Document:

EX-10.15

 Exhibit 10.15 

EXECUTION VERSION 

STOCKHOLDERS AGREEMENT 

This Stockholders Agreement (as amended or modified from time to time, this “Agreement”), is entered into as of July 11,
2014 by and among First Data Holdings Inc., a Delaware corporation (“Holdings”), New Omaha Holdings L.P., a Delaware limited partnership (the “Partnership”) and the Holders who have executed counterpart signature
pages to this Agreement or a Joinder Agreement. 
 RECITALS 

WHEREAS, the Holders are entering into subscription agreements or stock purchase agreements with Holdings and/or the Partnership dated as of
the date hereof (the “Subscription Agreements”) pursuant to which the Holders have agreed to subscribe for and purchase shares of class B common stock, par value $0.01 per share of Holdings (the “Class B Common
Shares”); and 
 WHEREAS, Holdings, the Partnership and the Holders entered into this Agreement to impose certain restrictions and
obligations upon themselves, and to provide certain rights, with respect to Holdings, the Partnership, the Holders and its and their Common Shares (as defined below), Class B Common Shares and Preferred Stock (as defined below). 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the parties hereto agree as follows: 

Section 1. Definitions. 

As used in this Agreement, the following capitalized terms shall have the following meanings: 

“Affiliate” means, with respect to any Person, any Person directly or indirectly controlling, controlled by or under common
control with such Person; provided that notwithstanding the foregoing, an Affiliate shall not include any portfolio companies of investment funds, vehicles and accounts advised, managed or sponsored by the Sponsor Limited Partners or their
Affiliates. 
 “Agreement” has the meaning set forth in the preamble. 

“Allocated Preferred Preference” means, with respect to the Preferred Stock, the greater of (i) the fair value of Common
Shares, on an as-converted basis, that relate to such Preferred Stock and (ii) $3.50 multiplied by the number of Common Shares that such Preferred Stock can be converted into. 

“Allocated Value” means: 

(i) With respect to any Common Shares, the fair value of the Common Shares. 

 (ii) With respect to any Preferred Stock, the amount of the Allocated Preferred Preference of the
Preferred Stock. 
 (iii) With respect to any Class B Common Shares, the fair value of Common Shares represented by such Class B Common
Shares if such Class B Common Shares were converted on a one-to-one basis to Common Shares or, if the Class B Common Shares have been converted pursuant to their terms, any Common Shares received upon such conversion thereof. 

“Attributed Shares” means, with respect to any matter, Class B Common Shares (and Common Shares from the conversion of such
Class B Common Shares) held directly or indirectly through the Partnership by any of KKR 2006 Fund L.P., KKR PEI Investments, L.P., KKR Partners III, L.P., 8 North America Investor L.P. or any investment funds managed by Kohlberg Kravis
Roberts & Co. L.P. or its Affiliates; provided that such Persons that are Affiliates of the Sponsor Limited Partners shall provide that their equity holders that are unaffiliated with the Sponsor Limited Partners shall be entitled to
direct the vote of such Common Equity Shares indirectly held by such Persons with respect to any such matter. 
 “Board”
means the Board of Directors of Holdings. 
 “Business Day” means any day other than a Saturday, a Sunday, or a holiday on
which national banking associations in the State of New York are authorized by Law to close. 
 “Change of Control” means
(i) the sale of all or substantially all of the assets of Holdings to any Person (or group of Persons acting in concert), other than to the Sponsor Limited Partners or their Affiliates; (ii) a merger, recapitalization or other sale by
Holdings, the Holders or any of their respective Affiliates, to a Person (or group of Persons acting in concert) of equity interests that results in any Person (or group of Persons acting in concert) owning directly or indirectly more of the equity
interests of Holdings (or any resulting company after a merger) than the Sponsor Limited Partners; or (iii) any event which results in the Sponsor Limited Partners ceasing to directly or indirectly hold the ability to elect a majority of the
members of the board of directors of Holdings. 
 “Class B Common Shares” has the meaning set forth in the recitals. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Common Equity Shares” means the Common Shares and the Class B Common Shares of Holdings. 

“Common Shares” means the common stock, par value $0.01 per share of Holdings. 

“Competitor” has the meaning set forth in Section 2(b). 

“Corporation Act” means the Delaware General Corporation Law, as amended from time to time. 

  
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 “Direct Qualified Holdings” means the Allocated Value of Holdings Shares
directly owned by a Holder other than the Partnership. 
 “Dragging Holder” has the meaning set forth in Section 5(a).

 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations
promulgated pursuant thereto. 
 “First Data” means First Data Corporation and any successor thereto. 

“Holders” means any Person who owns Class B Common Shares as of the date hereof or Common Shares from the conversion of such
Class B Common Shares and any Person to whom such Holder transfers Class B Common Shares or Common Shares from the conversion of Class B Common Shares and any transferee thereof, in either case who is required by this Agreement to be bound by the
provisions of this Agreement. 
 “Holdings” has the meaning set forth in the preamble. 

“Holdings Shares” means the Common Shares, Class B Common Shares and Preferred Stock of Holdings. 

“Inclusion Notice” has the meaning set forth in Section 4(b). 

“Inclusion Right” has the meaning set forth in Section 4(c). 

“Indemnitee” has the meaning set forth in Section 16(j). 

“IPO” means any underwritten offering (or series of related offerings of securities to the public pursuant to an effective
registration statement (or statements)) under the Securities Act pursuant to which shares of common stock or equivalent securities of Holdings or the IPO Corporation are sold to the public. 

“IPO Conversion” has the meaning set forth in Section 8(a). 

“IPO Corporation” has the meaning set forth in Section 8(a). 

“Joinder Agreement” means the Joinder Agreement attached hereto as Exhibit A. 

“Law” means any applicable constitutional provision, statute, act, code (including the Code), law, regulation, rule,
ordinance, order, decree, ruling, proclamation, resolution, judgment, decision, declaration, or interpretative or advisory opinion or letter of a governmental authority. 

“Limited Partner” has the meaning set forth in the Partnership Agreement. 

“Losses” has the meaning set forth in Section 16(j). 

“Management Agreement” means the Management Agreement, dated as of September 24, 2007, among First Data, Kohlberg Kravis
Roberts & Co. L.P. and the Partnership. 

  
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 “Offer” has the meaning set forth in Section 3(a). 

“Offered Shares” has the meaning set forth in Section 3(b)(i). 

“Offer Notice” has the meaning set forth in Section 3(a). 

“Offer Price” has the meaning set forth in Section 3(b)(i). 

“Option Period” has the meaning set forth in Section 3(c). 

“Participation Share” has the meaning set forth in Section 3(f)(i). 

“Partnership” has the meaning set forth in the preamble. 

“Partnership Agreement” means the Third Amended and Restated Limited Partnership Agreement of the Partnership, dated as of
July 11, 2014. 
 “Partnership Qualified Holdings” means the Allocated Value of Holdings Shares that are
(i) owned by the Partnership and (ii) allocable to a Qualifying Limited Partner in its capacity as such; provided that with respect to a Limited Partner who is not a Qualifying Limited Partner pursuant to clause (i) of the
definition of “Qualifying Limited Partner”, “Partnership Qualified Holdings” means the Allocated Value of Holdings Shares that are (A) owned by the Partnership and (B) allocable to such Qualifying Limited Partner (in
its capacity as such) as a result of its ownership of Class C Units (as defined in the Partnership Agreement) only. 
 “Permitted
Transferee” means with respect to any Holder, any Affiliate of such Holder (provided that without the consent of the Partnership, an Affiliate of a Holder (other than a Sponsor Limited Partner) shall not constitute a Permitted
Transferee if a Transfer of any Common Equity Shares to such Affiliate would directly or indirectly transfer any of the underlying economics of the Common Equity Shares to a non-Affiliate); provided that in each case such Person has agreed to
become a party to this Agreement pursuant to a Joinder Agreement or such other form of instrument of Transfer as may be approved by Holdings in its sole discretion. 

“Person” means any natural person, corporation, limited partnership, general partnership, limited liability company, joint
stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust, or other organization, whether or not a legal entity, custodian, trustee-executor, administrator, nominee or entity in a
representative capacity and any government or agency or political subdivision thereof. 
 “Preemptive Percentage” means a
fraction (i) the numerator of which is (A) the Direct Qualified Holdings in the case of a Holder other than the Partnership or (B) the Partnership Qualified Holdings of all Qualifying Limited Partners in the case of the Partnership,
as applicable, and (ii) the denominator of which is the Total Qualified Holdings. 
 “Preferred Stock” means the
Participating Convertible Preferred Stock of Holdings. 

  
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 “Prospectus” means the prospectus included in any Registration Statement
(including, without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Common Shares covered by such Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective
amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus. 
 “Public
Offering” means the sale of equity securities to the public pursuant to an effective registration statement (other than Form S-4 or Form S-8 or any similar or successor form) filed under the Securities Act or any comparable Law or
regulatory scheme of any foreign jurisdiction. 
 “Purchase Notice” has the meaning set forth in Section 3(c). 

“Purchasing Holder(s)” has the meaning set forth in Section 3(c). 

“Qualifying Holder” means (i) the Partnership (or its Permitted Transferees) and (ii) any other Holder (or its
Permitted Transferee) who as of the date hereof owns Class B Common Shares (or Common Shares from the conversion of Class B Common Shares). 

“Qualified IPO” means a firm commitment underwritten offering of primary or secondary shares of common equity of Holdings,
the IPO Corporation or their direct or indirect subsidiaries registered under the Securities Act (other than on Form S-4 or successor form or S-8 or successor form) pursuant to which such shares of common equity are listed on a national securities
exchange (including the New York Stock Exchange or NASDAQ). 
 “Qualifying Limited Partner” has the meaning set forth in
the Partnership Agreement. 
 “Registration Statement” means any registration statement of Holdings under the Securities
Act which covers any of the Common Shares pursuant to the provisions of this Agreement, including the prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all material
incorporated by reference or deemed to be incorporated by reference in such registration statement. 
 “Required Sale” has
the meaning set forth in Section 5(a). 
 “Required Sale Notice” has the meaning set forth in Section 5(a). 

“Sale Proposal” has the meaning set forth in Section 5(a). 

“Securities Act” means the Securities Act of 1933, as amended, and any successor statute thereto and the rules and
regulations of the Securities and Exchange Commission promulgated thereunder. 
 “Selling Holder” has the meaning set forth
in Section 4(a). 

  
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 “Sponsor Limited Partners” means KKR 2006 Fund L.P., KKR PEI Investments, L.P.,
KKR Partners III, L.P. and 8 North America Investor L.P., their Permitted Transferees, in each case, that from time to time hold any interest in the Partnership, and their Affiliates. 

“Strategic Investor” has the meaning set forth in Section 2(b). 

“Subscription Agreements” has the meaning set forth in the recitals. 

“Subscription Period” has the meaning set forth in Section 6(a). 

“Subsidiary” of a Person means another Person under the direct or indirect power to elect at least a majority of the board of
directors or other governing body of such Person through the ownership of voting securities, ownership or partnership interests, by contract or otherwise or, if no such governing body exists, the direct or indirect ownership of 50% or more of the
equity interests of such Person. 
 “Tag-Along Pro Rata Share” means the percentage of the Allocated Value of the Selling
Holder’s Holdings Shares that the Selling Holder is proposing to sell relative to the aggregate Allocated Value of the Holdings Shares held by such Selling Holder. 

“Tag Offerees” has the meaning set forth in Section 4(a). 

“Total Qualified Holdings” means the sum of (i) the Direct Qualified Holdings of all Holders and (ii) the
Partnership Qualified Holdings. 
 “Transfer” or “Transferred” means any direct or indirect transfer,
sale, gift, assignment, exchange, mortgage, pledge, hypothecation, mortgage, encumbrance or any other disposition (whether voluntary or involuntary or by operation of Law) of any Holdings Shares (or any interest (pecuniary or otherwise) therein or
rights thereto). In the event that any Holder that is a corporation, partnership, limited liability company or other legal entity (other than an individual, trust or estate) ceases to be controlled by the Person controlling such Holder or a
Permitted Transferee thereof, such event shall be deemed to constitute a “Transfer” subject to the restrictions on Transfer contained or referenced herein. 

“Transferring Holder” has the meaning set forth in Section 3(a). 

“Transferred Class B Common Shares” has the meaning set forth in Section 2(b). 

“Valuation Percentage” means, for any Holder, the Allocated Value of the Holdings Shares held by such Holder divided by the
Allocated Value of all of the Holdings Shares held by the Holders. 
 “VCOC Holder” has the meaning set forth in
Section 10(a). 
 Section 2. General Restrictions on Transfer of Class B Common Shares. 

(a) A Holder may only Transfer its Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares) as follows: 

  
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 (i) to a Permitted Transferee; 

(ii) pursuant to, and in accordance with, Section 4 and Section 5; 

(iii) during the period commencing on the date hereof and ending on the completion of a Qualified IPO, with the written consent of Holdings;

 (iv) during the period commencing on the completion of a Qualified IPO and thereafter pursuant to sales in accordance with Rule 144 under
the Securities Act and any other Transfers permitted by applicable securities Laws; 
 (v) if a Qualified IPO has not been completed within
three (3) years after the date hereof, to any Person, subject to the written consent of Holding, which consent shall not be unreasonably withheld, conditioned or delayed, and subject to the terms and conditions of this Agreement (including
Section 3); and 
 (vi) a Holder may pledge Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares)
pursuant to a bona fide financing transaction; provided that the number of Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares) pledged by a Holder and its Affiliates, collectively, shall not exceed 20%
of the total number of Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares) owned by such Holder and its Affiliates as of the date of the pledge or such other percentage as agreed to with the Partnership;
provided further, any agreement entered into with a lender in connection with such pledge will provide that in the event the lender seeks to enforce such pledge, the Partnership would have a right of first offer, in priority to the
lender’s right to foreclose, in respect of the Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares) subject to the lender’s pledge. To the extent the Partnership does not acquire the entirety of any
stake subject to such right of first offer, the lender, or such other purchaser of Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares) pursuant hereto, upon foreclosure may acquire, subject to any requisite
consent applicable to Transfers to a third party under the transfer restrictions contained in this Agreement, the remaining portion of the stake not acquired pursuant to such pro rata right of first offer and shall adhere to all of the obligations
under this Agreement (including without limitation the transfer restrictions set forth herein); provided that such lender shall only receive pro rata tag-along rights pursuant to this Agreement and, for avoidance of doubt, upon foreclosure
the lender, or such other purchaser of Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares) pursuant hereto, upon foreclosure will not have any right to vote any of its Class B Common Shares (or Common Shares
from the conversion of such Class B Common Shares) on any matter to be voted on by the Holders and will not have any right to appoint or designate any members of any governing body of Holdings or any of its Subsidiaries or Affiliates or any other
governance, consent or approval rights; provided further, none of the provisos in this Section 2(a)(vi) shall apply following the completion of a Qualified IPO. 

