charge Coverage Ratio, calculated as of the date on which
such additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued and determined on a Pro Forma Basis for the Incurrence (including the use of proceeds thereof) and any related transactions, would be equal to or
greater than 2.00 to 1.00; provided, further, that the aggregate principal amount of Indebtedness, Disqualified Stock and Preferred Stock Incurred or issued by Non-Guarantor Subsidiaries pursuant
to the foregoing, together with the aggregate principal amount of Indebtedness, Disqualified Stock and Preferred Stock Incurred or issued by Non-Guarantor Subsidiaries under Sections 3.3(b)(xv)(B),
3.3(b)(xx) and 3.3(b)(xxxi) and any Refinancing Indebtedness incurred under Section 3.3(b)(xiv) in respect of any of the foregoing, shall not exceed the greater of $165.0 million and 6.0% of Total Assets
at any one time outstanding (any such Indebtedness, Disqualified Stock or Preferred Stock, “Ratio Debt”). 
 (b) The
foregoing limitations will not apply to (collectively, “Permitted Debt”): 

  
 73 

 (i) the Incurrence by the Issuer or its Restricted Subsidiaries of
(A) Indebtedness under the New Credit Agreement and any other Credit Agreement, the guarantees thereof and the issuance and creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’
acceptances being deemed to have a principal amount equal to the face amount thereof), up to the sum of (I) an aggregate outstanding principal amount not to exceed $970.0 million outstanding at any one time plus the greater of (i)
$250.0 million and (ii) 50.0% of Four Quarter EBITDA and (II) an additional aggregate principal amount which, after giving Pro Forma Effect to such Incurrence (including the use of proceeds thereof) and any related transactions (or, at the
Issuer’s option, on the date of the initial borrowing of such Indebtedness or entry into the definitive agreement providing the commitment to fund such Indebtedness after giving Pro Forma Effect to the Incurrence of the entire committed amount
of such Indebtedness and any related transactions (such committed amount, a “Ratio Tested Committed Amount”), in which case such Ratio Tested Committed Amount may thereafter be borrowed and reborrowed, in whole or in part, from time
to time, without further compliance with this clause (i)) would not cause the Consolidated Senior Secured Debt Ratio to exceed 2.20 to 1.00; provided that any Indebtedness Incurred under clause (II) of this clause (i) shall be
deemed to be Consolidated Senior Secured Debt , whether or not so secured, solely for purposes of calculating the Consolidated Senior Secured Debt Ratio in connection with the Incurrence thereof and (B) Indebtedness outstanding under one or
more credit or financing agreements with a revolving financing component (to the extent of such component) not to exceed at any time outstanding $450.0 million; 

(ii) the Incurrence by the Issuer and the Guarantors of Indebtedness represented by the Notes (not including any Additional
Notes) issued on the Issue Date and the Guarantees thereof; 
 (iii) Indebtedness of the Issuer and its Restricted
Subsidiaries outstanding (or Incurred pursuant to any commitment outstanding) on the Issue Date (or contemplated to be existing on the Spin-Off Effective Date as described in the Offering Memorandum) (other
than Indebtedness under the New Credit Agreement or in respect of the Notes Incurred under Section 3.3(b)(ii) above); 

(iv) (i) Indebtedness (including Capitalized Lease Obligations and mortgage financings as purchase money obligations) Incurred
by the Issuer or any of its Restricted Subsidiaries, Disqualified Stock issued by the Issuer or any of its Restricted Subsidiaries and Preferred Stock issued by any Restricted Subsidiaries of the Issuer to finance all or any part of the purchase,
lease, construction, installation, repair or improvement of property (real or personal), plant or equipment or other fixed or capital assets (whether through the direct purchase of assets or the Capital Stock of any Person owning such assets) and
(ii) Indebtedness Incurred and Disqualified Stock or Preferred Stock issued to Refinance Indebtedness Incurred and Disqualified Stock or Preferred Stock issued pursuant to this clause (iv) (for the avoidance of doubt Indebtedness Incurred under
another provision of this Section 3.3(b) to Refinance Indebtedness under clause (iv)(i) shall not count toward the cap below in this clause (iv)), in an aggregate amount or liquidation preference, including all
Indebtedness Incurred and Disqualified Stock or Preferred Stock issued to Refinance any Indebtedness Incurred and Disqualified Stock or Preferred Stock issued pursuant to this clause (iv), not to exceed the greater of (a) $195.0 million and (b)
7.0% of Total Assets at any one time outstanding; 

  
 74 

 (v) Indebtedness Incurred by the Issuer or any of its Restricted
Subsidiaries constituting reimbursement obligations with respect to letters of credit or bank guarantees or similar instruments issued in the ordinary course of business or with respect to the Existing Bilateral Letter of Credit, including, without
limitation, (i) letters of credit or performance or surety bonds in respect of workers’ compensation claims, health, disability or other employee benefits (whether current or former) or property, casualty or liability insurance or
self-insurance, or other Indebtedness with respect to reimbursement-type obligations regarding workers’ compensation claims, health, disability or other employee benefits (whether current or former) or property, casualty or liability insurance
and (ii) guarantees of Indebtedness Incurred by customers in connection with the purchase or other acquisition of equipment or supplies in the ordinary course of business; 

(vi) Indebtedness, Disqualified Stock or Preferred Stock arising from agreements of the Issuer or its Restricted Subsidiaries
providing for indemnification, earn-outs, adjustment of purchase or acquisition price, incentive, non-compete, consulting or similar obligations and other Contingent Obligations, in each case, Incurred in
connection with the acquisition or disposition of any business, assets, Subsidiary of the Issuer or other Investment in accordance with the terms of this Indenture; 

(vii) Indebtedness or Disqualified Stock of the Issuer to a Restricted Subsidiary; provided that (x) if the Issuer
or a Guarantor Incurs or issues such Indebtedness or Disqualified Stock owing to a Non-Guarantor Subsidiary in excess of $5.0 million, such Indebtedness or Disqualified Stock is subordinated in right of
payment to the Issuer’s Obligations with respect to the Notes or the Guarantee of such Guarantor and (y) any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to
be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness or Disqualified Stock (except to the Issuer or another Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of such Indebtedness or
Disqualified Stock not permitted by this clause (vii); 
 (viii) shares of Preferred Stock of a Restricted Subsidiary issued
to the Issuer or another Restricted Subsidiary; provided that (x) if a Guarantor issues such Preferred Stock owing to a Non-Guarantor Subsidiary in excess of $5.0 million, such Preferred Stock
is subordinated in right of payment to the Guarantee of such Guarantor and (y) any subsequent issuance or transfer of any Capital Stock or any other event that results in any Restricted Subsidiary that holds such shares of Preferred Stock of
another Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Issuer or another Restricted Subsidiary) shall be deemed, in each case, to be an issuance of
shares of Preferred Stock not permitted by this clause (viii); 

  
 75 

 (ix) Indebtedness, Disqualified Stock or Preferred Stock of a Restricted
Subsidiary owing to the Issuer or another Restricted Subsidiary; provided that (x) if a Guarantor Incurs or issues such Indebtedness, Disqualified Stock or Preferred Stock owing to a Non-Guarantor
Subsidiary in excess of $5.0 million, such Indebtedness, Disqualified Stock or Preferred Stock is subordinated in right of payment to the Guarantee of such Guarantor and (y) any subsequent issuance or transfer of any Capital Stock or any
other event that results in any Restricted Subsidiary lending such Indebtedness, Disqualified Stock or Preferred Stock ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness, Disqualified Stock or Preferred
Stock (except to the Issuer or another Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of such Indebtedness, Disqualified Stock or Preferred Stock not permitted by this clause (ix); 

(x) (x) Cash Management Services or (y) Swap Contracts Incurred not for speculative purposes; 

(xi) obligations (including reimbursement obligations with respect to letters of credit or bank guarantees or similar
instruments) in respect of customs, self-insurance, performance, government, bid, appeal and surety bonds and completion guarantees and similar obligations provided by the Issuer or any Restricted Subsidiary; 

(xii) Indebtedness or Disqualified Stock of the Issuer or any Restricted Subsidiary of the Issuer and Preferred Stock of any
Restricted Subsidiary of the Issuer in an aggregate principal amount or liquidation preference that, when aggregated with the principal amount or liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then
outstanding and Incurred pursuant to this clause (xii), does not exceed the greater of (x) $125.0 million and (y) 4.5% of Total Assets, at any one time outstanding; 

(xiii) any guarantee by (x) a Non-Guarantor Subsidiary of Indebtedness or other
obligations of another Non-Guarantor Subsidiary, (y) the Issuer or a Guarantor of Indebtedness or other obligations of the Issuer or another Guarantor and (z) the Issuer or a Restricted Subsidiary of
Indebtedness or other obligations of the Issuer or any of its Restricted Subsidiaries, in each case, to the extent the Incurrence of such Indebtedness or other obligations is permitted under the terms of this Indenture; 

(xiv) the Incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness or Disqualified Stock or Preferred
Stock of a Restricted Subsidiary of the Issuer that serves to Refinance any Indebtedness Incurred (or unutilized commitments in respect of Indebtedness to the extent such commitments were treated as incurred Indebtedness) or Disqualified Stock or
Preferred Stock issued by the Issuer or any Restricted Subsidiary as permitted under Sections 3.3(a) or 3.3(b)(i)(A) (provided that Refinancing of such Indebtedness pursuant to this clause (xiv) shall not “refresh” any
basket in such Section 3.3(b)(i)(A)), Section 3.3(b)(ii), Section 3.3(b)(iii) or Section 3.3(b)(xv) or this
Section 3.3(b)(xiv) or any Indebtedness Incurred (or commitments 

  
 76 

 
established) or Disqualified Stock or Preferred Stock issued to so Refinance such Indebtedness (or unutilized commitments in respect of such Indebtedness to the extent such commitments were
treated as incurred Indebtedness), Disqualified Stock or Preferred Stock, including, in each case, any additional Indebtedness Incurred or Disqualified Stock or Preferred Stock issued to pay the Related Costs in connection therewith (subject to the
following proviso, “Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing Indebtedness: 

(1) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred that is not less than the
remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being Refinanced (which, in the case of bridge loans or extendable bridge loans or other interim debt, shall be determined by reference to the
notes or loans into which such bridge loans or extendable bridge loans or other interim debt are converted or for which such bridge loans or extendable bridge loans or interim debt are exchanged at maturity, and may be subject to other customary
offers to repurchase or mandatory prepayments upon a change of control, asset sale or event of loss and customary acceleration rights after an event of default) or, if earlier, the remaining Weighted Average Life to Maturity of the Notes; 

(2) has a Stated Maturity which is no earlier than the Stated Maturity of the Indebtedness being Refinanced (which, in the case
of bridge loans or extendable bridge loans or other interim debt, shall be determined by reference to the notes or loans into which such bridge loans or extendable bridge loans or other interim debt are converted or for which such bridge loans or
extendable bridge loans or interim debt are exchanged at maturity, and may be subject to other customary offers to repurchase or mandatory prepayments upon a change of control, asset sale or event of loss and customary acceleration rights after an
event of default) or, if earlier, the Stated Maturity of the Notes; 
 (3) to the extent that such Refinancing Indebtedness
Refinances (i) Subordinated Indebtedness, such Refinancing Indebtedness is Subordinated Indebtedness or (ii) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified Stock or Preferred Stock, respectively; and

 (4) shall not include Indebtedness, Disqualified Stock or Preferred Stock of a
Non-Guarantor Subsidiary that Refinances Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or a Guarantor; 

(xv) (A) Indebtedness, Disqualified Stock or Preferred Stock (i) of the Issuer or any of its Restricted Subsidiaries
assumed in connection with an acquisition of any assets (including Capital Stock), business or Person and (ii) of any Person that is acquired by the Issuer or any of its Restricted Subsidiaries or merged into or consolidated or amalgamated with
the Issuer or a Restricted Subsidiary in accordance with the terms of this Indenture, and, in the case of this clause (A), not Incurred in contemplation of such 

  
 77 

 
acquisition, merger, consolidation or amalgamation, and (B) Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or any of its Restricted Subsidiaries Incurred in connection
with an acquisition of any assets (including Capital Stock), business or Person; provided, however, that after giving Pro Forma Effect to such acquisition, merger, consolidation, amalgamation or any related transactions, either: 

(1) the Issuer would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio test set forth in Section 3.3(a); or 
 (2) the Fixed Charge Coverage Ratio would be equal to
or greater than such ratio immediately prior to giving Pro Forma Effect to such acquisition, merger, consolidation, amalgamation or any related transactions; 

provided that the aggregate principal amount of Indebtedness, Disqualified Stock and Preferred Stock that may be
Incurred or issued by Non-Guarantor Subsidiaries pursuant to the foregoing clause (xv)(B), together with the aggregate principal amount of Indebtedness, Disqualified Stock and Preferred Stock of Non-Guarantor Subsidiaries outstanding under Section 3.3(a) and Sections 3.3(b)(xx) and 3.3(b)(xxxi) and any Refinancing Indebtedness in respect of any of the foregoing
Incurred under Section 3.3(b)(xiv), shall not exceed the greater of $165.0 million and 6.0% of Total Assets at any one time outstanding; 

(xvi) 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; 
 (xvii) Indebtedness of the Issuer or any Restricted
Subsidiary supported by a letter of credit or bank guarantee issued pursuant to any Credit Agreement incurred pursuant to Section 3.3(a) or Section 3.3(b)(i), to the extent such letter of credit
has not been terminated and is in a principal amount not in excess of the stated amount of such letter of credit or bank guarantee; 

(xviii) [reserved]; 

(xix) Indebtedness of the Issuer or any Restricted Subsidiary consisting of (x) the financing of insurance premiums or (y) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(xx) Indebtedness, Disqualified Stock or Preferred Stock of Non-Guarantor Subsidiaries
in an aggregate principal amount, when combined with the aggregate principal amount of Indebtedness, Disqualified Stock and Preferred Stock of Non-Guarantor Subsidiaries outstanding under
Section 3.3(a) and Sections 3.3(b)(xv)(B) and 3.3(b)(xxxi), shall not exceed the greater of (x) $165.0 million and (y) 6.0% of Total Assets, at any one time outstanding; 

  
 78 

 (xxi) Indebtedness of a joint venture to the Issuer or a Restricted
Subsidiary and to the other holders of Equity Interests or participants of such joint venture, to the extent the percentage of the aggregate amount of such Indebtedness of such joint venture owed to such holders of its Equity Interests or
participants of such joint venture does not exceed the percentage of the aggregate outstanding amount of the Equity Interests of such joint venture held by such holders or such participant’s participation in such joint venture; 

(xxii) Indebtedness, Disqualified Stock or Preferred Stock Incurred in a Qualified Receivables Financing or a Qualified
Receivables Factoring that is not recourse to the Issuer or any Restricted Subsidiary (except for Standard Securitization Undertakings) other than a Receivables Subsidiary or a Person described in the definition of “Factoring Transaction,”
in an amount not to exceed the greater of (x) $210.0 million and (y) 7.5% of Total Assets, at any one time outstanding; 

(xxiii) Indebtedness or Preferred Stock of a Restricted Subsidiary that is a Foreign Subsidiary in an amount not to exceed the
greater of (x) $60.0 million and (y) 2.0% of Total Assets, at any one time outstanding; 
 (xxiv) Indebtedness
consisting of Indebtedness issued by the Issuer or any Restricted Subsidiary to future, current or former officers, directors, managers, employees, consultants and independent contractors thereof, or any Restricted Subsidiary, or their respective
estates, heirs, family members, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Issuer to the extent permitted under the covenant described under Section 3.4; 

(xxv) customer deposits and advance payments received in the ordinary course of business from customers for goods purchased in
the ordinary course of business; 
 (xxvi) Indebtedness Incurred by the Issuer or a Restricted Subsidiary in connection with
bankers’ acceptances, discounted bills of exchange, warehouse receipts or similar facilities, or the discounting or factoring of receivables for credit management purposes, in each case Incurred or undertaken in the ordinary course of business;

 (xxvii) Indebtedness Incurred by the Issuer or any Restricted Subsidiary to the extent that the net proceeds thereof are
promptly deposited with the Trustee or other applicable trustee to satisfy and discharge the Notes or exercise the Issuer’s legal defeasance or covenant defeasance, in each case, in accordance with this Indenture or other Indebtedness in
accordance with the documentation governing such Indebtedness; 
 (xxviii) (i) guarantees Incurred in the ordinary course of
business by the Issuer or any of its Restricted Subsidiaries and not in respect of Indebtedness for borrowed money and (ii) Indebtedness Incurred by the Issuer or a Restricted Subsidiary or their respective Affiliates as a result of leases
entered into by the Issuer or such Restricted Subsidiary in the ordinary course of business (and not for financing purposes); 

  
 79 

 (xxix) [Reserved]; 

(xxx) Indebtedness of the Issuer or a Restricted Subsidiary owing to an Unrestricted Subsidiary; provided that, any such
Indebtedness shall be subordinated in right of payment to the Obligations of the Issuer or such Restricted Subsidiary with respect to the Notes and the related Guarantees and is in an aggregate outstanding principal amount at the time of incurrence
thereof not to exceed under this clause (xxx) the greater of (i) $60.0 million and (ii) 2.0% of Total Assets at any one time outstanding; 

(xxxi) guarantees of Indebtedness of any joint venture in an aggregate principal amount, when combined with the aggregate
principal amount of Indebtedness, Disqualified Stock and Preferred Stock of Non-Guarantor Subsidiaries outstanding under Section 3.3(a) and Sections 3.3(b)(xv)(B) and
3.3(b)(xx), shall not exceed the greater of (x) $165.0 million and (y) 6.0% of Total Assets at any one time outstanding; and 

(xxxii) Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or a Restricted Subsidiary Incurred to finance or
assumed in connection with an acquisition of any assets (including Capital Stock), business or Person, or any other Investment in accordance with this Indenture, in an aggregate principal amount or liquidation preference that does not exceed the
greater of (x) $60.0 million and (y) 2.0% of Total Assets at any one time outstanding. 
 (c) For purposes of determining compliance
with this Section 3.3, (w) in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of more than one of the categories of Permitted Debt or is entitled to
be Incurred pursuant to Section 3.3(a), the Issuer shall, in its sole discretion, at the time of Incurrence, divide, classify or reclassify, or at any later time divide, classify or reclassify, such item of Indebtedness,
Disqualified Stock or Preferred Stock (or any portion thereof) in any manner that complies with this Section 3.3; provided that all Indebtedness (and any undrawn commitments) (1) under the New Credit Agreement
Incurred on or prior to, and outstanding on, the Spin-Off Effective Date as described in the Offering Memorandum shall be deemed to have been Incurred pursuant to Section 3.3(b)(i)(A)(I)
or 3.3(b)(i)(B) as applicable and the Issuer shall not be permitted to reclassify all or any portion of such Indebtedness (or such commitments) Incurred on or prior to, and outstanding on, the
Spin-Off Effective Date pursuant to Sections 3.3(b)(i)(A)(I) or 3.3(b)(i)(B); provided, further, that (if the Issuer shall so determine) any Indebtedness Incurred by the Issuer or
any Restricted Subsidiary pursuant to clauses (iv), (xii), (xx), (xxiii), (xxx), (xxxi) or (xxxii) of Section 3.3(b) shall cease to be deemed outstanding for purposes of any such clause but shall instead be deemed
Incurred for the purposes of Section 3.3(a) from and after the first date on which the Issuer or such Restricted Subsidiary could have Incurred such Indebtedness under Section 3.3(a) without
reliance on such clause; (x) unless the context otherwise requires or states, in the event that Indebtedness could be Incurred in part under Section 3.3(a) and/or Section 3.3(b)(i)(A)(II)
and/or Section 3.3(b)(xv) (other than by reason of clause (2) of the proviso to Section 3.3(b)(xv)), the Issuer, in its sole discretion, may classify a portion of such Indebtedness as having
been Incurred under Section 3.3(a) and/or Section 3.3(b)(i)(A)(II) and/or Section 3.3(b)(xv) and thereafter the remainder of such

  
 80 

 
Indebtedness as having been Incurred under any other clause of Section 3.3(b); (y) if any Indebtedness is Incurred to Refinance Indebtedness initially Incurred (or,
Indebtedness Incurred to Refinance Indebtedness initially Incurred) in reliance on any provision of this Section 3.3 measured by reference to a percentage of Four Quarter EBITDA or Total Assets, and such Refinancing would
cause the percentage of Four Quarter EBITDA or Total Assets restriction to be exceeded if calculated based on the Four Quarter EBITDA or Total Assets on the date of such Refinancing, such percentage of Four Quarter EBITDA or Total Assets restriction
shall not be deemed to be exceeded (and such newly Incurred Indebtedness shall be deemed permitted) to the extent the principal amount of such newly Incurred Indebtedness does not exceed the principal amount of such Indebtedness being Refinanced,
plus the Related Costs Incurred or payable in connection with such Refinancing; and (z) if any Indebtedness is Incurred to Refinance Indebtedness initially Incurred (or, Indebtedness Incurred to Refinance Indebtedness initially Incurred) in
reliance on any provision of this Section 3.3 measured by a dollar amount, such dollar amount shall not be deemed to be exceeded (and such newly Incurred Indebtedness shall be deemed permitted) to the extent the principal
amount of such newly Incurred Indebtedness does not exceed the principal amount of such Indebtedness being Refinanced, plus the Related Costs Incurred or payable in connection with such Refinancing. Accrual of interest or dividends, the accretion of
accreted value, the accretion or amortization of original issue discount, the payment of interest or dividends in the form of additional Indebtedness with the same terms, the payment of dividends on Disqualified Stock or Preferred Stock in the form
of additional shares of Disqualified Stock or Preferred Stock of the same class, the accretion of original issue discount or liquidation preference and increases in the amount of Indebtedness, Disqualified Stock or Preferred Stock outstanding solely
as a result of fluctuations in the exchange rate of currencies will not be deemed to be an Incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this covenant (or any category of Permitted Liens described in the
definition thereof). Guarantees of, or obligations in respect of letters of credit relating to, Indebtedness that are otherwise included in the determination of a particular amount of Indebtedness shall not be included in the determination of such
amount of Indebtedness, provided that the Incurrence of the Indebtedness represented by such guarantee or letter of credit, as the case may be, was in compliance with this covenant. 

