Document:

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (this “Agreement”) is made on August 28, 2018, by and between MagneGas
Corporation, a Delaware corporation (“Company”) and First Choice International Company, Inc., a Delaware corporation
(“Buyer”).

 

RECITALS

 

WHEREAS,
the Company and the Buyer desire to enter into this transaction for the Company to sell and the Buyer to purchase shares of Common
Stock (as defined below) pursuant to a currently effective shelf registration statement on Form S-3, which includes the Common
Stock registered thereunder (Registration Number 333-207928) (the “Registration Statement”), which Registration
Statement has been declared effective in accordance with the Securities Act of 1933, as amended (the “1933 Act”),
by the United States Securities and Exchange Commission (the “SEC”).

 

WHEREAS,
in conjunction with the purchase and sale of the Common Stock, the Company will grant the Buyer certain Warrants to purchase shares
of Common Shares (as defined below), pursuant to Regulation D, Rule 506(b), as promulgated under the 1933 Act, as amended. The
number of Warrants granted at each closing shall be in an amount equal to the number of shares of Common Stock purchased in each
closing.

 

WHEREAS,
the Buyer wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, an aggregate
amount of up to 25,000,000 shares of Common Stock (referred to herein as the “Common Shares”); and (ii) a warrant
to acquire up to 25,000,000 shares of Common Stock, substantially in the form attached hereto as Exhibit B (the “Warrants”)
(as exercised, collectively, the “Warrant Common Shares”). The Common Shares and Warrant Common Shares are
collectively referred to herein as the “Purchased Securities.”

 

WHEREAS,
this Agreement, the form of Subscription Agreement, form of Warrant Agreement, and form of Registration Rights Agreement and all
ancillary transaction documents are collectively referred to herein as the “Transaction Documents.”

 

NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the adequacy of which is hereby acknowledged,
the parties hereto agree as follows:

 

Section
1. Purchase and Sale of Common Shares and Grant of Warrants.

 

(a) Purchase of
Common Shares and Grant of Warrants. Subject to the satisfaction (or waiver) of the conditions set forth in Section 6 below,
the Company shall issue and sell to the Buyer, and the Buyer agrees to purchase from the Company on each closing date (i) such
aggregate number of Common Shares set forth opposite such Buyer’s name in the Subscription Agreement, substantially in the
form attached hereto as Exhibit A, up to a total of 25,000,000 shares of Common Stock; and (ii) upon receipt of the consideration
for such shares of Common Stock, the Buyer shall receive that number of Warrants equal to the number of shares of Common Stock
purchased. The Warrants shall be substantially in the form attached hereto as Exhibit B. The Buyer has agreed to purchase a minimum
of 500,000 shares of Common Stock at the Initial Closing (defined below).

 

    	 

    	 

    

 

(b)
Closing. Each closing of the purchase of the Common Shares and exercise of the Warrants and purchase of the underlying
Warrant Common Shares by the Buyers shall occur remotely through the electronic exchange of documents. The date and time of the
initial closing shall be 1:00 p.m., New York time, on August 28, 2018 (the “Initial Closing Date”), and each
other date that the Buyer provides notice of the date on which it intends to purchase additional shares of Common Stock or exercise
Warrants (“Subsequent Closing Date, each a “Subsequent Closing”).

 

(c)
Purchase Prices. The purchase price for (1) the Common Shares to be purchased by the Buyer is $0.15 per share and (2) the
purchase price for the Warrant Common Shares to be purchased by the Buyer upon exercise of the Warrants is $0.30 per share. The
purchase prices paid for the Common Shares and the Warrant Common Shares upon exercise of the Warrants are individually and collectively
referred to herein as the “Purchase Price,” as applicable.

 

(d)
Form of Payment – Common Stock. On the Initial Closing Date and each Subsequent Closing Date, (1) the Buyer shall
pay the Purchase Price for the Common Stock by wire transfer of immediately available funds in accordance with the payment instructions
provided to the Buyer by the Company (with the understanding that the portion of the Purchase Price for the Warrant Common Shares
shall only be paid at the time that the Buyer exercises that portion of the Warrants) (2) the Company shall (A) cause Corporate
Stock Transfer (together with any subsequent transfer agent, the “Transfer Agent”) through the Depository Trust
Company (“DTC”) Fast Automated Securities Transfer Program, to credit such aggregate number of Common Shares
that the Buyer is purchasing as is set forth in each Subscription Agreement transmitted to the Company by the Buyer to the Buyer’s
or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian system.

 

(e)
Warrant Delivery. On each closing date, the Company will deliver to the Buyer a Warrant, pursuant to which the Buyer
shall have the right to acquire up to that number of Warrant Common Shares equivalent to the number of shares of Common Stock
purchased on a one-for-one basis at each closing, duly executed on behalf of the Company and registered in the name of the Buyer
or its designee. The Warrant Common Shares shall be subject to a Registration Rights Agreement, substantially in the form set
forth on Appendix A to the Warrant agreement (the “Registration Rights”). Subject to registration of
the Warrant Common Shares underlying the Warrants and the Buyer’s exercise of the respective portion of the Warrants, the
procedures set forth in Section 1(d) shall be followed.

 

    	- 2 -

    	 

    

 

(f)
Principal Market Regulation. The Company shall not issue any shares of Common Stock pursuant to the terms of this Agreement
if the issuance of such shares of Common Stock would exceed the aggregate number of shares of Common Stock which the Company may
issue pursuant to this Agreement or upon exercise of the Warrants without breaching the Company’s obligations under the
rules or regulations of the Nasdaq Capital Market (“Principal Market”) (the number of shares which may be issued
without violating such rules and regulations, the “Exchange Cap”), except that such limitation shall not apply
in the event that the Company (A) obtains the approval of its stockholders as required by the applicable rules of the Principal
Market for issuances of shares of Common Stock in excess of such amount or (B) obtains a written opinion from outside counsel
to the Company that such approval is not required, which opinion shall be reasonably satisfactory to the Holder. Until such approval
or such written opinion is obtained, the Holder shall be issued in the aggregate shares of Common Stock (including upon the exercise
of Warrants) in an amount greater than the product of (i) the Exchange Cap as of the issuance date multiplied by (ii) the quotient
of (1) the aggregate number of Common Stock issued to such Holder pursuant to this Agreement on the Closing Date divided by (2)
the aggregate number of shares of Common Stock issued to the Holder pursuant to the this Agreement on the Closing Date (the “Exchange
Cap Allocation”). In the event that any Holder shall sell or otherwise transfer any of such Holder’s Common Stock
or Warrants, the transferee shall be allocated a pro rata portion of such Holder’s Exchange Cap Allocation with respect
to such portion of such Common Stock or Warrants so transferred, and the restrictions of the prior sentence shall apply to such
transferee with respect to the portion of the Exchange Cap Allocation so allocated to such transferee.

 

Section
2. Company Representations and Warranties. Company hereby represents, warrants and covenants to Buyer
as follows as of the date hereof:

 

(a) Organization
and Qualification. The Company is duly organized and validly existing and in good standing under the laws of the
jurisdiction in which it is formed, and has the requisite power and authority to own its properties and to carry on its
business as now being conducted and as presently proposed to be conducted. The Company is duly qualified as a foreign entity
to do business and is in good standing in every jurisdiction in which its ownership of property or the nature of the business
conducted by it makes such qualification necessary.

 

(b)
Authorization; Enforcement; Validity. The Company has the requisite power and authority to enter into and perform its obligations
under this Agreement and the other Transaction Documents and to issue the Common Stock, Warrants and the Warrant Common Shares
underlying the Warrants in accordance with the terms hereof and thereof. The execution and delivery of this Agreement and the
other Transaction Documents by the Company, and the consummation by the Company of the transactions contemplated hereby and thereby
(including, without limitation, the issuance of the Common Shares, the issuance of the Warrants and the reservation for issuance
and issuance of the Warrant Common Shares issuable upon exercise of the Warrants have been duly authorized by the Company’s
board of directors or other governing body, as applicable, and (other than (x) the filing with the SEC of the prospectus supplement
related to the Common Stock required by Rule 424(b) under the 1933 Act (the “Prospectus Supplement”) supplementing
the base prospectus forming part of the Registration Statement (such base prospectus as so supplemented, the “Prospectus”)
and (y) a Form D with the SEC and any other filings as may be required by any state securities agencies (collectively, the “Required
Filings”)) no further filing, consent or authorization is required by the Company, its Subsidiaries, their respective
boards of directors or their stockholders or other governing body. This Agreement has been, and the other Transaction Documents
to which it is a party will be prior to the Closing, duly executed and delivered by the Company, and each constitutes the legal,
valid and binding obligations of the Company, enforceable against the Company in accordance with its respective terms, except
as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies
and except as rights to indemnification and to contribution may be limited by federal or state securities law.

 

    	- 3 -

    	 

    

 

(c)
Issuance of Securities. The issuances of the Common Shares, the Warrants and the Warrant Common Shares are duly authorized
and upon issuance in accordance with the terms of the Transaction Documents shall be validly issued, fully paid and non-assessable
and free from all preemptive or similar rights, mortgages, defects, claims, liens, pledges, charges, taxes, rights of first refusal,
encumbrances, security interests and other encumbrances (collectively “Liens”) with respect to the issuance
thereof.

 

(d)
No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation
by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common
Shares, the issuance of the Warrants and the reservation for issuance and issuance of the Warrant Common Shares issuable upon
exercise of the will not (i) result in a violation of the organizational documents of the Company, or any capital stock or other
securities of the Company, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both
would become a default) in any respect under, or give to others any rights of termination, amendment, acceleration or cancellation
of, any agreement, indenture or instrument to which the Company is a party, or (iii) result in a violation of any law, rule, regulation,
order, judgment or decree (including, without limitation, foreign, federal and state securities laws and regulations and the rules
and regulations of the Principal Market and including all applicable foreign, federal and state laws, rules and regulations) applicable
to the Company or by which any property or asset of the Company is bound or affected.

 

(e)
Consents. The Company is not required to obtain any consent from, authorization or order of, or make any filing or registration
with (other than the Required Filings), any Governmental Entity (as defined below) or any regulatory or self-regulatory agency
or any other Person in order for it to execute, deliver or perform any of its respective obligations under or contemplated by
the Transaction Documents, in each case, in accordance with the terms hereof or thereof. “Governmental Entity”
means any nation, state, county, city, town, village, district, or other political jurisdiction of any nature, federal, state,
local, municipal, foreign, or other government, governmental or quasi-governmental authority of any nature (including any governmental
agency, branch, department, official, or entity and any court or other tribunal), multi-national organization or body; or body
exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory, or taxing authority
or power of any nature or instrumentality of any of the foregoing, including any entity or enterprise owned or controlled by a
government or a public international organization or any of the foregoing.

 

    	- 4 -

    	 

    

 

(f)
Acknowledgment Regarding Buyer’s Purchase of Securities. The Company acknowledges and agrees that the Buyer is acting
solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated
hereby and thereby and that the Buyer is not (i) an officer or director of the Company or any of its Subsidiaries, (ii) an “affiliate”
(as defined in Rule 144 promulgated under the 1933 Act (or successor rule thereto) (collectively, “Rule 144”))
of the Company or any of its Subsidiaries or (iii) to its knowledge, a “beneficial owner” of more than 10% of the
shares of Common Stock (as defined for purposes of Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “1934
Act”)). The Company further acknowledges that the Buyer is not acting as a financial advisor or fiduciary of the Company
or any of its subsidiaries (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated
hereby and thereby, and any advice given by a Buyer or any of its representatives or agents in connection with the Transaction
Documents and the transactions contemplated hereby and thereby is merely incidental to such Buyer’s purchase of the Securities.

 

(g)
Fees. The Company shall be responsible for the payment of any placement agent’s fees, financial advisory fees, or
brokers’ commissions relating to or arising out of the transactions contemplated hereby. The Company shall pay, and hold
the Buyer harmless against, any liability, loss or expense (including, without limitation, attorney’s fees and out-of-pocket
expenses) arising in connection with any such claim.

 

Section
3. Buyer Representations and Warranties. The Buyer represents and warrants to the Company that, as of the date
hereof and as of the Initial Closing Date and each Subsequent Closing Date:

 

(a)
Organization; Authority. The Buyer is an entity duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization with the requisite power and authority to enter into and to consummate the transactions contemplated
by the Transaction Documents to which it is a party and otherwise to carry out its obligations hereunder and thereunder.

 

(b)
Validity; Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of the Buyer
and shall constitute the legal, valid and binding obligation of the Buyer enforceable against the Buyer in accordance with its
respective terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable
creditors’ rights and remedies.

 

(c)
No Conflicts. The execution, delivery and performance by the Buyer of this Agreement and the consummation by the Buyer
of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational documents of the
Buyer, or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Buyer is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities laws) applicable to the Buyer.

 

    	- 5 -

    	 

    

 

(d)
Miscellaneous.

 

(i)
Buyer understands that the Warrants and underlying Warrant Common Shares have not been and are not being registered under the
Securities Act or any other applicable securities laws, and may not be offered for sale, sold, assigned or transferred unless
subsequently registered thereunder or an exemption from such registration is available.

 

(ii)
Buyer (a) is a sophisticated person with respect to the purchase of the Purchased Securities; (b) has adequate information concerning
the business and financial condition of the Company to make an informed decision regarding the purchase of the Purchased Securities;
and (c) has independently and without reliance upon Company or any of Company’s affiliates, employees or agents, and based
on such information as Buyer has deemed appropriate, made its own analysis and decision to enter into this Agreement and the Transaction
Documents, except that Buyer has relied upon Company’s express representations, warranties and covenants in this Agreement.
Buyer acknowledges that neither Company nor any of Company’s affiliates, employees or agents have given Buyer any investment
advice, credit information or opinion on whether the purchase of the Purchased Securities is prudent and neither Company nor any
of Company’s affiliates, employees or agents is acting as a fiduciary for or an advisor to Buyer in respect of this Agreement.

 

(iii)
Buyer is (i) acquiring the Common Stock and (ii) upon exercise of the Warrants will acquire the Warrant Common Shares, in each
case, for its own account and not with a view towards, or for resale in connection with, the public sale or distribution thereof,
except pursuant to sales registered or exempted under the Securities Act and any other applicable securities laws; provided, however,
that by making the representations herein, the Buyer does not agree to hold any of such securities for any minimum or other specific
term and reserves the right to dispose of such securities at any time in accordance with or pursuant to a registration statement
or an exemption under the Securities Act and any other applicable securities laws.

 

(iv)
Buyer is an “accredited investor” (as defined in Regulation D Rule 501(a) under the 1933 Act) and has such knowledge
and experience in financial and business matters as to be capable of evaluating the merits and risks of the transaction contemplated
herein, and it is able to bear the economic risk of such purchase.

 

(v)
Buyer understands that Warrants and underlying Warrant Common Share are being offered and sold to it in reliance on specific exemptions
from the registration requirements of United States federal and state securities laws and any other applicable securities laws.

 

(vi)
Buyer is not purchasing the Purchased Securities “on the basis of” (as defined in Rule 10b5-1 of the Exchange
Act) any material, non-public information about the Purchased Securities or the Company.

 

Section
4. Conditions to the Company’s Obligation to Sell and the Buyer’s Obligation to Buy.

 

(a)
The obligation of the Company hereunder to issue and sell the Common Stock, Warrants and Warrant Common Shares to the Buyer at
the Initial Closing and each Subsequent Closing, and the obligation of the Buyer hereunder to purchase the respective portion
of the Purchased Securities at the Initial Closing and each Subsequent Closing, is subject to the satisfaction, at or before each
such closing date, of each of the following conditions:

 

    	- 6 -

    	 

    

 

(i)
The Buyer and the Company shall have executed each of the other Transaction Documents to which it is a party and delivered the
same to each other.

 

(ii)
The Buyer shall have delivered to the Company the Purchase Price for the Common Shares (with the understanding that the portion
of the Purchase Price for the Warrant Common Shares shall only be paid at the time that the Buyer exercises that portion of the
Warrants), as applicable, being purchased by the Buyer at the Initial Closing and each Subsequent Closing by wire transfer of
immediately available funds.

 

(iii)
The representations and warranties of the Buyer and the Company shall be true and correct in all material respects as of the date
when made and as of the each applicable closing date as though originally made at that time (except for representations and warranties
that speak as of a specific date, which shall be true and correct as of such specific date, and except for representations and
warranties that are qualified by materiality, in which case such representations and warranties shall be true and correct in all
respects), and the Buyer and the Company shall have performed, satisfied and complied in all material respects with the covenants,
agreements and conditions required by this Agreement and the Transaction Documents to be performed, satisfied or complied with
by the Buyer and the Company at or prior to the respective closing date.

 

Section
5. Payment of Expenses. Except as set forth in Section 2(g), each party hereto shall be liable for its
own costs and expenses in connection with the transactions contemplated hereby.

 

Section
6. Termination. In the event that the Initial Closing shall not have occurred within five (5) calendar days of the
date hereof or all Subsequent Closings have not been completed on or before August 31, 2019, then the parties shall have the right
to terminate their remaining obligations under this Agreement with respect to themselves at any time on or after the close of
business on such date without liability of such party to any other party; provided, however, (i) the right to terminate this Agreement
under this Section 6 shall not be available to the Buyer if the failure of the transactions contemplated by this Agreement
to have been consummated by such date is the result of the Buyer’s breach of this Agreement and (ii) the abandonment of
the sale and purchase of the Warrants, Warrant Common Shares and the Common Shares shall be applicable only to the Buyer providing
such written notice, provided further that no such termination shall affect any obligation of the Company under this Agreement
to reimburse the Buyer for the expenses described in Section 2(g) above. Nothing contained in this Section 6 shall
be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or
the other Transaction Documents or to impair the right of any party to compel specific performance by any other party of its obligations
under this Agreement or the other Transaction Documents. The parties may also terminate this agreement upon mutual written consent
to do so.

 

    	- 7 -

    	 

    

 

Section
7. Notices. All communications hereunder shall be in writing and shall be mailed, hand delivered or emailed
and confirmed to the parties hereto as follows:

 

If
to Buyer:

 

c/o
First Choice International Company, Inc.

330 Clematis Street, Ste. 217

West
Palm Beach, FL 33401

Facsimile: 800-805-1622

Telephone: 305-587-9897

E-mail: mhp@123bgp.com

Attention: Mark Peikin, CEO

 

If
to Company:

 

c/o
MagneGas Corporation

11885 44th Street North

Clearwater,
FL 33762

Telephone: 727-934-3448

Facsimile: 727-290-4941

Email:
scottmahoney@magnegas.com

Attention:
Scott Mahoney, CFO

 

Any
party hereto may change the address for receipt of communications by giving written notice to the others.

 

Section
8. Governing Law; Submission to Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES. EACH PARTY AGREES THAT ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE BROUGHT IN A U.S. FEDERAL OR STATE COURT OF COMPETENT JURISDICTION
SITTING IN THE COUNTY, CITY, AND STATE OF NEW YORK. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENTS TO THE JURISDICTION
OF SUCH COURT AND HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY DEFENSE OF AN INCONVENIENT FORUM OR A LACK OF PERSONAL JURISDICTION
TO THE MAINTENANCE OF ANY ACTION OR PROCEEDING AND ANY RIGHT OF JURISDICTION OR VENUE ON ACCOUNT OF THE PLACE OF RESIDENCE OR
DOMICILE OF ANY PARTY HERETO. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY
TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

 

    	- 8 -

    	 

    

 

Section
9. Entire Agreement; Amendments. This Agreement supersedes all other prior oral or written agreements among Buyer,
Company, their affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Agreement
and the instruments referenced herein, inclusive of the Transaction Documents, contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither Company
nor Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision hereof may be
waived other than by an instrument in writing signed by the party against whom enforcement is sought.

 

Section
10. Severability. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction,
such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that
jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction.

 

Section
11. No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto, the Company,
and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced
by, any other person.

 

Section
12. Further Assurances. Each party shall use its commercially reasonable efforts to do and perform, or cause
to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates,
instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes
of this Agreement and the consummation of the transactions contemplated hereby.

 

Section
13. Confidentiality. The Buyer and the Company each hereby agrees, without the prior written consent
of the other, to not disclose, and to otherwise keep confidential, this Agreement and the sale of the Purchased Securities contemplated
hereby, except to the extent that disclosure thereof is required by law, rule or regulation or as required or requested by any
competent governmental, regulatory or supervisory authority or has become publicly known through no fault of such party; provided,
however, that the Buyer and the Company may disclose information regarding such sale to their respective accountants, attorneys,
limited partners, shareholders and other interest holders. Notwithstanding the foregoing, the Company shall have the right to
issue a press release disclosing the transaction, which press release may be reviewed and commented on by Buyer prior to public
dissemination.

 

Section
14. Successors. This Agreement shall be binding upon and inure to the benefit of the parties and their
respective successors and assigns, including any purchasers of the Purchased Securities.

 

[Signature
Page Follows]

 

[The
Remainder of This Page is Intentionally Blank]

 

    	- 9 -

    	 

    

 

IN
WITNESS WHEREOF, Buyer and Company have caused their respective signature page to this Securities Purchase Agreement to be
duly executed as of the date first written above.

 

	 	MAGNEGAS
    CORPORATION
	 	 	 
	 	By:	/s/
    Ermanno     Santilli
	 	Name:
    	Ermanno
    Santilli
	 	Title:	Chief
    Executive Officer 

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, Buyer and Company have caused their respective signature page to this Securities Purchase Agreement to be
duly executed as of the date first written above.