(b) Notwithstanding anything to the contrary in this Agreement, prior to a Qualified IPO, no Class B Common Shares (or Common Shares from the
conversion of such Class B Common Shares) may be Transferred to a Competitor or any Strategic Investor without the 

  
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consent of Holdings other than in a sale in accordance with Rule 144 under the Securities Act or in a Public Offering. A “Competitor” shall mean (i) a Person or its
Affiliates that is determined, in good faith, by Holdings to be a competitor of First Data or any of its Subsidiaries in any material respect and (ii) any Affiliate of any such Person specified in clause (i). A “Strategic
Investor” shall mean a Person who is not (1) in the private equity business, (2) a hedge fund or (3) another financial investor. If any Holder proposes to Transfer any Class B Common Shares to a transferee (other than a sale
in accordance with Rule 144 under the Securities Act or in a Public Offering, an initial pledge pursuant to a bona fide financing transaction or a Transfer pursuant to, and in accordance with, Section 4 and Section 5), the Holder shall
furnish a written notice to Holdings at least ten (10) Business Days prior to such proposed Transfer. Such notice shall set forth the principal terms of the proposed Transfer, including (A) the number of Class B Common Shares (or Common
Shares from the conversion of such Class B Common Shares) to be Transferred (the “Transferred Class B Common Shares”), (B) the purchase price for the Transferred Class B Common Shares or the formula by which such price is to be
determined and (C) the name and address of the prospective transferee. If Holdings does not determine that the prospective transferee is a Competitor or a Strategic Investor within such ten (10) Business Day period or that such Transfer is
prohibited under Section 2(c), the Holder proposing such Transfer may Transfer the Transferred Class B Common Shares to such prospective transferee. In the event any proposed Transfer to a Competitor or Strategic Investor is approved in
accordance with the foregoing, (i) such approval shall also apply to Transfers made to such prospective transferee by any Tag Offerees and (ii) such Transfer must nevertheless comply with this Agreement. Notwithstanding anything in this
Agreement to the contrary, the restrictions in this Section 2(b) shall not apply to any Transfers (w) required to be made under Section 5, (x) to Holdings or any of its Subsidiaries, (y) to any Holder, or (z) to a
Permitted Transferee. 
 (c) Transfers of Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares) may only
be made in strict compliance with all applicable terms of this Agreement, and, to the fullest extent permitted by Law, any purported Transfer of Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares) that does not
so comply with all applicable terms of this Agreement shall be null and void and of no force or effect, and Holdings shall not recognize or be bound by any such purported Transfer and shall not affect any such purported Transfer on the books and
records of Holdings. 
 (d) Transfers of the Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares) made
in accordance with this Agreement shall be effected by such documents and instruments as are necessary to comply with the Corporation Act and other applicable Delaware Law, including a Joinder Agreement or such other form of instrument of Transfer
as may be approved by Holdings in its sole discretion. 
 (e) The provisions of this Section 2 shall terminate upon the Sponsor Limited
Partners owning, directly or indirectly, less than 5.0% of the outstanding Common Equity Shares. 
 Section 3. Right of First
Offer. 
 (a) Prior to the occurrence of an IPO, any proposed Transfer of Class B Common Shares (other than (i) to a Permitted
Transferee, (ii) pursuant to, and in accordance with, Section 4 and Section 5 or (iii) an initial pledge pursuant to a bona fide financing transaction) by any Holder 

  
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(other than the Partnership and its Permitted Transferees) (each a “Transferring Holder”) shall be subject to the right of first offer pursuant to, and any Transferring Holder
must first comply with the provisions of, this Section 3, Section 2 and Section 7. In the event a Transferring Holder proposes to Transfer any or all of its Class B Common Shares (other than (i) to a Permitted Transferee,
(ii) pursuant to, and in accordance with, Section 4 and Section 5 or (iii) an initial pledge pursuant to a bona fide financing transaction) (the “Offer”), then the Transferring Holder shall furnish to the
Partnership a written notice of such proposed Transfer (an “Offer Notice”). 
 (b) The Offer Notice shall include: 

(i) the number and class of Class B Common Shares proposed to be Transferred by the Transferring Holder (the “Offered
Shares”), (B) the per Offered Shares purchase price in cash at which the Transferring Holder is prepared to Transfer such Offered Shares (the “Offer Price”) and (C) all other material terms and conditions, if any,
in connection with such proposed Transfer; and 
 (ii) an irrevocable offer to sell the Offered Shares to the Partnership at the Offer Price.

 (c) If the Partnership, or any assignee of the rights under this Section 3, wishes to purchase the Offered Shares pursuant to the
right of first offer, it and its assignees must elect to purchase all of the Offered Shares at the Offer Price within twenty (20) Business Days following the date of delivery of the Offer Notice (the “Option Period”) by
delivering an irrevocable notice (the “Purchase Notice” and the Partnership, or any assignee of the rights under this Section 3, upon delivering such notice, the “Purchasing Holder(s)”) to the Transferring
Holder indicating its desire to exercise its rights under this Section 3 and specifying the number of Offered Shares (which shall be the aggregate amount of the number of Offered Shares) it desires to purchase for cash at the Offer Price. If
the Partnership, or any assignee of the rights under this Section 3, does not deliver a Purchase Notice in compliance with the above requirements, including the time period, the Partnership, or any assignee of the rights under this
Section 3, shall be deemed to have waived all of its rights with respect to the offer contained in the Offer Notice. After receipt of the Purchase Notice, the parties shall negotiate in good faith to enter into an agreement with respect to such
Transfer for fifteen (15) Business Days. 
 (d) If the aggregate number of Offered Shares offered to be purchased by the Purchasing
Holder(s) as set forth in their Purchase Notices does not equal or exceed the number of the Offered Shares which the Transferring Holder desires to Transfer or the Purchasing Holder(s) and the Transferring Holder cannot agree upon the terms of such
Transfer within such fifteen (15) Business Day period, then, in each such case, the Transferring Holder may, subject to the other provisions of this Agreement, not later than one hundred and twenty (120) days after the date of the Offer
Notice, as such period may be extended to obtain any required regulatory approvals, Transfer all (but not less than all) of the Offered Shares to any other Person on terms no less favorable to the Transferring Holder than those set forth in the
Offer Notice, including at a purchase price in cash equal to or greater than the Offer Price, and, if any other material terms and conditions are identified in the Offer Notice, on those terms and conditions (or those terms and conditions modified
in a manner which are no less favorable to the Transferring Holder), without any further obligation to the Purchasing Holder(s) pursuant to this Section 3(d); provided, that such sale shall not be consummated unless prior to the purchase
by such other Person of such Offered Shares, such Person shall become a party to this Agreement and shall agree to be bound by 

  
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the terms and conditions hereof to the same extent as the Transferring Holder. If, at the end of such period, as such period may be extended to obtain any required regulatory approvals, the
Transferring Holder has not completed the Transfer of the Offered Shares in accordance with the foregoing, the restrictions on transfer set forth in this Section 3 shall again be in effect with respect to such Class B Common Shares. 

(e) In the event the Partnership is the Purchasing Holder, if the aggregate number of Offered Shares offered to be purchased by the Partnership
as set forth in its Purchase Notice equals or exceeds the number of the Offered Shares, the Transferring Holder shall sell to the Partnership the Offered Shares. 

(f) The Holders hereby acknowledge and agree that the Partnership may assign all, but not less than all, of its rights under this
Section 3 to all of the Principal Investor Limited Partners (as defined in the Partnership Agreement); provided that if a Principal Investor Limited Partner will not accept such transfer, such rights shall be transferred to the Principal
Investor Limited Partners that are willing to accept such transfer. In the event the Partnership assigns its rights under this Section 3(f), if the aggregate number of Offered Shares offered to be purchased by the Principal Investor Limited
Partners as set forth in their Purchase Notices equals or exceeds the number of the Offered Shares, the Transferring Holder shall sell to the Principal Investor Limited Partners a number of Offered Shares calculated as follows: 

(i) first there shall be allocated to each Principal Investor Limited Partner a number of Offered Shares equal to the lesser of (A) the
number of Offered Shares such Principal Investor Limited Partner has offered to purchase in its Purchase Notice and (B) the number of Offered Shares determined by multiplying (x) the number of Offered Shares by (y) a fraction the
numerator of which is the Allocated Value (as defined in the Partnership Agreement) of the Limited Partnership Units (as defined in the Partnership Agreement) owned by such Principal Investor Limited Partner and the denominator of which is the
Allocated Value of the total number of Limited Partnership Units owned by all Principal Investor Limited Partners (the “Participation Share”); and 

(ii) any remaining Offered Shares shall be allocated to those Principal Investor Limited Partners that offered to purchase in excess of their
Participation Share, pro rata to such Principal Investor Limited Partners based upon each such Principal Investor Limited Partners’ relative Participation Share or as such Principal Investor Limited Partners may otherwise agree. 

Section 4. Tag-Along Rights. 

(a) Subject to prior compliance with Section 2, the Partnership (the “Selling Holder”) shall not sell or otherwise effect
a sale or other Transfer of all or any number of its Holdings Shares (other than to a Permitted Transferee or in a transaction pursuant to Section 5) unless the terms and conditions of such Transfer include an offer, on the same terms and
conditions, in the same proportion and with the same economic terms, as the offer by the proposed third party transferee to the Selling Holder, to each of the other Holders who is not the Selling Holder or the proposed third party transferee (if
such purchaser is a Holder) (collectively, the “Tag Offerees”), to include at the option of each Tag Offeree, in the sale or other Transfer to the third party, a number of Class B Common Shares (or Common Shares from the conversion
of such Class B Common Shares) owned by each Tag Offeree determined in accordance with this Section 4. 

  
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 (b) The Selling Holder shall cause the third party transferee offer to be reduced to writing
(which writing shall include an offer to purchase or otherwise acquire Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares) from the Tag Offerees as required by this Section 4 and a time and place
designated for the closing of such purchase, which time shall not be less than twenty (20) Business Days after delivery of such notice) and shall send written notice of such third party offer (the “Inclusion Notice”) to each of
the Tag Offerees and Holdings in the manner specified herein. 
 (c) Each Tag Offeree shall have the right (an “Inclusion
Right”), exercisable by delivery of a notice to the Selling Holder at any time within ten (10) Business Days after receipt of the Inclusion Notice, to sell pursuant to such third party offer, and upon the terms and conditions set forth
in the Inclusion Notice, that number of Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares) requested to be included by such Tag Offeree (which number shall not exceed, but may be less than, a number of such
Tag Offeree’s Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares) equal to the product of (x) such Tag Offeree’s Class B Common Shares (or Common Shares from the conversion of such Class B Common
Shares) multiplied by (y) the Tag-Along Pro Rata Share) (it being understood that the failure to exercise such right within such time period specified above shall be deemed to constitute a waiver of all of such Tag Offeree’s rights with
respect to such proposed Transfer and any such exercise of the Inclusion Right shall be irrevocable). If the proposed third party transferee is unwilling to purchase all of the Holdings Shares proposed to be Transferred by the Selling Holder and all
exercising Tag Offerees (determined in accordance with the first sentence of this Section 4(c)), then the Selling Holder and each exercising Tag Offeree shall reduce, on a pro rata basis based on their respective Valuation Percentages of the
Holdings Shares held by the Tag Offerees and the Selling Holder, the Tag-Along Pro Rata Share of the Holdings Shares that each otherwise would have sold so as to permit the Selling Holder and each exercising Tag Offeree to sell the number of
Holdings Shares that the proposed third party transferee is willing to purchase. The Tag Offerees and the Selling Holder shall sell to the proposed third party transferee the Holdings Shares proposed to be Transferred by them in accordance with this
Section 4 at the time and place provided for the closing in the Inclusion Notice, or at such other time and place as the holders of a majority of the Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares) to
be Transferred by exercising Tag Offerees, the Selling Holder, and the proposed third party transferee shall agree. Notwithstanding the foregoing, no Tag Offeree shall be entitled to Transfer Class B Common Shares (or Common Shares from the
conversion of such Class B Common Shares) pursuant to an Inclusion Right conferred pursuant to this Section 4 in the event that, notwithstanding delivery of an Inclusion Notice pursuant to this Section 4, the Selling Holder fails to
consummate the Transfer of Holdings Shares which gave rise to such Inclusion Right. 
 (d) Notwithstanding anything herein to the contrary,
no Tag Offeree shall have an Inclusion Right in connection with any Transfer in which the consideration to be received by the Selling Holder includes securities if extending such Inclusion Right to such Tag Offeree is not possible without
registering such securities under the Securities Act and the proposed third party transferee is unable to register such securities despite its and the Selling Holder’s commercially 

  
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reasonable efforts; provided that in such event, the Selling Holder shall require the proposed third party transferee to purchase the Class B Common Shares (or Common Shares from the
conversion of such Class B Common Shares) of any such Tag Offerees who are unable to participate as a result of this Section 4(d) for cash at the purchase price as is implied for the Selling Holder. 