(d) For purposes of determining compliance with any provision of this Section 3.3 (or any category of Permitted
Liens described in the definition thereof) measured by a dollar amount or by reference to a percentage of Four Quarter EBITDA or Total Assets, in each case, the principal amount of Indebtedness denominated in a foreign currency shall be calculated
based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred or Liens securing such Indebtedness were granted, in the case of term debt, or first committed or first Incurred (or granted) (whichever yields the
lower U.S. dollar-equivalent), in the case of revolving credit debt or delayed draw debt, or first issued, in the case of Disqualified Stock or Preferred Stock; provided that if such Indebtedness is Incurred (or commitments established) or
Disqualified Stock or Preferred Stock issued to Refinance other Indebtedness (or unutilized commitments in respect of such Indebtedness), Disqualified Stock or Preferred Stock denominated in a foreign currency, and such Refinancing would cause the
applicable provision of this Section 3.3 (or category of Permitted Liens) to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such Refinancing, such provision of this
Section

  
 81 

 
3.3 (or category of Permitted Liens) shall be deemed not to have been exceeded to the extent the principal amount of such newly Incurred Indebtedness does not exceed the principal amount
of such Indebtedness or the maximum fixed repurchase price amount of such Disqualified Stock or Preferred Stock, as the case may be, being Refinanced (plus the Related Costs in connection therewith). 

(e) The principal amount of any Indebtedness Incurred (or commitments established) and the maximum fixed repurchase price amount of
Disqualified Stock or Preferred Stock issued to Refinance other Indebtedness (or unutilized commitments in respect of such Indebtedness), if Incurred in a different currency from the Indebtedness, Disqualified Stock or Preferred Stock being
Refinanced, shall be calculated for all purposes under this Indenture (including for purposes of the definition of “Permitted Liens”) based on the currency exchange rate applicable to the currencies in which such respective
Indebtedness (or unutilized commitments in respect of such Indebtedness), Disqualified Stock or Preferred Stock is denominated that is in effect on the date of such Refinancing. 

SECTION 3.4 Limitation on Restricted Payments. 

(a) The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly: 

(i) declare or pay any dividend or make any payment or distribution on account of the Issuer’s or any of its Restricted
Subsidiaries’ Equity Interests, including any payment made in connection with any merger or consolidation involving the Issuer (other than (A) dividends or distributions by the Issuer payable solely in Qualified Equity Interests of the
Issuer; or (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly
Owned Restricted Subsidiary, the Issuer or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of securities); 

(ii) purchase, redeem, defease or otherwise acquire or retire for value any Equity Interests of the Issuer, including in
connection with any merger or consolidation; 
 (iii) make any voluntary principal payment on, or voluntarily redeem,
repurchase, defease or otherwise acquire or retire for value, in each case, prior to any scheduled repayment, sinking fund payment or maturity, any Subordinated Indebtedness (other than the payment, redemption, repurchase, defeasance, acquisition or
retirement of (A) Subordinated Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment, redemption, repurchase, defeasance,
acquisition or retirement and (B) Indebtedness permitted under Section 3.3(b)(vii) or Section 3.3(b)(ix)); or 

  
 82 

 (iv) make any Restricted Investment; (all such payments and other actions
set forth in clauses (i) through (iv) above being collectively referred to as “Restricted Payments”), unless, at the time of such Restricted Payment: 

(A) no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof; 

(B) immediately after giving effect to such transaction and any related transactions on a Pro Forma Basis, the Issuer could
Incur $1.00 of additional Indebtedness as Ratio Debt; and 
 (C) such Restricted Payment, together with the aggregate amount
of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by Section 3.4(b)(i), but excluding all other Restricted Payments permitted
by Section 3.4(b)), is less than the sum of, without duplication, 
 (1) (x) $100.0 million
plus (y) 50.0% of the Consolidated Net Income of the Issuer for the period (taken as one accounting period) beginning on the first day of the fiscal quarter in which the Spin-Off Effective Date occurs
to the end of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment, or, in the case that such Consolidated Net Income for such period is a deficit, minus
100.0% of such deficit, plus 
 (2) 100.0% of the aggregate net proceeds, including cash and the Fair Market Value of
assets (other than cash), received by the Issuer after the Spin-Off Effective Date from the issue or sale of Qualified Equity Interests of the Issuer, including such Qualified Equity Interests issued upon
exercise of warrants or options, plus 
 (3) 100.0% of the aggregate amount of contributions to the capital of the
Issuer received in cash and the Fair Market Value of assets (other than cash) after the Spin-Off Effective Date, plus 

(4) the principal amount of any Indebtedness, or the liquidation preference or maximum fixed repurchase price, as the case may
be, of any Disqualified Stock, in each case, of the Issuer or any Restricted Subsidiary thereof (other than Indebtedness or Disqualified Stock issued to a Restricted Subsidiary or an employee stock ownership plan or trust established by the Issuer
or any Restricted Subsidiary) issued after the Spin-Off Effective Date that, in each case, has been converted into or exchanged for Qualified Equity Interests in the Issuer, plus 

(5) 100.0% of the aggregate amount received by the Issuer or any Restricted Subsidiary in cash and the Fair Market Value of
assets (other than cash) received by the Issuer or any Restricted Subsidiary from 

  
 83 

 (A) the sale or other disposition (other than to the Issuer or a Restricted
Subsidiary of the Issuer) of Restricted Investments made after the Spin-Off Effective Date by the Issuer and its Restricted Subsidiaries and from repurchases and redemptions of such Restricted Investments from
the Issuer and its Restricted Subsidiaries by any Person (other than the Issuer or any of its Restricted Subsidiaries) and from repayments of loans or advances which constituted Restricted Investments (other than to the extent the Restricted
Investment was made pursuant to Section 3.4(b)(vii)), or 
 (B) the sale (other than to the Issuer
or a Restricted Subsidiary or an employee stock ownership plan or trust established by the Issuer or any Restricted Subsidiary) of the Capital Stock of an Unrestricted Subsidiary after the Spin-Off Effective
Date, plus 
 (6) in the event any Unrestricted Subsidiary of the Issuer has been redesignated as a Restricted
Subsidiary or has been merged, consolidated or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary of the Issuer, in each case after the
Spin-Off Effective Date, the Fair Market Value of the Investment of the Issuer in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or
conveyed, as applicable), other than in each case to the extent that the designation of such Subsidiary as an Unrestricted Subsidiary was made pursuant to Section 3.4(b)(vii) or constituted a Permitted Investment. 

(b) The provisions of Section 3.4(a) will not prohibit: 

(i) the payment of any dividend or distribution or consummation of any redemption within 60 days after the date of declaration
thereof or the giving of a redemption notice related thereto, if at the date of declaration or notice such payment would have complied with this Section 3.4; 

(ii) (a) the redemption, repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital
Stock”) of the Issuer, or Subordinated Indebtedness, in exchange for, or out of the proceeds of the issuance or sale of, Qualified Equity Interests of the Issuer or contributions to the equity capital (other than Disqualified Stock) of the
Issuer (collectively, including any such contributions, “Refunding Capital Stock”); 
 (b) the declaration
and payment of accrued dividends on the Retired Capital Stock out of the proceeds of the issuance or sale (other than to a Subsidiary of the Issuer or to an employee stock ownership plan or any trust established by the Issuer or any of its
Subsidiaries) of Refunding Capital Stock; and 
 (c) if immediately prior to the retirement of the Retired Capital Stock, the
declaration and payment of dividends thereon was permitted pursuant to this Section 3.4 and has not been made as of such time (the “Unpaid Amount”), the declaration and payment of dividends on the Refunding
Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of the Issuer) in an aggregate amount no greater than the Unpaid Amount; 

  
 84 

 (iii) the payment, purchase, redemption, defeasance, repurchase or other
acquisition or retirement of Subordinated Indebtedness made by exchange for, or out of the proceeds of the Incurrence of, Refinancing Indebtedness thereof; 

(iv) the purchase, retirement, redemption or other acquisition (or Restricted Payments to the Issuer to finance any such
purchase, retirement, redemption or other acquisition) for value of Equity Interests (including related stock appreciation rights or similar securities) of the Issuer held directly or indirectly by any future, present or former employee, officer,
director, manager, consultant or independent contractor of the Issuer or any Subsidiary of the Issuer or their estates, heirs, family members, spouses or former spouses or permitted transferees (including for all purposes of this clause (iv), Equity
Interests held by any entity whose Equity Interests are held by any such future, present or former employee, officer, director, manager, consultant or independent contractor or their estates, heirs, family members, spouses or former spouses or
permitted transferees) pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement or any stock subscription or shareholder or similar agreement; provided,
however, that, except with respect to non-discretionary purchases not to exceed $5.0 million per calendar year, the aggregate amounts paid under this clause (iv) shall not exceed
$30.0 million in any calendar year (with unused amounts in any calendar year being permitted to be carried over for the next two succeeding calendar years); provided, further, however, that such amount in any calendar year
may be increased by an amount not to exceed: 
 (a) the cash proceeds received by the Issuer from the issuance or sale of
Qualified Equity Interests of the Issuer, to any future, present or former employees, officers, directors, managers, consultants or independent contractors of the Issuer or its Subsidiaries that occurs after the
Spin-Off Effective Date; provided that the amount of such cash proceeds utilized for any such repurchase, retirement, other acquisition or dividend will not increase the amount available for Restricted
Payments under Section 3.4(a)(C); plus 
 (b) the cash proceeds of key man life insurance
policies received by the Issuer or its Restricted Subsidiaries after the Spin-Off Effective Date; plus 

(c) the amount of any cash bonuses otherwise payable to employees, officers, directors, managers, consultants or independent
contractors of the Issuer or its Subsidiaries that are foregone in return for the receipt of Qualified Equity Interests; less 

(d) the amount of cash proceeds described in clause (a), (b) or (c) of this Section 3.4(b)(iv)
previously used to make Restricted Payments pursuant to this Section 3.4(b)(iv); provided that the Issuer may elect to apply all or any portion of the aggregate increase contemplated by clauses (a), (b) and
(c) of this Section 3.4(b)(iv) in any calendar year; 

  
 85 

 provided that, cancellation of Indebtedness owing to the Issuer or any Restricted
Subsidiary from any future, current or former officer, director, employee, manager, consultant or independent contractor (or any permitted transferees thereof) of the Issuer or any of its Subsidiaries thereof, in connection with a repurchase of
Equity Interests of the Issuer from such Persons will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provisions of this Indenture; 

(v) the declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the
Issuer or any of its Restricted Subsidiaries and any class or series of Preferred Stock of any Restricted Subsidiaries issued or Incurred after the Issue Date in accordance with Section 3.3; 

(vi) Restricted Payments by the Issuer following the Spin-Off Effective Date in order
to effectuate regularly scheduled dividend payments in an amount not to exceed $50.0 million in any fiscal year of the Issuer; 

(vii) other Restricted Payments (including loans or advances) in an aggregate amount in any fiscal year not to exceed (net of
repayments of any such loans or advances) $50.0 million; 
 (viii) the payment, purchase, redemption, defeasance or
other acquisition or retirement for value of Subordinated Indebtedness, Disqualified Stock or Preferred Stock of the Issuer and its Restricted Subsidiaries pursuant to provisions similar to Section 3.7 and
Section 3.9; provided that, prior to such payment, purchase, redemption, defeasance or other acquisition or retirement for value, the Issuer (or a third party to the extent permitted by this Indenture) shall have
made a Change of Control Offer or Asset Sale Offer, as the case may be, with respect to the Notes as a result of such Change of Control or Asset Sale, as the case may be, and shall have paid, repurchased, redeemed, defeased, acquired or retired all
Notes validly tendered and not withdrawn in connection with such Change of Control Offer or Asset Sale Offer, as the case may be; 

(ix) repurchases of Equity Interests deemed to occur upon exercise of stock options, warrants or similar equity incentive
awards if such Equity Interests represent a portion of the exercise price of such options, warrants or similar equity incentive awards, (ii) repurchases of Equity Interests to fund payments made or expected to be made by the Issuer or any
Restricted Subsidiary in respect of withholding taxes payable or expected to be payable by any future, present or former director, officer, employee, manager, consultant, agent or independent contractor of the Issuer or

  
 86 

 
any Subsidiary of the Issuer (or their respective Affiliates, estates or immediate family members) in connection with the exercise of stock options or the grant, vesting or delivery of Equity
Interests, and the corresponding payments of such taxes and (iii) loans or advances to officers, directors, employees, managers, consultants, agents and independent contractors of the Issuer or any Subsidiary of the Issuer in connection with
such Person’s purchase of Equity Interests of the Issuer; provided that no cash is actually advanced pursuant to this clause (iii) other than to pay taxes due in connection with such purchase, unless immediately repaid; 

(x) Investments relating to any Receivables Subsidiary that, in the good faith determination of the Issuer, are necessary or
advisable to effect a Receivables Financing or any repurchases or other transactions in connection therewith; 
 (xi)
payments or distributions to satisfy dissenters’ rights, pursuant to or in connection with a consolidation, merger, amalgamation or transfer of assets that complies with the provisions of this Indenture; 

(xii) any Restricted Payments attributable to, or arising in connection with, (i) the Transactions (including the Special
Payment) or pursuant to the Spin-Off Documents, and (ii) any other transactions pursuant to agreements or arrangements in effect on the Issue Date or contemplated to be existing on the Spin-Off Effective Date on substantially the terms described in the Offering 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 in the good faith judgment of the Board of Directors to the Holders, taken as a whole, than the terms of such agreement or arrangement described in
this Offering Memorandum; 
 (xiii) the payment of cash in lieu of the issuance of fractional shares of Equity Interests in
connection with any merger, consolidation, amalgamation or other business combination, or in connection with any dividend, distribution or split of, or upon exercise, conversion or exchange of Equity Interests, warrants, options or other securities
exercisable or convertible into, Equity Interests of the Issuer; 
 (xiv) Investments in Unrestricted Subsidiaries in an
aggregate amount, taken together with all other Investments made pursuant to this clause (xiv) that are at the time outstanding not to exceed the greater of (x) $60.0 million and (y) 2.0% of Total Assets outstanding at any one time; 

(xv) (1) any Restricted Payment of the kind described in clauses (i) and (ii) of the definition thereof; provided
that on a Pro Forma Basis after giving effect to such Restricted Payment and any related transactions the Consolidated Total Debt Ratio would be equal to or less than 2.50 to 1.00; and (2) any Restricted Payment of the kind described in clauses
(iii) and (iv) of the definition thereof; provided that on a Pro Forma Basis after giving effect to such Restricted Payment and any related transactions the Consolidated Total Debt Ratio would be equal to or less than 3.00 to 1.00; 

(xvi) the Issuer and its Restricted Subsidiaries may pay the premium in respect of, and otherwise perform its obligations
under, any Permitted Bond Hedge Transaction; 

  
 87 

 (xvii) the Issuer and its Restricted Subsidiaries may make any payments
required by the terms of, and otherwise perform its obligations under, any Permitted Warrant Transaction (including, without limitation, making payments due upon exercise and settlement or termination thereof); and 

(xviii) Consolidated Tax Payments; 

provided, however, that at the time of, and after giving effect to, any Restricted Payment of the type described in clause (i), (ii) or
(iii) of the definition thereof permitted under Section 3.4(b)(vii) and Section 3.4(b)(xv), no Default shall have occurred and be continuing or would occur as a consequence thereof. For
purposes of Section 3.4(b)(ix) above, taxes shall include all interest, additions to tax, and penalties with respect thereto; 

provided, further, that prior to the Covenant Adjustment Date, no Restricted Payments (other than under clause (xii) above) shall be
permitted to be made except for Restricted Payments not to exceed $25.0 million in any calendar year, which shall be increased to (x) $60.0 million in any calendar year if, on a Pro Forma Basis after giving effect to such Restricted
Payment and any related transactions, the Consolidated Total Debt Ratio would be less than 2.50:1.00 and greater than or equal to 2.00:1.00 and (y) $90.0 million in any calendar year if, on a Pro Forma Basis after giving effect to such
Restricted Payment and any related transactions, the Consolidated Total Debt Ratio would be less than 2.00:1.00; it being understood that Restricted Payments made pursuant to this second proviso shall be permitted only to the extent permitted under
the other provisions of this Section 3.4 and this second proviso is not intended to, and shall not, provide Restricted Payments capacity not otherwise permitted by this Section 3.4. 

(c) As of the Issue Date, all of the Issuer’s Subsidiaries are Restricted Subsidiaries. The Issuer will not permit any Unrestricted
Subsidiary to become a Restricted Subsidiary except pursuant to the definition of “Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Issuer and
its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted Payments or Permitted Investments in an amount determined as set forth in the last sentence of the definition of
“Investments.” Such designation will only be permitted if a Restricted Payment or Permitted Investment in such amount would be permitted at such time and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.
Unrestricted Subsidiaries will not be subject to any of the covenants set forth in this Indenture. 
 (d) For purposes of this
Section 3.4, if any Investment or Restricted Payment (or a portion thereof) would be permitted pursuant to one or more provisions described above and/or one or more of the exceptions contained in the definition of
“Permitted Investments,” the Issuer may divide and classify such Investment or Restricted Payment (or a portion thereof) in any manner that complies with this Section 3.4. 

(e) Notwithstanding any other provision of this Indenture, this Indenture shall not restrict any redemption or other payment by the Issuer or
any Restricted Subsidiary made as a mandatory principal redemption or other payment in respect of permitted Subordinated Indebtedness pursuant to an “AHYDO saver” provision of any agreement or instrument in respect of such permitted
Subordinated Indebtedness, and the Issuer’s determination in good faith of the amount of any such “AHYDO saver” mandatory principal redemption or other payment shall be conclusive and binding for all purposes under this Indenture.

  
 88 

 SECTION 3.5 Liens. 

(a) The Issuer will not, and will not permit any Restricted Subsidiary to, directly or indirectly, create, Incur or suffer to exist any Lien
securing Indebtedness (other than Permitted Liens) on any asset or property of the Issuer or such Restricted Subsidiary, unless (1) in the case of Liens securing Subordinated Indebtedness, the Notes and any applicable Guarantee are secured by a
Lien on such property or assets and the proceeds thereof that is senior in priority to such Liens; or (2) in all other cases, the Notes and the applicable Guarantee are secured by a Lien on such property or assets and the proceeds thereof
equally and ratably with or prior to such Liens. 
 (b) Any Lien which is granted to secure the Notes or such Guarantee under
Section 3.5(a) shall be automatically and unconditionally released and discharged at the same time as the release of the Lien (other than a release following enforcement of remedies in respect of such Lien or the
Obligations secured by such Lien) that gave rise to the obligation to secure the Notes or such Guarantee under Section 3.5(a). 

(c) 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, the accretion of accreted value, the accretion or amortization of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms, accretion of original issue discount or liquidation
preference, the Related Costs Incurred or payable in connection therewith and increases 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 3.6 Dividend and Other Payment Restrictions Affecting Subsidiaries. The Issuer will not, and will not permit
any of its Restricted Subsidiaries (other than the Guarantors) to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted
Subsidiary (other than the Guarantors) to: 
 (a) (i) pay dividends or make any other distributions to the Issuer or any
Guarantor on its Capital Stock; or (ii) pay any Indebtedness owed to the Issuer or any Guarantor; 
 (b) make loans or
advances to the Issuer or any Guarantor; or 
 (c) sell, lease or transfer any of its assets to the Issuer or any Guarantor;
except in each case for such encumbrances or restrictions existing under or by reason of: 

  
 89 

 (i) contractual encumbrances or restrictions of the Issuer or any of its
Restricted Subsidiaries or their respective properties in effect on the Issue Date, or the Spin-Off Effective Date pursuant to the Spin-Off Documents, including pursuant
to the New Credit Agreement and the other documents relating to the New Credit Agreement, related Swap Contracts and Indebtedness permitted pursuant to Section 3.3(b)(iii); 

(ii) this Indenture, the Notes and the Guarantees thereof; 

(iii) applicable law or any applicable rule, regulation or order (including court or administrative orders); 

(iv) any agreement or other instrument of a Person acquired by or merged, amalgamated or consolidated with or into the Issuer
or any Restricted Subsidiary or an Unrestricted Subsidiary that is designated a Restricted Subsidiary which was in existence at the time of such acquisition (or at the time it merges, amalgamates or consolidates with or into the Issuer or any
Restricted Subsidiary or is designated a Restricted Subsidiary) or assumed in connection with the acquisition of assets from such Person (but, in each case, not created in contemplation thereof); 

(v) customary (as determined by the Issuer in good faith, which determination shall be conclusive) encumbrances or restrictions
contained in contracts or agreements for the sale of assets applicable to such assets pending consummation of such sale, including customary restrictions with respect to a Restricted Subsidiary imposed pursuant to an agreement entered into for the
sale or disposition of Capital Stock or assets of such Restricted Subsidiary; 
 (vi) restrictions on cash or other deposits
or net worth imposed by customers under contracts entered into in the ordinary course of business; 
 (vii) customary (as
determined by the Issuer in good faith, which determination shall be conclusive) provisions in (x) joint venture agreements entered into in the ordinary course of business with respect to the Equity Interests subject to the joint venture and
(y) operating or other similar agreements, asset sale agreements and stock sale agreements entered into in connection with the entering into of such transaction, which limitation is applicable only to the assets that are the subject of those
agreements; 
 (viii) purchase money obligations for property acquired and Capitalized Lease Obligations entered into in the
ordinary course of business, to the extent such obligations impose restrictions of the nature discussed in Section 3.6(c) on the property so acquired; 

(ix) customary (as determined by the Issuer in good faith, which determination shall be conclusive) provisions contained in
leases, sub-leases, licenses, sublicenses, contracts and other similar agreements entered into in the ordinary course of business to the extent such obligations impose restrictions on the property subject to
such lease, sub-lease, license, sublicense, contract or other similar agreement; 

  
 90 

 (x) any encumbrance or restriction effected in connection with a Qualified
Receivables Factoring or Qualified Receivables Financing that, in the good faith determination of the Issuer, are necessary or advisable to effect such Qualified Receivables Factoring or Qualified Receivables Financing; 

(xi) other Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or any Restricted Subsidiary of the Issuer that is
Incurred subsequent to the Issue Date pursuant to Section 3.3; if (i) the encumbrances and restrictions contained in any such agreement or instrument taken as a whole are not materially less favorable to the Holders of
the Notes than the encumbrances and restrictions contained in this Indenture (as determined in good faith by the Issuer, which determination shall be conclusive), or (ii) the Issuer determines in good faith, which determination shall be
conclusive, that such encumbrance or restriction will not materially affect the Issuer’s ability to make principal or interest payments on the Notes; 

(xii) any encumbrance or restriction contained in Secured Indebtedness otherwise permitted to be Incurred pursuant to
Section 3.3 and Section 3.5 to the extent limiting the right of the debtor to dispose of the assets securing such Indebtedness; 

(xiii) any encumbrance or restriction arising or agreed to in the ordinary course of business, not relating to any
Indebtedness, and that, individually or in the aggregate, (x) do not detract from the value of the property or assets of the Issuer or any Restricted Subsidiary in any manner material to the Issuer or any Restricted Subsidiary or (y) do
not materially impair the Issuer’s ability to make future principal or interest payments on the Notes, in each case under this clause (xiii), as determined by the Issuer in good faith; 

(xiv) customary (as determined by the Issuer in good faith, which determination shall be conclusive) provisions in joint
venture agreements or arrangements and other similar agreements or arrangements relating solely to the applicable joint venture; 

(xv) existing under, by reason of or with respect to Refinancing Indebtedness; provided that the encumbrances and
restrictions contained in the agreements governing that Refinancing Indebtedness are, in the good faith judgment of the Issuer, not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness
being Refinanced; and 
 (xvi) any encumbrances or restrictions imposed by any amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (i) through (xv) of this Section 3.6; provided that such
encumbrances and restrictions contained in any such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing are, in the good faith judgment of the Issuer, not materially more restrictive, taken as a
whole, than the encumbrances and restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

  
 91 

 For purposes of determining compliance with this Section 3.6, (i)
the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital
Stock and (ii) the subordination of loans or advances made to the Issuer or a Restricted Subsidiary of the Issuer to other Indebtedness Incurred by the Issuer or any such Restricted Subsidiary shall not be deemed a restriction on the ability to
make loans or advances. 
 SECTION 3.7 Asset Sales. 

