Document:

EX-10.16

 Exhibit 10.16 

CONFIDENTIAL 
 Certain confidential information
contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 

EXCLUSIVE OPTION AND LICENSE AGREEMENT 

This EXCLUSIVE OPTION AND LICENSE AGREEMENT (this “Agreement”) is entered into as of July 27, 2020 (the “Effective
Date”), by and among HANSOH (SHANGHAI) HEALTHTECH CO., LTD., a corporation incorporated under the laws of China having its principal place of business at Room 102, Block 1 No. 298 Xiangke Road, China (Shanghai) Pilot
Free Trade Zone, China (“Hansoh Healthtech”) and JIANGSU HANSOH PHARMACEUTICAL GROUP COMPANY LTD., a corporation incorporated under the laws of China having its principal place of business at No. 9 Dongjin
Road, Huaguoshan Avenue, Lianyungang, Jiangsu, China (“Jiangsu Hansoh” and together with Hansoh Healthtech, “Hansoh”), and Terns Pharmaceutical, Inc., an exempted company organized and
existing under the laws of the Cayman Islands and having a place of business at P.O. Box 613, Harbor Center, George Town, Grand Cayman KY1-1107, Cayman Islands (“Terns”), Terns,
Inc., a corporation organized and existing under the laws of Delaware, U.S.A, having its principal place of business at 1065 E. Hillsdale Blvd. Suite 100, Foster City, CA 94404 (“Terns Inc”) and CaspianTern
LLC, a limited liability company organized and existing under the laws of Delaware, U.S.A, having its mailing address at 1065 East Hillsdale, Suite 100, Foster City, CA 94404 (“CaspianTern”). Terns, Terns Inc and
CaspianTern are collectively referred to as “Terns Group”. Hansoh and CaspianTern are referred to individually as a “Party” and collectively as the “Parties.” 

RECITALS 
 WHEREAS,
Hansoh is a biopharmaceutical company in the business of developing and commercializing therapeutic products; 
 WHEREAS, Terns Inc
and CaspianTern are each a wholly-owned subsidiary of Terns, and the Terns Group collectively owns all legal rights and title to the Licensed Compound (as defined below) and the Licensed Technology (as defined below); 

WHEREAS, pursuant to an Intangible Property License Agreement effective as August 19, 2019 by and between Terns Inc and Terns,
Terns is the beneficial owner and exclusive, worldwide licensee of the Licensed Technology in all fields, and Terns Inc has legal title to the Licensed Patent Rights (as defined below) and controls Prosecution (as defined below) of the Licensed
Patent Rights; 
 WHEREAS, pursuant to an Intangible Property License Agreement effective as June 16, 2020 by and between Terns
and CaspianTern, CaspianTern is the exclusive, worldwide licensee of the Licensed Technology in the Field (as defined below); and 

WHEREAS, Hansoh is interested in conducting preliminary studies on the Licensed Compound as described herein with an option to
exclusively license the same for development and commercialization of Licensed Products (as defined below). 
 NOW, THEREFORE,
in consideration of the foregoing premises and the mutual covenants and agreements contained herein, the Parties hereby agree as follows: 

  
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ARTICLE 1 
 DEFINITIONS

 1.1    “Affiliate” means, with respect to a Party, any current or future Person
that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with that Party. For purposes of this definition, “control” means: (a) the possession, directly or indirectly, of
the power to direct the management or policies of a Person, whether through ownership of voting securities, by contract or otherwise, or (b) the ownership, directly or indirectly, of more than fifty percent (50%) of the total voting securities
of, or other evidences of ownership interest in, such Person. For clarity, once a Person ceases to be an Affiliate of a Party, then, without any further action, such Person shall cease to have any rights, including license and sublicense rights,
under this Agreement by reason of being an Affiliate of such Party. Notwithstanding the above, in no event shall Lilly Asia Ventures or any of its affiliates be deemed an Affiliate of CaspianTern. 

1.2    “Adverse Event” means any unwanted or harmful medical occurrence in a patient or
subject who is administered any Licensed Product, whether or not considered related to any Licensed Product, including any undesirable sign (including abnormal laboratory findings of clinical concern). 

1.3    “Adverse Risk” means any risk of a material adverse effect on the Exploitation of Licensed
Compound or Licensed Products. 
 1.4    “Applicable Law” means, with respect to any
Party or other Person, any federal, state or local law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, executive order, injunction, judgment, decree, ruling or other similar requirement enacted,
adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to such Party or Person. 

1.5    “Business Day” means any day other than a Saturday, a Sunday or a day on which banks
in New York, New York or in Shanghai, China are authorized or obligated by law or governmental order to close. 

1.6    “Calendar Quarter” means each period of three (3) consecutive calendar months,
ending March 31, June 30, September 30, and December 31. 
 1.7    “Calendar
Year” means the period of time beginning on January 1 and ending December 31, except for (a) the first year which shall begin on the Effective Date and end on December 31 and (b) any year in which this
Agreement is terminated or expires prior to December 31, in which case the Calendar Year shall be from January 1 of that year to the date of expiration or termination. 

1.8    “Change of Control” means with respect to a Party:
(a) that a majority of the outstanding voting securities of such Party become beneficially owned directly or indirectly by any Third Party (or group of Third Parties acting in concert) that did not own a majority of the voting securities of
such Party as of the Effective Date; (b) possession of the power to direct or cause the direction of the management and policies of such Party, whether through ownership of the outstanding voting securities, by contract or otherwise, becomes
vested in one or more 

  
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individuals or entities that did not possess such power as of the Effective Date; (c) that such Party consolidates with or merges into another corporation
or entity, or any corporation or entity consolidates with or merges into such Party, in either event pursuant to a transaction in which more than fifty percent (50%) of the total voting power of the securities outstanding of the surviving entity
normally entitled to vote in elections of directors is not held by the individuals or entities holding at least fifty percent (50%) of the outstanding securities of such entity preceding such consolidation or merger; or (d) that such Party
conveys or transfers all or substantially all of its assets or the assets to which the subject matter of this Agreement relates to any Third Party. In each case of (a), (b), (c) and (d), each Third Party, individual, entity, or corporation that is
deemed to have gained control of the Party, are referenced below as “Control Acquirer.” 

1.9    “CMC Information” means Information related to the chemistry, manufacturing and
controls of the Licensed Products, as specified by the FDA, NMPA and other applicable Regulatory Authorities. 

1.10    “Commercially Reasonable Efforts” means, with respect to either Party’s
obligations under this Agreement, the carrying out of such obligations with a level of efforts and resources consistent with the commercially reasonable practices of a similarly situated company in the pharmaceutical industry for the active and
diligent commercialization of a similarly situated branded pharmaceutical product as the Licensed Product at a similar stage of commercialization, taking into account efficacy, safety, patent and regulatory exclusivity, anticipated or approved
labeling, present and future market potential, competitive market conditions, the profitability of the product in light of pricing and reimbursement issues, and all other relevant factors (but not taking in account any payment owed to CaspianTern
under this Agreement or any other pharmaceutical product that Hansoh is then researching, developing or commercializing, alone or with one or more collaborators). 

1.11    “Control” means (as an adjective or as a verb including conjugations and variations
such as “Controls” “Controlled” or “Controlling”) with respect to any Intellectual Property rights, the possession of (whether by ownership or license, other than pursuant to
this Agreement) the right of a Party to grant access to, or a license or sublicense of or under, such items or rights as provided for herein without violating the terms of any agreement or other arrangement with any Third Party existing at the time
such Party would be required hereunder to grant the other Party such access or license or sublicense or creating or increasing any payment obligation to a Third Party. Notwithstanding the foregoing, in the event a Party enters into a transaction or
series of transaction with a Third Party acquiror that constitutes a Change of Control of such Party, in no event shall any Know-How or Patent Rights controlled by the Third Party acquiror (and/or its
Affiliates) immediately prior to the consummation of such Change of Control or developed thereafter outside of the scope of this Agreement be deemed “Controlled” by the acquired Party (or such Party’s other Affiliates) for purposes of
this Section 1.11 or otherwise be included in any of the licenses or covenants granted or made under this Agreement by the acquired Party (or such Party’s other Affiliates). 

1.12    “Cover” means (as an adjective or as a verb including conjugations and variations
such as “Covered,” “Coverage” or “Covering”), as to a compound, formulation, product, process or machine and certain Intellectual Property, that, in the absence of a license
granted under, or ownership of, such Intellectual Property, the making, using, selling, offering for sale or 

  
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importation of such product, process or machine would infringe or misappropriate such Intellectual Property or, as to a pending claim in a patent application
included in such Intellectual Property, the making, using, selling, offering for sale or importation of such product, process or machine would infringe such Intellectual Property if such pending claim were to issue in an issued patent without
modification. The determination of whether a compound, formulation, process, product, machine or other Intellectual Property is Covered by a particular claim shall be made on a [***] basis. 

1.13    “Dollars” or “$” means the legal tender of the U.S.

 1.14    “Exploit” and “Exploitation” mean
to make, have made, import, use, have used, sell, offer for sale, have sold, reproduce, modify, publish, distribute, research, develop, commercialize, register, hold, keep (whether for disposal or otherwise), Manufacture, transport, distribute,
promote, market, or otherwise dispose of. 
 1.15    “FDA” means the U.S. Food and Drug
Administration or any successor entity. 
 1.16    “Field” means all prophylactic,
palliative, therapeutic and/or diagnostic uses in connection with all human diseases and disorders (including development and research activities on animal models thereof) in the field of oncology, including all types of cancer. 

1.17    “First Commercial Sale” means on a [***] basis, the first sale of a Licensed
Product by a Selling Party following the receipt of all Regulatory Approval required for the commercial sale of such Licensed Product in such [***]. 

1.18    “Generic Product” means a product (a) whose active pharmaceutical ingredient
is rated as equivalent to the Licensed Product being sold in a [***], (b) that obtained Regulatory Approval solely by means of establishing such equivalence to such Licensed Product, and (c) that is legally marketed in such [***] by an entity
other than a Selling Party hereunder. 
 1.19    “Governmental Authority” means any
transnational, or domestic or foreign federal, state or local, governmental authority, department, court, agency or official, including any political subdivision thereof. 

1.20    “IND” means an Investigational New Drug application, or similar application to
commence human clinical testing of a Licensed Product for use in the Field submitted to the FDA, or its foreign equivalent. 

1.21    “Intellectual Property (IP)” means all rights in Patent Rights,
Inventions, priority rights, copyrights, design rights, trade names, trademarks, service marks, trade secrets, Know-How, database rights, domain names and any and all other intellectual property rights
(whether registered or unregistered) and all applications and rights to apply for any of them, anywhere in the world. 

1.22    “Invention” means any new process, method, composition of matter, invention,
discovery, development, article of manufacture, result, data, know-how, software, works of authorship, material, or information, whether or not patentable or copyrightable. 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
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1.23    “Know-How” shall mean any and all
proprietary information, data, materials, results, improvements, protocols, formulas, processes, methods, compositions of matter, articles of manufacture, formulations, discoveries, findings, know-how and
trade secrets of any kind, including scientific, preclinical, clinical, regulatory, manufacturing, marketing, financial and commercial information or data and sequence information, in all cases whether patentable or not. 

1.24    “Licensed Compound” means (a) the lead chemical compound discovered by Terns
Group known as TRN-000632, intended to bind to BCR-ABL protein, the chemical structure of which is set forth in Exhibit A, and (b) any [***] thereof
[***] for BCR-ABL tyrosine kinase activity inhibition, including those that [***] BCR-ABL, in each case that are Controlled by Terns Group as of the Effective Date, or
become Controlled by Terns Group during the Term. 
 “Licensed Compounds” means more than one Licensed Compound or all Licensed Compounds, as
applicable. 
 1.25    “Licensed Know-How” means
all Know-How that is (a) Controlled by Terns Group as of the Effective Date as provided in Exhibit A or at any time during the Term and (b) related to the Licensed Compound and
necessary or reasonably useful for the Exploitation of Licensed Products in the Field in the Territory. 

1.26    “Licensed Patent Rights” means all Patent Rights in and to (a) the patents and
patent applications listed in Exhibit B hereto, together with any and all current or future divisionals, continuations, continuations-in-part,
provisionals, converted provisionals, and continued prosecution applications claiming priority to any of such listed patents or patent applications or to any application to which such listed patents or patent applications claim priority, and any and
all patents that have issued or in the future issue from any of the foregoing, including utility models, petty patents and design patents and certificates of invention, and any and all adjustments, extensions or restorations by existing or future
adjustment, extension or restoration mechanisms, including revalidations, reissues, re-examinations, term adjustments, and extensions (including any supplementary protection certificates and the like), of any
thereof; and (b) any other Patent Rights Controlled by Terns Group during the Term Covering the Licensed Compound or otherwise necessary for the Exploitation of Licensed Products in the Field in the Territory; and (c) any and all foreign
counterparts of any of the foregoing in any nation, jurisdiction, or patent authority in the Territory. 

1.27    “Licensed Product” means any pharmaceutical product that (a) comprises a
Licensed Compound as the sole active ingredient (“Mono Product”), or (b) comprises a Licensed Compound as the active ingredient in combination with one or more other active ingredients (“Combination
Product”). 
 1.28    “Licensed Technology” means either or both of the
Licensed Patent Rights and the Licensed Know-How. 

1.29    “Manufacture” means all operations involved in the manufacturing, filling,
finishing, quality control testing (including in-process, release, and stability testing, if applicable), storage, releasing, and packaging of a Licensed Compound or Licensed Product, including oversight and
management of vendors therefor. 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
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1.30    “NDA” means a New Drug Application or any other application to the appropriate
Regulatory Authority for approval to market a Licensed Product. 
 1.31    “Net Sales”
means the gross sales amount of Licensed Products invoiced or billed by a Selling Party for the sale or other commercial disposition of Licensed Products in the Territory during the Royalty Term applicable to the [***] of sale or disposition, less
the following items listed to the extent reasonably, customary and actually taken or incurred with respect to such sale, in accordance with standard allocation procedures, allowance methodologies and accounting methods consistently applied: 

(a)    any and all credits or allowances for Licensed Product returns during such quarter, including, but not
limited to, credits for returned, recalled, damaged, unsold, or short-dated Licensed Product, allowances granted or included in the invoice, discounts, customer program accruals (overbills, administrative fees, Third Party rebates, sales brokerage,
and volume rebates), other adjustments and rebates, including but not limited to governmental rebates, charge backs, floor stock adjustments, and similar items that may be estimated in accordance with GAAP/IFRS; 

(b)    import, export, sales (including VAT or its equivalent) and excise taxes, customs duties, other consumption
taxes, or other governmental charges to the extent actually included in gross sales; and 
 (c)    costs of
freight, insurance, packaging costs and other transportation charges incurred in shipping of the Licensed Product to Third Parties to the extent actually included in gross sales. 

Sales among the Selling Party and its Affiliates or Sublicensees shall be excluded from the computation of Net Sales, except where such Affiliates or
Sublicensees are end users, and sales from one Party or its Affiliate or Sublicensee to the other Party or its Affiliate or Sublicensee for use in development activities, in the further Manufacture of Licensed Products, or for resale shall be
excluded from the computation of Net Sales; provided, however, in each case that any subsequent resale shall be included within Net Sales. In addition, the Selling Party may exclude from Net Sales a reasonable provision for uncollectible accounts,
consistently applied across all product lines of the particular Party, until such amounts are actually collected. The computation of Net Sales shall not include Licensed Products provided for use in clinical trials or other research or development
activities for the Licensed Products, or given as samples to promote the Licensed Products or for humanitarian or charitable purposes, in each case at or below nominal cost, provided that the Selling Party shall not use any such Licensed Products in
connection with promotion of any other drug products. 
 For purposes of determining whether a given sale occurs during a computation period, a Licensed
Product will be considered sold as of the date of [***]. 
 No multiple payments on the same Net Sales shall be payable hereunder, regardless of whether the
relevant Licensed Products are covered by more than one Valid Claim or otherwise. 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
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If a Licensed Product is a Combination Product consisting of at least one Licensed Compound and at least one active ingredient that is not a Licensed Compound
(“Unlicensed Compound”), then for purposes of the calculation of Net Sales of such Licensed Product, such Net Sales, prior to the royalty calculations set forth below, first shall be multiplied by the fraction A/(A+B) (the
“Combination Product Fraction”), where A is the most recent national tender price of the Mono Product for the Licensed Compound(s) in such Combination Product, and B is the most recent national tender price of the product
comprising the Unlicensed Compound(s) as the sole active ingredient, provided that, notwithstanding the foregoing, at no point shall the Combination Product Fraction with respect to the Net Sales of any Licensed Product be less than [***], and it
being understood that the amount resulting from such calculation shall be the “Net Sales” for the applicable Combination Product, which shall be determined on a [***] basis. In the case that national tender price of A and/or B cannot be
reasonably determined, both Parties agree to, on a [***] and province-by-province basis, select the most recent provincial tender price of A and/or B, as applicable, to
determine the Combination Product Fraction. If neither national nor provincial tender price is available for the Mono Product, then the Combination Product Fraction shall be (C-B)/C, where B is the most recent
national tender price for the product comprising the Unlicensed Compound(s) as the sole active ingredient and C is the most recent national tender price for the Combination Product. In the case that national tender price of B and/or C cannot be
reasonably determined, both Parties agree to, on a [***] and [***] basis, select the most recent provincial tender price of B and/or C, as applicable, to determine the Combination Product Fraction. 

1.32    “NMPA” means the National Medical Product Administration of the People’s
Republic of China, formerly known as the China Food and Drug Administration, and local or provincial counterparts thereto, or any successor agency(ies) or authority thereto having substantially the same function. 

1.33    “Option Period” means the period of time commencing on the Effective Date and
ending on the earlier of (i) [***] after completion of the Option Period Studies, as determined by the JSC (as defined below), and receipt of a Study Report (as defined below) by CaspianTern, and (ii) [***] from the Effective Date. 

1.34    “Option Period Studies” means the studies and development work as agreed in writing
by both Parties, intended to enable the filing of clinical trial application/IND with NMPA for the Licensed Product and allow Hansoh to determine whether or not it will exercise the Option. Hansoh shall control the planning and execution of the
Option Period Studies, which shall be provided to CaspianTern for review and comment, and Hansoh shall consider such comments in good faith and incorporate when appropriate. 

1.35    “Option Period Study Results” means any and all Inventions,
scientific or technical information, results, materials, and data, including safety, efficacy and CMC data, formulae procedures, final and preliminary protocols, techniques, and results (negative or positive) of experimentation and testing, that are
first discovered, made, or developed directly in the course of conducting the Option Period Studies. 

1.36    “Patent Right(s)” means any and all patents and patent applications (which for the
purpose of this Agreement shall be deemed to include certificates of invention and applications for certificates of invention), including divisionals, continuations,
continuations-in-part, reissues, renewals, substitutions, registrations, re-examinations, revalidations, extensions,
supplementary protection certificates, pediatric exclusivity periods and the like of any such patents and patent applications, and foreign equivalents of the foregoing. 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
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1.37    “Permitted Holder” means any Third Party that satisfies any of the following
conditions: (i) the average net income of such Third Party and its affiliates in the [***] immediately prior to the Change of Control of Terns or CaspianTern does not exceed [***] and such Third Party and its affiliates do not market any
therapeutic products indicated for [***] in China, (ii) the average revenue of such Third Party and its affiliates in the [***] immediately prior to the Change of Control of Terns or CaspianTern exceeds ***], with no more than [***] of its
revenue generated within China, and such Third Party and its affiliates do not market any therapeutic products indicated for [***] in China, or (iii) such Third Party is a venture capital fund or private equity fund. 

1.38    “Person” means an individual, corporation, partnership, limited partnership,
limited liability partnership, limited liability company, trust, business trust, association, joint stock company, joint venture, pool, syndicate, sole proprietorship, unincorporated organization, Governmental Authority or any other form of private,
public, or governmental entity not specifically listed herein. 
 1.39    “Phase II Clinical
Trial” shall mean a human clinical trial involving a Licensed Product, the principal purpose of which is a determination of safety and efficacy in the target patient population, which is prospectively designed to generate sufficient
data that may permit commencement of pivotal clinical trials, or a similar clinical study prescribed by the Regulatory Authorities, from time to time, pursuant to Applicable Law or otherwise, including the trials referred to in 21 C.F.R.
§312.21(b), as amended, or its foreign equivalent. 
 1.40    “Phase III Clinical
Trial” shall mean a human clinical trial of a Licensed Product on a sufficient number of subjects in an indicated patient population that is designed to establish that a pharmaceutical product is safe and efficacious for its intended
use, and to determine the benefit/risk relationship, warnings, precautions, and adverse reactions that are associated with such pharmaceutical product in the dosage range to be prescribed, which trial is intended to form a basis for obtaining drug
approval of such Licensed Product, including the trials referred to in 21 C.F.R. §312.21(c), as amended, or its foreign equivalent. 

1.41    “Prosecute” means to have primary responsibility for preparing, filing, prosecuting
(including interference and opposition proceedings) and maintaining (including interferences, reissue, re-examination, post-grant reviews, inter-partes reviews, derivation proceedings and opposition
proceedings), including discontinuing or abandoning Patent Rights. 
 1.42    “Regulatory
Approval” means with respect to a country, extra-national territory, province, state, or other regulatory jurisdiction, any and all approvals, licenses, registrations or authorizations of any Regulatory Authority necessary in order to
Exploit a product in such country, state, province, or some or all of such extra-national territory or regulatory jurisdiction, which shall include any pricing and reimbursement approvals. 

1.43    “Regulatory Authority” means, with respect to a particular country,
extra-national territory, province, state, or other regulatory jurisdiction, any applicable Governmental Authority involved in granting Regulatory Approval, including but not limited to the NMPA, and in each case including any successor thereto.

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
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1.44    “Regulatory Materials” means regulatory applications, submissions, dossiers,
notifications, registrations, Regulatory Approvals and/or other filings made to or with, or other approvals granted by, a Regulatory Authority that are necessary or reasonably desirable in order to Exploit a Licensed Product in a particular country
or regulatory jurisdiction, including INDs and NDAs. 
 1.45    “Royalty Term” means,
with respect to a given Licensed Product sold or commercially distributed in a given [***], on a [***] basis, the time period commencing on the date of the First Commercial Sale of the Licensed Product in such [***] and ending on the latest of (i)
[***] from such First Commercial Sale, (ii) the expiration of the last Valid Claim in such [***] Covering such Licensed Product or any of its marketed medical use, or (iii) the expiration of the last applicable period of effective
regulatory-based exclusivity, if any, for such Licensed Product in such [***]. 
 1.46    “Selling
Party” means, as applicable, Hansoh, its Affiliate, its Sublicensee, or an Affiliate of a Sublicensee. 

1.47    “Territory” means mainland China, Taiwan, Hong Kong, and Macau (each
a [***]). 
 1.48    “Third Party” means a Person other than (a) Hansoh or any of
its Affiliates or (b) CaspianTern or any of its Affiliates. 
 1.49    “Valid Claim”
means (a) a claim of any pending patent application included in the Licensed Patent Rights, that has not been pending in excess of [***], and/or (b) a claim of an issued and unexpired patent included within the Licensed Patent Rights that
which has not been held permanently revoked, unenforceable, or invalid by an unappealable (or unappealed within the time allowed for appeal) decision of a court or other Governmental Authority of competent jurisdiction, and which has not been
dedicated to the public, abandoned, or admitted to be invalid or unenforceable through reissue or disclaimer or otherwise. 
 ARTICLE 2

 OPTION AND OPTION PERIOD STUDIES 

2.1    Upfront Payment. Within [***] following the Effective Date, Hansoh will pay One Million US
Dollars ($1,000,000) to CaspianTern (the “Upfront Payment”), which amount shall be non-creditable and non-refundable; provided that, however, in
the event Hansoh elects to not exercise the Option during the Option Period, CaspianTern shall refund the amount of the Upfront Payment that CaspianTern received from Hansoh after any and all applicable tax payments in accordance with
Section 5.4 (the “Refund Amount”) to Hansoh within six (6) months from the expiration or termination of the Option Period (the “Refund Period”). If CaspianTern does not pay the Refund Amount
within such six (6) month period, such owed Refund Amount will be regarded as a debt owed by Terns Group to Hansoh, secured against such number of common shares as is equal to the Refund Amount divided by the share price of such shares issued
by Terns in the latest bona fide equity financing round before the Refund 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
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Amount is due (the “Pledged Stock”). Interest on the Refund Amount shall be computed from the last day of the Refund Period at the
[***] as defined under Section 1274(d) of the Internal Revenue Code, compounded annually and shall continue to accrue until paid. Interest shall be computed on the basis of a year of 365 days for the actual number of days elapsed. The entire
amount of accrued but unpaid interest and all outstanding principal shall be due and payable on or before the close of business on the [***] of the last day of the Refund Period. 

2.2    Transfer of Data and Information. Within [***] following CaspianTern’s receipt of the
Upfront Payment, Terns Group shall without charge deliver to Hansoh, all Licensed Know-How as set forth in Exhibit A; provided, however, that Terns Group shall not be required to transfer to
Hansoh any Licensed Know-How relating solely to the formulation and/or Manufacture of Licensed Compounds or Licensed Product unless and until the Option is exercised by Hansoh. From time to time during the
Option Period, or promptly upon Hansoh’s reasonable request, Terns Group shall without charge transfer any additional Licensed Know-How in Terns Group’s possession (other than Licensed Know-How solely related to the formulation and/or Manufacture of Licensed Compounds or Licensed Product) to the extent not previously delivered. However, transfer of data and information relating to Manufacture of
Licensed Compounds prior to Option exercise may take place at the request of Terns Group, should Terns Group no longer wish to be obligated to supply Licensed Compounds to Hansoh during Option Period. 

2.3    Option Period Supply. Subject to the terms and conditions of the Material Transfer Agreement
dated November 13, 2019 by and between Hansoh and Terns, during the Option Period, Terns shall, upon Hansoh’s written request, supply to Hansoh, or a designated Third-Party contract research organization mutually agreed upon by both
Parties (“CRO”), such Licensed Compound in quantities, at costs, places and times, and in forms, as mutually agreed by the parties. Hansoh shall not, and shall cause any Affiliate, service providers, collaborators or Third
Parties not to, use or transfer any Option Period Materials for any purpose other than to conduct the Option Period Studies. In addition, Hansoh may not, and may not cause any Affiliate, service providers, collaborators or Third Parties to, reverse
engineer, copy, disassemble or otherwise attempt to reconstruct any Option Period Materials. 
 2.4    Grant
of Option and Option Period License. CaspianTern hereby grants to Hansoh during the Option Period: 

2.4.1    an exclusive option, exercisable in Hansoh’s sole discretion at any time during the Option Period, to
obtain from CaspianTern the license rights described in Section 3.1 (the “Option”); and 

2.4.2    a non-transferable, non-sublicensable (other than to Hansoh’s
Affiliates or CROs directly participating in the Option Period Studies), fully-paid, royalty-free license under the Licensed Technology (other than Licensed Know-How solely related to the formulation and/or
Manufacture of Licensed Compounds or Licensed Product) to perform the Option Period Studies as contemplated herein (the “Option Period License”). 

2.5    Option Period Studies. Promptly after the Effective Date, CaspianTern and Hansoh shall form a
joint project team responsible for managing Option Period Studies, which shall be performed by Hansoh or a CRO approved in advance in writing by CaspianTern. In 

  
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addition, during the Option Period, the JSC (as defined below) shall approve and oversee the design, control, and conduct of the Option Period Studies. The
Option Period Studies will be funded solely by Hansoh. Within [***] of the earlier of (a) Hansoh’s exercise of the Option or (b) the expiration or termination of the Option Period, Hansoh shall present a written summary of results
from its Option Period Studies to CaspianTern (“Study Report”). The Study Report should meet general scientific publication standard by providing study purposes, methods, materials and results (including detail results and
raw data). In addition, Hansoh shall, from time to time during the Option Period, keep CaspianTern informed as to the progress made in the Option Period Studies and shall promptly provide written reports upon completion or as agreed by the Parties
(including, where appropriate, the results, analysis and conclusions with respect to such specific study). Hansoh shall, and shall cause its CRO, if applicable, to, use Commercially Reasonable Efforts to conduct the Option Period Studies in
accordance with the study plan agreed by the Parties and approved by the JSC and to complete the Option Period Studies within the Option Period. 

2.6    Option Exercise. In the event Hansoh elects to exercise the Option, it shall prior to 11:59 pm
Eastern Standard time on the last day of the Option Period, deliver to CaspianTern a written notice specifying that Hansoh has elected to exercise the Option (“Option Notice”). The date, if any, on which Hansoh exercises the
Option by delivering the Option Notice shall be the “License Effective Date.” 

2.7    Expiration and Termination of the Option Period. The Option, the Option Period, and the Option
Period License will expire if the Option is not exercised on or prior to the last day of the Option Period. Hansoh may earlier terminate the Option Period at any time and for any reason, effective immediately upon written notice to CaspianTern. 

2.8    Effect of Expiration or Termination of the Option Period. Upon expiration or termination of
the Option Period, other than due to the occurrence of the License Effective Date, (1) CaspianTern shall refund the full amount of the Upfront Payment to Hansoh within the Refund Period; (2) the Option Period License immediately terminates
and all rights associated with Licensed Technology automatically revert back to CaspianTern, without requiring any act on either Party; and (3) Hansoh shall (a) immediately cease all work on the Option Period Studies, and (b) within
[***] of such expiration or termination, (i) deliver to CaspianTern the Option Period Study Results in writing or computer-readable form and any remaining Option Study Materials; and (ii) return or destroy, at CaspianTern option, any
physical embodiments of the Licensed Know-How provided to it by CaspianTern. 
 ARTICLE 3 

LICENSES 

3.1    Licenses to Hansoh. 

3.1.1    Grant of License. Upon Hansoh’s exercising the Option, CaspianTern hereby grants to Hansoh and
its Affiliates, effective as of the License Effective Date, an irrevocable, royalty-bearing license, with the right to sublicense solely as set forth in Section 3.3, under the Licensed Technology, during the Term, to Exploit Licensed Compound
and Licensed Products in the Field in the Territory. For the avoidance of doubt, the license granted under this Section 3.1.1 can be terminated in accordance with the other provisions of this Agreement. The

  
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foregoing license shall be exclusive with respect to the Licensed Patent Rights and co-exclusive with respect to the
Licensed Know-How. Hansoh covenants that it will not, and will not permit any of its Affiliates or Sublicensees to, use or practice any Licensed Technology outside the scope of the license granted to it under
this Section 3.1.1. 
 3.1.2    CaspianTern Retained Rights. Notwithstanding the exclusive rights
granted to Hansoh in Section 3.1.1, CaspianTern and its Affiliates shall retain the following: 

(a)    the right to practice the Licensed Patent Rights within the scope of the license granted to Hansoh under
Section 3.1.1 in order to perform, or have performed by a Third Party contractor, CaspianTern’s obligations under this Agreement; 

(b)    the right to Manufacture or have Manufactured Licensed Products anywhere in the world for sale and use
outside of the Territory; and 
 (c)    the right to practice and license the Licensed Technology outside the
scope of the license granted to Hansoh under Section 3.1.1. 
 3.2    No Other Licenses. Neither
Party grants to the other Party any rights or licenses in or to any Intellectual Property, whether by implication, estoppel, or otherwise, other than the license rights that are expressly granted under this Agreement. 

3.3    Sublicensing by Hansoh. 

3.3.1    Hansoh shall have the right to grant sublicenses (including any option to obtain a sublicense, each a
“Sublicense”) to (i) any of its Affiliates, (ii) any Third Party service provider solely with respect to the right to research, develop and/or register Licensed Products in the Field in the Territory on behalf of
Hansoh, or (iii) any Third Party solely with respect to the right to distribute, market, promote, sell, have sold, offer for sale, import, label, package and otherwise commercialize Licensed Products in the Field in the Territory (each, a
“Sublicensee”), under the license set forth in Section 3.1.1, provided that: (a) each Sublicense shall be granted pursuant to a written agreement that complies with Section 3.3.2; (b) Hansoh shall provide
CaspianTern with written notice of the identity of each Sublicensee within [***] following the execution of each Sublicense, along with a redacted copy of the applicable Sublicense agreement sufficient to demonstrate compliance with clause (a); (c)
such Sublicensee is not debarred or disqualified under applicable Laws, (d) Hansoh retains a material involvement with respect to the research, development, registration, marketing and promotion of the applicable Licensed Product; and
(e) each agreement for the Sublicense shall be consistent with the terms and conditions of this Agreement. Hansoh shall remain solely responsible for all the Sublicensees’ activities, conformity to, and any and all failures to comply with,
those portions of this Agreement applicable to such Sublicensee. Except as expressly set forth in this Section 3.3.1, Hansoh shall not have the right to grant sublicenses of the license granted in Section 3.1.1 without Tern’s express
prior written consent. 
 3.3.2    Without limiting Section 3.3.1, Hansoh shall include in each such
Sublicense agreement provisions that (a) such Sublicensee is bound by and subject to all terms and conditions of this Agreement (other than terms and obligations bearing on financial considerations and audit rights) in the same manner and to
the same extent as Hansoh is bound 

  
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thereby; (b) Hansoh shall have the right to grant to CaspianTern cross-reference rights consistent with Section 4 with respect to Regulatory
Materials and Regulatory Approvals generated, filed or obtained by or on behalf of such Sublicensee within the scope of such sublicense or option agreement; (c) the Sublicensee has obligations of confidentiality and non-use regarding Confidential Information that are substantially the same as those undertaken by the Parties pursuant to Article 9 hereof; and (d) the Sublicensee has indemnification obligations that are
substantially the same as those undertaken by Hansoh pursuant to Article 10 hereof. 

3.4    Subcontractors. Hansoh may Exploit its rights in the Licensed Technology under this Agreement
through one or more Third Party contractors or consultants, provided that (a) Hansoh remains responsible for any obligations that have been delegated or subcontracted to any contractor or consultants, and the performance of such activities by
such contractors and consultants in accordance with the terms of this Agreement, and (b) the contractor or consultant undertakes in writing obligations of (i) confidentiality and non-use regarding
Confidential Information that are substantially the same as those undertaken by the Parties pursuant to Article 9 hereof, (ii) compliance with Applicable Laws, and (iii) assignment to Hansoh all data,
Know-How, inventions or other intellectual property generated by such subcontractor in the course of performing such subcontracted work. 

3.5    Transfer of Additional Licensed Know-How. Promptly
after the License Effective Date and no later than three (3) months thereafter, Terns Group shall without charge deliver to Hansoh (or its contract manufacturing designee, as the case may be) all additional existing Licensed Know-How not delivered during the Option Period pursuant to Section 2.2, including (a) all technical data and information within Terns Group’s possession that may be required by any Regulatory
Authorities in the Territory to initiate an IND filing or dossier (such as a clinical trial application); and (b) all existing Licensed Know-How relating to the Manufacture of Licensed Compounds. From
time to time during the Term, or promptly upon Hansoh’s reasonable request, Terns Group shall without charge transfer to Hansoh (or its contract manufacturing designee, as the case may be) any additional Licensed
Know-How in Terns Group’s possession to the extent not previously delivered. 