(e) In connection with any such Transfer, each Tag Offeree must agree to make the same representations, warranties, covenants (other
than standstill, non-compete and non-solicitation provisions and licenses, employment or consulting agreements, or any other covenant that would require a Holder to restrict or limit its or its Affiliates’ business activities in any material
respect) and indemnities as the Selling Holder; provided that (x) no such Tag Offeree shall be required to make representations and warranties or covenants or provide indemnities as to any other Holder and no such Tag Offeree shall be
required to make any representations and warranties (but, subject to clause (z), shall be required to provide several but not joint indemnities with respect to breaches of representations and warranties made by Holdings or its Subsidiaries) about
the business of Holdings or its Subsidiaries, (y) no Tag Offeree shall be liable for the breach of any covenant by any other Tag Offeree or Selling Holder and (z) notwithstanding anything in this Section 4(e) to the contrary, any
liability relating to representations and warranties (and related indemnities), covenants or other indemnification obligations regarding the business of Holdings assumed in connection with the Transfer shall be shared by all exercising Tag Offerees
electing to sell and the Selling Holder pro rata in proportion to the proceeds actually received by such Holder to the aggregate amount of proceeds received by all of the Holders and in any event shall not exceed the proceeds received by such Holder
in the proposed Transfer. 
 (f) The provisions of this Section 4 shall, to the extent Holdings is then in existence, terminate
upon the completion of a Qualified IPO. 
 Section 5. Drag-Along Rights. 

(a) Notwithstanding anything contained in this Agreement to the contrary, if the Partnership (the “Dragging Holder”) receives
an offer to purchase or otherwise desires to Transfer (a “Sale Proposal”) a number of Holdings Shares, including Holdings Shares owned by other Holders such that the transaction would result in a Change of Control (taking into
account all Holdings Shares being “dragged”) (each, a “Required Sale”), then the Dragging Holder may in its sole discretion deliver a written notice (a “Required Sale Notice”) with respect to such Sale
Proposal at least ten (10) Business Days prior to the anticipated closing date of such Required Sale to all other Holders requiring them to sell or otherwise Transfer their Class B Common Shares to the proposed transferee in accordance with the
provisions of this Section 5. In any such transaction, all selling Holders must receive the same benefits and bear the same burden as the Dragging Holder in proportion to the Valuation Percentages of their respective Holdings Shares to be sold;
provided that no Holder shall be liable for any indemnification obligations in excess of the proceeds received by such Holder in such transaction. 

(b) The Required Sale Notice will include the material terms and conditions of the Required Sale, including (A) the name and address of
the proposed transferee, (B) the proposed amount and form of consideration (and if such consideration consists in part or in whole of property other than cash, the Dragging Holder will provide such information, to the extent reasonably
available to the Dragging Holder, relating to such non-cash consideration as the other 

  
 12 

 
Holders may reasonably request in order to evaluate such non-cash consideration, provided that the provision of such information (or lack thereof) shall not relieve any Holder of its
obligation to sell or otherwise Transfer Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares) under this Section 5) and (C) the proposed Transfer date, if known. The Dragging Holder will deliver or
cause to be delivered to each other Holder copies of all transaction documents relating to the Required Sale promptly as the same become available. 

(c) Each Holder, upon receipt of a Required Sale Notice, shall be obligated to sell or otherwise Transfer the same proportion of the Common
Equity Shares being Transferred by the Dragging Holder and participate in the Required Sale contemplated by the Sale Proposal, to vote, if required by this Agreement or otherwise, its Class B Common Shares (or Common Shares from the conversion of
such Class B Common Shares) in favor of the Required Sale at any meeting of Holders called to vote on or approve the Required Sale and/or to consent in writing to the Required Sale, to waive all dissenters’ or appraisal rights, if any, in
connection with the Required Sale, to enter into agreements relating to the Required Sale, to agree (as to itself) to make to the proposed purchaser the same representations, warranties, covenants (other than standstill, non-compete and
non-solicitation provisions and licenses, employment or consulting agreements, or any other covenant that would require a Holder to restrict or limit its or its Affiliates’ business activities in any material respect), indemnities and
agreements as the Dragging Holder agrees to make in connection with the Required Sale, and to take or cause to be taken all other actions as may be reasonably necessary to consummate the Required Sale; provided that (x) unless otherwise
agreed, a Holder shall not be required to make representations and warranties or provide indemnities as to any other Holder or make any representations and warranties (but, subject to clause (z), shall be required to provide several but not joint
indemnities with respect to breaches of representations and warranties made by Holdings or its Subsidiaries) about the business or operations of Holdings or its Subsidiaries, (y) no such Holder shall be liable for the breach of any covenant by
any other Holder and (z) notwithstanding anything in this Section 5(c) to the contrary, any liability relating to representations and warranties (and related indemnities) and other indemnification obligations regarding the business of
Holdings assumed in connection with the Required Sale shall be shared by all Holders pro rata in proportion to the proceeds actually received by such Holder to the aggregate amount of proceeds received by all of the Holders and in any event shall
not exceed the proceeds received by such Holder in the Required Sale. 
 (d) The obligations of the Holders pursuant to this Section 5
are subject to each of the Holders receiving the same proportion of the aggregate consideration from such Required Sale that such Holder would have received if such aggregate consideration had been distributed by Holdings to the Holders in complete
liquidation. 
 (e) If in connection with a Required Sale the Holders are to receive securities that (x) are not immediately salable by
such Holders without registration under the Securities Act or (y) are not listed on a U.S. national securities exchange, then in connection with such Required Sale, the Dragging Holder shall enable the Holders to enter into a stockholders or
similar agreement containing rights similar to those set forth in Section 2, Section 3, Section 4, Section 6 and Section 13 of this Agreement. 

  
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 (f) The Dragging Holder shall, in its sole discretion, decide whether or not to pursue,
consummate, postpone or abandon any Required Sale and the terms and conditions thereof. Neither any Holder nor any Affiliate of any such Holder shall have any liability to any other Holder or Holdings arising from, relating to or in connection with
the pursuit, consummation, postponement, abandonment or terms and conditions of any Required Sale except to the extent such Holder shall have failed to comply with the provisions of this Section 5. 

(g) The provisions of this Section 5 shall, to the extent Holdings is then in existence, terminate upon the completion of a Qualified IPO.

 Section 6. Preemptive Rights. 

(a) Prior to a Qualified IPO, if (i) Holdings proposes to issue additional equity securities (including securities exercisable for or
convertible into equity securities) of Holdings, (ii) First Data proposes to issue additional equity securities or (iii) any other Subsidiary of Holdings proposes to issue additional equity securities, Holdings shall deliver to each
Qualifying Holder a written notice of such proposed issuance at least thirty (30) days prior to the date of the proposed issuance (the period from the effectiveness pursuant to Section 16(e) of such notice until the date of such proposed
issuance, the “Subscription Period”). Such notice shall include, to the extent applicable, (i) the identity of the issuer, (ii) the amount, kind and terms of the equity securities to be included in the issuance,
(iii) the maximum and minimum price (in cash) of the equity securities to be included in the issuance, (iv) the name and address of the proposed purchaser and (v) the proposed issuance date, if known. 

(b) Each Qualifying Holder shall have the option, exercisable at any time during the first twenty (20) days of the Subscription Period by
delivering an irrevocable written notice to Holdings (except as otherwise provided in this Section 6) and on the same terms as those of the proposed issuance of such additional equity securities (including the number or amount, as applicable,
of equity securities issuable upon exercise or conversion of any security), to irrevocably subscribe for up to such number or amount, as applicable, of equity securities as is equal to the product of (A) the number or amount of any such
additional equity securities (including securities exercisable for or convertible into equity securities) to be offered and (B) Preemptive Percentage, in each case, on the same terms and conditions as are to be provided to the proposed
purchaser in the issuance in question. Each Qualifying Holder who does not exercise any portion of such option in accordance with the above requirements shall be deemed to have waived all of such Qualifying Holder’s rights with respect to such
issuance. In the event that any Qualifying Holder does not elect to purchase its aggregate Preemptive Percentage of the additional equity securities (including securities exercisable for or convertible into equity securities), Holdings shall deliver
to each Qualifying Holder (other than declining Qualifying Holders) a written notice thereof not later than the twenty-fifth (25th) day of the Subscription Period, including the number or amount, as applicable, of equity securities which were
subject to the purchase right of such declining Qualifying Holder(s), and, prior to the twenty-eighth (28th) day of the Subscription Period each other Qualifying Holder may subscribe for not more than its Preemptive Percentage (calculated using
the number of Holdings Shares owned by such Holder relative to the number of Holdings Shares owned by all non-declining Qualifying Holders) of such declined equity securities before the expiration of the Subscription Period. 

  
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 (c) In the case of issuances of equity securities covered by this Section 6, a Qualifying
Holder may elect to subscribe for such securities by making a payment to Holdings which Holdings shall apply to the purchase of, and hold as agent for the Qualifying Holder (but not as an asset of Holdings), such securities on behalf of such Holder.

 (d) If, prior to consummation of the issuance of equity securities covered by this Section 6, the terms of the proposed issuance
change with the result that the price is less than the minimum price or more than the maximum price set forth in the notice contemplated by clause (a) above or the other principal terms are substantially more favorable to the prospective
purchaser than those set forth in such notice, it shall be necessary for a separate notice to be furnished, and the terms and provisions of this Section 6 separately complied with. 

(e) If at the end of the ninetieth (90th) day after the date of the effectiveness of the notice contemplated by clause (a) above as
such period may be extended to obtain any required regulatory approvals, Holdings or its Subsidiary, as applicable, has not completed the issuance, each Qualifying Holder shall be released from such Qualifying Holder’s obligations under the
written commitment, the notice shall be null and void, and it shall be necessary for a separate notice to be furnished, and the terms and provisions of this Section 6 separately complied with, in order to consummate such issuance. 

(f) In the event that the participation in the issuance by a Qualifying Holder as a purchaser would require under applicable Law
(i) the registration or qualification of such securities or of any Person as a broker or dealer or agent with respect to such securities where such registration or qualification is not otherwise required for the issuance or (ii) the
provision to any Qualifying Holder of any specified information regarding Holdings or any of its Subsidiaries or the securities to be issued that is not otherwise required to be provided for the issuance, such Qualifying Holder shall not have the
right to participate in the issuance; provided that, if a broker, dealer or agent is required for participation of a Qualifying Holder pursuant to clause (i) above and such Qualifying Holder agrees (in the form reasonably required by
Holdings) to pay all costs and fees related to such broker, dealer or agent, then Holdings shall obtain such a broker, dealer or agent in connection with such issuance and such Qualifying Holder shall be able to participate in such issuance.

 (g) Each Qualifying Holder shall take or cause to be taken all such reasonable actions as may be necessary or reasonably desirable in
order expeditiously to consummate each issuance pursuant to this Section 6. 
 (h) Notwithstanding the requirements of this
Section 6, Holdings, First Data or any other Subsidiary of Holdings, as applicable, may proceed with any issuance that would otherwise be subject to this Section 6 prior to having complied with the provisions of this Section 6;
provided that Holdings, First Data, or such other Subsidiary of Holdings, as applicable, shall: 
 (i) provide to each Holder in
connection with such issuance (A) prompt notice of such issuance and (B) the notice described in clause (a) above in which the actual price of the equity securities shall be set forth; 

(ii) offer to issue to each Holder such number or amount of securities of the type issued in the issuance as may be requested by such Holder
(not to exceed the Preemptive Percentage that such Holder would have been entitled to pursuant to this Section 6 multiplied by the number or amount of equity securities included in the issuance and any further issuance pursuant to this clause
(h)) on the same economic terms and conditions with respect to such securities as the subscribers in the issuance received; and 

  
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 (iii) keep such offer open for a period of thirty (30) Business Days, during which period,
each such Holder may accept such offer by sending an irrevocable written acceptance to Holdings or its Subsidiary, as applicable, committing to purchase in accordance with the procedures set forth in Section 6(b), an amount of such securities
(not in any event to exceed the Preemptive Percentage that such Holder would have been entitled to pursuant to this Section 6 otherwise, multiplied by the number or amount of equity securities included in such issuance and any further issuance
pursuant to this clause (h)). 
 (i) The provisions of this Section 6 shall not apply to issuances by Holdings or any Subsidiary of
Holdings as follows: 
 (i) any issuance of securities to Holdings or any wholly owned Subsidiary of Holdings; 

(ii) any issuance of securities upon the exercise or conversion of any stock, options, warrants or convertible securities outstanding on the
date hereof or issued after the date hereof in a transaction that complied with the provisions of this Section 6; 
 (iii) any issuance
of equity securities, options, warrants or convertible securities to officers, employees, directors or consultants (other than a Holder or an Affiliate thereof) of Holdings or its Subsidiaries in connection with such Person’s employment or
consulting arrangements with Holdings or its Subsidiaries, in each case to the extent approved by Holdings (or the governing body of the entity making such issuance) or pursuant to an employment benefit plan incentive award program or other
compensation arrangement; 
 (iv) any issuance of equity securities, options, warrants or convertible securities, in each case to the extent
approved by Holdings (or the governing body of the entity making such issuance), (A) in any direct or indirect business combination or acquisition transaction involving Holdings or any of its Subsidiaries, including with respect to a Change of
Control, (B) in connection with any joint venture or strategic partnership entered into primarily for purposes other than raising capital (as determined in good faith by Holdings in its sole discretion) or (C) to financial institutions,
commercial lenders, broker/finders or any similar party, or their respective designees, in connection with the incurrence or guarantee of indebtedness by Holdings or any of its Subsidiaries; 

(v) any issuance of equity securities pursuant to a Public Offering; 

(vi) any issuance of securities in connection with any stock split, stock dividend paid on a proportionate basis to all holders of the affected
class of equity interest or recapitalization approved by Holdings (or the governing body of the entity making such issuance); or 
 (vii) any
issuance of securities in connection with the IPO Conversion. 

  
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 Section 7. Other Transfer Provisions. 