(a) The Issuer will not, and will not permit any of its Restricted Subsidiaries to, cause or make an Asset Sale, unless: 

(i) the Issuer or any of its Restricted Subsidiaries, as the case may be, receives consideration (including by way of relief
from, or by any other Person assuming responsibility for, any liabilities, contingent or otherwise) at the time of such Asset Sale at least equal to the Fair Market Value (on the date a legally binding commitment for such Asset Sale was entered
into) of the assets sold or otherwise disposed of; and 
 (ii) with respect to an Asset Sale pursuant to this covenant the
Net Cash Proceeds from which exceed $50.0 million, at least 75.0% of the consideration therefor, together with all other Asset Sales since the Issue Date (on a cumulative basis) received by the Issuer or such Restricted Subsidiary, as the case
may be, is in the form of cash or Cash Equivalents or Replacement Assets; provided, however, that the amount of: 

(1) any liabilities (as shown on the Issuer’s most recent consolidated balance sheet or in the footnotes thereto, or if
incurred, accrued or increased subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Issuer’s consolidated balance sheet or in the footnotes thereto if such incurrence, accrual or increase had
taken place on or prior to the date of such balance sheet, as determined by the Issuer) of the Issuer or any Restricted Subsidiary, other than liabilities that are by their terms subordinated to the Notes or the Guarantees or that are assumed by the
transferee of any such assets or Equity Interests (or are otherwise extinguished in connection with the transactions relating to such Asset Sale) pursuant to a written agreement that releases or indemnifies the Issuer or such Restricted Subsidiary
from such liabilities; 
 (2) any notes or other obligations or other securities or assets received by the Issuer or such
Restricted Subsidiary from such transferee that are converted by the Issuer or such Restricted Subsidiary into cash or Cash Equivalents, or by their terms are required to be satisfied for cash or Cash Equivalents (to the extent of the cash or Cash
Equivalents received) within 180 days of the receipt thereof; and 

  
 92 

 (3) any Designated Non-cash
Consideration received by the Issuer or any of its Restricted Subsidiaries in such Asset Sale 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 (x) $70.0 million and (y) 2.5% of Total Assets (with the Fair Market Value of each item of Designated
Non-cash Consideration being measured on the date a legally binding commitment for such disposition (or, if later, for the payment of such item) was entered into and without giving effect to subsequent changes
in value); 
 shall each be deemed to be Cash Equivalents for the purposes of this clause (ii). 

(b) Within 545 days after the Issuer’s or any Restricted Subsidiary’s receipt of the Net Cash Proceeds of any Asset Sale, the Issuer
or such Restricted Subsidiary may apply an amount equal to the Net Cash Proceeds from such Asset Sale, at its option: 
 (i)
to reduce Obligations under the New Credit Agreement and, in the case of revolving loans, to correspondingly reduce commitments with respect thereto; 

(ii) to reduce Obligations under Indebtedness (other than Subordinated Indebtedness) that is secured by a Lien, which Lien is
permitted by this Indenture and, in the case of revolving loans, to correspondingly reduce commitments with respect thereto; 

(iii) to reduce Obligations under (x) Pari Passu Indebtedness of the Issuer or the Guarantors (provided that if the
Issuer or any Guarantor shall so reduce such Obligations under Pari Passu Indebtedness other than the Notes, the Issuer will (A) equally and ratably reduce Obligations under the Notes as provided in Article V or through open-market
purchases (to the extent such purchases are at or above 100.0% of the principal amount thereof) or (B) make an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all Holders to purchase at a purchase price
equal to no less than 100.0% of the principal amount thereof, plus accrued and unpaid interest, if any, the principal amount of Notes that would be redeemed under clause (A) above) or (y) Indebtedness of a
Non-Guarantor Subsidiary, in each case, other than Indebtedness owed to the Issuer or another Restricted Subsidiary (and, in the case of revolving loans, to correspondingly reduce commitments with respect
thereto); 
 (iv) to make an investment in any one or more businesses (provided that if such investment is in the form
of the acquisition of Equity Interests of a Person, such Person is, or becomes as a result of such acquisition, a Restricted Subsidiary of the Issuer), assets (other than working capital assets), or capital expenditures, in each case used or useful
in a Similar Business; 

  
 93 

 (v) to make an investment in any one or more businesses (provided
that if such investment is in the form of the acquisition of Equity Interests of a Person, such Person is, or becomes as a result of such acquisition, a Restricted Subsidiary of the Issuer) or assets (other than working capital assets) that replace
the businesses and/or assets that are the subject of such Asset Sale; or 
 (vi) any combination of the foregoing; 

provided that (x) the Issuer and its Restricted Subsidiaries will be deemed to have applied the Net Cash Proceeds pursuant to the provisions
described in clauses (iv) and (v) of this Section 3.7(b) if and to the extent that, within 545 days after the receipt of the Net Cash Proceeds of an Asset Sale, the Issuer or a Restricted Subsidiary, as applicable, has
entered into and not abandoned or rejected a binding agreement to make an investment pursuant to the provision described in clauses (iv) and (v) of this Section 3.7(b), and that investment is thereafter completed
within 730 days following receipt of such Net Cash Proceeds, and (y) the Issuer or any Restricted Subsidiary may elect to make an investment pursuant to clauses (iv) or (v) of this Section 3.7(b) prior to
receiving Net Cash Proceeds attributable to any given Asset Sale (provided that such investment shall be made no earlier than the earliest of execution of a definitive agreement for the relevant Asset Sale, and consummation of the relevant
Asset Sale) and deem the amount so invested to be applied pursuant to and in accordance with either or both of such clauses with respect to such Asset Sale. 

(c) Notwithstanding the foregoing, to the extent that (i) the Net Cash Proceeds of any Asset Sale by a Foreign Subsidiary is not applied
by such Subsidiary in accordance with Section 3.7(b) and (ii) repatriation to the United States of any or all of the Net Cash Proceeds of any Asset Sales by such Foreign Subsidiary (x) is prohibited or delayed by
applicable local law or (y) would have a material adverse tax consequence (taking into account any foreign tax credit or other net benefit actually realized in connection with such repatriation that would not otherwise be realized), as
determined by the Issuer in its sole discretion, the portion of such Net Cash Proceeds so affected will not be required to be applied in compliance with this Section 3.7; provided that clause (x) of this
Section 3.7(c) shall apply to such amounts for so long, but only for so long, as the applicable local law will not permit repatriation to the United States (the Issuer hereby agreeing to use commercially reasonable efforts
to cause the applicable Foreign Subsidiary to take all actions reasonably required by the applicable local law, applicable organizational impediments or other impediment to permit such repatriation), and if such repatriation of any of such affected
Net Cash Proceeds is permitted under the applicable local law and is not subject to clause (y) of this Section 3.7(c), the portion of such Net Cash Proceeds so affected will then be required to be applied (net of
additional taxes that would be payable or reserved against if such net cash proceeds were then repatriated) in compliance with this Section 3.7. The time periods set forth in this Section 3.7 shall
not start until such time as the Net Cash Proceeds may be repatriated (whether or not such repatriation actually occurs). 

  
 94 

 (d) Pending the final application of any such amount of Net Cash Proceeds, the Issuer or
such Restricted Subsidiary may temporarily reduce Indebtedness under a revolving credit facility, if any, or otherwise invest or utilize such Net Cash Proceeds in any manner not prohibited by this Indenture. Any amount of the Net Cash Proceeds from
any Asset Sale that is not invested or applied as provided and within the time period set forth in Section 3.7(b) will be deemed to constitute “Excess Proceeds”; provided that any amount of proceeds
offered to Holders pursuant to Section 3.7(b)(iii)(x) or pursuant to an Asset Sale Offer made at any time after the Asset Sale shall be deemed to have been applied as required and shall not be deemed to be Excess Proceeds
without regard to the extent to which such offer is accepted by the Holders. When the aggregate amount of Excess Proceeds exceeds $50.0 million, the Issuer shall make an offer (an “Asset Sale Offer”) to all Holders of Notes
and, if required by the terms of any Pari Passu Indebtedness, to all holders of such Pari Passu Indebtedness, to purchase the maximum principal amount of such Notes and Pari Passu Indebtedness, as appropriate, on a pro rata basis, that may be
purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100.0% of the principal amount thereof (or in the event such Pari Passu Indebtedness was issued with original issue discount, 100.0% of the accreted value thereof),
plus accrued and unpaid interest and additional interest, if any (or such lesser price, if any, as may be provided by the terms of such Pari Passu Indebtedness), to (but not including) the date fixed for the closing of such offer, in accordance with
the procedures set forth in this Indenture and the agreement governing such Pari Passu Indebtedness. The Issuer will commence an Asset Sale Offer with respect to Excess Proceeds within 30 Business Days after the date that Excess Proceeds exceed
$50.0 million by transmitting electronically or by mailing to the Holders the notice required pursuant to the terms of this Indenture, with a copy to the Trustee, or otherwise in accordance with the procedures of DTC. The Issuer may satisfy the
foregoing obligations with respect to such Net Cash Proceeds from an Asset Sale by making an Asset Sale Offer with respect to such Net Cash Proceeds at any time prior to the expiration of the application period or by electing to make an Asset Sale
Offer with respect to such Net Cash Proceeds before the aggregate amount of Excess Proceeds exceeds $50.0 million. 
 (e) To the extent
that the aggregate amount of Notes and any other Pari Passu Indebtedness tendered or otherwise surrendered in connection with an Asset Sale Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess Proceeds for any purpose not
otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and Pari Passu Indebtedness tendered or otherwise surrendered by holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and the
Issuer or its agent shall select such Pari Passu Indebtedness to be purchased in the manner described below. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. To the extent the Excess Proceeds exceed
the outstanding aggregate principal amount of the Notes (and, if required by the terms thereof, all Pari Passu Indebtedness), the Issuer need only make an Asset Sale Offer up to the outstanding aggregate principal amount of Notes (and any such Pari
Passu Indebtedness), and any additional Excess Proceeds shall not be subject to this Section 3.7 and shall be permitted to be used for any purpose in the Issuer’s discretion. 

(f) The Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations to the extent such laws or regulations are applicable in connection with the purchase of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with
the provisions of this Indenture, the Issuer will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Indenture by virtue thereof. 

  
 95 

 (g) The provisions under this Indenture relating to the Issuer’s obligation to make an
offer to purchase the Notes as a result of an Asset Sale, including the definition of “Asset Sale,” may be waived or modified at any time (including after Net Cash Proceeds have been received) with the written consent of the Holders of a
majority in principal amount of the Notes then outstanding. 
 (h) If more Notes are tendered pursuant to an Asset Sale Offer than the
Issuer is required to purchase, selection of such Notes for purchase will be made in compliance with the requirements of the principal national securities exchange, if any, on which such Notes are listed (to the extent the Trustee knows of such
listing) or if such Notes are not listed, on a pro rata basis (with adjustments so that only Notes in denominations of the Minimum Denomination or integral multiples of $1,000 in excess thereof shall be purchased), by lot or by such other method as
the Trustee shall deem fair and appropriate (and in such manner as complies with applicable legal requirements); provided that the selection of Notes for purchase shall not result in a Noteholder with a principal amount of Notes less than the
Minimum Denomination. No Note will be repurchased in part if less than the Minimum Denomination of such Note would be left outstanding. 

(i) Notices of an Asset Sale Offer shall be mailed by first class mail, postage prepaid, or sent electronically, at least 10 days but not more
than 60 days before the purchase date to each Holder of Notes at such Holder’s registered address or otherwise in accordance with DTC procedures, except that such notice may be delivered more than 60 days prior to the purchase date if such
purchase is delayed because the receipt by the Issuer of the relevant Net Cash Proceeds has been delayed, in which case the purchase date shall be the date on which the Net Cash Proceeds are received; provided that the notice period for any
Asset Sale Offer shall not be less than the minimum period required by applicable law. If any Note is to be purchased in part only, any notice of purchase that relates to such Note shall state the portion of the principal amount thereof that has
been or is to be purchased. 
 (j) A new Note in principal amount equal to the unpurchased portion of any Note purchased in part will be
issued in the name of the Holder thereof upon cancellation of the original Note. On and after the purchase date, unless the Issuer defaults in payment of the purchase price, interest shall cease to accrue on Notes or portions thereof purchased. 

(k) Notwithstanding the foregoing, Asset Sales that are necessary or advisable (as determined by the Issuer in good faith) in order to
consummate any acquisition of any Person, business or assets or any Investment or are of non-core assets acquired in connection with any acquisition of any Person, business or assets or any Investment, shall
not be subject to the requirements set forth in Section 3.7(a)(i) and Section 3.7(a)(ii). 

  
 96 

 SECTION 3.8 Transactions with Affiliates. 

(a) The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell,
lease, transfer or otherwise dispose of any of its assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of transactions, contract, agreement, understanding, loan, advance or guarantee with, or
for the benefit of, any Affiliate of the Issuer involving aggregate consideration in excess of $20.0 million (each of the foregoing, an “Affiliate Transaction”), unless: 

(i) such Affiliate Transaction is on terms that are not materially less favorable to the Issuer or the relevant Restricted
Subsidiary than those that could have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person on an arm’s-length basis; and 

(ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in
excess of $50.0 million, the Issuer delivers to the Trustee a resolution adopted in good faith by the majority of the Board of Directors of the Issuer, approving such Affiliate Transaction, together with an Officer’s Certificate certifying
such resolution. 
 (b) For purposes of Section 3.8(a), any Affiliate Transaction shall be deemed to have
satisfied the requirements set forth in Section 3.8(a) if such Affiliate Transaction is approved by a majority of the Disinterested Directors. 

(c) The provisions of Section 3.8(a) will not apply to the following: 

(i) (a) transactions between or among the Issuer and/or one or more of its Restricted Subsidiaries (or an entity that becomes a
Restricted Subsidiary as a result of such transaction), and/or (b) prior to the Spin-Off Effective Date, transactions between International Paper and its Subsidiaries; 

(ii) (a) Restricted Payments permitted by this Indenture (including any transaction specifically excluded from the definition
of the term “Restricted Payments,” including pursuant to the exceptions contained in the definition thereof and the parenthetical exclusions of such definition) and (b) Permitted Investments (except transactions described in clause
(13) of the definition of “Permitted Investments”); 
 (iii) transactions in which the Issuer or any of its
Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view or meets the
requirements of Section 3.8(a)(i); 
 (iv) payments, loans, advances or guarantees (or cancellation
of loans, advances or guarantees) to future, present or former employees, officers, directors, managers, consultants or independent contractors of the Issuer or any Subsidiary or guarantees in respect thereof for bona fide business purposes or in
the ordinary course of business; 

  
 97 

 (v) the existence of, or the performance by the Issuer or any of its
Restricted Subsidiaries of its obligations under, (A) any agreement or arrangement (x) as in effect on the Issue Date or (y) pursuant to the Spin-Off Documents (including the Transactions) or
(B) any amendment, modification or supplement to the agreements referenced in clause (A) above or any replacement thereof, as long as the terms of such agreement or arrangement, as so amended, modified, supplemented or replaced are not
materially more disadvantageous to the Holders when taken as a whole compared to the applicable agreements or arrangements as in effect on the Issue Date or the Spin-Off Effective Date; 

(vi) the existence of, or the performance by the Issuer or any of its Restricted Subsidiaries of its obligations under the
terms of any stockholders or similar agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Issue Date or similar transactions, arrangements or agreements which it may enter
into thereafter; provided, however, that the existence of, or the performance by the Issuer or any of its Restricted Subsidiaries of its obligations under, any future amendment to any such existing transaction, arrangement or agreement
or under any similar transaction, arrangement or agreement entered into after the Issue Date shall only be permitted by this clause (vi) to the extent that the terms of any such existing transaction, arrangement or agreement, together with all
amendments thereto, taken as a whole, or new transaction, arrangement or agreement are not otherwise more disadvantageous to the Holders in any material respect, in the good faith judgment of the Issuer, when taken as a whole as compared with the
original transaction, arrangement or agreement as in effect on the Issue Date or the Spin-Off Effective Date; 

(vii) transactions with customers, clients, suppliers, joint venture partners or purchasers or sellers of goods or services, in
each case, in the ordinary course of business and otherwise in compliance with the terms of this Indenture, which are fair to the Issuer and its Restricted Subsidiaries (as reasonably determined by the Issuer) or are on terms at least as favorable
as might reasonably have been obtained at such time from an unaffiliated party (as reasonably determined by the Issuer); 

(viii) any transaction effected as part of a Qualified Receivables Factoring or a Qualified Receivables Financing; 

(ix) the sale, issuance or transfer of Qualified Equity Interests of the Issuer; and (ii) any transaction to the extent
the consideration paid by the Issuer or any Restricted Subsidiary is (x) Qualified Equity Interests of the Issuer or (y) proceeds from the issuance or sale of Qualified Equity Interests of the Issuer; 

(x) any contribution to the equity capital of the Issuer (other than Disqualified Stock); 

(xi) any transaction with a Person (other than an Unrestricted Subsidiary) that would constitute an Affiliate Transaction
solely because the Issuer or a Restricted Subsidiary owns an Equity Interest in or otherwise controls such Person; provided that no Affiliate of the Issuer or any of its Subsidiaries other than the Issuer or a Restricted Subsidiary shall have
a beneficial interest or otherwise participate in such Person; 

  
 98 

 (xii) transactions between the Issuer or any of its Restricted Subsidiaries
and any Person that would constitute an Affiliate Transaction solely because such Person is a director or such Person has a director which is also a director of the Issuer; provided, however, that such director abstains from voting as
a director of the Issuer on any matter involving such other Person; 
 (xiii) any Guarantees issued by the Issuer or a
Restricted Subsidiary for the benefit of the Issuer or a Restricted Subsidiary, as the case may be, that is permitted under Section 3.3 and (ii) guarantees, indemnities, bankers acceptances, surety bonds and letters of
credit issued by, or for the account of, and Liens granted for the benefit of, the Issuer or a Restricted Subsidiary for the benefit of the Issuer or a Restricted Subsidiary, in each case otherwise permitted by Section 3.3
or Section 3.5; 
 (xiv) transactions to effect the Transactions and the payment of all
transaction, underwriting, commitment and other fees and expenses related to the Transactions; 
 (xv) any payments or other
transaction pursuant to any tax sharing agreement between the Issuer and any other Person with which the Issuer files a consolidated tax return or with which the Issuer is part of a consolidated group for tax purposes; provided that
(i) such payments shall not exceed the amount of any taxes that the Issuer and its Subsidiaries would have been required to pay on a separate company basis, or on a consolidated basis as if the Issuer had filed a consolidated return on behalf
of an affiliated group of which it were the common parent and of which the includable subsidiaries were members and (ii) payments with respect to the taxable income of Unrestricted Subsidiaries shall be permitted only to the extent that cash
distributions were made by any Unrestricted Subsidiary to the Issuer or any Restricted Subsidiary for such purpose (“Consolidated Tax Payments”); 

(xvi) the issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the
funding of, employment arrangements and other compensation arrangements, equity purchase agreements, stock options, long-term incentive plans, stock appreciation rights plans, participation plans and stock ownership plans or similar employee benefit
plans approved by the Board of Directors of the Issuer or of a Restricted Subsidiary, as appropriate, in good faith; 

(xvii) any employment, consulting, service or termination agreement, or customary reimbursement and indemnification
arrangements, entered into by the Issuer or any of its Restricted Subsidiaries with current, former or future officers, directors, employees, managers, consultants and independent contractors of the Issuer or any of its Subsidiaries, (ii) any
subscription agreement or similar agreement pertaining to the repurchase of Equity Interests pursuant to put/call rights or similar rights with current, former or future officers, directors, employees, managers, consultants and independent

  
 99 

 
contractors of the Issuer or any of its Subsidiaries and (iii) any payment of compensation or other employee compensation, benefit plan or arrangement, or any health, disability or similar
insurance plan which covers current, former or future officers, directors, employees, managers, consultants and independent contractors of the Issuer or any of its Subsidiaries (including amounts paid pursuant to any management equity plan or any
other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, stock option or similar plans and any successor plan thereto and any supplemental executive retirement benefit plans or arrangements), in each
case, in the ordinary course of business or as otherwise approved in good faith by the Board of Directors of the Issuer or of a Restricted Subsidiary, as appropriate; 

(xviii) (i) investments by Affiliates in Indebtedness or Equity Interests of the Issuer or any of its Subsidiaries, so long as
the investment is being offered by the Issuer or such Subsidiary generally to other non-affiliated third party investors on the same or more favorable terms, and (ii) transactions with Affiliates solely
in their capacity as holders of Indebtedness or Equity Interests of the Issuer or any of its Subsidiaries, to the extent such transaction is with all holders of such class (and there are such non-Affiliate
holders) and such Affiliates are treated no more favorably than all other holders of such class generally; 
 (xix) the
existence of, or the performance by the Issuer or any of its Restricted Subsidiaries of their obligations under the terms of, any customary registration rights agreement to which they are a party or become a party in the future; 

(xx) (i) transactions with joint ventures for the purchase or sale of goods, equipment and services entered into in the
ordinary course of business and (ii) any payments to or from, and transactions with any joint venture or any variable interest entity in the ordinary course of business and consistent with past practice (including, without limitation, any Cash
Management Services related thereto); 
 (xxi) any lease entered into between the Issuer or any Restricted Subsidiary and any
Affiliate of the Issuer in the ordinary course of business; 
 (xxii) intellectual property licenses in the ordinary course
of business; 
 (xxiii) the Special Payment; and 

(xxiv) (i) Guarantees and any bid, performance or similar project related bonds, company performance guarantees, bank
performance guaranties or surety bonds or performance letters of credit, by the Issuer and its Restricted Subsidiaries for the benefit of joint ventures, Unrestricted Subsidiaries and variable interest entities, to the extent otherwise permitted by
this Indenture and (ii) Liens described in clause (25) of the definition of “Permitted Liens.” 

  
 100 

 SECTION 3.9 Change of Control. 