3.6    Non-Compete. During the Term, Hansoh shall not,
directly or indirectly, either by itself or with or through any of its Affiliates or any Third Party, Exploit in the Territory any other compound or product (other than a Licensed Compound or Licensed Product) [***] as its [***] mechanism of action
[***] (each, a “Myristate Competing Product”). 
 ARTICLE 4 

GOVERNANCE, DEVELOPMENT, AND COMMERCIALIZATION 

4.1    Governance. 

4.1.1    Alliance Managers. Within [***] following the Effective Date, each Party shall appoint (and
notify the other Party in writing of the identity of) a representative having the appropriate qualifications to act as its alliance manager under this Agreement (the “Alliance Manager”). The Alliance Managers shall serve as
the primary contact points between the Parties regarding the activities contemplated by this Agreement. The Alliances Managers shall (a) promote communication, coordination, and collaboration between the Parties, providing a single point of
communication for seeking consensus both internally within each Party’s 

  
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respective organization, including facilitating review of external corporate communications, and raising cross-Party or cross-functional disputes in a timely
manner; and (b) manage the JSC meetings by (i) calling and organizing meetings of the JSC; (ii) preparing and issuing minutes of each meeting that reflect, without limitation, all material decisions made at such meetings, within [***]
thereafter; and (iii) preparing and circulating an agenda for the upcoming meeting, in each case at the direction of and in consultation with the then-current chairperson(s) of the JSC. Each Party may replace its Alliance Manager at any time by
written notice to the other Party. 
 4.1.2    Joint Steering Committee 

(a)    Formation. Within [***] after the Effective Date, the Parties shall establish a joint steering
committee (the “Joint Steering Committee” or the “JSC”) to cooperate, coordinate, integrate, monitor and oversee the Exploitation of the Licensed Product in the Field within the Territory under this Agreement. The
JSC shall at all times consist of an equal number of representatives for each Party. Each Party shall appoint at least (2) representatives to the JSC, each of whom shall be an officer or employee of such Party having sufficient experience and
seniority within such Party to make decisions arising within the scope of the JSC’s responsibilities. The JSC may change its size from time to time by unanimous consent of its representatives, and each Party may replace its JSC representatives
upon written notice to the other Party. Each Party shall appoint one (1) of its representatives on the JSC to act as the co-chairperson. The role of the
co-chairpersons shall be to convene and preside at the JSC meetings and coordinate with the Alliance Managers to ensure circulation of meeting agendas at least [***] in advance of JSC meetings and the
preparation of meeting minutes and any pre-read materials, but the co-chairpersons shall have no additional powers or rights beyond those held by other JSC
representatives. 
 (b)    Role. The JSC shall (a) provide a forum for the discussion of the
Parties’ activities under this Agreement and review, discuss and coordinate the overall strategy for the Exploitation of Licensed Products in the Territory, including related regulatory activities; (b) review and discuss the Development
Plan and overall strategy for the development of the Licensed Products in the Field within the Territory; (c) establish subcommittees as necessary or advisable to further the purpose of this Agreement, including overseeing specific projects or
activities; (d) facilitate the exchange of information with respect to the development and commercialization activities relating to the Licensed Products in the Field and conducted by or on behalf of each Party; and (e) perform such other
functions as expressly set forth in this Agreement or as the Parties may mutually agree in writing, except where in conflict with any provision of this Agreement. 

(c)    Limitation of Authority. The JSC shall only have the powers expressly assigned to it by this
Agreement and shall not have the authority to (i) modify or amend the terms and conditions of this Agreement; (ii) waive or determine either Party’s compliance with the terms and conditions of this Agreement; or (iii) determine
any such issue in a manner that would conflict with the express terms and conditions of this Agreement. 

(d)    Meetings. The JSC shall hold meetings at a frequency that the Parties mutually agree in writing, but
in no event shall such meetings be held less frequently than once every Calendar Year. Each Party may call additional ad hoc JSC meetings as the need 

  
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arises with [***] advance notice to the other Party and agreed by the other Party. Meetings of the JSC may be held in person, by audio or video conference or
similar means. In-person JSC meetings shall be held at locations agreed by the Parties. All written JSC meetings communications, reports and records shall be in English. Each Party shall be responsible for
such Party’s expenses incurred in participating in the JSC meetings. 
 (e)    Non-Member Attendance. Each Party may from time to time invite a reasonable number of participants relevant to the items on the issued agenda, in addition to its representatives, to attend the JSC meetings in a non-voting capacity; provided that no Party may have any Third Party (including any consultant) attend such a meeting without the prior written consent of the other Party and if such other Party consents to
such Third Party’s attendance, such Party shall ensure that such Third Party does not vote or otherwise participate in the decision-making process of the JSC and is bound by confidentiality and non-use
obligations consistent with the terms of this Agreement. 
 (f)    Decision-Making. All decisions of the
JSC shall be made by unanimous vote, with each Party having one (1) vote. If after reasonable discussion and good faith consideration of each Party’s view on a particular matter before the JSC, the JSC cannot reach a decision as to such
matter within [***] after such matter was brought to the JSC for resolution, [***] will have final decision-making authority for matters that are [***], except for matters that are [***]. All unresolved matters shall be referred to the Chief
Executive Officers or Heads of Business Development of the Parties (the “Executive Officers”) for resolution. If such Executive Officers are unable to resolve any such dispute within [***] despite good faith negotiations,
either Party may have the dispute settled by arbitration in accordance with Section 12.3. 

4.2    Development. 

4.2.1    Subject to the terms and conditions of this Agreement, from and after the License Effective Date, as
between the Parties, Hansoh shall have sole responsibility for the Exploitation of one or more Licensed Products in the Field in the Territory, including all non-clinical and clinical studies as necessary to
obtain Regulatory Approval for Licensed Products in all Regions in the Territory, at its cost and expense (including responsibility for all funding, resourcing and decision-making), except as otherwise expressly set forth herein. 

4.2.2    Development Plan. Without limiting the generality of the other provisions in this Section 4.2,
Hansoh will, within [***] after the License Effective Date, prepare and submit to the JSC a detailed plan containing the strategy, activities, study designs, timeline, study material needs and budget for research and development of the Licensed
Compound and Mono Product in the Field in the Territory (together with any subsequent updates, the “Development Plan”). The Development Plan shall include among other things, all material
non-clinical and clinical studies, CMC information collection activities and regulatory activities solely with respect to the Licensed Compound and Mono Product to be conducted in the Territory. With respect
to Combination Products, Hansoh shall [***]. From time to time during the Term (but at least once per Calendar Year), Hansoh shall prepare amendments and updates, including information relating to the development plan of Licensed Compound and/or
Licensed Product, as appropriate, to the then-current Development Plan, and submit such amendments and updates to 

  
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the JSC. If there are no amendments or updates to the then-current Development Plan that are applicable in a Calendar Year, Hansoh’s sole responsibility
under this Section 4.2.2 during such Calendar Year shall be to inform CaspianTern that the then-current Development Plan is up to date. Notwithstanding the forgoing, [***]. 

4.2.3    Regulatory Filings. 

(a)    Subject to the terms and conditions of this Agreement, as between Hansoh and CaspianTern, Hansoh will have
sole responsibility for, at its sole cost and expense, for the conduct of all regulatory activities required to obtain and maintain Regulatory Approval of Licensed Products in the Field in the Territory, including (i) preparing and submitting
all Regulatory Materials for Licensed Products in the Field in the Territory and (ii) determining all regulatory plans and strategies for Licensed Products in the Field in the Territory. Subject to the terms and conditions of this Agreement, as
between the Parties, Hansoh will have the exclusive right to submit to and appear before Regulatory Authorities on any matter with respect to Licensed Products in the Field in the Territory. Subject to the terms and conditions of this Agreement,
Hansoh (or its Affiliates or Sublicensees, as applicable) will own all Regulatory Materials (including Regulatory Approvals) for Licensed Products in the Field in the Territory and all such Regulatory Materials shall be submitted in the name of
Hansoh (or its Affiliate or Sublicensee, as applicable) in the Field in the Territory. Subject to the terms and conditions of this Agreement, as between the Parties, Hansoh shall have sole decision-making authority for all regulatory matters with
respect to Licensed Products in the Field (including the content of any regulatory filing or dossier, pharmacovigilance reports, patient risk management strategies and plans, labeling, safety, recalls and withdrawals) in the Territory, unless such
matter is [***], in which case the Parties shall discuss in good faith to resolve such matter. All unresolved matters shall be referred to the Executive Officers of the Parties for resolution. If such Executive Officers are unable to resolve any
such dispute within [***] despite good faith negotiations, either Party may have the dispute settled by arbitration in accordance with Section 12.3. 

(b)    During the Term, CaspianTern shall, upon reasonable request by Hansoh and at Hansoh’ sole cost and
expense, allow reasonable and timely access, use and support of its existing technical documents and Regulatory Materials related to the Licensed Compound and Mono Product and necessary for Hansoh’s completion and submission of a clinical trial
application to assist Hansoh’s completion and submission of an IND in Territory. 
 (c)    Hansoh shall, at
CaspianTern’s cost and expense, promptly provide CaspianTern, upon reasonable request by CaspianTern, all data, information, documents and records related to the Licensed Compound or Mono Product generated by or on behalf of any Selling Party
in the performance of activities under this Agreement and Regulatory Materials in connection with obtaining or maintaining Regulatory Approval for the Mono Product in the Territory. 

(d)    Meetings with Regulatory Authorities. Hansoh shall keep CaspianTern reasonably informed of any
material regulatory developments related to Mono Products in the Field in the Territory. At each regularly scheduled JSC meeting, Hansoh shall provide CaspianTern with a list and schedule of any in-person
meeting or teleconference with the applicable Regulatory Authorities (or related advisory committees) in the Territory planned for 

  
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the next Calendar Quarter that relates to any Mono Product in the Field. In addition, Hansoh shall notify CaspianTern as soon as reasonably possible (but in no
event later than [***] if possible) after Hansoh becomes aware of any additional such meetings or teleconferences that become scheduled for such Calendar Quarter. To the extent permitted by applicable Laws and by the Regulatory Authorities,
CaspianTern shall have the right to participate (whether directly or through a representative) in all such meetings and teleconferences, at CaspianTern’s cost. 

(e)    If either Party believes that the other Party is taking or intends to take any action with respect to any
Licensed Product that could reasonably be expected to have an Adverse Risk in any territory, such Party may bring the matter to the attention of the JSC and the Parties shall discuss in good faith to promptly resolve such concern. In addition, each
Party shall immediately notify the other Party of any information it receives regarding any threatened or pending action, inspection or communication by or from any Third Party, including without limitation a Regulatory Authority, which may affect
the Exploitation (including regulatory status) of any Licensed Product. Upon receipt of such information, the Parties shall consult with each other in an effort to arrive at a mutually acceptable procedure for taking appropriate action. 

4.2.4    Mutual Right of Reference. From and after the License Effective Date, each Party hereby grants to
the other Party a non-exclusive “Right of Reference,” as that term is defined in 21 C.F.R. § 314.3(b) (or equivalent Applicable Law within the Territory) to all Regulatory Materials pertaining
to the Mono Product in the Field submitted by or on behalf of such Party. Each Party shall support the other Party, as reasonably requested by such other Party and at such other Party’s expense, in obtaining Regulatory Approvals in such other
Party’s territory, including providing necessary documents or other materials required by Applicable Laws to obtain Regulatory Approval in such territory, all in accordance with the terms and conditions of this Agreement. To the extent
CaspianTern grants any license under Licensed Technology in the Field outside the Territory, CaspianTern shall include in such license agreement the right to grant to Hansoh cross-reference rights consistent with Section 4 with respect to
Regulatory Materials and Regulatory Approvals generated, filed or obtained by or on behalf of such licensee within the scope of such license agreement. 

4.2.5    Diligence. Hansoh shall use Commercially Reasonable Efforts to develop (including obtaining
Regulatory Approval for) the Licensed Product and to conduct its development activities under and in accordance with the Development Plan. Hansoh shall use Commercially Reasonable Efforts to commercialize Licensed Product(s) in the Field in the
Territory, and to actively market and sell the Licensed Products in the Territory. Without limiting the foregoing, unless due to reasons out of Hansoh’s reasonable control, Hansoh shall (a) file a clinical trial application with the NMPA
for at least one Licensed Product within [***] following the License Effective Date, or (b) obtain at least one Regulatory Approval for a Licensed Product from the NMPA for the Global Indication (as defined below) within [***] following the
first Regulatory Approval for such Licensed Product for an indication anywhere in [***] (the “Global Indication”). 

4.2.6    Development Reports and Records. Hansoh shall provide periodic written reports to JSC in reasonable
detail summarizing its Development activities performed since the last JSC meeting related to the Development of the Licensed Product in the Field in the Territory. At such JSC meeting, the Parties shall discuss the status, progress and results of
the 

  
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Selling Parties’ Development activities. Hansoh shall maintain reasonably complete records of data and other information resulting from activities
conducted with respect to Licensed Products by any Selling Party in the Territory and shall document all non-clinical and clinical studies for Licensed Products in written study records according to Applicable
Laws. Upon reasonable request by CaspianTern and subject to JSC approval, Hansoh shall make such records available to CaspianTern to the extent necessary or useful for regulatory reference purposes in accordance with this Agreement. 

4.3    Commercialization. 

4.3.1    Marketing and Commercialization Activities. Upon receiving Regulatory Approval for one or more
Licensed Product(s) in one or more Regions of the Territory, Hansoh will have sole right and responsibility with respect to the marketing and commercialization of such Licensed Product(s) in such Regions, subject to the terms and conditions of this
Agreement (including the diligence obligations). Hansoh shall bear all the costs and expenses incurred in connection with such commercialization activities and shall use Commercially Reasonable Efforts to Commercialize the Licensed Product [***].

 4.3.2    Commercialization Report. For each Calendar Year following first Regulatory Approval for a
Licensed Product, Hansoh shall provide to CaspianTern annually within [***] after the end of such Calendar Year a high-level report summarizing Hansoh’s activities with respect to the commercialization of Licensed Products in such Calendar
Year. Such reports and the contents thereof shall be Confidential Information of Hansoh. 
 4.3.3    Each Party
hereby covenants and agrees that during the Term, it shall not, and shall ensure that its Affiliates and Sublicensees (in the case of Hansoh) or licensees (in the case of CaspianTern) will not, directly or indirectly, promote, market, distribute,
import, sell or have sold the Licensed Products, including via internet or mail order, in the other Party’s territory. If either Party receives any order for any Licensed Product from a prospective purchaser reasonably believed to be located in
a country or region in the other Party’s territory, such Party shall immediately refer that order to the other Party and such Party shall not accept any such orders. Each Party shall not deliver or tender (or cause to be delivered or tendered)
Licensed Products into a country or region in the other Party’s territory during the Term. Each Party shall not, and shall ensure that its Affiliates and their respective Sublicensees (in the case of Hansoh) or licensees (in the case of
CaspianTern) will not, knowingly restrict or impede in any manner the other Party’s exercise of its retained exclusive rights in the other Party’s territory during the Term. Hansoh hereby covenants that it shall not, and shall cause its
Affiliates and Sublicensees not to, promote or encourage the use of Licensed Products in the Territory for any use outside the Field during the Term. 

4.4    Pharmacovigilance Agreement. Within [***] of the License Effective Date, but in any event prior to
commencement of any clinical trials with respect to the Licensed Product in the Territory, the Parties will in good faith negotiate and finalize a safety data exchange agreement (the “Pharmacovigilance Agreement”), the terms
of which shall set forth the guidelines, obligations, procedures and timelines for the receipt, investigation, recording, communication, and exchange (as between the Parties) of Adverse Event reports, pregnancy reports, and any other information
concerning the safety of the Licensed Product or observed in 

  
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connection with the Licensed Product, and other routine pharmacovigilance reporting requirements, in order to enable the other Party to comply with its safety
reporting obligations to the applicable Regulatory Authorities and to protect patients and promote their well-being. The Pharmacovigilance Agreement shall include terms governing each Party’s responsibility for preparing Adverse Event reports
and responses to safety issues and requests of Regulatory Authorities relating to Licensed Products, for filing such reports and responses with Regulatory Authorities in the Territory, and for reporting any quality complaints, Adverse Events and
safety data related to Licensed Products in the Territory for inclusion in the global safety database. Each Party hereby agrees to comply with its respective obligations under such Pharmacovigilance Agreement and to cause its Affiliates and
permitted Sublicensees or licensees to comply with such obligations. 
 4.5    Remedial Actions. Each
Party will notify the other Party immediately, and promptly confirm such notice in writing, if it obtains information indicating that any Licensed Product may be subject to any recall, corrective action or other regulatory action taken by virtue of
applicable Laws (a “Remedial Action”). The Parties will assist each other in gathering and evaluating such information as is necessary to determine the necessity of conducting a Remedial Action. Hansoh shall, and shall ensure
that its Affiliates and Sublicensees will, maintain adequate records to permit the Parties to trace the packaging, labeling, distribution, sale and use (to the extent possible) of the Licensed Product in the Territory. Hansoh shall have sole
discretion and responsibilities with respect to any matters relating to any Remedial Action in the Territory, including the decision to commence such Remedial Action and the control over such Remedial Action in the Territory, at its cost and
expense; provided, however, if CaspianTern determines in good faith that any Remedial Action with respect to any Licensed Product in the Territory should be commenced or is required by applicable Laws or Regulatory Authority,
(a) CaspianTern shall discuss such Remedial Action with Hansoh and (b) Hansoh shall carry out such Remedial Action upon Tern’s request. Each Party shall provide the other Party, at the other Party’s expense, with such assistance
in connection with a Remedial Action as may be reasonably requested by such other Party. 
 4.6    Manufacturing and
Supply. 
 4.6.1    After the License Effective Date, Hansoh shall, upon CaspianTern’s request, supply
Licensed Compound and/or Mono Product to CaspianTern or its designee for clinical use or commercial sale outside of the Field in the Territory or outside of the Territory, at the Manufacturing cost plus a [***]. The Parties shall enter into a supply
agreement containing customary terms of forecasting and ordering procedures and other operational matters related to the supply of the Licensed Compound and/or Mono Product reasonably promptly following the License Effective Date. CaspianTern shall
have the option to source Licensed Compound and/or Mono Product directly or from alternative vendors, based on reliability, quality, and/or cost considerations. In any event, Hansoh shall have the right to manufacture Licensed Compound within
Territory for research, development, and commercialization purposes within Field, subject to the licenses under Section 3.1. 

4.6.2    After the License Effective Date, at CaspianTern’s request, the Parties shall enter into a
manufacturing technology transfer agreement for the supply of the Mono Product (“Manufacturing Technology Transfer Agreement”). Under such Manufacturing 

  
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Technology Transfer Agreement, Hansoh shall provide such technical assistance and support, necessary or reasonably useful for CaspianTern to Manufacture, or
have Manufactured by a Third Party contractor engaged by CaspianTern (“CMO”), the clinical and commercial formulation of the Mono Product, to the extent Controlled by Hansoh (such documents,
Know-How and information, “Manufacturing Technology”). CaspianTern shall pay Hansoh’s reasonable costs incurred in connection with providing such information or assistance pursuant
to this Section 4.6.2 or the Manufacturing Technology Transfer Agreement. The Manufacturing Technology Transfer Agreement shall include terms providing CaspianTern sufficient rights to use the Manufacturing Technology. 

ARTICLE 5 
 PAYMENTS

 5.1    Milestone Payments. Hansoh shall pay to CaspianTern the respective one-time only milestone payments set forth below upon the first achievement of the applicable milestone event, whether such achievement is made by Hansoh, its Affiliate or its Sublicensee. 

 

			
	 Milestone Event
	  	Milestone Payment
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

 5.2    Milestone Payment Terms. Hansoh shall notify CaspianTern in
writing within [***] following the achievement of each milestone event set forth in Section 5.1, and, except as noted below, shall make the appropriate milestone payment in Dollars by wire transfer to a bank designated in writing by
CaspianTern, within [***] after receipt of an invoice from CaspianTern. Each milestone payment stated in the table in Section 5.1 shall be paid no more than once under this Agreement, regardless of whether or not similar achievement(s) are
thereafter made for the same or one or more other Licensed Products. If a Licensed Product first achieves [***] of Net Sales in the same Calendar Year in which a Licensed Product first achieves [***] of Net Sales, the milestones payments with
respect to those two achievements shall be payable as follows: [***] for the achievement of such [***] of Net Sales, and balance of [***] will become due one year after the due date of such [***] payment. The foregoing mechanism is applicable should
a Licensed Product achieve more than one Net Sales milestones in the same Calendar Year, such that a later Net Sales milestone is payable a year after the due date of the earlier Net Sales milestone. 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
 20 

 CONFIDENTIAL 
  

5.3    Royalties. 

5.3.1    Royalty Payments. During the Royalty Term, in partial consideration of the licenses and rights granted
hereunder, Hansoh shall pay to CaspianTern royalties on Net Sales of all Licensed Products at a [***], subject to the remainder of this Section 5.3. 

5.3.2    Generic Competition. Upon commencement of marketing of a Generic Product in a [***] within the
Territory, and thereafter for so long as such Generic Product is marketed in such [***], then the royalty rate payable by Hansoh to CaspianTern with respect to Net Sales of the Licensed Product in such [***] shall be reduced by [***] of the
otherwise applicable rate. 
 5.3.3    Third Party License. To the extent a Third Party license is
required to import, sell, or offer for sale a Licensed Product (excluding license to delivery technologies or technologies required for Combination Products) in a particular [***], the royalties payable by Hansoh to CaspianTern shall be reduced by
offsetting up to [***] payable to such Third Party licensor(s) [***] in such [***] against [***] payable by Hansoh to CaspianTern with respect to [***] in such [***]. 

5.3.4    Anti-Stacking. Notwithstanding Sections 5.3.2 and 5.3.3, at no point shall the royalty rate payable
to CaspianTern under Section 5.3.1 with respect to the Net Sales of any Licensed Product be less than [***]. 

5.3.5    Payment Terms. Royalties reportable in each Royalty Report provided for under Section 6.1
shall be due within [***] from receipt of an invoice from CaspianTern. Royalty payments will be made to CaspianTern in Dollars by wire transfer to a bank designated in writing by CaspianTern. 

5.4    Taxes. The [***] any wire transfer fees. CaspianTern shall pay all sales, turnover, income,
revenue, value added, and other taxes, levies, and similar governmental charges (“Taxes”) levied on account of any milestone and royalty payments accruing or made to CaspianTern under this Agreement. If and to the extent that
provision is made in law or regulation of any Region for withholding of Taxes with respect to any such payment, then Hansoh shall promptly pay such Tax for and on behalf of CaspianTern to the proper Governmental Authority, and shall promptly furnish
CaspianTern with receipt of payment. Hansoh shall be entitled to deduct any such Taxes actually paid from such milestone or other payment due to CaspianTern. Each Party agrees to reasonably assist the other Party in claiming exemption from such
deductions or withholdings under double taxation or similar agreements or treaties from time to time in force and in minimizing the amount required to be so withheld or deducted. 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
 21 

 CONFIDENTIAL 
  

ARTICLE 6 
 ACCOUNTING AND
REPORTING 
 6.1    Royalty Reports. Within [***] after the end of each Calendar Quarter during the
Royalty Term, Hansoh shall furnish to CaspianTern a quarterly written report showing in reasonably specific detail (a) the calculation of Net Sales by Hansoh and its Affiliates during such Calendar Quarter; (b) the calculation of Net Sales
by Hansoh’s non-Affiliate Sublicensees, if any, during the Calendar Quarter immediately preceding such Calendar Quarter; (c) the calculation of the royalties, if any, that shall have accrued based
upon such Net Sales; (d) the withholding taxes, if any, required by law to be deducted with respect to such sales; and (e) the exchange rates, if any, used in determining the amount of Dollars (a “Royalty Report”).
With respect to sales of Licensed Products invoiced in Dollars, the gross sales, Net Sales and royalties payable shall be expressed in Dollars. With respect to (i) Net Sales invoiced in a currency other than Dollars and (ii) cash
consideration paid in a currency other than Dollars by Sublicensees hereunder, all such amounts shall be expressed both in the currency in which the distribution is invoiced and in the Dollar equivalent. The Dollar equivalent shall be calculated
using the average of the exchange rate (local currency per US$1) published in The Wall Street Journal, Western Edition, under the heading “Currency Trading” on the last business day of each month during the applicable Calendar Quarter, or
other newspaper agreed to by the Parties. 
 6.2    Audits. During the Royalty Term, upon the written
request of CaspianTern and not more than once in each Calendar Year, Hansoh and CaspianTern shall jointly select an independent certified public accounting firm of nationally recognized standing at CaspianTern’s expense, to permit such
accounting firm to have access during normal business hours to such of the financial records of Hansoh as may be reasonably necessary to verify the accuracy of the payment reports hereunder for the [***] immediately prior to the date of such request
(other than records for which CaspianTern has already conducted an audit under this Section). Such audit shall be requested in writing at least [***] in advance. For the avoidance of any doubt, the Parties agree that each of the Big 4 accounting
firms satisfies the requirements under this Section 6.2 and is acceptable to Hansoh. 
 6.2.1    If such
accounting firm concludes that additional amounts were owed during the audited period, Hansoh shall pay such additional amounts within [***] after the date CaspianTern delivers to Hansoh such accounting firm’s written report so concluding. The
fees charged by such accounting firm shall be paid by CaspianTern; provided, however, if the audit discloses that the royalties payable by Hansoh for such period are more than [***] of the royalties actually paid for such period, then Hansoh shall
pay the reasonable, in any case no more than [***], fees and expenses charged by such accounting firm. 

6.2.2    CaspianTern shall cause its accounting firm to retain all financial information subject to review under
this Section 6.2 in strict confidence; provided, however, that Hansoh shall have the right to require that such accounting firm, prior to conducting such audit, enter into an appropriate non-disclosure
agreement with Hansoh regarding such financial information. The accounting firm shall disclose to CaspianTern only whether the reports are correct or not and the amount of any discrepancy. No other information shall be shared. CaspianTern shall
treat all such financial information as Hansoh’s Confidential Information. 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
 22 

 CONFIDENTIAL 
  

ARTICLE 7 
 INTELLECTUAL
PROPERTIES 
 7.1    Ownership. 

7.1.1    Background Technologies. Except for the licenses and rights expressly set forth in this Agreement,
each Party shall retain all rights, title and interest in and to (a) its respective background technologies and related Intellectual Property rights existing as of the Effective Date, (b) any and all improvements to the foregoing clause
(a), and (c) other Intellectual Property developed independent of this Agreement (collectively, the “Background Technologies”). Except for the licenses and rights expressly set forth in this Agreement,
neither Party grants or shall be required to grant to the other Party, by implication or otherwise, any license or right under its Background Technologies, nor will a Party be required to disclose any of its Background Technologies to the other
Party, except as is explicitly required under this Agreement. 
 7.1.2    Option Period Study Results. Any
and all Intellectual Property conceived, developed or acquired directly in the course of or resulting from the Option Period Studies (a) shall be owned by Hansoh to the extent the same was conceived, developed or acquired solely by or on behalf
of Hansoh; (b) shall be owned by CaspianTern to the extent the same was conceived, developed or acquired solely by or on behalf of CaspianTern; and (c) shall be jointly owned by both Parties if it was conceived, developed or acquired
jointly by both Parties; provided that, however, [***]. If Hansoh exercises the Option, all Intellectual Property Controlled by Hansoh residing within the Option Period Study Results shall be deemed as “Hansoh Development IP” subject to
the licensed under Section 7.1.3; provided that CaspianTern’s Exploitation and sublicense of such Option Period Study Results shall in no event conflict with Section 3.1.1. Inventorship and authorship will be determined under the
applicable rules and precedents prevailing in the United States. For clarity, any Option Period Study Results solely or jointly owned by CaspianTern shall be included in the Licensed Technology. 

7.1.3    Other IP. Any and all Intellectual Property conceived, developed or acquired after the License
Effective Date and arising directly out of the activities under this Agreement which are necessary or useful for the Exploitation of a Licensed Compound or Licensed Product, (a) shall be owned by Hansoh or its Affiliates to the extent the same
was conceived, developed or acquired solely by or on behalf of Hansoh (the “Hansoh Development IP”), provided that [***]; further provided that CaspianTern’s Exploitation and sublicense of such Hansoh Development IP
shall in no event conflict with Section 3.1.1; (b) shall be owned by CaspianTern to the extent the same was conceived, developed or acquired solely by or on behalf of CaspianTern or its Affiliates, which shall be included in the Licensed
Technology; and (c) shall be jointly owned by both Parties if it was conceived, developed or acquired jointly by both Parties. Inventorship and authorship will be determined under the applicable rules and precedents prevailing in the United
States. 
 7.1.4    Right of First Negotiation. With respect to Combination Product(s), Hansoh will
promptly notify CaspianTern if any Hansoh Development IP Covering such Combination Product(s) becomes available for license, and hereby grants CaspianTern the first right to negotiate an exclusive, worldwide (excluding the Territory) license to
Exploit such 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
 23 

 CONFIDENTIAL 
  

Combination Product(s). CaspianTern will have [***] from its receipt of such notice to provide Hansoh with a written notice that it desires to enter into good
faith negotiations with Hansoh regarding such license; thereafter the Parties shall have [***] (the “RFN Period”) to negotiate exclusively the terms of such license. If CaspianTern (i) gives notice that it does not wish
to pursue such license, (ii) fails to give a notice of its desire to negotiate such license within the [***] period, or (iii) the Parties fail to reach agreement on the terms of such license within the RFN Period, then CaspianTern’s
rights pursuant to this Section 7.1.4 will expire and Hansoh shall be free to enter into a transaction with any Third Party with respect to the applicable Hansoh Development IP, provided that if during the RFN Period CaspianTern submitted an
offer in writing, Hansoh can only enter into such transaction with a Third Party on terms and conditions no more favorable to such Third Party than those offered by CaspianTern. 

7.1.5    Rights of Joint Owners. Subject to the licenses and covenants in this Agreement, including Sections
3.1 and 9.1, each of the joint owners of any Intellectual Property (if any) shall be entitled during and after the Term to Exploit and practice any such jointly-owned Intellectual Property (if any) and to authorize others to do so, without
requirement of consent from or accounting to the other owner of such Intellectual Property. Nothing in this Section 7.1.4 should be construed as granting any license, implied or express, other than the licenses expressly granted under this
Agreement. 
 7.2    Patent Prosecution and Maintenance. 

7.2.1    CaspianTern shall Prosecute all Licensed Patent Rights in the Territory owned solely by CaspianTern or
jointly by CaspianTern and a Third Party in its sole discretion and using prosecution counsel of its choice; provided, however, that Hansoh will have the first right to Prosecute and Maintain the Licensed Patent Rights in the Territory, if Hansoh
exercises the Option, upon and after the Option Exercise for the rest of the Term. To the extent Terns Inc controls Prosecution of Licensed Patent Rights in the Territory, Terns Inc hereby transfers such control upon Hansoh’s exercise of the
Option, and shall cause the inventors named on such Licensed Patent Rights to provide reasonable assistance to Hansoh to Prosecute such Licensed Patent Rights in the Territory. The Prosecuting Party shall regularly provide the other Party with
copies of all material prosecution communications regarding any such Licensed Patent Rights in the Territory, and drafts of such material prosecution submissions prior to filing, in sufficient time to allow for review and comment by such other
Party, and the prosecuting Party will consider in good faith and will use reasonable efforts to arrive at joint decisions on response. In the event that the Prosecuting Party decides not to Prosecute and Maintain any such Licensed Patent Rights in
the Territory, such Party shall provide written notice to the other Party no less than [***] prior to the next deadline for any action that may be taken with respect to such Licensed Patent Rights, and such other Party shall have the option, in its
sole discretion, to assume the Prosecution and Maintenance of such Licensed Patent Rights, as applicable, in the Territory. In the event that CaspianTern is the Prosecuting Party, CaspianTern shall be responsible for all Patent Costs incurred by
CaspianTern for the Prosecution and Maintenance of the Licensed Patent Rights. In the event that Hansoh is the Prosecuting Party, Hansoh shall be responsible for all Patent Costs incurred by Hansoh for the Prosecution and Maintenance of the Licensed
Patent Rights. 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
 24 

 CONFIDENTIAL 
  

7.2.2    Hansoh shall Prosecute all Patent Rights owned solely by Hansoh or jointly by Hansoh and a Third Party in
its sole discretion and at its own cost and using prosecution counsel of its choice. 
 7.2.3    The Parties
shall cooperate in good faith to determine which Party or Parties shall Prosecute such Patent Rights owned jointly by CaspianTern and Hansoh. 

7.3    Enforcement of Patent Rights. 

7.3.1    Notice of Infringement. Each Party shall promptly inform the other of any suspected infringement of any of
the Licensed Patent Rights or the infringement or misappropriation of Licensed Know-How by a Third Party, to the extent such infringement involves Exploitation in the Field during the Term. Any suspected
infringement of any of the Licensed Patent Rights in the Field in the Territory is referred to herein as a “Covered Infringement.” 

7.3.2    First Right to Take Action. If a suspected infringement or misappropriation does not involve a
Covered Infringement, CaspianTern may take, or refrain from taking, any action CaspianTern chooses, and Hansoh shall have no right to take any action with respect to such suspected infringement or misappropriation, nor to any recoveries with respect
thereto. CaspianTern will exert reasonable efforts to keep Hansoh informed of actions CaspianTern may take as described in the preceding sentence. If the suspected infringement involves a Covered Infringement, Hansoh shall, within [***] of the first
notice referred to in Section 7.3.1, inform CaspianTern whether or not Hansoh intends to institute suit against such Third Party with respect to such Covered Infringement. CaspianTern will not take any steps toward instituting suit against any
Third Party involving a Covered Infringement until Hansoh has informed CaspianTern of its intention pursuant to the previous sentence. 

7.3.3    Action by Hansoh. If Hansoh notifies CaspianTern that Hansoh intends to institute suit against a
Third Party with respect to a Covered Infringement, and CaspianTern does not agree to join in such suit as provided in Section 7.3.4, Hansoh may bring such suit on its own and shall in such event bear all costs of, and shall exercise all
control over, such suit. Hansoh may, at its expense, bring such action in the name of CaspianTern and/or cause CaspianTern to be joined in the suit as a plaintiff. Recoveries, if any, whether by judgment, award, decree or settlement, shall, after
reimbursement of Hansoh for the costs of such action, [***]. 
 7.3.4    Joint Action. If Hansoh notifies
CaspianTern that it desires to institute suit against such Third Party with respect to a Covered Infringement, and CaspianTern notifies Hansoh within [***] after receipt of such notice that CaspianTern desires to institute suit jointly, the suit
shall be brought jointly in the names of both Parties and all costs thereof shall be borne equally. Recoveries, if any, whether by judgment, award, decree or settlement, shall, after the reimbursement of each of CaspianTern and Hansoh for its share
of the joint costs in such action, [***]. 
 7.3.5    Action by CaspianTern. If Hansoh notifies
CaspianTern that it does not intend to institute suit against such Third Party with respect to a Covered Infringement (or fails to give any notice in this respect or to actually bring a suit against the Third Party), CaspianTern may institute suit
on its own. CaspianTern shall bear all costs of, and shall exercise all control over, such suit. Recoveries, if any, whether by judgment, award, decree or settlement, shall belong solely to CaspianTern. 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
 25 

 CONFIDENTIAL 
  

7.3.6    Abandonment of Actions. Should either CaspianTern or Hansoh commence a suit under the provisions of
this Section 7.3 and thereafter elect to abandon the same, it shall give timely notice to the other Party, who may, if it so desires, be joined as a plaintiff in the suit (or continue as such if it is already one) and continue prosecution of
such suit, provided, however, that the sharing of expenses and any recovery of such suit shall be as equitably agreed upon between CaspianTern and Hansoh. 

7.3.7    Cooperation. In any suit to enforce and/or defend the Licensed Patent Rights pursuant to this
Section 7.3, the Party not in control of such suit shall, at the request and expense of the controlling Party, reasonably cooperate and, to the extent possible, have its employees testify when requested and make available relevant records,
papers, information, samples, specimens, and the like. 
 ARTICLE 8 

REPRESENTATIONS AND WARRANTIES 

8.1    Mutual Representations and Warranties. Each Party hereby represents and warrants to the other Party
as follows: 
 8.1.1    Such Party is a corporation duly organized, validly existing and in good standing under
the laws of the State or country in which it is incorporated. 
 8.1.2    Such Party (a) has the corporate
power and authority and the legal right to enter into this Agreement and to perform its obligations hereunder, and (b) has taken all necessary corporate action on its part to authorize the execution and delivery of this Agreement and the
performance of its obligations hereunder. This Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid, binding obligation, enforceable against such Party in accordance with its terms. 