 

	 	FIRST
    CHOICE INTERNATIONAL COMPANY, INC.
	 	 	 
	 	By:	/s/
    Mark     Peikin             
	 	Name:
    	Mark
    Peikin
	 	Title:
    	CEO

 

    	 

    	 

    

 

Exhibit
A

“Form
of” Subscription Agreement

 

—-

 

SUBSCRIPTION
AGREEMENT

 

This
SUBSCRIPTION AGREEMENT (this “Agreement”) is dated as of [ ], 2018 between MagneGas Corporation with an office
and place of business at 11885 44th Street N., Clearwater, Florida 33762 (“MNGA” or the “Company”),
and First Choice International Company, Inc., with an office and place of business located at 3300 N.E. 188th Street,
LPH 17, Aventura, FL 33180 (“Buyer”).

 

RECITALS

 

A.
The Company is offering (the “Offering”), pursuant to an effective S-3 shelf registration statement, and subject to
the other terms and conditions contained in this Agreement, up to 25,000,000 shares of Common Stock (as defined in the Securities
Purchase Agreement). The purchase price of the Common Stock is $0.15 per share (“Purchase Price”). Shares of
Common Stock are hereinafter sometimes collectively referred to as the “Securities.”

 

B.
The Offering will commence August 28, 2018, and terminate on the close of business on November 30, 2018 (the “Offering
Period”). The Company may hold closings at any time during the Offering Period (the “Closings”) from
time-to-time until the termination or expiration of the Offering Period. There is no requirement that a minimum number of shares
of Common Stock be purchased before the Company may accept subscription proceeds from the sale of the Common Stock and there is
no requirement that the Buyer purchase any or all of the Common Stock, beyond that purchased in the Initial Closing (as defined
in the Securities Purchase Agreement). 

 

C.
Buyer desires to purchase, and the Company is willing to sell to the Buyer, upon the terms and conditions stated in this Agreement,
the number of shares of Common Stock set forth on the signature page hereof (the “Purchased Shares”) at the
aggregate Purchase Price for that number of shares being purchased. Subsequent purchase may be made by the Buyer utilizing this
same form of Agreement.

 

D.
All references herein to “Securities Purchase Agreement” shall mean that certain Securities Purchase Agreement entered
into by and between the Company and Buyer on August 28, 2018, as amended.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration
the receipt and adequacy of which is hereby acknowledged, the Company and Buyer agree as follows:

 

    	 

    	 

    

 

1.
Subscription and Offering. The Buyer hereby subscribes for and agrees to purchase that number of shares of Common Stock
as set forth on the signature page hereto in cash (equal to the product of the number of Securities of the Company subscribed
for multiplied by $0.15), receipt of which is hereby acknowledged by the Company’s acceptance of this Subscription, below.

 

2.
Deliveries. The Buyer and Company will comply with the purchase and delivery requirements set for in Section 1(d)
of the Securities Purchase Agreement and as provided in this Agreement.

 

3.
Company Representation and Warranties. Company hereby represents, warrants and covenants to Buyer as follows as of the
date hereof:

 

a.
Organization and Qualification. The Company is duly organized and validly existing and in good standing under the laws
of the jurisdiction in which it is formed, and has the requisite power and authority to own its properties and to carry on its
business as now being conducted and as presently proposed to be conducted. The Company is duly qualified as a foreign entity to
do business and is in good standing in every jurisdiction in which its ownership of property or the nature of the business conducted
by it makes such qualification necessary.

 

b.
Authorization; Enforcement; Validity. The Company has the requisite power and authority to enter into and perform its obligations
under this Agreement and the other and to issue the Common Stock accordance with the terms hereof. The execution and delivery
of this Agreement by the Company, and the consummation by the Company of the transactions contemplated hereby (including the issuance
of the Common Shares) have been duly authorized by the Company’s board of directors or other governing body, as applicable,
and no further filing, consent or authorization is required by the Company, its Subsidiaries, their respective boards of directors
or their stockholders or other governing body. This Agreement duly executed and delivered by the Company, and each constitutes
the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its respective terms,
except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights
and remedies and except as rights to indemnification and to contribution may be limited by federal or state securities law.

 

c.
Issuance of Securities. The issuances of the Common Shares are duly authorized and upon each such issuance in accordance
with the terms of this Agreement shall be validly issued, fully paid and non-assessable and free from all preemptive or similar
rights, mortgages, defects, claims, liens, pledges, charges, taxes, rights of first refusal, encumbrances, security interests
and other encumbrances with respect to the issuance thereof.

 

    	 

    	 

    

 

d.
No Conflicts. The execution and delivery of the Common Stock contemplated hereby will not (i) result in a violation of
the organizational documents of the Company, or any capital stock or other securities of the Company, (ii) conflict with, or constitute
a default (or an event which with notice or lapse of time or both would become a default) in any respect under, or give to others
any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company
is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including, without limitation,
foreign, federal and state securities laws and regulations and the rules and regulations of the Nasdaq Capital Market (the “Principal
Market”) and including all applicable foreign, federal and state laws, rules and regulations) applicable to the Company
or by which any property or asset of the Company is bound or affected.

 

e.
Consents. The Company is not required to obtain any consent from, authorization or order of, or make any filing or registration
with any Governmental Entity (as defined below) or any regulatory or self-regulatory agency or any other person in order for it
to execute, deliver or perform any of its respective obligations under this Agreement. “Governmental Entity”
means any nation, state, county, city, town, village, district, or other political jurisdiction of any nature, federal, state,
local, municipal, foreign, or other government, governmental or quasi-governmental authority of any nature (including any governmental
agency, branch, department, official, or entity and any court or other tribunal), multi-national organization or body; or body
exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory, or taxing authority
or power of any nature or instrumentality of any of the foregoing, including any entity or enterprise owned or controlled by a
government or a public international organization or any of the foregoing.

 

f.
Acknowledgment Regarding Buyer’s Purchase of Securities. The Company acknowledges and agrees that the Buyer is acting
solely in the capacity of an arm’s length purchaser with respect to the purchase of the Common Stock that the Buyer is not
(i) an officer or director of the Company or any of its subsidiaries, (ii) an “affiliate” (as defined in Rule 144
promulgated under the 1933 Act (or successor rule thereto) (collectively, “Rule 144”)) of the Company or any
of its subsidiaries or (iii) to its knowledge, a “beneficial owner” of more than 10% of the shares of Common Stock
(as defined for purposes of Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “1934 Act”)).

 

g.
Fees. The Company shall be responsible for the payment of any placement agent’s fees, financial advisory fees, or
brokers’ commissions relating to or arising out of the transactions contemplated hereby. The Company shall pay, and hold
the Buyer harmless against, any liability, loss or expense (including, without limitation, attorney’s fees and out-of-pocket
expenses) arising in connection with any such claim.

 

4.
SEC Filings; Financial Statements.

 

a.
As of the date hereof current public information for the Company is available (the “Company SEC Reports”),
which are all the forms, reports and documents filed by Company with the U.S. Securities and Exchange Commission (“SEC”)
from January 1, 2017 to the date of this Agreement. As of their respective dates, the Company’s SEC Reports (i) were prepared
in accordance and complied in all material respects with the requirements of the 1933 Act (defined below) or the 1934 Act, as
the case may be, and the rules and regulations of the SEC thereunder applicable to such Company SEC Reports; and (ii) did not
at the time they were filed (and if amended or superseded by a filing prior to the date of this Agreement then on the date of
such filing and as so amended or superseded) contain any intentional untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which
they were made, not misleading.

 

    	 

    	 

    

 

b.
Each set of financial statements (including, in each case, any related notes thereto) contained in the Company SEC Reports comply
as to form in all material respects with the published rules and regulations of the SEC with respect thereto, were prepared in
accordance with U.S. GAAP applied on a consistent basis throughout the periods involved (except as may be indicated in the notes
thereto or, in the case of unaudited statements, do not contain footnotes as permitted by Form 10-Q promulgated under the 1934
Act) and each fairly presents in all material respects the financial position of Company at the respective dates thereof and the
results of its operations and cash flows for the periods indicated.

 

c.
Information. The information concerning the Company set forth in this Agreement and the Company SEC Reports is complete
and accurate in all material respects and does not contain any intentional untrue statements of a material fact or omit to state
a material fact required to make the statements made, in light of the circumstances under which they were made, not misleading.

 

5.
Buyer Representations and Warranties. Buyer hereby represents and warrants to the Company as follows:

 

a.
Organization; Authority. The Buyer is an entity duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization with the requisite power and authority to enter into and to consummate the transactions contemplated
by the Transaction Documents to which it is a party and otherwise to carry out its obligations hereunder and thereunder.

 

b.
Validity; Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of the Buyer
and shall constitute the legal, valid and binding obligation of the Buyer enforceable against the Buyer in accordance with its
respective terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable
creditors’ rights and remedies.

 

c.
No Conflicts. The execution, delivery and performance by the Buyer of this Agreement and the consummation by the Buyer
of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of the Buyer, or (ii)
conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under,
or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Buyer is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities laws) applicable to the Buyer.

 

    	 

    	 

    

 

d.
Miscellaneous.

 

i.
Buyer (a) is a sophisticated person with respect to the purchase of the Common Stock; (b) has adequate information concerning
the business and financial condition of the Company to make an informed decision regarding the purchase of the Common Stock; and
(c) has independently and without reliance upon Company or any of Company’s affiliates, employees or agents, and based on
such information as Buyer has deemed appropriate, made its own analysis and decision to enter into this Agreement, except that
Buyer has relied upon Company’s express representations, warranties and covenants in this Agreement. Buyer acknowledges
that neither Company nor any of Company’s affiliates, employees or agents have given Buyer any investment advice, credit
information or opinion on whether the purchase of the Common Stock is prudent and neither Company nor any of Company’s affiliates,
employees or agents is acting as a fiduciary for or an advisor to Buyer in respect of this Agreement.

 

ii.
Buyer is acquiring the Common Stock for its own account and not with a view towards, or for resale in connection with, the public
sale or distribution thereof, except pursuant to sales registered or exempted under the Securities Act and any other applicable
securities laws; provided, however, that by making the representations herein, the Buyer does not agree to hold any of such securities
for any minimum or other specific term and reserves the right to dispose of such securities at any time in accordance with or
pursuant to a registration statement or an exemption under the Securities Act and any other applicable securities laws. Buyer
is acquiring the Securities hereunder in the ordinary course of its business.

 

iii.
Buyer is an “accredited investor” (as defined in Regulation D Rule 501(a) under the 1933 Act) and has such knowledge
and experience in financial and business matters as to be capable of evaluating the merits and risks of the transaction contemplated
herein, and it is able to bear the economic risk of such purchase.

 

iv.
Buyer is not purchasing the Purchased Securities “on the basis of” (as defined in Rule 10b5 1 of the Exchange Act)
any material, non-public information about the Purchased Securities or the Company.

 

v.
Buyer is not purchasing the Common Stock as a result of any advertisement, article, notice or other communication regarding the
Common Stock published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar
or any other general solicitation or general advertisement.

 

vi.
Buyer acknowledges that it has had the opportunity to review this Agreement and the SEC Reports and has make its decision to purchase
the Common Stock on the basis of its independent evaluation thereof.

 

6.
Use of Proceeds. The Company shall use the net proceeds from the sale of the Common Stock hereunder for working capital
purposes.

 

    	 

    	 

    

 

7.
Effective Registration Statement. The Company covenants that the sale of the Common Stock is being made pursuant to a currently
effective shelf registration statement on Form S-3, which includes the Common Stock registered thereunder (Registration Number
333-207928) (the “Registration Statement”), which Registration Statement has been declared effective in accordance
with the Securities Act of 1933, as amended (the “1933 Act”), by the United States Securities and Exchange
Commission (the “SEC”). The Company shall file within two (2) trading days of the date hereof a prospectus
supplement to the Registration Statement covering the sale of the Securities (the “Prospectus Supplement”) in accordance
with the terms of the Agreement. The Company shall keep the Registration Statement effective pursuant to Rule 415 promulgated
under the 1933 Act and available for sales of all Purchased Shares to the Buyer until such time as (i) it no longer qualifies
to make sales under the Registration Statement (which shall be understood to include the inability of the Company to immediately
register sales of Securities to the Buyer under the Registration Statement or any new registration statement pursuant to General
Instruction I.B.6 of Form S-3), or (ii) the date on which all the Securities have been sold under this Agreement.

 

8.
Indemnification. The parties hereto recognize that the sale and purchase of the Common Stock will be based upon their representations
and warranties set forth herein, and the Buyer and Company hereby agree to indemnify and defend each other and to hold each of
their respective officers, directors, employees, affiliates, attorneys or agents thereof, harmless from and against any and all
loss, damage, liability or expense, including costs and reasonable attorneys’ fees, to which they may be put or which they
may incur by reason of, or in connection with, any misrepresentation made by a party to this Agreement, any breach by such party
of its warranties and/or a failure to fulfill any of the covenants or agreements set forth herein or elsewhere or arising out
of the sale or distribution of the Common Stock or components thereof in violation of the 1933 Act, as amended, and any other
applicable state securities laws.

 

9.
Acceptance or Rejection. The Buyer understands that the Company, in its sole discretion and for any reason, may accept
or reject its subscription, in whole or in part and such rejection shall not constitute a default under this Agreement or any
other Transaction Documents (as defined in the Securities Purchase Agreement).

 

10.
Waiver. No action taken pursuant to this Agreement, including any investigation by or on behalf of any party, shall be
deemed to constitute a waiver by the party taking such action of compliance with any representation, warranty, covenant or agreement
contained herein or in any other documents. The waiver by any party hereto of a breach of any provision of this Agreement shall
not operate or be construed as a waiver of any subsequent breach.

 

11.
Binding Effect; Benefits. This Agreement shall inure to the benefit of the parties hereto and shall be binding upon them
and their respective their heirs, executors, administrators, successors, legal representatives and assigns. Except as otherwise
set forth herein, nothing in this Agreement, expressed or implied, is intended to confer upon any person other than the parties
hereto or their respective successors and assigns, any rights, remedies, obligations, or liabilities under or by reason of this
Agreement.

 

    	 

    	 

    

 

12.
Assignment; Delegation. No party to this Agreement may assign its rights or delegate its obligations hereunder without
the prior written consent of all of the other parties. Any assignment or delegation in violation of this Section 12 shall
be null and void.

 

13.
Entire Agreement. This Agreement in conjunction with the agreements referenced herein constitutes the entire agreement
and supersedes all prior agreements, statements, representations or promises, oral and written, among the parties hereto with
respect to the subject matter hereof. No party hereto shall be bound by or charged with any written or oral arguments, representations,
warranties, statements, promises or understandings not specifically set forth in this Agreement.

 

14.
Notices. Any notice, demand or other communication which any party hereto may be required, or may elect, to give to anyone
interested hereunder shall be made in accordance with Securities Purchase Agreement.

 

15.
Governing Law; Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES. EACH PARTY AGREES THAT ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
IN ANY WAY TO THIS AGREEMENT SHALL BE BROUGHT IN A U.S. FEDERAL OR STATE COURT OF COMPETENT JURISDICTION SITTING IN THE COUNTY,
CITY, AND STATE OF NEW YORK. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENTS TO THE JURISDICTION OF SUCH COURT AND
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY DEFENSE OF AN INCONVENIENT FORUM OR A LACK OF PERSONAL JURISDICTION TO THE MAINTENANCE
OF ANY ACTION OR PROCEEDING AND ANY RIGHT OF JURISDICTION OR VENUE ON ACCOUNT OF THE PLACE OF RESIDENCE OR DOMICILE OF ANY PARTY
HERETO. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION
OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

16.
Severability. If any term or provision of this Agreement shall to any extent be finally determined by a court of competent
jurisdiction to be invalid or unenforceable, the remainder of this Agreement shall not be affected thereby, and each term and
provision of the agreement shall be valid and enforced to the fullest extent permitted by law, provided that as so enforced, each
of the parties receives substantially all of the benefits contemplated hereby.

 

17.
Counterparts. This Agreement may be executed through the use of separate signature pages or in any number of counterparts
and by facsimile, and each of such counterparts shall, for all purposes, constitute one agreement binding on all parties, notwithstanding
that all parties are not signatories to the same counterpart. Signatures may be facsimiles.

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year this subscription has been accepted
by the Company as set forth below.

 

Name
of Buyer: ____________________________________________________________

 

Name
of Buyer, if Joint: _____________________________________________________

 

Signature
of Individual or Authorized Signatory: _____________________________________

 

Signature
of Buyer, if Joint Individuals: ________________________________________

 

Name
of Authorized Signatory, if Entity: ___________________________________________

 

Title
of Authorized Signatory, if Entity: ____________________________________________

 

Email
Address of Authorized Signatory: ____________________________________________

 

Facsimile
Number of Authorized Signatory: _________________________________________

 

Address for Notices to Buyer: 

 

	 	 
	 	 
	 	 

 

Address
for Delivery of Securities to Buyer (if not same as address for notice):

 

	 	 
	 	 
	 	 

 

EIN
Number: _______________________

 

Number
of Units Purchased: __________

 

Purchase
Price: $____________

 

	ACCEPTANCE
    OF SUBSCRIPTION	 
	 	 
	MAGNEGAS
    CORPORATION	 
	 	 	 
	By:		 
	Name:	Scott
    Mahoney	 
	Title:	Chief
    Financial Officer 	 

 

    	 

    	 

    

 

Exhibit
B

 

“Form
of” Warrant

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS
SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON
STOCK PURCHASE WARRANT 

 

Magnegas
corporation

 

	Warrant
    Shares: [             ]	Initial
    Exercise Date: _____ __, 2018

 

This
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, [__________]or assigns (the
“Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to the close
of business on August 31, 2019 (the “Termination Date”) but not thereafter, to subscribe for and purchase from
MagneGas Corporation, a Delaware corporation (the “Company”), up to [          ]
shares (as subject to adjustment hereunder, the “Warrant Shares”) of the Company’s common stock,
par value $0.0001 per share (the “Common Stock”). The purchase price of one share of Common Stock under this
Warrant shall be equal to the Exercise Price, as defined in Section 1(b).

 

The
Company hereby confirms that the Company will cause to be filed and will make best efforts to cause to be declared effective one
or more resale registration statements on Form S-3 with respect to any Warrants Shares within thirty (30) days of the Holder’s
striking of any Warrants and the payment of the Exercise Price giving rise to such Warrant Shares and any other securities issued
upon conversion or exchange or otherwise in respect thereof, including without limitation pursuant to any stock dividend, stock
split, merger, consolidation or other recapitalization transaction (collectively, the “Registrable Securities”),
in accordance with Appendix A annexed hereto.

 

    	 

    	 

    

 

Section
1. Exercise.

 

a)
Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after
the Initial Exercise Date and on or before the Termination Date (each, a “Subsequent Exercise Date”) by delivery
to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder
at the address of the Holder appearing on the books of the Company) of a duly executed facsimile copy (or e-mail attachment) of
the Notice of Exercise in the form annexed hereto and, within one (1) Trading Day of the date said Notice of Exercise is delivered
to the Company, payment the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s check
drawn on a United States bank. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other
type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the
Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this
Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to
the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal
to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of
Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within
one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and
agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder,
the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face
hereof.

 

b)
Exercise Price. The exercise price per share of Common Stock under this Warrant shall be US$0.30 subject to adjustment
hereunder (the “Exercise Price”).

 

c)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company
is then a participant in such system and there is an effective registration statement or applicable exemption permitting the issuance
of the Warrant Shares to or resale of the Warrant Shares by Holder and otherwise by physical delivery of a certificate, registered
in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the
Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that
is three (3) Trading Days after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share
Delivery Date”). Upon delivery of the Notice of Exercise the Holder shall be deemed for all corporate purposes to have
become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date
of delivery of the Warrant Shares; provided payment of the aggregate Exercise Price is received within one (1) Trading Day of
delivery of the Notice of Exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program
so long as this Warrant remains outstanding and exercisable.

 

    	 

    	 

    

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which
new Warrant shall in all other respects be identical with this Warrant.

 

iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant
to Section 1(c)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise by
delivering written notice to the Company at any time prior to the Company delivering such Warrant Shares.

 

iv.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

v.
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice
of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions)
required for same-day electronic delivery of the Warrant Shares.

 

vi.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

    	 

    	 

    

 

d)
Holder’s Exercise Limitations. The Company shall not cause any exercise of this Warrant, and a Holder shall not have
the right to exercise any portion of this Warrant, pursuant to Section 1 or otherwise, to the extent that after giving
effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons,
“Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its
Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable
upon (i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates
or Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of
the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.
Except as set forth in the preceding sentence, for purposes of this Section 1(d), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged
by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of
the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 1(d) applies, the determination of whether this Warrant is exercisable (in
relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of
this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be
deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by
the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each
case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy
of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 1(d),
in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common
Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may
be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent
setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall
within two (2) Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.
In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise
of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as
of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial
Ownership Limitation provisions of this Section 1(d), provided that the Beneficial Ownership Limitation in no event exceeds
9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common
Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 1(d) shall continue to apply.
Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered
to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this Section 1(d) to correct this paragraph (or any portion hereof) which may be defective or inconsistent
with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to
properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this
Warrant.