(a) Except as otherwise provided in Section 5, the Holders effecting any Transfer of Class B Common Shares (or Common Shares from the
conversion of such Class B Common Shares) permitted hereunder shall pay all reasonable costs and expenses, including attorneys’ fees and disbursements, incurred by Holdings in connection with the Transfer on a pro rata basis in proportion to
the number of Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares) so transferred by each such Holder. 

(b) Notwithstanding anything to the contrary contained herein, prior to a Qualified IPO, no Transfer of Class B Common Shares (or Common Shares
from the conversion of such Class B Common Shares) may be made or recorded in the books and records of Holdings unless the transferee shall deliver to Holdings notice of such Transfer, including a fully executed copy of all documentation and
agreements relating to the Transfer and any agreements or other documents required by the Joinder Agreement and any other written agreement (that Holdings may require as evidence) of the transferee to be bound by the terms of this Agreement and to
assume all obligations of the transferring Holder under this Agreement in respect of the Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares) that are the subject of the Transfer and any opinions of counsel as
Holdings may reasonably require to be delivered with respect thereto. 
 Section 8. Conversion to IPO Corporation. 

(a) Without the need for any action or consent of any Person, including any Holders, Holdings, acting alone, may develop and implement an IPO
and IPO Conversion (as defined below). In connection with an IPO, Holdings, in its sole discretion and acting alone, and without the need for any action or consent of any Person, including any Holder, may take any and all actions to create and
implement an IPO, including (i) amendment of this Agreement, including amendments that alter the capital structure of Holdings, whether through the issuance, conversion or exchange of equity securities or otherwise, (ii) merger, conversion
or consolidation of Holdings, (iii) the formation of Subsidiaries and the distribution to Holders of equity or other interests in such Subsidiaries, (iv) transferring, domesticating or otherwise moving Holdings to another jurisdiction, and
(v) taking such other steps as it deems necessary, advisable or convenient to create a suitable vehicle for an offering, in each such case (the resulting entity, the “IPO Corporation”), and in each case for the express purpose
of an initial offering of the securities of such IPO Corporation for sale to the public in an IPO (any such action, an “IPO Conversion”), in each case so long as such action does not adversely affect (A) the economic interests,
voting rights and priorities of Holders of Class B Common Shares prior to such IPO Conversion in their capacities as such relative to the economic interests, voting rights and priorities of the holders of Common Shares prior to such IPO Conversion
in their capacities as such or (B) the economic interests, voting rights and priorities of any other Holder of Class B Common Shares prior to such IPO Conversion in its capacity as such relative to any Holder of Class B Common Shares or
Preferred Shares prior to such IPO Conversion in its capacity as such. In connection therewith, the Holders agree to cooperate with Holdings in good faith in order to effectuate the IPO Conversion and ensure that each Holder receives shares (or
other equity securities) and other rights in connection with such IPO Conversion substantially equivalent to its economic interest, governance, priority and other rights and privileges as such Holder had with respect to its Class B

  
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Common Shares prior to such IPO Conversion and are consistent with the rights and preferences attendant to such Class B Common Shares as set forth in this Agreement as in effect immediately prior
to such IPO Conversion and to ensure that such rights and privileges are reflected in the organizational and other documents of the IPO Corporation, including entering into an amendment to this Agreement. In the event Holdings or the Partnership
determines that Holdings should engage in an IPO Conversion, the Holders and Holdings will use commercially reasonable efforts to cooperate with each other so the IPO Conversion is undertaken in a tax-efficient manner for all Holders. 

(b) Holdings shall give each Holder at least thirty (30) days’ prior written notice of any IPO Conversion, setting forth in
reasonable detail the description of any of the actions to be taken in connection with the IPO Conversion. If Holdings elects to undertake an IPO Conversion, the Holders shall take such actions as may be reasonably required and otherwise cooperate
in good faith with Holdings, including taking all actions required or desired by Holdings in connection with consummating the IPO Conversion (including the voting of any Class B Common Shares in connection with any matters relating to the IPO
Conversion (recognizing that this Agreement authorizes Holdings to create and implement the IPO Conversion without the need for any such consent)). 

(c) Holdings shall not implement an IPO Conversion unless Holdings believes that it is reasonably likely that an IPO will occur. Immediately
following an IPO involving an IPO Conversion, the Holders will become equity holders of the IPO Corporation. 
 Section 9. No Recourse
Agreement. 
 Neither Holdings nor any of its Subsidiaries shall enter into any agreement which shall provide for recourse to any
Holder. No recourse to (a) any assets or properties of any members, partners or stockholders of any Holder (or any Person that controls such member, partner or stockholder within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act), (b) any Affiliate of any Holder or (c) any former, current or future officer, director, agent, general or limited partner, member, stockholder, employee or Affiliate of any Holder or any former,
current or future officer, director, agent, general or limited partner, member, stockholder, employee or Affiliate of the foregoing shall be had and no judgment relating to the obligations of any Holder under this Agreement (except to the extent any
such Person expressly is individually liable thereunder) or for any payment obligations under this Agreement (except to the extent any such Person expressly is individually liable thereunder), or any part thereof, or for any claim based thereon or
otherwise in respect thereof or related thereto, shall be obtainable by Holdings or any Holder against any direct or indirect member, partner, stockholder, incorporator, employee or Affiliate, past, present or future, of any Holder. 

Section 10. VCOC Holders. 

(a) At the written request of a Qualifying Holder on its own behalf or on behalf of an Affiliate thereof that indirectly has an interest in
Holdings, in each case that is intended to qualify as a “venture capital operating company” as defined in the plan asset regulations (each, a “VCOC Holder”), for so long as the VCOC Holder, directly or through one or more
wholly owned Subsidiaries, continues to be a Qualifying Holder, Holdings shall, with respect to each such requesting VCOC Holder, provide, or cause First Data (or following an IPO, the IPO Corporation) to provide, such VCOC Holder or its designated
representative with: 

  
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 (i) the right to visit and inspect any of the offices and properties of Holdings and its
Subsidiaries and to have access to, inspect and copy the books and records (including all documents, reports, financial data and other information) of Holdings and its Subsidiaries, as the VCOC Holder shall reasonably request; 

(ii) as soon as available and in any event within forty five (45) days after the end of each of the first three (3) quarters of each
fiscal year of First Data (or following an IPO, the IPO Corporation), consolidated balance sheets of First Data (or following an IPO, the IPO Corporation) and its Subsidiaries as of the end of such period, and consolidated statements of income and
cash flows of First Data (or following an IPO, the IPO Corporation) and its Subsidiaries for the period then ended prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis, except as
otherwise noted therein, and subject to the absence of footnotes and to year-end adjustments; 
 (iii) as soon as available and in any event
within ninety (90) days after the end of each fiscal year of First Data (or following an IPO, the IPO Corporation), a consolidated balance sheet of First Data (or following an IPO, the IPO Corporation) and its Subsidiaries as of the end of such
year, and consolidated statements of income and cash flows of First Data (or following an IPO, the IPO Corporation) and its Subsidiaries for the year then ended prepared in conformity with generally accepted accounting principles in the United
States applied on a consistent basis, except as otherwise noted therein, together with an auditor’s report thereon of a firm of established national reputation; 

(iv) to the extent Holdings or any of its Subsidiaries is required by Law or pursuant to the terms of any outstanding indebtedness of Holdings
or any of its Subsidiaries to prepare such reports, any annual reports, quarterly reports and other periodic reports pursuant to, or containing information of the type required under, Section 13 or 15(d) of the Exchange Act, actually prepared
by Holdings or any of its Subsidiaries as soon as available; 
 (v) to the extent consistent with applicable Law, inform the VCOC Holder or
its designated representative in advance with respect to any significant corporate actions involving Holdings and its Subsidiaries, including extraordinary dividends, mergers, acquisitions or dispositions of assets (including the acquisition by
Holdings of any material assets other than the direct or indirect interest in First Data), issuances of significant amounts of debt or equity and material amendments to the organizational documents of Holdings or its Subsidiaries; and 

(vi) the right to consult with and advise Holdings and its Subsidiaries with respect to such actions and all other matters relating to the
operation of Holdings and its Subsidiaries and, if necessary to satisfy venture capital operating company requirements, the right to attend meetings of the Board as an observer. 

(b) Holdings agrees to consider, in good faith, the recommendations of the VCOC Holder or its designated representative in connection with the
matters on which it is consulted as described above, recognizing that the ultimate discretion with respect to all such matters shall be retained by Holdings. 

  
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 (c) Each VCOC Holder may, upon request, enter into a standard venture capital operating company
management rights letter with First Data and its Subsidiaries. 
 Section 11. Maintenance of Books. 

Holdings shall keep or cause to be kept at Holdings’ principal place of business complete and accurate books and records of Holdings and
supporting documentation of the transactions with respect to the conduct of Holdings’ business. Holdings’ financial books and records shall be maintained on a full cost accounting basis unless otherwise agreed by Holdings. The records
shall include, but not be limited to, complete and accurate information regarding the state of the business and financial condition of Holdings; a copy of this Agreement and all amendments thereto; the current list of the names and last known
business, residence, or mailing addresses of all Holders; and Holdings’ U.S. federal, state, and local tax returns for Holdings’ six (6) most recent tax years. A report showing the financial condition of Holdings at the end of each
fiscal year of Holdings and the results of its operations for the fiscal year shall be mailed to each Holder within one hundred and twenty (120) days after the end of the fiscal year or as soon as practicable thereafter. Holdings has the right
to appoint service providers, including a third party administrator, to maintain the books and records of Holdings. In any event, Holdings shall have the right in its discretion to keep confidential from the Holders, for such period of time as
Holdings deems appropriate, any information which Holdings reasonably believes to be in the nature of trade secrets or other information the disclosure of which Holdings in good faith believes is not in the best interest of First Data or its
business or that Holdings is required by Law or agreement with a third party to keep confidential. 
 Section 12.
Confidentiality.  
 All confidential and proprietary information (irrespective of the form of communication) obtained by
or on behalf of a Holder from Holdings or its representatives, shall not be disclosed to any person other than to a Holders’ Affiliates and their respective managers, officers, employees and authorized representatives (including attorneys,
accountants, consultants, bankers and financial advisors of such Holders), a Holders’ former partners or members who retain an economic interest in the Holder (as applicable), and to any current or prospective partners, limited partners,
general partners, members or management companies of a Holder (or any employee, attorney, accountant, consultant, banker or financial advisor or representatives of any of the foregoing) who need to be provided such information to assist the Holder
in evaluating its investment or otherwise in connection with the management of the business of the Holder or its Affiliates. 

Section 13. Information Rights.  

To the extent that neither Holdings nor First Data is required to file periodic reports with the Securities and Exchange Commission which
include quarterly unaudited and annual audited financial reports of Holdings (or its relevant Subsidiary or successor entity) and its Subsidiaries (or following an IPO, the IPO Corporation and its consolidated Subsidiaries),

  
 20 

 
Holdings will provide to the Holders quarterly and annual financial statements promptly after such financial statements are provided to the lenders of First Data’s senior secured credit
agreement. If the debt described in the preceding sentence is not outstanding, Holdings shall use its reasonable best efforts to prepare such financial statements and shall provide such financial statements to the Holders promptly upon such
financial statements being completed. The provisions of this Section 13 shall terminate upon the completion of a Qualified IPO. 

Section 14. Post-IPO Public Sale by Holders.  

(a) Lock-Up. Holdings shall be responsible for negotiating all “lock-up” agreements with the underwriters in connection with
the first Qualified IPO and the Holders agree to execute the form so negotiated. Each Holder and its Permitted Transferees agrees, in connection with the first Qualified IPO, not to effect any public sale or distribution of any Class B Common Shares
(or Common Shares from the conversion of such Class B Common Shares) held immediately prior to such first Qualified IPO (except as part of such underwritten offering), including a sale pursuant to Rule 144 or any swap or other economic arrangement
that transfers to another any of the economic consequences of owning any Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares), during the period commencing on the date of the request (which shall be no earlier
than fourteen (14) days prior to the expected “pricing” of such offering) and continuing for not more than one hundred and eighty (180) days after the date of the Prospectus, pursuant to which such Public Offering shall be made;
provided that an extension period, which shall be no longer than seventeen (17) days, may be added by the managing underwriter to address the U.S. Financial Industry Regulatory Authority regulations regarding the publishing of research,
or such lesser period as is required by the managing underwriter. If any Holder is released from the “lock-up” agreement, Holdings shall require that the underwriters agree to release all Holders subject to the same terms and conditions on
a pro rata basis (based on the amounts of Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares) held by the Holders immediately prior to a Qualified IPO). 

(b) Rule 144. After an IPO, Holdings shall use its commercially reasonable efforts to (i) file the reports required to be filed by
it under the Securities Act and the Exchange Act in a timely manner, (ii) take such further action as any Holder may reasonably request, and (iii) furnish to each Holder forthwith upon written request, (x) a written statement by
Holdings as to its compliance with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, (y) a copy of the most recent annual or quarterly report of Holdings, and (z) such other reports and documents so filed by
Holdings as such holder may reasonably request in availing itself of Rule 144, all to the extent required from time to time to enable such holder to sell Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares)
without registration under the Securities Act within the limitations of the exemption provided by Rule 144. Upon the request of any Holder, Holdings shall deliver to such holder a written statement as to whether it has complied with such
requirements. 
 (c) The Holders agree that being parties to this Agreement does not make them a “group” for purposes of the
Securities Act and further each Holders agrees that it shall not file any forms under the Securities Act or the Exchange Act acknowledging that the Holders are a group solely because they are parties to this Agreement. 

  
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 Section 15. Certain Limitations. 