8.1.3    All necessary consents, approvals and authorizations of all Governmental Authorities and other Persons
required to be obtained by such Party in connection with this Agreement have been obtained. 
 8.1.4    The
execution and delivery of this Agreement and the performance of such Party’s obligations hereunder (a) do not conflict with or violate any requirement of Applicable Law, and (b) do not conflict with, or constitute a default under, any
contractual obligation of such Party. 
 8.2    Terns Group Additional Representations and
Warranties. Terns Group hereby represents and warrants to Hansoh as follows: 
 8.2.1    CaspianTern
Controls the Licensed Technology in the Field, has the sole and exclusive (even as to Terns Inc and Terns) right to grant licenses under the Licensed Technology in the Field, and is entitled to grant the licenses specified herein with respect to the
Licensed Technology. 

  
 26 

 CONFIDENTIAL 
  

8.2.2    CaspianTern and its Affiliates have not granted to any Third Party any option, license or other right or
interest under the Licensed Patent Rights to Exploit the Licensed Technology in the Field in the Territory as of the Effective Date, and during the Term, unless this Agreement is earlier terminated or the Option is not exercised on or prior to
[***], CaspianTern and its Affiliates will not grant, to any Third Party any option, license or other right or interest under the Licensed Patent Rights to Exploit the Licensed Technology in the Field in the Territory. 

8.2.3    No [***] has breached any non-use or confidentiality obligations
under any agreement including non-compete agreement with his or her respective prior employers, or has otherwise misappropriated any trade secret or confidential information of such employers, in each case
relating to the Licensed Compound, Licensed Products, and Licensed Technology. 
 8.2.4    [***], the
Exploitation of Licensed Compounds under this Agreement will not infringe or misappropriate any Intellectual Property rights owned or possessed by any Third Party. 

8.2.5    [***], there are no pending or threatened claims, judgments or settlements against CaspianTern or its
Affiliates relating to the Licensed Technology. 
 8.2.6    Terns Group has disclosed, or will disclose to Hansoh
in accordance with Section 2.3, all material information in its or its Affiliates’ possession regarding the Licensed Compounds (including all clinical trial and safety data, databases and analyses). 

8.2.7    [***], no Third Party has infringed or misappropriated or is infringing or misappropriating any Licensed
Technology. 
 8.2.8    The Intangible Property License Agreement effective as of August 19, 2019 by and
between Terns Inc and Terns and the Intangible Property License Agreement effective as of June 16, 2020 by and between Terns and CaspianTern are lawfully entered by the parties thereto and are effective and binding upon such parties during the
Term of this Agreement. 
 ARTICLE 9 

COVENANTS 

9.1    Exclusivity; Other Agreements. 

9.1.1    During the Option Period, Terns Group shall not, without Hansoh’s prior written consent in each
instance: (a) grant or assign to any Third Party any option, license or other right in the Field in the Territory under the Licensed Technology or any portion or aspect thereof, or (b) solicit or enter into or continue any negotiations or
discussions with any Third Party with respect to any of the foregoing. 
 9.1.2    Third Party Agreements.
If any time as of or following the Effective Date and during the Term, a Party enters into any written agreement whereby such Party or any of its Affiliates grants or agrees to grant any option, negotiation right, license, or other right or interest
in any of, in the case of Terns Group, the Licensed Patent Rights outside of the Field 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
 27 

 CONFIDENTIAL 
  

and/or outside the Territory, in the case of Hansoh, the Hansoh Development IP and/or the Option Period Study Results owned by Hansoh (the “Third
Party Agreement”), such Party shall so notify the other Party within [***] of doing so. Each Party agrees that it shall use Commercially Reasonable Efforts to negotiate all such Third Party Agreements so that (i) the licensing
Party would have the right to grant to the other Party cross-reference rights consistent with Section 4 with respect to Regulatory Materials and Regulatory Approvals generated, filed or obtained within the scope of the applicable Third Party
Agreement; and (ii) the licensing Party would have the right to grant to the other Party a license consistent with this Agreement to any and all scientific or technical information, results, materials, and data, whether or not patentable, and
Patent Rights developed within the scope of the applicable Third Party Agreement, solely to the extent that each such foregoing is an improvement to the Licensed Compound or otherwise necessary for the Exploitation of the Licensed Product. 

9.2    Obligations of Confidentiality and Non-Use. 

9.2.1    Confidential Information. Except as expressly provided herein, the Parties agree that the receiving
Party shall not publish or otherwise disclose and shall not use for any purpose any information furnished to it by the other Party hereto under this Agreement (or prior to the Effective Date) which if disclosed in tangible form is marked
“Confidential” or with other similar designation to indicate its confidential or proprietary nature or if disclosed orally is indicated orally to be confidential or proprietary by the Party disclosing such information at the time of such
disclosure and is confirmed in writing as confidential or proprietary by the disclosing Party within a reasonable time after such disclosure (collectively, “Confidential Information”). Notwithstanding the foregoing,
Confidential Information shall not include information that, in each case as demonstrated by written documentation: 

(a)    was already known to the receiving Party at the time of first disclosure or, as shown by written
documentation, was developed by the receiving Party outside the Option Period Studies and independent of disclosure by the disclosing Party; 

(b)    was generally available to the public or otherwise part of the public domain at the time of its disclosure
to the receiving Party; 
 (c)    became generally available to the public or otherwise part of the public
domain after its disclosure and other than through any act or omission of the receiving Party in breach of this Agreement; or 

(d)    was subsequently lawfully disclosed to the receiving Party by a Person other than a Party or developed by
the receiving Party without reference to any information or materials disclosed by the disclosing Party. 

9.2.2    Permitted Disclosures. Notwithstanding the provisions of Section 9.2.1 above, each Party
hereto may disclose the other Party’s Confidential Information to the extent such disclosure is reasonably necessary to exercise the rights granted to it, or reserved by it under this Agreement, prosecute or defend litigation, prosecute patent
applications in accordance with this Agreement, comply with applicable laws or governmental regulations, submit information to tax or other Governmental Authorities, provided that if a Party is required to make any such disclosure of the other
Party’s Confidential Information, to the extent it may legally do so, it will 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
 28 

 CONFIDENTIAL 
  

give reasonable advance notice to such other Party of such disclosure and, save to the extent inappropriate in the case of patent applications or otherwise,
will use its reasonable efforts to secure confidential treatment of such information prior to its disclosure (whether through protective orders or otherwise). 

9.2.3    Terms of Agreement. Subject to Section 9.2.1, neither Party may disclose the terms of this
Agreement without the prior written consent of the other Party; provided, however, that either Party may make such a disclosure (a) to the extent required by law or by the requirements of any nationally recognized securities exchange, quotation
system or over-the-counter market on which such Party has or has applied to have its securities listed or traded, (b) to its legal and financial advisors, or
(c) to any actual or prospective acquirers, investors, collaborators and lenders (as well as and to their respective legal and financial advisors) who are obligated to keep such information confidential. If such disclosure is required under
clause (a), the disclosing Party shall make reasonable efforts to provide the other Party with notice beforehand and to coordinate with the other Party with respect to the wording and timing of any such disclosure. 

9.2.4    Publicity. Without limiting the foregoing, and except to the extent required by law or by the
requirements of any nationally recognized securities exchange, quotation system or over-the-counter market on which such Party has or has applied to have its securities
listed or traded, neither Party shall be permitted to, directly or indirectly, issue any press release or other public statement relating to the terms of this Agreement or the transactions contemplated thereby without the prior approval of the other
Party, which shall not be unreasonably withheld or delayed. Further, the Parties agree to issue the joint press release on Exhibit C at a date mutually agreed by the Parties. 

9.3    Further Assurances; Consents. Each Party shall use reasonable efforts to take such action as
is reasonably necessary or appropriate in order to complete the transactions contemplated hereby on the terms and subject to the conditions set forth herein. 

ARTICLE 10 
 LIABILITY
AND INDEMNITY 
 10.1    Limitation of Liability. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO
THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE, EXEMPLARY OR INDIRECT DAMAGES OF ANY KIND ARISING FROM OR RELATING TO ANY PERFORMANCE OR BREACH OF THIS AGREEMENT OR ANY CLAIMS ARISING HEREUNDER, HOWEVER CAUSED AND ON ANY THEORY OF
LIABILITY (WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHERWISE), REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS SECTION 10.1 IS INTENDED TO OR WILL LIMIT OR
RESTRICT (A) THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF ANY PARTY UNDER SECTION 10.2, (B) DAMAGES AVAILABLE TO A PARTY FOR A BREACH BY THE OTHER PARTY OF THE CONFIDENTIALITY OBLIGATIONS UNDER SECTION 9.2, OR (C) DAMAGES AVAILABLE IN THE
CASE OF BREACH OF EXCLUSIVITY UNDER SECTIONS 3.1 AND 9.1.1. 

  
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 CONFIDENTIAL 
  

10.2    Indemnification. 

10.2.1    Each Party (the “Indemnitor”) shall defend, indemnify, and hold the other Party
and its Affiliates (the “Indemnitee”) harmless from all losses, liabilities, damages and expenses (including attorneys’ fees and costs) incurred as a result of any claim, demand, action or proceeding arising out of any
breach of this Agreement, including any covenants, representations or warranties herein by the Indemnitor, or the gross negligence or willful misconduct of the Indemnitor in the performance of its obligations under this Agreement, except in each
case to the extent arising from the gross negligence or willful misconduct of the Indemnitee or the breach of this Agreement by the Indemnitee. 

10.2.2    CaspianTern, as the Indemnitor, shall defend, indemnify, and hold Hansoh and its Affiliates and
Sublicensees (as the Indemnitee) harmless from all losses, liabilities, damages and expenses (including attorneys’ fees and costs) incurred as a result of any claim, demand, action or proceeding arising out of (a) the Exploitation of
Licensed Products by CaspianTern, its Affiliate or its licensee, or (b) [***], except in each case to the extent arising from the gross negligence or willful misconduct of any Indemnitee, or from any breach of this Agreement by Hansoh. 

10.2.3    Hansoh, as the Indemnitor, shall defend, indemnify, and hold CaspianTern, its Affiliates and licensees
(as the Indemnitee) harmless from all losses, liabilities, damages and expenses (including attorneys’ fees and costs) incurred as a result of any claim, demand, action or proceeding arising out of the Exploitation of Licensed Products by
Hansoh, its Affiliate or its Sublicensee, except in each case to the extent arising from the gross negligence or willful misconduct of any Indemnitee, or from any breach of this Agreement by CaspianTern. 

10.2.4    Indemnification Procedures. The Indemnitee promptly shall notify the Indemnitor of any liability
or action in respect of which the Indemnitee intends to claim such indemnification, and the Indemnitor shall have the right to assume the defense thereof with counsel selected by the Indemnitor. The indemnity agreement in this Section 10.2
shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if such settlement is effected without the consent of the Indemnitor, which consent shall not be withheld unreasonably. The failure to deliver notice to
the Indemnitor within a reasonable time after the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve the Indemnitor of any liability to the Indemnitee under this this Section 10.2. The Indemnitee
under this Section 10.2, its employees and agents, shall cooperate fully with the Indemnitor and its legal representatives in the investigation and defense of any action, claim or liability covered by this indemnification. 

ARTICLE 11 
 TERM AND
TERMINATION 
 11.1    Term. The term of this Agreement shall begin on the Effective Date and, unless
earlier terminated in accordance with the terms of this Article 11, will continue until the end of the last-to-expire Royalty Term (the “Term”). Upon expiration of the Term, Hansoh shall have, and
CaspianTern does hereby grant to Hansoh, a co-exclusive, royalty-free, fully paid-up, perpetual, non-terminable, non-revocable license, with the right to sublicense (through multiple tiers) to use the Licensed Know-How to Exploit Licensed Products
in the Field in the Territory. This Agreement shall be automatically terminated if the Option is not exercised on or prior to the last day of the Option Period. 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
 30 

 CONFIDENTIAL 
  

11.2    Termination for Breach. 

11.2.1    Each Party shall have the right to terminate this Agreement upon written notice to the other Party if such
other Party materially breaches this Agreement and has not cured such breach to the reasonable satisfaction of the other Party within ninety (90) days after notice of such breach from the non-breaching
Party; provided, however, that if the alleged breaching Party disputes in good faith the existence or materiality of a breach specified in such notice of breach and such alleged breaching Party provides the other Party notice of such dispute within
thirty (30) days after receiving such notice, then the Party that gave the notice of breach shall not have the right to terminate this Agreement under this Section 11.2 unless and until it is determined in accordance with Section 12.3
that the alleged breaching Party has materially breached the Agreement as specified in the notice of breach, and then such breaching Party fails to cure such breach within ninety (90) days following such determination. It is understood and
agreed that during the pendency of such dispute, all of the terms and conditions of this Agreement shall remain in effect and the Parties shall continue to perform all of their respective obligations hereunder. 

11.2.2    CaspianTern shall notify Hansoh immediately if there is any proposed change to either the Intangible
Property License Agreement effective as of August 19, 2019 by and between Terns Inc and Terns or the Intangible Property License Agreement effective as of June 16, 2020 by and between Terns and CaspianTern that would affect the licenses
granted hereunder to Hansoh. If such proposed change is not acceptable to Hansoh, then that shall be grounds for termination by Hansoh under this Section 11.2. 

11.3    Termination for Insolvency. Each Party shall have the right to terminate this Agreement upon written
notice to the other Party if the other Party incurs an Insolvency Event; provided, however, in the case of any involuntary bankruptcy proceeding, such right to terminate shall only become effective if the Party that incurs the Insolvency
Event consents to the involuntary bankruptcy or if such proceeding is not dismissed or stayed [***] after the filing thereof. “Insolvency Event” means circumstances under which a Party (i) has a receiver or similar
officer appointed over all or a material part of its assets or business; (ii) passes a resolution for winding-up of all or a material part of its assets or business (other than a winding-up for the purpose of, or in connection with, any solvent amalgamation or reconstruction) or a court enters an order to that effect; (iii) has entered against it an order for relief recognizing it as a
debtor under any insolvency or bankruptcy laws (or any equivalent order in any jurisdiction); or (iv) enters into any composition or arrangement with its creditors with respect to all or a material part of its assets or business (other than
relating to a solvent restructuring). All rights and licenses granted under or pursuant to this Agreement by Hansoh or CaspianTern or their Affiliates are, and will otherwise be deemed to be, for purposes of Section 365(n) of the U.S.
Bankruptcy Code, licenses of right to “intellectual property” as defined under Section 101 of the U.S. Bankruptcy Code. The Parties agree that the Parties and their respective Affiliates, Sublicensees and Third Party sublicensees, as
licensees of such rights under this Agreement, will retain and may fully exercise all of their rights and elections under the U.S. Bankruptcy Code and any foreign counterparts thereto. 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
 31 

 CONFIDENTIAL 
  

11.4    Termination for Convenience. Hansoh shall have the right to terminate this Agreement (a) at any
time during the Option Period upon immediate written notice to CaspianTern, or (b) after the License Effective Date, at any time and for any reason upon [***] prior written notice to CaspianTern. 

11.5    Termination for Change of Control of Terns or CaspianTern. Hansoh will have the right to terminate this
Agreement within [***] following a Change of Control of Terns or CaspianTern. If Hansoh wishes to exercise its termination right pursuant to this Section 11.5, Hansoh shall deliver written notice to Terns or CaspianTern, as the case may be,
informing Terns or CaspianTern of such election (such notice, the “Change of Control Termination Notice”) within [***] following such Change of Control, and the Parties shall take such actions as are required by Section 11.6.9. Such
termination shall be effective upon the execution of the Assignment Agreement pursuant to Section 11.6.9. Notwithstanding the foregoing, Hansoh shall not have the right to terminate this Agreement if the Third Party deemed to acquired control
in a Change of Control of Terns or CaspianTern is a Permitted Holder. 
 11.6    Effect of Expiration or
Termination. Upon expiration or termination of this Agreement for any reason: 
 11.6.1    The Parties
shall not be relieved of any obligation accruing prior to such expiration or termination, and the provisions of Articles 1, 7, 8, 9, 10, 12 and Section 11.6 shall survive the expiration or termination of this Agreement. 

11.6.2    All licenses and other rights granted by CaspianTern to Hansoh under this Agreement shall terminate. The
licenses granted to Hansoh in Section 3.1 shall terminate solely with respect to the Licensed Compound(s), Licensed Product(s) and Region(s) in which the termination becomes effective; provided, however, that Hansoh and other Selling Parties,
as applicable, shall be permitted to distribute and sell all Licensed Products that were in inventory or in production on an effective termination date for a period of [***] following the effective termination date, in accordance with the terms of
this Agreement. In the event of a Termination for Breach by CaspianTern without cure, all licenses and rights granted by CaspianTern to Hansoh under this Agreement shall survive with all Milestone Payments and Royalty Payments obligations payable by
Hansoh to CaspianTern reduced by [***]. In the event that this Agreement is terminated in its entirety, CaspianTern shall have the right, but not the obligation, to purchase any and all of the inventory of Licensed Products held by Hansoh or its
Affiliates as of the date of termination, at a price agreed by the Parties. 
 11.6.3    Termination of this
Agreement shall be construed as a termination of all Sublicenses hereunder. 
 11.6.4    CaspianTern shall have
the right (including a reversion of all rights previously licensed to Hansoh hereunder for which the relevant licenses have terminated) to Exploit Licensed Products itself or with or through an Affiliate or one or more Third Parties in the Field in
the Territory, and shall have the right, without obligation to Hansoh, to take any such actions in connection with such activities as CaspianTern (or its designee), at its discretion, deems appropriate. 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
 32 

 CONFIDENTIAL 
  

11.6.5    Wind-Down. Hansoh will (i) responsibly wind-down, in accordance with accepted pharmaceutical industry
norms and ethical practices, any on-going clinical trials for which it has responsibility hereunder in which patient dosing has commenced or, (ii) at CaspianTern’s reasonable request,
(A) transfer to CaspianTern or its designee such clinical trial to the extent permitted under Applicable Laws and accepted pharmaceutical industry norms and ethical practices, or (B) if reasonably practicable and not adverse to patient
safety, complete such clinical trials and CaspianTern shall reimburse Hansoh its reasonable, out-of-pocket costs associated therewith. 

11.6.6    Regulatory Materials; Data. Upon CaspianTern’s written request, [***], and terms and conditions
based on the [***], [***], Hansoh shall (i) provide, assign and transfer to CaspianTern or its designee all Regulatory Materials, including Regulatory Approvals, for the Licensed Products to the extent possible under Applicable Law in the
Territory, (ii) provide to CaspianTern all data, including pharmacovigilance data, generated by or on behalf of Hansoh or its Affiliates or Sublicensees pursuant to activities conducted under this Agreement, and (iii) promptly return or
destroy, at CaspianTern’s election, all Confidential Information of CaspianTern. 
 11.6.7    Trademarks.
Upon CaspianTern’s written request and [***], Hansoh shall grant to CaspianTern, [***], an [***] license to use any trademark owned or Controlled by Hansoh in connection with the commercialization of Licensed Products in the Territory (and
excluding any trademarks that are associated with Hansoh’s name or identity). 
 11.6.8    Transition
Assistance. Upon CaspianTern’s reasonable request [***], (i) Hansoh shall assign (to the extent Hansoh has rights to assign) or use Commercially Reasonable Efforts to amend as appropriate any agreements or arrangements Hansoh or its Affiliate
have with any Third Party for the Exploitation of Licensed Products; and (ii) Hansoh shall provide CaspianTern with copies of any promotional and marketing materials generated by or on behalf of Hansoh, its Affiliates or Sublicensees with
respect to Licensed Products prior to the effective date of termination. 
 11.6.9    If Hansoh elects to
terminate this Agreement pursuant to Section 11.5, the following sections shall apply: 
 (a)    Promptly
following CaspianTern’s receipt of the Change of Control Termination Notice, CaspianTern and Hansoh shall negotiate the terms of an assignment from CaspianTern to Hansoh of all CaspianTern’s right, title, and interest in and to the
Licensed Compounds and Licensed Products and all intellectual property rights therein, solely in the Territory (the “Assigned Assets). In consideration of such assignment, Hansoh shall pay to CaspianTern the fair market value of the Assigned
Assets as determined in accordance with Section 11.6.9 (b). 
 (b)    Following the delivery of the Change
of Control Termination Notice, the Parties shall negotiate in good faith the fair market value of the Assigned Assets. If the Parties do not come to an agreement as to the fair market value within [***], the fair market value of the Assigned Assets
shall be determined by [***] appraisers, [***]. Each such appraiser shall independently make a determination of the fair market value of Licensed Compounds and Licensed Products in Territory within [***] after the appointment of all such appraisers,
and the 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
 33 

 CONFIDENTIAL 
  

fair market value shall be determined by [***]. The determination of the fair market value of the Assigned Assets made pursuant to this Section 11.6.9 (b)
shall be conclusive and binding on the Parties. 
 (c)    Upon the determination of the fair market value of the
Assigned Assets, Hansoh and CaspianTern will enter into a definitive agreement (the “Assignment Agreement”) which provides for the assignment of the Assigned Assets to Hansoh in exchange for a payment equal to the fair market value of the
Assigned Assets (as determined in accordance with 11.6.9(b). 
 ARTICLE 12 

GENERAL PROVISIONS 

12.1    Force Majeure. Neither Party shall be held liable to the other Party nor be deemed to have
defaulted under or breached this Agreement for failure or delay in performing any obligation under this Agreement to the extent such failure or delay is caused by or results from causes beyond the reasonable control of the affected Party,
potentially including, but not limited to, embargoes, war, acts of war (whether war has been declared or not), acts of terrorism, insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances, fire, floods, or other acts of
God, or acts, omissions or delays in acting by any governmental authority or the other Party. The affected Party shall notify the other Party of such force majeure circumstances as soon as reasonably practical and shall promptly undertake all
reasonable efforts necessary to cure such force majeure circumstances. Notwithstanding the foregoing, a Party shall not be excused from making payments owed hereunder because of a force majeure affecting such Party. If a force majeure persists for
more than [***], then the Parties will discuss in good faith the modification of the Parties’ obligations under this Agreement in order to mitigate the delays caused by such force majeure. 

12.2    Governing Law. This Agreement shall be governed by and construed in accordance with the laws
and jurisdiction of the State of New York, USA, without reference to its conflict of laws principles, and shall not be governed by the United Nations Convention of International Contracts on the Sale of Goods (the Vienna Convention). 

12.3    Dispute Resolution. The Parties shall meet and discuss in good faith and use reasonable
efforts to settle any dispute, controversy or claim arising from or related to this Agreement or the breach thereof. If the Parties do not fully settle any dispute, controversy or claim arising out of or relating to this Agreement, its negotiations,
execution or interpretation, or the performance by either Party of its obligations under this Agreement (other than any bona fide Third Party action or proceeding filed or instituted in an action or proceeding by a Third Party against a Party to
this Agreement), whether before or after termination of this Agreement, shall be finally resolved by binding arbitration. Whenever a Party shall decide to institute arbitration proceedings, it shall give prompt written notice to that effect to the
other Party. Any such arbitration shall be conducted in the English language under the International Dispute Resolution Procedures and Arbitration Rules of the American Arbitration Association (the “Rules”) by a panel of
[***)] arbitrators appointed in accordance with the Rules. Any such arbitration shall be held in Hong Kong, in accordance with the rules of the Hong Kong International Arbitration Center (“HKIAC”). The arbitrators shall have the authority
to grant specific performance and to 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
 34 

 CONFIDENTIAL 
  

allocate between the Parties the costs of arbitration (including attorneys’ fees and expenses of the Parties) in such equitable manner as they determine.
Judgment upon the award so rendered may be entered in any court having jurisdiction or application may be made to such court for judicial acceptance of any award and an order of enforcement, as the case may be. In no event shall a demand for
arbitration be made after the date when institution of a legal or equitable proceeding based upon such claim, dispute or other matter in question would be barred by the applicable statute of limitations. Notwithstanding the foregoing, either Party
shall have the right, without waiving any right or remedy available to such Party under this Agreement or otherwise, to seek and obtain from any court of competent jurisdiction any interim or provisional relief that is necessary or desirable to
protect the rights or property of such Party, pending the selection of the arbitrators hereunder or pending the arbitrators’ determination of any dispute, controversy or claim hereunder. 

12.4    Assignment. Neither Party may assign or transfer this Agreement or any rights or obligations
hereunder without the prior written consent of the other Party, except that a Party may assign this Agreement or any rights or obligations hereunder without such consent to its Affiliate or its successor in interest by way of merger, acquisition, or
sale of all or substantially all of its assets. Any Party making a permitted assignment shall give the other Party a prompt written notice of such assignment. Any permitted assignment shall be binding on the successors, heirs, and assigns of the
assigning Party. Any assignment in violation of this Section 12.4 shall be null and void. 

12.5    Publicity – Use of Name. Neither Party shall be permitted to use the name, or any
proprietary trademarks, trade names, trade dress or logos (“Marks”) of the other Party, or its Affiliates, or its Sublicensees, in any publicity, promotion, news release or public disclosure relating to this Agreement or its
subject matter, without the prior express written permission of the other Party. 

12.6    Severability. If any provision of this Agreement is held to be invalid or unenforceable by an
arbitrator or any court of competent jurisdiction from which no appeal can be or is taken, the provision shall to that extent be considered severed from this Agreement, and the remainder of this Agreement will remain in full force and effect. The
Parties shall make a good faith effort to replace any invalid or unenforceable provision with a valid and enforceable one such that the Parties’ original goals and interests when entering this Agreement may be realized and protected. 

12.7    Waiver. Neither Party may waive or release any of its rights or interests in this Agreement
except in writing. The failure of either Party to assert a right hereunder, or to insist upon compliance with any term or condition of this Agreement, shall not constitute a waiver of that right or excuse a similar subsequent failure to perform any
such term or condition. Any waiver by a Party of a particular breach or default by the other Party shall not operate or be construed as a waiver of any subsequent breach or default by the other Party. 

12.8    Cumulative Remedies. No remedy referred to in this Agreement is intended to be exclusive, but
each shall be cumulative and in addition to any other remedy referred to in this Agreement or otherwise available under law. 

  
 35 

 CONFIDENTIAL 
  

12.9    Waiver of Rule of Construction. Each Party has had the opportunity to consult with counsel in
connection with the review, drafting and negotiation of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement shall be construed against the drafting Party shall not apply. 

12.10    Agency. Neither Party is, nor will be deemed to be an employee, agent, or representative of
the other Party for any purpose. Each Party is an independent contractor, not an employee or partner of the other Party. Neither Party shall have the authority to speak for, represent, or obligate the other Party in any way without prior written
authority from the other Party. 
 12.11    Exhibits. All Exhibits to this Agreement shall form an
integral part of this Agreement. 
 12.12    Entire Understanding. This Agreement contains the
entire understanding between the Parties hereto with respect to its subject matter and supersedes any and all prior agreements, understandings and arrangements, whether written or oral. 

12.13    Amendments. No amendments of the terms and conditions of this Agreement shall be binding
upon either Party hereto unless in writing and signed by both Parties. 
 12.14    Interpretation. This
Agreement has been prepared jointly by the Parties and shall not be strictly construed against either Party. Ambiguities, if any, in this Agreement shall not be construed against any Party, irrespective of which Party may be deemed to have authored
the ambiguous provision. The headings of each Article and Section in this Agreement have been inserted for convenience of reference only and are not intended to limit or expand on the meaning of the language contained in the particular Article or
Section. Except where the context otherwise requires, the use of any gender shall be applicable to all genders, and the word “or” is used in the inclusive sense (and/or). The term “including” or “includes” as used
herein means including or includes, without limiting the generality of any description preceding such term. All references in this Agreement to the singular shall include the plural where applicable. 

12.15    Counterparts. This Agreement may be executed in one or more counterparts, each of which is
an original, and all of which together constitute only one agreement between the Parties. The signatures of all the Parties do not need to be on the same counterpart for it to be effective. Delivery of an executed counterpart’s signature page
of this Agreement, by electronic mail in portable document format (.pdf) or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, has the same effect as delivery of an executed original of
this Agreement. 

  
 36 

 CONFIDENTIAL 
  

12.16    Notices. Any consent, notice or report required or permitted hereunder shall be in writing and
sufficient if delivered personally, sent by electronic transmission (and promptly confirmed by personal delivery, registered or certified mail or overnight courier), sent by nationally-recognized overnight courier or sent by registered or certified
mail, postage prepaid, return receipt requested, addressed as follows: 
  

			
	 If to CaspianTern:
	  	CaspianTern LLC
		  	c/o Terns Inc. 1065 E Hillsdale Blvd, Suite 100
		  	Foster City, CA 94404
		  	Attn: ***
		  	Email: ***
		
		  	With a copy to (which will not constitute notice):
		
		  	Fenwick & West LLP 801 California Street
		  	Mountain View, CA 94041 USA
		  	Attn: ***
		  	Email: ***
		
	 If to Hansoh:
	  	Hansoh Pharmaceutical Group Company Limited
		  	c/o Hansoh Bio LLC 9605 Medical Center Dr, #325
		  	Rockville, MD 20850
		  	Attn: ***
		  	Email:         ***
		  	                    ***
		
		  	With a copy to (which will not constitute notice):
		
		  	Greenberg Traurig LLP
		  	One International Place, Suite 2000
		  	Boston, MA 02110
		  	Attention: ***
		  	Email: ***

 or to such other address(es) as the Party to whom notice is to be given may have furnished to the other Party in writing in
accordance herewith. Any such notice shall be deemed to have been given: (a) when delivered if personally delivered or sent by electronic transmission on a business day (or if delivered or sent on a
non-business day, then on the next business day); (b) on the business day after dispatch if sent by nationally-recognized overnight courier; or (c) on the fifth (5th) business day following the date of
mailing, if sent by mail. 
 [signature page follows] 

  
 37 

 CONFIDENTIAL 
  

IN WITNESS WHEREOF, the Parties have executed this Agreement effective as of the Effective Date. 

 

			
	HANSOH (SHANGHAI) HEALTHTECH CO., LTD.
		
	 By:
	 	 /s/ Aifeng Lyu

	 Name:
	 	 Aifeng Lyu

	 Title:
	 	 President

	
	JIANGSU HANSOH PHARMACEUTICAL GROUP COMPANY LTD.
		
	 By:
	 	 /s/ Aifeng Lyu

	 Name:
	 	 Aifeng Lyu

	 Title:
	 	 President

	
	CaspianTern LLC
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	Terns, Inc.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	Terns Pharmaceuticals, Inc.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 38 

 CONFIDENTIAL 
  

IN WITNESS WHEREOF, the Parties have executed this Agreement effective as of the Effective Date. 

 

			
	HANSOH (SHANGHAI) HEALTHTECH CO., LTD.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	JIANGSU HANSOH PHARMACEUTICAL GROUP COMPANY LTD.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	CaspianTern LLC
		
	 By:
	 	 /s/ Weidong Zheng

	 Name:
	 	 Weidong Zheng

	 Title:
	 	 CEO

	
	Terns, Inc.
		
	 By:
	 	 /s/ Weidong Zheng

	 Name:
	 	 Weidong Zheng

	 Title:
	 	 CEO

	
	Terns Pharmaceuticals, Inc.
		
	 By:
	 	 /s/ Weidong Zheng

	 Name:
	 	 Weidong Zheng

	 Title:
	 	 CEO

  
 39 

 CONFIDENTIAL 
  

Exhibit A 
 [***]

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
 40 

 CONFIDENTIAL 
  

Exhibit B 
 Licensed
Patent Rights 
 *** 

  
 [***] = [CONFIDENTIAL PORTION HAS
BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] 

  
 41 

 CONFIDENTIAL 
  

Exhibit C 
 Joint Press
Release 
  
 

 
 Terns Pharmaceuticals and Hansoh Pharma Announce Collaboration and License Agreement for TRN-000632 in Greater China 
 -TRN-000632 is a potent
allosteric inhibitor of BCR-ABL in development for the treatment of CML- 
 - Terns is
eligible to receive an upfront fee and milestone payments of up to $68 million plus royalties on future product sales- 

-Preclinical and clinical studies evaluating TRN-000632 to be conducted in the partnership- 

FOSTER CITY, CA, and SHANGHAI, July [ ], 2020 – Terns Pharmaceuticals, Inc., a global biopharmaceutical company focused on discovering and developing
innovative therapies to treat liver disease and cancer, and Hansoh Pharmaceutical Group Company Limited (“Hansoh Pharma”; 3692:HK), a leading biopharmaceutical company in Asia, today announced a collaboration and license agreement for the
development and commercialization of TRN-000632, an investigational small molecule allosteric inhibitor of BCR-ABL for the treatment of chronic myeloid leukemia (CML),
in Greater China. 
 Under the terms of the agreement, Terns will receive an upfront payment and will be eligible to receive development, regulatory and
commercial milestones of up to $68 million, as well as royalties from future product sales. Hansoh will receive the exclusive rights to develop and commercialize TRN-000632 in Greater China. Terns retains
the right to develop and commercialize TRN-000632 in all other global markets. 
 “This collaboration was a
natural fit for TRN-000632, bringing together Hansoh’s experience as an established leader in CML treatment in China with Terns’ deep expertise in novel drug discovery,” said Martijn Fenaux,
Ph.D., Head of Research at Terns. “While tyrosine kinase inhibitors (TKIs) have been life-changing for many patients with CML, for many, tolerability and resistance issues remain a barrier to better outcomes. Because TRN-000632 binds an allosteric pocket unique to the mutant BCR-ABL, it is highly selective to a target that is distinct from that of currently available BCR-ABL TKIs, leading to an enhanced efficacy and overcoming difficult-to-treat acquired resistance. We look forward to the partnership
with Hansoh and their support of the research and development efforts for TRN-000632.” 
 “We are excited
to announce this partnership with Terns to rapidly deliver a valuable new therapy to patients in China, where CML incidence is a growing burden and resistance issues are a barrier to enduring efficacy for a significant number of patients,” said
Rudi Bao, M.D. Ph.D., SVP of Hansoh R&D. “We look forward to working with Terns and to advancing the development of the program as rapidly as possible.” 

  
 42 

 CONFIDENTIAL 
  

About Terns Pharmaceuticals 
 Terns Pharmaceuticals, Inc.
is a clinical-stage pharmaceutical company that is focused on the discovery and development of medicines for chronic liver disease and cancer. Based in China and the United States, the company is advancing a pipeline of drug candidates for the
treatment of non-alcoholic steatohepatitis (NASH), primary biliary cholangitis (PBC), and cancer, across multiple modalities. Terns leverages world class expertise in disease biology, medicinal chemistry, and
clinical development in order to bring promising new therapies to patients. 
 For more information, visit www.ternspharma.com and www.ternspharma.com.cn

 About Hansoh Pharmaceutical Group Company Limited 

Hansoh Pharma (3692.HK), a leading biopharmaceutical company in Asia, is committed to discovering and developing life-changing medicines to help patients
conquer serious diseases and disorders. Hansoh Pharma is supported by over 9,000 dedicated employees in China and the United States. 
 Founded in 1995,
Hansoh has fully integrated research and development, manufacturing, and commercial capabilities, supporting leading positions in oncology, central nervous system (CNS) disorders, infectious diseases, gastrointestinal disorders, diabetes, and
autoimmune diseases, among others in China. With over 1,200 professionals across R&D, Hansoh has successfully developed multiple internally discovered drug candidates into NMPA-approved innovative medicines including morinidazole
(迈灵达®), a third-generation nitroimidazole antibiotic; PEG-loxenatide (孚来美®), the first
once-weekly long-acting GLP-1 analogue discovered and developed in China for the treatment of diabetes; flumatinib (昕福®), a
second-generation BCR-ABL inhibitor for frontline treatment of CML; and almonertinib (阿美乐®), a third-generation EGFR inhibitor for
the treatment of NSCLC with EGFR mutations. 
 For more information, please visit www.hspharm.com 

CONTACT 
 Terns Pharmaceuticals, Inc. 