 

    	 

    	 

    

 

e)
Principal Market Regulation. The Company shall not issue any shares of Common Stock pursuant to the terms of this Warrant
if the issuance of such shares of Common Stock would exceed the aggregate number of shares of Common Stock that the Company may
issue upon exercise of the Warrants in compliance with the Company’s obligations under the rules or regulations of the Nasdaq
Capital Market (“Principal Market”) (the number of shares which may be issued without violating such rules
and regulations, the “Exchange Cap”), except that such limitation shall not apply in the event that the Company
(A) obtains the approval of its stockholders as required by the applicable rules of the Principal Market for issuances of shares
of Common Stock in excess of such amount or (B) obtains a written opinion from outside counsel to the Company that such approval
is not required, which opinion shall be reasonably satisfactory to the Holder. Until such approval or such written opinion is
obtained, the Holder shall not be issued in the aggregate shares of Common Stock upon the exercise of Warrants in an amount greater
than the product of (i) the Exchange Cap as of the issuance date multiplied by (ii) the quotient of (1) the aggregate number of
shares of Common Stock issued to such Holder pursuant to this Warrant on the Initial Exercise Date or any Subsequent Exercise
Date divided by (2) the aggregate number of shares of Common Stock issued to the Holder pursuant to this Warrant on the Initial
Exercise Date or any Subsequent Exercise Date (the “Exchange Cap Allocation”). In the event that any Holder
shall sell or otherwise transfer any of such Holder’s Warrants (or Common Stock), the transferee shall be allocated a pro
rata portion of such Holder’s Exchange Cap Allocation with respect to such portion of such Warrants (or Common Stock) so
transferred, and the restrictions of the prior sentence shall apply to such transferee with respect to the portion of the Exchange
Cap Allocation so allocated to such transferee.

 

Section
2. Certain Adjustments.

 

a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall adjust proportionately. Any adjustment made pursuant to this Section
2(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such
dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination
or re-classification.

 

    	 

    	 

    

 

b)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person (except in the
case of a merger for the purposes of changing the Company’s domicile), (ii) the Company, directly or indirectly, effects
any irrevocable sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its
assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer
(whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender
or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding
Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
is not affiliated with the Company and acquires more than 50% of the outstanding shares of Common Stock (not including any shares
of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
Holder (without regard to any limitation in Section 1(d) on the exercise of this Warrant), the number of shares of Common
Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard
to any limitation in Section 1(d) on the exercise of this Warrant). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate
Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion
the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components
of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the
obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section
3(e).

 

    	 

    	 

    

 

c)
Calculations. All calculations under this Section 2 shall be made to the nearest cent or the nearest 1/100th of
a share, as the case may be. For purposes of this Section 2, the number of shares of Common Stock deemed to be issued and
outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued
and outstanding.

 

d)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 2,
the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall
be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a
party (except in the case of a merger for purposes of changing the Company’s domicile), any sale or transfer of all or substantially
all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities,
cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the
affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its
last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least ten (10) calendar
days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is
to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken,
the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights
or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share
exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of
record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon
such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice
or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice
to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    	 

    	 

    

 

Section
3. Transfer of Warrant.

 

a)
Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with
a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder
has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading
Days of the date the Holder delivers an assignment form to the Company assigning this Warrant full. The Warrant, if properly assigned
in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 3(a), as to any transfer which may be
involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the
Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall
be dated the original issuance date and shall be identical with this Warrant except as to the number of Warrant Shares issuable
pursuant thereto.

 

c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary.

 

    	 

    	 

    

 

Section
4. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 1(c)(i), except as expressly
set forth in Section 2.

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of executing stock certificates to execute and issue the necessary Warrant Shares upon the exercise
of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that
such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued
upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by
this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and non-assessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect
of any transfer occurring contemporaneously with such issue).

 

The
Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately
prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and non-assessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction
thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

    	 

    	 

    

 

Before
taking any action, which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be determined in accordance with the provisions of the Securities Purchase Agreement.

 

f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered,
will have restrictions upon resale imposed by state and federal securities laws.

 

g)
Non-waiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting
any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant,
which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to
cover any reasonable costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate
proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights,
powers or remedies hereunder.

 

h)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company
shall be delivered in accordance with the notice provisions of the Securities Purchase Agreement.

 

i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability
of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company.

 

j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k)
Successors and Assigns. This Warrant may be assigned by the Holder, subject to the prior written consent of the Company
and in accordance with applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to
the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

 

l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.

 

m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

[Signature
Page Follows]

 

[The
Remainder of This Page is Intentionally Blank]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date
first above indicated.

 

	MAGNEGAS
    CORPORATION   
	 	 
	By:
    	 	 
	Name:	Ermanno
    Santilli	 
	Title:	Chief
    Executive Officer 	 

 

    	 

    	 

    

 

NOTICE
OF EXERCISE

 

TO:
Magnegas Corporation

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

	 	 	 

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

	 	 	 

 

	 	 	 

 

	 	 	 

 

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity:	 
	 	 

	Signature of Authorized Signatory of Investing Entity: 	 
	 	 

	Name of Authorized Signatory: 	 
	 	 

	Title of Authorized Signatory: 	 
	 	 

	Date: 	 

 

    	 

    	 

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 
	 	 	(Please
    Print)
	 	 	 
	Address:	 	 
	 	 	(Please
    Print)
	 	 	 
	Phone
    Number:	 	 
	 	 	 
	Email
    Address:	 	 
	 	 	 
	Dated:
    _______________ __, ______	 	 

 

	Holder’s
Signature:	 	 
	 	 	 

 

	Holder’s
    Address: ________________________________	 	 

 

    	 

    	 

    

 

APPENDIX
A

REGISTRATION
RIGHTS

 

(a)
As used in this Appendix A the following capitalized terms used without definition shall have the meanings assigned to
them below:

 

	 	1.	“Damages” means any loss, damage, or liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, or liability (or any action in respect thereof) arises out of or is based upon (i) any intentional untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company filed pursuant hereto, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law based upon, or arising out of, any of such party’s obligations arising hereunder.
	 	 	 
	 	2.	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time-to-time, and the rules and regulations promulgated thereunder.
	 	 	 
	 	3.	“Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity.
	 	 	 
	 	4.	“Registrable Securities” means the shares of Common Stock issuable upon exercise of the Warrants, or other securities issued upon conversion or exchange or otherwise in respect thereof, including without limitation pursuant to any stock dividend, stock split, merger, consolidation or other recapitalization transaction.
	 	 	 
	 	5.	“SEC” means the U.S. Securities and Exchange Commission.
	 	 	 
	 	6.	“SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act, as in effect from time-to-time.
	 	 	 
	 	7.	“Securities Act” means the Securities Act of 1933, as amended from time-to-time, and the rules and regulations promulgated thereunder.
	 	 	 
	 	8.	“Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable Securities, and the fees and expenses of counsel to the Buyer.

 

    	 

    	 

    

 

(b)
Not later than thirty (30) days after the date of the initial exercise of the Warrants, the Company will file a registration statement
under the Securities Act for the resale of the Registrable Securities by the Buyer on Form S-3, or if the Company does not then
qualify to use Form S-3, Form S-1 or such other form as it is then eligible to use for the resale of the Registrable Securities
(the “Registration Statement”) and shall use its reasonable commercial efforts to have the Registration Statement
declared effective by the SEC and maintain the effectiveness of the Registration Statement until all of the Registrable Securities
have been sold or are eligible for sale pursuant to Rule 144 without restriction. The Company shall furnish the Buyer with a copy
of the prospectus included in the Registration Statement at the time it is declared effective and any amendments or supplements
thereto. The Company shall notify Buyer of the happening of any event of which the Company has knowledge as a result of which
the prospectus contained in such Registration Statement, as then in effect, includes an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light
of the circumstances then existing, and promptly prepare a supplement or amendment to such prospectus so that, as thereafter delivered
to the purchasers of the Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit
to state any material fact necessary to make the statements therein not misleading.

 

As
a condition to the registration of the Registrable Securities, the Buyer shall furnish the Company and its counsel with such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of such Registrable Securities
as is reasonably required to file the Registration Statement and cause the timely registration of the Registrable Securities.

 

The
Company shall pay all expenses (other than Selling Expenses), and stock transfer taxes applicable to the sale of the Registrable
Securities incurred in connection with the registration of the Registrable Securities, including all registration, filing and
accounting fees, and fees and disbursements of counsel for the Company.

 

(c)(1)
To the extent permitted by law, the Company will indemnify and hold harmless the Buyer, and the partners, members, officers, directors,
and shareholders of the Buyer, and each Person, if any, who controls the Buyer, against any Damages, and the Company will pay
to the Buyer, controlling Person, or other aforementioned Person any legal fees and other expenses reasonably incurred thereby
in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred;
provided, however, that such indemnity shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement
is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable
for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity
with written information furnished by or on behalf of the Buyer, controlling Person, or other aforementioned Person expressly
for use in connection with such registration.

 

    	 

    	 

    

 

(c)(2)
To the extent permitted by law, the Buyer will indemnify and hold harmless the Company, and each of its directors, each of its
officers who has signed the Registration Statement, each Person (if any), who controls the Company within the meaning of the Securities
Act, legal counsel for the Company, against any Damages, in each case only to the extent that such Damages arise out of or are
based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of
the Buyer expressly for use in connection with such registration; and the Buyer will pay to the Company and each other aforementioned
Person any legal fees and other expenses reasonably incurred thereby in connection with investigating or defending any claim or
proceeding from which Damages may result, as such expenses are incurred; provided, however, that such indemnity shall not apply
to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Buyer,
which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by
the Buyer by way of such indemnity exceed the Purchase Price.

 

(c)(3)
Promptly after receipt by an indemnified party of notice of the commencement of any action (including any governmental action)
for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is
to be made against any indemnifying party, give the indemnifying party notice of the commencement thereof. The indemnifying party
shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with
any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel reasonably mutually
satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may
be represented without conflict by one (1) counsel) shall have the right to retain one (1) separate counsel, with the reasonable
fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by
the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and
any other party represented by such counsel in such action. The failure to give notice to the indemnifying party within a reasonable
time of the commencement of any such action will not relieve such indemnifying party of any liability to the indemnified party,
except to the extent, and only to the extent, that such failure actually and materially prejudices the indemnifying party’s
ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that
it may have to any indemnified party otherwise than as provided herein.

 

(c)(4)
To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any
party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Appendix A but
it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration
of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding
the fact that this Appendix A provides for indemnification in such case; or (ii) contribution under the Securities Act
may be required on the part of any party hereto for which indemnification is provided under this Appendix A, then, and
in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they
may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of
the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted
in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative
fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether
the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to
information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case,
no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled
to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event
shall the aggregate amounts payable by the Buyer by way of indemnity or contribution exceed the Purchase Price.

 

(d)
The obligations of the Company and the Purchaser under this Appendix A shall survive the completion of any offering of
the Registrable Securities in a registration under this Appendix A, and otherwise shall survive the termination of this
Agreement for the maximum time period allowable under applicable law.EX-4.1

 EXHIBIT 4.1 
  

 
  

INDEPENDENCE CONTRACT DRILLING, INC. 

AND 
 UMB BANK, NATIONAL
ASSOCIATION 
 Trustee 
  

 
 INDENTURE

 DATED AS OF                 ,
20    
  
  

SENIOR DEBT SECURITIES 
  

 
  

 INDEPENDENCE CONTRACT DRILLING, INC. 

RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939, AS AMENDED, 

AND INDENTURE, DATED AS OF                 ,
20    
  

					
	 TRUST INDENTURE ACT SECTION
	  	INDENTURE SECTION	 
	 Section 310(a)(1)
	  	 	6.9	 
	 (a)(2)
	  	 	6.9	 
	 (a)(3)
	  	 	Not Applicable	 
	 (a)(4)
	  	 	Not Applicable	 
	 (a)(5)
	  	 	6.9	 
	 (b)
	  	 	6.8	 
	 Section 311
	  	 	6.13	 
	 Section 312(a)
	  	 	7.1, 7.2	(a) 
	 (b)
	  	 	7.2	(b) 
	 (c)
	  	 	7.2	(c) 
	 Section 313(a)
	  	 	7.3	 
	 (b)
	  	 	*	 
	 (c)
	  	 	*	 
	 (d)
	  	 	7.3	 
	 Section 314(a)
	  	 	7.4	 
	 (a)(4)
	  	 	10.5	 
	 (b)
	  	 	Not Applicable	 
	 (c)(1)
	  	 	1.3	 
	 (c)(2)
	  	 	1.3	 
	 (c)(3)
	  	 	Not Applicable	 
	 (d)
	  	 	Not Applicable	 
	 (e)
	  	 	1.3	 
	 Section 315(a)
	  	 	6.1	(a) 
	 (b)
	  	 	6.2	 
	 (c)
	  	 	6.1	(b) 
	 (d)
	  	 	6.1	(c) 
	 (d)(1)
	  	 	6.1	(a)(1) 
	 (d)(2)
	  	 	6.1	(c)(2) 
	 (d)(3)
	  	 	6.1	(c)(3) 
	 (e)
	  	 	5.14	 
	 Section 316(a)
	  	 	1.1, 1.2	 
	 (a)(1)(A)
	  	 	5.2, 5.12	 
	 (a)(1)(B)
	  	 	5.13	 
	 (a)(2)
	  	 	Not Applicable	 
	 (b)
	  	 	5.8	 
	 (c)
	  	 	1.5	(f) 
	 Section 317(a)(1)
	  	 	5.3	 
	 (a)(2)
	  	 	5.4	 
	 (b)
	  	 	10.3	 
	 Section 318(a)
	  	 	1.8	 

 NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture. 

 

	*	 Deemed included pursuant to Section 318(c) of the Trust Indenture Act 

 TABLE OF CONTENTS 

 
  

							
	 	  	Page	 
	 ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	 
			
	 Section 1.1
	  	Definitions	  	 	1	 
	 Section 1.2
	  	Incorporation by Reference of Trust Indenture Act	  	 	7	 
	 Section 1.3
	  	Compliance Certificates and Opinions	  	 	7	 
	 Section 1.4
	  	Form of Documents Delivered to Trustee	  	 	8	 
	 Section 1.5
	  	Acts of Holders; Record Dates	  	 	8	 
	 Section 1.6
	  	Notices, Etc., to Trustee, Company and Guarantors	  	 	9	 
	 Section 1.7
	  	Notice to Holders; Waiver	  	 	10	 
	 Section 1.8
	  	Conflict with Trust Indenture Act	  	 	10	 
	 Section 1.9
	  	Effect of Headings and Table of Contents	  	 	10	 
	 Section 1.10
	  	Successors and Assigns	  	 	10	 
	 Section 1.11
	  	Separability Clause	  	 	10	 
	 Section 1.12
	  	Benefits of Indenture	  	 	11	 
	 Section 1.13
	  	Force Majeure	  	 	11	 
	 Section 1.14
	  	Waiver of Jury Trial	  	 	11	 
	 Section 1.15
	  	Governing Law	  	 	11	 
	 Section 1.16
	  	Legal Holidays	  	 	11	 
	 Section 1.17
	  	Securities in a Composite Currency, Currency Unit or Foreign Currency	  	 	11	 
	 Section 1.18
	  	Payment in Required Currency; Judgment Currency	  	 	12	 
	 Section 1.19
	  	Language of Notices, Etc.	  	 	12	 
	 Section 1.20
	  	Incorporators, Shareholders, Officers and Directors of the Company and the Guarantors Exempt from Individual Liability	  	 	12	 
		
	 ARTICLE TWO SECURITY FORMS
	  	 	12	 
			
	 Section 2.1
	  	Forms Generally	  	 	12	 
	 Section 2.2
	  	Form of Face of Security	  	 	13	 
	 Section 2.3
	  	Form of Reverse of Security	  	 	15	 
	 Section 2.4
	  	Global Securities	  	 	19	 
	 Section 2.5
	  	Form of Trustee’s Certificate of Authentication	  	 	19	 
		
	 ARTICLE THREE THE SECURITIES
	  	 	20	 
			
	 Section 3.1
	  	Amount Unlimited; Issuable in Series	  	 	20	 
	 Section 3.2
	  	Denominations	  	 	22	 
	 Section 3.3
	  	Execution, Authentication, Delivery and Dating	  	 	22	 
	 Section 3.4
	  	Temporary Securities	  	 	23	 
	 Section 3.5
	  	Registration, Registration of Transfer and Exchange	  	 	24	 
	 Section 3.6
	  	Mutilated, Destroyed, Lost and Stolen Securities	  	 	26	 
	 Section 3.7
	  	Payment of Interest; Interest Rights Preserved	  	 	26	 
	 Section 3.8
	  	Persons Deemed Owners	  	 	27	 

  
 i 

							
	 Section 3.9
	  	Cancellation	  	 	27	 
	 Section 3.10
	  	Computation of Interest	  	 	27	 
	 Section 3.11
	  	CUSIP or CINS Numbers	  	 	28	 
		
	 ARTICLE FOUR SATISFACTION AND DISCHARGE
	  	 	28	 
			
	 Section 4.1
	  	Satisfaction and Discharge of Indenture	  	 	28	 
	 Section 4.2
	  	Application of Trust Money	  	 	29	 
		
	 ARTICLE FIVE REMEDIES
	  	 	29	 
			
	 Section 5.1
	  	Events of Default	  	 	29	 
	 Section 5.2
	  	Acceleration of Maturity; Rescission and Annulment	  	 	30	 
	 Section 5.3
	  	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	30	 
	 Section 5.4
	  	Trustee May File Proofs of Claim	  	 	31	 
	 Section 5.5
	  	Trustee May Enforce Claims Without Possession of Securities	  	 	32	 
	 Section 5.6
	  	Application of Money Collected	  	 	32	 
	 Section 5.7
	  	Limitation on Suits	  	 	32	 
	 Section 5.8
	  	Unconditional Right of Holders to Receive Principal, Premium and Interest	  	 	33	 
	 Section 5.9
	  	Restoration of Rights and Remedies	  	 	33	 
	 Section 5.10
	  	Rights and Remedies Cumulative	  	 	33	 
	 Section 5.11
	  	Delay or Omission Not Waiver	  	 	33	 
	 Section 5.12
	  	Control by Holders	  	 	33	 
	 Section 5.13
	  	Waiver of Past Defaults	  	 	34	 
	 Section 5.14
	  	Undertaking for Costs	  	 	34	 
	 Section 5.15
	  	Waiver of Stay, Extension or Usury Laws	  	 	34	 
		
	 ARTICLE SIX THE TRUSTEE
	  	 	34	 
			
	 Section 6.1
	  	Certain Duties and Responsibilities	  	 	34	 
	 Section 6.2
	  	Notice of Defaults	  	 	35	 
	 Section 6.3
	  	Certain Rights of Trustee	  	 	36	 
	 Section 6.4
	  	Not Responsible for Recitals or Issuance of Securities	  	 	37	 
	 Section 6.5
	  	May Hold Securities	  	 	37	 
	 Section 6.6
	  	Money Held in Trust	  	 	37	 
	 Section 6.7
	  	Compensation and Reimbursement	  	 	37	 
	 Section 6.8
	  	Disqualification; Conflicting Interests	  	 	38	 
	 Section 6.9
	  	Corporate Trustee Required; Eligibility	  	 	38	 
	 Section 6.10
	  	Resignation and Removal; Appointment of Successor	  	 	38	 
	 Section 6.11
	  	Acceptance of Appointment by Successor	  	 	39	 
	 Section 6.12
	  	Merger, Conversion, Consolidation or Succession to Business	  	 	40	 
	 Section 6.13
	  	Preferential Collection of Claims Against Company	  	 	40	 
	 Section 6.14
	  	Appointment of Authenticating Agent	  	 	41	 
		
	 ARTICLE SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	 	42	 
			
	 Section 7.1
	  	Company to Furnish Trustee Names and Addresses of Holders	  	 	42	 

  
 ii 

							
	 Section 7.2
	  	Preservation of Information; Communications to Holders	  	 	42	 
	 Section 7.3
	  	Reports by Trustee	  	 	43	 
	 Section 7.4
	  	Reports by Company	  	 	43	 
		
	 ARTICLE EIGHT CONSOLIDATION, AMALGAMATION, MERGER AND SALE
	  	 	44	 
			
	 Section 8.1
	  	Company May Consolidate, Etc., Only on Certain Terms	  	 	44	 
	 Section 8.2
	  	Successor Substituted	  	 	44	 
		
	 ARTICLE NINE AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	44	 
			
	 Section 9.1
	  	Without Consent of Holders	  	 	44	 
	 Section 9.2
	  	With Consent of Holders	  	 	46	 
	 Section 9.3
	  	Execution of Amendments and Supplemental Indentures	  	 	47	 
	 Section 9.4
	  	Effect of Amendments and Supplemental Indentures	  	 	47	 
	 Section 9.5
	  	Conformity with Trust Indenture Act	  	 	47	 
	 Section 9.6
	  	Reference in Securities to Amendments or Supplemental Indentures	  	 	47	 
	 Section 9.7
	  	Effect of Consents	  	 	47	 
		
	 ARTICLE TEN COVENANTS
	  	 	48	 
			
	 Section 10.1
	  	Payment of Principal, Premium and Interest	  	 	48	 
	 Section 10.2
	  	Maintenance of Office or Agency	  	 	48	 
	 Section 10.3
	  	Money for Securities Payments to Be Held in Trust	  	 	48	 
	 Section 10.4
	  	Existence	  	 	49	 
	 Section 10.5
	  	Statement by Officers as to Default	  	 	49	 
		
	 ARTICLE ELEVEN REDEMPTION OF SECURITIES
	  	 	50	 
			
	 Section 11.1
	  	Applicability of Article	  	 	50	 
	 Section 11.2
	  	Election to Redeem; Notice to Trustee	  	 	50	 
	 Section 11.3
	  	Selection by Trustee of Securities to Be Redeemed	  	 	50	 
	 Section 11.4
	  	Notice of Redemption	  	 	50	 
	 Section 11.5
	  	Deposit of Redemption Price	  	 	51	 
	 Section 11.6
	  	Securities Payable on Redemption Date	  	 	51	 
	 Section 11.7
	  	Securities Redeemed in Part	  	 	51	 
		
	 ARTICLE TWELVE SINKING FUNDS
	  	 	52	 
			
	 Section 12.1
	  	Applicability of Article	  	 	52	 
	 Section 12.2
	  	Satisfaction of Sinking Fund Payments with Securities	  	 	52	 
	 Section 12.3
	  	Redemption of Securities for Sinking Fund	  	 	52	 
		
	 ARTICLE THIRTEEN DEFEASANCE
	  	 	52	 
			
	 Section 13.1
	  	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	52	 
	 Section 13.2
	  	Legal Defeasance and Discharge	  	 	52	 
	 Section 13.3
	  	Covenant Defeasance	  	 	53	 
	 Section 13.4
	  	Conditions to Legal or Covenant Defeasance	  	 	53	 
	 Section 13.5
	  	Deposited Money and U.S. Government Obligations to be Held in Trust, Other Miscellaneous Provisions	  	 	54	 
	 Section 13.6
	  	Reinstatement	  	 	55	 

  
 iii 

							
		
	 ARTICLE FOURTEEN GUARANTEE OF SECURITIES
	  	 	55	 
			
	 Section 14.1
	  	Securities Guarantee	  	 	55	 
	 Section 14.2
	  	Limitation on Guarantor Liability	  	 	56	 
	 Section 14.3
	  	Execution and Delivery of Securities Guarantee Notation	  	 	56	 

 NOTE: This table of contents shall not, for any purpose, be deemed to be a part of the Indenture. 

  
 iv 

 PARTIES 

INDENTURE, dated as of                 , 20 , among
INDEPENDENCE CONTRACT DRILLING, INC., a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”), the Guarantors (as defined hereinafter) and UMB BANK, NATIONAL ASSOCIATION, a national
banking association, as trustee (the “Trustee”). 
 RECITALS OF THE COMPANY: 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured
senior debentures, notes or other evidences of indebtedness (herein called the “Securities”), which may be guaranteed by the Guarantors, to be issued in one or more series as provided in this Indenture. 