(a) Limitation on Transactions with Affiliates. Prior to the occurrence of a Qualified IPO, without the prior written consent of the
holders of a majority of the Class B Common Shares (excluding any Attributed Shares from both the numerator and the denominator), Holdings shall not, and shall not permit any of its Subsidiaries to, enter into, effect or consummate (or enter into
any agreement providing for) any transaction with the Sponsor Limited Partners or their Affiliates, except for: 
 (i) the entry into
transactions with and payments to KKR Capstone and its Subsidiaries for services rendered to Holdings or its Subsidiaries; provided that such payments are at or below market terms; 

(ii) the entry into transactions with and payments to KKR Capital Markets LLC for services rendered to Holdings or its Subsidiaries;
provided that such payments are at or below market terms; 
 (iii) the issuance of securities (including securities exercisable for or
convertible into equity securities) of Holdings or its Subsidiaries, subject to Section 6; and 
 (iv) transactions in connection with
which Holdings or any of its Subsidiaries, as the case may be, determines in a commercially reasonable manner that the terms of such transaction are fair from a financial point of view or are not materially less favorable to the Holdings or such
Subsidiary than those that would have been obtained in a comparable transaction by Holdings or such Subsidiary with any unrelated Person on an arm’s-length basis. 

(b) Limitation on Amendment to Management Agreement. Prior to the occurrence of an IPO, the Partnership shall not agree to any
amendment, modification, supplement, restatement or waiver to the Management Agreement that is materially adverse to Holdings without the prior written consent of the holders of a majority of the Class B Common Shares (excluding any Attributed
Shares from both the numerator and the denominator). 
 Section 16. Miscellaneous.  

(a) Amendments. This Agreement (including any Exhibit hereto) may be amended, modified, supplemented or restated, and any provision of
this Agreement may be waived with a written instrument adopted, executed and agreed to by Holdings and the prior written consent of the Holders of a majority of the Class B Common Shares (or Common Shares from the conversion of such Class B Common
Shares) (excluding any Attributed Shares from both the numerator and the denominator); provided that without the consent of a Holder so affected, Holdings shall not (1) impose new and additional restrictions on Transfers, (2) reduce
the amount of securities purchased under Section 6, (3) amend Sections 9, 13 or 14 or (4) amend this proviso without the consent of such Holder against whom such amendment, modification, supplement, restatement or waiver shall be
applicable; provided further, any amendment, modification, supplement, restatement or waiver of or under this Agreement that would disproportionately or materially adversely affect the rights, obligations, power or interest (economic or
otherwise) of any Holder, in its capacity as such, relative to the other Holders, in their capacity as such, shall require the prior written consent of such disproportionately or materially adversely affected Holder. Notwithstanding the 

  
 22 

 
foregoing, in addition to the other amendments authorized herein, amendments may be made to this Agreement from time to time by Holdings, without the consent of any other Holder: (i) to
correct any typographical or similar ministerial errors, (ii) to delete or add any provision of this Agreement required to be so deleted or added by any applicable Law and (iii) to cure any ambiguity, to correct or supplement any provision
herein which may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Agreement that are not inconsistent with the provisions of this Agreement; provided that no
amendment may be made by Holdings pursuant to clauses (i) through (iii) above which would have a material adverse effect on any Holder. Except as required by Law, no amendment, modification, supplement, discharge or waiver of or under this
Agreement shall require the consent of any Person not a party to this Agreement. 
 (b) Amendments to the Certificate of
Incorporation. Holdings may not alter, amend or modify the Amended and Restated Articles of Incorporation of Holdings, dated as of the date hereof, so as to (i) alter, amend or modify Paragraph (C) or clauses (i) through
(v) of Paragraph (D) of Section 2 of Article IV of the Amended and Restated Articles of Incorporation of Holdings (and their related defined terms) in a manner that would have an adverse effect on the economic interests of the Holders
of Class B Common Shares, in their capacities as such, or (ii) have an adverse effect on the economic interests, voting rights and priorities of Holders of Class B Common Shares, in their capacities as such, relative to the economic interests,
voting rights and priorities of the holders of Common Shares or Preferred Shares, in their capacities as such, in each case prior to a Qualified IPO or a Change of Control, without the prior written consent of the holders of a majority of the Class
B Common Shares (excluding any Attributed Shares from both the numerator and the denominator). 
 (c) Governing Law. This Agreement
shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to any otherwise governing principles of conflicts of law. 

(d) Headings. The headings of the sections contained in this Agreement are solely for the purpose of reference, are not part of the
agreement of the parties and shall not affect the meaning or interpretation of this Agreement. 
 (e) Notices. Except as expressly set
forth to the contrary in this Agreement, all notices, requests or consents provided for or required to be given hereunder shall be in writing and shall be deemed to be duly given if personally delivered, telecopied and confirmed, emailed and
confirmed, or mailed by certified mail, return receipt requested, or nationally recognized overnight delivery service with proof of receipt maintained, at the following addresses (or any other address that any such party may designate by written
notice to the other parties): 
 (i) if to Holdings, to: 

First Data Holdings Inc. 
 5565
Glenridge Connector NE, Suite 2000 
 Atlanta, GA 30342 

Attention: General Counsel 

Phone: (404) 890-2005 

Fax: (404) 890-2070 

  
 23 

 with a copy to: 

First Data Holdings Inc. 
 6855
Pacific Street, Stop Code AK-310 
 Omaha, NE 68106 

Attention: Corporate and Securities Counsel 

Phone: (402) 951-7007 

Fax: (402) 222-7120 
 New
Omaha Holdings L.P. 
 9 W. 57th Street, Suite 4200 

New York, New York 10019 

Attention: Scott Nuttall 

Phone: (212) 750-8300 

Fax: (212) 750-0003 
 Simpson
Thacher & Bartlett LLP 
 425 Lexington Avenue 

New York, New York 10017 

Attention: Gary Horowitz 

Phone: (212) 455-2000 

Fax: (212) 455-2502 
 (ii)
if to a Holder, to the address given for the Holder on the Subscription Agreement or Joinder Agreement or such other address as the Holder may hereafter specify in accordance herewith with a copy to: 

New Omaha Holdings L.P. 
 9 W.
57th Street, Suite 4200 
 New York, New York 10019 

Attention: Scott Nuttall 

Phone: (212) 750-8300 

Fax: (212) 750-0003 
 (f)
Waiver and Consent. A waiver or consent, express or implied, to or of any breach or default by any Person in the performance by that Person of its obligations with respect to Holdings is not a consent or waiver to or of any other breach or
default in the performance by that Person of the same or any other obligations of that Person with respect to Holdings. Failure on the part of a Person to complain of any act of any Person or to declare any Person in default with respect to
Holdings, irrespective of how long that failure continues, does not constitute a waiver by that Person of its rights with respect to that default until the applicable statute-of-limitations period has run. 

(g) Inspection. Copies of this Agreement will be available for inspection or copying by any party at the offices of Holdings through the
Secretary of Holdings. 

  
 24 

 (h) Severability. If any provision of this Agreement is held to be illegal, invalid or
unenforceable under present or future Laws effective during the term of this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never
comprised a part of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement.
Furthermore, in lieu of each such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and
be legal, valid and enforceable. 
 (i) Limited Liability. To the fullest extent permitted by Law, neither Holdings nor any Holder
shall be liable to any of the other such Persons for punitive, special, exemplary or consequential damages, including damages for loss of profits, loss of use or revenue or losses by reason of cost of capital, arising out of or relating to this
Agreement or the transactions contemplated hereby, regardless of whether based on contract, tort (including negligence), strict liability, violation of any applicable deceptive trade practices act or similar Law or any other legal or equitable
principle, and Holdings and each Holder releases each of the other such Persons from liability for any such damages. 
 (j) Indemnity.

 (i) Holdings shall, to the fullest extent permitted by Law, indemnify and hold harmless the Partnership and its Affiliates (other than
Holdings and its Subsidiaries) and their respective agents and representatives (an “Indemnitee”) (and their respective successors and assigns, heirs and legal and personal representatives) who was or is a party, or is threatened to
be made a party, to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (including any action by or in the right of Holdings), by reason of any actions or omissions or alleged
acts or omissions arising out of such Person’s activities either on behalf of Holdings (including a director of Holdings or its Subsidiaries) or in furtherance of the interests of Holdings or arising out of or in connection with such
Indemnitee’s direct or indirect ownership of Holdings against all claims, liabilities, damages, losses, costs and expenses (including amounts paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal or
other costs and reasonable expenses of investigating or defending against any claim or alleged claim) of any nature whatsoever, known or unknown, liquidated or unliquidated, that are incurred by any Indemnitee and arise out of or in connection with
such action, suit or proceeding (the “Losses”); provided, that such Person did not commit fraud, a willful breach of this Agreement or a willful illegal act. 

(ii) The right to indemnification conferred in this Section 16(j) shall include the right to be paid or reimbursed by Holdings the
expenses incurred by the Indemnitee of the type entitled to be indemnified under this Section 16(j) who was, is or is threatened to be made a named defendant or respondent in a proceeding in advance of the final disposition of the proceeding
and without any determination as to the Indemnitee’s ultimate entitlement to indemnification. Such expenses shall, at the request of the Indemnitee entitled to be indemnified under this Section 16(j), be advanced by Holdings on behalf of
the Indemnitee in advance of the final disposition of a proceeding so long as the Indemnitee shall have provided Holdings with a written undertaking, by or on behalf of such Indemnitee, to repay all amounts so advanced if it shall ultimately be
determined that such Indemnitee is not entitled to be indemnified under this Section 16(j) or otherwise. 

  
 25 

 (iii) The right of any Indemnitee to the indemnification provided herein is cumulative of, and in
addition to, any and all rights to which such Indemnitee may otherwise be entitled by contract or as a matter of law or equity, and extends to such Indemnitee’s successors, assigns and legal representatives. 

(iv) The obligations of Holdings under this Agreement or under any other agreement from Holdings providing for indemnification or advance
expenses to any director for the matters covered thereby shall be the primary source of indemnification and advancement of expenses for such director in connection therewith, and any obligation on the part of any other Indemnitee to indemnify or
advance expenses to such director shall be secondary to Holdings’ obligation and shall be reduced by any amount that the director may collect as indemnification or advancement of expenses from the Holdings. 

(v) To the extent indemnification is not available under this Section 16(j) Holdings shall contribute to the Losses based on equitable
principles of relative fault and benefits to the Indemnitee and Holdings. 
 (k) Power of Attorney. Each Holder hereby makes,
constitutes and appoints Holdings, with full power of substitution and resubstitution, its true and lawful attorney for it and in its name, place and stead and for its use and benefit, to sign, execute, certify, acknowledge, file and record such
other agreements, certificates, instruments or documents as may be necessary, convenient or advisable to reflect (i) the implementation of a Required Sale pursuant to Section 5, and (ii) the implementation of an IPO and IPO
Conversion, and in each case to the extent such Holder has received notice from Holdings that it is in breach of such provisions and has not cured such breach within five (5) days of Holdings sending such notice to such Holder. 

The power of attorney granted pursuant to this Section 16(k): 

(i) is irrevocable and shall survive the death, incapacity, dissolution, termination or bankruptcy of a Holder; 

(ii) may be exercised by such attorney-in-fact by listing all
of the Holders executing any agreement, certificate, instrument or document with the single signature of such attorney-in-fact acting as
attorney-in-fact for all of them in accordance with this Agreement; 

(iii) shall terminate with respect to a Holder upon the effectiveness of the admission of a transferee that acquires all of such Holder’s
Class B Common Shares (or Common Shares from the conversion of such Class B Common Shares) pursuant to this Agreement except that the power of attorney for such Holder shall survive such substitution for the sole purpose of enabling such attorney-in-fact to execute, acknowledge and file any such agreement, certificate, instrument or document as is necessary to effect such substitution; and 

(iv) shall terminate with respect to all Holders upon the completion of a Qualified IPO or Change of Control. 

  
 26 

 (l) Entire Agreement. This Agreement and the Subscription Agreements of the Holders
constitute the entire agreement of the Holders and their Affiliates relating to Holdings and supersedes all prior contracts or agreements with respect to Holdings, whether oral or written; provided that this Agreement shall not supersede any
management rights letters entered into pursuant to, or related to, Section 10. There are no restrictions, warranties, covenants, agreements, promises or undertakings other than those expressly set forth in this Agreement, each Holder’s
Subscription Agreement and any management rights letters entered into pursuant to, or related to, Section 10. 
 (m)
Counterparts. This Agreement may be executed in any number of counterparts (including facsimile or .pdf file counterparts), each of which shall be deemed to be an original and all of which together shall constitute a single instrument. 

[Signature pages follow] 

  
 27 

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

			
	FIRST DATA HOLDINGS INC.
		
	By:	 	 /s/ Ray E. Winborne

		 	Name: Ray E. Winborne
		 	Title: Executive Vice President and Chief
		 	          Financial Officer

 [Signature Page to Stockholders Agreement] 

 
			
	NEW OMAHA HOLDINGS L.P.
	
	By: New Omaha Holdings LLC, its general partner
		
	By:	 	 /s/ William J. Janetschek

		 	Name: William J. Janetschek
		 	Title: Vice President

 [Signature Page to Stockholders Agreement] 

 EXHIBIT A 

JOINDER AGREEMENT 
 The
undersigned (the “Joining Party”) is executing and delivering this Joinder Agreement (this “Joinder Agreement”) pursuant to the Stockholders Agreement (the “Stockholders Agreement”), dated as of
[            ], 2014 and as it may be amended from time to time in accordance with its terms, by and among First Data Holdings Inc., New Omaha Holdings L.P. and any other Persons who become
parties to the Stockholders Agreement pursuant to a Joinder Agreement. 
 Capitalized terms used but not defined herein shall have the
meaning ascribed to such terms in the Stockholders Agreement. 
 The Joining Party hereby acknowledges, agrees and confirms that, by its
execution of this Joinder Agreement, the Joining Party shall (i) become a party to the Stockholders Agreement as of the date hereof, (ii) have all of the rights and obligations of a Holder thereunder and (iii) be bound by and to
comply with the provisions of the Stockholders Agreement that were applicable to the transferor of such Common Equity Shares, in the same manner as if the Joining Party were an original signatory to the Stockholders Agreement. By executing and
delivering this Joinder Agreement, the Joining Party hereby confirms that the representations and warranties set forth in Section 3.2 of the Subscription Agreement are true and correct as of the date hereof. 