US Media Contact: 
 Margaret Robinson 

mrobinson@ternspharma.com 
 +1 (415) 690 0084 

China Media Contact: 
 Zhou 

zzhou@ternspharma.com 

  
 43 

 CONFIDENTIAL 
  

Hansoh Pharma 
 Global Business Development

 Paul Lu 
 partner@hansohbio.com 

Investor Relations 
 Sophia Dong 

IR@hspharm.com 

  
 44Exhibit 4.1

 

BERRY GLOBAL, INC.,

a wholly owned subsidiary of Berry Global
Group, Inc.,

 

as Issuer,

 

and certain guarantors

 

0.95% First Priority Senior Secured Notes due 2024

 

 

 

 

INDENTURE

Dated as of January 15, 2021

  

 

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee and Collateral Agent

 

    

     

    

 

	TABLE OF CONTENTS
	 	 	 
	 	 	Page
	 	 	 
	ARTICLE 1
	 	 	 
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	 
	SECTION 1.01.	Definitions	1
	SECTION 1.02.	Other Definitions	26
	SECTION 1.03.	Incorporation by Reference of Trust Indenture Act	27
	SECTION 1.04.	Rules of Construction	28
	 	 	 
	ARTICLE 2
	 	 	 
	THE SECURITIES
	 	 	 
	SECTION 2.01.	Amount of Securities	28
	SECTION 2.02.	Form and Dating	29
	SECTION 2.03.	Execution and Authentication	29
	SECTION 2.04.	Registrar and Paying Agent	30
	SECTION 2.05.	Paying Agent to Hold Money in Trust	30
	SECTION 2.06.	Holder Lists	30
	SECTION 2.07.	Transfer and Exchange	31
	SECTION 2.08.	Replacement Securities	31
	SECTION 2.09.	Outstanding Securities	31
	SECTION 2.10.	Temporary Securities	32
	SECTION 2.11.	Cancellation	32
	SECTION 2.12.	Defaulted Interest	32
	SECTION 2.13.	CUSIP Numbers, ISINs, etc.	32
	SECTION 2.14.	Calculation of Principal Amount of Securities	32
	 	 	 
	ARTICLE 3
	 	 	 
	REDEMPTION
	 	 	 
	SECTION 3.01.	Redemption	33
	SECTION 3.02.	Applicability of Article	33
	SECTION 3.03.	Notices to Trustee	33
	SECTION 3.04.	Selection of Securities to Be Redeemed	33
	SECTION 3.05.	Notice of Optional Redemption	33
	SECTION 3.06.	Effect of Notice of Redemption	34
	SECTION 3.07.	Deposit of Redemption Price	34
	SECTION 3.08.	Securities Redeemed in Part	34
	 	 	 
	ARTICLE 4
	 	 	 
	COVENANTS
	 	 	 
	SECTION 4.01.	Payment of Securities	34
	SECTION 4.02.	Reports and Other Information	35
	SECTION 4.03.	Reserved	36
	SECTION 4.04.	Reserved	36
	SECTION 4.05.	Reserved	36
	SECTION 4.06.	Reserved	36

 

    i

     

    

 

	 	 	Page
	 	 	 
	SECTION 4.07.	Reserved	36
	SECTION 4.08.	Change of Control Triggering Event	36
	SECTION 4.09.	Compliance Certificate	38
	SECTION 4.10.	Further Instruments and Acts	38
	SECTION 4.11.	Future Subsidiary Guarantors	38
	SECTION 4.12.	Liens	38
	SECTION 4.13.	Maintenance of Office or Agency	39
	SECTION 4.14.	Amendment of Security Documents	39
	SECTION 4.15.	After-Acquired Property	39
	SECTION 4.16.	Reserved	39
	SECTION 4.17.	Reserved	39
	SECTION 4.18.	Reserved	39
	SECTION 4.19.	Mortgages	39
	 	 	 
	ARTICLE 5
	 	 	 
	SUCCESSOR COMPANY
	 	 	 
	SECTION 5.01.	When Issuer May Merge or Transfer Assets	40
	 	 	 
	ARTICLE 6
	 	 	 
	DEFAULTS AND REMEDIES
	 	 	 
	SECTION 6.01.	Events of Default	42
	SECTION 6.02.	Acceleration	43
	SECTION 6.03.	Other Remedies	44
	SECTION 6.04.	Waiver of Past Defaults	44
	SECTION 6.05.	Control by Majority	44
	SECTION 6.06.	Limitation on Suits	44
	SECTION 6.07.	Rights of the Holders to Receive Payment	45
	SECTION 6.08.	Collection Suit by Trustee	45
	SECTION 6.09.	Trustee May File Proofs of Claim	45
	SECTION 6.10.	Priorities	45
	SECTION 6.11.	Undertaking for Costs	45
	SECTION 6.12.	Waiver of Stay or Extension Laws	46
	 	 	 
	ARTICLE 7
	 	 	 
	TRUSTEE
	 	 	 
	SECTION 7.01.	Duties of Trustee	46
	SECTION 7.02.	Rights of Trustee	47
	SECTION 7.03.	Individual Rights of Trustee	48
	SECTION 7.04.	Trustee’s Disclaimer	48
	SECTION 7.05.	Notice of Defaults	48
	SECTION 7.06.	Reports by Trustee to the Holders	48
	SECTION 7.07.	Compensation and Indemnity	49
	SECTION 7.08.	Replacement of Trustee	49
	SECTION 7.09.	Successor Trustee by Merger	50
	SECTION 7.10.	Eligibility; Disqualification	50
	SECTION 7.11.	Preferential Collection of Claims Against the Issuer	50

 

    ii

     

    

 	 	 	Page
	 	 	 
	ARTICLE 8
	 	 	 
	DISCHARGE OF INDENTURE; DEFEASANCE
	 	 	 
	SECTION 8.01.	Discharge of Liability on Securities; Defeasance	51
	SECTION 8.02.	Conditions to Defeasance	52
	SECTION 8.03.	Application of Trust Money	53
	SECTION 8.04.	Repayment to Issuer	53
	SECTION 8.05.	Indemnity for U.S. Government Obligations	53
	SECTION 8.06.	Reinstatement	53
	 	 	 
	ARTICLE 9
	 	 	 
	AMENDMENTS AND WAIVERS
	 	 	 
	SECTION 9.01.	Without Consent of the Holders	53
	SECTION 9.02.	With Consent of the Holders	54
	SECTION 9.03.	Compliance with Trust Indenture Act	55
	SECTION 9.04.	Revocation and Effect of Consents and Waivers	55
	SECTION 9.05.	Notation on or Exchange of Securities	56
	SECTION 9.06.	Trustee to Sign Amendments	56
	SECTION 9.07.	Payment for Consent	56
	SECTION 9.08.	Additional Voting Terms; Calculation of Principal Amount	56
	 	 	 
	ARTICLE 10
	 	 	 
	RANKING OF NOTE LIENS
	 	 	 
	SECTION 10.01.	Relative Rights	56
	 	 	 
	ARTICLE 11
	 	 	 
	COLLATERAL
	 	 	 
	SECTION 11.01.	Security Documents	57
	SECTION 11.02.	Collateral Agent	58
	SECTION 11.03.	Authorization of Actions to Be Taken	58
	SECTION 11.04.	Release of Liens	59
	SECTION 11.05.	Filing, Recording and Opinions	60
	SECTION 11.06.	[Reserved]	60
	SECTION 11.07.	Powers Exercisable by Receiver or Trustee	60
	SECTION 11.08.	Release Upon Termination of the Issuer’s Obligations	60
	SECTION 11.09.	Designations	61
	 	 	 
	ARTICLE 12
	 	 	 
	SUBSIDIARY GUARANTEES
	 	 	 
	SECTION 12.01.	Subsidiary Guarantees	61
	SECTION 12.02.	Limitation on Liability	63
	SECTION 12.03.	Successors and Assigns	63
	SECTION 12.04.	No Waiver	63
	SECTION 12.05.	Modification	64
	SECTION 12.06.	Execution of Supplemental Indenture for Future Subsidiary Guarantors	64
	SECTION 12.07.	Non-Impairment	64

 

    iii

     

    

 

	 	 	Page
	 	 	 
	ARTICLE 13
	 	 	 
	MISCELLANEOUS
	 	 	 
	SECTION 13.01.	Trust Indenture Act Controls	64
	SECTION 13.02.	Notices	64
	SECTION 13.03.	Communication by the Holders with Other Holders	65
	SECTION 13.04.	Certificate and Opinion as to Conditions Precedent	65
	SECTION 13.05.	Statements Required in Certificate or Opinion	65
	SECTION 13.06.	When Securities Disregarded	66
	SECTION 13.07.	Rules by Trustee, Paying Agent and Registrar	66
	SECTION 13.08.	Legal Holidays	66
	SECTION 13.09.	GOVERNING LAW; WAIVER OF JURY TRIAL	66
	SECTION 13.10.	No Recourse Against Others	66
	SECTION 13.11.	Successors	66
	SECTION 13.12.	Multiple Originals	66
	SECTION 13.13.	Table of Contents; Headings	66
	SECTION 13.14.	Indenture Controls	66
	SECTION 13.15.	Severability	67
	SECTION 13.16.	Force Majeure	67
	SECTION 13.17.	U.S.A. Patriot Act	67
	 	 	 
	ARTICLE 14
	 	 	 
	PARENT GUARANTEE
	 	 	 
	SECTION 14.01.	Parent Guarantee	67
	SECTION 14.02.	Successors and Assigns	68
	SECTION 14.03.	No Waiver	69
	SECTION 14.04.	Modification	69
	SECTION 14.05.	Non-Impairment	69

 

	Appendix A	Provisions Relating
                                      to Securities	

 

	EXHIBIT INDEX
	 	 	 
	Exhibit A	–	Form of Security
	Exhibit B	–	Form of Exchange Security
	Exhibit C	–	Form of Transferee Letter of Representation
	Exhibit C	–	Form of Supplemental Indenture – New Subsidiary Guarantors

 

    iv

     

    

 

 

CROSS-REFERENCE TABLE

 

	TIA	 	Indenture
	Section	 	Section
	 	 	 	 
	310	(a)(1)	 	7.10
	 	(a)(2)	 	7.10
	 	(a)(3)	 	N.A.
	 	(a)(4)	 	N.A.
	 	(a)(5)	 	7.10
	 	(b)	 	7.08; 7.10
	311	(a)	 	7.11
	 	(b)	 	7.11
	312	(a)	 	2.06
	 	(b)	 	13.03
	 	(c)	 	13.03
	313	(a)	 	7.06
	 	(b)(1)	 	N.A.
	 	(b)(2)	 	7.06
	 	(c)	 	7.06
	 	(d)	 	4.02; 4.09
	314	(a)	 	4.02; 4.09
	 	(b)	 	N.A.
	 	(c)(1)	 	13.04
	 	(c)(2)	 	13.04
	 	(c)(3)	 	N.A.
	 	(d)	 	N.A.
	 	(e)	 	13.05
	 	(f)	 	4.10
	315	(a)	 	7.01
	 	(b)	 	7.05
	 	(c)	 	7.01
	 	(d)	 	7.01
	 	(e)	 	6.11
	316	(a)(last sentence)	 	13.06
	 	(a)(1)(A)	 	6.05
	 	(a)(1)(B)	 	6.04
	 	(a)(2)	 	N.A.
	 	(b)	 	6.07
	 	(c)	 	9.04(b)
	317	(a)(1)	 	6.08
	 	(a)(2)	 	6.09
	 	(b)	 	2.05
	318	(a)	 	13.01

 

    i

     

    

 

INDENTURE dated as of January 15, 2021
among BERRY GLOBAL, INC. (the “Issuer”), a wholly owned subsidiary of Berry Global Group, Inc., U.S.
BANK NATIONAL ASSOCIATION, a national banking association, as trustee (in such capacity, the “Trustee”) and
as collateral agent (in such capacity, the “Collateral Agent”), the Parent Guarantor and Subsidiary Guarantors
(each as defined herein).

 

Each party agrees as follows for the benefit
of the other parties and for the equal and ratable benefit of the Holders of (a) $800,000,000 aggregate principal amount of
the Issuer’s 0.95% First Priority Senior Secured Notes due 2024 issued on the date hereof (the “Original Securities”),
(b) any Additional Securities (as defined herein) that may be issued after the date hereof in the form of Exhibit A or
(c) if and when issued as provided in the Registration Rights Agreement (as defined in Appendix A hereto (the “Appendix”))
in the Registered Exchange Offer (as defined in Appendix) in exchange for any Initial Securities or otherwise registered under
the Securities Act and issued in the form of Exhibit B, $800,000,000 aggregate principal amount of the Issuer’s 0.95%
First Priority Senior Secured Exchange Notes due 2024 (the “Exchange Securities” and, together with the Original
Securities and any Additional Securities, the “Securities”).

 

The Original Securities, any Additional
Securities and the Exchange Securities shall constitute a single series hereunder. Subject to the conditions and compliance with
the covenants set forth herein, the Issuer may issue an unlimited aggregate principal amount of Additional Securities.

 

ARTICLE 1

 

DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION 1.01.     Definitions.

 

“Additional Securities” means
any 0.95% First Priority Senior Secured Notes due 2024 issued under the terms of this Indenture subsequent to the Issue Date, other
than the Exchange Securities.

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms
 “controlling,” “controlled by” and “under common control with”), as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise.

 

“Appendix” means Appendix A
hereto.

 

“Bank Agreement Borrowers” means
each Borrower (as defined in each of the Term Loan Credit Agreement and the Revolving Credit Agreement).

 

“Bank Agreement Obligations”
means (a) the due and punctual payment by each Bank Agreement Borrower of (i) the unpaid principal of and interest (including
interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether
allowed or allowable in such proceeding) on the loans (pursuant to the Term Loan Credit Agreement and the Revolving Credit Agreement)
made to such Bank Agreement Borrower, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment
or otherwise, (ii) each payment required to be made by it under the Revolving Credit Agreement in respect of any letter of
credit pursuant thereto, when and as due, including payments in respect of reimbursement of disbursements, interest thereon (including
interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether
allowed or allowable in such proceeding) and obligations to provide cash collateral, and (iii) all other monetary obligations
of such Bank Agreement Borrower to any of the Term Loan Secured Parties and the Revolving Facility Secured Parties under either
of the Term Loan Credit Agreement or the Revolving Credit Agreement or any of the other Loan Documents (as defined in each of the
Term Loan Credit Agreement and the Revolving Credit Agreement), including obligations to pay fees, expense and reimbursement obligations
and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations
incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed
or allowable in such proceeding), (b) the due and punctual performance of all other obligations of each Bank Agreement Borrower
or any of the other Loan Documents (as defined in each of the Term Loan Credit Agreement and the Revolving Credit Agreement), and
(c) the due and punctual payment and performance of all other obligations of each Loan Party (as defined in each of the Term
Loan Credit Agreement and the Revolving Credit Agreement) under or pursuant to the Bank Security Agreement and each of the other
Loan Documents (as defined in each of the Term Loan Credit Agreement and the Revolving Credit Agreement).

 

    

     

    

 

“Bank Agreement Security Documents”
means the Bank Security Agreement, the Second Amended and Restated First Lien Intellectual Property Security Agreement dated as
of April 3, 2007, among Berry Global Group, Inc. (formerly Berry Plastics Group, Inc.), the Company, the subsidiaries
of the Company party thereto and the Collateral Agents, as amended, supplemented, restated, renewed, refunded, replaced, restructured,
repaid, refinanced or otherwise modified from time to time, all “Mortgages” as defined in the Revolving Credit Agreement
and/or the Term Loan Credit Agreement, and any other documents now existing or entered into after the date hereof that create Liens
on any assets or properties of the Company or any Subsidiary Guarantor to secure any Term Loan Obligations or Revolving Facility
Obligations.

 

“Bank Security Agreement” means
the Second Amended and Restated First Lien Guarantee and Collateral Agreement dated as of April 3, 2007, among Berry Global
Group, Inc. (formerly Berry Plastics Group, Inc.), the Issuer, the subsidiaries of the Issuer party thereto, the Term
Loan Collateral Agent and the Revolving Facility Collateral Agent, as amended, supplemented, restated, renewed, refunded, replaced,
restructured, repaid, refinanced or otherwise modified from time to time.

 

“Bank Indebtedness” means any
and all amounts payable under or in respect of any Credit Agreement and any other Credit Agreement Documents as amended, restated,
supplemented, waived, replaced, restructured, repaid, refunded, refinanced or otherwise modified from time to time (including after
termination of any Credit Agreement), including principal, premium (if any), interest (including interest, fees and expenses accruing
on or after the filing of any petition in bankruptcy or for reorganization relating to the Issuer whether or not a claim for post-filing
interest, fees or expenses is allowed in such proceedings), fees, charges, expenses, reimbursement obligations, guarantees and
all other amounts payable thereunder or in respect thereof.

 

“Bankruptcy Case” means a case
under the Bankruptcy Code.

 

“Bankruptcy Code” means Title
11 of the United States Code.

 

“Bankruptcy Law” means the Bankruptcy
Code and any similar federal, state or foreign law for relief of debtors.

 

“Board of Directors” means,
as to any Person, the board of directors or managers, as applicable, of such Person (or, if such Person is a partnership, the board
of directors or other governing body of the general partner of such Person) or any duly authorized committee thereof.

 

“Borrowing Base” means, as of
any date of determination, an amount equal to the sum without duplication of (x) 90% of the book value of accounts receivable
of the Issuer and its Restricted Subsidiaries on a consolidated basis and (y) 85% of the book value of the inventory of the
Issuer and its Restricted Subsidiaries on a consolidated basis, in each case as of the most recently ended fiscal month of the
Issuer for which internal consolidated financial statements of the Issuer are available (such date, the “Borrowing Base Reference
Date”). For purposes of such computation, the Issuer shall give pro forma effect to any Investments, acquisitions, dispositions,
mergers, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating
unit of a business that the Issuer or any of its Restricted Subsidiaries has made after the Borrowing Base Reference Date. For
purposes of this definition, any pro forma calculations shall be made in good faith by an Officer of the Issuer.

 

“Business Day” means a day other
than a Saturday, Sunday or other day on which banking institutions are authorized or required by law to close in New York City.

 

    -2-

     

    

 

“Capital Stock” means:

 

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

 

(2)            in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

(3)            in
the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

 

(4)            any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person.

 

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

 

“Cash Equivalents” means:

 

(1)            U.S.
dollars, pounds sterling, euros, the national currency of any member state in the European Union or, in the case of any Foreign
Subsidiary that is a Restricted Subsidiary, such local currencies held by it from time to time in the ordinary course of business;

 

(2)            securities
issued or directly and fully guaranteed or insured by the U.S. government or any country that is a member of the European Union
or any agency or instrumentality thereof in each case maturing not more than two years from the date of acquisition;

 

(3)            certificates
of deposit, time deposits and euro/dollar time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances, in each case with maturities not exceeding one year and overnight bank deposits, in each case with any commercial
bank having capital and surplus in excess of $250.0 million and whose long-term debt is rated “A” or the equivalent
thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency);

 

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

 

(5)            commercial
paper issued by a corporation (other than an Affiliate of the Issuer) rated at least “A-1” or the equivalent thereof
by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each
case maturing within one year after the date of acquisition;

 

(6)            readily
marketable direct obligations issued by any state of the United States of America or any political subdivision thereof having one
of the two highest rating categories obtainable from either Moody’s or S&P (or reasonably equivalent ratings of another
internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of acquisition;

 

(7)            Indebtedness
issued by Persons with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s in
each case with maturities not exceeding two years from the date of acquisition; and

 

(8)            investment
funds investing at least 95% of their assets in securities of the types described in clauses (1) through (7) above.

 

    -3-

     

    

 

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

 

(i)             the
sale, lease or transfer, in one or a series of related transactions, of all or substantially all the assets of the Issuer and its
Subsidiaries, taken as a whole, to a Person other than any of the Permitted Holders; or

 

(ii)            the
Issuer becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote,
written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of
the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of
securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than any of the Permitted Holders,
in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination or
purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), of
more than 50% of the total voting power of the Voting Stock of the Issuer or any direct or indirect parent of the Issuer.

 

“Change of Control Triggering Event”
means (x) the occurrence of both a Change of Control and a Rating Event or (y) the occurrence of a “Change of Control”
under the Existing First Priority Notes which requires the Issuer to make a “Change of Control Offer” to the holders
thereof.

 

“Class” has the meaning given to such
term in the definition of “Senior Secured Obligations.”

 

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

 

“Collateral” means all property
subject or purported to be subject, from time to time, to a Lien under any Security Documents.

 

“Collateral Agent” means U.S.
Bank National Association in its capacity as “Collateral Agent” under this Indenture and under the Security Documents
and any successors thereto in such capacity.

 

“Consolidated Interest Expense”
means, with respect to any Person for any period, the sum, without duplication, of:

 

(1)            consolidated
interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted in computing
Consolidated Net Income (including amortization of original issue discount, the interest component of Capitalized Lease Obligations,
and net payments and receipts (if any) pursuant to interest rate Hedging Obligations and excluding amortization of deferred financing
fees and expensing of any bridge or other financing fees); plus

 

(2)            consolidated
capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued; plus

 

(3)            commissions,
discounts, yield and other fees and charges Incurred in connection with any Receivables Financing which are payable to Persons
other than the Issuer and its Restricted Subsidiaries; minus

 

(4)            interest
income for such period.

 

    -4-

     

    

 

“Consolidated Net Income” means,
with respect to any Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such
period, on a consolidated basis; provided, however, that:

 

(1)            any
net after-tax extraordinary, nonrecurring or unusual gains or losses or income, expenses or charges (less all fees and expenses
relating thereto), including, without limitation, any severance expenses, any expenses related to any reconstruction, recommissioning
or reconfiguration of fixed assets for alternate uses and fees, expenses or charges relating to new product lines, plant shutdown
costs, acquisition integration costs and any expenses or charges related to any Equity Offering, Investment, acquisition or
Incurrence of Indebtedness not prohibited by this Indenture (in each case, whether or not successful), including any such fees,
expenses, charges or change in control payments related to the RPC Acquisition, in each case, shall be excluded;

 

(2)            any
increase in amortization or depreciation or any one-time non-cash charges or increases or reductions in Net Income, in each case
resulting from purchase accounting in connection with any acquisition that is consummated after September 20, 2006 shall be
excluded;

 

(3)            the
Net Income for such period shall not include the cumulative effect of a change in accounting principles during such period;

 

(4)            any
net after-tax income or loss from discontinued operations and any net after-tax gains or losses on disposal of discontinued operations
shall be excluded;

 

(5)            any
net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to business dispositions or
asset dispositions other than in the ordinary course of business (as determined in good faith by the Board of Directors of the
Issuer) shall be excluded;

 

(6)            any
net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to the early extinguishment
of indebtedness shall be excluded;

 

(7)            the
Net Income for such period of any Person that is not a Subsidiary of such Person, or is an Unrestricted Subsidiary, or that is
accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or distributions
or other payments paid in cash (or to the extent converted into cash) to the referent Person or a Restricted Subsidiary thereof
in respect of such period;

 

(8)            [reserved];

 

(9)            an
amount equal to the amount of Tax Distributions actually made to any parent of such Person shall be included as though such amounts
had been paid as income taxes directly by such Person for such period;

 

(10)          any
non-cash impairment charges resulting from the application of Statement of Financial Accounting Standards (“SFAS”)
Nos. 142 and 144 and the amortization of intangibles arising pursuant to SFAS No. 141 shall be excluded;

 

(11)          any
non-cash expense realized or resulting from stock option plans, employee benefit plans or post-employment benefit plans, grants
of stock appreciation or similar rights, stock options or other rights to officers, directors and employees of such Person or any
of its Restricted Subsidiaries shall be excluded;

 

(12)          any
(a) severance or relocation costs or expenses, (b) one-time non-cash compensation charges, (c) the costs and expenses
after September 20, 2006 related to employment of terminated employees, (d) costs or expenses realized in connection
with, resulting from or in anticipation of the RPC Acquisition or (e) costs or expenses realized in connection with or resulting
from stock appreciation or similar rights, stock options or other rights existing on September 20, 2006 of officers, directors
and employees, in each case of such Person or any of its Restricted Subsidiaries, shall be excluded;

 

(13)          accruals
and reserves that are established within 12 months after September 20, 2006 and that are so required to be established in
accordance with GAAP shall be excluded;

 

    -5-

     

    

 

(14)          solely
for purposes of calculating EBITDA, (a) the Net Income of any Person and its Restricted Subsidiaries shall be calculated without
deducting the income attributable to, or adding the losses attributable to, the minority equity interests of third parties in any
non-wholly-owned Restricted Subsidiary except to the extent of dividends declared or paid in respect of such period or any prior
period on the shares of Capital Stock of such Restricted Subsidiary held by such third parties and (b) any ordinary course
dividend, distribution or other payment paid in cash and received from any Person in excess of amounts included in clause (7) above
shall be included;

 

(15)          (a)(i) the
non-cash portion of “straight-line” rent expense shall be excluded and (ii) the cash portion of “straight-line”
rent expense which exceeds the amount expensed in respect of such rent expense shall be included and (b) non-cash gains, losses,
income and expenses resulting from fair value accounting required by SFAS No. 133 shall be excluded; and

 

(16)          unrealized
gains and losses relating to hedging transactions and mark-to-market of Indebtedness denominated in foreign currencies resulting
from the applications of SFAS No. 52 shall be excluded.

 

“Consolidated Non-cash Charges”
means, with respect to any Person for any period, the aggregate depreciation, amortization and other non-cash expenses of such
Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person for such period on a consolidated basis
and otherwise determined in accordance with GAAP, but excluding any such charge which consists of or requires an accrual of, or
cash reserve for, anticipated cash charges for any future period.

 

“Consolidated Taxes” means provision
for taxes based on income, profits or capital, including, without limitation, state, franchise and similar taxes and any Tax Distributions
taken into account in calculating Consolidated Net Income.

 

“Contingent Obligations” means,
with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute
Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether
directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent:

 

(1)            to
purchase any such primary obligation or any property constituting direct or indirect security therefor,

 

(2)            to
advance or supply funds:

 

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

 

 (b)            to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor; or

 

(3)            to
purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.

 

“Credit Agreement Documents”
means the collective reference to the Credit Agreements, any notes issued pursuant thereto and the guarantees thereof, and the
collateral documents relating thereto, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced
or otherwise modified from time to time.

 

    -6-

     

    

 

“Credit Agreements” means (i)(A) the
Term Loan Credit Agreement and (B) the Revolving Credit Agreement and (ii) whether or not the credit agreements referred
to in clause (i) remain outstanding, if designated by the Issuer to be included in the definition of “Credit Agreement,”
one or more (A) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables
financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against
such receivables) or letters of credit, (B) debt securities, indentures or other forms of debt financing (including convertible
or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing
any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented,
modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time.

 

“Comparable Treasury Issue”
means the United States Treasury security selected by an Independent Investment Bank as having a constant maturity comparable to
the remaining term of the Securities to be redeemed (assuming that such Securities matured on the Par Call Date) that would be
utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of such Securities (assuming that such Securities matured on the Par Call
Date).

 

“Comparable Treasury Price”
means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption
date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Bank
obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

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

 

“Definitive Security” means
a registered certificated Security that is not a Global Security.

 

“Delaware Divided LLC” means
any Delaware LLC which has been formed upon the consummation of a Delaware LLC Division.

 

“Delaware LLC” means any limited
liability company organized or formed under the laws of the State of Delaware.

 

“Delaware LLC Division” means
the statutory division of any Delaware LLC into two or more Delaware LLCs pursuant to Section 18-217 of the Delaware Limited
Liability Company Act.

 

“Depository” means The Depository
Trust Company, its nominees and their respective successors.

 

“Destruction” means any damage
to, loss or destruction of all or any portion of the Collateral.

 

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

 

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

 

(2)            is
convertible or exchangeable for Indebtedness or Disqualified Stock of such Person, or

 

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

 

in each case prior to 91 days after the maturity date of the
Securities; provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable,
is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to
be Disqualified Stock; provided, further, however, that if such Capital Stock is issued to any employee or to any
plan for the benefit of employees of the Issuer or its Subsidiaries or by any such plan to such employees, such Capital Stock shall
not constitute Disqualified Stock solely because it may be required to be repurchased by the Issuer in order to satisfy applicable
statutory or regulatory obligations or as a result of such employee’s termination, death or disability; provided,
further, that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations
thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified Stock.

 

    -7-

     

    

 

“Domestic Subsidiary” means
a Restricted Subsidiary that is not a Foreign Subsidiary or a Qualified CFC Holding Company.

 

“EBITDA” means, with respect
to any Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication, to the
extent the same was deducted in calculating Consolidated Net Income:

 

(1)            Consolidated
Taxes; plus

 

(2)            Consolidated
Interest Expense; plus

 

(3)            Consolidated
Non-cash Charges; plus

 

(4)            business
optimization expenses and other restructuring charges or expenses (which, for the avoidance of doubt, shall include, without limitation,
the effect of inventory optimization programs, plant closures, retention, systems establishment costs and excess pension charges);
provided that with respect to each business optimization expense or other restructuring charge, the Issuer shall have delivered
to the Trustee an Officers’ Certificate specifying and quantifying such expense or charge and stating that such expense or
charge is a business optimization expense or other restructuring charge, as the case may be;

 

less, without duplication,

 

(5)            non-cash
items increasing Consolidated Net Income for such period (excluding the recognition of deferred revenue or any items which represent
the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period and any items for which cash
was received in a prior period).

 

“Equity Interests” means Capital
Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into,
or exchangeable for, Capital Stock).

 

“Equity Offering” means any
public or private sale after September 20, 2006 of common stock or Preferred Stock of the Issuer or any direct or indirect
parent of the Issuer, as applicable (other than Disqualified Stock), other than public offerings with respect to the Issuer’s
or such direct or indirect parent’s common stock registered on Form S-8.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Exchange Offer Registration Statement”
means the registration statement filed with the SEC in connection with the Registered Exchange Offer.

 

“Existing First Priority Notes”
means the First Priority Dollar Notes and the First Priority Euro Notes.

 

“Existing Second Priority Notes”
means the 5.125% Second Priority Senior Secured Notes due 2023 issued by the Issuer on June 5, 2015, the 4.50% Second Priority
Senior Secured Notes due 2026 issued by the Issuer on January 19, 2018 and the 5.625% Second Priority Senior Secured Notes
due 2027 issued by the Issuer on June 5, 2019.

 

    -8-

     

    

 

“Existing Second Priority Notes Collateral
Agent” means U.S. Bank National Association, as collateral agent for the holders of the Existing Second Priority Notes and
any successors thereto in such capacity.

 

“Existing Second Priority Notes Indentures”
means the indentures respectively dated as of June 5, 2015, January 26, 2018 and June 5, 2019, each among the Issuer,
the trustee named therein from time to time, and certain other parties thereto, as amended, restated, supplemented or otherwise
modified from time to time in accordance with the requirements thereof and of this Indenture.

 

“Existing Second Priority Notes Trustee”
means U.S. Bank National Association, as trustee for the holders of the Existing Second Priority Notes and any successors thereto
in such capacity.

 

“Fair Market Value” means, with
respect to any asset or property, the price which could be negotiated in an arm’s-length, free market transaction, for cash,
between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction.

 

“First Lien Agent” means each
of the Term Facility Administrative Agent, the Term Loan Collateral Agent, the Revolving Facility Administrative Agent and the
Revolving Facility Collateral Agent, the Trustee and the Collateral Agent, and if any other First Priority Lien Obligations are
outstanding, the Persons elected, designated or appointed as administrative agent, trustee or similar representative or as collateral
agent by or on behalf of the holders of each series of such outstanding Obligations.

 

“First Priority After-Acquired Property”
means any property (other than the initial collateral) of the Issuer or any Subsidiary Guarantor that secures any Secured Bank
Indebtedness.

 

“First Priority Dollar Notes”
means the 4.875% First Priority Senior Secured Notes due 2026 issued on June 5, 2019 and the 1.57% First Priority Senior Secured
Notes due 2026 issued on December 22, 2020.

 

“First Priority Dollar
Notes Indentures” means the indenture, dated as of June 5, 2019 with respect to the 4.875% First Priority Senior Secured
Notes due 2026, among the Issuer (as successor to Berry Global Escrow Corporation), the First Priority Dollar Notes Trustee, and
certain other parties thereto, as amended, restated, supplemented or otherwise modified from time to time in accordance with the
requirements thereof and of this Indenture and the indenture, dated as of December 22, 2020 with respect to the 1.57% First
Priority Senior Secured Notes due 2026, among the Issuer, the First Priority Dollar Notes Trustee, and certain other parties thereto,
as amended, restated, supplemented or otherwise modified from time to time in accordance with the requirements thereof and of the
Indenture.

 

“First Priority Dollar
Notes Obligations” means any Obligations in respect of the First Priority Dollar Notes, the First Priority Dollar Notes Indentures
and the security documents entered pursuant thereto.

 

“First Priority Dollar
Notes Trustee” means U.S. Bank National Association, as trustee for the holders of the First Priority Dollar Notes, together
with any successors thereto in such capacity.

 

“First Priority Euro
Notes” means the 1.00% First Priority Senior Secured Notes due 2025 issued on January 2, 2020 and the 1.50% First Priority
Senior Secured Notes due 2027 issued on January 2, 2020.

 

“First Priority Euro
Notes Indentures” means the indenture, dated as of January 2, 2020, among the Issuer (as successor to Berry Global Escrow
Corporation), the First Priority Euro Notes Trustee, and certain other parties thereto, as amended, restated, supplemented or otherwise
modified from time to time in accordance with the requirements thereof and of this Indenture.

 

“First Priority Euro
Notes Obligations” means any Obligations in respect of the First Priority Euro Notes, the First Priority Euro Notes Indentures
and the security documents entered pursuant thereto.

 

“First Priority Euro
Notes Trustee” means U.S. Bank National Association, as trustee for the holders of the First Priority Euro Notes, together
with any successors thereto in such capacity.

 

    -9-

     

    

 

“First Priority Lien Obligations”
means (i) all Secured Bank Indebtedness, (ii) all other Obligations (not constituting Indebtedness) of the Issuer and
its Restricted Subsidiaries under the agreements governing Secured Bank Indebtedness, (iii) all other Obligations of the Issuer
or any of its Restricted Subsidiaries in respect of Hedging Obligations or Obligations in respect of cash management services,
in each case owing to a Person that is a holder of Indebtedness described in clause (i) or Obligations described in clause
(ii) or an Affiliate of such holder at the time of entry into such Hedging Obligations or Obligations in respect of cash management
services, (iv) the Note Obligations, (v) the First Priority Dollar Notes Obligations and (vii) the First Priority
Euro Notes Obligations.

 

“First Priority Liens” means
the Liens securing the Note Obligations.

 

“Fitch” means Fitch Ratings Inc. or any
successor to the rating agency business thereof.

 

“Foreign Subsidiary” means a
Restricted Subsidiary not organized or existing under the laws of the United States of America or any state or territory thereof
or the District of Columbia and any direct or indirect subsidiary of such Restricted Subsidiary.

 

“GAAP” means generally accepted
accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the
American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board
or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which
were in effect on September 20, 2006. For the purposes of this Indenture, the term “consolidated” with respect
to any Person shall mean such Person consolidated with its Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary,
but the interest of such Person in an Unrestricted Subsidiary will be accounted for as an Investment.

 

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

 

“guarantee” means a guarantee
(other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in
any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part
of any Indebtedness or other obligations.

 

“Hedging Obligations” means,
with respect to any Person, the obligations of such Person under:

 

(1)            currency
exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements and currency
exchange, interest rate or commodity collar agreements; and

 

(2)            other
agreements or arrangements designed to protect such Person against fluctuations in currency exchange, interest rates or commodity
prices.

 

“Holder” means the Person in
whose name a Security is registered on the Registrar’s books.

 

“Incur” means issue, assume,
guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person
existing at the time such Person becomes a Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise)
shall be deemed to be Incurred by such Person at the time it becomes a Subsidiary. The term “Incurrence” shall have
a corresponding meaning.