All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 

This Indenture is subject to the provisions of the Trust Indenture Act (as defined herein) that are required to be a part of this Indenture
and, to the extent applicable, shall be governed by such provisions. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Securities by the Holders (as defined herein) thereof, it is mutually
covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of series thereof, as follows: 

ARTICLE ONE 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.1 Definitions. 
 For all
purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 (a) the terms
defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 

(b) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP; 

(c) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision; 
 (d) the words “Article”
and “Section” refer to an Article and Section, respectively, of this Indenture; 
 (e) the word
“includes” and its derivatives means “includes, but is not limited to” and corresponding derivative definitions; and 

(f) references to any officer of any partnership or limited liability company that does not have officers but is managed or
controlled, directly or indirectly, by an entity that does have officers, shall be deemed to be references to the officers of such managing or controlling entity. 

Certain terms, used principally in Article Six, are defined in that Article. 

 “Act,” when used with respect to any Holder, has the meaning specified in
Section 1.5. 
 “Additional Defeasible Provision” means a covenant or other provision that is (a) made part of this
Indenture pursuant to an indenture supplemental hereto, a Board Resolution or an Officer’s Certificate delivered pursuant to Section 3.1, and (b) pursuant to the terms set forth in such supplemental indenture, Board Resolution or
Officer’s Certificate, made subject to the provisions of Article Thirteen. 
 “Affiliate” of any specified Person means any
other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” 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. For purposes of this definition, the terms
“controlling,” “controlled by” and “under common control with” have correlative meanings. 

“Authenticating Agent” means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate Securities. 

“Banking Day” means, in respect of any city, any date on which commercial banks are open for business in that city. 

“Bankruptcy Law” means any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law. 

“Board of Directors” means: 

(a) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on
behalf of such board; 
 (b) with respect to a partnership, the Board of Directors of the general partner of the partnership;

 (c) with respect to a limited liability company, the managing member or members or any controlling committee of managers
or members thereof or any board or committee serving a similar management function; and 
 (d) with respect to any other
Person, the individual or board or committee of such Person serving a management function similar to those described in clauses (a), (b) or (c) of this definition. 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company or a Guarantor,
the principal financial officer of the Company or a Guarantor, any other authorized officer of the Company or a Guarantor, or a person duly authorized by any of them, in each case as applicable, to have been duly adopted by the Board of Directors
and to be in full force and effect on the date of such certification, and delivered to the Trustee. Where any provision of this Indenture refers to action to be taken pursuant to a Board Resolution (including the establishment of any series of the
Securities and the forms and terms thereof), such action may be taken by any committee, officer or employee of the Company or a Guarantor, as applicable, authorized to take such action by the Board of Directors, as evidenced by a Board Resolution.

 “Business Day,” when used with respect to any Place of Payment or other location, means, except as otherwise provided as
contemplated by Section 3.1 with respect to any series of Securities, each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions and trust companies in that Place of Payment or other location are
authorized or obligated by law, executive order or regulation to close. 
 “CINS” means CUSIP International Numbering System. 

“Code” means the United States Internal Revenue Code of 1986, as amended. 

  
 2 

 “Company” means the Person named as the “Company” in the first paragraph
of this instrument until a successor or resulting Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor or resulting Person. 

“Company Request” or “Company Order” means, in the case of the Company, a written request or order signed in the name of
the Company by its Chairman of the Board, its Chief Executive Officer, its Chief Financial Officer, its President, any of its Vice Presidents or any other duly authorized officer of the Company or any person duly authorized by any of them, and
delivered to the Trustee and, in the case of a Guarantor, a written request or order signed in the name of such Guarantor by its Chairman of the Board, its Chief Executive Officer, its President, any of its Vice Presidents or any other duly
authorized officer of such Guarantor or any person duly authorized by any of them, and delivered to the Trustee. 
 “Corporate Trust
Office” means the office of the Trustee at the address specified in Section 3.5 or such other address as to which the Trustee may give notice to the Company. 

“corporation,” when used in reference to the Trustee or any prospective Trustee, shall include any corporation, company,
association, partnership, limited partnership, limited liability company, joint-stock company, trust or other entity, in each case, satisfying the requirements of Section 310(a)(1) of the Trust Indenture Act. 

“Covenant Defeasance” has the meaning specified in Section 13.3. 

“CUSIP” means the Committee on Uniform Securities Identification Procedures. 

“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

“Debt” means any obligation created or assumed by any Person for the repayment of money borrowed and any purchase money obligation
created or assumed by such Person and any guarantee of the foregoing. 
 “Default” means, with respect to a series of Securities,
any event that is, or after notice or lapse of time or both would be, an Event of Default. 
 “Defaulted Interest” has the meaning
specified in Section 3.7. 
 “Definitive Security” means a security other than a Global Security or a temporary Security.

 “Depositary” means, with respect to the Securities of any series issuable or issued in whole or in part in the form of one or
more Global Securities, a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 3.1, until a successor Depositary shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter shall mean or include each Person which is a Depositary hereunder, and if at any time there is more than one such Person, shall be a collective reference to such Persons. 

“Dollar” or “$” means the coin or currency of the United States of America, which at the time of payment is legal tender
for the payment of public and private debts. 
 “Event of Default” has the meaning specified in Section 5.1. 

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

“Foreign Currency” means a currency used by the government of a country other than the United States of America. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time, including
those set forth in (1) the Financial Accounting Standards Board Accounting Standards Codification and any related Accounting Standards Updates by the Financial Accounting Standards Board, (2) such

  
 3 

 
other statements by such other entity as are approved by a significant segment of the accounting profession and (3) the rules and regulations of the SEC governing the inclusion of financial
statements in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar written statements from the accounting staff of the SEC. All
computations based on GAAP contained in the Indenture shall be computed in conformity with GAAP. 
 “Global Security” means a
Security in global form that evidences all or part of a series of Securities and is authenticated and delivered to, and registered in the name of, the Depositary for the Securities of such series or its nominee. 

“Guaranteed Securities” has the meaning specified in Section 14.1. 

“Guarantor” means each Person that becomes a guarantor of any Securities pursuant to the applicable provisions of this Indenture.

 “Holder” means a Person in whose name a Security is registered in the Security Register. 

“Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more
amendments or indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument, and any such amendment or supplemental indenture, the provisions of the Trust Indenture Act that
are deemed to be part of and govern this instrument and any such amendment or supplemental indenture, respectively. The term “Indenture” also shall include the terms of particular series of Securities established as contemplated by
Section 3.1. 
 “interest,” when used with respect to an Original Issue Discount Security which by its terms bears interest
only after Maturity, means interest payable after Maturity. 
 “Interest Payment Date,” when used with respect to any Security,
means the Stated Maturity of an installment of interest on such Security. 
 “Judgment Currency” has the meaning specified in
Section 1.18. 
 “Legal Defeasance” has the meaning specified in Section 13.2. 

“mandatory sinking fund payment” has the meaning specified in Section 12.1. 

“Market Exchange Rate” has the meaning specified in Section 1.17. 

“Maturity,” when used with respect to any Security, means the date on which the principal of such Security or an installment of
principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

“Notice of Default” means a written notice of the kind specified in Section 5.1(c) or Section 5.1(d). 

“Officer’s Certificate” means, in the case of the Company, a certificate signed by the Chairman of the Board, the Chief
Executive Officer, the Chief Financial Officer, the President, any Vice President or any other duly authorized officer of the Company, or a person duly authorized by any of them, and delivered to the Trustee and, in the case of a Guarantor, a
certificate signed by the Chairman of the Board, the Chief Executive Officer, the President, any Vice President or any other duly authorized officer of such Guarantor, or a person duly authorized by any of them, and delivered to the Trustee. 

“Opinion of Counsel” means a written opinion of counsel, who may be an employee of or counsel for the Company or a Guarantor, as the
case may be, and who shall be reasonably acceptable to the Trustee. 
 “optional sinking fund payment” has the meaning specified
in Section 12.1. 

  
 4 

 “Original Issue Discount Security” means any Security which provides for an amount
less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2. 

“Outstanding,” when used with respect to Securities, means, as of the date of determination, all Securities theretofore
authenticated and delivered under this Indenture, except: 
 (a) Securities theretofore canceled by the Trustee or delivered
to the Trustee for cancellation; 
 (b) Securities for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; provided,
however, that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and 

(c) Securities that have been paid pursuant to Section 3.6 or in exchange for or in lieu of which other Securities have
been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose
hands such Securities are valid obligations of the Company; 
 provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding
shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon acceleration of the Maturity thereof on such date pursuant to Section 5.2, (ii) the principal amount of a Security
denominated in one or more currencies or currency units other than U.S. dollars shall be the U.S. dollar equivalent of such currencies or currency units, determined in the manner provided as contemplated by Section 3.1 on the date of
original issuance of such Security or by Section 1.17, if not otherwise so provided pursuant to Section 3.1, of the principal amount (or, in the case of an Original Issue Discount Security, the U.S. dollar equivalent (as so
determined) on the date of original issuance of such Security of the amount determined as provided in clause (i) above) of such Security, and (iii) Securities owned by the Company, any Guarantor or any other obligor upon the Securities or
any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so owned as described in clause (iii) of the immediately preceding sentence which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to act with respect to such Securities and that the pledgee is not the Company, a Guarantor or any other obligor upon the Securities or
any Affiliate of the Company or of such other obligor. 
 “Paying Agent” means any Person authorized by the Company to pay the
principal of and any premium or interest on any Securities on behalf of the Company. 
 “Periodic Offering” means an offering of
Securities of a series from time to time, the specific terms of which Securities, including, without limitation, the rate or rates of interest or formula for determining the rate or rates of interest thereon, if any, the Stated Maturity or Stated
Maturities thereof, the original issue date or dates thereof, the redemption provisions, if any, with respect thereto, and any other terms specified as contemplated by Section 3.1 with respect thereto, are to be determined by the Company upon
the issuance of such Securities. 
 “Person” means any individual, corporation, company, limited liability company, partnership,
limited partnership, joint venture, association, joint-stock company, trust, other entity, unincorporated organization or government or any agency or political subdivision thereof. 

  
 5 

 “Place of Payment,” when used with respect to the Securities of any series, means,
unless otherwise specifically provided for with respect to such series as contemplated by Section 3.1, the office or agency of the Company and such other place or places where, subject to the provisions of Section 10.2, the principal of
and any premium and interest on the Securities of that series are payable as contemplated by Section 3.1. 
 “Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered
under Section 3.6 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 

“Redemption Date,” when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to
this Indenture. 
 “Redemption Price,” when used with respect to any Security to be redeemed, means the price at which it is to be
redeemed pursuant to this Indenture. 
 “Regular Record Date” for the interest payable on any Interest Payment Date on the
Securities of any series means the date specified for that purpose as contemplated by Section 3.1. 
 “Required Currency” has
the meaning specified in Section 1.18. 
 “Responsible Officer,” when used with respect to the Trustee, means any officer
within the Corporate Trust Office of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated 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. 

“SEC” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any
time after the execution of this instrument such commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

“Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated
and delivered under this Indenture. 
 “Securities Guarantee” means each guarantee of the obligations of the Company under this
Indenture and the Securities by a Guarantor in accordance with the provisions hereof. 
 “Security Register” and “Security
Registrar” have the respective meanings specified in Section 3.5. 
 “Special Record Date” for the payment of any
Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.7. 
 “Stated Maturity,” when used with respect to
any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person,
“Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as in force at the date as of which this instrument was
executed, except as provided in Section 9.5; provided, however, that if the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust
Indenture Act of 1939 as so amended. 

  
 6 

 “U.S. Person” shall have the meaning assigned to such term in
Section 7701(a)(30) of the Code. 
 “U.S. Government Obligations” means securities which are (a) direct obligations of
the United States for the payment of which its full faith and credit is pledged, or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States, the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States, and which are not callable or redeemable at the option of the issuer thereof. 

“Vice President,” when used with respect to the Company, the Guarantor or the Trustee, means any vice president, regardless of
whether designated by a number or a word or words added before or after the title “vice president.” 
 Section 1.2 Incorporation by
Reference of Trust Indenture Act. 
 Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is
incorporated by reference in and made a part of this Indenture. The following Trust Indenture Act terms used in this Indenture have the following meanings: 

“commission” means the SEC. 

“indenture securities” means the Securities. 

“indenture security holder” means a Holder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company, the Guarantor (if applicable) or any other obligor on the indenture
securities. 
 All other terms used in this Indenture that are defined by the Trust Indenture Act, defined by a Trust Indenture Act
reference to another statute or defined by an SEC rule under the Trust Indenture Act have the meanings so assigned to them. 
 Section 1.3
Compliance Certificates and Opinions. 
 Upon any application or request by the Company or a Guarantor to the Trustee to take any
action under any provision of this Indenture, the Company or such Guarantor, as the case may be, shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the
furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished except as required under Section 314(c) of the
Trust Indenture Act. 
 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture
(except for certificates provided for in Section 10.5) shall include: 
 (a) a statement that each individual signing
such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 

  
 7 

 (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (c) a statement
that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether such covenant or condition has been complied with; and 

(d) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

Section 1.4 Form of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an officer of the Company or a Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows or, in the exercise of reasonable
care, should know that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company or the Guarantor, as the case may be, stating that the information with respect to such factual matters is in the possession of the Company or
the Guarantor, as the case may be, unless such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Section 1.5 Acts of Holders; Record
Dates. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this
Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed (either physically or by means of a facsimile or an electronic transmission, provided that such
electronic transmission is transmitted through the facilities of a Depositary) by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such
instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company or the Guarantors. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to
Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee, the Company and, if applicable, the Guarantors, if made in the manner provided in this Section. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a
witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where
such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or
the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

  
 8 

 (c) The ownership, principal amount and serial numbers of Securities held by
any Person, and the date of commencement of such Person’s holding of same, shall be proved by the Security Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall
bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee,
the Company or, if applicable, the Guarantors in reliance thereon, regardless of whether notation of such action is made upon such Security. 

(e) Without limiting the foregoing, a Holder entitled to give or take any action hereunder with regard to any particular
Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any different part of such principal
amount. 
 (f) The Company may set any day as the record date for the purpose of determining the Holders of Outstanding
Securities of any series entitled to give or take any request, demand, authorization, direction, notice, consent, waiver or other Act provided or permitted by this Indenture to be given or taken by Holders of Securities of such series, but the
Company shall have no obligation to do so. With regard to any record date set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date (or their duly appointed agents), and only such Persons, shall
be entitled to give or take the relevant action, regardless of whether such Holders remain Holders after such record date. 
 Section 1.6 Notices,
Etc., to Trustee, Company and Guarantors. 
 (a) Any notice, request, demand, authorization, direction, consent, waiver
or other communication by the Company, any of the Guarantors or the Trustee to the others is duly given if in writing and delivered in person or mailed by first class mail, postage prepaid, facsimile or overnight air courier guaranteeing next day
delivery, to the others’ address: 
 If to the Company and/or any Guarantor: 

Independence Contract Drilling, Inc. 

11601 N. Galayda Street 
 Houston,
Texas 77086 
 Telephone: (281) 598-1230 

Facsimile: (281) 605-5034 

Attention: Chief Financial Officer 

with a copy to: 
 Sidley Austin
LLP 
 1000 Louisiana St., Suite 6000 

Houston, Texas 77002 
 Telephone:
(713) 495-4521 
 Attention: David C. Buck, Esq. 

If to the Trustee: 
 UMB Bank,
National Association 
 5555 San Felipe Street, Suite 870 

Houston, Texas 77056 
 Telephone: (713) 300-0585 
 Facsimile: (214) 389-5949 

Attention: Corporate Trust Services 

  
 9 

 (b) The Company, the Guarantors or the Trustee, by notice to the others, may
designate additional or different addresses for subsequent notices or communications. 
 (c) All notices and communications
(other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if
telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 

Section 1.7 Notice to Holders; Waiver. 

Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at such Holder’s address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date,
prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice
with respect to other Holders. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, regardless of whether such Holder actually receives such notice. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver. 
 In case it shall be impracticable to give such notice by mail by reason of the suspension of regular mail
service or by reason of any other cause, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

Section 1.8 Conflict with Trust Indenture Act. 

If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part
of and govern this Indenture, the provision of the Trust Indenture Act shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the provision of the Trust
Indenture Act shall be deemed to apply to this Indenture as so modified or excluded, as the case may be. 
 Section 1.9 Effect of Headings and Table
of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the
construction hereof. 
 Section 1.10 Successors and Assigns. 

All covenants and agreements in this Indenture by each of the Company and the Guarantors shall bind their respective successors and assigns,
whether so expressed or not. 
 Section 1.11 Separability Clause. 

In case any provision in this Indenture or in the Securities or, if applicable, the Securities Guarantee shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  
 10 

 Section 1.12 Benefits of Indenture. 

Nothing in this Indenture or in the Securities or, if applicable, the Securities Guarantee, express or implied, shall give to any Person, other
than the parties hereto and their successors hereunder and the Holders any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 1.13 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 strikes, work stoppages, accidents,
acts of war or terrorism, 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; 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 1.14 Waiver of Jury Trial. 

EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE. 
 Section 1.15 Governing Law. 

THIS INDENTURE, THE SECURITIES AND THE SECURITIES GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK. 
 Section 1.16 Legal Holidays. 

In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of
Payment, then (notwithstanding any other provision of this Indenture or of the Securities or, if applicable, the Securities Guarantee (other than a provision of the Securities of any series or, if applicable, the Securities Guarantee that
specifically states that such provision shall apply in lieu of this Section 1.16)) payment of interest or principal and any premium need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at
such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, and if payment is so made, no interest shall accrue for the period from and after such Interest Payment Date,
Redemption Date or Stated Maturity, as the case may be. 
 Section 1.17 Securities in a Composite Currency, Currency Unit or Foreign Currency.

 Unless otherwise specified in a Board Resolution, Officer’s Certificate or indenture supplemental hereto delivered pursuant to
Section 3.1 of this Indenture with respect to a particular series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all series
or all series affected by a particular action at the time Outstanding and, at such time, there are Outstanding Securities of any affected series which are denominated in a coin, currency or currencies other than Dollars (including, but not limited
to, any composite currency, currency units or Foreign Currency), then the principal amount of Securities of such series that shall be deemed to be Outstanding for the purpose of taking such action shall be that amount of Dollars that could be
obtained for such amount at the Market Exchange Rate. For purposes of this Section 1.17, the term “Market Exchange Rate” shall mean the noon Dollar buying rate in The City of New York for cable transfers of such currency or currencies
as published by the Federal Reserve Bank of New York, as of the most recent available date. If such Market Exchange Rate is not so available for any reason with respect to such currency, such quotation of the Federal Reserve Bank of New York as of
the most recent available date, or quotations or rates of exchange from one or more major banks in The City of New York or in the country of 

  
 11 

 
issue of the currency in question, which for purposes of Euros shall be Brussels, Belgium, or such other quotations or rates of exchange as appropriate shall be used. The provisions of this
paragraph shall apply in determining the equivalent principal amount in respect of Securities of a series denominated in a currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this
Indenture. 
 In no event will the Trustee have any duty or liability regarding the Market Exchange Rate or any alternative determination
provided for in the preceding paragraph. 
 Section 1.18 Payment in Required Currency; Judgment Currency. 