Accordingly, the undersigned has executed and delivered this Joinder as of the
            day of             , 20    . 

 

			
	[NAME OF STOCKHOLDER]
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address: [Address]
	Attention: [Name]
	Phone: [Phone Number]
	Facsimile: [Facsimile Number]Exhibit 4.20

 Exhibit 4.20 
  

 
 DTE ELECTRIC COMPANY 

formerly known as 
 The Detroit
Edison Company 
 AND 
 THE BANK
OF NEW YORK MELLON TRUST COMPANY, N.A., 
 TRUSTEE 
  

 

                    SUPPLEMENTAL INDENTURE

 DATED AS OF                     

 
  

SUPPLEMENTING THE COLLATERAL TRUST INDENTURE 

DATED AS OF JUNE 30,1993 

PROVIDING FOR 
 SERIES
    %                     DUE         

 
  

 SUPPLEMENTAL INDENTURE, dated as of the     day of
                    between DTE ELECTRIC COMPANY, formerly known as The Detroit Edison Company, a corporation organized and existing under the laws
of the State of Michigan (the “Company”), and The Bank of New York Mellon Trust Company, N.A., a national banking association organized under the laws of the United States of America, having a corporate trust office in the City of Detroit,
Michigan, as successor trustee (the “Trustee”); 
 WHEREAS, the Company has heretofore executed and delivered to the Trustee a
Collateral Trust Indenture dated as of June 30, 1993 (the “Original Indenture”), as supplemented providing for the issuance by the Company from time to time of its debt securities; and 

WHEREAS, the Company now desires to provide for the issuance of an additional series of its unsecured, [senior] [subordinated] debt securities
pursuant to the Original Indenture; and 
 WHEREAS, the Company, in the exercise of the power and authority conferred upon and reserved to
it under the provisions of the Original Indenture, including Section 1001 thereof, and pursuant to appropriate resolutions of the Board of Directors, has duly determined to make, execute and deliver to the Trustee this
                    Supplemental Indenture to the Original Indenture as permitted by Sections 201 and 301 of the Original Indenture in order to
establish the form or terms of, and to provide for the creation and issue of, a series of its debt securities under the Original Indenture, which shall be known as the         Series     %
                    due         ; and 

WHEREAS, all things necessary to make such debt securities, when executed by the Company and authenticated and delivered by the Trustee or any
Authenticating Agent and issued upon the terms and subject to the conditions hereinafter and in the Original Indenture set forth against payment therefor, the valid, binding and legal obligations of the Company and to make this
                    Supplemental Indenture a valid, binding and legal agreement of the Company, have been done; 

NOW, THEREFORE, THIS
                    SUPPLEMENTAL INDENTURE WITNESSETH that, in order to establish the terms of a series of debt securities, and for and in
consideration of the premises and of the covenants contained in the Original Indenture and in this                     Supplemental Indenture and for
other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, it is mutually covenanted and agreed as follows: 

ARTICLE ONE 
 DEFINITIONS AND
OTHER 
 PROVISIONS OF GENERAL APPLICATION 

SECTION 101. Definitions. Each capitalized term that is used herein and is defined in the Original Indenture shall have the meaning
specified in the Original Indenture unless such term is otherwise defined herein. 
 “Business Day” shall mean each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions located in the State of Michigan or in the state in which the principal corporate trust office of the Trustee is located, are authorized or obligated by or
pursuant to law or executive order to close. 

  
 1 

 [“Capital Stock” means any and all shares of the Company’s Preferred Stock,
Preference Stock or Common Stock or any other equity securities of the Company.] 
 [“Payment Obligation,” when used with respect
to Senior Indebtedness, means an obligation stated in an agreement, instrument or lease to pay money (whether for principal, premium, interest, sinking fund, periodic rent, stipulated value, termination value, liquidated damages or otherwise), but
excluding an obligation to pay money in respect of fees of, or as payment or reimbursement for expenses incurred by or on behalf of, or as indemnity for losses, damages, taxes or other indemnity claims of any kind owed to, any holder of Senior
Indebtedness or other party to such agreement, instrument or lease.] 
 [“Senior Indebtedness” means each of the following,
whether outstanding on the date hereof or hereafter created, incurred or assumed: 
 (a)(i) any Payment Obligation of the Company in respect
of any indebtedness, directly or indirectly, created, incurred or assumed for borrowed money other than (A) [list of subordinated debt securities outstanding] each of which has been expressly deemed by its terms to be subordinate or
(ii) in connection with the acquisition of any business, property or asset (including securities), other than any account payable or other indebtedness created, incurred or assumed in the ordinary course of business in connection with the
obtaining of materials or services; 
 (b) any Payment Obligation of the Company in respect of any lease that would, in accordance with
generally accepted accounting principles, be required to be classified and accounted for as a capital lease; 
 (c) any Payment Obligation
of the Company in respect of any interest rate exchange agreement, currency exchange agreement or similar agreement that provides for payment (whether or not contingent) over a period or term (including any renewals or extensions) longer than one
year from the execution thereof; 
 (d) any Payment Obligation of the Company in respect of any agreement relating to the acquisition
(including a sale and buyback) or lease (including a sale and leaseback) of real or personal property that provides for payment (whether or not contingent) over a period or term (including any renewals or extensions) longer than one year from the
execution thereof; 
 (e) any Payment Obligation of any Subsidiary or of others of the kind described in the preceding clauses
(a) through (d) assumed or guaranteed by the Company or for which the Company is otherwise responsible or liable; and 
 (f) any
amendment, renewal, extension or refunding of any Payment Obligation described in the preceding subparagraphs (a) through (e); unless in the agreement, instrument or lease in which any such Payment Obligation is stated it is expressly provided
that such Payment Obligation is not senior in right of payment to the                    .] 

  
 2 

 [“Tax Event” means that the Company shall have received an opinion of counsel (which
may be counsel to the Company or an affiliate but not an employee thereof) experienced in such matters to the effect that, as a result of any amendment to, or change (including any announced prospective change), in the laws (or any regulations
thereunder) of the United States or any political subdivision or taxing authority thereof or therein affecting taxation, or as a result of any official administrative pronouncement or judicial decision interpreting or applying such laws or
regulations, which amendment or change is effective or such pronouncement or decision is announced on or after the date of original issuance of
the                    , there is more than an insubstantial risk that interest payable by the Company on
the                    is not, or will not be, deductible by the Company for federal income tax purposes.] 

SECTION 102. Section References. Each reference to a particular section set forth in
this                    Supplemental Indenture shall, unless the context otherwise requires, refer to
this                    Supplemental Indenture. 

ARTICLE TWO 
 TITLE AND TERMS OF
THE 
 SECTION 201. Title of
the                    .
This                    Supplemental Indenture hereby establishes a series
of                    , which shall be known as the
Company’s                    Series                  
  %                    due        (referred to herein as the
“                    ”). For purposes of the Original Indenture,
the                    shall constitute a single series of Securities. The stated maturity of
the                    will
be                    . 
 SECTION
202. Variations from the Original Indenture. (a) Notwithstanding the provisions of the Original Indenture, the                    shall be
without benefit of any security [and shall be subordinated to Senior Indebtedness as and to the extent provided in Article Four of this Supplemental Indenture].
[The                    shall not have the benefit of the provisions of Article Four of the Original Indenture and shall not have the
benefit of, or be subject to, the other related provisions of the Original Indenture relating to the grant of security, including (for avoidance of doubt and not for purposes of limitation) the Granting Clause, the definitions of
“Deliverable Mortgage Bonds,” “Deliverable Securities,” “Designated Mortgage Bonds,” “Grant,” “Mortgage,” “Mortgage Bonds,” “Mortgage Trustee,” “Previously
Delivered Mortgage Bonds,” and “Trust Estate,” Section 301 (20), Sections 301 (a) (v), (ix), (x) and (xi), Sections 301 (b) (ii) and (iii), Section 301 (d), and Sections 601(4) and (8)]. 

(b) Section 503 of the Original Indenture shall apply to the Notes. The following shall be an additional condition to defeasance of the
Notes under Section 503: the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from the Internal Revenue Service a letter ruling, or there has been published by the Internal Revenue
Service a Revenue Ruling, or (ii) since the date of execution of this Supplemental Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm
that, the Holders of such Outstanding Notes appertaining thereto will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such defeasance had not occurred, and, also, to the effect that, after the 123rd day after the date of deposit, all money and other property as
provided pursuant to Section 503 of the Original Indenture (including the 

  
 3 

 
proceeds thereof) deposited or caused to be deposited with the Trustee (or other qualifying trustee) pursuant to Section 503 of the Original Indenture to be held in trust will not be subject
to any case or proceeding (whether voluntary or involuntary) in respect of the Company under any Federal or State bankruptcy, insolvency, reorganization or other similar law, or any decree or order for relief in respect of the Company issued in
connection therewith. 
 SECTION 203. Amount and Denominations; DTC. (a) The aggregate principal amount
of                    that may be issued under
this                    Supplemental Indenture is limited to $        .
The                    shall be issuable only in fully registered form and, as permitted by Sections 301 and 302 of the Original Indenture, in
denominations of $        and integral multiples thereof. The                    will initially be issued
under a book-entry system, registered in the name of The Depository Trust Company, as depository (“DTC”), or its nominee, who is hereby designated as “U.S. Depository” under the Original Indenture. 

(b) Further to Section 305 of the Original Indenture, any Global Note shall be exchangeable for Notes registered in the name of, and a
transfer of a Global Note of any series may be registered to, any Person other than the Depository for such Note or its nominee only if (i) such Depository notifies the Company that it is unwilling or unable to continue as Depository for such
Global Note or if at any time such Depository ceases to be a clearing agency registered under the Exchange Act, and, in either such case, the Company does not appoint a successor Depository within 90 days thereafter, (ii) the Company executes
and delivers to the Trustee a Company Order that such Global Note shall be so exchangeable and the transfer thereof so registrable or (iii) there shall have occurred and be continuing an Event of Default or an event which, with the giving of
notice or lapse of time, or both, would constitute an Event of Default with respect to the Notes of such series. Upon the occurrence in respect of any Global Note of any series of any or more of the conditions specified in clause (i), (ii) or
(iii) of the preceding sentence, such Global Note may be exchanged for Notes registered in the name of, and the transfer of such Global Note may be registered to, such Persons (including Persons other than the Depository with respect to such
series and its nominees) as such Depository, in the case of an exchange, and the Company, in the case of a transfer, shall direct. 

SECTION 204. Interest Rate and Interest Payment Dates.
(a) The                    will bear interest at the rate of    % per annum from the date of original issuance until the
principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum during such overdue
period. Interest on the                    will be
payable                    [(subject to deferral as set forth herein)] in arrears
on                    and                    of
each year (each an “Interest Payment Date”), commencing                    , to the persons in whose names
the                    are registered at the close of business on the relevant record date for such interest installment, which will be [Business]
Day(s) prior to the relevant Interest Payment Date [or, in the case of a Deferral Period (as described herein), one Business Day prior to the Interest Payment Date for such Deferral Period] (each a “Record Date”); provided, however, that,
in the event that any Interest Payment Date shall not be a Business Day, then interest shall be payable on the next day that is a Business Day (but without interest or other payment in respect of such delay), [except that, if such Business Day is in
the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day without reduction in amount due to such early payment (and in which case the relevant Record Date shall be on the Business Day immediately
preceding such Interest Payment Date),] in each case with the same force and effect as if made on such Interest Payment Date, [subject to certain rights of deferral described in Section 204(b) hereof]. 

  
 4 

 [The amount of interest payable in any period will be computed on the basis of twelve 30-day
months and a 360-day year and, for any period shorter than a full [quarterly] interest period, will be computed on the basis of the actual number of days elapsed in such period.] 

[(b) The provisions of Section 204(a) notwithstanding, the Company shall have the right at any time, on one or more occasions so long as
an Event of Default with respect to the                    has not occurred and is not continuing, to extend any interest payment period on
the                    for a period (a “Deferral Period”) not to exceed 20 consecutive quarterly interest payment periods; provided that
the date on which such Deferral Period ends must be an Interest Payment Date and must be no later than                    or any date on which
any                    are fixed for redemption. The quarterly interest payments on
the                    so deferred will continue to accrue with interest thereon at the rate of interest of
the                    during such Deferral Period. On the Interest Payment Date at the end of the Deferral Period, the Company shall pay all
interest then accrued and unpaid, which shall be compounded quarterly at the rate of interest on the (except to the extent prohibited by law) to the date of payment, to the persons in whose names
the                     are registered on the Record Date for such Deferral Period. The Company shall give the Holders of
the                    notice of its election to defer interest payments or to extend the Deferral Period ten Business Days prior to the earlier of
(1) the next scheduled quarterly payment date and (2) the date the Company is required to give notice of the record date of such related interest payment to the New York Stock Exchange or other applicable self-regulatory organization or to
the Holders of the                    , but in any event not less than two Business Days prior to such record date. During the Deferral Period the
Company shall not declare or pay any dividend on or redeem, purchase, acquire or make a liquidation payment with respect to, any of its Capital Stock or make any guaranty payment with respect to the foregoing, other than redemptions of any series of
Capital Stock of the Company pursuant to the terms of any sinking fund provisions with respect thereto. During any Deferral Period, the Company may not (i) make any distributions, loans or guarantees for the benefit of, (ii) purchase,
defease, redeem or otherwise acquire or retire for value any securities of or (iii) make any other investment in, any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company, for
the purpose of, or to enable the payment of, directly or indirectly, dividends on any equity securities of DTE Electric Company and its successors or assigns. During any Deferral Period, the Company may continue to extend the interest payment period
by extending the Deferral Period, on one or more occasions, by notice given as aforesaid in this paragraph (b), provided that such Deferral Period, as so extended, must end on an Interest Payment Date and in no event shall the aggregate Deferral
Period, as extended, exceed 20 consecutive quarterly interest payment periods or extend beyond                     or any date on
which                    are fixed for redemption. No interest shall be due and payable during a Deferral Period except at the end thereof.] 