 

“Independent
Investment Bank” means one of the Reference Treasury Dealers that the Issuer appoints to act
as the Independent Investment Bank from time to time.

 

    -10-

     

    

 

“Indebtedness” means, with respect
to any Person:

 

(1)            the
principal and premium (if any) of any indebtedness of such Person, whether or not contingent, (a) in respect of borrowed money,
(b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without
duplication, reimbursement agreements in respect thereof), (c) representing the deferred and unpaid purchase price of any
property, except any such balance that constitutes a trade payable or similar obligation to a trade creditor due within six months
from the date on which it is Incurred, in each case Incurred in the ordinary course of business, which purchase price is due more
than six months after the date of placing the property in service or taking delivery and title thereto, (d) in respect of
Capitalized Lease Obligations, or (e) representing any Hedging Obligations, if and to the extent that any of the foregoing
indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability on a balance sheet (excluding the
footnotes thereto) of such Person prepared in accordance with GAAP;

 

(2)            to
the extent not otherwise included, any obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise,
on the Indebtedness of another Person (other than by endorsement of negotiable instruments for collection in the ordinary course
of business);

 

(3)            to
the extent not otherwise included, Indebtedness of another Person secured by a Lien on any asset owned by such Person (whether
or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will
be the lesser of: (a) the Fair Market Value of such asset at such date of determination, and (b) the amount of such Indebtedness
of such other Person; and

 

(4)            to
the extent not otherwise included, with respect to the Issuer and its Restricted Subsidiaries, the amount then outstanding (i.e.,
advanced, and received by, and available for use by, the Issuer or any of its Restricted Subsidiaries) under any Receivables Financing
(as set forth in the books and records of the Issuer or any Restricted Subsidiary and confirmed by the agent, trustee or other
representative of the institution or group providing such Receivables Financing);

 

provided, however, that notwithstanding the foregoing, Indebtedness
shall be deemed not to include (1) Contingent Obligations incurred in the ordinary course of business and not in respect of
borrowed money; (2) deferred or prepaid revenues; (3) purchase price holdbacks in respect of a portion of the purchase
price of an asset to satisfy warranty or other unperformed obligations of the respective seller or (4) Obligations under or
in respect of Qualified Receivables Financing.

 

Notwithstanding anything in this Indenture
to the contrary, Indebtedness shall not include, and shall be calculated without giving effect to, the effects of Statement
of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase
or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting for any embedded derivatives
created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Indenture but
for the application of this sentence shall not be deemed an Incurrence of Indebtedness under this Indenture.

 

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

 

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

 

“Intercreditor Agreements” means
collectively, (i) the Senior Lender Intercreditor Agreement, (ii) the Senior Fixed Collateral Intercreditor Agreement
and (iii) the Second Priority Intercreditor Agreement.

 

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

 

“Investments” means, with respect
to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees),
advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel
and similar advances to officers, employees and consultants made in the ordinary course of business), purchases or other acquisitions
for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required
by GAAP to be classified on the balance sheet of the Issuer in the same manner as the other investments included in this definition
to the extent such transactions involve the transfer of cash or other property.

 

    -11-

     

    

 

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

 

“Issuer” means the party named
as such in the Preamble of this Indenture until a successor replaces it and, thereafter, means the successor, in accordance with
Section 5.01.

 

“Lien” means, with respect to
any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or
not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement,
any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement
to give any financing statement under the New York UCC (or equivalent statutes) of any jurisdiction); provided that in no
event shall an operating lease be deemed to constitute a Lien.

 

“Management Group” means the
group consisting of the directors, executive officers and other management personnel of the Issuer or any direct or indirect parent
of the Issuer, as the case may be, on the Issue Date together with (1) any new directors whose election by such boards of
directors or whose nomination for election by the shareholders of the Issuer or any direct or indirect parent of the Issuer, as
applicable, was approved by a vote of a majority of the directors of the Issuer or any direct or indirect parent of the Issuer,
as applicable, then still in office who were either directors on the Issue Date or whose election or nomination was previously
so approved and (2) executive officers and other management personnel of the Issuer or any direct or indirect parent of the
Issuer, as applicable, hired at a time when the directors on the Issue Date together with the directors so approved constituted
a majority of the directors of the Issuer or any direct or indirect parent of the Issuer, as applicable.

 

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

 

“Mortgages” means the mortgages
(which may be in the form of mortgage amendments to mortgages securing other Indebtedness), trust deeds, deeds of trust, deeds
to secure debt, assignments of leases and rents, and other security documents delivered with respect to Real Property subject to
mortgages, each in form and substance reasonably satisfactory to the Collateral Agent and the Issuer, as amended, supplemented
or otherwise modified from time to time.

 

“Net Income” means, with respect
to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of
Preferred Stock dividends.

 

“New York UCC” means the Uniform
Commercial Code as from time to time in effect in the state of New York.

 

“Note Documents” means, collectively,
this Indenture, the Securities (including the guarantees thereof) and the Security Documents.

 

“Note Obligations” means any
Obligations in respect of the Securities, this Indenture and the Security Documents, including, for the avoidance of doubt, obligations
in respect of Exchange Securities and guarantees thereof.

 

“Note Secured Parties” means,
at any time, (a) the Holders, (b) the Trustee and the Collateral Agent, (c) the beneficiaries of each indemnification
obligation undertaken by the Issuer and any Guarantor party to this Indenture or under any Note Document and (d) the successors
and permitted assigns of each of the foregoing.

 

“Obligations” means any principal,
interest, penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect
to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing any
Indebtedness; provided that Obligations with respect to the Securities shall not include fees or indemnifications in favor
of the Trustee, the Collateral Agent and other third parties other than the Holders.

 

    -12-

     

    

 

“Obligor” means, collectively,
the Issuer, the Parent Guarantor, the Subsidiary Guarantors and any other obligor on the Securities.

 

“Offering Memorandum” means
the offering memorandum relating to the offering of the Original Securities dated January 11, 2021.

 

“Officer” means the Chairman
of the Board, Chief Executive Officer, Chief Financial Officer, President, any Executive Vice President, Senior Vice President
or Vice President, the Treasurer or the Secretary of the Issuer.

 

“Officers’ Certificate”
means a certificate signed on behalf of the Issuer by two Officers of the Issuer, one of whom must be the principal executive officer,
the principal financial officer, the treasurer or the principal accounting officer of the Issuer that meets the requirements set
forth in this Indenture.

 

“Opinion of Counsel” means a
written opinion from legal counsel which is acceptable to the Trustee. The counsel may be an employee of or counsel to the Issuer.

 

“Other First Priority Lien Obligations”
means all indebtedness or obligations owing under any Other First Priority Lien Obligations Document (as defined in the Senior
Lender Intercreditor Agreement); provided, however, for the avoidance of doubt, none of the Revolving Facility Obligations,
Term Loan Obligations or Bridge Loan Obligations (as defined in the Senior Lender Intercreditor Agreement) shall constitute Other
First Priority Lien Obligations.

 

“Other Second-Lien Obligations”
means other Indebtedness of the Issuer and its Restricted Subsidiaries that is equally and ratably secured with the Existing Second
Priority Notes and is designated by the Issuer as an Other Second-Lien Obligation.

 

“Par Call Date” means January 15,
2024 (the date that is one month prior to the maturity of the Securities).

 

“Parent Guarantee” means the
guarantee by Parent Guarantor of the obligations of the Issuer under this Indenture and the Securities in accordance with the provisions
of this Indenture.

 

“Parent Guarantor” means Berry
Global Group, Inc., a Delaware corporation.

 

“Parent Pari Passu Indebtedness”
means any Indebtedness of the Parent Guarantor which ranks pari passu in right of payment to the Parent Guarantee.

 

“Parent Subordinated Indebtedness”
means any Indebtedness of the Parent Guarantor which is by its terms subordinated in right of payment to the Parent Guarantee.

 

“Pari Passu Indebtedness” means:

 

(1)            with
respect to the Issuer, the Securities and any Indebtedness which ranks pari passu in right of payment to the Securities; and

 

(2)            with
respect to any Subsidiary Guarantor, its Subsidiary Guarantee and any Indebtedness which ranks pari passu in right of payment to
such Subsidiary Guarantor’s Subsidiary Guarantee.

 

“Paying Agent” means an office
or agency maintained by the Issuer pursuant to the terms of this Indenture, where notes may be presented for payment.

 

“Permitted Holders” means, at
any time, the Management Group. Any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in
respect of which a Change of Control Offer is made in accordance with the requirements of this Indenture will thereafter, together
with its Affiliates, constitute an additional Permitted Holder.

 

    -13-

     

    

 

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

 

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

 

(2)            Liens
imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens, in each case for sums not yet due or
being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person
with respect to which such Person shall then be proceeding with an appeal or other proceedings for review;

 

(3)            Liens
for taxes, assessments or other governmental charges not yet due or payable or subject to penalties for nonpayment or which are
being contested in good faith by appropriate proceedings;

 

(4)            Liens
in favor of issuers of performance and surety bonds or bid bonds or with respect to other regulatory requirements or letters of
credit issued pursuant to the request of and for the account of such Person in the ordinary course of its business;

 

(5)            minor
survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers,
electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real
properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which were not
Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties
or materially impair their use in the operation of the business of such Person;

 

(6)            (A) Liens
on assets of a Restricted Subsidiary that is not a Subsidiary Guarantor securing Indebtedness of such Restricted Subsidiary, (B) Liens
securing an aggregate principal amount of First Priority Lien Obligations not to exceed the sum of (I) under any Credit Agreement
and the issuance and creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’
acceptances being deemed to have a principal amount equal to the face amount thereof), the greater of $9,000 million and (y) the
maximum principal amount of Indebtedness that, as of the date such Indebtedness was Incurred, and after giving effect to the Incurrence
of such Indebtedness and the application of proceeds therefrom on such date, would not cause the Secured Indebtedness Leverage
Ratio of the Issuer to exceed 4.00 to 1.00 and (II) under any Revolving Credit Agreement or any other Credit Agreement that
is a revolving working capital or liquidity facility in an aggregate amount not to exceed the greater of (x) $1,250 million
and (y) the Borrowing Base as of the date of such Incurrence, (C) Liens securing Indebtedness (including Capitalized
Lease Obligations) Incurred by the Issuer or any of its Restricted Subsidiaries to finance (whether prior to or within 270 days
after) the purchase, lease, construction or improvement of property (real or personal) or equipment (whether through the direct
purchase of assets or the Capital Stock of any Person owning such assets (but no other material assets)), (D) other Liens
securing Indebtedness not to exceed the greater of (x) $425.0 million and (y) 5.0% of Total Assets at the time of Incurrence
and (E) Liens securing Indebtedness of Foreign Subsidiaries not to exceed the greater of (x) $100.0 million and (y) 10.0%
of Total Assets held on the balance sheet of all Foreign Subsidiaries of the Issuer, taken together, at the time of Incurrence
(provided that in the case of clause (E), such Lien does not extend to the property or assets of any Subsidiary of the Issuer
other than a Foreign Subsidiary);

 

(7)            Liens
existing on the Issue Date (other than Liens described in clauses (6)(B) and (26) in this definition);

 

(8)            Liens
on assets, property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided, however,
that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary;
provided, further, however, that such Liens may not extend to any other property owned by the Issuer or any
Restricted Subsidiary of the Issuer;

 

    -14-

     

    

 

(9)            Liens
on assets or property at the time the Issuer or a Restricted Subsidiary of the Issuer acquired the assets or property, including
any acquisition by means of a merger, amalgamation or consolidation with or into the Issuer or any Restricted Subsidiary of the
Issuer; provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such acquisition;
provided, further, however, that the Liens may not extend to any other property owned by the Issuer or any
Restricted Subsidiary of the Issuer;

 

(10)          Liens
securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary of the
Issuer;

 

(11)          Liens
securing Hedging Obligations not incurred in violation of this Indenture; provided that with respect to Hedging Obligations
relating to Indebtedness, such Lien extends only to the property securing such Indebtedness;

 

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

 

(13)          leases
and subleases of real property which do not materially interfere with the ordinary conduct of the business of the Issuer or any
of its Restricted Subsidiaries;

 

(14)          Liens
arising from financing statement filings under the Uniform Commercial Code or equivalent statute of another jurisdiction regarding
operating leases entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business;

 

(15)          Liens
in favor of the Issuer or any Subsidiary Guarantor;

 

(16)          Liens
on accounts receivable and related assets of the type specified in the definition of “Receivables Financing” Incurred
in connection with a Qualified Receivables Financing;

 

(17)          deposits
made in the ordinary course of business to secure liability to insurance carriers;

 

(18)          Liens
on the Equity Interests of Unrestricted Subsidiaries;

 

(19)          grants
of software and other technology licenses in the ordinary course of business;

 

(20)          Liens
to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings, extensions, renewals
or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (6)(B), (7), (8), (9),
(10), (11), (15) and (26) of this definition of “Permitted Liens”; provided, however, that (x) such
new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements on such property),
and (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the
outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (6)(B), (7), (8), (9),
(10), (11), (15) and (26) of this definition of “Permitted Liens” at the time the original Lien became a Permitted
Lien under this Indenture, and (B) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing,
refunding, extension, renewal or replacement; provided further, however, that in the case of any Liens to secure
any refinancing, refunding, extension or renewal of Indebtedness secured by a Lien referred to in clause (6)(B), the principal
amount of any Indebtedness Incurred for such refinancing, refunding, extension or renewal shall be deemed secured by a Lien under
clause (6)(B) and not this clause (20) for purposes of determining the principal amount of Indebtedness outstanding under
clause (6)(B), for purposes of clause (1) under Section 11.04(a) and for purposes of the definition of Secured Bank
Indebtedness;

 

    -15-

     

    

 

 

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

 

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

 

(23)            Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into in the
ordinary course of business;

 

(24)            Liens
incurred to secure cash management services in the ordinary course of business;

 

(25)            other
Liens securing obligations incurred in the ordinary course of business which obligations do not exceed $50.0 million at any one
time outstanding;

 

(26)            Liens
securing the Note Obligations (other than any Additional Securities); and

 

(27)            Liens
on the Collateral in favor of any collateral agent relating to such collateral agent’s administrative expenses with respect
to the Collateral.

 

“Person” means any individual,
corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization,
government or any agency or political subdivision thereof or any other entity.

 

“Preferred Stock” means any
Equity Interest with preferential right of payment of dividends or upon liquidation, dissolution, or winding up.

 

“Purchase Money Note” means
a promissory note of a Receivables Subsidiary evidencing a line of credit, which may be irrevocable, from the Issuer or any Subsidiary
of the Issuer to a Receivables Subsidiary in connection with a Qualified Receivables Financing, which note is intended to finance
that portion of the purchase price that is not paid by cash or a contribution of equity.

 

“Qualified CFC Holding Company”
means a Wholly Owned Subsidiary of the Issuer that is a limited liability company, the primary asset of which consists of Equity
Interests in either (i) a Foreign Subsidiary or (ii) a limited liability company the primary asset of which consists
of Equity Interests in a Foreign Subsidiary.

 

“Qualified Receivables Financing”
means any Receivables Financing of a Receivables Subsidiary that meets the following conditions:

 

(1)              the
Board of Directors of the Issuer shall have determined in good faith that such Qualified Receivables Financing (including financing
terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Issuer and
the Receivables Subsidiary;

 

(2)              all
sales of accounts receivable and related assets to the Receivables Subsidiary are made at Fair Market Value (as determined in good
faith by the Issuer); and

 

(3)              the
financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined in good faith
by the Issuer) and may include Standard Securitization Undertakings.

 

The grant of a security interest in any
accounts receivable of the Issuer or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) to secure Bank Indebtedness, Indebtedness
in respect of the Securities, Existing Second Priority Notes and the Second Priority Notes or any Refinancing Indebtedness with
respect to the Securities shall not be deemed a Qualified Receivables Financing.

 

    -16- 

     

    

 

“Rating Agency” means (1) each
of Moody’s, S&P and Fitch and (2) if Moody’s, S&P or Fitch ceases to rate the Securities for reasons outside
of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62)
under the Exchange Act selected by the Issuer or any direct or indirect parent of the Issuer as a replacement agency for Moody’s,
S&P or Fitch, as the case may be.

 

“Rating Event” means (a) in
the event the Securities have an Investment Grade Rating by all three Rating Agencies, two or more of the Rating Agencies that
provided an Investment Grade Rating withdraw their Investment Grade Rating or downgrade the rating assigned to the Securities below
an Investment Grade Rating, (b) the event the Securities have an Investment Grade Rating by two Rating Agencies, both such
Rating Agencies that provided an Investment Grade Rating withdraw their Investment Grade Rating or downgrade the rating assigned
to the Securities below an Investment Grade Rating, or (c) the Issuer or any of its Affiliates enters into an agreement to
effect a transaction that would result in a Change of Control and two or more Rating Agencies indicate that if consummated, such
transactions (alone or together with any related recapitalization or refinancing transactions) would cause the Rating Agency to
withdraw its Investment Grade Rating or downgrade the ratings assigned to the Securities below an Investment Grade Rating.

 

“Real Property” means, collectively,
all right, title and interest (including any leasehold estate) in and to any and all parcels of or interests in real property owned
in fee or leased by the Issuer or any Subsidiary Guarantor, together with, in each case, all easements, hereditaments and appurtenances
relating thereto, all improvements and appurtenant fixtures incidental to the ownership or lease thereof.

 

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

 

“Receivables Repurchase Obligation”
means any obligation of a seller of receivables in a Qualified Receivables Financing to repurchase receivables arising as a result
of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming
subject to any asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to
take action by or any other event relating to the seller.

 

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

 

(a)              no
portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Issuer or
any other Subsidiary of the Issuer (excluding guarantees of obligations (other than the principal of and interest on, Indebtedness)
pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Issuer or any other Subsidiary of
the Issuer in any way other than pursuant to Standard Securitization Undertakings, or (iii) subjects any property or asset
of the Issuer or any other Subsidiary of the Issuer, directly or indirectly, contingently or otherwise, to the satisfaction thereof,
other than pursuant to Standard Securitization Undertakings;

 

(b)              with
which neither the Issuer nor any other Subsidiary of the Issuer has any material contract, agreement, arrangement or understanding
other than on terms which the Issuer reasonably believes to be no less favorable to the Issuer or such Subsidiary than those that
might be obtained at the time from Persons that are not Affiliates of the Issuer; and

 

    -17- 

     

    

 

(c)              to
which neither the Issuer nor any other Subsidiary of the Issuer has any obligation to maintain or preserve such entity’s
financial condition or cause such entity to achieve certain levels of operating results.

 

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

 

“Reference Treasury Dealer”
means (1) each of Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, and in each case their respective successors,
unless any of them ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”),
in which case we will substitute another Primary Treasury Dealer, as applicable and (2) any other Primary Treasury Dealer(s) we
select.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment
Bank, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Independent Investment Bank by such Reference Treasury Dealer at 5:00 p.m., New York City time,
on the third business day preceding such redemption date.

 

“Registration Rights Agreement”
means the registration rights agreement with respect to the Securities among the Issuers, the guarantors party thereto and the
representatives of the Initial Purchasers, dated as of the date hereof.

 

“Representative” means (a) in
the case of any Term Loan Obligations, the Term Facility Administrative Agent, (b) in the case of any Revolving Facility Obligations,
the Revolving Facility Administrative Agent, (c) in the case of any Note Obligations, the Trustee, (d) [reserved] and
(e) in the case of any Series of Other First Priority Lien Obligations, each administrative agent representing the holders
of such Series of Other First Priority Lien Obligations.

 

“Restricted Subsidiary” means,
with respect to any Person, any Subsidiary of such Person other than an Unrestricted Subsidiary of such Person. Unless otherwise
indicated in this Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Issuer.

 

“Revolving Credit Agreement”
means the Third Amended and Restated Revolving Credit Agreement, dated May 1, 2019, by and among the Company, Berry Global
Group, Inc., certain Subsidiaries of the Company, Bank of America, N.A., as administrative agent, and the other lenders party
thereto, as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders
or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture
extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under
such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or
indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof.

 

“Revolving Facility Administrative
Agent” means Bank of America, N.A., as administrative agent for the lenders under the Revolving Credit Agreement, together
with its successors and permitted assigns under the Revolving Credit Agreement exercising substantially the same rights and powers,
or such other agent as may from time to time be appointed thereunder.

 

“Revolving Facility Collateral Agent”
means Bank of America, N.A., as collateral agent for the lenders under the Revolving Credit Agreement and under the security documents
in connection therewith, together with its successors and permitted assigns under the Revolving Credit Agreement or the security
documents in connection therewith exercising substantially the same rights and powers, or such other agent as may from time to
time be appointed thereunder.

 

    -18- 

     

    

 

“Revolving Facility Lenders”
means the “Lenders” under and as defined in the Revolving Credit Agreement.

 

“Revolving Facility Obligations”
means all “Obligations” (as such term is defined in the Revolving Credit Agreement) now or hereafter owing to Revolving
Facility Secured Parties, and all other indebtedness and obligations now or hereafter owing to the Revolving Facility Secured Parties
that is secured by any of the Bank Agreement Security Documents.

 

“Revolving Facility Secured Parties”
means (a) the Revolving Facility Lenders (and any Affiliate of a Revolving Facility Lender designated by the Issuer as a provider
of cash management services to which any obligation referred to in clause (c) of the definition of the term “Security
Agreement Obligations” is owed), (b) the Revolving Facility Administrative Agent and the Revolving Facility Collateral
Agent, (c) each Issuing Bank (as defined in the Revolving Credit Agreement) party to the Revolving Credit Agreement, (d) each
counterparty to any Swap Agreement entered into with the Issuer or any Subsidiary Guarantor party to the Revolving Credit Agreement,
the obligations under which constitute Security Agreement Obligations, (e) the beneficiaries of each indemnification obligation
undertaken by the Issuer or any Subsidiary Guarantor party to the Revolving Credit Agreement under any Loan Document (as defined
in the Revolving Credit Agreement) and (f) the successors and permitted assigns of each of the foregoing.

 

“Revolving Facility Senior Collateral”
means any and all of the following Collateral, whether now owned or at any time hereafter acquired, by the Issuer or any Subsidiary
Guarantor or in which such Person may have or in the future may acquire any right, title or interest to the extent a security interest
in such Collateral has been or may hereafter be granted to the Collateral Agent under the Security Documents: (a) all Accounts
(except to the extent arising out of the sale of Collateral other than Revolving Facility Senior Collateral; (b) all Inventory;
(c) to the extent evidencing, governing, securing or otherwise related to the items referred to in the preceding clauses (a) and
(b), all (i) General Intangibles, (ii) Chattel Paper, (iii) Instruments and (iv) Documents; (d) all Payment
Intangibles (including corporate tax refunds), other than any Payment Intangibles that represent tax refunds in respect of or otherwise
relate to real property, Fixtures or Equipment; (e) all Indebtedness of Berry Global Group, Inc. (formerly known as Berry
Plastics Group, Inc.) or any of its subsidiaries that arises from cash advances made after the date hereof to enable the obligor
or obligors thereon to acquire Inventory; (f) all collection accounts, deposit accounts, lockboxes, securities accounts and
commodity accounts and any cash or other assets in any such accounts (other than identifiable cash proceeds in respect of real
estate, fixtures or equipment); all books and records related to the foregoing; and (h) all Products and Proceeds and Supporting
Obligations of any and all of the foregoing in whatever form received, including proceeds of insurance policies related to Inventory
of the Issuer or any Subsidiary Guarantor and business interruption insurance and all collateral security and guarantees given
by any person with respect to any of the foregoing. All capitalized terms used in this definition and not defined elsewhere in
this document have the meanings assigned to them in the New York UCC.

 

“RPC Acquisition” means the
acquisition by the Issuer, directly or indirectly, of 100% of the outstanding shares of RPC Group Plc, a public limited company
incorporated in England and Wales with registration number 2578443.

 

“RPC Transaction Equity Investment”
means an Investment by the Company or a Subsidiary Guarantor in one or more Subsidiaries of the Company in an aggregate amount
necessary to fund the RPC Acquisition and/or refinance existing debt of RPC Group Plc.

 

“RPC Transactions” means the
RPC Acquisition, the issuance of the First Priority Dollar Notes on June 5, 2019, the entry into the Escrow Agreement dated
June 5, 2019 and the assumption by the Issuer of the obligations under the 4.875% First Priority Senior Secured Notes due
2026 and the First Priority Dollar Notes Indenture with respect thereto, the borrowings under the Term Loan Credit Agreement, the
RPC Transaction Equity Investment and the transactions related thereto.

 

    -19- 

     

    

 

“Sale/Leaseback Transaction”
means an arrangement relating to property now owned or hereafter acquired by the Issuer or a Restricted Subsidiary whereby the
Issuer or a Restricted Subsidiary transfers such property to a Person and the Issuer or such Restricted Subsidiary leases it from
such Person, other than leases between the Issuer and a Restricted Subsidiary of the Issuer or between Restricted Subsidiaries
of the Issuer.

 

“S&P” means S&P Global
Ratings, a division of S&P Global Inc. or any successor to the rating agency business thereof.

 

“SEC” means the Securities and
Exchange Commission.

 

“Second Priority Intercreditor Agreement”
means the Second Amended and Restated Intercreditor Agreement, dated as of February 5, 2008, as supplemented on April 21,
2008, December 3, 2009, April 30, 2010, July 19, 2010, November 19, 2010, May 12, 2014, June 25,
2014, June 5, 2015, February 24, 2018 and September 24, 2018, by and among the Existing Second Priority Notes Trustee,
the Existing Second Priority Notes Collateral Agent, the Term Facility Administrative Agent, the Term Loan Collateral Agent, the
Revolving Facility Administrative Agent, the Revolving Facility Collateral Agent, the Subsidiaries of the Issuer party thereto
and Berry Global Group, Inc., as was previously supplemented and as supplemented as of the Issue Date by the execution and
delivery of a joinder agreement by the Collateral Agent, the Trustee, the Term Facility Administrative Agent, the Term Loan Collateral
Agent, the Revolving Facility Administrative Agent, the Revolving Facility Collateral Agent, Trustee, the Collateral Agent, Berry
Global Group, Inc., the Issuer and the Subsidiary Guarantors, as may be further amended, restated or otherwise supplemented.

 

“Second Priority Liens” means
the Liens securing the Obligations in respect of the Existing Second Priority Notes.

 

“Secured Bank Indebtedness”
means any Bank Indebtedness that is secured by a Permitted Lien incurred or deemed incurred pursuant to clause (6)(B) of the
definition of Permitted Lien.

 

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

 

“Secured Indebtedness Leverage Ratio”
means, with respect to any Person at any date, the ratio of (i) an amount equal to (a) the amount of Secured Indebtedness
(other than Secured Indebtedness described in clause (6)(B)(II) of the definition of “Permitted Liens”) of such
Person and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP)
that constitutes First Priority Lien Obligations minus (b) the amount of cash and Cash Equivalents of such Person and
its Restricted Subsidiaries as of such date to (ii) EBITDA of such Person for the four full fiscal quarters for which internal
financial statements are available immediately preceding such date on which such additional Indebtedness is Incurred. In the event
that the Issuer or any of its Restricted Subsidiaries Incurs, repays, repurchases or redeems any Indebtedness subsequent to the
commencement of the period for which the Secured Indebtedness Leverage Ratio is being calculated but prior to the event for which
the calculation of the Secured Indebtedness Leverage Ratio is made (the “Secured Leverage Calculation Date”), then
the Secured Indebtedness Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or
redemption of Indebtedness as if the same had occurred at the beginning of the applicable four-quarter period; provided that
the Issuer may elect, pursuant to an Officers’ Certificate delivered to the Trustee to treat all or any portion of the commitment
under any Indebtedness as being Incurred at such time, in which case any subsequent Incurrence of Indebtedness under such commitment
shall not be deemed, for purposes of this calculation, to be an Incurrence at such subsequent time.

 

For purposes of making the computation
referred to above, Investments, acquisitions, dispositions, mergers, consolidations and discontinued operations (as determined
in accordance with GAAP), in each case with respect to an operating unit of a business, and any operational changes that the Issuer
or any of its Restricted Subsidiaries has determined to make and/or made after September 20, 2006 and during the four-quarter
reference period or subsequent to such reference period and on or prior to or simultaneously with the Secured Leverage Calculation
Date (each, for purposes of this definition, a “pro forma event”) shall be calculated on a pro forma basis assuming
that all such Investments, acquisitions, dispositions, mergers, consolidations, discontinued operations and other operational
changes (and the change of any associated Indebtedness and the change in EBITDA resulting therefrom) had occurred on the first
day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted
Subsidiary or was merged with or into the Issuer or any Restricted Subsidiary since the beginning of such period shall have made
any Investment, acquisition, disposition, merger, consolidation, discontinued operation or operational change, in each case with
respect to an operating unit of a business, that would have required adjustment pursuant to this definition, then the Secured
Indebtedness Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition,
disposition, discontinued operation, merger, consolidation or operational change had occurred at the beginning of the applicable
four-quarter period.

 

    -20- 

     

    

 

For purposes of this definition, whenever
pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith by a responsible
financial or accounting officer of the Issuer. Any such pro forma calculation may include adjustments appropriate, in the reasonable
good faith determination of the Issuer as set forth in an Officers’ Certificate, to reflect (1) operating expense reductions
and other operating improvements or cost synergies reasonably expected to result from the applicable pro forma event, and (2) all
pro forma adjustments of the nature used in similar calculations in the Existing Second Priority Notes Indentures and the Existing
First Priority Notes Indentures (as in effect on the Issue Date).

 

“Securities” has the meaning
given such term in the Preamble to this Indenture.

 

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

 

“Security Agreement Obligations”
means (a) the Bank Agreement Obligations, (b) the due and punctual payment and performance of all obligations of each
Loan Party (as defined in each of the Term Loan Credit Agreement and the Revolving Credit Agreement) under each Swap Agreement
that (i) was in effect on April 3, 2007 with a counterparty that was a Revolving Facility Lender or an Affiliate of a
Revolving Facility Lender of April 3, 2007 or (ii) is (or was) entered into after April 3, 2007 with any counterparty
that is (or was) a Revolving Facility Lender or an Affiliate of a Revolving Facility Lender at the time such Swap Agreement is
(or was) entered into, and (c) the due and punctual payment and performance of all obligations of each Bank Agreement Borrower
and any of their Subsidiaries in respect of overdrafts and related liabilities owed to a Revolving Facility Lender or any of its
Affiliates (or any other Person designated by the Issuer as a provider of cash management services and entitled to the benefit
of the Security Agreement) and arising from cash management services (including treasury, depository, overdraft, credit or debit
card, electronic funds transfer, ACH services and other cash management arrangements).

 

“Security Documents” means the
security agreements, pledge agreements, collateral assignments, Mortgages and related agreements, as amended, supplemented, restated,
renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified from time to time, creating the security interests
in favor of the Collateral Agent in the Collateral, as contemplated by this Indenture.

 

“Senior Fixed Collateral Intercreditor
Agreement” means the Senior Fixed Collateral Priority and Intercreditor Agreement, dated as of February 5, 2008, as
amended on April 21, 2008, by and among the Term Facility Administrative Agent, the Term Loan Collateral Agent, the Company
and Berry Global Group, Inc. (formerly known as Berry Plastics Group, Inc.), as was previously supplemented and as supplemented
as of the Issue Date by the execution and delivery of a joinder agreement by the Collateral Agent, the Trustee, the Term Facility
Administrative Agent, the Term Loan Collateral Agent, Berry Global Group, Inc. (formerly Berry Plastics Group, Inc.),
the Issuer and the Subsidiary Guarantors, as amended, supplemented or otherwise modified from time to time.

 

“Senior Fixed Obligations” means
all First Priority Lien Obligations other than Revolving Facility Obligations.

 

“Senior Fixed Obligations Secured
Parties” means each of the Term Loan Secured Parties, the Note Secured Parties and each other First Priority Lien Obligations
secured parties.

 

    -21- 

     

    

 

“Senior Lender Intercreditor Agreement”
means the Second Amended and Restated Senior Lender Priority and Intercreditor Agreement, dated as of February 5, 2008, as
supplemented on April 21, 2008, December 3, 2009, February 8, 2013, January 6, 2014, October 1, 2015
and February 11, 2016, February 15, 2018 and September 24, 2018 by and among the Term Facility Administrative Agent,
the Term Loan Collateral Agent, the Revolving Facility Administrative Agent, the Revolving Facility Collateral Agent, the Issuer,
certain Subsidiaries of the Issuer and Berry Global Group, Inc., as amended, supplemented or otherwise modified from time
to time, as was previously supplemented and as supplemented as of the Issue Date by the execution and delivery of a joinder agreement
by the Collateral Agent, the Trustee, the Term Facility Administrative Agent, the Term Loan Collateral Agent, the Revolving Facility
Administrative Agent, the Revolving Facility Collateral Agent, Berry Global Group, Inc. (formerly known Berry Plastics Group, Inc.),
the Issuer and the Subsidiary Guarantors.

 

“Senior Secured Obligations”
means (a) with respect to the Revolving Facility Obligations (to the extent such Obligations are secured by Collateral other
than Revolving Facility Senior Collateral), the Senior Fixed Obligations, and (b) with respect to Term Loan Obligations, the
Note Obligations and any Series of First Priority Lien Obligations other than Revolving Facility Obligations (to the extent
such Obligations are secured by the Revolving Facility Senior Collateral), the Revolving Facility Obligations; all of the foregoing
obligations described in clause (a) or clause (b) being a separate “Class” of Senior Secured Obligations.

 

“Series” means (a) each
of the Term Loan Obligations, Note Obligations and each series of any Other First Priority Lien Obligations, each of which shall
constitute a separate Series of the Class of Senior Secured Obligations constituting Senior Fixed Obligations, except
that to the extent that any two series of such Other First Priority Lien Obligations (i) are secured by identical Collateral
held by a common collateral agent, (ii) have their security interests documented by a single set of security documents and
(iii) the two series are issued or incurred either on the same date or within 30 days of the issuance or incurrence of each
other, each such series of Other First Priority Lien Obligations shall collectively constitute a single Series; and (b) the
Revolving Facility Obligations, which shall constitute the single Series of the Class of Senior Secured Obligations constituting
Revolving Facility Obligations. With respect to the Senior Fixed Obligations Secured Parties, the Senior Fixed Obligations Secured
Parties with respect to each Series of Senior Fixed Obligations shall constitute a separate Series of Senior Fixed Obligations
Secured Parties.

 

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

 

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

 

“Stated Maturity” means, with
respect to any security, the date specified in such security as the fixed date on which the final payment of principal of such
security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for
the repurchase of such security at the option of the holder thereof upon the happening of any contingency beyond the control of
the issuer unless such contingency has occurred).

 

“Subordinated Indebtedness”
means (a) with respect to the Issuer, any Indebtedness of the Issuer which is by its terms subordinated in right of payment
to the Securities, and (b) with respect to any Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor which is
by its terms subordinated in right of payment to its Subsidiary Guarantee.

 

“Subsidiary” means, with respect
to any Person, (1) any corporation, association or other business entity (other than a partnership, joint venture or limited
liability company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination
owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination
thereof, and (2) any partnership, joint venture or limited liability company of which (x) more than 50% of the capital
accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable,
are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination
thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (y) such
Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity.

 

    -22- 

     

    

 

“Subsidiary Guarantee” means
any guarantee, other than the Parent Guarantee, of the obligations of the Issuer under this Indenture and the Securities by any
Restricted Subsidiary in accordance with the provisions of this Indenture.

 

“Subsidiary Guarantor” means
any Restricted Subsidiary that Incurs a Subsidiary Guarantee; provided that upon the release or discharge of such Person from its
Subsidiary Guarantee in accordance with this Indenture, such Person ceases to be a Subsidiary Guarantor. For the avoidance of doubt,
Parent Guarantor shall not constitute a Subsidiary Guarantor.