Each of the Company and the Guarantors agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for
the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest on the Securities of any series (the “Required Currency”) into a currency in which a judgment will be rendered
(the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Required Currency could be purchased in The City of New York with the Judgment Currency on the day on which
final unappealable judgment is entered, unless such day is not a Banking Day, then, to the extent permitted by applicable law, the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Required Currency
could be purchased in The City of New York with the Judgment Currency on the Banking Day next preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required
Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (regardless of whether entered in accordance with subclause (a)), in any currency other than the Required Currency, except to the
extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional
cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by
judgment being obtained for any other sum due under this Indenture. 
 Section 1.19 Language of Notices, Etc. 

Any request, demand, authorization, direction, notice, consent, waiver or Act required or permitted under this Indenture shall be in the
English language, except that any published notice may be in an official language of the country of publication. 
 Section 1.20 Incorporators,
Shareholders, Officers and Directors of the Company and the Guarantors Exempt from Individual Liability. 
 No recourse under or upon any
obligation, covenant or agreement of or contained in this Indenture or of or contained in any Security or, if applicable, the Securities Guarantee, or for any claim based thereon or otherwise in respect thereof, or because of the creation of any
indebtedness represented thereby, shall be had against any incorporator, shareholder, member, officer, manager, employee, partner or director, as such, past, present or future, of the Company, any Guarantor or any successor Person, either directly
or through the Company, any Guarantor or any successor Person, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, it being expressly understood that all such liability is
hereby expressly waived and released as a condition of, and as a part of the consideration for, the execution of this Indenture and the issue of the Securities. 

ARTICLE TWO 
 SECURITY
FORMS 
 Section 2.1 Forms Generally. 

The Securities of each series and, if applicable, the notation thereon relating to the Securities Guarantee, shall be in substantially the form
set forth in this Article Two, or in such other form or forms as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have 

  
 12 

 
such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers executing such Securities and, if applicable, any notation of the Securities Guarantee, as evidenced by their execution thereof. 

The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as
determined by the officers executing such Securities, as evidenced by their execution thereof. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action
shall be certified by an authorized officer or other authorized person on behalf of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.3 for the authentication and delivery of
such Securities. 
 The forms of Global Securities of any series shall have such provisions and legends as are customary for Securities of
such series in global form, including without limitation any legend required by the Depositary for the Securities of such series. 
 Section 2.2
Form of Face of Security. 
 [If the Security is an Original Issue Discount Security and is not “publicly
offered” within the meaning of Treasury Regulations Section 1.1275-1(h), insert—FOR PURPOSES OF SECTION 1275 OF THE UNITED STATES INTERNAL REVENUE CODE OF
1986, AS AMENDED, THIS SECURITY WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT, THE AMOUNT OF THE ORIGINAL ISSUE DISCOUNT IS [    % OF ITS PRINCIPAL AMOUNT]
[$                 PER $1,000 OF PRINCIPAL AMOUNT], THE ISSUE DATE IS                 ,
20     AND, THE YIELD TO MATURITY IS                 , COMPOUNDED [SEMIANNUALLY OR OTHER PROPER PERIOD]. 

[In the alternative instead of providing such legend, insert the following legend—FOR PURPOSES OF SECTION 1275 OF THE UNITED
STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED THIS SECURITY WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT, AND                  [THE NAME OR TITLE AND ADDRESS OR TELEPHONE
NUMBER OF A REPRESENTATIVE OF THE COMPANY] WILL, BEGINNING NO LATER THAN 10 DAYS AFTER THE ISSUE DATE, PROMPTLY MAKE AVAILABLE TO HOLDERS THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE, THE YIELD TO MATURITY AND ANY OTHER INFORMATION
REQUIRED BY APPLICABLE TREASURY REGULATIONS.] 
 [Insert any other legend required by the Code or the regulations thereunder.] 

[If a Global Security,—insert legend required by Section 2.4 of the Indenture] [If applicable,
insert—UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

INDEPENDENCE CONTRACT DRILLING, INC. 

[TITLE OF SECURITY] 
  

					
	No	  		  	U.S. $
	[CUSIP No.     ]	  		  	

  
 13 

 INDEPENDENCE CONTRACT DRILLING, INC., a corporation duly organized and existing under the
laws of the State of Delaware (herein called the “Company,” which term includes any successor or resulting Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                , or registered assigns, the principal sum of                  United
States Dollars on                 [If the Security is to bear interest prior to Maturity, insert—, and to pay interest thereon from
                 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on
                 and                  in each year, commencing
                , at the rate of     % per annum, until the principal hereof is paid or made available for payment [if applicable,
insert—, and at the rate of     % per annum on any overdue principal and premium and on any installment of interest (to the extent that the payment of such interest shall be legally enforceable)]. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on
the Regular Record Date for such interest, which shall be the                  or
                 (regardless of whether a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is 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 of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture]. 

[If the Security is not to bear interest prior to Maturity, insert—The principal of this Security shall not bear interest except
in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal of this Security shall bear interest at the rate of     % per annum (to the extent
that the payment of such interest shall be legally enforceable), which shall accrue from the date of such default in payment to the date payment of such principal has been made or duly provided for. Interest on any overdue principal shall be payable
on demand. Any such interest on any overdue principal that is not so paid on demand shall bear interest at the rate of     % per annum (to the extent that the payment of such interest shall be legally enforceable), which shall
accrue from the date of such demand for payment to the date payment of such interest has been made or duly provided for, and such interest shall also be payable on demand.] 

[If a Global Security, insert—Payment of the principal of (and premium, if any) and [if applicable, insert—any such]
interest on this Security will be made by transfer of immediately available funds to a bank account in                  designated by the Holder in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts [state other currency].] 

[If a Definitive Security, insert—Payment of the principal of (and premium, if any) and [if applicable, insert—any
such] interest on this Security will be made at the office or agency of the Company maintained for that purpose in                 , in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts] [state other currency] [or subject to any laws or regulations applicable thereto and to the right of the Company (as provided in the
Indenture) to rescind the designation of any such Paying Agent, at the [main] offices of                  in
                , or at such other offices or agencies as the Company may designate, by [United States Dollar] [state other currency] check drawn on, or transfer to a
[United States Dollar] account maintained by the payee with, a bank in The City of New York (so long as the applicable Paying Agency has received proper transfer instructions in writing at least
                 days prior to the payment date)] [if applicable, insert—; provided, however, that payment of interest may be made at the
option of the Company by [United States Dollar] [state other currency] check mailed to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register] [or by transfer to a [United States Dollar] [state other
currency] account maintained by the payee with a bank in The City of New York [state other Place of Payment] (so long as the applicable Paying Agent has received proper transfer instructions in writing by the record date prior to the applicable
Interest Payment Date)].] 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 

  
 14 

 Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

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

Dated: 
  

			
	INDEPENDENCE CONTRACT DRILLING, INC.

 
			
		
	By:	 	 

 Section 2.3    Form of Reverse of Security. 

This Security is one of a duly authorized issue of senior securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture, dated as of                 , 20 (herein called the “Indenture”), between the Company, the Guarantors,
if any, and UMB Bank, National Association, as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors, if any, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. As provided in the Indenture, the Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest, if any, at
different rates, may be subject to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of Default and may otherwise vary as in the
Indenture provided or permitted. This Security is one of the series designated on the face hereof [, limited in aggregate principal amount to $                ]. 

This security is the general, unsecured, senior obligation of the Company [if applicable, insert—and is guaranteed pursuant to a
guarantee (the “Securities Guarantee”) by [insert name of each Guarantor] (the “Guarantors”). The Securities Guarantee is the general, unsecured, senior obligation of each Guarantor.] 

[If applicable, insert—The Securities of this series are subject to redemption upon not less than
        days’ notice by mail (or electronic transmission in the case of Global Securities), [if applicable, insert—(1) on
                 in any year commencing with the year      and ending with the year      through operation of the sinking fund
for this series at a Redemption Price equal to 100% of the principal amount, and (2) ] at any time [on or after                 , 20 ], as a whole or in part,
at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [on or before                 ,
                %, and if redeemed] during the 12-month period beginning
                 of the years indicated, 
  

							
	Year	  	Redemption Price	  	Year	  	Redemption Price

 and thereafter at a Redemption Price equal to     % of
the principal amount, together in the case of any such redemption [if applicable, insert—(whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments the Stated
Maturity of which is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant record dates referred to on the face hereof, all as
provided in the Indenture.] 
 [If applicable, insert—The Securities of this series are subject to redemption upon not less than
                 nor more than                 days’ notice by mail (or electronic
transmission in the case of Global Securities), (1) on                  in any year commencing with the year
                 and ending with the year                  through operation of the
sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the 

  
 15 

 
principal amount) set forth in the table below, and (2) at any time [on or after                 ], as a whole
or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning                  of the years indicated, 

 

					
	Year	  	 Redemption Price for

Redemption Through Operation

of the Sinking Fund
	  	 Redemption Price For

Redemption Otherwise Than

Through Operation of the Sinking Fund

and thereafter at a Redemption Price equal to                 % of the
principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments the Stated Maturity of which is on or prior to such
Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant record dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert—Notwithstanding the foregoing, the Company may not, prior to
                , redeem any Securities of this series as contemplated by [clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding
operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance with generally accepted financial practice) of less than
                % per annum.] 
 [If applicable,
insert—The sinking fund for this series provides for the redemption on                  in each year beginning with the year
                 and ending with the year                  of [not less than]
$                 [(“mandatory sinking fund”) and not more than
$                ] aggregate principal amount of Securities of this series. [Securities of this series acquired or redeemed by the Company otherwise than through
[mandatory] sinking fund payments may be credited against subsequent [mandatory] sinking fund payments otherwise required to be made [If applicable, insert— in the inverse order in which they become due].] 

[If the Securities are subject to redemption in part of any kind, insert—In the event of redemption of this Security in part only,
a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.] 

[If applicable, insert—The Securities of this series are not redeemable prior to Stated Maturity.] 

[If the Security is not an Original Issue Discount Security,—If an Event of Default with respect to Securities of this
series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.] 

[If the Security is an Original Issue Discount Security,—If an Event of Default with respect to Securities of this series
shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal to—insert formula for determining
the amount. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal and overdue interest (in each case to the extent that the payment of such interest shall be legally
enforceable), all of the Company’s obligations in respect of the payment of the principal of and interest, if any, on the Securities of this series shall terminate.] 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company [If applicable, insert—and the Guarantors] and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company [If applicable, insert—and the Guarantors]
and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company [If applicable, insert—and the Guarantors]
with certain provisions of the Indenture and certain past defaults 

  
 16 

 
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, regardless of whether notation of such consent or waiver is made upon this Security. 

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

[If a Global Security, insert—This Global Security or portion hereof may not be exchanged for Definitive Securities of this series
except in the limited circumstances provided in the Indenture. The holders of beneficial interests in this Global Security will not be entitled to receive physical delivery of Definitive Securities except as described in the Indenture and will not
be considered the Holders thereof for any purpose under the Indenture.] 
 [If a Definitive Security, insert—As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in [if
applicable, insert—any place where the principal of and any premium and interest on this Security are payable] [if applicable, insert—The City of New York [, or, subject to any laws or regulations applicable thereto and to the
right of the Company (limited as provided in the Indenture) to rescind the designation of any such transfer agent, at the [main] offices of                  in
                 or at such other offices or agencies as the Company may designate]], duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.] 
 The Securities of
this series are issuable only in registered form without coupons in denominations of U.S. $                and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by
the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due
presentment of this Security for registration of transfer, the Company, [If applicable, insert—any Guarantor,] the Trustee and any agent of the Company [If applicable, insert—, a Guarantor] or the Trustee may treat the Person
in whose name this Security is registered as the owner hereof for all purposes, regardless of whether this Security be overdue, and none of the Company, [If applicable, insert—the Guarantors,] the Trustee nor any such agent shall be
affected by notice to the contrary. 
 No recourse under or upon any obligation, covenant or agreement of or contained in the Indenture or
of or contained in any Security, [If applicable, insert—, or the Securities Guarantee endorsed thereon,] or for any claim based thereon or otherwise in respect thereof, or because of the creation of any indebtedness represented thereby,
shall be had against any incorporator, shareholder, member, officer, manager or director, as such, past, present or future, of the Company [If applicable, insert—or any Guarantor] or of any successor Person, either directly or through
the Company [If applicable, insert—or any Guarantor] or any successor Person, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment, penalty or otherwise; it being expressly understood
that all such liability is hereby expressly waived and released by the acceptance hereof and as a condition of, and as part of the consideration for, the Securities and the execution of the Indenture. 

The Indenture provides that the Company [If applicable, insert—and the Guarantors] (a) will be discharged from any and all
obligations in respect of the Securities (except for certain obligations described in the Indenture), or (b) need not comply with certain restrictive covenants of the Indenture, in each case if the Company [If applicable, insert—or
a Guarantor] deposits, in trust, with the Trustee money or U.S. Government Obligations (or a combination thereof) which through the payment of interest thereon and principal thereof in accordance with their terms will provide money, in an
amount sufficient to pay all the principal of and interest on the Securities, but such money need not be segregated from other funds except to the extent required by law. 

  
 17 

 Except as otherwise defined herein, all terms used in this Security that are defined in the
Indenture shall have the meanings assigned to them in the Indenture. 
 [If a Definitive Security, insert as a separate page—

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

 

                          
                                         
                                      

(Please Print or Type Name and Address of Assignee) 
 the within
instrument of INDEPENDENCE CONTRACT DRILLING, INC. and does hereby irrevocably constitute and appoint Attorney to transfer said instrument on the books of the within-named Company, with full power of substitution in the premises. 

Please Insert Social Security or Other Identifying Number of Assignee: 
  

									
	 	 	 	 		 	 	  	
					
	 Dated:
	 	 	 		 	 	  	
		 		 		 	(Signature)	  	

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in
every particular, without alteration or enlargement or any change whatsoever.] 
 [If a Security to which Article Fourteen has been made
applicable, insert the following Form of Notation on such Security relating to the Securities Guarantee— 
 Each of the Guarantors
(which term includes any successor Person in such capacity under the Indenture), has fully, unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual
payment of the principal of, and premium, if any, and interest on the Securities of this series and all other amounts due and payable under the Indenture and the Securities of this series by the Company. 

The obligations of the Guarantors to the Holders of Securities of this series and to the Trustee pursuant to the Securities Guarantee and the
Indenture are expressly set forth in Article Fourteen of the Indenture and reference is hereby made to the Indenture for the precise terms of the Securities Guarantee. 

 

			
	Guarantors:
	[NAME OF EACH GUARANTOR]
		
	By:	 	 
		
		 	                                   
                                         
                ]

  
 18 

 Section 2.4 Global Securities. 

Every Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form: 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER
OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 

If Securities of a series are issuable in whole or in part in the form of one or more Global Securities, as specified as contemplated by
Section 3.1, then, notwithstanding clause (i) of Section 3.1 and the provisions of Section 3.2, any Global Security shall represent such of the Outstanding Securities of such series as shall be specified therein and may provide
that it shall represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and that the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced or increased, as the case may be,
to reflect exchanges. Any endorsement of a Global Security to reflect the amount, or any reduction or increase in the amount, of Outstanding Securities represented thereby shall be made in such manner and upon instructions given by such Person or
Persons as shall be specified therein or in a Company Order. Subject to the provisions of Section 3.3, Section 3.4 and Section 3.5, the Trustee shall deliver and redeliver any Global Security in the manner and upon instructions given
by the Person or Persons specified therein or in the applicable Company Order. Any instructions by the Company with respect to endorsement or delivery or redelivery of a Global Security shall be in a Company Order (which need not comply with
Section 1.3 and need not be accompanied by an Opinion of Counsel). 
 The provisions of the last sentence of Section 3.3 shall
apply to any Security represented by a Global Security if such Security was never issued and sold by the Company and the Company delivers to the Trustee the Global Security together with a Company Order (which need not comply with Section 1.3
and need not be accompanied by an Opinion of Counsel) with regard to the reduction or increase, as the case may be, in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence of
Section 3.3. 
 Section 2.5 Form of Trustee’s Certificate of Authentication. 

The Trustee’s certificate(s) of authentication shall be in substantially the following form: 

This is one of the Securities of the series designated [insert title of applicable series] referred to in the within-mentioned
Indenture. 
  

			
	 UMB BANK, NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	 
		 	Authorized Officer

  
 19 

 ARTICLE THREE 

THE SECURITIES 
 Section 3.1
Amount Unlimited; Issuable in Series. 
 The aggregate principal amount of Securities that may be authenticated and delivered under
this Indenture is unlimited. 
 The Securities may be issued in one or more series. There shall be established in or pursuant to a Board
Resolution, and set forth, or determined in the manner provided, in an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series: 

(a) the title of the Securities of the series (which shall distinguish the Securities of the series from all other Securities
and which may be part of a series of Securities previously issued); 
 (b) any limit upon the aggregate principal amount of
the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to Section 3.4, Section 3.5, Section 3.6, Section 9.6 or Section 11.7 and except for any Securities which, pursuant to Section 3.3, are deemed never to have been authenticated and delivered hereunder); 

(c) the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that
Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest; 

(d) the date or dates on which the principal of the Securities of the series is payable or the method of determination thereof;

 (e) the rate or rates at which the Securities of the series shall bear interest, if any, or the formula, method or
provision pursuant to which such rate or rates are determined, the date or dates from which such interest shall accrue or the method of determination thereof, the Interest Payment Dates on which such interest shall be payable and the Regular Record
Date for the interest payable on any Interest Payment Date; 
 (f) the place or places where, subject to the provisions of
Section 10.2, the principal of and any premium and interest on Securities of the series shall be payable, Securities of the series may be surrendered for registration of transfer, Securities of the series may be surrendered for exchange, and
notices and demands to or upon the Company in respect of the Securities of the series and this Indenture may be served; 

(g) the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the
series may be redeemed, in whole or in part, at the option of the Company; 
 (h) the obligation, if any, of the Company to
redeem or purchase Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which
Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
 (i) if other
than denominations of $1,000 and any integral multiple thereof, the denominations in which Securities of the series shall be issuable; 

(j) whether payment of principal of and premium, if any, and interest, if any, on the Securities of the series shall be without
deduction for taxes, assessments or governmental charges paid by Holders of the series; 

  
 20 

 (k) if other than the principal amount thereof, the portion of the principal
amount of Securities of the series that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2; 

(l) if the amount of payments of principal of and any premium or interest on the Securities of the series may be determined
with reference to an index, the manner in which such amounts shall be determined; 
 (m) if and as applicable, that the
Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the Depositary or Depositaries for such Global Security or Global Securities and any circumstances other than those set
forth in Section 3.5 in which any such Global Security may be transferred to, and registered and exchanged for Securities registered in the name of, a Person other than the Depositary for such Global Security or a nominee thereof and in which
any such transfer may be registered; 
 (n) any deletions from, modifications of or additions to the Events of Default set
forth in Section 5.1 or the covenants of the Company set forth in Article Ten with respect to the Securities of such series; 

(o) whether and under what circumstances the Company will pay additional amounts on the Securities of the series held by a
Person who is not a U.S. Person in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Company will have the option to redeem the Securities of the series rather than pay such additional amounts;

 (p) if the Securities of the series are to be issuable in definitive form (whether upon original issue or upon exchange of
a temporary Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the form and terms of such certificates, documents or conditions; 

(q) if the Securities of the series are to be convertible into or exchangeable for any other security or property of the
Company, including, without limitation, securities of another Person held by the Company or its Affiliates and, if so, the terms thereof; 

(r) if other than as provided in Section 13.2 and Section 13.3, the means of Legal Defeasance or Covenant Defeasance
as may be specified for the Securities of the series; 
 (s) if other than the Trustee, the identity of the initial Security
Registrar and any initial Paying Agent; 
 (t) whether the Securities of the series will be guaranteed pursuant to the
Securities Guarantee set forth in Article Fourteen, any modifications to the terms of Article Fourteen applicable to the Securities of such series and the applicability of any other guarantees; and 

(u) any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture). 

All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or
pursuant to the Board Resolution referred to above and (subject to Section 3.3) set forth, or determined in the manner provided, in the Officer’s Certificate referred to above or in any such indenture supplemental hereto. 

All Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without the
consent of the Holders, for increases in the aggregate principal amount of such series of Securities and issuances of additional Securities of such series or for the establishment of additional terms with respect to the Securities of such series.

  
 21 

 If any of the terms of the series are established by action taken by or pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by an authorized officer or other authorized person on behalf of the Company and, if applicable, the Guarantors and delivered to the Trustee at or prior to the delivery of
the Officer’s Certificate setting forth, or providing the manner for determining, the terms of the series. 
 With respect to
Securities of a series subject to a Periodic Offering, such Board Resolution or Officer’s Certificate may provide general terms for Securities of such series and provide either that the specific terms of particular Securities of such series
shall be specified in a Company Order or that such terms shall be determined by the Company and, if applicable, the Guarantors or one or more agents thereof designated in an Officer’s Certificate, in accordance with a Company Order. 