SECTION 205. Optional Redemption
of                    . Other than in accordance with Section 206 below,
the                    shall not be redeemable prior
to                    . Thereafter, upon notice given by mailing the same, postage prepaid, at least 30 days and not more than 60 days prior to the
date fixed for redemption, any or all of the                    may be redeemed by the Company, at its option, at any time and from time to time, at
a redemption price equal to [100% of the principal amount of the                    ] [other redemption price] to be redeemed plus accrued and unpaid
interest thereon to the date fixed for redemption. 

  
 5 

 [SECTION 206. Tax Event Redemption
of                    . If a Tax Event has occurred and is continuing, the Company has the right, within 90 days following the occurrence of such Tax
Event, to redeem the                    , in whole but not in part, at a redemption price equal to the aggregate principal amount of
the                    plus accrued and unpaid interest to the date of redemption.] 

SECTION 207. Form
of                    . Attached hereto as Exhibit A is a form of
the                    . 
 [ARTICLE
THREE 
 ADDITIONAL EVENTS OF DEFAULT AND COVENANTS 

SECTION 301. Inapplicability of Certain Events of Default. The Events of Default set forth in Sections 601(4) and 601(8) of the Original
Indenture shall not apply to the                    . The omission by the Company to pay interest on
the                    during a Deferral Period as permitted by Section 204 shall not constitute an Event of Default under Section 601
(1) of the Original Indenture.] 
 [ARTICLE FOUR 

SUBORDINATION OF                     

SECTION 401. Subordinate to Senior Indebtedness. The Company for itself, its successors and assigns, covenants and agrees, and each
Holder of                    issued, whether upon original issue or upon transfer or assignment thereof, by its acceptance thereof likewise covenants
and agrees, that the payment of principal of and interest on each and all of the                    is hereby expressly subordinated, to the extent
and in the manner hereinafter in this Article set forth, in right of payment to the prior payment in full of all Existing and future Senior Indebtedness of the Company. 

SECTION 402. Payments to Securityholders. (a) Upon (i) any acceleration of the principal amount due on
the                    or (ii) any payment or distribution of assets of the Company of any kind or character, whether in cash, property or
securities, to creditors upon any dissolution or winding-up or total or partial liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all principal, premium,
if any, and interest, if any, due upon all Senior Indebtedness shall first be paid in full, or payment thereof provided for in money or money’s worth in accordance with its terms, before any payment is made on account of the principal of or
interest on the indebtedness evidenced by the                    , and upon any such dissolution or winding-up or liquidation or reorganization any
payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the Holders of
the                    under the terms of
this                     Supplemental Indenture would be entitled, except for the provisions hereof, shall (subject to the power of a court of
competent jurisdiction to make other equitable provision reflecting the rights conferred by the provisions hereof upon the Senior Indebtedness and the holders thereof with respect to
the                    and the Holders thereof by a lawful plan of reorganization under applicable bankruptcy law), be paid by the Company or any
receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or 

  
 6 

 
distribution, or by the Holders of the                    if received by them, directly to the
holders of Senior Indebtedness (pro rata to each such holder on the basis of the respective amounts of Senior Indebtedness held by such holder) or their representatives, to the extent necessary to pay all Senior Indebtedness (including interest
thereon) in full, in money or money’s worth, in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness, before any payment or distribution is made to the Holders of
the indebtedness evidenced by the                    . The consolidation of the Company with, or a merger of the Company into, another Person or the
liquidation or dissolution of the Company following the conveyance or transfer of its property as an entirety, or substantially as an entirety, to another Person upon the terms and conditions provided in Section 901 of the Original Indenture
shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section 402(a). 
 (b) In the
event that any payment or distribution of assets of the Company of any kind or character not permitted by Section 402(a), whether in cash, property or securities, shall be received by the Trustee or the Holders
of                    before all Senior Indebtedness is paid in full, or provision made for such payment, in accordance with its terms, upon written
notice to the Trustee or, as the case may be, such Holder, such payment or distribution shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of such Senior Indebtedness or their representative or
representatives, or to the Trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all
Senior Indebtedness remaining unpaid to the extent necessary to pay all such Senior Indebtedness in full in accordance with its terms, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness. Nothing
in this Article shall apply to claims of, or payments to, the Trustee under or pursuant to Section 706 of the Original Indenture. In addition, nothing in this Article shall prevent the Company from making or the Trustee from receiving or
applying any payment in connection with the redemption of the if the first publication of notice of such redemption (whether by mail or otherwise in accordance with
this                    Supplemental Indenture) has been made, and the Trustee has received such payment from the Company, prior to the occurrence of
any of the contingencies specified in this Section 402. 
 (c) No payment on account of principal of or interest on
the                    shall be made unless full payment of amounts then due for principal, premium, if any, sinking funds and interest on any Senior
Indebtedness has been made or duly provided for in money or money’s worth in accordance with the terms of such Senior Indebtedness. No payment on account of principal or interest on the shall be made if, at the time of such payment or
immediately after giving effect thereto, (i) there shall exist a default in the payment of principal, premium, if any, sinking fund or interest with respect to any Senior Indebtedness, or (ii) there shall have occurred an event of default
(other than a default in the payment of principal, premium, if any, sinking funds or interest) with respect to any Senior Indebtedness, as defined therein or in the instrument under which the same is outstanding, permitting the holders thereof to
accelerate the maturity thereof and upon written notice thereof given to the Trustee, with a copy to the Company (the delivery of which shall not affect the validity of the notice to the Trustee), and such event of default shall not have been cured
or waived or shall not have ceased to exist; provided, however, that if the holders of the Senior Indebtedness to which the default relates have not declared such Senior Indebtedness to be immediately due and payable within 180 days after the
occurrence of such default (or have declared such Senior Indebtedness to be immediately due and payable and within such period have rescinded such declaration of acceleration), then the Company shall

  
 7 

 
resume making any and all required payments in respect of the                    (including any
missed payments). Only one payment blockage period under the immediately preceding sentence may be commenced within any consecutive 365-day period with
respect to the                    of any series. No event of default which existed or was continuing on the date of the commencement of
any 180-day payment blockage period with respect to the Senior Indebtedness initiating such payment blockage period shall be, or be made, the basis for the commencement of a second payment blockage period by a registered holder or
representative of such Senior Indebtedness whether or not within a period of 365 consecutive days unless such event of default shall have been cured or waived for a period of not less than 90 consecutive days (and, in the case of any such waiver, no
payment shall be made by the Company to the holders of Senior Indebtedness in connection with such waiver other than amounts due pursuant to the terms of the Senior Indebtedness as in effect at the time of such default). 

SECTION 403. Subrogation to Rights of Holders of Senior Indebtedness. From and after the payment in full of all Senior Indebtedness, the
Holders of the                    (together with the holders of any other indebtedness of the Company which is subordinate in right of payment to the
payment in full of all Senior Indebtedness, which is not subordinate in right of payment to the                    and which by its terms grants such
right of subrogation to the holder thereof) shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions of assets or securities of the Company applicable to the Senior Indebtedness until
the                    shall be paid in full, and, for the purposes of such subrogation, no such payments or distributions to the holders of Senior
Indebtedness of assets or securities, which otherwise would have been payable or distributable to Holders of the                    , shall, as
between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the                    , be deemed to be a
payment by the Company to or on account of the Senior Indebtedness, it being understood that the provisions of this Article are and are intended solely for the purpose of defining the relative rights of the Holders of
the                    , on the one hand, and the holders of the Senior Indebtedness, on the other hand, and nothing contained herein is intended to
or shall impair as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the                    , the
obligation of the Company, which is unconditional and absolute, to pay to the Holders of the                    the principal of and interest on
the                    as and when the same shall become due and payable in accordance with their terms, or to affect the relative rights of the
Holders of the                    and creditors of the Company other than the holders of the Senior Indebtedness, nor shall anything herein or
therein prevent the Trustee or the Holders of                    from exercising all remedies otherwise permitted by applicable law upon default
hereunder with respect to the                    subject to the rights of the holders of Senior Indebtedness, under Section 402, to receive
cash, property or securities of the Company otherwise payable or deliverable to the Trustee or the Holders of the                    or to a
representative of such Holders, on their behalf. 
 Upon any distribution or payment in connection with any proceedings or sale referred to
in Section 402(a), the Trustee and each Holder of the then Outstanding, shall be entitled to rely upon a certificate of the liquidating trustee or agent or other Person making any distribution or payment to the Trustee or such Holder for the
purpose of ascertaining the holders of Senior Indebtedness entitled to participate in such payment or distribution, the amount of such Senior Indebtedness or the amount payable thereon, the amount or amounts paid or distributed thereon and all other
facts pertinent thereto or to this Article. 

  
 8 

 SECTION 404. No Impairment of Subordination. Nothing contained in this Article or elsewhere
in this                      Supplemental Indenture or the
                     shall prevent at any time the Company from making payments at any time of principal of or interest on the
                    , except under the conditions described in Section 402 or during the pendency of any proceedings or sale therein referred
to. 
 SECTION 405. Trustee to Effectuate Subordination. Each Holder of by his acceptance thereof, whether upon original issue or upon
transfer or assignment, authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination provisions in this Article and appoints the Trustee his attorney-in-fact for any and all
such purposes. 
 No rights of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided shall at
any time in any way be prejudiced or impaired by any act or failure to act on the part of the Trustee or any Holder of the                      then
Outstanding, or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by any such holder, with the terms, provisions and covenants of this Supplemental Indenture, regardless of any knowledge thereof which any such
holder may have or otherwise be charged with. 
 Without in any way limiting the generality of the foregoing paragraph, the holders of
Senior Indebtedness may, at any time and from time to time, without the consent of or notice to the Holders of the                     , without
incurring responsibility to the Holders of the                      and without impairing or releasing the subordination provided in this Article or
the obligations of the Holders of the                      to the holders of Senior Indebtedness, do any one or more of the following:
(i) change the manner, place or terms of payment of, or renew or alter, Senior Indebtedness, or otherwise amend or supplement in any manner Senior Indebtedness or any instrument evidencing the same or any agreement under which Senior
Indebtedness is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Indebtedness; (iii) release any Person liable in any manner for the collection of Senior
Indebtedness; and (iv) exercise or refrain from exercising any rights against the Company and any other Person. 
 SECTION
406. Notice to Trustee. The Company shall give prompt written notice to the Trustee in the form of an Officers’ Certificate of any fact known to the Company which would prohibit the making of any payment of money to or by the Trustee in
respect of the                      pursuant to the provisions of this Article. Notwithstanding the provisions of this Article or any other
provisions of this                      Supplemental Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which
would prohibit the making of any payment to or by the Trustee in respect of the                      pursuant to the provisions of this Article,
unless and until the Trustee shall have received at its Corporate Trust Office written notice thereof from the Company or a holder or holders of Senior Indebtedness or from any trustee therefor at least two Business Days prior to such payment date;
and, prior to the receipt of any such written notice, the Trustee, shall be entitled in all respects to assume that no such facts exist. 

The Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior
Indebtedness (or a trustee on behalf of such holder) to establish that such notice has been given by a holder of Senior Indebtedness or a trustee on behalf of any such holder. In the event that the Trustee determines in good faith that further
evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to 

  
 9 

 
participate in any payment or distribution pursuant to this Article, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of
Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under the Article, and, if such evidence is not furnished,
the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 

SECTION 407. Reliance on Certificate of Liquidating Agent. Upon any payment or distribution referred to in this Article, the Trustee and
the Holders of the                      shall be entitled to rely upon any order or decree entered by any court of competent jurisdiction in which a
dissolution, winding up or total or partial liquidation or reorganization of the Company is pending, or a certificate of the trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee for the benefit of creditors, agent or other
Person making such payment or distribution, delivered to the Trustee or to the Holders of the                     , for the purpose of ascertaining
the Persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article. 
 SECTION 408. Trustee Not Fiduciary for Holders of Senior Indebtedness. The Trustee shall not
be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and shall not be liable to any such holders if it shall in good faith mistakenly pay over or distribute to Holders of the
                     of any series or to the Company or to any other Person cash, property or securities to which any holders of Senior Indebtedness
shall be entitled by virtue of this Article or otherwise. 
 SECTION 409. Rights of Trustee as Holder of Senior Indebtedness. The
Trustee in its individual capacity shall be entitled to all the rights set forth in this Article with respect to any Senior Indebtedness which may at any time be held by it, to the same extent as any other holder of Senior Indebtedness, and nothing
in this Supplemental Indenture shall deprive the Trustee of any of its rights as such holder. 
 SECTION 410. Article Applicable to
Paying Agent. In case at any time any Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as used in this Article shall in such case (unless the context shall
otherwise require) be construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the Trustee; provided, however,
that this Section shall not apply to the Company or any Affiliate of the Company if it or such Affiliate acts as Paying Agent.] 
 ARTICLE
FIVE 
 MISCELLANEOUS PROVISIONS 

The Trustee makes no undertaking or representations in respect of, and shall not be responsible in any manner whatsoever for and in respect
of, the validity or sufficiency of this                      Supplemental Indenture or the proper authorization or the due execution hereof by the
Company or for or in respect of the recitals and statements contained herein, all of which recitals and statements are made solely by the Company. 

  
 10 

 Except as expressly amended hereby, the Original Indenture shall continue in full force and
effect in accordance with the provisions thereof and the Original Indenture is in all respects hereby ratified and confirmed. This
                     Supplemental Indenture and all its provisions shall be deemed a part of the Original Indenture in the manner and to the extent
herein and therein provided. 
 This
                     Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 

This                      Supplemental
Indenture 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
                     Supplemental Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of
the day and year first above written. 
  