 

“Tax Distributions” means the
payment of dividends or other distributions to any direct or indirect parent of the Issuer in amounts required for such parent
to pay federal, state or local income taxes (as the case may be) imposed directly on such parent to the extent such income taxes
are attributable to the income of the Issuer and its Restricted Subsidiaries (including, without limitation, by virtue of such
parent being the common parent of a consolidated or combined tax group of which the Issuer and/or its Restricted Subsidiaries are
members.

 

“Term Facility Administrative Agent”
means Credit Suisse, Cayman Islands Branch, as administrative agent for the lenders under the Term Loan Credit Agreement, together
with its successors and permitted assigns under the Term Loan Credit Agreement exercising substantially the same rights and powers,
or such other agent as may from time to time be appointed thereunder.

 

“Term Loan Collateral Agent”
means Credit Suisse, Cayman Islands Branch, as collateral agent for the lenders under the Term Loan Credit Agreement, together
with its respective successors and permitted assigns under the Term Loan Credit Agreement exercising substantially the same rights
and powers, or such other agent as may from time to time be appointed thereunder.

 

“Term Loan Credit Agreement”
means that certain Second Amended and Restated Term Loan Credit Agreement, dated April 3, 2007, by and among the Issuer, Berry
Global Group, Inc., Credit Suisse, Cayman Islands Branch, as administrative agent, and the other lenders party thereto, as
amended by the Incremental Assumption Agreement, dated as of February 8, 2013, the Incremental Assumption Agreement, dated
as of January 6, 2014, the Incremental Assumption Agreement, dated as of October 1, 2015, that certain Incremental Assumption
Agreement and Amendment, dated as of June 15, 2016, that certain Incremental Assumption Agreement, dated as of January 19,
2017, that certain Incremental Assumption Agreement, dated as of February 10, 2017, that certain Incremental Assumption Agreement,
dated as of August 10, 2017, that certain Incremental Assumption Agreement, dated as of November 27, 2017, that certain
Incremental Assumption Agreement and Amendment dated as of February 12, 2018, that certain Incremental Assumption Agreement
dated as of May 16, 2018, that certain Amendment Agreement dated as of April 10, 2019, that certain Incremental Assumption
Agreement and Amendment, dated as of July 1, 2019, that certain Incremental Assumption Agreement, dated as of October 18,
2019 and that certain Incremental Assumption Agreement, dated as of December 17, 2019 and as amended, restated, supplemented,
waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded,
refinanced or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing,
replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or
indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or
issued thereunder or altering the maturity thereof.

 

“Term Loan Lenders” means the
 “Lenders” under and as defined in the Term Loan Credit Agreement.

 

“Term Loan Obligations” means
all Security Agreement Obligations now or hereafter owing to Term Loan Secured Parties, and all other indebtedness and obligations
now or hereafter owing to the Term Loan Secured Parties that is secured by any of the Bank Agreement Security Documents.

 

    -23- 

     

    

 

“Term Loan Secured Parties”
means, at any time, (a) the Term Loan Lenders, (b) the Term Facility Administrative Agent and the Term Loan Collateral
Agent, (c) the beneficiaries of each indemnification obligation undertaken by the Issuer and any Subsidiary Guarantor party
to the Term Loan Credit Agreement under any Loan Document (as defined in the Term Loan Credit Agreement) and (d) the successors
and permitted assigns of each of the foregoing.

 

“TIA” means the Trust Indenture
Act of 1939 (15 U.S.C. Sections 77aaa and 77bbbb) as in effect on the date of this Indenture, except as otherwise provided herein.

 

“Total Assets” means the total
consolidated assets of the Issuer and its Restricted Subsidiaries, as shown on the most recent balance sheet of the Issuer.

 

“Treasury Rate” means, with
respect to any redemption date, (i) the yield, calculated as the average of the five most recent daily rates published in
the statistical release(s) designated “H.15”or any successor publication which is published by the Board of Governors
of the Federal Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity
under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if
no maturity is within three months before or after the Par Call Date, yields for the two published maturities most closely corresponding
to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields
on a straight line basis, rounding to the nearest month); or (ii) if the release referred to above (or any successor release)
is not published during the week preceding the calculation date or does not contain the yields referred to above, the rate per
annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption
date. The Treasury Rate will be calculated at 5:00 p.m. (New York City time) on the third business day preceding such redemption
date. As used in the immediately preceding sentence and in the definition of “Reference Treasury Dealer Quotations”
above, the term “business day” means any day that is not a Saturday, Sunday or other day on which commercial banks
in New York City are authorized or obligated by law or executive order to close.

 

“Trust Officer” means:

 

(1)              any
officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant
secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to
those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred
because of such Person’s knowledge of and familiarity with the particular subject, and

 

(2)              who
shall have direct responsibility for the administration of this Indenture.

 

“Trustee” means the party named
as such in the Preamble of this Indenture until a successor replaces it and, thereafter, means the successor.

 

“Unrestricted Subsidiary” means:

 

(1)              BP
Parallel LLC, for so long as such Person is a Subsidiary of the Issuer and is not designated as a Restricted Subsidiary by the
Board of Directors of the Issuer;

 

(2)              any
Subsidiary of the Issuer that at the time of determination shall be designated an “Unrestricted Subsidiary” (or equivalent
thereof) under the Credit Agreements or the Existing First Priority Notes; and

 

(3)              any
Subsidiary of an Unrestricted Subsidiary.

 

    -24- 

     

    

 

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

 

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

 

(2)              obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the timely
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America,

 

which, in each case, are not callable or redeemable at the option
of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act) as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of or
interest on any such U.S. Government Obligations held by such custodian for the account of the holder of such depository receipt;
provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable
to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligations
or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depository receipt.

 

“Voting Stock” of any Person
as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors
of such Person.

 

“Wholly Owned Restricted Subsidiary”
means any Wholly Owned Subsidiary that is a Restricted Subsidiary.

 

“Wholly Owned Subsidiary” of
any Person means a Subsidiary of such Person 100% of the outstanding Capital Stock or other ownership interests of which (other
than directors’ qualifying shares or shares required to be held by Foreign Subsidiaries) shall at the time be owned by such
Person or by one or more Wholly Owned Subsidiaries of such Person.

 

    -25- 

     

    

 

SECTION 1.02.     Other
Definitions.

 

	Term	Defined
 in Section
	 	 
	“Affiliate Transaction”	4.07
	“Agent Members”	Appendix A
	“Appendix”	Preamble
	“Change of Control Offer”	4.08(b)
	“Change of Control Reversion Date”	4.16(d)
	“Clearstream”	Appendix A
	“covenant defeasance option”	8.01(c)
	“Covenant Suspension Event”	4.16(b)
	“Custodian”	6.01
	“Definitive Security”	Appendix A
	“Downgrade Reversion Date”	4.16(c)
	“Euroclear”	Appendix A
	“Event of Default”	6.01
	“Exchange Security”	Preamble
	“Global Securities”	Appendix A
	“Global Securities Legend”	Appendix A
	“Guaranteed Obligations”	12.01(a)
	“IAI”	Appendix A
	“incorporated provision”	13.01
	“Initial Purchasers”	Appendix A
	“legal defeasance option”	8.01
	“Mortgage Amendment”	4.19
	“Notice of Default”	6.01
	“Original Securities”	Preamble
	“Paying Agent”	2.04(a)
	“Payor”	4.17
	“protected purchaser”	2.08
	“Purchase Agreement”	Appendix A
	“QIB”	Appendix A
	“Registered Exchange Offer”	Appendix A
	“Registrar”	2.04(a)
	“Registration Rights Agreement”	Appendix A
	“Regulation S”	Appendix A
	“Regulation S Global Securities”	Appendix A
	“Regulation S Permanent Global Security”	Appendix A
	“Regulation S Temporary Global Security”	Appendix A
	“Regulation S Securities”	Appendix A
	“Restricted Period”	Appendix A
	“Restricted Securities Legend”	Appendix A
	“Rule 144A”	Appendix A
	“Rule 144A Global Securities”	Appendix A
	“Rule 144A Securities”	Appendix A
	“Rule 501”	Appendix A
	“Securities Custodian”	Appendix A
	“Shelf Registration Statement”	Appendix A
	“Successor Company”	5.01(a)
	“Successor Subsidiary Guarantor”	5.01(b)
	“Transfer”	5.01(b)
	“Transfer Restricted Securities”	Appendix A
	“Unrestricted Definitive Security	Appendix A
	“Unrestricted Global Security”	Appendix A

 

    -26- 

     

    

 

SECTION 1.03.     Incorporation
by Reference of Trust Indenture Act.

 

This Indenture incorporates by reference certain provisions of the TIA. The following
TIA terms have the following meanings:

 

“indenture securities”
means the Securities and the Guarantees.

 

“indenture security holder”
means a Holder.

 

“indenture to be qualified”
means this Indenture.

 

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

 

“Obligor” on the indenture
securities means the Issuer, the Parent Guarantor, the Subsidiary Guarantors and any other obligor on the Securities.

 

All other TIA terms used in this Indenture
that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule have the meanings assigned
to them by such definitions.

 

    -27- 

     

    

 

SECTION 1.04.     Rules of
Construction. Unless the context otherwise requires:

 

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

 

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

 

(c)            “or”
is not exclusive;

 

(d)            “including”
means including without limitation;

 

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

 

(f)            unsecured
Indebtedness shall not be deemed to be subordinate or junior to Secured Indebtedness merely by virtue of its nature as unsecured
Indebtedness;

 

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

 

(h)            the
principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred Stock or (ii) the
maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater;

 

(i)            unless
otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall
be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP;

 

(j)            “$”
and “U.S. Dollars” each refer to United States dollars, or such other money of the United States of America that at
the time of payment is legal tender for payment of public and private debts; and

 

(k)            whenever
in this Indenture or the Securities there is mentioned, in any context, principal, interest or any other amount payable under or
with respect to any Securities, such mention shall be deemed to include mention of the payment of Additional Interest, to the extent
that, in such context, Additional Interest is, was or would be payable in respect thereof.

 

ARTICLE 2

 

THE SECURITIES

 

SECTION 2.01.     Amount
of Securities. The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture
on the Issue Date is $800,000,000 in initial aggregate principal amount of Securities.

 

The Issuer may from time to time after the
Issue Date issue Additional Securities under this Indenture in an unlimited principal amount, so long as (i) the Incurrence
of the Indebtedness represented by such Additional Securities is at such time permitted by Section 4.12 and (ii) such
Additional Securities are issued in compliance with the other applicable provisions of this Indenture. With respect to any Additional
Securities issued after the Issue Date (except for Securities authenticated and delivered upon registration of transfer of, or
in exchange for, or in lieu of, other Securities pursuant to Section 2.07, 2.08, 2.09, 2.10, 3.06, 3.08 or 4.08(c) or
the Appendix), there shall be (a) established in or pursuant to a resolution of the Board of Directors of the Issuer and (b) (i) set
forth or determined in the manner provided in an Officers’ Certificate or (ii) established in one or more indentures
supplemental hereto, prior to the issuance of such Additional Securities:

 

    -28- 

     

    

 

(1)            the
aggregate principal amount of such Additional Securities which may be authenticated and delivered under this Indenture,

 

(2)            the
issue price and issuance date of such Additional Securities, including the date from which interest on such Additional Securities
shall accrue;

 

(3)            if
applicable, that such Additional Securities shall be issuable in whole or in part in the form of one or more Global Securities
and, in such case, the respective depositaries for such Global Securities, the form of any legend or legends which shall be borne
by such Global Securities in addition to or in lieu of those set forth in Exhibit A hereto and any circumstances in addition
to or in lieu of those set forth in Section 2.2 of the Appendix in which any such Global Security may be exchanged in whole
or in part for Additional Securities registered, or any transfer of such Global Security in whole or in part may be registered,
in the name or names of Persons other than the depositary for such Global Security or a nominee thereof; and

 

(4)            if
applicable, that such Additional Securities that are not Transfer Restricted Securities shall not be issued in the form of Original
Securities as set forth in Exhibit A, but shall be issued in the form of Exchange Securities as set forth in Exhibit B.

 

If any of the terms of any Additional Securities
are established by action taken pursuant to a resolution of the Board of Directors of the Issuer, a copy of an appropriate record
of such action shall be certified by the Secretary or any Assistant Secretary of the Issuer and delivered to the Trustee at or
prior to the delivery of the Officers’ Certificate or the indenture supplemental hereto setting forth the terms of the Additional
Securities.

 

The Securities, including any Additional
Securities, shall be treated as a single class for all purposes under this Indenture, including, without limitation, waivers, amendments,
redemptions and offers to purchase.

 

SECTION 2.02.     Form and
Dating. Provisions relating to the Original Securities the Additional Securities and the Exchange Securities are set forth
in the Appendix, which is hereby incorporated into and expressly made a part of this Indenture. The (i) Original Securities
and the Trustee’s certificate of authentication and (ii) any Additional Securities (if issued as Transfer Restricted
Securities) and the Trustee’s certificate of authentication shall each be substantially in the form of Exhibit A hereto,
which is hereby incorporated in and expressly made a part of this Indenture. The (i) Exchange Securities and the Trustee’s
certificate of authentication and (ii) any Additional Securities issued other than as Transfer Restricted Securities and
the Trustee’s certificate of authentication shall each be substantially in the form of Exhibit B hereto, which is hereby
incorporated in and expressly made a part of this Indenture. The Securities may have notations, legends or endorsements required
by law, stock exchange rule, agreements to which any Obligor is subject, if any, or usage (provided that any such notation,
legend or endorsement is in a form acceptable to the Issuer). Each Security shall be dated the date of its authentication. The
Securities shall be issuable only in registered form without interest coupons and in denominations of $2,000 and any integral
multiples of $1,000.

 

SECTION 2.03.     Execution
and Authentication. The Trustee shall authenticate and make available for delivery upon a written order of the Issuer signed
by one Officer (a) Original Securities for original issue on the date hereof in an aggregate principal amount of $800,000,000
in initial aggregate principal amount of Securities, (b) subject to the terms of this Indenture, Additional Securities in
an aggregate principal amount to be determined at the time of issuance and specified therein and (c) the Exchange Securities
for issue in a Registered Exchange Offer pursuant to the Registration Rights Agreement for a like principal amount of the Original
Securities exchanged pursuant thereto or otherwise pursuant to an effective registration statement under the Securities Act. Such
order shall specify the amount of the Securities to be authenticated, the date on which the original issue of Securities is to
be authenticated and whether the Securities are to be Original Securities or Exchange Securities. Notwithstanding anything to
the contrary in this Indenture or the Appendix, any issuance of Additional Securities after the Issue Date shall be in a principal
amount of at least $2,000 and integral multiples of $1,000 in excess of $2,000.

 

One Officer shall sign the Securities for
the Issuer by manual or facsimile signature.

 

    -29- 

     

    

 

If an Officer whose signature is on a Security
no longer holds that office at the time the Trustee authenticates the Security, the Security shall be valid nevertheless.

 

A Security shall not be valid until an authorized
signatory of the Trustee manually signs the certificate of authentication on the Security. The signature shall be conclusive evidence
that the Security has been authenticated under this Indenture.

 

The Trustee may appoint one or more authenticating
agents reasonably acceptable to the Issuer to authenticate the Securities. Any such appointment shall be evidenced by an instrument
signed by a Trust Officer, a copy of which shall be furnished to the Issuer. Unless limited by the terms of such appointment, an
authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication
by the Trustee includes authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent
or agent for service of notices and demands.

 

SECTION 2.04.     Registrar
and Paying Agent.

 

(a)            The
Issuer shall maintain (i) an office or agency where Securities may be presented for registration of transfer or for exchange
(the “Registrar”) and (ii) an office or agency where Securities may be presented for payment (the “Paying
Agent”). The Registrar shall keep a register of the Securities and of their transfer and exchange. The Issuer may have
one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrars.
The term “Paying Agent” includes the Paying Agent and any additional paying agents. The Issuer initially appoints the
Trustee as the Registrar, Paying Agent and the Securities Custodian with respect to the Global Securities.

 

(b)            The
Issuer may enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture, which shall
incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture that relate to such agent. The
Issuer shall notify the Trustee of the name and address of any such agent. If the Issuer fails to maintain a Registrar or Paying
Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07.
The Issuer or any of its domestically organized Wholly Owned Subsidiaries may act as Paying Agent or Registrar.

 

(c)            The
Issuer may remove any Registrar or Paying Agent upon written notice to such Registrar or Paying Agent and to the Trustee; provided,
however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor
as evidenced by an appropriate agreement entered into by the Issuer and such successor Registrar or Paying Agent, as the case may
be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent
until the appointment of a successor in accordance with clause (i) above. The Registrar or Paying Agent may resign at any
time upon written notice to the Issuer and the Trustee; provided, however, that the Trustee may resign as Paying
Agent or Registrar only if the Trustee also resigns as Trustee in accordance with Section 7.08.

 

SECTION 2.05.     Paying
Agent to Hold Money in Trust. Prior to or on each due date of the principal of and interest on any Security, the Issuer shall
deposit with each Paying Agent (or if the Issuer or a Wholly Owned Subsidiary is acting as Paying Agent, segregate and hold in
trust for the benefit of the Persons entitled thereto) a sum sufficient to pay such principal and interest when so becoming due.
The Issuer shall require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold in trust
for the benefit of Holders or the Trustee all money held by a Paying Agent for the payment of principal of and interest on the
Securities, and shall notify the Trustee of any default by the Issuer in making any such payment. If the Issuer or a Wholly Owned
Subsidiary of the Issuer acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it in trust for
the benefit of the Persons entitled thereto. The Issuer at any time may require a Paying Agent to pay all money held by it to
the Trustee and to account for any funds disbursed by such Paying Agent. Upon complying with this Section, a Paying Agent shall
have no further liability for the money delivered to the Trustee.

 

SECTION 2.06.     Holder
Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of
the names and addresses of Holders. If the Trustee is not the Registrar, the Issuer shall furnish, or cause the Registrar to furnish,
to the Trustee, in writing at least five Business Days before each interest payment date and at such other times as the Trustee
may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses
of Holders.

 

    -30- 

     

    

 

SECTION 2.07.     Transfer
and Exchange. The Securities shall be issued in registered form and shall be transferable only upon the surrender of a Security
for registration of transfer and in compliance with the Appendix. When a Security is presented to the Registrar with a request
to register a transfer, the Registrar shall register the transfer as requested if its requirements therefor are met. When Securities
are presented to the Registrar with a request to exchange them for an equal principal amount of Securities of other denominations,
the Registrar shall make the exchange as requested if the same requirements are met. To permit registration of transfers and exchanges,
the Issuer shall execute and the Trustee shall authenticate Securities at the Registrar’s request. The Issuer may require
payment of a sum sufficient to pay all taxes, assessments or other governmental charges in connection with any transfer or exchange
pursuant to this Section. The Issuer shall not be required to make, and the Registrar need not register, transfers or exchanges
of Securities selected for redemption (except, in the case of Securities to be redeemed in part, the portion thereof not to be
redeemed) or of any Securities for a period of 15 days before the mailing of a notice of redemption of Securities to be redeemed.

 

Prior to the due presentation for registration
of transfer of any Security, the Issuer, the other Obligors, the Trustee, the Paying Agent and the Registrar may deem and treat
the Person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of
principal of and interest, if any, on such Security and for all other purposes whatsoever, whether or not such Security is overdue,
and none of the Issuer, any other Obligor, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary.

 

Any Holder of a beneficial interest in a
Global Security shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such Global Security
may be effected only through a book-entry system maintained by (a) the Holder of such Global Security (or its agent) or (b) any
Holder of a beneficial interest in such Global Security, and that ownership of a beneficial interest in such Global Security shall
be required to be reflected in a book entry.

 

All Securities issued upon any transfer
or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under
this Indenture as the Securities surrendered upon such transfer or exchange.

 

SECTION 2.08.     Replacement
Securities. If a mutilated Security is surrendered to the Registrar or if the Holder of a Security claims that the Security
has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall authenticate a replacement Security
if the requirements of Section 8-405 of the New York UCC are met, such that the Holder (a) satisfies the Issuer or the
Trustee within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar does
not register a transfer prior to receiving such notification, (b) makes such request to the Issuer or the Trustee prior to
the Security being acquired by a protected purchaser as defined in Section 8-303 of the New York UCC (a “protected
purchaser”) and (c) satisfies any other reasonable requirements of the Trustee. Such Holder shall furnish an indemnity
bond sufficient in the judgment of the Trustee or the Issuer to protect the Issuer, the Trustee, a Paying Agent and the Registrar
from any loss that any of them may suffer if a Security is replaced. The Issuer and the Trustee may charge the Holder for their
expenses in replacing a Security (including without limitation, attorneys’ fees and disbursements in replacing such Security).
In the event any such mutilated, lost, destroyed or wrongfully taken Security has become or is about to become due and payable,
the Issuer in its discretion may pay such Security instead of issuing a new Security in replacement thereof.

 

Every replacement Security is an additional
obligation of the Issuer.

 

The provisions of this Section 2.08
are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment
of mutilated, lost, destroyed or wrongfully taken Securities.

 

SECTION 2.09.     Outstanding
Securities. Securities outstanding at any time are all Securities authenticated by the Trustee except for those canceled by
it, those delivered to it for cancellation and those described in this Section as not outstanding. Subject to Section 13.06,
a Security does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Security.

 

    -31- 

     

    

 

 

If a Security is replaced pursuant to Section 2.08
(other than a mutilated Security surrendered for replacement), it ceases to be outstanding unless the Trustee and the Issuer receive
proof satisfactory to them that the replaced Security is held by a protected purchaser. A mutilated Security ceases to be outstanding
upon surrender of such Security and replacement thereof pursuant to Section 2.08.

 

If a Paying Agent segregates and holds in
trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all principal and interest
payable on that date with respect to the Securities (or portions thereof) to be redeemed or maturing, as the case may be, and no
Paying Agent is prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture, then on
and after that date such Securities (or portions thereof) cease to be outstanding and interest on them ceases to accrue.

 

SECTION 2.10.     Temporary
Securities. In the event that Definitive Securities are to be issued under the terms of this Indenture, until such Definitive
Securities are ready for delivery, the Issuer may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities
shall be substantially in the form of Definitive Securities but may have variations that the Issuer considers appropriate for
temporary Securities. Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate Definitive Securities
and make them available for delivery in exchange for temporary Securities upon surrender of such temporary Securities at the office
or agency of the Issuer, without charge to the Holder. Until such exchange, temporary Securities shall be entitled to the same
rights, benefits and privileges as Definitive Securities.

 

SECTION 2.11.     Cancellation.
The Issuer at any time may deliver Securities to the Trustee for cancellation. The Registrar and each Paying Agent shall forward
to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else
shall cancel all Securities surrendered for registration of transfer, exchange, payment or cancellation and shall dispose of canceled
Securities in accordance with its customary procedures. The Issuer may not issue new Securities to replace Securities it has redeemed,
paid or delivered to the Trustee for cancellation. The Trustee shall not authenticate Securities in place of canceled Securities
other than pursuant to the terms of this Indenture.

 

SECTION 2.12.     Defaulted
Interest. If the Issuer defaults in a payment of interest on the Securities, the Issuer shall pay the defaulted interest then
borne by the Securities (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Issuer may pay
the defaulted interest to the Persons who are Holders on a subsequent special record date. The Issuer shall fix or cause to be
fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly mail or cause
to be sent to each affected Holder a notice that states the special record date, the payment date and the amount of defaulted
interest to be paid.

 

SECTION 2.13.     CUSIP
Numbers, ISINs, etc.The Issuer in issuing the Securities may use CUSIP numbers, ISINs and “Common Code”
numbers (if then generally in use) and, if so, the Trustee shall use CUSIP numbers, ISINs and “Common Code” numbers
in notices of redemption as a convenience to Holders; provided, however, that any such notice may state that no
representation is made as to the correctness of such numbers, either as printed on the Securities or as contained in any notice
of a redemption that reliance may be placed only on the other identification numbers printed on the Securities and that any such
redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly advise the Trustee in
writing of any change in the CUSIP numbers, ISINs and “Common Code” numbers.

 

SECTION 2.14.     Calculation
of Principal Amount of Securities. The aggregate principal amount of the Securities, at any date of determination, shall be
the principal amount of the Securities outstanding at such date of determination. With respect to any matter requiring consent,
waiver, approval or other action of the Holders of a specified percentage of the principal amount of all the Securities, such
percentage shall be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date
of determination, of Securities, the Holders of which have so consented, by (b) the aggregate principal amount, as of such
date of determination, of the Securities then outstanding, in each case, as determined in accordance with the preceding sentence,
Section 2.09 and Section 13.06 of this Indenture. Any such calculation made pursuant to this Section 2.14 shall
be made by the Issuer and delivered to the Trustee pursuant to an Officers’ Certificate.

 

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ARTICLE 3

 

REDEMPTION

 

SECTION 3.01.     Redemption.
The Securities may be redeemed, in whole, or from time to time in part, subject to the conditions and at the redemption prices
set forth in Paragraph 5 of the form of Securities set forth in Exhibit A and Exhibit B hereto, which are hereby incorporated
by reference and made a part of this Indenture, together with accrued and unpaid interest to, but not including, the redemption
date.

 

SECTION 3.02.     Applicability
of Article. Redemption of Securities at the election of the Issuer or otherwise, as permitted or required by any provision
of this Indenture, shall be made in accordance with such provision and this Article.

 

SECTION 3.03.     Notices
to Trustee. If the Issuer elects to redeem Securities pursuant to the optional redemption provisions of Paragraph 5 of the
Security, it shall notify the Trustee in writing of (i) the Section of this Indenture pursuant to which the redemption
shall occur, (ii) the redemption date, (iii) the principal amount of Securities to be redeemed and (iv) the redemption
price. Such notice may be conditional. The Issuer shall give notice to the Trustee provided for in this paragraph at least 30
days but not more than 60 days before a redemption date if the redemption is pursuant to Paragraph 5 of the Security, unless a
shorter period is acceptable to the Trustee. Such notice shall be accompanied by an Officers’ Certificate and Opinion of
Counsel from the Issuer to the effect that such redemption will comply with the conditions herein. If fewer than all the Securities
are to be redeemed, the record date relating to such redemption shall be selected by the Issuer and given to the Trustee, which
record date shall be not fewer than 15 days after the date of notice to the Trustee. Any such notice may be canceled at any time
prior to notice of such redemption being sent to any Holder and shall thereby be void and of no effect.

 

SECTION 3.04.     Selection
of Securities to Be Redeemed. In the case of any partial redemption, selection of Securities for redemption will be made by
the Trustee by lot in accordance with the depositary’s procedures; provided that no Securities of $2,000 or less
shall be redeemed in part. The Trustee shall make the selection from outstanding Securities not previously called for redemption.
The Trustee may select for redemption portions of the principal of Securities that have denominations larger than $2,000. Securities
and portions of them the Trustee selects shall be in amounts of $2,000 or any integral multiple of $1,000. Provisions of this
Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. The Trustee
shall notify the Issuer promptly of the Securities or portions of Securities to be redeemed.

 

SECTION 3.05.     Notice
of Optional Redemption.

 

(a)            At
least 30 days but not more than 60 days before a redemption date pursuant to Paragraph 5 of the Security, the Issuer shall mail
or cause to be mailed by first-class mail or cause to be sent electronically a notice of redemption to each Holder whose Securities
are to be redeemed.

 

Any such notice shall identify the Securities
to be redeemed and shall state:

 

(i)            the
redemption date;

 

(ii)           the
redemption price and the amount of accrued interest to, but not including, the redemption date;

 

(iii)          the
name and address of the Paying Agent;

 

(iv)          that
Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price, plus accrued
interest;

 

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(v)           if
fewer than all the outstanding Securities are to be redeemed, the certificate numbers and principal amounts of the particular
Securities to be redeemed, the aggregate principal amount of Securities to be redeemed and the aggregate principal amount of Securities
to be outstanding after such partial redemption;

 

(vi)          that,
unless the Issuer defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant
to the terms of this Indenture, interest on Securities (or portion thereof) called for redemption ceases to accrue on and after
the redemption date;

 

(vii)         the
CUSIP number, ISIN and/or “Common Code” number, if any, printed on the Securities being redeemed; and

 

(viii)        that
no representation is made as to the correctness or accuracy of the CUSIP number or ISIN and/or “Common Code” number,
if any, listed in such notice or printed on the Securities.

 

(b)            At
the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name and at the Issuer’s
expense. In such event, the Issuer shall provide the Trustee with the information required by this Section at least 10 days
(or such shorter period as shall be acceptable to the Trustee) prior to the date such notice is to be provided to Holders and
such notice may not be canceled.

 

SECTION 3.06.     Effect
of Notice of Redemption. Once notice of redemption is mailed or sent in accordance with Section 3.05, Securities called
for redemption become due and payable on the redemption date and at the redemption price stated in the notice, except as provided
in the final sentence of paragraph 5 of the Securities. Upon surrender to the Paying Agent, such Securities shall be paid at the
redemption price stated in the notice, plus accrued interest, to, but not including, the redemption date; provided,
however, that if the redemption date is after a regular record date and on or prior to the interest payment date, the accrued
interest shall be payable to the Holder of the redeemed Securities registered on the relevant record date. Failure to give notice
or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder.

 

SECTION 3.07.     Deposit
of Redemption Price. With respect to any Securities, prior to 10:00 a.m., New York City time, on the redemption date, the
Issuer shall deposit with the Paying Agent (or, if the Issuer or a Wholly Owned Subsidiary is the Paying Agent, shall segregate
and hold in trust) money sufficient to pay the redemption price of and accrued interest on all Securities or portions thereof
to be redeemed on that date other than Securities or portions of Securities called for redemption that have been delivered by
the Issuer to the Trustee for cancellation. On and after the redemption date, interest shall cease to accrue on Securities or
portions thereof called for redemption so long as the Issuer has deposited with the Paying Agent funds sufficient to pay the principal
of, plus accrued and unpaid interest (if any) on, the Securities to be redeemed, unless the Paying Agent is prohibited
from making such payment pursuant to the terms of this Indenture.

 

SECTION 3.08.     Securities
Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Issuer shall execute and the Trustee shall authenticate
for the Holder (at the Issuer’s expense) a new Security equal in principal amount to the unredeemed portion of the Security
surrendered.

 

ARTICLE 4

 

COVENANTS

 

SECTION 4.01.     Payment
of Securities. The Issuer shall promptly pay the principal of and interest on the Securities on the dates and in the manner
provided in the Securities and in this Indenture. An installment of principal or interest shall be considered paid on the date
due if on such date the Trustee or the Paying Agent holds as of 12:00 p.m. New York City time money sufficient to pay all
principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money
to the Holders on that date pursuant to the terms of this Indenture.

 

The Issuer shall pay interest on overdue
principal at the rate specified therefor in the Securities, and it shall pay interest on overdue installments of interest at the
same rate borne by the Securities to the extent lawful.

 

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SECTION 4.02.     Reports
and Other Information.

 

(a)            Notwithstanding
that the Issuer may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or otherwise
report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations
promulgated by the SEC, the Issuer shall file with the SEC (and provide the Trustee and Holders with copies thereof, without cost
to each Holder, within 15 days after it files them with the SEC):

 

(i)            within
the time period specified in the SEC’s rules and regulations, annual reports on Form 10-K (or any successor or
comparable form) containing the information required to be contained therein (or required in such successor or comparable form),

 

(ii)           within
the time period specified in the SEC’s rules and regulations, reports on Form 10-Q (or any successor or comparable
form) containing the information required to be contained therein (or required in such successor or comparable form),

 

(iii)          promptly
from time to time after the occurrence of an event required to be therein reported (and in any event within the time period specified
in the SEC’s rules and regulations), such other reports on Form 8-K (or any successor or comparable form), and

 

(iv)          any
other information, documents and other reports which the Issuer would be required to file with the SEC if it were subject to Section 13
or 15(d) of the Exchange Act;

 

provided, however, that the Issuer shall not be
so obligated to file such reports with the SEC if the SEC does not permit such filing, in which event the Issuer shall make available
such information to prospective purchasers of Securities, including by posting such reports on the primary website of the Issuer
or its Subsidiaries in addition to providing such information to the Trustee and the Holders, in each case within 15 days after
the time the Issuer would be required to file such information with the SEC if it were subject to Section 13 or 15(d) of
the Exchange Act, it being understood that the Trustee shall have no responsibility whatsoever to determine whether any filings
have been made with the SEC or reports have been posted on such website.

 

(b)            In
the event that:

 

(i)            the
rules and regulations of the SEC permit the Issuer and any direct or indirect parent of the Issuer to report at such parent
entity’s level on a consolidated basis, and

 

(ii)           such
parent entity of the Issuer is not engaged in any business in any material respect other than incidental to its ownership, directly
or indirectly, of the Capital Stock of the Issuer,

 

such consolidated reporting at such parent entity’s level
in a manner consistent with that described in this Section 4.02 for the Issuer shall satisfy this Section 4.02.

 

(c)            The
Issuer shall make such information available to prospective investors upon request. In addition, the Issuer shall, for so long
as any Securities remain outstanding during any period when it is not subject to Section 13 or 15(d) of the Exchange
Act, or otherwise permitted to furnish the SEC with certain information pursuant to Rule 12g3-2(b) of the Exchange Act,
furnish to the Holders and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under
the Securities Act.

 

Notwithstanding the foregoing, the Issuer
will be deemed to have furnished such reports referred to above to the Trustee and the Holders if the Issuer has filed such reports
with the SEC via the EDGAR filing system and such reports are publicly available; provided, however, that the Trustee
shall have no responsibility whatsoever to determine whether or not the Issuer has made such filing.

 

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(a) So long as the Parent Guarantee
is in effect, or (b) in the event that any direct or indirect parent of the Issuer is or becomes a guarantor of the Guaranteed
Obligations, the Issuer may satisfy its obligations under this Section 4.02 with respect to financial information relating
to the Issuer by furnishing financial information relating to the Parent Guarantor, or to such direct or indirect parent, as applicable;
provided that the same is accompanied by consolidating information that explains in reasonable detail the differences between
the information relating to the Parent Guarantor, or to such direct or indirect parent, and any of their respective Subsidiaries
other than the Issuer and its Subsidiaries, on the one hand, and the information relating to the Issuer, the Subsidiary Guarantors
and the other Subsidiaries of the Issuer on a standalone basis, on the other hand.

 

Delivery of such reports, information and
documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive
notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates with
respect thereto).

 

SECTION 4.03.         Reserved.

 

SECTION 4.04.         Reserved.

 

SECTION 4.05.         Reserved.

 

SECTION 4.06.         Reserved.

 

SECTION 4.07.         Reserved.

 

SECTION 4.08.         Change
of Control Triggering Event.

 

(a)            Upon
a Change of Control Triggering Event, each Holder shall have the right to require the Issuer to repurchase all or any part of such
Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid
interest, if any, to the date of repurchase (subject to the right of the Holders of record on the relevant record date to receive
interest due on the relevant interest payment date), in accordance with the terms contemplated in this Section 4.08; provided,
however, that notwithstanding the occurrence of a Change of Control Triggering Event, the Issuer shall not be obligated
to purchase any Securities pursuant to this Section 4.08 in the event that it has exercised its right to redeem such Securities
in accordance with Article 3 of this Indenture. In the event that at the time of such Change of Control Triggering Event the
terms of any Bank Indebtedness restrict or prohibit the repurchase of Securities pursuant to this Section 4.08, then prior
to the mailing or sending electronically of the notice to the Holders provided for in Section 4.08(b) but in any event
within 30 days following any Change of Control Triggering Event, the Issuer shall (i) repay in full all such Bank Indebtedness
or, if doing so will allow the purchase of Securities, offer to repay in full all Bank Indebtedness and repay all such Bank Indebtedness
of each lender who has accepted such offer, or (ii) obtain the requisite consent under the agreements governing such Bank
Indebtedness to permit the repurchase of the Securities as provided for in Section 4.08(b).