(a) Upon the occurrence of a Change of Control, each Holder will have the right to require the Issuer to purchase all or any part of such
Holder’s Notes at a purchase price in cash (the “Change of Control Payment”) equal to 101.0% of the principal amount thereof, plus accrued and unpaid interest, if any, to (but not including) 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 falling prior to or on the purchase date), except to the extent the Issuer has previously elected to redeem all of the Notes
pursuant to Article V. 
 (b) Prior to or within 30 days following any Change of Control, except to the extent that the Issuer has
exercised its right to redeem all of the Notes pursuant to Article V, the Issuer shall deliver a notice (a “Change of Control Offer”) to each Holder, with a copy to the Trustee, or otherwise in accordance with the procedures
of DTC, describing: 
 (i) that a Change of Control has occurred or may occur and that such Holder has, or upon such
occurrence will have, the right to require the Issuer to purchase such Holder’s Notes at a purchase price in cash equal to 101.0% of the principal amount thereof, plus accrued and unpaid interest, if any, to (but not including) the date of
purchase (subject to the right of Holders of record on a record date to receive interest on the relevant interest payment date falling prior to or on the purchase date); 

(ii) the transaction or transactions that constitute or are expected to constitute such Change of Control; 

(iii) the purchase date (which shall be no earlier than 10 days nor later than 60 days from the date such notice is given,
except that such notice may be given more than 60 days prior to the purchase date if the purchase date is delayed as provided in Section 3.9(b)(vii)) (the “Change of Control Payment Date”); provided
that the notice period for any Change of Control Offer shall not be less than the minimum period required by applicable law; 

(iv) that any Note not properly tendered will remain outstanding and continue to accrue interest; 

(v) that unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to
the Change of Control Offer will cease to accrue interest on the Change of Control Payment Date; 
 (vi) that if the Issuer
is purchasing less than all of the Notes, the Holders of the remaining Notes will be issued new Notes and such new Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must
be equal to the Minimum Denomination or an integral multiple of $1,000 in excess thereof; 
 (vii) if such notice is
delivered prior to the occurrence of a Change of Control, stating that the Change of Control Offer is conditional on the occurrence of such Change of Control and that the Change of Control Payment Date may, in the Issuer’s discretion, be
delayed until such time as the Change of Control has occurred; and 

  
 101 

 (viii) the other instructions and procedures determined by the Issuer,
consistent with this Section 3.9, that a Holder must follow in order to have its Notes purchased. 
 (c)
Notwithstanding the foregoing provisions of this Section 3.9, the Issuer will not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at
the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 

(d) A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of Control. 

(e) If Holders of not less than 90.0% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in
a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the Issuer pursuant to this Section 3.9, purchases all of the Notes validly tendered and not withdrawn by such
Holders, the Issuer or such third party will have the right, upon not less than 10 nor more than 60 days’ prior notice, given not more than 60 days following such purchase pursuant to the Change of Control Offer, to redeem all Notes that remain
outstanding following such purchase at a price in cash equal to 101.0% of the principal amount thereof plus accrued and unpaid interest to but excluding the date of the redemption. 

(f) The Issuer will 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 Notes pursuant to this Section 3.9. To the extent that the provisions of any securities laws or regulations conflict with
provisions of this Section 3.9, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 3.9 by virtue
of such compliance. 
 (g) On the Change of Control Payment Date, the Issuer will, to the extent permitted by law: 

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

  
 102 

 (h) The provisions of this Indenture relating to the Issuer’s obligation to make an
offer to purchase the Notes as a result of a Change of Control, including the definition of “Change of Control,” may be waived or modified at any time with the written consent of the Holders of a majority in principal amount of the Notes
then outstanding. 
 SECTION 3.10 Additional Guarantors. 

(a) If, after the Issue Date, (a) (1) any Restricted Subsidiary that is a Domestic Subsidiary or organized in an Approved Jurisdiction
(including any newly formed, newly acquired or newly redesignated Restricted Subsidiary, but excluding any Domestic Subsidiary that is a FSHCO or a Subsidiary of a CFC (other than a CFC organized in an Approved Jurisdiction)) that is not then a
Guarantor enters into any guarantee of or otherwise Incurs any Indebtedness under the New Credit Agreement or any other Credit Agreement which is entered into or guaranteed by the Issuer or a Guarantor or (2) any Restricted Subsidiary
(including any newly formed, newly acquired or newly redesignated Restricted Subsidiary, but excluding any Receivables Subsidiary) that is not then a Guarantor guarantees any Public Indebtedness of the Issuer or any of its Restricted Subsidiaries
which is a Guarantor, in each case, with an aggregate principal amount in excess of $100.0 million (“Certain Capital Markets Debt”) or (b) the Issuer otherwise elects to have any Restricted Subsidiary become a Guarantor,
then, in each such case, the Issuer shall cause such Restricted Subsidiary, (in the case of clause (a) above, within 30 days (or 90 days in the case of a Restricted Subsidiary that is not a Domestic Subsidiary or that is a FSHCO or a Domestic
Subsidiary of a CFC) of the date that such Indebtedness has been guaranteed, or otherwise Incurred) to execute and deliver to the Trustee a supplemental indenture pursuant to which such Restricted Subsidiary shall become a Guarantor under this
Indenture governing the Notes providing for a Guarantee by such Restricted Subsidiary that (in the case of clause (a) above) ranks pari passu (on an unsecured basis) with such Indebtedness or such guarantee of such Indebtedness under the
New Credit Agreement, such other Credit Agreement or such Certain Capital Markets Debt so Incurred or provided by such Restricted Subsidiary. Notwithstanding the foregoing, (w) no Guarantee by a Receivables Subsidiary shall be required solely
as a result of the Incurrence of Indebtedness, Disqualified Stock or Preferred Stock by such Receivables Subsidiary in a Qualified Receivables Financing or a Qualified Receivables Factoring in accordance with
Section 3.3(b)(xxii), (x) no Guarantee shall be required as a result of any Indebtedness or guarantee of Indebtedness that existed at the time such Person became a Restricted Subsidiary if the Indebtedness or guarantee was
not Incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary, and (y) no Restricted Subsidiary shall be required to become a Guarantor if, in the good faith determination of the Issuer (which
determination shall be conclusive), the provision by such Restricted Subsidiary of a Guarantee could reasonably be expected to give rise to or result in: 

(i) any violation of applicable law that cannot be avoided or otherwise prevented through measures reasonably available to the
Issuer (including any reasonably available “whitewash” procedures or similar procedures that would be required in order to enable such Guarantee to be provided in accordance with applicable law); 

  
 103 

 (ii) any liability (criminal, civil, administrative or other) for any of the
officers, directors or shareholders of the Issuer or any Subsidiary thereof (including such Guarantor); 
 (iii) any
violation of the provisions of any joint venture or other material agreement, in each case in effect on the Issue Date and not entered into in contemplation of avoiding a requirement to guarantee the Notes, governing or binding upon the Issuer or
any Restricted Subsidiary; 
 (iv) any material risk of any such violation or liability; 

(v) any cost, expense, liability or obligation (except, in each case, with respect to taxes) other than routine and immaterial out-of-pocket expenses incurred in connection with (x) any governmental or regulatory filings required as a result of such Guarantee or (y) any “whitewash”
procedures (or similar procedures that would be required in order to enable such Guarantee to be provided in accordance with applicable law) undertaken in connection with such Guarantee; or 

(vi) any material adverse tax consequence, including an obligation to pay additional amounts in respect thereof, other than a
material adverse tax consequence under Section 956 of the Code attributable to the provision of a Guarantee by a Person organized in an Approved Jurisdiction. 

(b) Each Guarantee by a Restricted Subsidiary will be limited to an amount in U.S. dollars or to the equivalent in local currency, if
mandatory under the applicable law, not to exceed the maximum amount that can be guaranteed by such Restricted Subsidiary without rendering the Guarantee, as it relates to such Restricted Subsidiary, voidable under applicable law relating to
fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. Notwithstanding any other provisions of this Indenture, each Note Guarantee of a Subsidiary Guarantor organized in a jurisdiction outside the
United States shall be in such form and substance, and subject to such terms, conditions, limitations, qualifications and restrictions as may be necessary or appropriate (in the good faith determination of the Issuer, which determination shall be
conclusive) by reason of or to comply with any applicable law, rule or regulation. 
 (c) Each Guarantee by a Subsidiary Guarantor shall be
released upon the terms and in accordance with the provisions of Article X. 
 SECTION 3.11 [Reserved]. 

SECTION 3.12 Compliance Certificate; Statement by Officers as to Default. The Issuer shall deliver to the Trustee, within 120 days
after the end of each fiscal year of the Issuer ending after the Issue Date, an Officer’s Certificate to the effect that to the best knowledge of the signer thereof on behalf of the Issuer, the Issuer is or is not in default in the performance
and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Issuer (through its own action or omission or through the action or
omission of any Guarantor as applicable) shall be in default, specifying all such defaults and the nature and status thereof of which such signer may have knowledge. 

  
 104 

 So long as any of the Notes are outstanding, the Issuer shall deliver to the Trustee, within
30 days upon any Officer becoming aware of any Default or Event of Default (unless such Default or Event of Default has been cured or waived within such 30 day period), written notice specifying such Default or Event of Default and what action the
Issuer is taking or proposes to take with respect thereto. The Trustee will not be deemed to have notice or knowledge of any Defaults or Events of Default unless a Responsible Officer of the Trustee shall have received a written notice of such an
event at its Corporate Trust Office and such notice references the Notes and this Indenture and states that it is a “Notice of Default.” 

SECTION 3.13 Spin-Off Transactions. 

Notwithstanding any of the covenants or obligations of the Issuer or any of its Restricted Subsidiaries in this Article III or Article IV, any
action taken by any of the Issuer or any Restricted Subsidiary necessary to consummate the Spin-Off and the other Transactions as described in the Offering Memorandum shall be permitted under those covenants
and obligations without restriction. 
 SECTION 3.14 [Reserved]. 

SECTION 3.15 Covenant Suspension. 

(a) If on any date following the Spin-Off Effective Date (i) the Notes have Investment Grade
Ratings from both Rating Agencies, and (ii) no Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant
Suspension Event”), the Guarantees will be automatically and unconditionally released and discharged and the Issuer and its Restricted Subsidiaries will not be subject to the covenants or provisions contained in
Section 3.3, Section 3.4, Section 3.6, Section 3.7, Section 3.8, Section 3.10,
Section 4.1(a)(iv), Section 4.1(a)(v) and Section 4.1(b) (collectively, the “Suspended Covenants”). 

(b) In the event that the Issuer and its Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any
period of time pursuant to Section 3.15(a), and on any subsequent date (the “Reversion Date”) the Issuer obtains actual knowledge that one or both of the Rating Agencies has withdrawn their Investment Grade
Rating or downgraded the rating assigned to the Notes below an Investment Grade Rating, then the Issuer and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants under this Indenture with respect to future events.
The period of time between the occurrence of a Covenant Suspension Event and the Reversion Date is referred to in this Indenture as the “Suspension Period.” 

(c) Upon the occurrence of a Covenant Suspension Event, the amount of Excess Proceeds from Net Cash Proceeds shall be reset at zero. 

  
 105 

 (d) With respect to Restricted Payments made after the Reversion Date, the amount of
Restricted Payments made will be calculated as though Section 3.4 had been in effect prior to, but not during, the Suspension Period; provided that no Subsidiaries may be designated as Unrestricted Subsidiaries
during the Suspension Period. All Indebtedness Incurred, or Disqualified Stock or Preferred Stock issued, during the Suspension Period will be classified to have been Incurred or issued pursuant to Section 3.3(b)(iii). In
addition, for purposes of Section 3.8, all agreements and arrangements entered into by the Issuer and any Restricted Subsidiary with an Affiliate of the Issuer during the Suspension Period prior to such Reversion Date will
be deemed to have been entered into on or prior to the Issue Date and for purposes of Section 3.6, all contracts entered into during the Suspension Period prior to such Reversion Date that contain any of the restrictions
contemplated by Section 3.6 will be deemed to have been existing on the Issue Date. 
 (e) During the Suspension
Period, any reference in the definitions of “Permitted Liens” and “Unrestricted Subsidiary” to Section 3.3 or any provision thereof shall be construed as if Section 3.3 were in
effect during the Suspension Period. 
 (f) Notwithstanding that the Suspended Covenants may be reinstated, no Default or Event of Default
will be deemed to have occurred as a result of any actions taken by the Issuer or any Subsidiary (including for the avoidance of doubt any failure to comply with the Suspended Covenants) or other events that occurred during any Suspension Period (or
upon termination of the Suspension Period or after that time arising out of events that occurred or actions taken during the Suspension Period) and the Issuer and any Subsidiary will be permitted, without causing a Default or Event of Default or
breach of any kind under this Indenture, to honor, comply with or otherwise perform any contractual commitments or obligations entered into during a Suspension Period following a Reversion Date and to consummate the transactions contemplated
thereby. 
 (g) The Trustee will have no obligation to (i) independently determine, monitor or verify if such events have occurred,
(ii) make any determination regarding the impact of actions taken during the Suspension Period on the Issuer and its Subsidiaries’ future compliance with their covenants or (iii) notify the Holders of any Covenant Suspension Event or
Reversion Date. The Issuer shall give the Trustee written notice of any Covenant Suspension Event not later than fifteen Business Days after such Covenant Suspension Event has occurred, but failure to so notify the Trustee shall not invalidate any
Covenant Suspension Event and shall not constitute a Default or Event of Default by the Issuer or prevent the Issuer from subsequently delivering such notice. In the absence of such notice, the Trustee may assume the Suspended Covenants apply and
are in full force and effect. The Issuer shall give the Trustee written notice of any occurrence of a Reversion Date not later than fifteen Business Days after such Reversion Date, but failure to so notify the Trustee shall not invalidate the
occurrence of the Reversion Date and shall not constitute a Default or Event of Default by the Issuer or prevent the Issuer from subsequently delivering such notice. After any such notice of the occurrence of a Reversion Date, the Trustee shall
assume the Suspended Covenants apply and are in full force and effect. 

  
 106 

 ARTICLE IV 

Merger; Consolidation or Sale of Assets 

SECTION 4.1 When the Issuer May Merge or Otherwise Dispose of Assets. 

(a) The Issuer may not consolidate, merge or amalgamate with or into or wind up into (whether or not the Issuer is the surviving Person), or
sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets in one or more related transactions to any Person unless: 

(i) the Issuer is the surviving Person or the Person formed by or surviving any such consolidation, merger, amalgamation or
winding up (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership or limited liability company organized or existing under the laws of the
United States, any state thereof or the District of Columbia (the Issuer or such Person, as the case may be, being herein called the “Successor Company”); 

(ii) the Successor Company (if other than the Issuer) expressly assumes all the obligations of the Issuer under this Indenture
and the Notes pursuant to a supplemental indenture or other appropriate document or instrument; 
 (iii) immediately after
giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the Successor Company or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Company or such
Restricted Subsidiary at the time of such transaction), no Event of Default shall have occurred and be continuing; 
 (iv)
immediately after giving Pro Forma Effect to such transaction and any related transactions, either: 
 (1) the Issuer (or, if
applicable, the Successor Company) would be permitted to Incur at least $1.00 of additional Indebtedness as Ratio Debt; or 

(2) the Fixed Charge Coverage Ratio for the Issuer (or the Successor Company, if applicable) and its Restricted Subsidiaries
would be equal to or greater than such ratio for the Issuer (or the Successor Company, if applicable) and its Restricted Subsidiaries immediately prior to giving Pro Forma Effect to such transaction and any related transactions; 

(v) if the Successor Company is other than the Issuer, each Guarantor, unless it is the other party to the transactions
described above, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under this Indenture and the Notes; and 
  

  
 107 

 (vi) the Issuer shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that such consolidation, merger, amalgamation or disposition complies with the provisions described in this Section 4.1(a); provided that (x) in giving such
opinion such counsel may rely on an Officer’s Certificate as to compliance with the foregoing clauses (iii) and (iv) of this Section 4.1(a) and as to matters of fact, and (y) no Opinion of Counsel will be
required for a transaction described in the second sentence of the immediately following paragraph. 
 The Successor Company will succeed
to, and be substituted for, the Issuer under this Indenture and the Notes, and the Issuer will automatically be released and discharged from its obligations under this Indenture and the Notes. Notwithstanding the foregoing clauses (iii) and
(iv) of this Section 4.1(a), (a) any Restricted Subsidiary may consolidate or amalgamate with, merge into or sell, assign, transfer, lease, convey or otherwise dispose of all or part of its assets to the Issuer,
(b) the Issuer may merge, consolidate or amalgamate with an Affiliate of the Issuer incorporated or organized solely for the purpose of reincorporating or reorganizing the Issuer in another state of the United States or the District of Columbia
to the extent the principal amount of Indebtedness of the Issuer and its Restricted Subsidiaries is not increased thereby (unless such increase is permitted by this Indenture), (c) the Issuer may convert (including by way of merger, consolidation or
amalgamation) into a corporation, partnership, limited partnership, limited liability company or trust organized or existing under the laws of a jurisdiction in the United States, and (d) the Issuer may change its name. Any Investment expressly
permitted under the definition of “Permitted Investments” or otherwise pursuant to Section 3.4 may be structured as a merger, amalgamation or consolidation so long as it complies with this covenant, to the extent
applicable. 
 (b) Subject to Section 10.2, each Guarantor will not, and the Issuer will not permit any Guarantor
to, consolidate, merge or amalgamate with or into or wind up into (whether or not such Guarantor is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets in one or more
related transactions to, any Person unless such consolidation, merger, amalgamation, winding up, sale, assignment, transfer, lease, conveyance or other disposition is made in compliance with Section 3.7 or does not
constitute an Asset Sale (other than pursuant to clause (b) of the definition of “Asset Sale”), or unless: 

(A) such Guarantor is the surviving Person or the Person formed by or surviving any such consolidation, merger, amalgamation or
winding up (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership or limited liability company organized or existing under the laws of the
United States, any state thereof or the District of Columbia, or any other member country of the Organization for Economic Cooperation and Development or of the European Union (such Person, as the case may be, being herein called the
“Successor Guarantor”); 
 (B) the Successor Guarantor (if other than such Guarantor) expressly assumes all
the obligations of such Guarantor under this Indenture and such Guarantor’s Guarantee pursuant to a supplemental indenture or other documents or instruments; and 
  

  
 108 

 (C) the Successor Guarantor (if other than such Guarantor) shall have
delivered or caused to be delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, amalgamation or disposition complies with the provisions described in this
Section 4.1(b); provided that (x) in giving such opinion such counsel may rely on an Officer’s Certificate as to matters of fact, and (y) no Opinion of Counsel will be required for a transaction
described in the second sentence of the immediately following paragraph. 
 Subject to Article X, the Successor Guarantor will
succeed to, and be substituted for, such Guarantor under this Indenture and such Guarantor’s Guarantee, and such Guarantor will automatically be released and discharged from its obligations under this Indenture and such Guarantor’s
Guarantee. Notwithstanding the foregoing provisions of this Section 4.1(b), (1) a Guarantor may merge, consolidate or amalgamate with an Affiliate of the Issuer incorporated or organized solely for the purpose of
reincorporating or reorganizing such Guarantor in another state or jurisdiction, to the extent the principal amount of Indebtedness of the Issuer and its Restricted Subsidiaries is not increased thereby (unless such increase is permitted by this
Indenture), (2) a Guarantor may consolidate, merge or amalgamate with or into or wind up into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties and assets to, another Guarantor or the
Issuer, (3) a Guarantor may convert (including by way of merger, consolidation or amalgamation) into a corporation, partnership, limited partnership, limited liability company or trust organized or existing under the laws of the jurisdiction of
organization of such Guarantor or the laws of a jurisdiction in the United States, (4) a Guarantor may change its name and (5) any Restricted Subsidiary may merge, amalgamate or consolidate into any Guarantor; provided, in the case of this
clause (5), that the surviving Person is or becomes a Guarantor upon consummation of such merger, amalgamation or consolidation. 
 (c)
Notwithstanding the foregoing, the Transactions and any other transaction entered into in connection with, and for purposes of effecting, the Spin-Off as described in the Offering Memorandum shall not be
subject to this covenant. 
 (d) For purposes of Section 4.1, the sale, lease, conveyance, assignment, transfer or
other disposition of all or substantially all of the assets of one or more Subsidiaries of the Issuer, which assets, if held by the Issuer instead of such Subsidiaries, would constitute all or substantially all of the assets of the Issuer on a
consolidated basis, shall be deemed to be the transfer of all or substantially all of the assets of the Issuer. 
 ARTICLE V 

Redemption of Notes 

SECTION 5.1 Applicability of Article. Notes that are redeemable in whole or in part before their Stated Maturity shall be redeemable in
accordance with their terms and in accordance with this Article V. 

  
 109 

 SECTION 5.2 Right of Redemption. 

(a) Notes may be redeemed, in whole at any time, or in part from time to time, subject to the conditions and at the Redemption Prices set forth
in Exhibit A, which are hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid interest to (but not including) the applicable redemption date. 

(b) In connection with any redemption of Notes (including with the net cash proceeds of an Equity Offering), any such redemption or notice
thereof may, at the Issuer’s discretion, be subject to the satisfaction (or waiver by the Issuer in its sole discretion) of one or more conditions precedent, including, but not limited to, consummation of any related Equity Offering or Change
of Control. In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice may state that, in the Issuer’s discretion, the redemption date may be delayed until such time as any or all such
conditions shall be satisfied (or waived by the Issuer in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been (or, in the Issuer’s sole
determination, may not be) satisfied (or waived by the Issuer in its sole discretion) by the redemption date, or by the redemption date so delayed. 

SECTION 5.3 Election to Redeem; Notice to Trustee of Optional and Mandatory Redemptions. 

(a) If the Issuer elects to redeem Notes pursuant to Section 5.2 the Issuer shall furnish to the Trustee, at least
five Business Days for Global Notes and 10 calendar days for Physical Notes before notice of redemption is required to be sent or caused to be sent to Holders pursuant to Section 5.4, an Officer’s Certificate setting
forth (i) the paragraph or subparagraph of such Note and/or Section of this Indenture pursuant to which the redemption shall occur, (ii) the Redemption Date, (iii) the principal amount of the Notes to be redeemed and (iv) the
Redemption Price, but failure to so notify the Trustee shall not invalidate any notice given in accordance with Section 5.4, and shall not constitute a Default or Event of Default by the Issuer. The Issuer may also include
a request in such Officer’s Certificate that the Trustee give the notice of redemption in the Issuer’s name and at its expense and setting forth the information to be stated in such notice as provided in
Section 5.4. The Issuer shall deliver to the Trustee such documentation and records as shall enable the Trustee to select the Notes to be redeemed pursuant to this Section 5.3. 