Section 3.2    Denominations. 

The Securities of each series shall be issuable in registered form without coupons in such denominations as shall be specified as contemplated
by Section 3.1. In the absence of any such provisions with respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $1,000 and any integral multiple thereof. 

Section 3.3    Execution, Authentication, Delivery and Dating. 

The Securities shall be executed on behalf of the Company by its Chairman of the Board, its Chief Executive Officer, its President, its Chief
Financial Officer or any of its Vice Presidents and need not be attested. The signature of any of these officers on the Securities may be manual or facsimile. Any notation of Securities Guarantee endorsed on the Securities shall be executed on
behalf of the applicable Guarantor by its Chairman of the Board, its Chief Executive Officer, its President, its Chief Financial Officer or any of its Vice Presidents and need not be attested. The signature of any of these officers on any notation
of the Securities Guarantee may be manual or facsimile. 
 Securities and any notation of a Securities Guarantee bearing the manual or
facsimile signatures of individuals who were at any time the proper officers of the Company or a Guarantor, as the case may be, shall bind the Company or such Guarantor, as the case may be, notwithstanding that such individuals or any of them have
ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities;
provided, however, that in the case of Securities offered in a Periodic Offering, the Trustee shall authenticate and deliver such Securities from time to time in accordance with such other procedures (including, without limitation, the
receipt by the Trustee of written instructions from the Company) acceptable to the Trustee as may be specified by or pursuant to a Company Order delivered to the Trustee prior to the time of the first authentication of Securities of such series. If
the forms or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions as permitted by Section 2.1 and Section 3.1, in authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the Trustee shall be fully protected in relying on such Board Resolution and shall be entitled to receive such documents as it may reasonably request. The Trustee shall also be
entitled to receive, and (subject to Section 6.1) shall be fully protected in relying upon, an Officer’s Certificate pursuant to Section 3.1 and complying with Section 1.3 and an Opinion of Counsel complying with Section 1.3
stating: 
 (a)    if the form or forms of such Securities has been established in or pursuant to a Board
Resolution as permitted by Section 2.1, that each such form has been established in conformity with the provisions of this Indenture; 

(b)    if the terms of such Securities have been, or in the case of Securities of a series offered in a
Periodic Offering will be, established in or pursuant to a Board Resolution as permitted by Section 3.1, that such terms have been, or in the case of Securities of a series offered in a Periodic Offering will be, established in conformity with
the provisions of this Indenture, subject, in the case of Securities of a series offered in a Periodic Offering, to any conditions specified in such Opinion of Counsel; and 

  
 22 

 (c) that such Securities, when authenticated and delivered by the Trustee
and issued by the Company in the manner and subject to any conditions and assumptions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company and, if applicable, the Securities Guarantees thereof
will constitute valid and legally binding obligations of the Guarantors, enforceable in accordance with their respective terms, subject to the following limitations: (i) bankruptcy, insolvency, moratorium, reorganization, liquidation,
fraudulent conveyance or transfer and other similar laws of general applicability relating to or affecting the enforcement of creditors’ rights, or to general equity principles, (ii) the availability of equitable remedies being subject to
the discretion of the court to which application therefor is made; and (iii) such other usual and customary matters as shall be specified in such Opinion of Counsel. 

The Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s
own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee. 

Notwithstanding the provisions of Section 3.1 and of the preceding paragraph, if all Securities of a series are not to be originally
issued at one time, it shall not be necessary to deliver the Officer’s Certificate otherwise required pursuant to Section 3.1 or the Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior
to the time of authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued. 

With respect to Securities of a series offered in a Periodic Offering, the Trustee may rely, as to the authorization by the Company of any of
such Securities, on the form or forms and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and the other documents delivered pursuant to Section 2.1 and Section 3.1 and this
Section, as applicable, in connection with the first authentication of Securities of such series. 
 Each Security shall be dated the date
of its authentication. 
 No Security nor any related Securities Guarantee shall be entitled to any benefit under this Indenture or be valid
or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee or an Authenticating Agent by manual signature of an authorized officer, and
such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any
Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.9, for all purposes of this Indenture
such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 

Section 3.4 Temporary Securities. 

Pending the preparation of Definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate
and deliver, temporary Securities that are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the Definitive Securities in lieu of which they are issued and with such
appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities. 

If temporary Securities of any series are issued, the Company will cause Definitive Securities of that series to be prepared without
unreasonable delay. After the preparation of Definitive Securities of such series, the temporary Securities of such series shall be exchangeable for Definitive Securities of such series upon surrender of the temporary Securities of such series at
the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series the Company

  
 23 

 
shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of Definitive Securities of the same series and tenor of authorized denominations. Until
so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as Definitive Securities of such series. 

Section 3.5 Registration, Registration of Transfer and Exchange. 

The Company shall cause to be kept at the office or agency of the Company in a Place of Payment required by Section 10.2 a register (the
register maintained in such office being herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of
transfers of Securities. The Trustee is hereby appointed as the initial “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided, and its Corporate Trust Office, which, at the date
hereof, is located at 5555 San Felipe, Suite 1150, Houston, Texas 77056, is the initial office or agency where the Securities Register will be maintained. The Company may at any time replace such Security Registrar, change such office or agency or
act as its own Security Registrar. The Company will give prompt written notice to the Trustee of any change of the Security Registrar or of the location of such office or agency. 

Upon surrender for registration of transfer of any Security of any series at the office or agency maintained pursuant to Section 10.2 for
such purpose, the Company and, if applicable, the Guarantors shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities, with a notation of the Securities
Guarantee, if applicable, executed by the Guarantors, of the same series and tenor, of any authorized denominations and of a like aggregate principal amount. 

At the option of the Holder, Securities of any series (except a Global Security) may be exchanged for other Securities of the same series and
tenor, of any authorized denominations and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company and, if applicable, the
Guarantors shall execute and the Trustee shall authenticate and deliver, the Securities, with a notation of the Securities Guarantee, if applicable, executed by the Guarantors, which the Holder making the exchange is entitled to receive. 

All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company and, if
applicable, the Guarantors evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 

Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be
duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security 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 of transfer or exchange of Securities, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.4, Section 9.6 or Section 11.7 not
involving any transfer. 
 The Company shall not be required (a) to issue, register the transfer of or exchange Securities of any
series during a period beginning at the opening of business 15 days before the notice of redemption of Securities of that series selected for redemption under Section 11.3 is sent and ending at the close of business on the day of the
delivery thereof, or (b) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

Notwithstanding any other provisions of this Indenture and except as otherwise specified with respect to any particular series of Securities
as contemplated by Section 3.1, a Global Security representing all or a portion of the Securities of a series may not be transferred, except as a whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such
Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary. Every Security authenticated and delivered upon
registration of, transfer of, or in exchange for or in lieu of, a Global Security shall be a Global Security except as provided in the two paragraphs immediately following. 

  
 24 

 If at any time the Depositary for any Securities of a series represented by one or more
Global Securities notifies the Company that it is unwilling or unable to continue as Depositary for such Securities or if at any time the Depositary for such Securities shall no longer be eligible to continue as Depositary under Section 3.1 or
ceases to be a clearing agency registered under the Exchange Act, the Company shall appoint a successor Depositary with respect to such Securities. If a successor Depositary for such Securities is not appointed by the Company within 90 days
after the Company receives such notice or becomes aware of such ineligibility, the Company’s election pursuant to Section 3.1 that such Securities be represented by one or more Global Securities shall no longer be effective and the Company
and, if applicable, the Guarantors will execute and the Trustee, upon receipt of a Company Order for the authentication and delivery of Definitive Securities of such series, will authenticate and deliver, Securities, with a notation of the
Securities Guarantee, if applicable, executed by the Guarantors, of such series in definitive registered form without coupons, in any authorized denominations, in an aggregate principal amount equal to the principal amount of the Global Security or
Securities representing such Securities in exchange for such Global Security or Securities registered in the names of such Persons as the Depositary shall direct. 

If specified by the Company pursuant to Section 3.1 with respect to Securities represented by a Global Security, the Depositary for such
Global Security may surrender such Global Security in exchange in whole or in part for Securities of the same series and tenor in definitive registered form on such terms as are acceptable to the Company, the Trustee and such Depositary. Thereupon,
the Company and, if applicable, the Guarantors shall execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of Securities in definitive registered form, shall authenticate and deliver, without service charge:

 (a) to the Person specified by such Depositary a new Security or Securities, with a notation of the Securities Guarantee,
if applicable, executed by the Guarantors, of the same series and tenor, of any authorized denominations as requested by such Person, in an aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Global
Security; and 
 (b) to such Depositary a new Global Security, with a notation of the Securities Guarantee, if applicable,
executed by the Guarantors, in a denomination equal to the difference, if any, between the principal amount of the surrendered Global Security and the aggregate principal amount of Securities authenticated and delivered pursuant to clause (a)
above. 
 Every Person who takes or holds any beneficial interest in a Global Security agrees that: 

(i) the Company, the Guarantors (if applicable) and the Trustee may deal with the Depositary as sole owner of the Global
Security and as the authorized representative of such Person; 
 (ii) such Person’s rights in the Global Security shall
be exercised only through the Depositary and shall be limited to those rights established by law and agreement between such Person and the Depositary and/or direct and indirect participants of the Depositary; 

(iii) the Depositary and its participants make book-entry transfers of beneficial ownership among, and receive and transmit
distributions of the principal of (and premium, if any) and interest on the Global Securities to, such Persons in accordance with their own procedures; and 

(iv) none of the Company, the Guarantors (if applicable), the Trustee, nor any agent of any of them will 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 Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership
interests. 

  
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 Section 3.6 Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security is surrendered to the Trustee, together with such security or indemnity as may be required by the Company, the
Guarantors (if applicable) or the Trustee to save each of them and any agent of any of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company and, if
applicable, the Guarantors shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security, with a notation of the Securities Guarantee, if applicable, executed by the Guarantors, of the same series and of like tenor
and principal amount and bearing a number not contemporaneously outstanding. 
 If there shall be delivered to the Company, the Guarantors
(if applicable) and the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such security or indemnity as may be required by them to save each of them and any agent of any of them harmless,
then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company and, if applicable, the Guarantors shall execute and the Trustee shall authenticate and deliver, in lieu of any
such destroyed, lost or stolen Security, a new Security, with a notation of the Securities Guarantee, if applicable, executed by the Guarantors, of the same series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company
in its discretion may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security under this Section,
the Company 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 Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an
original additional contractual obligation of the Company and, if applicable, the Guarantors, regardless of whether the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder. 
 The provisions of this
Section 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 Securities. 

Section 3.7 Payment of Interest; Interest Rights Preserved. 

Except as otherwise provided as contemplated by Section 3.1 with respect to any series of Securities, interest on any Security 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 Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for
such interest. 
 Any interest on any Security of any series that is payable, but is not punctually paid or duly provided for, on any
Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company,
at its election in each case, as provided in clause (a) or (b) below: 
 (a) The Company may elect to make payment
of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) 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 Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company
shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee 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 in this clause provided. Thereupon, the Trustee 

  
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shall fix a Special Record Date for the payment of such Defaulted Interest that shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and
not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of
the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid (or sent by electronic transmission in the case of Global Securities), to each Holder of Securities of such series at such
Holder’s address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed or sent,
such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable
pursuant to the following clause (b). 
 (b) The Company may make payment of any Defaulted Interest on the Securities of
any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the
Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing
provisions of this Section, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by
such other Security. 
 Section 3.8 Persons Deemed Owners. 

Except as otherwise provided as contemplated by Section 3.1 with respect to any series of Securities, prior to due presentment of a
Security for registration of transfer, the Company, the Trustee and, if applicable, the Guarantors and any agent thereof may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving
payment of principal of and any premium and (subject to Section 3.5 and Section 3.7) any interest on such Security and for all other purposes whatsoever, regardless of whether such Security be overdue, and none of the Company, the Trustee
nor, if applicable, the Guarantors nor any agent of any of them shall be affected by notice to the contrary. 
 No holder of any beneficial
interest in any Global Security held on its behalf by a Depositary shall have any rights under this Indenture with respect to such Global Security, and such Depositary may be treated by the Company, the Trustee, and, if applicable, the Guarantors
and any agent of any thereof as the owner of such Global Security for all purposes whatsoever. 
 Section 3.9 Cancellation. 

All Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall,
if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered
hereunder that the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder that the Company has not
issued and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section, except as expressly permitted by this
Indenture. All canceled Securities held by the Trustee shall be disposed of in accordance with its customary practices, and the Trustee shall thereafter deliver to the Company a certificate with respect to such disposition from time to time upon
written request. 
 Section 3.10 Computation of Interest. 

Except as otherwise specified as contemplated by Section 3.1 for Securities of any series, interest on the Securities of each series shall
be computed on the basis of a 360-day year comprised of twelve 30-day months. 

  
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 Section 3.11 CUSIP or CINS Numbers. 

The Company in issuing the Securities may use CUSIP or CINS numbers (if then generally in use, and in addition to the other identification
numbers printed on the Securities), and, if so, the Trustee shall use CUSIP or CINS numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to
the correctness of such CUSIP or CINS numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such
redemption shall not be affected by any defect in or omission of such CUSIP or CINS numbers. 
 ARTICLE FOUR 

SATISFACTION AND DISCHARGE 

Section 4.1 Satisfaction and Discharge of Indenture. 

This Indenture shall cease to be of further effect and will be discharged with respect to the Securities of any series (except as to any
surviving rights of registration of transfer or exchange of Securities and certain rights of the Trustee, in each case, herein expressly provided for), and the Trustee, upon Company Request and at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with respect to such Securities, when: 
 (a) either:

 (i) all such Securities theretofore authenticated and delivered (other than (A) such Securities which have been
destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.6, and (B) such Securities for the payment of which money has theretofore been deposited in trust or segregated and held in trust by the Company and
thereafter repaid to the Company or discharged from such trust, as provided in Section 10.3) have been delivered to the Trustee for cancellation; or 

(ii) all such Securities not theretofore delivered to the Trustee for cancellation: 

(A) have become due and payable; or 

(B) will become due and payable at their Stated Maturity within one year; or 

(C) 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 Company, 
 and the Company, in the case of (ii)(A), (B) or
(C) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for
cancellation, for principal (and premium, if any) and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be, together with instructions
from the Company irrevocably directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; 

(b) the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to such Securities;
and 
 (c) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, which, taken
together, state that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to such Securities have been complied with. 

  
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 Notwithstanding the satisfaction and discharge of this Indenture with respect to the
Securities of any series, (x) the obligations of the Company to the Trustee under Section 6.7, the obligations of the Trustee to any Authenticating Agent under Section 6.14 and the right of the Trustee to resign under
Section 6.10 shall survive, and (y) if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the obligations of the Company and the Trustee under Section 3.5, Section 3.6, Section 4.2,
Section 6.6, Section 10.2, the last paragraph of Section 10.3 and Section 13.6 shall survive. 
 Section 4.2 Application of
Trust Money. 
 Subject to the provisions of the last paragraph of Section 10.3, all money deposited with the Trustee pursuant to
Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as
the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for the payment of which such money has been deposited with the Trustee. 

ARTICLE FIVE 

REMEDIES 
 Section 5.1
Events of Default. 
 “Event of Default,” wherever used herein with respect to Securities of any series, means any one of
the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
 (a) default in the payment of any interest upon any Security of that series when it
becomes due and payable, and continuance of such default for a period of 30 days; or 
 (b) default in the payment of
the principal of (or premium, if any, on) any Security of that series at its Maturity; or 
 (c) default in the performance,
or breach, of any covenant set forth in Article Ten in this Indenture (other than a covenant a default in the performance of which or the breach of which is elsewhere in this Section specifically dealt with or which has expressly been included in
this Indenture solely for the benefit of series of Securities other than that series), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee
or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such
notice is a “Notice of Default” hereunder; or 
 (d) default in the performance, or breach, of any covenant in this
Indenture (other than a covenant in Article Ten or any other covenant a default in the performance of which or the breach of which is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for
the benefit of series of Securities other than that series), and continuance of such default or breach for a period of 180 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the
Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder; or 
 (e) the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a
voluntary case, (ii) consents to the entry of any order for relief against the Company in an involuntary case, (iii) consents to the appointment of a Custodian of the Company or for all or substantially all of the property of the Company,
or (iv) makes a general assignment for the benefit of the creditors of the Company; or 

  
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 (f) a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that (i) is for relief against the Company in an involuntary case, (ii) appoints a Custodian of the Company or for all or substantially all of the property of the Company, or (iii) orders the liquidation of the Company;
and the order or decree remains unstayed and in effect for 60 consecutive days; or 
 (g) default in the deposit of any
sinking fund payment when due; or 
 (h) any other Event of Default provided with respect to Securities of that series in
accordance with Section 3.1. 
 Section 5.2 Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the
Trustee or the Holders of 25% in aggregate principal amount of the Outstanding Securities of that series may declare the principal amount (or, if the Securities of that series are Original Issue Discount Securities, such portion of the principal
amount as may be specified in the terms of that series) and all accrued and unpaid interest of all of the Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders),
and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. Notwithstanding the foregoing, if an Event of Default specified in clause (e) or (f) of Section 5.1 occurs, the
Securities of any series at the time Outstanding shall be due and payable immediately without further action or notice. 
 At any time after
such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article Five provided, the Holders of a
majority in aggregate principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: 

(a) the Company or, if applicable, one or more of the Guarantors has paid or deposited with the Trustee a sum sufficient to
pay: 
 (i) all overdue interest on all Securities of that series; 

(ii) the principal of (and premium, if any, on) any Securities of that series that has become due otherwise than by such
declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities; 
 (iii) to
the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities; and 

(iv) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel; and 
 (b) all Events of Default with respect to Securities of that series, other
than the non-payment of the principal of Securities of that series that has become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13. 

No such rescission shall affect any subsequent default or impair any right consequent thereon. 

Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Company covenants that if: 

(a) default is made in the payment of any installment of interest on any Security when such interest becomes due and payable
and such default continues for a period of 30 days; or 

  
 30 

 (b) default is made in the payment of the principal of (or premium, if any,
on) any Security at the Maturity thereof; 
 the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the
whole amount then due and payable on such Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any premium and on any overdue
interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel. 
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in
its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or, if
applicable, the Guarantors or any other obligor upon such Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or, if applicable, the Guarantors or any other obligor
upon such Securities, wherever situated. 
 If an Event of Default with respect to Securities of any series occurs and is continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

Section 5.4 Trustee May File Proofs of Claim. 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or, if applicable, any Guarantor or any other obligor upon the Securities, their property or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company or, if applicable, the Guarantors for the payment of overdue principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise: 
 (a) to file and prove a claim for the whole amount of
principal (and premium, if any) and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding; and 

(b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;

 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Holder to make such payments to the Trustee and, if the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.7. 
 No provision of this
Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, compromise, arrangement, adjustment or composition affecting the Securities or, if applicable, the
Securities Guarantee or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for the
election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

  
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 Section 5.5 Trustee May Enforce Claims Without Possession of Securities. 

All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of
any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

 Section 5.6 Application of Money Collected. 

Any money collected by the Trustee pursuant to this Article Five shall be applied in the following order, at the date or dates fixed by the
Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 FIRST: To the payment of all amounts due the Trustee under Section 6.7; 

SECOND: To the payment of the amounts then due and unpaid for principal of and any premium and interest on the Securities in respect of which
or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and any premium and interest, respectively; and 

THIRD: The balance, if any, to the Company. 

Section 5.7 Limitation on Suits. 

No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture (including, if applicable, the Securities Guarantee), or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(a) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the
Securities of that series; 
 (b) the Holders of not less than 25% in aggregate principal amount of the Outstanding
Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(c) such Holder or Holders have offered to the Trustee reasonable indemnity satisfactory to the Trustee against the costs,
expenses and liabilities to be incurred in compliance with such request; 
 (d) the Trustee for 60 days after its
receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 
 (e) no direction
inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Securities of that series; 

it being understood and intended that no one or more of such Holders shall have any right in any manner whatsoever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any other Holder of the same series of Security, or to obtain or to seek to obtain priority or preference over any other Holder of the same series of Security or to enforce
any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all Holders of the same series of Security. 

  
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 Section 5.8 Unconditional Right of Holders to Receive Principal, Premium and Interest. 

Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional,
to receive payment of the principal of and any premium and interest on such Security on the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of
any such payment, and such rights shall not be impaired without the consent of such Holder. 
 Section 5.9 Restoration of Rights and Remedies.

 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has
been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Guarantors, the Trustee and the Holders
shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

Section 5.10 Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last
paragraph of Section 3.6, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 Section 5.11 Delay or Omission Not Waiver. 

To the fullest extent permitted by applicable law, no delay or omission of the Trustee or of any Holder of any Securities to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article Five or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

Section 5.12 Control by Holders. 

The Holders of a majority in aggregate principal amount of the Outstanding Securities of any series shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series; provided, however, that: 

(a) such direction shall not be in conflict with any rule of law or with this Indenture; 

(b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction; and 

(c) subject to the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such direction if
the Trustee in good faith shall determine that the direction would expose the Trustee to personal liability. 