 

(b)            Within
30 days following any Change of Control Triggering Event, except to the extent that the Issuer has exercised its right to redeem
the Securities in accordance with Article 3 of this Indenture, the Issuer shall mail or send electronically a notice (a “Change
of Control Offer”) to each Holder with a copy to the Trustee stating:

 

(1)            that
a Change of Control Triggering Event has occurred and that such Holder has the right to require the Issuer to repurchase such Holder’s
Securities at a repurchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest
to the date of repurchase (subject to the right of the Holders of record on a record date to receive interest on the relevant interest
payment date);

 

(2)            the
circumstances and relevant facts and financial information regarding such Change of Control Triggering Event;

 

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(3)            the
repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is sent); and

 

(4)            the
instructions determined by the Issuer, consistent with this Section 4.08, that a Holder must follow in order to have its Securities
purchased.

 

(c)            Holders
electing to have a Security purchased shall be required to surrender the Security, with an appropriate form duly completed, to
the Issuer at the address specified in the notice at least three Business Days prior to the purchase date. The Holders shall be
entitled to withdraw their election if the Trustee or the Issuer receives not later than one Business Day prior to the purchase
date a facsimile transmission or letter sent to the address specified in Section 13.02 or set forth in the notice described
in Section 4.08(b) setting forth the name of the Holder, the principal amount of the Security that was delivered for
purchase by the Holder and a statement that such Holder is withdrawing his election to have such Security purchased. Holders whose
Securities are purchased only in part shall be issued new Securities equal in principal amount to the unpurchased portion of the
Securities surrendered.

 

(d)            On
the purchase date, all Securities purchased by the Issuer under this Section shall be delivered to the Trustee for cancellation,
and the Issuer shall pay the purchase price plus accrued and unpaid interest to the Holders entitled thereto.

 

(e)            A
Change of Control Offer may be made in advance of a Change of Control Triggering Event, and conditioned upon such Change of Control,
if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer.

 

(f)             Notwithstanding
the other provisions of this Section 4.08, the Issuer shall not be required to make a Change of Control Offer upon a Change
of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance
with the requirements set forth in this Section 4.08 applicable to a Change of Control Offer made by the Issuer and purchases
all Securities validly tendered and not withdrawn under such Change of Control Offer.

 

(g)            If
Holders of not less than 90% in aggregate principal amount of the outstanding Securities validly tender and do not withdraw such
Securities in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the Issuer
as described above, purchases all of the Securities validly tendered and not withdrawn by such Holders, the Issuer or such third
party will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following
such purchase pursuant to the Change of Control Offer described above, to redeem all Securities that remain outstanding following
such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to but excluding
the date of redemption.

 

(h)            Securities
repurchased by the Issuer pursuant to a Change of Control Offer will have the status of Securities issued but not outstanding or
will be retired and canceled at the option of the Issuer. Securities purchased by a third party pursuant to the preceding clause
(f) or (g) will have the status of Securities issued and outstanding.

 

(i)             At
the time the Issuer delivers Securities to the Trustee which are to be accepted for purchase, the Issuer shall also deliver an
Officers’ Certificate stating that such Securities are to be accepted by the Issuer pursuant to and in accordance with the
terms of this Section 4.08. A Security shall be deemed to have been accepted for purchase at the time the Trustee, directly
or through an agent, mails or delivers payment therefor to the surrendering Holder.

 

(j)             Prior
to any Change of Control Offer, the Issuer shall deliver to the Trustee an Officers’ Certificate stating that all conditions
precedent contained herein to the right of the Issuer to make such offer have been complied with.

 

(k)            The
Issuer shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other
securities laws or regulations in connection with the repurchase of Securities pursuant to this Section 4.08. To the extent
that the provisions of any securities laws or regulations conflict with provisions of this Section 4.08, the Issuer shall
comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this
Section 4.08 by virtue thereof.

 

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SECTION 4.09.     Compliance
Certificate. The Issuer shall deliver to the Trustee within 120 days after the end of each fiscal year of the Issuer, beginning
with the fiscal year ending on or about September 30, 2020, an Officers’ Certificate (which Officers’ Certificate
shall be signed by two Officers of the Issuer, one of whom must be the principal executive officer, the principal financial officer
or the principal accounting officer of the Issuer) stating that in the course of the performance by the signers of their duties
as Officers of the Issuer they would normally have knowledge of any Default and whether or not the signers know of any Default
that occurred during such period. If they do, the certificate shall describe the Default, its status and what action the Issuer
is taking or proposes to take with respect thereto. The Issuer also shall comply with Section 314(a)(4) of the TIA.

 

SECTION 4.10.     Further
Instruments and Acts. Upon request of the Trustee, the Issuer shall execute and deliver such further instruments and do such
further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

 

SECTION 4.11.     Future
Subsidiary Guarantors. The Issuer shall cause each Restricted Subsidiary that is a Domestic Subsidiary (unless such Subsidiary
is a Receivables Subsidiary) that is an obligor under:

 

(i)            the
Credit Agreements, or

 

(ii)           any
capital markets debt securities in aggregate principal amount in excess of $100.0 million,

 

to execute and deliver to the Trustee (x) a
supplemental indenture substantially in the form of Exhibit D pursuant to which such Subsidiary shall guarantee the Issuer’s
Obligations under the Securities and this Indenture and (y) joinders to the Security Documents and take all actions required
thereunder to perfect the liens created thereunder, to grant to the Collateral Agent a perfected security interest in the Collateral
of such Restricted Subsidiary.

 

SECTION 4.12.     Liens.

 

The Issuer shall not, and shall not permit
any of its Restricted Subsidiaries to, directly or indirectly, create, Incur or suffer to exist any Lien other than Permitted
Liens on any asset or property of the Issuer or such Restricted Subsidiary securing Indebtedness unless such Lien securing such
Indebtedness of the Issuer or such Restricted Subsidiary is junior to the Liens securing the Note Obligations upon the assets or
property constituting the collateral for such Indebtedness, on terms no less favorable in any material respect to the Holders than
the terms set forth in the Second Priority Intercreditor Agreement. In the case of any Permitted Lien that secures First Priority
Lien Obligations, the Securities shall be equally and ratably secured with (or on a senior basis to, in the case of obligations
subordinated in right of payment to the Securities) the obligations so secured on terms no less favorable in any material respect
to the Holders than the terms set forth in the Second Priority Intercreditor Agreement; provided that the First Priority
Lien Obligations that are Obligations in respect of a Revolving Credit Agreement may be secured on a senior basis with respect
to any Revolving Facility Senior Collateral to Liens securing the Note Obligations with respect to such collateral, on terms no
less favorable in any material respect to the Holders than the terms set forth in the Second Priority Intercreditor Agreement.

 

For purposes of determining compliance with
this Section 4.12, in the event that a Lien meets the criteria of more than one of the categories of permitted Liens described
in the definition of “Permitted Liens” or pursuant to Section 4.12(a), the Issuer shall, in its sole discretion,
classify or reclassify, or later divide, classify or reclassify, such Lien in any manner that complies with this Section 4.12.

 

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SECTION 4.13.     Maintenance
of Office or Agency.

 

(a)            The
Issuer shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where
Securities may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer
in respect of the Securities and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands
may be made or served at the corporate trust office of the Trustee as set forth in Section 13.02.

 

(b)            The
Issuer may also from time to time designate one or more other offices or agencies where the Securities may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency for such purposes.
The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location
of any such other office or agency.

 

(c)            The
Issuer hereby designates the corporate trust office of the Trustee or its Agent as such office or agency of the Issuer in accordance
with Section 2.04.

 

SECTION 4.14.     Amendment
of Security Documents. The Issuer shall not amend, modify or supplement, or permit or consent to any amendment, modification
or supplement of, the Security Documents in any way that would be adverse to the Holders in any material respect, except as contemplated
by the Intercreditor Agreements or as permitted under Article 9.

 

SECTION 4.15.     After-Acquired
Property. Upon the acquisition by the Issuer or any Subsidiary Guarantor of any First Priority After-Acquired Property, the
Issuer or such Subsidiary Guarantor shall execute and deliver such mortgages, deeds of trust, security instruments, financing
statements and certificates and opinions of counsel as shall be reasonably necessary to vest in the Collateral Agent a perfected
security interest, subject only to Permitted Liens, in such First Priority After-Acquired Property and to have such First Priority
After-Acquired Property (but subject to certain limitations, if applicable, including as described in the Security Documents)
added to the Collateral, and thereupon all provisions of this Indenture relating to the Collateral shall be deemed to relate to
such First Priority After-Acquired Property to the same extent and with the same force and effect; provided, however, that if
granting such first-priority security interest in such First Priority After-Acquired Property requires the consent of a third
party, the Issuer shall use commercially reasonable efforts to obtain such consent with respect to the first -priority interest
for the benefit of the Trustee on behalf of the Holders; provided further, however, that if such third party does not consent
to the granting of such first -priority security interest after the use of such commercially reasonable efforts, the Issuer or
such Subsidiary Guarantor, as the case may be, will not be required to provide such security interest.

 

SECTION 4.16.     Reserved..

 

SECTION 4.17.     Reserved.

 

SECTION 4.18.     Reserved.

 

SECTION 4.19.     Mortgages.
The Issuer and the Subsidiary Guarantors shall use commercially reasonable efforts to deliver to the Trustee and the Collateral
Agent as promptly as reasonably practicable after the Issue Date, but in any event within 120 days of the Issue Date, (a)(i) counterparts
of each Mortgage or an amendment to each existing Mortgage granted to the Collateral Agent (a “Mortgage Amendment”),
as applicable, to be entered into with respect to each Real Property that also secures the other First Priority Lien Obligations,
duly executed and delivered by the record owner of such Real Property sufficient to grant to the Collateral Agent, for its benefit
and the benefit of the Trustee and the holders of the Securities a valid first priority mortgage lien on such Real Property and
otherwise suitable for recording or filing which Mortgage or Mortgage Amendment, as applicable, may be in a form consistent with
such mortgages securing the other First Priority Lien Obligations previously delivered and shall otherwise be in form and substance
acceptable to the Collateral Agent and (ii) opinions and such other documents including, but not limited to, any consents,
agreements and confirmations of third parties with respect to any such Mortgage or Mortgage Amendment, as applicable, in each
case consistent in form and substance with such documents as have been previously delivered in connection with the other First
Priority Lien Obligations, and (b) title insurance policies or title insurance date-down endorsements, as applicable, in
each case consistent in form and substance with such title insurance policies as have been previously delivered in connection
with the other First Priority Lien Obligations, and paid for by the Company, issued by a nationally recognized title insurance
company (which may be the same as the title insurance company or companies insuring the mortgages securing the other First Priority
Lien Obligations) insuring the lien of each Mortgage or Mortgage Amendment, as applicable, as a valid first priority Lien on such
Real Property to be entered into on or after the Issue Date as a valid Lien on the applicable property described therein, free
of any other Liens, except for Permitted Liens, together with such customary endorsements, and with respect to any such property
located in a state in which a zoning endorsement is not available, a zoning compliance letter from the applicable municipality
in a form acceptable to the Collateral Agent.

 

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ARTICLE 5

 

SUCCESSOR COMPANY

 

SECTION 5.01.     When
Issuer May Merge or Transfer Assets.

 

(a)            The
Issuer shall not, directly or indirectly, consolidate, amalgamate or merge with or into or wind up or convert into (whether or
not the Issuer is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially
all of its properties or assets in one or more related transactions to, any Person (including, in each case, pursuant to a Delaware
LLC Division) unless:

 

(i)            the
Issuer is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation, merger, Delaware LLC
Division, winding up or conversion (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or
other disposition shall have been made is a corporation, partnership or limited liability company organized or existing under the
laws of the United States, any state thereof, the District of Columbia, or any territory of the United States (the Issuer or such
Person, as the case may be, being herein called the “Successor Company”); provided that in the case where the
surviving Person is not a corporation, a co-obligor of the Securities is a corporation;

 

(ii)           the
Successor Company (if other than the Issuer) expressly assumes all the obligations of the Issuer under this Indenture, the Securities
and the Security Documents pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory
to the Trustee;

 

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

 

(iv)          [reserved];

 

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

 

(vi)          the
Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger or transfer and such supplemental indentures (if any) comply with this Indenture.

 

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The Successor Company (if other than the
Issuer) shall succeed to, and be substituted for, the Issuer under this Indenture, the Securities and the Security Documents,
and in such event the Issuer will automatically be released and discharged from its obligations under this Indenture, the Securities
and the Security Documents. Notwithstanding the foregoing clauses (iii) of this Section 5.01(a), (A) any Restricted
Subsidiary may merge, consolidate or amalgamate with or transfer all or part of its properties and assets to the Issuer or to
another Restricted Subsidiary, and (B) the Issuer may merge, consolidate or amalgamate with an Affiliate incorporated solely
for the purpose of reincorporating the Issuer in another state of the United States, the District of Columbia or any territory
of the United States or may convert into a limited liability company, so long as the amount of Indebtedness of the Issuer and
its Restricted Subsidiaries is not increased thereby. This Article 5 will not apply to a sale, assignment, transfer, conveyance
or other disposition of assets between or among the Issuer and its Restricted Subsidiaries.

 

(b)            Subject
to the provisions of Section 12.02(b) (which govern the release of a Subsidiary Guarantee upon the sale or disposition
of a Restricted Subsidiary of the Issuer that is a Subsidiary Guarantor), no Subsidiary Guarantor shall, and the Issuer shall not
permit any Subsidiary Guarantor to, consolidate, amalgamate or merge with or into or wind up into (whether or not such Subsidiary
Guarantor is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of
its properties or assets in one or more related transactions to, any Person including, in each case, pursuant to a Delaware LLC
Division unless:

 

(i)            either
(a) such Subsidiary Guarantor is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation,
Delaware LLC Division, or merger (if other than such Subsidiary Guarantor) or to which such sale, assignment, transfer, lease,
conveyance or other disposition shall have been made is a corporation, partnership or limited liability company organized or existing
under the laws of the United States, any state thereof, the District of Columbia, or any territory of the United States (such Subsidiary
Guarantor or such Person, as the case may be, being herein called the “Successor Subsidiary Guarantor” ) and the Successor
Subsidiary Guarantor (if other than such Subsidiary Guarantor) expressly assumes all the obligations of such Subsidiary Guarantor
under this Indenture, such Subsidiary Guarantor’s Subsidiary Guarantee and the Security Documents pursuant to a supplemental
indenture or other documents or instruments in form reasonably satisfactory to the Trustee and the Collateral Agent or (b) such
sale or disposition or consolidation, amalgamation, Delaware LLC Division, or merger is not in violation of this Indenture; and

 

(ii)           the
Successor Subsidiary Guarantor (if other than such Subsidiary Guarantor) shall have delivered or caused to be delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger or
transfer and such supplemental indenture (if any) comply with this Indenture.

 

Except as otherwise provided in this Indenture,
the Successor Subsidiary Guarantor (if other than such Subsidiary Guarantor) will succeed to, and be substituted for, such Subsidiary
Guarantor under this Indenture, such Subsidiary Guarantor’s Subsidiary Guarantee and the Security Documents, and such Subsidiary
Guarantor will automatically be released and discharged from its obligations under this Indenture, such Subsidiary Guarantor’s
Subsidiary Guarantee and the Security Documents. Notwithstanding the foregoing, (1) a Subsidiary Guarantor may merge, amalgamate
or consolidate with an Affiliate incorporated solely for the purpose of reincorporating such Subsidiary Guarantor in another state
of the United States, the District of Columbia or any territory of the United States so long as the amount of Indebtedness of the
Subsidiary Guarantor is not increased thereby and (2) a Subsidiary Guarantor may merge, amalgamate or consolidate with another
Subsidiary Guarantor or the Issuer.

 

In addition, notwithstanding the foregoing,
any Subsidiary Guarantor may consolidate, amalgamate or merge with or into or wind up into, or sell, assign, transfer, lease, convey
or otherwise dispose of all or substantially all of its properties or assets (collectively, a “Transfer”) to (x) the
Issuer or any Subsidiary Guarantor or (y) any Restricted Subsidiary of the Issuer that is not a Subsidiary Guarantor; provided
that at the time of each such Transfer pursuant to clause (y) the aggregate amount of all such Transfers since the Issue Date
shall not exceed 5.0% of the consolidated assets of the Issuer and the Subsidiary Guarantors as shown on the most recent available
balance sheet of the Issuer and the Restricted Subsidiaries after giving effect to each such Transfer and including all Transfers
occurring from and after the Issue Date.

 

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ARTICLE 6

 

DEFAULTS AND REMEDIES

 

SECTION 6.01.     Events
of Default. An “Event of Default” with respect to the Securities occurs if:

 

(a)            there
is a default in any payment of interest on any Security when the same becomes due and payable, and such default continues for a
period of 30 days,

 

(b)            there
is a default in the payment of principal or premium, if any, of any Security when due at its Stated Maturity, upon optional redemption,
upon required repurchase, upon declaration or otherwise,

 

(c)            the
Issuer or any of its Restricted Subsidiaries fails to comply with its obligations under Section 5.01,

 

(d)            the
Issuer or any of its Restricted Subsidiaries fails to comply with any of its agreements in the Securities or this Indenture (other
than those referred to in clause (a), (b) or (c) above) and such failure continues for 60 days after the notice specified
below,

 

(e)            the
Issuer or any Significant Subsidiary fails to pay any Indebtedness (other than Indebtedness owing to the Issuer or a Restricted
Subsidiary) within any applicable grace period after final maturity or the acceleration of any such Indebtedness by the holders
thereof because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated exceeds $50.0 million
or its foreign currency equivalent,

 

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

 

(i)            commences
a voluntary case;

 

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

 

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

 

(iv)          makes
a general assignment for the benefit of its creditors or takes any comparable action under any foreign laws relating to insolvency,

 

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

 

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

 

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

 

(iii)  
        orders the winding up or liquidation of the Issuer or any Significant
Subsidiary;

 

or any similar relief is granted under any foreign
laws and the order or decree remains unstayed and in effect for 60 days,

 

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(h)           the
Issuer or any Significant Subsidiary fails to pay final judgments aggregating in excess of $50.0 million or its foreign currency
equivalent (net of any amounts which are covered by enforceable insurance policies issued by solvent carriers), which judgments
are not discharged, waived or stayed for a period of 60 days following the entry thereof,

 

(i)            any
Subsidiary Guarantee of a Significant Subsidiary with respect to the Securities ceases to be in full force and effect (except as
contemplated by the terms thereof) or any Subsidiary Guarantor denies or disaffirms its obligations under this Indenture or any
Subsidiary Guarantee with respect to the Securities and such Default continues for 10 days,

 

(j)            unless
all of the Collateral has been released from the First Priority Liens in accordance with the provisions of the Security Documents
with respect to the Securities, the Issuer shall assert or any Subsidiary Guarantor shall assert, in any pleading in any court
of competent jurisdiction, that any such security interest is invalid or unenforceable and, in the case of any such Person that
is a Subsidiary of the Issuer, the Issuer fails to cause such Subsidiary to rescind such assertions within 30 days after the Issuer
has actual knowledge of such assertions, or

 

(k)           the
Issuer or any Subsidiary Guarantor fails to comply for 60 days after notice with its other agreements contained in the Security
Documents except for a failure that would not be material to the Holders of the Securities and would not materially affect the
value of the Collateral taken as a whole.

 

The foregoing shall constitute Events of
Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation
of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body.

 

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

 

A Default under clause (d) or (k) above
shall not constitute an Event of Default until the Trustee notifies the Issuer or the Holders of at least 25% in principal amount
of the outstanding Securities notify the Issuer and the Trustee of the Default and the Issuer does not cure such Default within
the time specified in clause (d) or (k) above after receipt of such notice. Such notice must specify the Default, demand
that it be remedied and state that such notice is a “Notice of Default.” The Issuer shall deliver to the Trustee, within
five (5) Business Days after the occurrence thereof, written notice in the form of an Officers’ Certificate of any event
which is, or with the giving of notice or the lapse of time or both would become, an Event of Default, its status and what action
the Issuer is taking or propose to take with respect thereto.

 

SECTION 6.02.     Acceleration.
If an Event of Default (other than an Event of Default specified in Section 6.01(f) or (g) with respect to the
Issuer) occurs with respect to the Securities and is continuing, the Trustee or the Holders of at least 25% in principal amount
of the outstanding Securities, by notice to the Issuer, may declare the principal of, premium, if any, and accrued but unpaid
interest on all the Securities to be due and payable; provided, however, that so long as any Bank Indebtedness remains
outstanding, no such acceleration shall be effective until the earlier of (i) five (5) Business Days after the giving
of written notice to the Issuer and the Representatives under the Credit Agreements and (ii) the day on which any Bank Indebtedness
is accelerated. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default
specified in Section 6.01(f) or (g) with respect to the Issuer occurs, the principal of, premium, if any, and interest
on all the Securities shall become and be immediately due and payable without any declaration or other act on the part of the
Trustee or any Holders. The Holders of a majority in principal amount of the outstanding Securities by notice to the Trustee may
rescind any such acceleration and its consequences.

 

In the event of any Event of Default specified
in Section 6.01(e), such Event of Default and all consequences thereof (excluding, however, any resulting payment default)
shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days
after such Event of Default arose the Issuer delivers an Officers’ Certificate to the Trustee stating that (x) the
Indebtedness or guarantee that is the basis for such Event of Default has been discharged or (y) the holders thereof have
rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or (z) the
default that is the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration
of the principal amount of the Securities as described above be annulled, waived or rescinded upon the happening of any such events.

 

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SECTION 6.03.     Other
Remedies. If an Event of Default with respect to the Securities occurs and is continuing, the Trustee may pursue any available
remedy at law or in equity to collect the payment of principal of or interest on the Securities or to enforce the performance
of any provision of the Securities, this Indenture or the Security Documents.

 

The Trustee may maintain a proceeding even
if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee
or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute
a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. To the extent required by law,
all available remedies are cumulative.

 

SECTION 6.04.     Waiver
of Past Defaults. Provided the Securities are not then due and payable by reason of a declaration of acceleration, the Holders
of a majority in principal amount of the Securities by written notice to the Trustee may waive an existing Default or Event of
Default and its consequences except (a) a Default in the payment of the principal of or interest on a Security, (b) a
Default arising from the failure to redeem or purchase any Security when required pursuant to the terms of this Indenture or (c) a
Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Holder affected.
When a Default is waived, it is deemed cured and the Issuer, the Trustee and the Holders will be restored to their former positions
and rights under this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any consequent right.

 

SECTION 6.05.     Control
by Majority. Subject to the terms of the Intercreditor Agreements, the Holders of a majority in principal amount of the Securities
may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any
trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this
Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any other Holder
or that would involve the Trustee in personal liability. Prior to taking any action under this Indenture, the Trustee shall be
entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not
taking such action.

 

SECTION 6.06.     Limitation
on Suits.

 

(a)            Except
to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue any remedy with
respect to this Indenture or the Securities unless:

 

(i)            the
Holder gives to the Trustee written notice stating that an Event of Default is continuing;

 

(ii)           the
Holders of at least 25% in principal amount of the outstanding Securities make a written request to the Trustee to pursue the remedy;

 

(iii)          such
Holder or Holders offer to the Trustee security or indemnity satisfactory to it against any loss, liability or expense;

 

(iv)          the
Trustee does not comply with the request within 60 days after receipt of the request and the offer of security or indemnity; and

 

(v)           the
Holders of a majority in principal amount of the outstanding Securities do not give the Trustee a direction inconsistent with the
request during such 60-day period.

 

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(b)            A
Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another
Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances
are unduly prejudicial to such Holders).

 

SECTION 6.07.     Rights
of the Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to receive
payment of principal of and interest on the Securities held by such Holder, on or after the respective due dates expressed or
provided for in the Securities, or to bring suit for the enforcement of any such payment on or after such respective dates, shall
not be impaired or affected without the consent of such Holder.

 

SECTION 6.08.     Collection
Suit by Trustee. If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing with respect
to Securities, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer or any other
Obligor on the Securities for the whole amount then due and owing (together with interest on overdue principal and (to the extent
lawful) on any unpaid interest at the rate provided for in such Securities) and the amounts provided for in Section 7.07.

 

SECTION 6.09.     Trustee
May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation, expenses disbursements
and advances of the Trustee (including counsel, accountants, experts or such other professionals as the Trustee deems necessary,
advisable or appropriate)), the Holders of Securities then outstanding allowed in any judicial proceedings relative to the Issuer
or any Obligors, its creditors or its property, shall be entitled to participate as a member, voting or otherwise, of any official
committee of creditors appointed in such matters and, unless prohibited by law or applicable regulations, may vote on behalf of
the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any
such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee
under Section 7.07.

 

SECTION 6.10.     Priorities.
Subject to the provisions of the Intercreditor Agreements and the Security Documents, if the Trustee collects any money or property
pursuant to this Article 6, it shall pay out the money or property in the following order:

 

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

 

SECOND: to the Holders for amounts
due and unpaid on the Securities for principal, premium, if any, and interest, ratably, without preference or priority of any
kind, according to the amounts due and payable on the Securities for principal and interest, respectively; and

 

THIRD: to the Issuer.

 

The Trustee may fix a record date and payment
date for any payment to the Holders pursuant to this Section. At least 15 days before such record date, the Trustee shall send
to each Holder and the Issuer a notice that states the record date, the payment date and amount to be paid.

 

SECTION 6.11.     Undertaking
for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee
for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the
suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of
the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder
pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the Securities.

 

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SECTION 6.12.     Waiver
of Stay or Extension Laws. Neither the Issuer nor the Parent Guarantor nor any Subsidiary Guarantor (to the extent it may
lawfully do so) shall at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance
of this Indenture; and the Issuer, the Parent Guarantor and each Subsidiary Guarantor (to the extent that it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power
herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted.

 

ARTICLE 7

 

TRUSTEE

 

SECTION 7.01.     Duties
of Trustee.

 

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

 

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

 

(i)            the
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants
or obligations shall be read into this Indenture against the Trustee (it being agreed that the permissive right of the Trustee
to do things enumerated in this Indenture shall not be construed as a duty); and

 

(ii)           in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. The Trustee shall be under no duty to make any investigation as to any statement contained in any such instance,
but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such opinions.
However, in the case of certificates or opinions required by any provision hereof to be provided to it, the Trustee shall examine
the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm
or investigate the accuracy of mathematical calculations or other facts stated therein).

 

(c)            The
Trustee may not be relieved from liability for its own gross negligent action, its own gross negligent failure to act or its own
willful misconduct, except that:

 

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

 

(ii)           the
Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee
was negligent in ascertaining the pertinent facts;

 

(iii)          the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.05; and

 

(iv)          no
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in
the performance of any of its duties hereunder or in the exercise of any of its rights or powers.

 

(d)            Every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this
Section.

 

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

 

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(f)            Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)           Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall
be subject to the provisions of this Section and the provisions of the TIA.

 

SECTION 7.02.         Rights
of Trustee.

 

(a)           The
Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person.
The Trustee need not investigate any fact or matter stated in the document.

 

(b)           Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion
of Counsel.

 

(c)           The
Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.

 

(d)           The
Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within
its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or gross negligence.

 

(e)           The
Trustee may consult with counsel of its own selection and the advice or opinion of counsel with respect to legal matters relating
to this Indenture and the Securities shall be full and complete authorization and protection from liability in respect of any action
taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 

(f)            The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document unless
requested in writing to do so by the Holders of not less than a majority in principal amount of the Securities at the time outstanding,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records
and premises of the Issuer, personally or by agent or attorney, at the expense of the Issuer and shall incur no liability of any
kind by reason of such inquiry or investigation.

 

(g)           The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory
to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

 

(h)           The
rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended
to, and shall be enforceable by, the Trustee in each of its capacities hereunder, including as Collateral Agent, and each agent,
custodian and other Person employed to act hereunder.

 

(i)           The
Trustee shall not be liable for any action taken or omitted by it in good faith at the direction of the Holders of not less than
a majority in principal amount of the outstanding Securities as to the time, method and place of conducting any proceedings for
any remedy available to the Trustee or the exercising of any power conferred by this Indenture.

 

(j)            Any
action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority or
consent of any person who, at the time of making such request or giving such authority or consent, is the Holder of any Security
shall be conclusive and binding upon future Holders of Securities and upon Securities executed and delivered in exchange therefor
or in place thereof.

 

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(k)           In
no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.

 

(l)           The
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

(m)         The
Trustee may request that the Issuer deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture.

 

(n)          The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate
Trust Office of the Trustee, and such notice references the Securities and this Indenture.

 

SECTION 7.03.         Individual
Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may
otherwise deal with the Issuer or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent
or Registrar may do the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11.

 

SECTION 7.04.         Trustee’s
Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture,
the Parent Guarantee, any Subsidiary Guarantee or the Securities, it shall not be accountable for the Issuer’s use of the
proceeds from the Securities, and it shall not be responsible for any statement of the Issuer, the Parent Guarantor, or any Subsidiary
Guarantor in this Indenture or in any document issued in connection with the sale of the Securities or in the Securities other
than the Trustee’s certificate of authentication. The Trustee shall not be charged with knowledge of any Default or Event
of Default under Sections 6.01(c), (d), (e), (h), or (i) or of the identity of any Significant Subsidiary unless either (a) a
Trust Officer shall have actual knowledge thereof or (b) the Trustee shall have received written notice thereof in accordance
with Section 13.02 hereof from the Issuer, the Parent Guarantor, any Subsidiary Guarantor or any Holder. In accepting the
trust hereby created, the Trustee acts solely as Trustee for the Holders and not in its individual capacity and all persons, including
without limitation the Holders of Securities and the Issuer having any claim against the Trustee arising from this Indenture shall
look only to the funds and accounts held by the Trustee hereunder for payment except as otherwise provided herein.

 

SECTION 7.05.         Notice
of Defaults. If a Default occurs and is continuing and if it is actually known to a Trust Officer of the Trustee, the Trustee
shall send to each Holder notice of the Default within the earlier of 90 days after it occurs or 30 days after it is actually
known to a Trust Officer or written notice of it is received by the Trustee. Except in the case of a Default in the payment of
principal of, premium (if any) or interest on any Security, the Trustee may withhold the notice if and so long as it in good faith
determines that withholding the notice is in the interests of the Holders.

 

SECTION 7.06.         Reports
by Trustee to the Holders. As promptly as practicable after each June 30 beginning with the June 30 following the
date of this Indenture, and in any event prior to August 30 in each year, the Trustee shall send to each Holder a brief report
dated as of such June 30 that complies with Section 313(a) of the TIA if and to the extent required thereby. The
Trustee shall also comply with Section 313(b) of the TIA.

 

A copy of each report at the time of its
mailing to the Holders shall be filed with the SEC and each stock exchange (if any) on which the Securities are listed. The Issuer
agrees to notify promptly the Trustee in writing whenever the Securities become listed on any stock exchange and of any delisting
thereof.

 

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SECTION 7.07.         Compensation
and Indemnity. The Issuer shall pay to the Trustee from time to time such compensation for its services as shall be agreed
in writing between the Issuer and the Trustee. The Trustee’s compensation shall not be limited by any law on compensation
of a trustee of an express trust. The Issuer shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses
incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include
the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts.
The Issuer, the Parent Guarantor and each Subsidiary Guarantor, jointly and severally, shall indemnify the Trustee against any
and all loss, liability, claim, damage or expense (including reasonable attorneys’ fees and expenses) incurred by or in
connection with the acceptance or administration of this trust and the performance of its duties hereunder, including the costs
and expenses of enforcing this Indenture, the Parent Guarantee or Subsidiary Guarantee against the Issuer, the Parent Guarantor
or a Subsidiary Guarantor (including this Section 7.07) and defending itself against or investigating any claim (whether
asserted by the Issuer, the Parent Guarantor, any Subsidiary Guarantor, any Holder or any other Person). The obligation to pay
such amounts shall survive the payment in full or defeasance of the Securities or the removal or resignation of the Trustee. The
Trustee shall notify the Issuer of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof;
provided, however, that any failure so to notify the Issuer shall not relieve the Issuer, the Parent Guarantor or any Subsidiary
Guarantor of its indemnity obligations hereunder. The Issuer shall defend the claim and the indemnified party shall provide reasonable
cooperation at the Issuer’s expense in the defense. Such indemnified parties may have separate counsel and the Issuer, the
Parent Guarantor and the Subsidiary Guarantors, as applicable shall pay the fees and expenses of such counsel; provided,
however, that the Issuer shall not be required to pay such fees and expenses if it assumes such indemnified parties’
defense and, in such indemnified parties’ reasonable judgment, there is no conflict of interest between the Issuer, the
Parent Guarantor and the Subsidiary Guarantors, as applicable, and such parties in connection with such defense. The Issuer need
not reimburse any expense or indemnify against any loss, liability or expense incurred by an indemnified party through such party’s
own willful misconduct or negligence.

 

To secure the Issuer’s, the Parent
Guarantor’s and the Subsidiary Guarantors’ payment obligations in this Section, the Trustee shall have a Lien prior
to the Securities on all money or property held or collected by the Trustee other than money or property held in trust to pay principal
of and interest on particular Securities pursuant to Article 8 hereof or otherwise.

 

The Issuer’s, the Parent Guarantor’s
and the Subsidiary Guarantors’ payment obligations pursuant to this Section shall survive the satisfaction or discharge
of this Indenture, any rejection or termination of this Indenture under any Bankruptcy Law or the resignation or removal of the
Trustee. Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee incurs expenses
after the occurrence of a Default specified in Section 6.01(f) or (g) with respect to the Issuer, the expenses are
intended to constitute expenses of administration under the Bankruptcy Law.

 

No provision of this Indenture shall require
the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers, if repayment of such funds or adequate indemnity against such risk
or liability is not assured to its satisfaction.

 

SECTION 7.08.         Replacement
of Trustee.

 

(a)           The
Trustee may resign at any time by so notifying the Issuer. The Holders of a majority in principal amount of the Securities may
remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Issuer shall remove the Trustee if:

 

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

 

(ii)           the
Trustee is adjudged bankrupt or insolvent;

 

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

 

(iv)          the
Trustee otherwise becomes incapable of acting.

 

(b)           If
the Trustee resigns, is removed by the Issuer or by the Holders of a majority in principal amount of the Securities and such Holders
do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee
in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee.

 

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(c)            A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers
and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of its succession to the Holders. The
retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided
for in Section 7.07.

 

(d)           If
a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee
or the Holders of 10% in principal amount of the Securities may petition at the expense of the Issuer any court of competent jurisdiction
for the appointment of a successor Trustee.

 

(e)           If
the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided in Section 310(b) of
the TIA, any Holder who has been a bona fide holder of a Security for at least six months may petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor Trustee.

 

(f)            Notwithstanding
the replacement of the Trustee pursuant to this Section, the Issuer’s obligations under Section 7.07 shall continue
for the benefit of the retiring Trustee.

 

SECTION 7.09.         Successor
Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate
trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without
any further act shall be the successor Trustee.

 

In case at the time such successor or successors
by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Securities
shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication
of any predecessor trustee, and deliver such Securities so authenticated; and in case at that time any of the Securities shall
not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor
hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which
it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have.

 

SECTION 7.10.         Eligibility;
Disqualification. The Trustee shall at all times satisfy the requirements of Section 310(a) of the TIA. The Trustee
shall have a combined capital and surplus of at least $100 million as set forth in its most recent published annual report of
condition. The Trustee shall comply with Section 310(b) of the TIA, subject to its right to apply for a stay of its
duty to resign under the penultimate paragraph of Section 310(b) of the TIA; provided, however, that there shall be
excluded from the operation of Section 310(b)(1) of the TIA any series of securities issued under this Indenture and
any indenture or indentures under which other securities or certificates of interest or participation in other securities of the
Issuer are outstanding if the requirements for such exclusion set forth in Section 310(b)(1) of the TIA are met.

 

SECTION 7.11.         Preferential
Collection of Claims Against the Issuer. The Trustee shall comply with Section 311(a) of the TIA, excluding any
creditor relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed shall be subject
to Section 311(a) of the TIA to the extent indicated.