(b) If less than all of the Notes are to be redeemed at any time, the Trustee shall select Notes for redemption in compliance with the
requirements of the depository and the principal national securities exchange, if any, on which such Notes are listed (so long as the Trustee knows of such listing), or if such Notes are not so listed, in accordance with the applicable procedures of
the depository on a pro rata basis or by lot (and in such manner as complies with applicable legal requirements) in integral multiples of $1,000; provided that the selection of Notes for redemption shall not result in a Holder with a
principal amount of Notes less than the Minimum Denomination. If any Note is to be purchased or redeemed in part only, the notice of purchase or redemption relating to such Note shall state the portion of the principal amount thereof that has

  
 110 

 
been or is to be purchased or redeemed. A new Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original
Note. On and after the applicable Redemption Date, interest will cease to accrue on Notes or portions thereof called for redemption so long as the Issuer has deposited with the Paying Agent funds sufficient to pay the principal of and premium, if
any, plus accrued and unpaid interest, if any, on the Notes to be redeemed. 
 (c) The Trustee shall promptly notify the Issuer in writing of
the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount thereof to be redeemed. 

(d) For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to redemption of Notes shall relate, in
the case of any Note redeemed or to be redeemed only in part, to the portion of the principal amount of such Note which has been or is to be redeemed. 

SECTION 5.4 Notice of Redemption. The Issuer shall give or cause to be given in accordance with the procedures of the Depositary a
notice of redemption to each Holder whose Notes are to be redeemed not less than 10 nor more than 60 days prior to a date fixed for redemption (a “Redemption Date”). At the Issuer’s written request delivered at least 15 days
(or such shorter period as shall be reasonably satisfactory to the Trustee) prior to the Redemption Date, the Trustee may give notice of redemption in the Issuer’s name and at the Issuer’s expense; provided, however, that
redemption notices may be given more than 60 days prior to a Redemption Date, but not more than a year, prior to such event, if the notice is issued in connection with Article VIII, or if the redemption date is delayed as provided for in
Section 5.2(b). 
 All notices of redemption shall be prepared by the Issuer and shall state: 

(a) the Redemption Date, 
 (b) the
Redemption Price and the amount of accrued interest to, but excluding, the Redemption Date payable as provided in Section 5.6, if any, 

(c) if less than all outstanding Notes are to be redeemed, the identification of the particular Notes (or portion thereof) to be redeemed, as
well as the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption, 

(d) in case any Note is to be redeemed in part only, the notice which relates to such Note shall state that on and after the Redemption Date,
upon surrender of such Note, the Holder shall receive, without charge, a new Note or Notes of authorized denominations for the principal amount thereof remaining unredeemed, 

  
 111 

 (e) that on the Redemption Date, the Redemption Price (and accrued interest to, but
excluding, the Redemption Date payable as provided in Section 5.6, if any) shall become due and payable upon each such Note, or the portion thereof, to be redeemed, and, unless the Issuer defaults in making the redemption
payment, that interest on Notes called for redemption (or the portion thereof) shall cease to accrue on and after said date, 
 (f) the place
or places where such Notes are to be surrendered for payment of the Redemption Price and accrued interest, if any, 
 (g) the name and
address of the Paying Agent, 
 (h) that Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price,

 (i) the CUSIP number, and that no representation is made as to the accuracy or correctness of the CUSIP number, if any, listed in such
notice or printed on the Notes, and 
 (j) the Section of this Indenture pursuant to which the Notes are to be redeemed. 

SECTION 5.5 Deposit of Redemption Price. Prior to 11:00 a.m. New York City time, on any Redemption Date, the Issuer shall deposit with
the Trustee or with a Paying Agent (or, if the Issuer or any Subsidiary of the Issuer is acting as its own Paying Agent, segregate and hold in trust as provided in Section 2.18) an amount of money sufficient to pay the
Redemption Price of, and accrued interest on, all the Notes which are to be redeemed on that date. 
 SECTION 5.6 Notes Payable on
Redemption Date. Notice of redemption having been given as aforesaid, the Notes so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified (together with accrued interest, if any, to, but
excluding, the Redemption Date), and from and after such date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest, if any, to, but excluding, the Redemption Date) such Notes shall cease to bear interest. Upon
surrender of any such Note for redemption in accordance with said notice, such Note shall be paid by the Issuer at the Redemption Price, together with accrued interest, if any, to, but excluding, the Redemption Date (subject to the rights of Holders
of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date). 
 If any Note called for
redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate borne by the Notes. 

If a Redemption Date is on or after a Regular Record Date and on or before the related Interest Payment Date, the accrued and unpaid interest,
if any, shall be paid to the Person in whose name the Note is registered at the close of business on such Regular Record Date, and no further interest shall be payable to Holders whose Notes shall be subject to redemption by the Issuer. 

  
 112 

 SECTION 5.7 Notes Redeemed in Part. Any Note which is to be redeemed only in part
(pursuant to the provisions of this Article V) shall be surrendered at the office or agency of the Issuer maintained for such purpose pursuant to Section 2.8 (with, if the Issuer so requires due endorsement by, or a
written instrument of transfer in form satisfactory to the Issuer duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and the Issuer shall execute, and the Trustee upon receipt of an Authentication Order
shall authenticate and make available for delivery to the Holder of such Note at the expense of the Issuer, a new Note or Notes, of any authorized denomination as requested by such Holder, in an aggregate principal amount equal to and in exchange
for the unredeemed portion of the principal of the Note so surrendered; provided that each such new Note shall be in the Minimum Denomination and integral multiples of $1,000 in excess thereof. 

SECTION 5.8 Offer to Repurchase. In the event that, pursuant to Section 3.7, the Issuer is required to
commence an offer to all Holders to purchase the Notes, including an Asset Sale Offer (an “Offer to Repurchase”), it shall follow the procedures specified below. 

(a) The Offer to Repurchase shall remain open for the period provided for in Section 3.7(i) (the “Offer
Period”). No later than five Business Days after the termination of the Offer Period (the “Purchase Date”), the Issuer shall apply all Excess Proceeds or Net Cash Proceeds, as applicable (the “Offer
Amount”), to the purchase of Notes and such Pari Passu Indebtedness, if any (in each instance, on a pro rata basis, if applicable), or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness tendered in response
to the Offer to Repurchase. Payment for any Notes so purchased shall be made pursuant to Section 3.1. 
 (b) If the
Purchase Date is on or after a Regular Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest, if any, shall be paid to the Person in whose name a Note is registered at the close of business on such Regular
Record Date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Offer to Repurchase. 
 (c) Upon the
commencement of an Offer to Repurchase, the Issuer shall send electronically, or mail by first class mail, a notice to the Trustee and each of the Holders. The notice shall contain all instructions and materials necessary to enable such Holders to
tender Notes pursuant to the Offer to Repurchase. The notice, which shall govern the terms of the Offer to Repurchase, shall state: 

(i) that the Offer to Repurchase is being made pursuant to this Section 5.8 and
Section 3.7, and the length of time the Offer to Repurchase shall remain open; 
 (ii) the Offer
Amount, the purchase price and the Purchase Date; 
 (iii) that any Note not tendered or accepted for payment shall continue
to accrue interest; 
 (iv) that, unless the Issuer defaults in making such payment, any Note accepted for payment pursuant
to the Offer to Repurchase shall cease to accrue interest after the Purchase Date; 

  
 113 

 (v) that Holders electing to have a Note purchased pursuant to an Offer to
Repurchase may elect to have Notes purchased in the Minimum Denomination or an integral multiple of $1,000 in excess thereof only; 

(vi) that Holders electing to have Notes purchased pursuant to any Offer to Repurchase shall be required to surrender the Note,
with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Issuer, a Depositary, if appointed by the Issuer, or a Paying Agent at the address specified in the
notice at least five Business Days before the Purchase Date; 
 (vii) that Holders shall be entitled to withdraw their
election if the Issuer or the Paying Agent, as the case may be, receives, not later than on the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes
the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Notes purchased; 

(viii) that, if the aggregate principal amount of Notes and, if applicable, Pari Passu Indebtedness, if any, surrendered by
Holders thereof exceeds the Offer Amount, the Trustee shall select the Notes and, if applicable, the Issuer shall select such Pari Passu Indebtedness to be purchased or prepaid, on a pro rata basis based on the principal amount of Notes and Pari
Passu Indebtedness, if any, surrendered (with such adjustments as may be deemed appropriate by the Issuer so that only Notes in the Minimum Denomination, or integral multiples of $1,000 in excess thereof, shall be purchased); and 

(ix) that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
 (d) On or before the Purchase Date, the Issuer
shall, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Offer to Repurchase, or if less than the Offer Amount has been tendered, all Notes
tendered, and the Issuer shall deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating that such Notes or portions thereof were accepted for payment by the Issuer in accordance
with the terms of this Section 5.8. The Issuer or the Paying Agent, as the case may be, shall promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount
equal to the purchase price of the Notes tendered by such Holder and accepted by the Issuer for purchase, and the Issuer shall promptly issue a new Note, and the Trustee, upon written request from the Issuer, shall authenticate and mail or deliver
(or cause to be transferred by book entry) such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Issuer to the Holder
thereof. The Issuer shall publicly announce the results of the Offer to Repurchase on the Purchase Date. 

  
 114 

 SECTION 5.9 Special Mandatory Redemption. 

(a) In the event (x) the Spin-Off has not been consummated on or prior to January 4, 2022
(the “Outside Date”), (y) prior to the Spin-Off Effective Date, the Issuer notifies the Trustee in writing that International Paper will not effect the consummation of the Transaction by the
Outside Date or (z) prior to the Spin-Off Effective Date, the Board of Directors of International Paper has made a public announcement that it has determined not to proceed with the Spin-Off (the earliest of clauses (x), (y) and (z), the “special mandatory redemption trigger date”), then the Issuer shall be required to redeem all outstanding Notes on the special mandatory redemption
date at a special mandatory redemption price equal to 100.0% of the principal amount thereof, plus accrued and unpaid interest thereon (if any) to, but not including, the special mandatory 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). 
 (b) The Issuer shall cause notice of a special
mandatory redemption to be mailed (or with respect to global notes, to the extent permitted or required by applicable procedures or regulations of the depository, sent electronically), with a copy to the Trustee, within 15 days after the special
mandatory redemption trigger date to each Holder of Notes at its registered address. The “special mandatory redemption date” will be the 15th day (or, if such day is not a business day, the first business day thereafter) following the
earlier of (x) the date such notice is mailed or sent electronically or (y) the deadline for mailing or sending such notice. If funds sufficient to pay the special mandatory redemption price of the Notes on the special mandatory redemption
date (plus accrued and unpaid interest, if any, to, but not including, the special mandatory redemption date) are deposited with the Trustee on or before such special mandatory redemption date, the Notes will cease to bear interest on and after the
special mandatory redemption date. 
 SECTION 5.10 Segregated Account. The net proceeds of the Initial Notes shall, prior to the making of
the Special Payment, be held by the Issuer in a segregated deposit or securities account established by the Issuer at a nationally recognized commercial bank (the “Segregated Account”). The Segregated Account will not be subject to
a control agreement or any escrow arrangements. The Issuer and International Paper agree that the net proceeds of the Notes will not be used prior to the consummation of the Spin-Off for any purpose other than
the making of the Special Payment. 
 ARTICLE VI 

Defaults and Remedies 

SECTION 6.1 Events of Default. Each of the following is an “Event of Default”: 

(i) a default in any payment of interest on any Note when due continued for 30 days; 

(ii) a default in the payment of principal or premium, if any, of any Note when due at its Stated Maturity, upon optional
redemption, upon required purchase, upon acceleration or otherwise; 

  
 115 

 (iii) the failure by the Issuer or any of its Restricted Subsidiaries to
comply for 60 days after receipt of the written notice referred to below with any of its obligations, covenants or agreements (other than a default pursuant to clause (i) or clause (ii) of this Section 6.1)
contained in the Notes or this Indenture; provided that, in the case of a failure to comply with Section 3.2, such period of continuance of such default or breach shall be 180 days after written notice described in
this clause (iii) has been given; 
 (iv) the failure by the Issuer or any Restricted Subsidiary to pay the principal
amount of any Indebtedness for borrowed money (other than Indebtedness for borrowed money owing to the Issuer or a Restricted Subsidiary of the Issuer) within any applicable grace period after final maturity or the acceleration of any such
Indebtedness by the holders thereof because of a default, in each case, if the total amount of such Indebtedness unpaid at final maturity or accelerated exceeds the Threshold Amount; 

(v) the Issuer or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 

(1) commences a voluntary case; 

(2) consents to the entry of an order for relief against it in any voluntary case; 

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

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

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

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

(1) is for relief against the Issuer or any Significant Subsidiary in an involuntary case; 

(2) appoints a Custodian of the Issuer or any Significant Subsidiary or for any substantial part of its property; or 

(3) orders the winding up or liquidation of the Issuer 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 90 days; 

  
 116 

 (vii) failure by the Issuer or any Significant Subsidiary to pay final and non-appealable judgments aggregating in excess of the Threshold Amount (net of any amounts which are covered by enforceable insurance policies issued by solvent insurance companies), which judgments are not
discharged, waived or stayed for a period of 90 days after such judgment becomes final and, in the event such judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not
promptly stayed; provided that, in the case of any judgment in the Specified Disclosed Litigation, no default or event of default shall be deemed to exist under this clause (vii) unless the amount that is due under any payment schedule
remains unpaid and exceeds the Threshold Amount; 
 (viii) the Guarantee of a Significant Subsidiary or, prior to the
consummation of the Spin-Off, the International Paper Guarantee ceases to be in full force and effect (except as contemplated by the terms thereof or of this Indenture), or any Guarantor that is a Significant
Subsidiary or, prior to the consummation of the Spin-Off, International Paper denies in writing that it has any further liability under its Guarantee or the International Paper Guarantee, as applicable, or
gives written notice to such effect, other than by reason of the termination or discharge of this Indenture or the release of any such Guarantee or the International Paper Guarantee, as applicable, in accordance with this Indenture, and such Default
continues for 30 days; 
 (ix) the failure by the Issuer to timely mail a notice of the special mandatory redemption, if
applicable, and to pay the redemption price on the special mandatory redemption date, if any, as described above under Section 5.9; or 

(x) the failure of the Spin-Off to be consummated within 2 Business Days of the making
of the Special Payment. 
 The foregoing will 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. 

However, a default under Section 6.1(iii) will not constitute an Event of Default until the Trustee or the Holders
of at least 25.0% in principal amount of outstanding Notes notify in writing the Issuer (and if given by the Holders, the Trustee) of the default and such default is not cured within the times specified in Section 6.1(iii)
after receipt of such notice. 
 The Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the
Notes unless a written notice of such Default or Event of Default shall have been given to a Responsible Officer of the Trustee by the Issuer or any Holder of Notes. 

SECTION 6.2 Acceleration. If an Event of Default (other than an Event of Default specified in clause (v) or (vi) of
Section 6.1 with respect to the Issuer) occurs and is continuing, the Trustee or the Holders of at least 25.0% in principal amount of outstanding Notes by written notice to the Issuer (and if given by the Holders, the
Trustee), in either case specifying on such notice the respective Event of Default and that such notice is a “notice of acceleration,” may declare the principal of, premium, if any, and accrued but unpaid interest on all the Notes to be
due and payable. Upon the effectiveness of such a declaration, such principal and interest will be due and payable immediately. If an Event of Default arising from Section 6.1(v) or
Section 6.1(vi), with respect to the Issuer, occurs, the principal of, premium, if any, and interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee
or any Holders. 

  
 117 

 SECTION 6.3 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 Notes or to enforce the performance of any provision of the Notes, this Indenture (including sums owed to the Trustee and its agents and counsel), the
International Paper Guarantee and the Guarantees. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or
does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder 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 6.4 Waiver of Past
Defaults. The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, waive, rescind or cancel any declaration of an existing or past Default
or Event of Default and its consequences under this Indenture if such waiver, rescission or cancellation would not conflict with any judgment or decree, except a continuing Default or Event of Default in the payment of interest on, or the principal
of, the applicable Notes (other than such nonpayment of principal or interest that has become due as a result of such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed
to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

In the event of any Event of Default arising from Section 6.1(iv), such Event of Default and all consequences
thereof (excluding, however, any resulting payment default) will be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if prior to 30 days after such Event of Default arose, the Issuer delivers an
Officer’s Certificate to the Trustee stating that (x) the Indebtedness that is the basis for such Event of Default has been discharged or (y) the holders of such Indebtedness have, in accordance with the documentation governing such
Indebtedness, rescinded the acceleration giving rise to such Event of Default. 
 SECTION 6.5 Control by Majority. The Holders of a
majority in principal amount of outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may
refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder (provided that the Trustee shall not have an affirmative duty to determine whether
the direction is prejudicial to any Holder) or that would involve the Trustee in personal liability. Prior to taking any action under this Indenture, the Trustee will be entitled to security and/or indemnification satisfactory to the Trustee in its
sole discretion against all losses, liabilities and expenses that may be caused by taking or not taking such action. 

  
 118 

 SECTION 6.6 Limitation on Suits. The Trustee will be under no obligation to exercise
any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders have provided the Trustee with indemnity and/or security satisfactory to it against any loss, liability or expense. Except to
institute suit for the enforcement of payment of principal and interest on any Note of such Holder or after the Stated Maturity for such principal or interest, no Holder may pursue any remedy with respect to this Indenture or the Notes unless: 

(i) such Holder has previously given the Trustee written notice that an Event of Default is continuing; 

(ii) Holders of at least 25.0% of the aggregate principal amount of the outstanding Notes have requested in writing that the
Trustee pursue the remedy; 
 (iii) such Holders have offered the Trustee security and/or indemnity reasonably satisfactory
to the Trustee in respect of 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 Notes have not given the Trustee a written direction inconsistent with such request within such 60-day period. 

SECTION 6.7 [Reserved]. 

SECTION 6.8 Collection Suit by Trustee. If an Event of Default specified in Section 6.1(i) or
(ii) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer 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 7.6. 
 SECTION 6.9 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 (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Issuer, its Subsidiaries or their respective creditors or properties and, unless prohibited by law or applicable regulations, may vote on behalf of
the Holders (pursuant to the written direction of Holders of a majority in principal amount of the then outstanding Notes) 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 

  
 119 

 
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 7.6. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan or
reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in such proceeding. 

SECTION 6.10 Priorities. The Trustee shall pay out any money or property received by it in the following order: 

First: to the Trustee for amounts due under Section 7.6 and
Section 8.5; 
 Second: to Holders for amounts due and unpaid on the Notes for principal,
premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 

Third: to the Issuer or, to the extent the Trustee receives any amount for any Guarantor, to such Guarantor as a court
of competent jurisdiction shall direct. 
 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this
Section 6.10. At least 15 days before such record date, the Issuer (or the Trustee) shall send to each Holder and the Trustee a notice that states the record date, the payment date and amount to be paid. 

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 and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11
does not apply to a suit by the Trustee or a suit by Holders of more than 10.0% in outstanding principal amount of the Notes. 
 ARTICLE VII

 Trustee 
 SECTION 7.1
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 its exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs; provided that if an Event of Default
occurs and is continuing, the Trustee shall not be under any obligation to exercise any of the rights or powers under this Indenture, the Notes, the International Paper Guarantee and the Guarantees at the request or direction of any of the Holders
unless such Holders have provided the Trustee indemnity, security and/or prefunding satisfactory to the Trustee in its sole discretion against any loss, liability or expense the Trustee may incur. 

  
 120 

 (b) Except during the continuance of an Event of Default of which a Responsible Officer has
received written notice, the Trustee: 
 (i) 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 

(ii) in the absence of gross negligence, bad faith or willful misconduct on its part, 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 under this Indenture, the Notes, the International Paper Guarantee and the Guarantees, as applicable. However, in the case
of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such certificates and opinions to determine whether or not they conform to the requirements of
this Indenture, the Notes, the International Paper Guarantee and the Guarantees as the case may be (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c) The Trustee shall not be relieved from liability for its own grossly negligent action, its own grossly negligent failure to act or its own
willful misconduct, except that: 
 (i) this Section 7.1(c) does not limit the effect of
Section 7.1(b); 
 (ii) the Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer or Responsible Officers unless it is proved in a final non-appealable decision of a court of competent jurisdiction that the Trustee was grossly negligent in ascertaining the
pertinent facts; and 
 (iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good
faith in accordance with a direction received by it pursuant to Section 6.5. 
 (d) The Trustee shall not be liable
for interest on any money received by it except as the Trustee may agree in writing with the Issuer. 
 (e) Money held in trust by the
Trustee need not be segregated from other funds except to the extent required by law. 
 (f) No provision of this Indenture, the Notes, the
International Paper Guarantee or the Guarantees shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or thereunder 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 indemnity satisfactory to it against such risk or liability is not reasonably assured to it. 

  
 121 

 (g) 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 7.1 and Section 7.2. 

(h) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders unless such Holders shall have provided to the Trustee security, prefunding and/or indemnity satisfactory to it against the costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be
incurred by the Trustee in compliance with such request or direction. 
 SECTION 7.2 Rights of Trustee. 

(a) The Trustee may conclusively rely and shall be protected in acting upon any resolution, certificate, statement, instrument, opinion,
notice, request, direction, consent, order, judgment, bond or any other paper, electronic communication or document believed by it to be genuine and to have been signed, sent or presented by the proper Person or Persons. The Trustee need not
investigate any fact or matter stated in such document. 
 (b) Before the Trustee acts or refrains from acting, it may require an
Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel. 

(c) The Trustee may act through its attorneys, custodians, nominees and agents and shall not be responsible for the misconduct or negligence of
or for the supervision of any agent, custodians, nominees or attorney appointed with due care. 
 (d) The Trustee shall not be liable for any
action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers, provided that such conduct does not constitute willful misconduct or gross negligence as determined in a final non-appealable decision of a court of competent jurisdiction. 
 (e) The Trustee may consult with counsel
of its selection, and the advice or Opinion of Counsel with respect to legal matters relating to this Indenture, the Notes, the International Paper Guarantee and the Guarantees shall be full and complete authorization and protection from liability
in respect to any action taken, omitted or suffered by it hereunder or under the Notes, the International Paper Guarantee and the Guarantees in good faith and in accordance with the advice or opinion of such counsel. 

(f) The Trustee shall not be bound to make any investigation into any statement, warranty or representation, or the facts or matters stated in
any resolution, certificate, statement, instrument, opinion, notice, request, direction, consent, order, bond or other paper or document made or in connection with this Indenture; moreover, the Trustee shall not be bound to make any investigation
into (i) the performance or observance of any of the covenants, agreements or other 

  
 122 

 
terms or conditions set forth herein, (ii) the occurrence of any default, or the validity, enforceability, effectiveness or genuineness of this Indenture or any other agreement, instrument
or document, or (iii) the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, judgment, bond, debenture, note other evidence of indebtedness or other paper
or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to
examine the books, records and premises of the Issuer, personally or by agent or attorney and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(g) [Reserved]. 
 (h) In no event
shall the Trustee be responsible or liable for special, indirect, incidental, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action. 
 (i) The rights, privileges, protections, immunities and benefits
given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder.