  
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 Section 5.13 Waiver of Past Defaults. 

By written notice to the Company and the Trustee, the Holders of a majority in aggregate principal amount of the Outstanding Securities of any
series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series and its consequences, except: 

(a) a continuing default in the payment of the principal of or any premium, if any, or interest on any Security of such series;
or 
 (b) a default in respect of a covenant or provision hereof that under Article Nine cannot be modified or amended
without the consent of the Holder of each Outstanding Security of such series affected. 
 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. 

Section 5.14 Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Security by such Holder’s acceptance thereof shall be deemed to have agreed,
that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party
litigant, other than the Trustee, in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.14 shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any
suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the
principal of (or premium, if any) or interest on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date). 

Section 5.15 Waiver of Stay, Extension or Usury Laws. 

Each of the Company and the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead,
or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and each of the
Company and the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE SIX 

THE TRUSTEE 
 Section 6.1
Certain Duties and Responsibilities. 
 (a) Except during the continuance of an Event of Default with respect to the
Securities of a particular series: 
 (i) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and as are provided by the Trust Indenture Act with respect to the Securities of such series, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

  
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 (ii) in the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or
opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether they conform to the requirements of this Indenture. 

(b) In case an Event of Default has occurred and is continuing with respect to the Securities of a particular series, the
Trustee shall exercise with respect to the Securities of such series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs. 
 (c) No provision of this Indenture shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure to act, or willful misconduct, except that: 

(i) this Subsection shall not be construed to limit the effect of Subsection (a) of this Section; 

(ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be
proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the Trustee shall not be liable with
respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series, given pursuant to Section 5.12,
relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and 

(iv) no provision of this Indenture 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 in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it. 
 (d) Regardless of whether therein expressly so provided, 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. 

Section 6.2 Notice of Defaults. 

Within 90 days after the occurrence of any Default hereunder with respect to the Securities of any series, the Trustee shall transmit by
mail (or electronic transmission in the case of Global Securities) to all Holders of Securities of such series, as their names and addresses appear in the Security Register, notice of such Default hereunder known to the Trustee, unless such Default
shall have been cured or waived; provided, however, that, except in the case of a Default in the payment of the principal of or any premium or interest on any Security of such series or in the payment of any sinking fund installment
with respect to Securities of such series, the Trustee may withhold from Holders of Securities notice of any continuing Default or Event of Default if a Responsible Officer of the Trustee in good faith determines that the withholding of such notice
is in the interest of the Holders of Securities of such series; and, provided, further, that in the case of any Default of the character specified in Section 5.1(c) with respect to Securities of such series, no such notice to
Holders shall be given until at least 60 days after the occurrence thereof and that in the case of any Default of the character specified in Section 5.1(d) with respect to Securities of such series, no such notice to Holders shall be given
until at least 90 days after the occurrence thereof. 

  
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 Section 6.3 Certain Rights of Trustee. 

Subject to the provisions of Section 6.1: 

(a) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by
the proper party or parties; 
 (b) any request or direction of the Company or a Guarantor mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

(c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) shall be entitled to receive and may, in the absence of bad faith on its part, rely upon an Officer’s
Certificate; 
 (d) the Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be
full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(e) 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 pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be
incurred by it in compliance with such request or direction; 
 (f) the Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, 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 Company, personally or by agent or attorney; 
 (g) the Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder and
shall not be responsible for the supervision of officers and employees of such agents or attorneys; 
 (h) the Trustee may
request that the Company and, if applicable, the Guarantors deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which
Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded; 

(i) the Trustee shall be entitled to the rights and protections afforded to the Trustee pursuant to this Article Six in acting
as a Paying Agent or Security Registrar hereunder; 
 (j) the Trustee shall not be deemed to have notice of any Default or
Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event that is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Securities and this Indenture; 
 (k) the Trustee shall not be liable for any action it takes or omits to take
that it believes in good faith to be authorized or within its powers conferred upon it by this Indenture or pursuant to applicable law; 

  
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 (l) the Trustee shall not be required to provide any bond or surety in
respect of the execution of the trusts and powers in respect of this Indenture or otherwise; 
 (m) under no circumstances
shall the Trustee be liable in its individual or any other capacity for the obligations evidenced by any Securities; and 

(n) anything in this Indenture notwithstanding, in no event shall the Trustee be liable for any special, indirect, punitive,
incidental or consequential loss or damage of any kind whatsoever (including but not limited to loss of profit), even if the Company has been advised as to the likelihood of such loss or damage and regardless of the form of action. 

Section 6.4 Not Responsible for Recitals or Issuance of Securities. 

The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements
of the Company or, if applicable, the Guarantors, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. Neither the Trustee nor any Authenticating Agent makes any representations as to the validity or
sufficiency of this Indenture or of the Securities. The Trustee or any Authenticating Agent shall not be accountable for the use or application by the Company of Securities or the proceeds thereof. 

Section 6.5 May Hold Securities. 

The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company or, if applicable, any
Guarantor, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 310(b) and 311 of the Trust Indenture Act and Section 6.8, Section 6.9 and Section 6.13, may otherwise
deal with the Company or, if applicable, the Guarantors with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 

Section 6.6 Money Held in Trust. 

Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be
under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company or, if applicable, one or more of the Guarantors. 

Section 6.7 Compensation and Reimbursement. 

The Company agrees: 

(a) to pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which
compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(b) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement
or advance as has been adjudicated to have resulted from its own negligence or willful misconduct; and 
 (c) to indemnify
each of the Trustee and its officers, directors, agents and employees for, and to hold it and them harmless against, any loss, liability or expense arising out of or in connection with the acceptance or administration of the trust or trusts
hereunder, including the costs and expenses of defending itself or themselves against any claim or liability in connection with the exercise or performance of any of its or their powers or duties hereunder, except any such loss, liability or expense
as has been adjudicated to have resulted from any of its or their own negligence or willful misconduct. 

  
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 As security for the performance of the obligations of the Company under this Section, the
Trustee shall have a lien prior to the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of the principal of (and premium, if any) or interest on particular Securities. 

Without limiting any rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section 5.1(e) or Section 5.1(f), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services of the Trustee are intended to constitute expenses of
administration under any applicable Bankruptcy Law. 
 The provisions of this Section 6.7 shall survive the resignation or removal of
the Trustee and the termination or satisfaction and discharge of this Indenture and the Legal Defeasance of the Securities. 
 Section 6.8
Disqualification; Conflicting Interests. 
 Reference is made to Section 310(b) of the Trust Indenture Act. There shall be
excluded from the operation of Section 310(b)(1) of the Trust Indenture Act this Indenture with respect to the Securities of more than one series. 

Section 6.9 Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee hereunder that shall be a corporation organized and doing business under the laws of the United States of
America, any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus required by the Trust Indenture Act, subject to supervision or examination by Federal or
State authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Trustee shall not be an obligor upon the Securities or an Affiliate thereof. If at any time the Trustee shall
cease to be eligible in accordance with the provisions of this Section, then it shall resign immediately in the manner and with the effect hereinafter specified in this Article Six. 

Section 6.10 Resignation and Removal; Appointment of Successor. 

(a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11. 

(b) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to
the Company. If the instrument of acceptance of appointment by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee
may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(c) The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in
aggregate principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. 
 (d)
If at any time: 
 (i) the Trustee shall fail to comply with Section 310(b) of the Trust Indenture Act after written
request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months; or 

(ii) the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after written request therefor by
the Company or by any such Holder; or 

  
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 (iii) the Trustee shall become incapable of acting or shall be adjudged a
bankrupt or insolvent or a Custodian of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,

 then, in any such case, (A) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or
(B) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of
the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 
 (e) If the Trustee
shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be
only one Trustee with respect to the Securities of any particular series), and the Company and the successor Trustee shall comply with the applicable requirements of Section 6.11. If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series
delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with
respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and
accepted appointment in the manner required by Section 6.11, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 (f) The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such
series in the manner provided in Section 1.7. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 

Section 6.11 Acceptance of Appointment by Successor. 

(a) In case of the appointment hereunder of a successor Trustee with respect to all Securities, the successor Trustee so
appointed shall execute, acknowledge and deliver to the Company, the Guarantors (if applicable) and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become
effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company, any Guarantor (if applicable) or the
successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and
deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its lien under Section 6.7. 

(b) In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all)
series, the Company, the Guarantors (if applicable), the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall
accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee 

  
 39 

 
is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as
shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the
execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company, any Guarantor (if
applicable) or any successor Trustee, such retiring Trustee, upon payment of its charges, shall execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee with respect to the
Securities of the series to which the appointment of such successor relates and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of such
series, subject nevertheless to its lien under Section 6.7. 
 (c) Upon request of any such successor Trustee, the
Company and, if applicable, the Guarantors shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of
this Section, as the case may be. 
 (d) No successor Trustee shall accept its appointment unless at the time of such
acceptance such successor Trustee shall be qualified and eligible under this Article and the Trust Indenture Act. 
 Section 6.12 Merger,
Conversion, Consolidation or Succession to Business. 
 Any corporation into which the Trustee may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be
the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article Six, without the execution or filing of any paper or any further act on the part of any of the parties hereto. As soon as
practicable, the successor Trustee shall mail (or send by electronic transmission in the case of Global Securities) a notice of its succession to the Company and the Holders of the Securities then Outstanding. In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if
such successor Trustee had itself authenticated such Securities. 
 Section 6.13 Preferential Collection of Claims Against Company. 

Reference is made to Section 311 of the Trust Indenture Act. For purposes of Section 311(b) of the Trust Indenture Act: 

(a) the term “cash transaction” means any transaction in which full payment for goods or securities sold is made
within seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon demand; 

(b) the term “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is made,
drawn, negotiated or incurred by the Company or, if applicable, any Guarantor for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing
title to, possession of, or a lien upon, the goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security, provided the security is received by the Trustee
simultaneously with the creation of the creditor relationship with the Company or, if applicable, such Guarantor arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation. 

  
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 Section 6.14 Appointment of Authenticating Agent. 

The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities, which shall be authorized to act on
behalf of the Trustee to authenticate Securities of such series issued upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.6, and Securities so authenticated shall be entitled to the benefits of this
Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate
of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to
act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with
the effect specified in this Section. 
 Any corporation into which an Authenticating Agent may be merged or converted or with which it may
be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate agency or corporate trust
business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the
Company and, if applicable, the Guarantors. The Trustee for any series of Securities may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company and, if applicable,
the Guarantors. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be qualified and eligible in accordance with the provisions of this Section, the Trustee for such
series may appoint a successor Authenticating Agent that shall be acceptable to the Company and, if applicable, the Guarantors and shall mail (or send by electronic transmission in the case of Global Securities) written notice of such appointment by
first-class mail, postage prepaid, to all Holders of Securities of the series with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Security Register. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section. 
 Except with respect to an Authenticating Agent appointed at the request of the
Company or, if applicable, the Guarantors, the Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section 6.14, and the Trustee shall be entitled to be reimbursed by the
Company or, if applicable, the Guarantors for such payments, subject to the provisions of Section 6.7. 
 If an appointment with
respect to one or more series is made pursuant to this Section 6.14, the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the
following form: 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

  
 41 

 
			
	 UMB BANK, NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	 
		 	As Authenticating Agent

  

			
		
	By:	 	 
		 	Authorized Officer

 ARTICLE SEVEN 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 

Section 7.1 Company to Furnish Trustee Names and Addresses of Holders. 

The Company will furnish or cause to be furnished to the Trustee: 

(a) semi-annually, not more than 5 days after each Regular Record Date for a series of Securities, a list for such series
of Securities, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as of such Regular Record Date; and 

(b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such
request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
 provided,
however, that if and so long as the Trustee shall be the Security Registrar, no such list need be furnished with respect to such series of Securities. 

Section 7.2 Preservation of Information; Communications to Holders. 

(a) The Trustee shall preserve, with respect to each series of Securities, in as current a form as is reasonably practicable,
the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may
destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished. 
 (b) If three or
more Holders (herein referred to as “applicants”) apply in writing to the Trustee, and furnish to the Trustee reasonable proof that each such applicant has owned a Security for a period of at least six months preceding the date of such
application, and such application states that the applicants desire to communicate with other Holders with respect to their rights under this Indenture or under the Securities and is accompanied by a copy of the form of proxy or other communication
which such applicants propose to transmit, then the Trustee shall, within five Business Days after the receipt of such application, at its election, either: 

(i) afford such applicants access to the information preserved at the time by the Trustee in accordance with
Section 7.2(a); or 
 (ii) inform such applicants as to the approximate number of Holders whose names and addresses
appear in the information preserved at the time by the Trustee in accordance with Section 7.2(a), and as to the approximate cost of mailing to such Holders the form of proxy or other communication, if any, specified in such application. 

  
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 If the Trustee shall elect not to afford such applicants access to such information, the
Trustee shall, upon the written request of such applicants, mail to each Holder whose name and address appear in the information preserved at the time by the Trustee in accordance with Section 7.2(a) a copy of the form of proxy or other
communication that is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless within five days after
such tender the Trustee shall mail to such applicants and file with the SEC, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best
interest of the Holders or would be in violation of applicable law. Such written statement shall specify the basis of such opinion. If the SEC, after opportunity for a hearing upon the objections specified in the written statement so filed, shall
enter an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or more of such objections, the SEC shall find, after notice and opportunity for hearing, that all the objections so sustained have been met
and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Holders with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any
obligation or duty to such applicants respecting their application. 
 (c) Every Holder of Securities, by receiving and
holding the same, agrees with the Company, the Guarantors (if applicable) and the Trustee that none of the Company, the Guarantors (if applicable) nor the Trustee nor any agent of any of them shall be held accountable by reason of the disclosure of
any such information as to the names and addresses of the Holders in accordance with Section 7.2(b), regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any
material pursuant to a request made under Section 7.2(b). 
 Section 7.3 Reports by Trustee. 

Any Trustee’s report required pursuant to Section 313(a) of the Trust Indenture Act shall be dated as of May 15, and shall be
transmitted within 60 days after May 15 of each year (but in all events at intervals of not more than 12 months), commencing with the year 20, by mail (or electronic transmission in the case of Global Securities) to all Holders, as
their names and addresses appear in the Security Register. A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, and with the SEC. The
Company will notify the Trustee when any Securities are listed on any stock exchange. 
 Section 7.4 Reports by Company. 

The Company shall: 

(a) file with the Trustee, within 15 days after the Company files the same with the SEC, copies of the annual reports and
of the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and regulations prescribe) which the Company may be required to file with the SEC pursuant to
Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of said Sections, then it shall file with the Trustee and the SEC, in accordance with rules
and regulations prescribed from time to time by the SEC, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and registered
on a national securities exchange as may be prescribed from time to time in such rules and regulations; 
 (b) file with the
Trustee and the SEC, in accordance with rules and regulations prescribed from time to time by the SEC, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture
as may be required from time to time by such rules and regulations; and 
 (c) transmit by mail (or electronic transmission
in the case of Global Securities) to all Holders, as their names and addresses appear in the Security Register, within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and reports required to be
filed by the Company pursuant to clauses (a) and (b) of this Section as may be required by rules and regulations prescribed from time to time by the SEC. 

  
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 ARTICLE EIGHT 

CONSOLIDATION, AMALGAMATION, MERGER AND SALE 

Section 8.1 Company May Consolidate, Etc., Only on Certain Terms. 

The Company shall not convert into, or consolidate, amalgamate or merge with or into any other Person or sell, convey, assign, transfer, lease
or otherwise dispose of all or substantially all of the properties and assets of the Company on a consolidated basis to any other Person unless: 

(a) either: (i) the Company is the surviving Person; or (ii) the Person formed by or surviving any such
consolidation, amalgamation or merger or resulting from such conversion (if other than the Company) or to which such sale, conveyance, assignment, transfer, lease or other disposition has been made is a corporation, limited liability company or
limited partnership organized or existing under the laws of the United States, any State thereof or the District of Columbia; 

(b) the Person formed by or surviving any such conversion, consolidation, amalgamation or merger (if other than the Company) or
the Person to which such sale, conveyance, assignment, transfer, lease or other disposition has been made assumes by an indenture supplemental hereto, executed and delivered to the Trustee, the due and punctual payment of the principal of (and
premium, if any) and interest on all the Securities and the performance of every covenant of this Indenture on the part of the Company to be performed or observed; 

(c) immediately after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time
or both, would become an Event of Default, shall have occurred and be continuing; and 
 (d) the Company has delivered to the
Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such conversion, consolidation, amalgamation, merger, sale, conveyance, assignment, transfer, lease or other disposition and such supplemental indenture comply with
this Article Eight and that all conditions precedent herein provided for relating to such transaction have been complied with. 
 Section 8.2
Successor Substituted. 
 Upon any consolidation, amalgamation or merger of the Company with or into any other Person or any sale,
conveyance, assignment, transfer, lease or other disposition of all or substantially all of the properties and assets of the Company and, if applicable, the Guarantors on a consolidated basis in accordance with Section 8.1, the successor or
resulting Person formed by or resulting upon such consolidation, amalgamation or merger (if other than the Company) or to which such sale, conveyance, assignment, transfer, lease or other disposition is made shall succeed to, and be substituted for,
and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Company and, if
applicable, each of the Guarantors shall be relieved of all obligations and covenants under this Indenture and the Securities. 
 ARTICLE
NINE 
 AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.1 Without Consent of Holders. 

The Company, the Guarantors (if any) and the Trustee may amend or supplement this Indenture, the Securities Guarantee or the Securities without
the consent of any holder of a Security: 
 (a) to cure any ambiguity or defect or to correct or supplement any provision
herein that may be inconsistent with any other provision herein; or 

  
 44 

 (b) to evidence the succession of another Person to the Company and the
assumption by any such successor of the covenants of the Company herein and, to the extent applicable, of the Securities; or 

(c) to provide for uncertificated Securities in addition to or in place of certificated Securities; provided that the
uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code, or in the manner such that the uncertificated Securities are described in Section 163(f)(2)(B) of the Code; or 

(d) to add a Securities Guarantee and cause any Person to become a Guarantor, and/or to evidence the succession of another
Person to a Guarantor and the assumption by any such successor of the Securities Guarantee of such Guarantor herein and, to the extent applicable, endorsed upon any Securities of any series; or 

(e) to secure the Securities of any series; or 

(f) to add to the covenants of the Company such further covenants, restrictions, conditions or provisions as the Company shall
consider to be appropriate for the benefit of the Holders of all or any series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities, stating that such covenants
are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company, and to make the occurrence, or the occurrence and continuance, of a Default in any such additional covenants,
restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth; provided, that in respect of any such additional covenant,
restriction, condition or provision such amendment or supplemental indenture may provide for a particular period of grace after Default (which period may be shorter or longer than that allowed in the case of other Defaults), may provide for an
immediate enforcement upon such an Event of Default, may limit the remedies available to the Trustee upon such an Event of Default or may limit the right of the Holders of a majority in aggregate principal amount of the Securities of such series to
waive such an Event of Default; or 
 (g) to make any change to any provision of this Indenture that does not adversely
affect the rights or interests of any Holder of Securities; or 
 (h) to provide for the issuance of additional Securities in
accordance with the provisions set forth in this Indenture; or 
 (i) to add any additional Defaults or Events of Default in
respect of all or any series of Securities; or 
 (j) to add to, change or eliminate any of the provisions of this Indenture
to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons; or 

(k) to change or eliminate any of the provisions of this Indenture; provided that any such change or elimination shall
become effective only when there is no Security Outstanding of any series created prior to the execution of such amendment or supplemental indenture that is entitled to the benefit of such provision; or 

(l) to establish the form or terms of Securities of any series as permitted by Section 2.1 and Section 3.1, including
to reopen any series of any Securities as permitted under Section 3.1; or 
 (m) to evidence and provide for the
acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of
the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11(b); or 

  
 45 

 (n) to conform the text of this Indenture (and/or any supplemental
indenture) or any Securities issued hereunder to any provision of a description of such text or Securities appearing in a prospectus, prospectus supplement, offering memorandum or offering circular pursuant to which such Securities were offered to
the extent that such provision was intended by the Company to be a verbatim recitation of a provision of this Indenture (and/or any supplemental indenture) or any Securities or Securities Guarantee issued hereunder, with such intention being
evidenced by an Officer’s Certificate; or 
 (o) to modify, eliminate or add to the provisions of this Indenture to such
extent as shall be necessary to effect the qualification of this Indenture under the Trust Indenture Act or under any similar federal statute subsequently enacted, and to add to this Indenture such other provisions as may be expressly required under
the Trust Indenture Act. 
 Section 9.2 With Consent of Holders. 

The Company, the Guarantors (if any) and the Trustee may amend or supplement this Indenture, the Securities Guarantee and the Securities with
the consent of the Holders of a majority in aggregate principal amount of the Outstanding Securities of each series of Securities affected by such amendment or supplemental indenture, with each such series voting as a separate class (including,
without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities) and, subject to Section 5.8 and Section 5.13 hereof, any existing Default or Event of Default or compliance with any
provision of this Indenture, the Securities Guarantee or the Securities may be waived with respect to each series of Securities with the consent of the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series
voting as a separate class (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities). 

It is not necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed
amendment, supplement or waiver, but it is sufficient if such consent approves the substance of the proposed amendment, supplement or waiver. 