			
	DTE ELECTRIC COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	ATTEST:
		
	By:	 	  

	Name:	 	
	Title:	 	

  

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

	Name:	 	
	Title:	 	

  

			
	ATTEST:
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 11 

 EXHIBIT A 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE OF A DEPOSITORY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (“DTC”), TO A NOMINEE OF DTC OR BY DTC OR ANY
SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL, INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

			
	NO. R-     	  	$            

 DTE ELECTRIC COMPANY 

Series     %
                     due          
  

					
	 ISSUE PRICE
	  	ISSUE DATE	  	CUSIP NO.
		  		  	
		  		  	
		  		  	

 DTE ELECTRIC COMPANY, a corporation duly organized and existing under the laws of the State of Michigan
(herein referred to as the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of                                          
($        ) on                      and to pay interest at the rate of % per annum on said principal sum
from the date of issuance until the principal of this Security (“Note”) becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment
of interest at the same rate per annum during such overdue period. Interest on this Note will be payable                      [(subject to deferral
as set forth herein)] in arrears on                      and
                     of each year (each such date, an “Interest Payment Date”), commencing
                    . 
 [The amount of
interest payable for any period shall be computed on the basis of twelve 30-day months and a 360-day year and, for any period shorter than a full interest period, will be computed on the basis of the actual number of days elapsed in such period.] In
the event that any date on which interest is payable on this Note is not a Business Day, then payment of the amount payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in
respect of any such delay)[, except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the 

  
 A-1 

 
immediately preceding Business Day without reduction in the amount due to such early payment (and in which case the relevant Record Date shall be on the Business Day immediately preceding such
Interest Payment Date)], in each case with the same force and effect as if made on such date[, subject to certain rights of deferral described below]. A “Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which
is not a day on which banking institutions located in the State of Michigan or in the state in which the principal corporate trust office of the Trustee is located are authorized or obligated by or pursuant to law or executive order to close. The
interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than interest payable on redemption or maturity) will, as provided in the Indenture (as defined herein), be paid to the person in whose
name this Note (or one or more Predecessor Notes, as defined in said Indenture) is registered at the close of business on the relevant record date for such interest installment, which shall be [Business] Day(s) prior to the relevant Interest Payment
Date [or, in the case of a Deferral Period (as defined in the Indenture), one Business Day prior to Interest Payment Date for such Deferral Period] (each a “Record Date”). Interest payable on redemption or maturity shall be payable to the
person to whom the principal is paid. Any such interest installment not punctually paid or duly provided for shall forthwith cease to be payable to the registered holders on such Record Date, and may be paid to the person in whose name this Note (or
one or more Predecessor Notes) is registered at the close of business on a special record date to be fixed by the Trustee for the payment of such defaulted interest, notice whereof shall be given to the registered holders of this series of Notes not
less than 10 days prior to such special record date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture. The principal of and the interest on this Note shall be payable at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City of New York, in any
coin or currency of the United States of America which at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the
registered holder at the close of business on the Record Date at such address as shall appear in the Security Register. 
 [Payment of the
principal of and interest on this Note is, to the extent provided in the Indenture, subordinated and subject in right of payment to the prior payment in full of all existing and future Senior Indebtedness, as defined in the Indenture, of the Company
and this Note is issued subject to the provisions of the Indenture with respect thereto. Each registered holder of this Note, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the
Trustee on his or her behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination so provided and (c) appoints the Trustee as his or her attorney-in-fact for any and all such purposes. Each
registered holder hereof, by his or her acceptance hereof, hereby waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior Indebtedness, whether now outstanding or hereafter
incurred, and waives reliance by each such holder upon said provisions.] 
 This Note shall not be entitled to any benefit under the
Indenture hereinafter referred to, be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee. 

  
 A-2 

 Unless the Certificate of Authentication hereon has been executed by the Trustee or a duly
appointed Authentication Agent referred to herein, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized series of Notes of the Company (herein sometimes referred to as the “Notes”), specified in the
Indenture, all issued or to be issued in one or more series under and pursuant to a Collateral Trust Indenture dated as of June 30, 1993 (the “Original Indenture”) duly executed and delivered between the Company and The Bank of New
York Mellon Trust Company, N.A., a national banking association, as successor Trustee (herein referred to as the “Trustee”), as supplemented (through and including
a                    Supplemental Indenture dated as
of                    (together with the Original Indenture, the “Indenture”) between the Company and the Trustee, to which Indenture and
all indentures supplemental thereto reference is hereby made for a description of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the registered holders of the Notes and of
the terms upon which the Notes are, and are to be, authenticated and delivered. By the terms of the Indenture, the Notes are issuable in series which may vary as to amount, date of maturity, rate of interest and in other respects as in the Indenture
provided. This series of Notes is limited in aggregate principal amount as specified in said                    Supplemental Indenture. 

Notwithstanding the provisions of the Original Indenture, this Note shall be without benefit of any security [and shall be subordinated to
Senior Indebtedness (as defined in the Indenture) contemplated in Article Four of said                    Supplemental Indenture]. This Note shall
not have the benefit of the provisions of Article Four of the Original Indenture and shall not have the benefit of, or be subject to, the other related provisions of the Original Indenture relating to the grant of security, including (for avoidance
of doubt and not for purposes of limitation) the Granting Clause, the definitions of “Deliverable Mortgage Bonds,” “Deliverable Securities,” “Designated Mortgage Bonds,” “Grant,” “Mortgage,”
“Mortgage Bonds,” “Mortgage Trustee,” “Previously Delivered Mortgage Bonds,” and “Trust Estate,” Section 301(20), Sections 301 (a) (v), (ix), (x) and (xi), Sections 301 (b) (ii) and
(iii), and Section 301 (d). [In addition, the Events of Default set forth in Sections 601(4) and 601 (8) of the Original Indenture shall not apply to this Note. The omission by the Company to pay interest on this Note during a Deferral
Period as permitted by Section 204 of said                    Supplemental Indenture shall not constitute an Event of Default under
Section 601(l) of the Original Indenture.] 
 [The Company shall have the right to redeem this Note at the option of the Company,
without premium or penalty, in whole or in part, at any time on or after                    and prior to maturity at a redemption price equal
to    % of the principal amount redeemed plus the accrued and unpaid interest thereon to the date fixed for redemption. Any redemption pursuant to this paragraph will be made upon not less than 30, nor more than 60 days notice.
If the Notes are only partially redeemed by the Company, the Notes will be redeemed pro rata or by lot or by any other method utilized by the Trustee; provided that if, at the time of redemption, the Notes are registered as a Global Note, the
Depositary shall determine by lot the principal amount of such Notes held by each Note holder to be redeemed.] 
 [If a Tax Event (as
hereinafter defined) has occurred and is continuing, the Company shall have the right, within 90 days following the occurrence of such Tax Event, to redeem the Notes, in whole but not in part, at a redemption price equal to the aggregate principal
amount of the Notes plus accrued and unpaid interest to the date of redemption. “Tax Event” means that the 

  
 A-3 

 
Company shall have received an opinion of counsel (which may be counsel to the Company or an affiliate but not an employee thereof) experienced in such matters to the effect that, as a result of
any amendment to, or change (including any announced prospective change) in, the laws (or any regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein affecting taxation, or as a result of any
official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or such pronouncement or decision is announced on or after the date of original issuance of the
Notes, there is more than an insubstantial risk that interest payable by the Company on the Notes is not, or will not be, deductible by the Company for federal income tax purposes.] 

[In the event of redemption of this Note in part only, a new Note or Notes of this series for the unredeemed portion hereof will be issued in
the name of the registered holder hereof upon the cancellation hereof.] 
 In case an Event of Default, as defined in the Indenture, shall
have occurred and be continuing, the principal of all of the Notes may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Note upon compliance by the Company with
certain conditions set forth therein. 
 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the
registered holders of not less than a majority in aggregate principal amount of the outstanding Notes of each series affected at the time, as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner the rights of the registered holders of the Notes; provided, however, that no such supplemental indenture
shall (i) extend the fixed maturity of any Notes of any series, or reduce the principal amount thereof, or reduce the rate of or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, without
the consent of the registered holder of each Note so affected or (ii) reduce the aforesaid percentage of Notes, the registered holders of which are required to consent to any such supplemental indenture, without the consent of the registered
holders of each Note then outstanding and affected thereby. The Indenture also contains provisions permitting (i) the registered holders of at least 66 2/3% in aggregate principal amount of the Notes of all series at the time outstanding
affected thereby, on behalf of the registered holders of the Notes of such series, to waive compliance by the Company with certain provisions of the Indenture and (ii) the registered holders of a majority in aggregate principal amount of the
Notes of all series at the time outstanding affected thereby, on behalf of the registered holders of the Notes of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the registered
bolder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such registered holder and upon all future registered holders and owners of this Note and of any Note issued in exchange hereof or in place hereof
(whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Note. 

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

  
 A-4 

 [The Company shall have the right at any time, on one or more occasions, so long as an Event of
Default has not occurred and is not continuing under the Indenture with respect to the Notes, to extend any interest payment period on this Note to a period not to exceed 20 consecutive quarterly interest payment periods and, as a consequence, the
quarterly interest payment on the Notes would be deferred (but would continue to accrue with interest thereon compounded quarterly at the rate of interest on the Notes, except as provided by law) during any such Deferral Period (as defined in the
Indenture). At the end of each Deferral Period, the Company shall pay all interest then accrued and unpaid (compounded quarterly, at the rate of interest on the Notes, except to the extent provided by law) to the persons in whose name the Notes are
registered on the Record Date for such Deferral Period. In the event the Company exercises this right, the Company shall not declare or pay any dividends on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its
Capital Stock (as defined in the Indenture) or make any guarantee payments with respect to the foregoing during such Deferral Period, other than redemptions of any series of Capital Stock of the Company pursuant to the terms of any sinking fund
provisions with respect thereto. In addition, during any Deferral Period, the Company may not (i) make any distributions, loans or guarantees for the benefit of, (ii) purchase, defease, redeem or otherwise acquire or retire for value any
securities of or (iii) make any other investment in any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company, for the purpose of, or to enable the payment of, directly or
indirectly, dividends on any equity security of DTE Electric Company and its successors or assigns. During any Deferral Period, the Company may continue to extend the interest payment period by extending the Deferral Period, provided that the
aggregate Deferral Period, as extended, must end on an Interest Payment Date and in no event shall the aggregate Deferral Period exceed 20 consecutive quarterly interest payment periods or extend beyond the maturity of the Notes or any date on which
any of the Notes are fixed for redemption. No interest shall be due and payable on the Notes during a Deferral Period except at the end thereof. The Company shall give the registered holders of Notes notice of its election to defer interest payments
or to extend the Deferral Period ten Business Days prior to the earlier of (i) the next scheduled quarterly payment date or (ii) the date the Company is required to give notice of the record date of such related interest payment to the New
York Stock Exchange or other applicable self-regulatory organization or to the holders of the Notes, but in any event not less than two Business Days prior to such record date.] 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any interest on this Note are payable or at such other offices or agencies as the
Company may designate, duly endorsed by or accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and the Security Registrar or any transfer agent duly executed by the registered holder hereof or his or
her attorney duly authorized in writing, and thereupon one or more new Notes 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. No
service charge will be made for any such transfer, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto. 

  
 A-5 

 Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, any
paying agent and any Note Registrar may deem and treat the registered holder hereof as the absolute owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the
Note Registrar) for the purpose of receiving payment of or on account of the principal hereof and interest due hereon and for all other purposes, and neither the Company nor the Trustee nor any paying agent nor any Note Registrar shall be affected
by any notice to the contrary. 
 The Notes of this series are issuable only in fully registered form without coupons in denominations of
$        and any integral multiple thereof. This Global Note is exchangeable for Notes in definitive form only under certain limited circumstances set forth in the Indenture. Notes of this series so issued are
issuable only in registered form without coupons in denominations of $        and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this
series are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the registered holder surrendering the same. 

As set forth in, and subject to the provisions of, the Indenture, no registered owner of any Note will have any right to institute any
proceeding with respect to the Indenture or for any remedy thereunder, unless (i) such registered owner shall have previously given to the Trustee written notice of a continuing Event of Default with respect to the Notes of this series,
(ii) the registered owners of not less than 25% in principal amount of the outstanding Notes of this series shall have made written request, and offered reasonable indemnity, to the Trustee to institute such proceeding as trustee,
(iii) the Trustee shall have failed to institute such proceeding within 60 days and (iv) the Trustee shall not have received from the registered owners of a majority in principal amount of the outstanding Notes of this series a direction
inconsistent with such request within such 60-day period; provided, however, that such limitations do not apply to a suit instituted by the registered owner hereof for the enforcement of payment of the principal of or any interest on this Note on or
after the respective due dates expressed herein, subject to deferral as set forth herein. 
 All terms used in this Note which are defined
in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 A-6 

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

 

							
		 		 	DTE ELECTRIC COMPANY
				
	[Corporate Seal]	 		 		 	
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  

			
	Attest:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-7 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series of Notes described in the within mentioned Indenture. 

 

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

	as Trustee
		
	By:	 	  

	Authorized Signatory

 Date: 

  
 A-8 

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

 

			
	  
	  	
	(Please insert Social Security or Other Identifying Number of Assignee)	  	
		
	  
	  	
	(Please print or type name and address, including zip code of assignee)	  	

 the within Note and all rights thereunder, hereby irrevocably constituting and appointing such person attorneys to transfer
the within Note on the books of the Issuer, with full power of substitution in the premises. 
 Dated: 

NOTICE: The signature of this assignment must correspond with the name as written upon the face of the within Note in every particular, without alteration or
enlargement or any change whatever and NOTICE: Signature(s) must be guaranteed by a financial institution that is a member of the Securities Transfer Agents Medallion Program (“STAMP”), the Stock Exchange, Inc. Medallion Signature Program
(“MSP”). When assignment is made by a guardian, trustee, executor or administrator, an officer of a corporation, or anyone in a representative capacity, proof of his or her authority to act must accompany this Note. 

  
 A-9

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