 (j) The Trustee may request that the Issuer deliver a certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture. 
 (k) The Trustee shall not have any duty (i) to see to
any recording, filing, or depositing of this Indenture or any agreement referred to herein, or to see to the maintenance of any such recording or filing or depositing or to any rerecording, re-filing or
redepositing of any thereof or (ii) to see to any insurance. 
 (l) The permissive rights of the Trustee enumerated in this Indenture
shall not be construed as a duty. 
 (m) The Trustee shall not be required to give any bond or surety in respect of the execution of the
trusts and powers under this Indenture. 
 SECTION 7.3 Individual Rights of Trustee. 

(a) The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer,
International Paper, the Guarantors or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Note Registrar, co-registrar or
co-Paying Agent may do the same with like rights. However, the Trustee must comply with Section 7.9. 

  
 123 

 (b) In addition, the Trustee shall be permitted to engage in transactions with the Issuer;
provided, however, that if the Trustee acquires any conflicting interest the Trustee must (i) eliminate such conflict within 90 days of acquiring such conflicting interest, or (ii) resign. 

(c) To the extent permitted by applicable law, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee
under this Indenture with respect to Initial Notes and Additional Notes, or a trustee under any other indenture between the Issuer and the Trustee. 

SECTION 7.4 Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this
Indenture, the Notes, the International Paper Guarantee or the Guarantees, it shall not be accountable for the Issuer’s use of the Notes or the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in this
Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication or for the use or application of any funds received by any Paying Agent other than the Trustee.

 SECTION 7.5 Notice of Defaults. If a Default occurs and is continuing and a Responsible Officer of the Trustee has received
written notice thereof, the Trustee shall deliver to each Holder notice of the Default within 90 days after it actually receives such written notice. Except in the case of a Default in the payment of principal of, or premium (if any) or interest on,
any Note, the Trustee may withhold notice if and to the extent the Trustee in good faith determines that withholding notice is in the interests of the Holders of the Notes. 

SECTION 7.6 Compensation and Indemnity. The Issuer shall pay to the Trustee from time to time such compensation for their services as
the parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including, but not limited to, costs of collection, costs of preparing and reviewing reports, certificates and other documents,
costs of preparation and mailing or delivering of notices to Holders and reasonable costs of counsel, 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, counsel, accountants and experts. The Issuer shall indemnify the Trustee or any predecessor Trustee in each of its capacities hereunder (including Paying Agent and Note Registrar), and each of their officers, directors,
employees, counsel and agents, and hold them harmless against any and all loss, liability or expense (including, but not limited to, reasonable attorneys’ fees and expenses) incurred by it in connection with the administration of this trust and
the performance of their duties hereunder and under the Notes, the International Paper Guarantee and the Guarantees, including the costs and expenses of enforcing this Indenture (including this Section 7.6), the Notes, the
International Paper Guarantee and the Guarantees and of defending itself against any claims (whether asserted by any Holder, the Issuer or otherwise). The Trustee shall notify the Issuer promptly of any third party claim or claim by any Holder for
which the Trustee may seek indemnity, provided that failure by the Trustee to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Issuer shall defend such claim and the Trustee may have separate counsel and the
Issuer shall pay the reasonable fees and expenses of such counsel. The Issuer need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee as a result of its own willful misconduct or gross negligence as
determined in a final non-appealable decision of a court of competent jurisdiction . 

  
 124 

 To secure the Issuer’s payment obligations in this
Section 7.6, the Trustee shall have a lien prior to the Notes 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 Notes. The
right of the Trustee to receive payment of any amounts due under this Section 7.6 shall not be subordinate to any other liability or indebtedness of the Issuer. 

The Issuer’s obligations pursuant to this Section 7.6 and any lien arising hereunder shall survive the
satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.1(v) or (vi) with respect to
the Issuer, the expenses are intended to constitute administrative expenses for purposes of priority under any Bankruptcy Law. 
 Pursuant
to Section 10.1, the obligations of the Issuer hereunder are jointly and severally guaranteed by the Guarantors. Pursuant to Section 11.1, the obligations of the Issuer hereunder prior to
completion of the Spin-Off on the Spin-Off Effective Date are guaranteed by International Paper. 

SECTION 7.7 Replacement of Trustee. The Trustee may resign at any time upon at least 30 days’ notice by so notifying the Issuer in
writing. The Holders of a majority in principal amount of the Notes may remove the Trustee by so notifying the Issuer and the Trustee in writing at least 30 days prior to the requested date of removal and may appoint a successor Trustee. The Issuer
shall remove the Trustee if 
 (i) the Trustee fails to comply with Section 7.9; 

(ii) the Trustee is adjudged bankrupt or insolvent; 

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

(iv) the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns or is removed by the Issuer or by the Holders of a majority in principal amount of the Notes 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 Issuer shall promptly appoint a
successor Trustee. 

  
 125 

 A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall
send a notice of its succession to Holders. 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 7.6. All costs reasonably
incurred in connection with any such resignation or removal hereunder shall be borne by the Issuer. 
 If a successor Trustee does not take
office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee at the expense of the Issuer or the Holders of at least 10.0% in principal amount of the Notes may petition any court of competent jurisdiction for the
appointment of a successor Trustee. 
 If the Trustee fails to comply with Section 7.9, unless the Trustee’s
duty to resign is stayed, any Holder 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 7.7, the Issuer’s obligations under
Section 7.6 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.8 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. 
 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 Notes 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 Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes 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 Notes or in this Indenture provided that the certificate of the Trustee shall have. 

SECTION 7.9 Eligibility; Disqualification. The Trustee shall have a combined capital and surplus of at least $50 million as set
forth in its most recent filed annual report of condition. 
 SECTION 7.10 Limitation on Duty of Trustee. The Trustee shall not have
any duty to ascertain or inquire as to the performance or observance of any of the terms of this Indenture, the Notes, the International Paper Guarantee and the Guarantees by the Issuer, International Paper, the Guarantors or any other Person. 

  
 126 

 ARTICLE VIII 

Discharge of Indenture; Defeasance 

SECTION 8.1 Discharge of Liability on Securities; Defeasance. 

(a) This Indenture and all the Notes will be discharged and will cease to be of further effect (except as to surviving rights of registration
of transfer or exchange of Notes and certain rights of the Trustee and the Issuer’s obligations with respect thereto, as expressly provided for in this Indenture) when: 

(i) either (x) all the Notes theretofore authenticated and delivered (except Notes which have been replaced or paid
pursuant to Section 2.9 and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust) have been
delivered to the Trustee for cancellation or (y) all of the Notes not previously delivered to the Trustee for cancellation (A) have become due and payable, (B) will become due and payable at their Stated Maturity within one year or
(C) have been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the
Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee money or U.S. Government Obligations in an amount sufficient (without reinvestment) to pay and discharge the entire Indebtedness on the Notes not
theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to the date of deposit (in the case of Notes that have become due and payable), redemption or their Stated Maturity, as the case may
be; 
 (ii) the Issuer and/or the Guarantors have paid all other sums then due and payable under this Indenture; and 

(iii) the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all
conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with; provided that any such counsel may rely on any Officer’s Certificate as to matters of fact (including as to
compliance with the foregoing clauses (i) and (ii)). 
 (b) Subject to Sections 8.1(a)(iii) and 8.2, the Issuer at any
time may terminate (i) all of the Issuer’s obligations under the Notes and this Indenture and have each Guarantor’s obligation discharged with respect to its Guarantee and cure all then-existing Events of Default (“legal
defeasance option”) or (ii) its obligations under Article III (other than Section 3.1) and the operation of Section 4.1 (other than Sections 4.1(a)(i) and
4.1(a)(ii)) and Sections 6.1(iii) (with respect to any Default under Article III (other than Section 3.1)), 6.1(iv), 6.1(v) (with respect to Significant Subsidiaries of the Issuer only),
6.1(vi) (with respect to Significant Subsidiaries of the Issuer only), 6.1(vii) and 6.1(viii) (“covenant defeasance option”). The Issuer may exercise its legal defeasance option notwithstanding its prior
exercise of its covenant defeasance option. In the event that the Issuer terminates all of its obligations under the Notes and this Indenture by exercising its legal defeasance option or its covenant defeasance option, the obligations of each
Guarantor under its Guarantee of the Notes shall be terminated simultaneously with the termination of such obligations. 

  
 127 

 If the Issuer exercises its legal defeasance option, payment of the Notes so defeased may
not be accelerated because of an Event of Default with respect thereto. If the Issuer exercises its covenant defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of Default specified in
Section 6.1(iii) (with respect to any Default by the Issuer or any of its Restricted Subsidiaries with any of its obligations under Article III other than Section 3.1), 6.1(iv),
6.1(v) (with respect to Significant Subsidiaries of the Issuer only), 6.1(vi) (with respect to Significant Subsidiaries of the Issuer only), 6.1(vii) and 6.1(viii). 

Upon satisfaction of the conditions set forth herein and upon request of the Issuer, the Trustee shall acknowledge in writing the discharge of
those obligations that the Issuer terminates. 
 (c) Notwithstanding clauses (a) and (b) above, the Issuer’s obligations in
Sections 2.8, 2.9, 2.15, 2.16, 2.18, 2.19, 7.6, 7.7 and in this Article VIII shall survive until the Notes have been paid in full. Thereafter, the Issuer’s obligations in Sections 7.6, 8.5 and 8.6 shall survive such satisfaction and discharge.

 SECTION 8.2 Conditions to Defeasance. 

(a) The Issuer may exercise its legal defeasance option or its covenant defeasance option only if: 

(i) the Issuer irrevocably deposits in trust with the Trustee money or U.S. Government Obligations (sufficient (without
reinvestment) in the opinion of a nationally recognized certified public accounting firm) for the payment of principal, premium (if any) and interest on the Notes to redemption or maturity, as the case may be (provided that if such redemption
is pursuant to the second paragraph of Section 2 of the Notes (a form of which is attached as Exhibit A hereto), (x) the amount of money or U.S. Government Obligations that the Issuer must irrevocably deposit or
cause to be deposited shall be determined using an assumed Applicable Premium calculated as of the date of such deposit, as calculated by the Issuer in good faith, and (y) the Issuer must irrevocably deposit or cause to be deposited additional
money in trust on the Redemption Date, as required by Section 5.5, as necessary to pay the Applicable Premium as determined as of the date of the applicable redemption notice); 

(ii) the Issuer 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 shall provide cash at such times and in such amounts as shall be
sufficient to pay principal, premium, if any, and interest when due on all the Notes to maturity or redemption, as the case may be; 

(iii) 91 days pass after the deposit is made and during the 91-day period no Default
specified in Section 6.1(v) or Section 6.1(vi) with respect to the Issuer occurs which is continuing at the end of the period; 

  
 128 

 (iv) the deposit does not constitute a default under any other agreement
binding on the Issuer; 
 (v) in the case of the legal defeasance option, the Issuer shall have delivered to the Trustee an
Opinion of Counsel stating that (1) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the date of this Indenture there has been a change in the applicable U.S. federal income
tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the beneficial owners of the Notes shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit
and defeasance and shall be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; 

(vi) in the case of the covenant defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel to the
effect that the beneficial owners of the Notes shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and shall be subject to U.S. federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such deposit and defeasance had not occurred; and 
 (vii) the
Issuer 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 Notes to be so defeased and discharged as contemplated by this Article
VIII have been complied with. 
 Before or after a deposit, the Issuer may make arrangements satisfactory to the Trustee for the
redemption of such Notes at a future date in accordance with Article V. 
 SECTION 8.3 Application of Trust Money. The Trustee
shall hold in trust money or U.S. Government Obligations deposited with it pursuant to this Article VIII. 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 Notes. 
 SECTION 8.4 Repayment to the Issuer. Anything herein to the
contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon Company Order any money or U.S. Government Obligations held by it as provided in this Article VIII which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect legal defeasance or covenant
defeasance, as applicable; provided that the Trustee shall not be required to liquidate any U.S. Government Obligations in order to comply with the provisions of this Section 8.4. 

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

  
 129 

 SECTION 8.5 Indemnity for U.S. Government Obligations. The Issuer 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 8.6 Reinstatement. If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in accordance
with this Article VIII 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 obligations of the Issuer and each
Guarantor under this Indenture, the Notes and the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII 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 VIII; provided, however, that, if any of the Issuer or the Guarantors has made any payment of interest on or principal of any Notes because of the reinstatement of
its obligations, the Issuer or any Guarantor, as the case may be, shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent. 

ARTICLE IX 
 Amendments

 SECTION 9.1 Without Consent of Holders. Notwithstanding Section 9.2 hereof, this Indenture, the
Notes and Guarantees may be amended or supplemented by the Issuer, any Guarantor (with respect to its Guarantee of the Notes) and the Trustee without notice to or consent of any Holder: 

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

(ii) to conform the text of this Indenture, the Guarantees or the Notes (including any Additional Notes) to the
“Description of Notes” under the Offering Memorandum; 
 (iii) to comply with Article IV; 

(iv) to provide for the assumption by a successor Person of the obligations of the Issuer or any Guarantor under this Indenture
and the Notes or Guarantee, as the case may be, in a transaction that is permitted under Article IV; 
 (v) to provide for
uncertificated Notes in addition to or in place of certificated Notes; 
 (vi) to add Guarantees with respect to the Notes;

  
 130 

 (vii) to secure the Notes; 

(viii) to confirm and evidence the release, termination or discharge of any Guarantee or Lien with respect to or securing the
Notes when such release, termination or discharge is provided for under this Indenture or the Notes; 
 (ix) to add to the
covenants of the Issuer for the benefit of the Holders or to surrender any right or power herein conferred upon the Issuer or any Guarantor; 

(x) to make any change that does not adversely affect the rights of any Holder in any material respect, as determined in good
faith by the Issuer; 
 (xi) to comply with any requirement of the SEC in connection with the qualification of this Indenture
under the TIA; 
 (xii) to make any amendment to the provisions of this Indenture relating to the transfer and legending of
Notes as permitted by this Indenture, including, without limitation, to facilitate the issuance and administration of the Notes; provided that (i) compliance with this Indenture as so amended would not result in Notes being transferred
in violation of the Securities Act or any applicable securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer Notes; 

(xiii) to evidence and provide for the acceptance of appointment by a successor Trustee, provided that the successor
Trustee is otherwise qualified and eligible to act as such under the terms of this Indenture; or 
 (xiv) to provide for or
confirm the issuance of Notes or Additional Notes. 
 SECTION 9.2 With Consent of Holders. 

(a) This Indenture, the Notes and the Guarantees may be amended or supplemented by the Issuer, any Guarantor (with respect to its Guarantee of
the Notes) and the Trustee with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or
exchange offer for, Notes) and any existing or past Default or compliance with any provisions of such documents may be waived with the consent of the Holders of a majority in principal amount of the Notes then outstanding, in each case, other than
Notes beneficially owned by the Issuer or its Affiliates (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). 

(b) Notwithstanding the provisions in Section 9.2(a), without the consent of each Holder of an outstanding Note
affected (including, for the avoidance of doubt, any Notes held by Affiliates), no amendment, supplement or waiver pursuant to this Indenture may: 

  
 131 

 (i) reduce the percentage of the aggregate principal amount of Notes whose
Holders must consent to an amendment, supplement or waiver; 
 (ii) reduce the rate of or extend the time for payment of
interest on any Note; 
 (iii) reduce the principal of or change the Stated Maturity of any Note; 

(iv) waive a Default in the payment of principal of or premium, if any, or interest on the Notes, except a rescission of
acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes and a waiver of the payment default that resulted from such acceleration; 

(v) reduce the premium payable upon the redemption of any Note or change the time at which any Note may be redeemed in
accordance with Article V or 3.9; provided that any amendment to the minimum notice requirement for redemptions, and any amendment or waiver of the covenants under the Sections 3.7 and 3.9, may be made with the consent of
the Holders of at least a majority in principal amount of Notes then outstanding; 
 (vi) make any Note payable in money
other than that stated in such Note; 
 (vii) modify the legal right of any Holder of any Note to receive payment of
principal of and interest on such Note on or after the respective Stated Maturity for such principal or interest payment dates for such interest expressed in such Note, or to institute suit for the enforcement of any such payment on or after such
respective Stated Maturity or interest payment dates; 
 (viii) make any change to or modify the ranking of the Notes that
would adversely affect the Holders; 
 (ix) except as expressly permitted by this Indenture, modify the Guarantees of
International Paper or any Significant Subsidiary in any manner adverse in any material respect to the Holders; 
 (x) make
any material change in the provisions described under Sections 5.9 and/or 5.10 hereof; or 
 (xi) make any
change in the amendment or waiver provisions of this Indenture that require each Holder’s consent, as described in clauses (i) through (x) above. 

(c) It shall not be necessary for the consent of the Holders under this Section 9.2 to approve the particular form
of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 
 (d) After an amendment under this
Section 9.2 becomes effective, the Issuer shall send to the Holders of Notes a notice briefly describing such amendment. The failure of the Issuer to send such notice, or any defect therein, shall not in any way impair or
affect the validity of an amendment under this Section 9.2. 

  
 132 

 SECTION 9.3 Effect of Consents and Waivers. A consent to an amendment or a waiver by
a Holder of a Note shall bind the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note. After an
amendment or waiver becomes effective, it shall bind every Holder unless it makes a change described in clauses (i) through (xi) of Section 9.2(b), in which case the amendment or waiver or other action shall bind each
Holder who has consented to it and every subsequent Holder that evidences the same debt as the consenting Holder’s Notes. An amendment or waiver made pursuant to Section 9.2 shall become effective upon receipt by the
Trustee of the requisite number of written consents. 
 The Issuer may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders 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 Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to take any such action, whether or not such Persons continue to be Holders after such record
date. 
 SECTION 9.4 Notation on or Exchange of Notes. If an amendment changes the terms of a Note, the Issuer may require the Holder
of such Note to deliver it to the Trustee. The Trustee, at the direction of the Issuer, may place an appropriate notation on the Note regarding the changed terms and return it to the Holder. Alternatively, if the Issuer or the Trustee so determines,
the Issuer in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment. 

SECTION 9.5 Trustee to Sign Amendments. The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this
Article IX if the amendment, supplement or waiver does not, in the sole determination of the Trustee, adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing
any amendment, supplement or waiver pursuant to this Article IX, the Trustee shall be entitled to receive, and (subject to Sections 7.1 and 7.2) shall be fully protected in relying upon, an Officer’s Certificate and an
Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by or complies with this Indenture, that all conditions precedent to such amendment required by this Indenture have been complied with and that such
amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its terms, subject to customary exceptions. Notwithstanding the foregoing, no Opinion of Counsel will be
required for the Trustee to execute any amendment or supplement adding a new Guarantor under this Indenture. For the avoidance of doubt, no Officer’s Certificate or Opinion of Counsel shall be required for the execution of any
(x) supplemental indenture pursuant to Section 4.1(a)(ii) or (y) Guarantor supplemental indenture. 

  
 133 

 SECTION 9.6 Net Short Holders. 

(a) Any notice of default, notice of acceleration or instruction to the Trustee to provide a notice of Default, notice of acceleration or take
any other action (a “Noteholder Direction”) provided by any one or more Holders (each, a “Directing Holder”) must be accompanied by a written representation (in a form set forth in Exhibit D hereto) from each such
Holder delivered to the Issuer and the Trustee that such Holder is not (or, in the case such Holder is DTC or its nominee, that such Holder is being instructed solely by beneficial owners that are not) a Net Short Holder (a “Position
Representation”), which representation, in the case of a Noteholder Direction relating to the delivery of a notice of Default shall be deemed repeated at all times until the resulting Event of Default is cured or otherwise ceases to exist
or the Notes are accelerated. In addition, each Directing Holder must, at the time of providing a Noteholder Direction, covenant to provide the Issuer with such other information as the Issuer may reasonably request from time to time in order to
verify the accuracy of such Directing Holder’s Position Representation within five business days of request therefor (a “Verification Covenant”). In any case in which the Holder is DTC or its nominee, any Position Representation or
Verification Covenant required hereunder shall be provided by the beneficial owner of the Notes in lieu of DTC or its nominee, and DTC shall be entitled to rely on such Position Representation and Verification Covenant in delivering its direction to
the Trustee. 
 (b) If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Issuer determines in
good faith that there is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position Representation and provides to the Trustee an Officer’s Certificate (a “Verification Covenant Officer’s
Certificate”) stating that the Issuer has initiated litigation in a court of competent jurisdiction seeking a determination that such Directing Holder was, at such time, in breach of its Position Representation, and seeking to invalidate
any Default that resulted from the applicable Noteholder Direction, the cure period with respect to such Default shall be automatically stayed and the cure period with respect to such Event of Default shall be automatically reinstituted and any
remedy stayed pending a final and non-appealable determination of a court of competent jurisdiction on such matter (a “Final Decision”). Once such Officer’s Certificate has been provided
to the Trustee, the Trustee shall take no further action pursuant to the related Noteholder Direction until it has received written notice of a Final Decision. If, following the delivery of a Noteholder Direction, but prior to acceleration of the
Notes, the Issuer provides to the Trustee an Officer’s Certificate stating that a Final Decision has been made that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to such Default shall be
automatically stayed and the cure period with respect to any Event of Default that resulted from the applicable Noteholder Direction shall be automatically reinstituted and any remedy stayed until such time as the Issuer provides the Trustee with an
Officer’s Certificate that the Verification Covenant has been satisfied (a “Covenant Satisfaction Officer’s Certificate”); provided that the Issuer shall promptly deliver such Officer’s Certificate to the Trustee upon
becoming aware that the Verification Covenant has been satisfied. Any breach of the Position Representation (as confirmed by a Final Decision) shall result in such Net Short Holder’s participation in such Noteholder Direction being disregarded;
and if, without the participation of such Net Short Holder, the percentage of Notes held by the remaining Holders that provided such Noteholder Direction would have been 

  
 134 

 
insufficient to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio, with the effect that such Event of Default shall be deemed never to have occurred,
acceleration voided and the Trustee shall be deemed not to have received such Noteholder Direction or any notice of such Default or Event of Default; provided, however, this shall not invalidate any indemnity or security provided by the Directing
Holders to the Trustee which obligations shall continue to survive. 
 (c) Notwithstanding anything in clauses (a) and (b) to the
contrary, any Noteholder Direction delivered to the Trustee during the pendency of an Event of Default as the result of a bankruptcy or similar proceeding shall not require compliance with the foregoing clauses (a) and (b). 