After an amendment, supplement or waiver under this Section 9.2 becomes effective, the Company will mail to the Holders of Securities
affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amendment, supplemental
indenture or waiver. Notwithstanding anything contained herein to the contrary, without the consent of each Holder affected, an amendment, supplement or waiver under this Section 9.2 may not (with respect to any Securities held by a non-consenting Holder): 
 (a) change the Stated Maturity of the principal of, or any
installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of an Original Issue Discount
Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2, or change the coin or currency in which any Security or any premium or the interest thereon is payable, or impair the
right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date therefor); or 

(b) reduce the percentage in aggregate principal amount of the Outstanding Securities of any series, the consent of whose
Holders is required for any such amendment or supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided
for in this Indenture; or 
 (c) modify any of the provisions of Section 5.8 or Section 5.13; or 

(d) waive a redemption payment with respect to any Security; provided, however, that any purchase or repurchase
of Securities shall not be deemed a redemption of the Securities; or 
 (e) release any Guarantor from any of its obligations
under its Securities Guarantee or this Indenture, except in accordance with the terms of this Indenture (as amended or supplemented); or 

  
 46 

 (f) make any change in the foregoing amendment and waiver provisions, except
to increase any percentage provided for therein or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby. 

An amendment or supplemental indenture that changes or eliminates any covenant or other provision of this Indenture that has expressly been
included solely for the benefit of one or more particular series of Securities, or that modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series. 
 Section 9.3 Execution of Amendments and Supplemental Indentures. 

In executing, or accepting the additional trusts created by, any amendment or supplemental indenture permitted by this Article Nine or the
modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such amendment
or supplemental indenture is authorized or permitted by this Indenture. 
 Upon the request of the Company accompanied by a Board Resolution
authorizing the execution of any such amendment or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Securities as aforesaid, and upon receipt by the Trustee of the
documents described in Section 6.3 hereof, the Trustee will join with the Company and the Guarantors in the execution of such amendment or supplemental indenture unless such amendment or supplemental indenture directly affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amendment or supplemental Indenture. 

Section 9.4 Effect of Amendments and Supplemental Indentures. 

Upon the execution of any amendment or supplemental indenture under this Article Nine, this Indenture shall be modified in accordance
therewith, and such amendment or supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

Section 9.5 Conformity with Trust Indenture Act. 

Every amendment or supplemental indenture executed pursuant to this Article Nine shall conform to the requirements of the Trust Indenture Act
as then in effect. 
 Section 9.6 Reference in Securities to Amendments or Supplemental Indentures. 

Securities of any series authenticated and delivered after the execution of any amendment or supplemental indenture pursuant to this Article
Nine may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such amendment or supplemental indenture. If the Company shall so determine, new Securities of any series so modified as
to conform, in the opinion of the Trustee and the Company, to any such amendment or supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such
series. 
 Section 9.7 Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Security of a series is a continuing consent by
the Holder of a Security of such series and every subsequent Holder of a Security of such series or portion of a Security of such series that evidences the same debt as the consenting Holder’s Security of such series, even if the notation of
the consent is not made on any Security. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder of the Securities of such series. 

  
 47 

 ARTICLE TEN 

COVENANTS 
 Section 10.1
Payment of Principal, Premium and Interest. 
 The Company covenants and agrees for the benefit of each series of Securities that it
will duly and punctually pay the principal of and any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. 

Section 10.2 Maintenance of Office or Agency. 

The Company will maintain in the United States an office or agency (which may be an office of the Trustee or Security Registrar or agent of the
Trustee or Security Registrar) where Securities of each series may be presented or surrendered for payment and surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of
that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

The Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be
presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such
other office or agency. 
 Except as otherwise specified with respect to a series of Securities as contemplated by Section 3.1, the
Company hereby initially designates the Corporate Trust Office of the Trustee as the Company’s office or agency for each such purpose for each series of Securities. The Trustee shall initially serve as Paying Agent. In the event the Company
makes any payment in any currency in which the Trustee is unable to pay, and notwithstanding anything herein to the contrary, the Company will appoint a Paying Agent other than the Trustee to make such payment and the Trustee will have no
obligations with respect to such payment and will incur no liability with respect to the failure by the Company or such other Paying Agent to make, or cause to be made, such payment. 

Section 10.3 Money for Securities Payments to Be Held in Trust. 

If the Company shall at any time act as its own Paying Agent, with respect to any series of Securities, it will, on or before each due date of
the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until
such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. 

Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, prior to each due date of the principal of or
any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal and any premium or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such
principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. For purposes of this Section 10.3, should a due date for principal of or any premium
or interest on, or sinking fund payment with respect to, any series of Securities not be on a Business Day, such payment shall be due on the next Business Day without any interest for the period from the due date until such Business Day. 

  
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 The Company will cause each Paying Agent for any series of Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 

(a) hold all sums held by it for the payment of the principal of or any premium or interest on Securities of that series in
trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

(b) give the Trustee notice of any Default by the Company (or any other obligor upon the Securities of that series) in the
making of any payment of principal or any premium or interest on the Securities of that series; and 
 (c) at any time during
the continuance of any such Default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 

The Company and, if applicable, the Guarantors may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture
or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were
held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Subject to any applicable escheat or abandoned property laws, any money deposited with the Trustee or any Paying Agent, or then held by the
Company, in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for one year after such principal, premium or interest has become due and payable shall be paid to the Company on
Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in The New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. 

Section 10.4 Existence. 
 Subject to
Article Eight, the Company and, if any Securities of a series to which Article Fourteen has been made applicable are Outstanding, each Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect its
existence, rights (charter and statutory) and franchises; provided, however, that the Company and, if applicable, each Guarantor shall not be required to preserve any such right or franchise if the Board of Directors shall determine
that the preservation thereof is no longer desirable in the conduct of the business of the Company or such Guarantor, as the case may be. 

Section 10.5 Statement by Officers as to Default. 

Annually, within 120 days after the close of each fiscal year beginning with the first fiscal year during which one or more series of
Securities are Outstanding, the Company and, if any Securities of a series to which Article Fourteen has been made applicable are Outstanding, each Guarantor will deliver to the Trustee a brief certificate (which need not include the statements set
forth in Section 1.3) from the principal executive officer, principal financial officer or principal accounting officer of the Company and, if applicable, such Guarantor, stating that a review of the activities of the Company during such year
and of performance under this Indenture has been made, and as to his or her knowledge of the Company’s or such Guarantor’s, as the case may be, compliance (without regard to any period of grace or requirement of notice provided herein)
with all conditions and covenants under this Indenture and, if the Company or such Guarantor, as the case may be, shall be in Default, specifying all such Defaults and the nature and status thereof of which such officer has knowledge. 

  
 49 

 ARTICLE ELEVEN 

REDEMPTION OF SECURITIES 

Section 11.1 Applicability of Article. 

Securities of any series that are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by Section 3.1 for Securities of any series) in accordance with this Article Eleven. 
 Section 11.2
Election to Redeem; Notice to Trustee. 
 The election of the Company to redeem any Securities shall be evidenced by a Board
Resolution. In case of any redemption at the election of the Company of less than all the Securities of any series, the Company shall, at least 15 days prior to the last date for the giving of notice of such redemption (unless a shorter notice
shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any
redemption of Securities (a) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture or (b) pursuant to an election of the Company that is subject to a condition
specified in the terms of the Securities of the series to be redeemed, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with such restriction or condition. 

Section 11.3 Selection by Trustee of Securities to Be Redeemed. 

If less than all the Securities of any series are to be redeemed (unless all of the Securities of such series and of a specified tenor are to
be redeemed), the particular Securities to be redeemed shall be selected not more than 45 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method as
the Trustee shall deem fair and appropriate (and in accordance with the applicable procedures of the Depositary in the case of Global Securities) and which may provide for the selection for redemption of portions (equal to the minimum authorized
denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series. 

The Trustee shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Securities selected
for partial redemption, the principal amount thereof to be redeemed. If the Securities of any series to be redeemed consist of Securities having different dates on which the principal is payable or different rates of interest, or different methods
by which interest may be determined or have any other different tenor or terms, then the Company may, by written notice to the Trustee, direct that the Securities of such series to be redeemed shall be selected from among the groups of such
Securities having specified tenor or terms and the Trustee shall thereafter select the particular Securities to be redeemed in the manner set forth in the preceding paragraph from among the group of such Securities so specified. 

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

Section 11.4 Notice of Redemption. 

Notice of redemption shall be given by first-class mail, postage prepaid, or sent electronically in the case of Global Securities, in each
case, not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at such Holder’s address appearing in the Security Register. 

All notices of redemption shall state: 

(a) the Redemption Date; 

  
 50 

 (b) the Redemption Price, or if not then ascertainable, the manner of
calculation thereof; 
 (c) if less than all the Outstanding Securities of any series are to be redeemed, the identification
(and, in the case of partial redemption, the principal amounts) of the particular Securities to be redeemed; 
 (d) that on
the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date; 

(e) the place or places where such Securities are to be surrendered for payment of the Redemption Price; 

(f) that the redemption is for a sinking fund, if such is the case; and 

(g) the conditions, if any, to which such redemption shall be subject. 

Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the
Trustee in the name and at the expense of the Company. 
 Section 11.5 Deposit of Redemption Price. 

Prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which
are to be redeemed on that date. 
 Section 11.6 Securities Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at
the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest, or fail to pay the Redemption Price and accrued interest as a result of any failure
of any condition to which such redemption is subject to be satisfied or waived) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the
Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that unless otherwise specified with respect to Securities of any series as contemplated in Section 3.1, installments of
interest the Stated Maturity of which is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant record dates according
to their terms and the provisions of Section 3.7. 
 If any Security 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 prescribed therefor in the Security. 

Section 11.7 Securities Redeemed in Part. 

Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so
requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and the Company shall execute, and
the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount
equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 

  
 51 

 ARTICLE TWELVE 

SINKING FUNDS 
 Section 12.1
Applicability of Article. 
 The provisions of this Article Twelve shall be applicable to any sinking fund for the retirement of
Securities of a series except as otherwise specified as contemplated by Section 3.1 for Securities of such series. 
 The minimum
amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities
of any series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2.
Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series. 

Section 12.2 Satisfaction of Sinking Fund Payments with Securities. 

The Company (a) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (b) may apply as
a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities,
in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series; provided that
such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the
amount of such sinking fund payment shall be reduced accordingly. 
 Section 12.3 Redemption of Securities for Sinking Fund. 

Not less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory
to the Trustee), the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be
satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 12.2 and stating the basis for such credit and that such Securities have not been
previously so credited, and will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in Section 11.3 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 11.4. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner stated in Section 11.6 and Section 11.7. 
 ARTICLE
THIRTEEN 
 DEFEASANCE 

Section 13.1 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Company may, at the option of its Board of Directors evidenced by a Board Resolution, and at any time, elect to have either
Section 13.2 or Section 13.3 hereof be applied to all Outstanding Securities of any series upon compliance with the conditions set forth below in this Article Thirteen. 

Section 13.2 Legal Defeasance and Discharge. 

Upon the Company’s exercise under Section 13.1 hereof of the option applicable to this Section 13.2, the Company and each of the
Guarantors will, subject to the satisfaction of the conditions set forth in Section 13.4 hereof, be deemed to have been discharged from their obligations with respect to all Outstanding Securities of such series

  
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(including the Securities Guarantee) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the
Company and the Guarantors will be deemed to have paid and discharged the entire Debt represented by the Outstanding Securities of such series (including the Securities Guarantee), which will thereafter be deemed to be “outstanding” only
for the purposes of Section 13.5 hereof and the other sections of this Indenture referred to in clauses (a) and (b) below, and to have satisfied all their other obligations under such Securities, the Securities Guarantee and this
Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions, which will survive until otherwise terminated or discharged hereunder: 

(a) the rights of Holders of Outstanding Securities of such series to receive payments in respect of the principal of, or
interest or premium, if any, on, such Securities when such payments are due from the trust referred to in Section 13.4 hereof; 

(b) the Company’s obligations with respect to such Securities under Section 3.4, Section 3.5, Section 3.6,
Section 10.2 and Section 10.3 hereof; 
 (c) the rights, powers, trusts, duties and immunities of the Trustee
hereunder and the Company’s and the Guarantors’ obligations in connection therewith; and 
 (d) this Article
Thirteen. Subject to compliance with this Article Thirteen, the Company may exercise its option under this Section 13.2 notwithstanding the prior exercise of its option under Section 13.3 hereof with respect to the same series of
Securities. 
 Section 13.3 Covenant Defeasance. 

Upon the Company’s exercise under Section 13.1 hereof of the option applicable to this Section 13.3, the Company and each of the
Guarantors will, subject to the satisfaction of the conditions set forth in Section 13.4 hereof, be released from each of their obligations with respect to the Securities of such series under the covenants contained in Section 7.4,
Section 8.1 and Section 10.4 hereof as well as any Additional Defeasible Provisions (such release and termination hereinafter referred to as “Covenant Defeasance”), and the Securities of such series will thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other
purposes hereunder (it being understood that such Securities will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the Outstanding Securities of such series and the Securities
Guarantee, the Company and the Guarantors may fail to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein
to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such failure to comply will not constitute a Default or an Event of Default under Section 5.1 hereof, but, except
as specified above, the remainder of this Indenture and such Securities and Securities Guarantees will be unaffected thereby. In addition, upon the Company’s exercise under Section 13.1 hereof of the option applicable to this
Section 13.3 hereof, subject to the satisfaction of the conditions set forth in Section 13.4 hereof, any Event of Default that constitutes an Additional Defeasible Provision will no longer constitute an Event of Default. 

Section 13.4 Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance with respect to any series of Securities under either Section 13.2 or
Section 13.3 hereof: 
 (a) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the
Holders of the Securities of such series, cash in U.S. dollars, non-callable U.S. Government Obligations, or a combination of cash in U.S. dollars and
non-callable U.S. Government Obligations, in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public accountants, to
pay the principal of, and interest and premium, if any, on, the Outstanding Securities of such series on the stated date for payment thereof or on the applicable Redemption Date, as the case may be, and the Company must specify whether the
Securities are being defeased to such stated date for payment or to a particular Redemption Date; 

  
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 (b) in the case of an election under Section 13.2 hereof, the Company
must deliver to the Trustee an Opinion of Counsel stating that: 
 (i) the Company has received from, or there has been
published by, the Internal Revenue Service a ruling; or 
 (ii) since the Issue Date, 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 will state that,
the Holders of the Outstanding Securities of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will 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 Legal Defeasance had not occurred; 
 (c) in the
case of an election under Section 13.3 hereof, the Company must deliver to the Trustee an Opinion of Counsel stating that the Holders of the Outstanding Securities of such series will not recognize income, gain or loss for U.S. federal
income tax purposes as a result of such Covenant Defeasance and will 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 Covenant Defeasance had not occurred;

 (d) no Default or Event of Default with respect to such series of Securities shall have occurred and be continuing on the
date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit); 

(e) the deposit must not result in a breach or violation of, or constitute a default under, any other instrument to which the
Company or any Guarantor is a party or by which the Company or any Guarantor is bound; 
 (f) such Legal Defeasance or
Covenant Defeasance must not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Company or any Guarantor is a party or by which the Company or any
Guarantor is bound; 
 (g) the Company must deliver to the Trustee an Officer’s Certificate stating that the deposit was
not made by the Company with the intent of preferring the Holders of such Securities over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; 

(h) the Company must deliver to the Trustee an Officer’s Certificate stating that all conditions precedent set forth in
clauses (a) through (f) of this Section 13.4 have been complied with; and (i) the Company must deliver to the Trustee an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions, qualifications and
exclusions) stating that all conditions precedent set forth in clauses (b), (c) and (f) of this Section 13.4 have been complied with. 

Section 13.5 Deposited Money and U.S. Government Obligations to be Held in Trust, Other Miscellaneous Provisions. 

Subject to the last paragraph of Section 10.3 hereof, all money and non-callable
U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 13.5, the “Trustee”) pursuant to Section 13.4 hereof in respect
of the Outstanding Securities of any series will be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company
acting as Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except
to the extent required by law. 

  
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 The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant to Section 13.4 hereof or the principal and interest received in respect thereof other than any such
tax, fee or other charge that by law is for the account of the Holders of the Outstanding Securities. 
 Notwithstanding anything in this
Article Thirteen to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company any money or non-callable U.S. Government Obligations held by it as
provided in Section 13.4 hereof which, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the
opinion delivered under Section 13.4(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

Section 13.6 Reinstatement. 
 If the
Trustee or Paying Agent is unable to apply any United States dollars or non-callable U.S. Government Obligations in accordance with Section 4.1, Section 13.2 or Section 13.3 hereof with
respect to the Securities of any series, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s and the Guarantors’
obligations under this Indenture and such Securities and the Securities Guarantee will be revived and reinstated as though no deposit had occurred pursuant to Section 4.1, Section 13.2 or Section 13.3 hereof until such time as the
Trustee or Paying Agent is permitted to apply all such money or non-callable U.S. Government Obligations in accordance with Section 4.1, Section 13.2 or Section 13.3 hereof, as the case may
be; provided, however, that, if the Company makes any payment of principal of or premium, if any, or interest on any such Security following the reinstatement of its obligations, the Company will be subrogated to the rights of the
Holders of such Securities to receive such payment from the money or non-callable U.S. Government Obligations held by the Trustee or Paying Agent. 

ARTICLE FOURTEEN 

GUARANTEE OF SECURITIES 

Section 14.1 Securities Guarantee. 

(a) Subject to the other provisions of this Article Fourteen, each of the Guarantors hereby fully and unconditionally and
jointly and severally guarantees to each Holder of a Security of each series to which this Article Fourteen has been made applicable as provided in Section 3.1(t) (the Securities of such series being referred to herein as the “Guaranteed
Securities”) (which Security has been authenticated and delivered by the Trustee), and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Guaranteed Securities, or the
obligations of the Company hereunder or thereunder, that: 
 (i) the principal of and premium, if any, and interest on the
Guaranteed Securities will be promptly paid in full when due, whether at Stated Maturity, or by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Guaranteed Securities, if any, if lawful, and all
other obligations of the Company to the Holders of Guaranteed Securities, or the Trustee hereunder or thereunder, will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 

(ii) in case of any extension of time of payment or renewal of any Guaranteed Securities or any of such other obligations, that
same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. 

  
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 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason,
the Guarantors will be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

(b) To the extent permissible under applicable law, the obligations of the Guarantors under this Securities Guarantee are
unconditional, irrespective of the validity, regularity or enforceability of the Guaranteed Securities or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Guaranteed Securities with respect to
any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. To the extent
permitted by applicable law, each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company,
protest, notice and all demands whatsoever and covenants that this Securities Guarantee will not be discharged except by complete performance of the obligations contained in the Guaranteed Securities and this Indenture. 

(c) If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any
custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, then this Securities Guarantee, to the extent theretofore discharged, will
be reinstated in full force and effect. 
 (d) Each Guarantor agrees that it will not be entitled to any right of subrogation
in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, to the extent permitted by applicable law, as between the Guarantors, on the
one hand, and the Holders of Guaranteed Securities and the Trustee, on the other hand, (i) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article Five hereof for the purposes of this Securities Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such obligations as provided in Article Five
hereof, such obligations (regardless of whether due and payable) will forthwith become due and payable by the Guarantors for the purpose of this Securities Guarantee. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Securities Guarantee. 

Section 14.2 Limitation on Guarantor Liability. 

Each Guarantor and, by its acceptance of Guaranteed Securities, each Holder thereof, hereby confirms that it is the intention of all such
parties that the Securities Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar Federal or State law
to the extent applicable to any Securities Guarantee. To effectuate the foregoing intention, to the extent permitted under applicable law, the Holders and each Guarantor hereby irrevocably agree that the obligations of such Guarantor will be limited
to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive
contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article Fourteen, result in the obligations of such Guarantor under its Securities Guarantee not constituting
a fraudulent transfer or conveyance. 
 Section 14.3 Execution and Delivery of Securities Guarantee Notation. 

To evidence its Securities Guarantee set forth in Section 14.1 hereof, each Guarantor hereby agrees that a notation of such Securities
Guarantee substantially in the form set forth in Section 2.3 or established in or pursuant to a Board Resolution or in an indenture supplemental hereto, in accordance with the provisions of Section 2.1, will be endorsed by an officer of
such Guarantor on each Guaranteed Security authenticated and delivered by the Trustee and that this Indenture or a supplement to this Indenture will be executed on behalf of such Guarantor by one of its officers. 

  
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 Each Guarantor hereby agrees that its Securities Guarantee set forth in Section 14.1
hereof will remain in full force and effect notwithstanding any failure to endorse on each Guaranteed Security a notation of such Securities Guarantee. 

If an officer whose signature is on this Indenture or on the Securities Guarantee no longer holds that office at the time the Trustee
authenticates the Guaranteed Security on which a notation of Securities Guarantee is endorsed, the Securities Guarantee will be valid nevertheless. 

The delivery of any Guaranteed Security by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the
Securities Guarantee of such Guaranteed Security set forth in this Indenture on behalf of the Guarantors. 
 * * * 

  
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 This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 IN WITNESS
WHEREOF, the parties hereto have caused this Indenture to be duly executed, as of the day and year first above written. 
  

			
	INDEPENDENCE CONTRACT DRILLING, INC.

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 
			
	
	 UMB BANK, NATIONAL ASSOCIATION,
 as
Trustee

 
			
		
	By:	 	 
	Name:	 	 
	Title:

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