(d) For the avoidance of doubt, the Trustee shall be entitled to conclusively rely on any Noteholder Direction, Position Representation,
Verification Covenant, Officer’s Certificate or other document delivered to it pursuant to the foregoing clauses (a) and (b), shall have no duty to inquire as to or investigate the accuracy of any Position Representation, enforce
compliance with any Verification Covenant, verify any statements in any Officer’s Certificate delivered to it or otherwise make calculations, investigations or determinations with respect to whether a Holder is a Net Short Holder or otherwise
and shall have no liability for ceasing to take any action or staying any remedy or otherwise failing to act in accordance with a Noteholder Direction during the pendency of litigation or a Noteholder Direction after a Verification Covenant
Officer’s Certificate has been provided to it but prior to the receipt of a Covenant Satisfaction Officer’s Certificate. The Trustee shall have no liability to the Issuer, any Holder or any other Person in acting in good faith on a
Noteholder Direction or to determine whether any Holder has delivered a Position Representation. 
 (e) With their acquisition of the Notes,
each Holder and subsequent purchaser of the Notes consents to the delivery of its Position Representation by the Trustee to the Issuer in accordance with this Section 9.6. 

(f) The Issuer hereby waives any and all claims, in law and/or in equity, against the Trustee, and agrees not to commence any legal proceeding
against the Trustee in respect of, and agrees that the Trustee will not be liable for any action that the Trustee takes in accordance with Section 9.6, or arising out of or in connection with following instructions or
taking actions in accordance with a Noteholder Direction. 
 (g) In calculating whether Holders of the requisite percentage in aggregate
principal amount of outstanding Notes are providing or have provided a Notice of Direction, Notes held by Net Short Holders shall be excluded in the numerator but included in the denominator. 

(h) The Issuer hereby confirms that any and all other actions that the Trustee takes or omits to take under this
Section 9.6 and all fees, costs expenses of the Trustee and its agents and counsel arising hereunder and in connection herewith shall be covered by the Issuer’s indemnifications under
Section 7.6. 

  
 135 

 ARTICLE X 

Guarantees 
 SECTION 10.1
Guarantees. 
 (a) Subject to the provisions of this Article X, each Guarantor hereby jointly and severally, irrevocably, fully
and unconditionally guarantees, as guarantor and not as a surety, with each other Guarantor, to each Holder of the Notes, to the extent lawful, and the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by
redemption or otherwise, of the principal of, premium, if any, and interest on the Notes and all other Obligations of the Issuer under this Indenture and the Notes (including, without limitation, interest accruing after the filing of any petition in
bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Issuer, or any Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such proceeding and the obligations under
Section 7.6) (all the foregoing being hereinafter collectively called the “Guarantor Obligations”). Each Guarantor agrees (to the extent lawful) that the Guarantor Obligations may be extended or renewed, in
whole or in part, without notice or further assent from it, and that it shall remain bound under this Article X notwithstanding any extension or renewal of any Guarantor Obligation. 

(b) Each Guarantor waives (to the extent lawful) presentation to, demand of, payment from and protest to the Issuer of any of the Guarantor
Obligations and also waives (to the extent lawful) notice of protest for nonpayment. Each Guarantor waives (to the extent lawful) notice of any default under the Notes or the Guarantor Obligations. 

(c) Without prejudice to the foregoing, any Guarantor incorporated under the laws of the Federative Republic of Brazil further waives and
renounces, to the fullest extent permitted by applicable law, any and all rights and/or benefits it may have under Articles 333, sole paragraph, 366, 827, 829, 830, 834, 835, 837, 838 and 839 of Law No. 10,406, dated January 10, 2002, as
amended from time to time, and Articles 130 and 794 of Law No. 13,105, dated March 16, 2015, as amended from time to time. 
 (d)
Each Guarantor further agrees that its Guarantee herein constitutes a Guarantee of payment when due (and not a Guarantee of collection) and waives any right to require that any resort be had by any Holder to any security held for payment of the
Guarantor Obligations. 
 (e) Except as set forth in Section 10.2 and Article VIII, the obligations of each
Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason (other than payment of the Guarantor Obligations in full), including any claim of waiver, release, surrender, alteration or compromise,
and shall not (to the extent lawful) be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guarantor Obligations or otherwise. Without limiting
the generality of the foregoing, the obligations of each Guarantor herein shall not (to the extent lawful) be discharged or impaired or otherwise affected by (a) the failure of 

  
 136 

 
any Holder to assert any claim or demand or to enforce any right or remedy against the Issuer or any other person under this Indenture, the Notes or any other agreement or otherwise; (b) any
extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (d) the release of any security held by any Holder for the
Guarantor Obligations or any of them; (e) the failure of any Holder to exercise any right or remedy against any other Guarantor; (f) any change in the ownership of the Issuer; (g) any default, failure or delay, willful or otherwise,
in the performance of the Guarantor Obligations; or (h) 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 any Guarantor or would otherwise operate as a
discharge of such Guarantor as a matter of law or equity. 
 (f) Each Guarantor agrees that its Guarantee herein shall remain in full force
and effect until payment in full of all the Guarantor Obligations or such Guarantor is released from its Guarantee in compliance with Section 4.1, Section 10.2 and Article VIII, as
applicable. 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, premium, if any, or interest on any of the
Guarantor Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization of the Issuer or otherwise. 

(g) In furtherance of the foregoing and not in limitation of any other right which any Holder has at law or in equity against any Guarantor by
virtue hereof, upon the failure of the Issuer to pay any of the Guarantor Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, 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 Trustee or the Trustee on behalf of the Holders an amount equal to the sum of (i) the unpaid amount of such Guarantor Obligations then due and owing and
(ii) accrued and unpaid interest on such Guarantor Obligations then due and owing (but only to the extent not prohibited by law) (including interest accruing after the filing of any petition in bankruptcy or the commencement of any insolvency,
reorganization or like proceeding relating to the Issuer or any Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such proceeding). 

(h) Each Guarantor further agrees that, as between such Guarantor, on the one hand, and the Holders, on the other hand, (x) the maturity
of the Guarantor Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of its Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
Guarantor Obligations guaranteed hereby and (y) in the event of any such declaration of acceleration of such Guarantor Obligations, such Guarantor Obligations (whether or not due and payable) shall forthwith become due and payable by the
Guarantor for the purposes of this Guarantee. 
 (i) Each Guarantor also agrees to pay any and all reasonable costs and expenses (including
reasonable attorneys’ fees) incurred by the Trustee or the Holders in enforcing any rights under this Section 10.1. 

  
 137 

 (j) Neither the Issuer nor the Guarantors shall be required to make a notation on the Notes
to reflect any Guarantee or any release, termination or discharge thereof and any such notation shall not be a condition to the validity of any Guarantee. 

SECTION 10.2 Limitation on Liability; Termination, Release and Discharge. 

(a) Any term or provision of this Indenture to the contrary notwithstanding, the obligations of each Guarantor hereunder shall be limited to
the maximum amount in U.S. dollars or to the equivalent in local currency, if mandatory under the applicable law, as shall, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any
collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such
Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law and not otherwise being void or voidable under any similar laws affecting the rights of creditors generally. In addition, the
obligations of any Guarantor organized outside the United States of America may be limited, as set forth in the supplemental indenture pursuant to which the relevant Restricted Subsidiary becomes a Guarantor, as necessary or appropriate to
(1) comply with applicable law, (2) avoid any general legal limitations such as general statutory limitations, financial assistance, maintenance of share capital, corporate benefit, “thin capitalization” rules, retention of title
claims or similar matters or (3) avoid a conflict with the fiduciary duties of such company’s directors, contravention of any legal prohibition or regulatory condition, or the material risk of personal or criminal liability for any
officers or directors (in each case as determined by the Issuer in its sole discretion). 
 (b) A Guarantee by a Guarantor shall be
automatically and unconditionally released and discharged, and each Guarantor and its obligations under the Guarantee and this Indenture shall be released and discharged upon: 

(1) the sale, exchange, disposition or other transfer (including through merger, consolidation or dissolution) of
(x) Capital Stock of such Guarantor, after which the applicable Guarantor is no longer a Restricted Subsidiary, or (y) all or substantially all the assets of such Guarantor, in any case, if such sale, exchange, disposition or other
transfer (including through merger, consolidation or dissolution) is not prohibited by this Indenture; 
 (2) the Issuer
designating such Guarantor to be an Unrestricted Subsidiary in accordance with the provisions set forth in Section 3.4 and the definition of “Unrestricted Subsidiary”; 

(3) in the case of any Restricted Subsidiary that after the Issue Date is required to guarantee the Notes pursuant to
Section 3.10, the release or discharge of the Guarantee by such Restricted Subsidiary of Indebtedness of the Issuer or the relevant Restricted Subsidiary (or, if such release or discharge occurs substantially concurrently
with the release of the Guarantee of such Restricted Subsidiary or will occur as a result of 

  
 138 

 
the release of the Guarantee of such Restricted Subsidiary) or the repayment of the Indebtedness, in each case, that resulted in the obligation to guarantee the Notes, except if such release or
discharge is by or as a result of payment in connection with the enforcement of remedies under such other guarantee (it being understood that a release or discharge subject to contingent reinstatement is still a release or discharge, and that if any
such other guarantee is so reinstated, such Guarantee shall also be reinstated to the extent that such Restricted Subsidiary would then be required to provide a guarantee pursuant to Section 3.10); 

(4) the Issuer’s exercise of its legal defeasance option or covenant defeasance option as described under Article
VIII or if the Issuer’s obligations under this Indenture are discharged in accordance with the terms of this Indenture; or 

(5) the release or discharge of direct obligations of such Guarantor, or the guarantee by such Guarantor of the obligations,
under the New Credit Agreement (or, if such release or discharge occurs substantially concurrently with the release of the Guarantee of such Guarantor or will occur as a result of the release of the Guarantee of such Guarantor), except a discharge
or release by or as a result of payment in connection with the enforcement of remedies under such guarantee (it being understood that a release or discharge subject to contingent reinstatement is still a release or discharge, and that if any such
other direct obligation or guarantee is so reinstated, such Guarantee shall also be reinstated to the extent that such Guarantor would then be required to provide a guarantee pursuant to Section 3.10). 

(c) The Issuer will have the right, upon 10 days’ written notice to the Trustee (or, such shorter period as may be agreed to by the
Trustee), to cause any Guarantor that has not guaranteed any Indebtedness under the New Credit Agreement or any Credit Agreement or any Certain Capital Markets Debt to be unconditionally released and discharged from all obligations under its
Guarantee, and such Guarantee shall thereupon automatically and unconditionally terminate and be discharged and of no further force or effect. 

(d) If any Guarantor is released from its Guarantee, any of its Subsidiaries that are Guarantors shall be released from their Guarantees, if
any. 
 (e) If the Issuer requests, at its option, confirmation from the Trustee of a release pursuant to
Section 10.2(b), the Issuer shall deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such transaction have
been complied with. 
 (f) Limitations under Luxembourg law. The guarantee under this Article X granted by any Guarantor which
is incorporated and established in Luxembourg (a “Luxembourg Guarantor”) shall be limited at any time to an aggregate amount not exceeding the higher of: (a) 95% of such Luxembourg Guarantor’s own funds (capitaux
propres) (as referred to in article 34 of the Luxembourg law dated 19 December 2002 on the commercial register and annual accounts, as amended (the “2002 Law”) and as implemented by the Grand-Ducal regulation dated 18

  
 139 

 
December 2015 setting out the form and the content of the presentation of the balance sheet and profit and loss account (the “Accounts Regulation”)) determined as at the date on
which a demand is made under the Guarantee, increased by an amount equal to any Intra-Group Liabilities; and (b) 95% of such Luxembourg Guarantor’s own funds (capitaux propres) (as referred to in article 34 of the 2002 Law as implemented
by the Accounts Regulation) determined as at the date of the supplemental indenture pursuant to which such Guarantor became a Guarantor, increased by an amount equal to any Intra-Group Liabilities. 

For the purpose of this Section 10.2(f), “Intra-Group Liabilities” shall mean any amounts owed by
the relevant Luxembourg Guarantor to the Issuer or any other Guarantor or any other Subsidiary of the Issuer and that have not been financed (directly or indirectly) by the proceeds from the Notes. 

The limitation under this Section 10.2(f) shall not apply: (i) in respect of any amounts due under this
Indenture or the Notes by the Issuer if the Issuer is a direct or indirect subsidiary of that Luxembourg Guarantor; and (ii) in respect of any amounts due under this Indenture or the Notes by the Issuer (if the Issuer is not a direct or
indirect subsidiary of that Luxembourg Guarantor) which have been on-lent to or made available by whatever means, directly or indirectly, to that Luxembourg Guarantor or any of its direct or indirect
subsidiaries. 
 The amounts due by each Luxembourg Guarantor under this Article X shall be reduced by any amount paid by such Luxembourg
Guarantor pursuant to the Guaranty (as defined in the New Credit Agreement). 
 (g) Limitations under Finnish law. Notwithstanding
anything set out contrary in this Article X, the obligations of a Guarantor incorporated in Finland shall be limited if, and only to the extent, required by the application of the mandatory provisions of the Finnish Companies Act (624/2006, as
amended) (in Finnish: osakeyhtiölaki) (the “Finnish Companies Act”) regulating (i) unlawful financial assistance, as provided in Chapter 13, Section 10 of the Finnish Companies Act or (ii) unlawful distribution
of assets, as provided in Chapter 13, Section 1 of the Finnish Companies Act.” 
 SECTION 10.3 Right of Contribution. Each
Guarantor hereby agrees that to the extent that any such Guarantor shall have paid more than its proportionate share of any payment made on the obligations under its Guarantee, such Guarantor shall be entitled to seek and receive contribution from
and against the Issuer or any other Guarantor who has not paid its proportionate share of such payment. The provisions of this Section 10.3 shall in no respect limit the obligations and liabilities of each Guarantor to the
Trustee and the Holders, and each Guarantor shall remain liable to the Trustee and the Holders for the full amount guaranteed by such Guarantor hereunder. 

  
 140 

 SECTION 10.4 No Subrogation. Notwithstanding any payment or payments made by each
Guarantor hereunder, no Guarantor shall be entitled to be subrogated to any of the rights of the Trustee or any Holder against the Issuer or any other Guarantor or any collateral security or guarantee or right of offset held by the Trustee or any
Holder for the payment of the Guarantor Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Issuer or any other Guarantor in respect of payments made by such Guarantor hereunder, until all
amounts owing to the Trustee and the Holders by the Issuer on account of the Guarantor Obligations are paid in full. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the Guarantor Obligations
shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Trustee and the Holders, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Trustee
in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Trustee, if required), to be applied against the Guarantor Obligations. 

ARTICLE XI 
 International
Paper Guarantee 
 SECTION 11.1 Unconditional Guarantee 

(a) Subject to the provisions of this Article XI, International Paper hereby fully and unconditionally guarantees (such guarantee to be
referred to herein as the “International Paper Guarantee”), as guarantor and not as a surety, to each Holder of the Notes, to the extent lawful, and the Trustee the full and punctual payment when due, whether at maturity, by
acceleration, by redemption or otherwise, of the principal of, premium, if any, and interest on the Notes and all other Obligations of the Issuer under this Indenture and the Notes (including, without limitation, interest accruing after the filing
of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Issuer or International Paper whether or not a claim for post-filing or post-petition interest is allowed in such proceeding and
the obligations under Section 7.6) (all the foregoing being hereinafter collectively called the “International Paper Guarantee Obligations”). International Paper agrees (to the extent lawful) that the
International Paper Guarantee Obligations may be extended or renewed, in whole or in part, without notice or further assent from it, and that it shall remain bound under this Article XI notwithstanding any extension or renewal of any
International Paper Guarantee Obligation. 
 (b) International Paper waives (to the extent lawful) presentation to, demand of, payment from
and protest to the Issuer of any of the International Paper Guarantee Obligations and also waives (to the extent lawful) notice of protest for nonpayment. International Paper waives (to the extent lawful) notice of any default under the Notes or the
International Paper Guarantee Obligations. 
 (c) International Paper further agrees that the International Paper Guarantee constitutes a
guarantee of payment when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder to any security held for payment of the International Paper Guarantee Obligations. 

  
 141 

 (d) Except as set forth in Sections 11.2 and 11.3, the obligations of International
Paper hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason (other than payment of the International Paper Guarantee Obligations in full), including any claim of waiver, release, surrender, alteration
or compromise, and shall not (to the extent lawful) be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the International Paper Guarantee
Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of International Paper herein shall not (to the extent lawful) be discharged or impaired or otherwise affected by (a) the failure of any Holder to
assert any claim or demand or to enforce any right or remedy against the Issuer or any other person under this Indenture, the Notes or any other agreement or otherwise; (b) any extension or renewal of any thereof; (c) any rescission,
waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (d) the release of any security held by any Holder for the International Paper Guarantee Obligations or any of them;
(e) the failure of any Holder to exercise any right or remedy against any other party; (f) any change in the ownership of the Issuer; (g) any default, failure or delay, willful or otherwise, in the performance of the International
Paper Guarantee Obligations; or (h) 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 International Paper or would otherwise operate as a discharge of
International Paper as a matter of law or equity. 
 (e) International Paper agrees that the International Paper Guarantee shall remain in
full force and effect until payment in full of all the International Paper Guarantee Obligations or International Paper is released from the International Paper Guarantee in compliance with Section 11.3. International Paper
further agrees that the International Paper Guarantee 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, premium, if any, or interest on any of the International Paper
Guarantee Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization of the Issuer or otherwise. 

(f) In furtherance of the foregoing and not in limitation of any other right which any Holder has at law or in equity against any party by
virtue hereof, upon the failure of the Issuer to pay any of the International Paper Guarantee Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, International Paper hereby promises to
and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Trustee or the Trustee on behalf of the Holders an amount equal to the sum of (i) the unpaid amount of such International Paper
Guarantee Obligations then due and owing and (ii) accrued and unpaid interest on such International Paper Guarantee Obligations then due and owing (but only to the extent not prohibited by law) (including interest accruing after the filing of
any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the Issuer or International Paper whether or not a claim for post-filing or post-petition interest is allowed in such proceeding). 

(g) International Paper further agrees that, as between International Paper, on the one hand, and the Holders, on the other hand, (x) the
maturity of the International Paper Guarantee Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of the International Paper Guarantee, notwithstanding any stay, injunction or other prohibition 

  
 142 

 
preventing such acceleration in respect of the International Paper Guarantee Obligations guaranteed hereby and (y) in the event of any such declaration of acceleration of such International
Paper Guarantee Obligations, such International Paper Guarantee Obligations (whether or not due and payable) shall forthwith become due and payable by International Paper for the purposes of the International Paper Guarantee. 

(h) International Paper also agrees to pay any and all reasonable costs and expenses (including reasonable attorneys’ fees) incurred by
the Trustee or the Holders in enforcing any rights under this Section 11.1. 
 (i) Neither the Issuer nor
International Paper shall be required to make a notation on the Notes to reflect the International Paper Guarantee or any release, termination or discharge thereof and any such notation shall not be a condition to the validity of the International
Paper Guarantee. 
 SECTION 11.2 Limitation of International Paper’s Liability 

(a) International Paper, and by its acceptance hereof each Holder, hereby confirms that it is the intention of all such parties that the
International Paper Guarantee not constitute a fraudulent transfer or conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar Federal or state law. To effectuate the
foregoing intention, the Holders and International Paper hereby irrevocably agree that the obligations of International Paper under the International Paper Guarantee shall be limited to the maximum amount in U.S. dollars as will, after giving effect
to all other contingent and fixed liabilities of International Paper, result in the obligations of International Paper under the International Paper Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law
and not otherwise being void or voidable under any similar laws affecting the rights of creditors generally. 
 SECTION 11.3 Release of
International Paper Guarantee 
 (a) The International Paper Guarantee will be automatically and unconditionally released in all
respects, International Paper shall have no further obligations or responsibilities under this Indenture or the Notes and the International Paper Guarantee shall have no further force and effect without any action on the part of the Trustee, the
Holders of the Notes, the Issuer, or International Paper under this Indenture, upon the completion of the Spin-Off on the Spin-Off Effective Date. 

(b) The Trustee shall deliver an appropriate instrument evidencing the release of the International Paper Guarantee following the completion of
the Spin-Off on the Spin-Off Effective Date upon receipt of a request by the Issuer or International Paper accompanied by an Officer’s Certificate and Opinion of
Counsel certifying as to the compliance with this Section 11.3. 

  
 143 

 SECTION 11.4 Contribution. If International Paper makes a payment or
distribution under the International Paper Guarantee, it shall have the right to seek and receive contribution from and against the Issuer. The provisions of this Section 11.4 shall in no respect limit the obligations and liabilities of
International Paper to the Trustee and the Holders, and International Paper shall remain liable to the Trustee and the Holders for the full amount guaranteed by International Paper hereunder. 

SECTION 11.5 No Subrogation. Notwithstanding any payment or payments made by International Paper hereunder, International Paper shall
not be entitled to be subrogated to any of the rights of the Trustee or any Holder against the Issuer or any collateral security or guarantee or right of offset held by the Trustee or any Holder for the payment of the International Paper Guarantee
Obligations, nor shall International Paper seek or be entitled to seek any contribution or reimbursement from the Issuer in respect of payments made by International Paper hereunder, until all amounts owing to the Trustee and the Holders by the
Issuer on account of the International Paper Guarantee Obligations are paid in full. If any amount shall be paid to International Paper on account of such subrogation rights at any time when all of the International Paper Guarantee Obligations shall
not have been paid in full, such amount shall be held by International Paper in trust for the Trustee and the Holders, segregated from other funds of International Paper, and shall, forthwith upon receipt by International Paper, be turned over to
the Trustee in the exact form received by International Paper (duly indorsed by International Paper to the Trustee, if required), to be applied against the International Paper Guarantee Obligations. 

ARTICLE XII 
 Miscellaneous

 SECTION 12.1 Notices. Notices given by publication shall be deemed given on the first date on which publication is made, and
notices given by first-class mail, postage prepaid, shall be deemed given five calendar days after mailing. Any notice or communication shall be in writing and delivered in person, by facsimile, email or mailed by first-class mail addressed as
follows: 
 if to the Issuer or any Guarantor: 

prior to June 30, 2022: 

Sylvamo Corporation 
 6400 Poplar
Avenue 
 Tower 1, 8th Floor 

Memphis, TN 38197 
 E-Mail: michele.scott@sylvamo.com and Phillip.sisneros@sylvamo.com 
 Attention: Michele Scott /
Phillip Sisneros 
 on or after June 30, 2022: 

Sylvamo Corporation 
 6077 Primacy
Parkway 
 Memphis, Tennessee 38119 

E-Mail: michele.scott@sylvamo.com and Phillip.sisneros@sylvamo.com 

Attention: Michele Scott / Phillip Sisneros 

  
 144 

 if to the Trustee: 

The Bank of New York Mellon Trust Company, N.A. 

500 Ross Street, 12th Floor 

Pittsburgh, PA 15262 
 E-Mail: rebecca.norton@bnymellon.com 
 Attention: Corporate Trust Administration—Sylvamo Corp. 7.000%
Senior Notes due 2029 
 if to International Paper: 

International Paper 
 6400 Poplar
Avenue 
 Tower 4, 7th Floor 

Memphis, TN 38197 
 E-Mail: jenny.borden@ipaper.com 
 Attention: Jenny Borden 

The Issuer 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 Holder shall be mailed to the Holder at the Holder’s address as it appears on the
registration books of the Note Registrar and shall be deemed sufficiently given if so mailed within the time prescribed. 
 Failure to mail
a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives
it. 
 The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions
(“Instructions”) given pursuant to this Indenture, and delivered using Electronic Means; provided, however, that the Issuer shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such
Instructions (“Authorized Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Issuer whenever a person is to be added or deleted from the listing. If the
Issuer elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling. The Issuer understands
and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency
certificate provided to the Trustee have been sent by such Authorized Officer. The Issuer shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Issuer and all Authorized Officers are
solely responsible to safeguard 

  
 145 

 
the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Issuer. The Trustee shall not be liable for any losses, costs or
expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Issuer agrees: (i) to
assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties;
(ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected by
the Issuer; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and
(iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures. 

Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event
(including any notice of redemption or purchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Note (or its designee) pursuant to the standing instructions
from such Depositary. 
 SECTION 12.2 Certificate and Opinion as to Conditions Precedent. Upon any request or application by the
Issuer to the Trustee to take or refrain from taking any action under this Indenture, the Trustee shall be entitled to receive from the Issuer: 

(i) an Officer’s Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the signers,
all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(ii) an Opinion of Counsel in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all
such conditions precedent have been complied with. 
 SECTION 12.3 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: 
 (i) a
statement that the individual making such certificate or opinion has read such covenant or condition; 
 (ii) 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; 

  
 146 

 (iii) 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 

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

 In giving such Opinion of Counsel, counsel may rely as to factual matters on an Officer’s Certificate or on certificates of public
officials. 
 SECTION 12.4 Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by, or a
meeting of, Holders. The Note Registrar and the Paying Agent may make reasonable rules for their functions. 
 SECTION 12.5 Days Other
than Business Days. If a payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue for the intervening period. If a Regular Record Date is not a Business Day, the
Regular Record Date shall not be affected. 
 SECTION 12.6 Governing Law; Jurisdiction. This Indenture, the Notes, the International
Paper Guarantee and the Guarantees shall be governed by, and construed in accordance with, the laws of the State of New York. The parties hereby (i) irrevocably submit to the non-exclusive jurisdiction of
any federal or state court sitting in the Borough of Manhattan, the city of New York, (ii) waive any objection to laying of venue in any such action or proceeding in such courts, and (iii) waive any objection that such courts are an
inconvenient forum or do not have jurisdiction over any party. 
 SECTION 12.7 Waiver of Jury Trial. EACH OF THE ISSUER,
INTERNATIONAL PAPER, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR
THE TRANSACTIONS CONTEMPLATED HEREBY. 
 SECTION 12.8 No Recourse Against Others. No manager, managing director, director, officer,
employee, incorporator or holder of any equity interests in the Issuer, any Subsidiary, as such, will have any liability for any obligations of the Issuer or any Guarantor under the Notes or this Indenture or any Guarantee or for any claim based on,
in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

SECTION 12.9 Successors. All agreements of the Issuer, International Paper and each Guarantor in this Indenture and the Notes shall
bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors. 

  
 147 

 SECTION 12.10 Multiple Originals; Electronic Signatures. 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. Delivery of an executed counterpart of a signature page to this
Indenture by telecopier, facsimile or other electronic transmission (i.e. a “.pdf’ or “.tif’) shall be effective as delivery of a manually executed counterpart thereof. The words “execution,” “signed,”
“signature,” and words of similar import in this Indenture and the Note shall be deemed to include electronic or digital signatures or the keeping of records in electronic form, each of which shall be of the same effect, validity, and
enforceability as manually executed signatures or a paper-based recordkeeping system, as the case may be, to the extent and as provided for under applicable law, including the Electronic Signatures in Global and National Commerce Act of 2000 (15
U.S.C. §§ 7001-7006), the Electronic Signatures and Records Act of 1999 (N.Y. State Tech. §§ 301-309), or any other similar state laws based on the Uniform Electronic Transactions Act;
provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by such Trustee pursuant to procedures
approved by such Trustee. 
 SECTION 12.11 Variable Provisions. The Issuer initially appoints the Trustee as Paying Agent and Note
Registrar and Notes Custodian with respect to any Global Notes. 
 SECTION 12.12 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. 
 SECTION 12.13 Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, pandemics, epidemics, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services or the unavailability of the Federal Reserve Bank wire or telex
or other wire or communication facility; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 SECTION 12.14 USA Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act the
Trustee and the Responsible Officers, like all financial institutions, and in order to help fight the funding of terrorism and money laundering, are required to obtain, verify, and record information that identifies each person or legal entity that
establishes a relationship or opens an account. 
 SECTION 12.15 Communication by Holders with Other Holders. The rights of Holders
to communicate with other Holders with respect to their rights under this Indenture or under the Notes, and the corresponding rights and privileges of the Trustee, shall be as provided by the TIA. 

  
 148 

 SECTION 12.16 Severability. If a court of competent jurisdiction declares any
provision hereof invalid, it will be ineffective only to the extent of such invalidity, so that the remainder of the provision and this Indenture will continue in full force and effect. 

SECTION 12.17 FATCA. 
 (1)
Notwithstanding any other provision of this Indenture, the Trustee shall be entitled to make a deduction or withholding from any payment that it makes under this Indenture for or on account of any present or future taxes, duties or charges if and to
the extent so required by any applicable tax law, in which event the Trustee shall make such payment after such deduction or withholding has been made and shall account to the relevant governmental authorities for the amount so deducted or withheld,
and shall have no obligation to gross up any payment hereunder or pay any additional amount as a result of such tax, duty or charge. 
 (2)
The Issuer hereby covenants with the Trustee that upon the reasonable request of the Trustee it will provide the Trustee with sufficient information that the Issuer has in its possession so as to enable the Trustee to determine whether or not the
Trustee is obliged, in respect of any payments to be made by it pursuant to this Indenture, to make any deduction or withholding pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471
through 1474 of the Code and any regulations, or agreements thereunder, or official interpretations thereof, or any intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any law
implementing such an intergovernmental agreement). 
 [Signature Pages Follow] 

  
 149 

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

			
	SYLVAMO CORPORATION, as Issuer
		
	By:	 	 /s/ Matthew Barron

		 	Name: Matthew Barron
		 	Title: Vice President and Assistant Secretary

 [Signature Page to Indenture] 

 
			
	INTERNATIONAL PAPER COMPANY
		
	By:	 	 /s/ Errol A. Harris

		 	Name: Errol A. Harris
		 	Title: Vice President and Treasurer

 [Signature Page to Indenture] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Lawrence M. Kusch

		 	Name: Lawrence M. Kusch
		 	Title: Vice President

 [Signature Page to Indenture] 

 EXHIBIT A 

[Insert Legends As Applicable] 

Form of Note 
 (FACE OF NOTE) 

SYLVAMO CORPORATION 
 7.000%
Senior Notes due 2029 
 CUSIP NO. [87133L AA8]1/[U7858L AA6]2 
 ISIN No. [US87133LAA89]3/[USU7858LAA62]4 
 No. $[__________] 

Sylvamo Corporation, a corporation duly organized and existing under the laws of the State of Delaware (and its successors and assigns) (the
“Issuer”), promises to pay to Cede & Co., or its registered assigns, the principal sum of $_____ ([__________] United States dollars) [(or such lesser or greater amount as shall be outstanding hereunder from time to time in
accordance with Sections 2.15 and 2.16, as applicable, of the Indenture referred to on the reverse hereof)]5 (the “Principal Amount”) on September 1, 2029. 

Interest Payment Dates: March 1 and September 1 of each year, commencing on March 1, 2022. 

Regular Record Dates: February 15 and August 15 of each year. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual, facsimile or electronic signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 

	1 	 Insert for Initial Rule 144A Note only. 

	2 	 Insert for Initial Regulation S Note only. 

	3 	 Insert for Initial Rule 144A Note only. 

	4 	 Insert for Initial Regulation S Note only. 

	5 	 Include only if the Note is issued in global form. 

  
 A-1 

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

 

			
	SYLVAMO CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-2 

 This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	as Trustee
		
	By:	 	  

		 	Authorized Officer
		
	Dated:	 	  

  
 A-3 

 (REVERSE OF NOTE) 

This Note is one of the duly authorized issue of 7.000% Senior Notes due 2029 of the Issuer (herein called the “Notes”),
issued under an Indenture, dated as of September 3, 2021 (herein called the “Indenture,” which term shall have the meaning assigned to it in such instrument), among the Issuer, International Paper, the Subsidiary Guarantors
from time to time parties thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the
Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, any other obligor upon this Note, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are
to be, authenticated and delivered. The terms of the Notes include those stated in the Indenture and those explicitly made a part of the Indenture by reference to the Trust Indenture Act of 1939, as amended, as in effect from time to time (the
“TIA”). The Notes are subject to all such terms, and Holders are referred to the Indenture and any applicable provision of the TIA for a statement of such terms. To the maximum extent permitted by law, in the case of any conflict
between the provisions of this Note and the Indenture, the provisions of the Indenture shall control. Any Additional Notes issued under the Indenture shall be consolidated with and form a single series with the Initial Notes. All terms used in this
Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 1. Principal and Interest 

The Issuer shall pay the principal of this Note on September 1, 2029. 

Interest on the Outstanding Principal Amount will accrue at the rate of 7.000% per annum and shall be payable semi-annually in arrears on
March 1 and September 1 of each year, commencing March 1, 2022 (each, an “Interest Payment Date”). Interest on this Note will accrue from the most recent date to which interest on this Note or any of its Predecessor
Notes has been paid or duly provided for or, if no interest has been paid, from the Issue Date. [Interest on this Note will accrue (or will be deemed to have accrued) from the most recent date to which interest on this Note or any of its Predecessor
Notes has been paid or duly provided for or, if no such interest has been paid, from __________, __________.]6 

Interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more
Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be the February 15 and August 15 (a “Regular Record Date”), as the case may be, immediately preceding such
Interest Payment Date. Any interest on the Notes that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (“Defaulted Interest”) shall forthwith cease to be payable to the registered Holder 

 
  

	6 	 Include only for Additional Notes. 

  
 A-4 

 
on the relevant Regular Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the Issuer, at their election, to the Person in whose name the Notes (or one
or more Predecessor Notes) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders not more than 15 days nor less than 10 days
prior to such Special Record Date, or at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more
fully provided in Section 2.10 of the Indenture. 
 2. Redemption 

On and after September 1, 2024, the Issuer may redeem the Notes, at its option, in whole at any time or in part from time to time, upon
notice as described in Section 5.4 of the Indenture, at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest, if any, to (but not including) the Redemption Date
(subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date falling prior to or on the Redemption Date), if redeemed during the
12-month period commencing on September 1 of the years set forth below: 
  

					
	 Redemption Period
	  	Price	 
	 2024
	  	 	103.500	% 
	 2025
	  	 	101.750	% 
	 2026 and thereafter
	  	 	100.000	% 

 In addition, at any time prior to September 1, 2024, the Issuer may redeem the Notes at its option, in
whole at any time or in part from time to time, upon notice as described in Section 5.4 of the Indenture, at a redemption price equal to 100.0% of the principal amount of the Notes redeemed plus the Applicable Premium, and
accrued and unpaid interest, if any, to (but not including) the applicable Redemption Date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant interest payment date falling prior to
or on the Redemption Date). 
 Notwithstanding the foregoing, at any time and from time to time, upon notice as described in
Section 5.4 of the Indenture, prior to September 1, 2024, the Issuer may redeem in the aggregate up to 40.0% of the original aggregate principal amount of the Notes (calculated after giving effect to any issuance of
Additional Notes) with an amount equal to the net cash proceeds of one or more Equity Offerings by the Issuer after the Spin-Off Effective Date at a redemption price (expressed as a percentage of the principal
amount thereof) equal to 107.00%, plus accrued and unpaid interest, if any, to (but not including) 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 falling prior to or on the Redemption Date) (each an “Equity Offering Redemption”); provided, however, that if Notes are redeemed pursuant to this paragraph, an aggregate principal amount of Notes equal to at least 50.0%
of the original aggregate principal amount of Notes (calculated giving effect to any issuance of Additional Notes) must remain 

  
 A-5 

 
outstanding immediately after the occurrence of each such redemption of Notes (unless all Notes are otherwise repurchased or redeemed substantially concurrently with the corresponding Equity
Offering Redemption); provided, further, that such Equity Offering Redemption must occur within 180 days after the date on which any such related Equity Offering is consummated. Any amount payable in any such redemption may be funded
from any source. Any notice of any such redemption may be given prior to completion of the related Equity Offering. 
 Notwithstanding the
foregoing, in connection with any tender for or other offer to purchase any Notes, if Holders of not less than 90.0% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender or other offer
and the Issuer, or any third party making such a tender or other offer in lieu of the Issuer, purchases all of the Notes validly tendered and not withdrawn by such Holders, all of the holders of the Notes will be deemed to have consented to such
tender or other offer and accordingly, the Issuer or such third party will have the right upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following such purchase date, to redeem all (but not less than all)
Notes that remain outstanding following such purchase at a price equal to the price offered to each other Holder in such tender offer plus, to the extent not included in the tender or other offer payment, accrued and unpaid interest, if any,
thereon, to, but excluding, the Redemption Date. 
 3. Method of Payment 

Payment of the principal of (and premium, if any) and interest on this Note will be made at the Corporate Trust Office of the Trustee, or such
other office or agency of the Issuer maintained for that purpose; provided, however, that at the option of the Issuer, payment of interest may be made by wire transfer of immediately available funds to the account designated to the
Issuer by the Person entitled thereto or by check mailed to the address of the Person entitled thereto as such address shall appear in the Note Register. 

4. Guarantees and International Paper Guarantee 

This Note may hereafter be entitled to the International Paper Guarantee and certain other senior Guarantees made for the benefit of the
Holders. Reference is made to Article X and Article XI of the Indenture for terms relating to such Guarantees and the International Paper Guarantee, including the release, termination and discharge thereof. Neither the Issuer nor any
Subsidiary Guarantor nor International Paper shall be required to make any notation on this Note to reflect the International Paper Guarantee or any Guarantee or any such release, termination or discharge. 

5. Sinking Fund 
 The
Notes will not be entitled to the benefit of a sinking fund. 
 6. Defeasance 

  
 A-6 

 The Indenture contains provisions for defeasance at any time of the entire Indebtedness of
this Note or certain restrictive covenants and certain Events of Default with respect to this Note, in each case upon compliance with certain conditions set forth in the Indenture. 

7. Denominations 
 The
Notes shall be issuable only in fully registered form, without coupons, and only in denominations of the Minimum Denomination and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations
therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes, as requested by the Holder surrendering the same. 

8. Governing Law 
 THE
INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 9. Miscellaneous

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the
Issuer, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Note
Register, upon surrender of this Note for registration of transfer at the office or agency of the Issuer in a Place of Payment, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Note
Registrar, duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Notes of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees. 
 No service charge shall be made for any such registration, transfer or exchange, but the Issuer
and/or the Trustee may require payment of a sum sufficient to cover any transfer tax or other governmental charge payable in connection therewith. 

The Issuer, International Paper, any Subsidiary Guarantor, the Trustee, the Paying Agent and any agent of any of them may treat the Person in
whose name this Note is registered as the owner hereof for the purpose of receiving payment of principal of (and premium, if any), and (subject to Section 2.10 of the Indenture) interest on, such Note and for all other
purposes whatsoever, whether or not this Note be overdue, and none of the Issuer, International Paper, any Subsidiary Guarantor, the Trustee, the Paying Agent nor any agent of any of them shall be affected by notice to the contrary. 

  
 A-7 

 [FORM OF CERTIFICATE OF TRANSFER] 

FOR VALUE RECEIVED the undersigned holder hereby sell(s), assign(s) and transfer(s) unto 

Insert Taxpayer Identification No. 
 (Please print or typewrite
name and address including zip code of assignee) 
  
  

 
  

the within Note and all rights thereunder, hereby irrevocably constituting and appointing 

 
  

attorney to transfer such Note on the books of the Issuer with full power of substitution in the premises. 

Check One 
  

	☐	 (a) this Note is being transferred in compliance with the exemption from registration under the Securities Act
of 1933, as amended, provided by Rule 144A thereunder. 

 or 

 

	☐	 (b) this Note is being transferred other than in accordance with (a) above and documents are being
furnished which comply with the conditions of transfer set forth in this Note and the Indenture. 

 If neither of the foregoing boxes is
checked, the Trustee or other Note Registrar shall not be obligated to register this Note in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in
Section 2.16 of the Indenture shall have been satisfied. 
 Date: _______________ 

NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular,
without alteration or any change whatsoever. 
 Signature Guarantee: _______________________ 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-8 

 TO BE COMPLETED BY PURCHASER IF (a) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note 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, as amended, 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 Issuer 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

  
 A-9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you wish to have this Note purchased by the Issuer pursuant to Section 3.7 or 3.9 of the Indenture, check the box:☐.

 If you wish to have a portion of this Note purchased by the Issuer pursuant to Section 3.7 or 3.9 of the Indenture,
state the amount below: 
 $_____ 
 Date:
__________ 
 Your Signature: ______________________________________________ 

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

Signature Guarantee:     ______________________________________ 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-10 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The following increases or decreases in this Global Note have been made: 

 

									
	 Date of Exchange
	  	 Amount of

decreases in
 principal amount

of this Global
 Note
	  	 Amount of

increases in
 principal amount

of this Global
 Note
	  	 Principal amount
of this Global
Note following
such
decreases
or increases
	  	
Signature of
authorized
officer of Trustee
or Notes
Custodian

 

  
 A-11 

 EXHIBIT B 

Form of Certificate of Beneficial Ownership 

On or after [__________], 20[____] 
 THE BANK OF
NEW YORK MELLON TRUST COMPANY, N.A. 
 500 Ross Street, 12th Floor 

Pittsburgh, PA 15262 

E-Mail: rebecca.norton@bnymellon.com 

Attention: Corporate Trust Administration - Sylvamo Corp. 7.000% Senior Notes due 2029 

Re: Sylvamo Corporation (the “Issuer”) 

7.000% Senior Notes due 2029 (the “Notes”) 

Ladies and Gentlemen: 
 This letter relates to
$__________ principal amount of Notes represented by the offshore [temporary] global note certificate (the “[Temporary] Regulation S Global Note”). Pursuant to Section 2.16(2) of the Indenture dated as of
September 3, 2021 relating to the Notes (as amended, supplemented, waived or otherwise modified, the “Indenture”), we hereby certify that (1) we are the beneficial owner of such principal amount of Notes represented
by the [Temporary] Regulation S Global Note and (2) we are either (i) a Non-U.S. Person to whom the Notes could be transferred in accordance with Rule 903 or 904 of Regulation S
(“Regulation S”) promulgated under the Securities Act of 1933, as amended (the “Act”) or (ii) a U.S. Person who purchased securities in a transaction that did not require registration under the Act. 

You, the Issuer and counsel for the Issuer are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a
copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S. 

 

			
	Very truly yours,
	
	[Name of Holder]
		
	By:	 	  

		 	Authorized Signature

  

  
 B-1 

 EXHIBIT C 

Form of Regulation S Certificate 

Regulation S Certificate 
 THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A. 
 500 Ross Street, 12th Floor 

Pittsburgh, PA 15262 

E-Mail: rebecca.norton@bnymellon.com 

Attention: Corporate Trust Administration—Sylvamo Corp. 7.000% Senior Notes due 2029 

Re: Sylvamo Corporation (the “Issuer”) 

7.000% Senior Notes due 2029 (the “Notes”) 

Ladies and Gentlemen: 
 In connection with our
proposed sale of $__________ aggregate principal amount of Notes, we confirm that such sale has been effected pursuant to and in accordance with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the
“Securities Act”), and accordingly, we hereby certify as follows: 
 1. The offer of the Notes was not made to a person in
the United States (unless such person or the account held by it for which it is acting is excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or 902(k)(2)(i) of Regulation S under the circumstances described in
Rule 902(h)(3) of Regulation S) or specifically targeted at an identifiable group of U.S. citizens abroad. 
 2. Either (a) at the time
the buy order was originated, the buyer was outside the United States or we and any person acting on our behalf reasonably believed that the buyer was outside the United States or (b) the transaction was executed in, on or through the
facilities of a designated offshore securities market, and neither we nor any person acting on our behalf knows that the transaction was pre-arranged with a buyer in the United States. 

3. No directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(a) (2) or Rule
904(a)(2) of Regulation S, as applicable. 
 4. The proposed transfer of Notes is not part of a plan or scheme to evade the registration
requirements of the Securities Act. 
 5. If we are a dealer or a person receiving a selling concession or other fee or remuneration in
respect of the Notes, and the proposed transfer takes place before the end of the distribution compliance period under Regulation S, or we are an officer or director of the Issuer or a distributor, we certify that the proposed transfer is being made
in accordance with the provisions of Rules 903 and 904 of Regulation S. 

  
 C-1 

 6. If the proposed transfer takes place before the end of the distribution compliance period
under Regulation S, the beneficial interest in the Notes so transferred will be held immediately thereafter through Euroclear (as defined in such Indenture) or Clearstream (as defined in such Indenture). 

7. We have advised the transferee of the transfer restrictions applicable to the Notes. 

You, the Issuer and counsel for the Issuer are entitled to rely upon this Certificate and are irrevocably authorized to produce this
Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S. 

 

			
	Very truly yours,
	
	[NAME OF SELLER]
		
	By:	 	  

		 	Name:
		 	Title:
		 	Address:

 Date of this
Certificate:                     , 20
  

  
 C-2 

 EXHIBIT D 

Form of Position Representation 
 ___,
20__ 
 Sylvamo Corporation 
 [ADDRESS] 

The Bank of New York Mellon Trust Company, N.A. 
 500 Ross
Street, 12th Floor 
 Pittsburgh, PA 15262 

Attention: Corporate Trust Administration—Sylvamo Corp. 7.000% Senior Notes due 2029 

[                ] (the “Issuer”), and The
Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”) have heretofore executed an indenture, dated as of [                ], 2021 (as
amended, supplemented or otherwise modified, the “Indenture”), providing for the issuance of the Issuer’s 7.000% Senior Notes due 2029 (the “Notes”). All terms used herein and not otherwise defined shall have
the meaning ascribed to such term under the Indenture. 
 This letter constitutes a Position Representation in connection with a Noteholder
Direction delivered pursuant to Section 9.6(a) of the Indenture, whereby the undersigned, as Directing Holder, represents to the Issuer and the Trustee that [it is not a Net Short Holder]/[it is being instructed solely by beneficial owners that
are not Net Short Holders]. 
  

			
	By:	 	  

		 	Name: [Holder]
		 	Title:

  
 D-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}]]