 

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ARTICLE 8

 

DISCHARGE OF INDENTURE; DEFEASANCE

 

SECTION 8.01.         Discharge
of Liability on Securities; Defeasance. This Indenture shall be discharged and shall cease to be of further effect (except
as to surviving rights of registration of transfer or exchange of Securities, as expressly provided for in this Indenture) as
to all outstanding Securities when:

 

(a)           either
(i) all the Securities theretofore authenticated and delivered (other than Securities pursuant to Section 2.08 which
have been replaced or paid and Securities for whose payment money has theretofore been deposited in trust or segregated and held
in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust) have been delivered to the Trustee for
cancellation or (ii) all of the Securities (a) have become due and payable, (b) will become due and payable at their
stated maturity within one year or (c) if redeemable at the option of the Issuer, are to be called for redemption within one
year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the
expense, of the Issuer, and the Issuer has irrevocably deposited or caused to be deposited with the Trustee cash in U.S. Dollars,
U.S. Government Obligations or a combination thereof in an amount sufficient in the written opinion of a firm of independent public
accountants delivered to the Trustee (which delivery shall only be required if U.S. Government Obligations have been so deposited)
to pay and discharge the entire Indebtedness on the Securities not theretofore delivered to the Trustee for cancellation, for principal
of, premium, if any, and interest on the Securities to the date of deposit together with irrevocable instructions from the Issuer
directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; provided that upon
any redemption that requires the payment of the Make-Whole Premium, the amount deposited shall be sufficient for purposes of this
Indenture to the extent that an amount is deposited with the Trustee equal to the Make-Whole Premium calculated as of the date
of the notice of redemption, with any deficit as of the date of the redemption only required to be deposited with the Trustee on
or prior to the date of the redemption;

 

(b)           the
Issuer, the Parent Guarantor and/or the Subsidiary Guarantors have paid all other sums payable under this Indenture; and

 

(c)           the
Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all conditions precedent
under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with.

 

Subject to Sections 8.01(c) and 8.02,
the Issuer at any time may terminate (i) all of its obligations under the Securities and this Indenture (“legal defeasance
option”) or (ii) its obligations under Sections 4.02, 4.08, 4.09, 4.11, 4.12 and 4.15 for the benefit of the Securities
and the operation of Section 5.01 and Sections 6.01(c), 6.01(d), 6.01(e), 6.01(f) (with respect to Significant Subsidiaries
of the Issuer only), 6.01(g) (with respect to Significant Subsidiaries of the Issuer only), 6.01(h), 6.01(i), 6.01(j) and
6.01(k) (“covenant defeasance option”) for the benefit of the Securities. The Issuer may exercise its legal defeasance
option notwithstanding its prior exercise of its covenant defeasance option. In the event that the Issuer terminates all of its
obligations under the Securities and this Indenture by exercising its legal defeasance option or its covenant defeasance option,
the obligations of each Subsidiary Guarantor under its Subsidiary Guarantee of the Securities and all obligations under the Security
Documents shall be terminated simultaneously with the termination of such obligations.

 

If the Issuer exercises its legal defeasance
option, payment of the Securities so defeased may not be accelerated because of an Event of Default. If the Issuer exercises its
covenant defeasance option, payment of the Securities so defeased may not be accelerated because of an Event of Default specified
in Section 6.01(c), 6.01(d), 6.01(e), 6.01(f) (with respect to Significant Subsidiaries of the Issuer only), 6.01(g) (with
respect to Significant Subsidiaries of the Issuer only), 6.01(h), 6.01(i), 6.01(j) or 6.01(k).

 

Upon satisfaction of the conditions set
forth herein and upon request of the Issuer, the Trustee shall acknowledge in writing the discharge of those obligations that the
Issuer terminates.

 

Notwithstanding clauses (a) and (b) above,
the Issuer’s obligations in Sections 2.04, 2.05, 2.06, 2.07, 2.08, 2.09, 7.07, 7.08 and in this Article 8 shall survive
until the Securities have been paid in full. Thereafter, the Issuer’s obligations in Sections 7.07, 8.05 and 8.06 shall survive
such satisfaction and discharge.

 

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SECTION 8.02.         Conditions
to Defeasance.

 

(a)           The
Issuer may exercise its legal defeasance option or its covenant defeasance option, in each case, with respect to the Securities
only if:

 

(i)            the
Issuer irrevocably deposits in trust with the Trustee cash in U.S. Dollars, U.S. Government Obligations or a combination thereof
in an amount sufficient or U.S. Government Obligations, the principal of and the interest on which will be sufficient, or a combination
thereof sufficient, to pay the principal of and premium (if any) and interest on the Securities when due at maturity or redemption,
as the case may be, including interest thereon to maturity or such redemption date; provided that upon any redemption that
requires the payment of the Make-Whole Premium, the amount deposited shall be sufficient for purposes of this Indenture to the
extent that an amount is deposited with the Trustee equal to the Make-Whole Premium calculated as of the date of the notice of
redemption, with any deficit as of the date of the redemption only required to be deposited with the Trustee on or prior to the
date of the redemption;

 

(ii)           the
Issuer delivers to the Trustee a certificate from a nationally recognized firm of independent accountants expressing their opinion
that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus
any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay principal,
premium, if any, and interest when due on all the Securities to maturity or redemption, as the case may be; provided that upon
any redemption that requires the payment of the Make-Whole Premium the amount deposited shall be sufficient for purposes of this
Indenture to the extent that an amount is deposited with the Trustee equal to the Make-Whole Premium calculated as of the date
of the notice of redemption, with any deficit as of the date of the redemption only required to be deposited with the Trustee on
or prior to the date of the redemption;

 

(iii)          123
days pass after the deposit is made and during the 123-day period no Default specified in Section 6.01(f) or (g) with
respect to the Issuer occurs which is continuing at the end of the period;

 

(iv)          the
deposit does not constitute a default under any other agreement binding on the Issuer;

 

(v)           in
the case of the legal defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that (1) the
Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the date of
this Indenture there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for Federal income tax purposes
as a result of such deposit and 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 deposit and defeasance had not occurred, provided that such Opinion of Counsel
shall not be required by this clause (v) if all the Securities not theretofore delivered to the Trustee for cancellation (x) have
become due and payable or (y) will become due and payable at their Stated Maturity within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer;

 

(vi)          such
exercise does not impair the right of any Holder to receive payment of principal, premium, if any, and interest on such Holder’s
Securities on or after the due dates therefore or to institute suit for the enforcement of any payment on or with respect to such
Holder’s Securities;

 

(vii)         in
the case of the covenant defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and 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 deposit and defeasance had not occurred; and

 

(viii)        the
Issuer delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent
to the defeasance and discharge of the Securities to be so defeased and discharged as contemplated by this Article 8 have
been complied with.

 

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(b)           Before
or after a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of such Securities at a future
date in accordance with Article 3.

 

SECTION 8.03.         Application
of Trust Money. The Trustee shall hold in trust money or U.S. Government Obligations (including proceeds thereof) deposited
with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations through
each Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Securities so discharged
or defeased.

 

SECTION 8.04.         Repayment
to Issuer. Each of the Trustee and each Paying Agent shall promptly turn over to the Issuer upon request any money or U.S.
Government Obligations held by it as provided in this Article which, in the written opinion of a nationally recognized firm
of independent public accountants delivered to the Trustee (which delivery shall only be required if U.S. Government Obligations
have been so deposited), are in excess of the amount thereof which would then be required to be deposited to effect an equivalent
discharge or defeasance in accordance with this Article 8.

 

Subject to any applicable abandoned property
law, the Trustee and each Paying Agent shall pay to the Issuer upon written request any money held by them for the payment of principal
or interest that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Issuer for payment
as general creditors, and the Trustee and each Paying Agent shall have no further liability with respect to such monies.

 

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

 

SECTION 8.06.         Reinstatement.
If the Trustee or any Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with this Article 8
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the Issuer’s obligations under this Indenture and the Securities so discharged
or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time
as the Trustee or any Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with this
Article 8; provided, however, that, if the Issuer has made any payment of principal of or interest on, any such Securities
because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Securities
to receive such payment from the money or U.S. Government Obligations held by the Trustee or any Paying Agent.

 

ARTICLE 9

 

AMENDMENTS AND WAIVERS

 

SECTION 9.01.        Without
Consent of the Holders. The Issuer and the Trustee may amend this Indenture, the Securities, any Security Document or any
Intercreditor Agreement with respect to the Securities without notice to or consent of any Holder:

 

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

 

(ii)           to
provide for the assumption by a Successor Company of the obligations of the Issuer under this Indenture and the Securities;

 

(iii)          to
provide for the assumption by a Successor Subsidiary Guarantor of the obligations of a Subsidiary Guarantor under this Indenture
and its Subsidiary Guarantee;

 

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

 

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(v)           to
add a Subsidiary Guarantee with respect to the Securities or to secure the Securities;

 

(vi)          to
add additional assets as Collateral;

 

(vii)         to
release Collateral from the Lien securing the Securities pursuant to the Security Documents when permitted or required by this
Indenture, the Security Documents or any Intercreditor Agreement;

 

(viii)        to
add to the covenants of the Issuer for the benefit of the Holders or to surrender any right or power herein conferred upon the
Issuer;

 

(ix)           to
modify the Security Documents and/or any Intercreditor Agreements, to secure other First Priority Lien Obligations and/or second
priority secured obligations of the Issuer or any Subsidiary Guarantor (including, without limitation, any Other Second-Lien Obligations)
so long as such other First Priority Lien Obligations and/or second priority secured obligations (including, without limitation,
any Other Second-Lien Obligations) are not prohibited by the provisions of the Credit Agreements, the Existing Second Priority
Notes Indentures, this Indenture, the First Priority Dollar Notes Indentures or First Priority Euro Notes Indenture;

 

(x)            to
comply with any requirement of the SEC in connection with qualifying or maintaining the qualification of this Indenture under the
TIA;

 

(xi)           to
make any change that does not adversely affect the rights of any Holder;

 

(xii)          to
effect any provision of this Indenture or to make certain changes to this Indenture to provide for the issuance of Additional Securities;

 

(xiii)         to
provide for the issuance of the Exchange Securities or the Additional Securities, which shall have terms substantially identical
in all material respects to the Original Securities, and which shall be treated, together with any outstanding Original Securities,
as a single issue of securities; or

 

(xiv)         to
conform the text of this Indenture or the Securities to any provision of the “Description of First Priority Notes”
section of the Offering Memorandum to the extent that such a provision in the “Description of First Priority Notes”
section of the Offering Memorandum was intended to be a verbatim recitation of a provision to comply with any requirements of this
Indenture or the Securities.

 

After an amendment under this Section 9.01
becomes effective, the Issuer shall mail to the Holders a notice briefly describing such amendment. The failure to give such notice
to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.01.

 

SECTION 9.02.         With
Consent of the Holders. The Issuer and the Trustee may amend this Indenture, the Securities, the Security Documents and the
Intercreditor Agreements with respect to the Securities with the written consent of the Holders of at least a majority in principal
amount of the Securities then outstanding voting as a single class (including consents obtained in connection with a tender offer
or exchange for the Securities). However, without the consent of each Holder of an outstanding Security affected, an amendment
may not:

 

(i)             reduce
the amount of Securities whose Holders must consent to an amendment,

 

(ii)            reduce
the rate of or extend the time for payment of interest on any Security,

 

(iii)           reduce
the principal of or change the Stated Maturity of any Security,

 

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(iv)           reduce
the premium payable upon the redemption of any Security or change the time at which any Security may be redeemed in accordance
with Article 3,

 

(v)           make
any Security payable in money other than that stated in such Security,

 

(vi)          expressly
subordinate the Securities or any Subsidiary Guarantee to any other Indebtedness of the Issuer or any Subsidiary Guarantor,

 

(vii)         impair
the right of any Holder to receive payment of principal of, premium, if any, and interest on such Holder’s Securities on
or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s
Securities,

 

(viii)        make
any change in Section 6.04 or 6.07 or the second sentence of this Section 9.02,

 

(ix)           modify
any Subsidiary Guarantee in any manner adverse to the Holders, or

 

(x)            make
any change in the provisions in any Intercreditor Agreement or this Indenture dealing with the application of gross proceeds of
Collateral that would adversely affect the Holders of the Securities.

 

Subject to Section 11.04, without the
consent of the Holders of at least two-thirds in aggregate principal amount of the Securities then outstanding, no amendment or
waiver may release all or substantially all of the Collateral from the Lien of this Indenture and the Security Documents with respect
to the Securities.

 

It shall not be necessary for the consent
of the Holders under this Section 9.02 to approve the particular form of any proposed amendment, but it shall be sufficient
if such consent approves the substance thereof.

 

After an amendment under this Section 9.02
becomes effective, the Issuer shall promptly mail to the Holders a notice briefly describing such amendment. The failure to give
such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.02.

 

SECTION 9.03.         Compliance
with Trust Indenture Act. From the date on which this Indenture is qualified under the TIA, every amendment, waiver or supplement
to this Indenture or the Securities shall comply with the TIA as then in effect.

 

SECTION 9.04.         Revocation
and Effect of Consents and Waivers.

 

(a)            A
consent to an amendment or a waiver by a Holder of a Security shall bind the Holder and every subsequent Holder of that Security
or portion of the Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent
or waiver is not made on the Security. However, any such Holder or subsequent Holder may revoke the consent or waiver as to such
Holder’s Security or portion of the Security if the Trustee receives written notice of revocation delivered in accordance
with Section 13.02 before the date on which the Trustee receives an Officers’ Certificate from the Issuer certifying
that the requisite principal amount of Securities have consented. After an amendment or waiver becomes effective, it shall bind
every Holder. An amendment or waiver becomes effective upon the (i) receipt by the Issuer or the Trustee of consents by the
Holders of the requisite principal amount of securities, (ii) satisfaction of conditions to effectiveness as set forth in
this Indenture and any indenture supplemental hereto containing such amendment or waiver and (iii) execution of such amendment
or waiver (or supplemental indenture) by the Issuer and the Trustee.

 

(b)            The
Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their
consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date
is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Holders at such record date (or their
duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given
or to take any such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be
valid or effective for more than 120 days after such record date.

 

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SECTION 9.05.         Notation
on or Exchange of Securities. If an amendment, supplement or waiver changes the terms of a Security, the Issuer may require
the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security regarding
the changed terms and return it to the Holder. Alternatively, if the Issuer or the Trustee so determines, the Issuer in exchange
for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make
the appropriate notation or to issue a new Security shall not affect the validity of such amendment, supplement or waiver.

 

SECTION 9.06.         Trustee
to Sign Amendments . The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this
Article 9 if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it
does, the Trustee may but need not sign it. In signing such amendment, the Trustee shall receive indemnity reasonably
satisfactory to it and shall be provided with, and (subject to Section 7.01) shall be fully protected in conclusively
relying upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is
authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding
obligation of the Issuer and the Subsidiary Guarantors, enforceable against them in accordance with its terms, subject to
customary exceptions, and complies with the provisions hereof (including Section 9.03).

 

SECTION 9.07.         Payment
for Consent. Neither the Issuer nor any Affiliate of the Issuer shall, directly or indirectly, pay or cause to be paid any
consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment
of any of the terms or provisions of this Indenture or the Securities unless such consideration is offered to be paid to all Holders
that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver
or agreement.

 

SECTION 9.08.         Additional
Voting Terms; Calculation of Principal Amount. Except as otherwise set forth herein, all Securities issued under this Indenture
shall vote and consent separately on all matters as to which any of such Securities may vote. Determinations as to whether Holders
of the requisite aggregate principal amount of Securities have concurred in any direction, waiver or consent shall be made in
accordance with this Article 9 and Section 2.14.

 

ARTICLE 10

 

RANKING OF NOTE LIENS

 

SECTION 10.01.       Relative
Rights. The Intercreditor Agreements shall define the relative rights, as lienholders, of holders of Note Obligations and
Other Second-Lien Obligations on the one hand and holders of First Priority Lien Obligations on the other hand. Nothing in this
Indenture or the Intercreditor Agreements will:

 

(a)           impair,
as between the Issuer and Holders, the obligation of the Issuer, which is absolute and unconditional, to pay principal of, premium
and interest on the Securities in accordance with their terms or to perform any other obligation of the Issuer or any other Obligor
under this Indenture, the Securities, the Parent Guarantee, the Subsidiary Guarantees and the Security Documents;

 

(b)           restrict
the right of any Holder to sue for payments that are then due and owing, in a manner not inconsistent with the provisions of the
Intercreditor Agreements;

 

(c)           prevent
the Trustee, the Collateral Agent or any Holder from exercising against the Issuer or any other Obligor any of its other available
remedies upon a Default or Event of Default (other than its rights as a secured party, which are subject to the Intercreditor Agreements);
or

 

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(d)           restrict
the right of the Trustee, the Collateral Agent or any Holder:

 

(i)            to
file and prosecute a petition seeking an order for relief in an involuntary Bankruptcy Case as to any Obligor or otherwise to commence,
or seek relief commencing, any insolvency or liquidation proceeding involuntarily against any Obligor;

 

(ii)           to
make, support or oppose any request for an order for dismissal, abstention or conversion in any insolvency or liquidation proceeding;

 

(iii)          to
make, support or oppose, in any insolvency or liquidation proceeding, any request for an order extending or terminating any period
during which the debtor (or any other Person) has the exclusive right to propose a plan of reorganization or other dispositive
restructuring or liquidation plan therein;

 

(iv)          to
seek the creation of, or appointment to, any official committee representing creditors (or certain of the creditors) in any insolvency
or liquidation proceedings and, if appointed, to serve and act as a member of such committee without being in any respect restricted
or bound by, or liable for, any of the obligations under this Article 10;

 

(v)           to
seek or object to the appointment of any professional person to serve in any capacity in any insolvency or liquidation proceeding
or to support or object to any request for compensation made by any professional person or others therein;

 

(vi)          to
make, support or oppose any request for order appointing a trustee or examiner in any insolvency or liquidation proceedings; or

 

(vii)         otherwise
to make, support or oppose any request for relief in any insolvency or liquidation proceeding that it is permitted by law to make,
support or oppose if it were a holder of unsecured claims; or

 

(viii)        as
to any matter relating to any plan of reorganization or other restructuring or liquidation plan or as to any matter relating to
the administration of the estate or the disposition of the case or proceeding (in each case except as set forth in the Intercreditor
Agreements).

 

ARTICLE 11

 

COLLATERAL

 

SECTION 11.01.       Security
Documents. The payment of the principal of and interest and premium, if any, on the Securities when due, whether on an interest
payment date, at maturity, by acceleration, repurchase, redemption or otherwise and whether by the Issuer pursuant to the Securities
or by any Subsidiary Guarantor pursuant to its Subsidiary Guarantees, the payment of all other Obligations and the performance
of all other obligations of the Issuer and the Subsidiary Guarantors under this Indenture, the Securities, the Subsidiary Guarantees
and the Security Documents shall be secured as provided in the Security Documents and will be secured by the Security Documents
delivered as required or permitted by this Indenture. The Issuer shall, and shall cause each Restricted Subsidiary to, and each
Restricted Subsidiary shall, do all filings (including filings of continuation statements and amendments to UCC financing statements
that may be necessary to continue the effectiveness of such UCC financing statements) and all other actions as are necessary or
required by the Security Documents to maintain (at the sole cost and expense of the Issuer and its Restricted Subsidiaries) the
security interest created by the Security Documents in the Collateral (other than with respect to any Collateral the security
interest in which is not required to be perfected under the Security Documents) as a perfected first priority security interest
subject only to Permitted Liens.

 

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SECTION 11.02.       Collateral
Agent.

 

(a)            The
Collateral Agent is authorized and empowered to appoint one or more co-Collateral Agents as it deems necessary or appropriate.

 

(b)           Subject
to Section 7.01, neither the Trustee nor the Collateral Agent nor any of their respective officers, directors, employees,
attorneys or agents will be responsible or liable for the existence, genuineness, value or protection of any Collateral, for the
legality, enforceability, effectiveness or sufficiency of the Security Documents, for the creation, perfection, priority, sufficiency
or protection of any First Priority Lien, or for any defect or deficiency as to any such matters, or for any failure to demand,
collect, foreclose or realize upon or otherwise enforce any of the First Priority Liens or Security Documents or any delay in doing
so.

 

(c)           Subject
to the Security Documents and the Intercreditor Agreements, the Collateral Agent will be subject to such directions as may be given
it by the Trustee from time to time (as required or permitted by this Indenture). Subject to the Security Documents and the Intercreditor
Agreements, except as directed by the Trustee as required or permitted by this Indenture and any other representatives, the Collateral
Agent will not be obligated:

 

(i)            to
act upon directions purported to be delivered to it by any other Person;

 

(ii)           to
foreclose upon or otherwise enforce any First Priority Lien; or

 

(iii)          to
take any other action whatsoever with regard to any or all of the First Priority Liens, Security Documents or Collateral.

 

(d)          The
Collateral Agent will be accountable only for amounts that it actually receives as a result of the enforcement of the First Priority
Liens or Security Documents.

 

(e)            In
acting as Collateral Agent or co-Collateral Agent, the Collateral Agent and each co-Collateral Agent may conclusively rely upon
and enforce each and all of the rights, powers, immunities, indemnities and benefits of the Trustee under Article 7 hereof.

 

(f)            [Reserved].

 

(g)           If
the Issuer (i) Incurs additional First Priority Lien Obligations or second priority lien obligations, in each case, permitted
to be so Incurred and secured pursuant to the terms of this Indenture at any time when no applicable intercreditor agreement is
in effect or at any time when Indebtedness constituting First Priority Lien Obligations or second priority lien obligations subject
to an existing Intercreditor Agreement is concurrently retired, and (ii) delivers to the Collateral Agent an Officers’
Certificate so stating and requesting the Collateral Agent to enter into an intercreditor agreement (on substantially the same
terms as an Intercreditor Agreement in effect on the Issue Date) with a designated agent or representative for the holders of the
First Priority Lien Obligations or second priority lien obligations so Incurred, the Trustee and the Collateral Agent shall (and
is hereby authorized and directed to) enter into such intercreditor agreement, bind the Holders on the terms set forth therein
and perform and observe its obligations thereunder.

 

SECTION 11.03.       Authorization
of Actions to Be Taken.

 

(a)            Each
Holder of Securities, by its acceptance thereof, consents and agrees to the terms of each Security Document and the Intercreditor
Agreements, as originally in effect and as amended, supplemented or replaced from time to time in accordance with its terms or
the terms of this Indenture, authorizes and directs the Trustee and the Collateral Agent to enter into the Security Documents to
which it is a party, authorizes and empowers the Trustee to direct the Collateral Agent to enter into, and the Collateral Agent
to execute and deliver, the Intercreditor Agreements or joinders thereto, and authorizes and empowers the Trustee and the Collateral
Agent to bind the Holders of Securities as set forth in the Security Documents to which it is a party and the Intercreditor Agreements
and to perform its obligations and exercise its rights and powers thereunder.

 

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(b)           The
Collateral Agent and the Trustee are authorized and empowered to receive for the benefit of the Holders of Securities any funds
collected or distributed under the Security Documents to which the Collateral Agent or Trustee is a party and to make further distributions
of such funds to the Holders of Securities according to the provisions of this Indenture.

 

(c)           Subject
to the provisions of Section 7.01, Section 7.02, the Security Documents, and the Intercreditor Agreements, the Trustee
may, in its sole discretion and without the consent of the Holders, direct, on behalf of the Holders, the Collateral Agent to take
all actions it deems necessary or appropriate in order to:

 

(i)            foreclose
upon or otherwise enforce any or all of the First Priority Liens;

 

(ii)           enforce
any of the terms of the Security Documents to which the Collateral Agent or Trustee is a party; or

 

(iii)          collect
and receive payment of any and all Note Obligations.

 

Subject to the Intercreditor Agreements,
the Trustee is authorized and empowered to institute and maintain, or direct the Collateral Agent to institute and maintain, such
suits and proceedings as it may deem expedient to protect or enforce the First Priority Liens or the Security Documents to which
the Collateral Agent or Trustee is a party or to prevent any impairment of Collateral by any acts that may be unlawful or in violation
of the Security Documents to which the Collateral Agent or Trustee is a party or this Indenture, and such suits and proceedings
as the Trustee or the Collateral Agent may deem expedient to preserve or protect its interests and the interests of the Holders
of Securities in the Collateral, including power to institute and maintain suits or proceedings to restrain the enforcement of
or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise
invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder
or be prejudicial to the interests of Holders, the Trustee or the Collateral Agent.

 

SECTION 11.04.       Release
of Liens

.

(a)            Subject
to subsections (b) and (c) of this Section 11.04, Collateral may be released from the Lien and security interest
created by the Security Documents at any time or from time to time in accordance with the provisions of the Security Documents,
the Intercreditor Agreements or as provided hereby. Upon the request of the Issuer pursuant to an Officers’ Certificate and
Opinion of Counsel certifying that all conditions precedent hereunder have been met, the Issuer and the Subsidiary Guarantors will
be entitled to the release of assets included in the Collateral from the Liens securing the Securities, and the Collateral Agent
and the Trustee (if the Trustee is not then the Collateral Agent) shall release the same from such Liens at the Issuer’s
sole cost and expense, under any one or more of the following circumstances:

 

(1)            to
enable the Issuer or any Subsidiary Guarantor to consummate the disposition of such property or assets to the extent not prohibited
under this Indenture;

 

(2)            in
the case of a Subsidiary Guarantor that is released from its Subsidiary Guarantee with respect to the Securities, the release of
the property and assets of such Subsidiary Guarantor;

 

(3)            as
described under Article 9; or

 

(4)            to
the extent required by the terms of any Intercreditor Agreement;

 

Upon the receipt of an Officers’ Certificate
from the Issuer and an Opinion of Counsel, as described above, and any necessary or proper instruments of termination, satisfaction
or release prepared by the Issuer, the Collateral Agent shall execute, deliver or acknowledge such instruments or releases to evidence
the release of any Collateral permitted to be released pursuant to this Indenture or the Security Documents or the Intercreditor
Agreements.

 

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(b)            Except
as otherwise provided in the Intercreditor Agreements, no Collateral may be released from the Lien and security interest created
by the Security Documents unless the Officers’ Certificate required by this Section 11.04 has been delivered to the
Collateral Agent and the Trustee not less than five days prior to the date of such release.

 

(c)            At
any time when a Default or Event of Default has occurred and is continuing and the maturity of the Securities has been accelerated
(whether by declaration or otherwise) and the Trustee has delivered a notice of acceleration to the Collateral Agent, no release
of Collateral pursuant to the provisions of this Indenture or the Security Documents will be effective as against the Holders,
except as otherwise provided in the Intercreditor Agreements.

 

SECTION 11.05.     Filing,
Recording and Opinions.

 

(a)            The
Issuer will comply with the provisions of TIA §§ 314(b) and 314(d), in each case following qualification of this
Indenture pursuant to the TIA and except to the extent not required as set forth in any SEC regulation or interpretation (including
any no-action letter issued by the Staff of the SEC, whether issued to the Issuer or any other Person). Following such qualification,
to the extent the Issuer is required to furnish to the Trustee an Opinion of Counsel pursuant to TIA §§ 314(b)(2), the
Issuer will furnish such opinion not more than 60 but not less than 30 days prior to each September 30.

 

Any release of Collateral permitted by Section 11.04
hereof will be deemed not to impair the Liens under this Indenture and the Security Documents in contravention thereof and any
person that is required to deliver an Officers’ Certificate or Opinion of Counsel pursuant to Section 314(d) of
the TIA, shall be entitled to rely upon the foregoing as a basis for delivery of such certificate or opinion. The Trustee may,
to the extent permitted by Sections 7.01 and 7.02 hereof, accept as conclusive evidence of compliance with the foregoing provisions
the appropriate statements contained in such documents and Opinion of Counsel.

 

(b)            If
any Collateral is released in accordance with this Indenture or any Security Document and if the Issuer has delivered the certificates
and documents required by the Security Documents and Section 11.04, the Trustee will determine whether it has received all
documentation required by TIA § 314(d) in connection with such release and, based on such determination and the Opinion
of Counsel delivered pursuant to Section 11.04, will, upon request, deliver a certificate to the Collateral Agent setting
forth such determination.

 

SECTION 11.06.       [Reserved].

 

SECTION 11.07.       Powers
Exercisable by Receiver or Trustee. In case the Collateral shall be in the possession of a receiver or trustee, lawfully appointed,
the powers conferred in this Article 11 upon the Issuer or a Subsidiary Guarantor with respect to the release, sale or other
disposition of such property may be exercised by such receiver or trustee, and an instrument signed by such receiver or trustee
shall be deemed the equivalent of any similar instrument of the Issuer or a Subsidiary Guarantor or of any officer or officers
thereof required by the provisions of this Article 11; and if the Trustee shall be in the possession of the Collateral under
any provision of this Indenture, then such powers may be exercised by the Trustee.

 

SECTION 11.08.       Release
Upon Termination of the Issuer’s Obligations. In the event (i) that the Issuer delivers to the Trustee, in form
and substance acceptable to it, an Officers’ Certificate and Opinion of Counsel certifying that all the obligations under
this Indenture, the Securities and the Security Documents have been satisfied and discharged by the payment in full of the Issuer’s
obligations under the Securities, this Indenture and the Security Documents, and all such obligations have been so satisfied,
or (ii) a discharge, legal defeasance or covenant defeasance of this Indenture occurs under Article 8, the Trustee shall
deliver to the Issuer and the Collateral Agent a notice stating that the Trustee, on behalf of the Holders, disclaims and gives
up any and all rights it has in or to the Collateral, and any rights it has under the Security Documents, and upon receipt by
the Collateral Agent of such notice, the Collateral Agent shall be deemed not to hold a Lien in the Collateral on behalf of the
Trustee and shall, at the expense of the Issuer, do or cause to be done all acts reasonably necessary to release such Lien as
soon as is reasonably practicable.

 

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SECTION 11.09.       Designations.
Except as provided in the next sentence, for purposes of the provisions hereof and the Intercreditor Agreements requiring the
Issuer to designate Indebtedness for the purposes of the terms First Priority Lien Obligations and Other Second-Lien Obligations,
or any other such designations hereunder or under the Intercreditor Agreements, any such designation shall be sufficient if the
relevant designation provides in writing that such First Priority Lien Obligations or Other Second-Lien Obligations are permitted
under this Indenture and is signed on behalf of the Issuer by an Officer and delivered to the Trustee, the Collateral Agent and
the First Lien Agent. For all purposes hereof and the Intercreditor Agreements, the Issuer hereby designates the Obligations pursuant
to the Credit Agreements as in effect on the Issue Date as First Priority Lien Obligations and designates the Note Obligations
as First Priority Lien Obligations (as defined in each Existing Second Priority Notes Indenture).

 

ARTICLE 12

 

SUBSIDIARY GUARANTEES

 

SECTION 12.01.       Subsidiary
Guarantees.

 

(a)           Each
Subsidiary Guarantor hereby jointly and severally, irrevocably and unconditionally guarantees on a senior basis and on a first
priority senior secured basis, as a primary obligor and not merely as a surety, to each Holder, the Trustee and the Collateral
Agent and their successors and assigns (i) the full and punctual payment when due, whether at Stated Maturity, by acceleration,
by redemption or otherwise, of all obligations of the Issuer under this Indenture (including obligations to the Trustee and the
Collateral Agent) and the Securities, whether for payment of principal of, premium, if any, or interest on the Securities and all
other monetary obligations of the Issuer under this Indenture and the Securities and (ii) the full and punctual performance
within applicable grace periods of all other obligations of the Issuer whether for fees, expenses, indemnification or otherwise
under this Indenture and the Securities (the foregoing obligations set forth in clauses (i) through (ii) being hereinafter
collectively called the “Guaranteed Obligations”). Each Subsidiary Guarantor further agrees that the Guaranteed Obligations
may be extended or renewed, in whole or in part, without notice or further assent from each such Subsidiary Guarantor, and that
each such Subsidiary Guarantor shall remain bound under this Article 12 notwithstanding any extension or renewal of any Guaranteed
Obligation.

 

(b)           Each
Subsidiary Guarantor waives presentation to, demand of payment from and protest to the Issuer of any of the Guaranteed Obligations
and also waives notice of protest for nonpayment. Each Subsidiary Guarantor waives notice of any default under the Securities or
the Guaranteed Obligations. The obligations of each Subsidiary Guarantor hereunder shall not be affected by (i) the failure
of any Holder, the Trustee or the Collateral Agent to assert any claim or demand or to enforce any right or remedy against the
Issuer or any other Person under this Indenture, the Securities or any other agreement or otherwise; (ii) any extension or
renewal of this Indenture, the Securities or any other agreement; (iii) any rescission, waiver, amendment or modification
of any of the terms or provisions of this Indenture, the Securities or any other agreement; (iv) the release of any security
held by the Collateral Agent on behalf of each Holder and the Trustee for the Guaranteed Obligations or any Subsidiary Guarantor;
(v) the failure of any Holder, the Trustee or the Collateral Agent to exercise any right or remedy against any other guarantor
of the Guaranteed Obligations; or (vi) any change in the ownership of such Subsidiary Guarantor, except as provided in Section 12.02(b).

 

(c)           Each
Subsidiary Guarantor hereby waives any right to which it may be entitled to have its obligations hereunder divided among the Subsidiary
Guarantors, such that such Subsidiary Guarantor’s obligations would be less than the full amount claimed. Each Subsidiary
Guarantor hereby waives any right to which it may be entitled to have the assets of the Issuer first be used and depleted as payment
of the Issuer’s or such Subsidiary Guarantor’s obligations hereunder prior to any amounts being claimed from or paid
by such Subsidiary Guarantor hereunder. Each Subsidiary Guarantor hereby waives any right to which it may be entitled to require
that the Issuer be sued prior to an action being initiated against such Subsidiary Guarantor.

 

(d)           Each
Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein constitutes a guarantee of payment, performance and compliance
when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder, the Trustee
or the Collateral Agent to any security held for payment of the Guaranteed Obligations.

 

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(e)           The
Subsidiary Guarantee of each Subsidiary Guarantor is, to the extent and in the manner set forth in Article 12, equal in right
of payment to all existing and future Pari Passu Indebtedness and senior in right of payment to all existing and future Subordinated
Indebtedness of such Subsidiary Guarantor and is made subject to such provisions of this Indenture.

 

(f)            Except
as expressly set forth in Sections 8.01(b), 12.02 and 12.06, the obligations of each Subsidiary Guarantor hereunder shall not be
subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender,
alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever
or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the
generality of the foregoing, the obligations of each Subsidiary Guarantor herein shall not be discharged or impaired or otherwise
affected by the failure of any Holder, the Trustee or the Collateral Agent to assert any claim or demand or to enforce any remedy
under this Indenture, the Securities or any other agreement, by any waiver or modification of any thereof, by any default, failure
or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do
any other act or thing which may or might in any manner or to any extent vary the risk of any Subsidiary Guarantor or would otherwise
operate as a discharge of any Subsidiary Guarantor as a matter of law or equity.

 

(g)            Each
Subsidiary Guarantor agrees that its Subsidiary Guarantee shall remain in full force and effect until payment in full of all the
Guaranteed Obligations. Each Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein shall continue to be effective
or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed
Obligation is rescinded or must otherwise be restored by any Holder, the Trustee or the Collateral Agent upon the bankruptcy or
reorganization of the Issuer or otherwise.

 

(h)            In
furtherance of the foregoing and not in limitation of any other right which any Holder, the Trustee or the Collateral Agent has
at law or in equity against any Subsidiary Guarantor by virtue hereof, upon the failure of the Issuer to pay the principal of or
interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption
or otherwise, or to perform or comply with any other Guaranteed Obligation, each Subsidiary Guarantor hereby promises to and shall,
upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Trustee an amount equal to the
sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed
Obligations (but only to the extent not prohibited by applicable law) and (iii) all other monetary obligations of the Issuer
to the Trustee.

 

(i)            Each
Subsidiary Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Trustee in respect of
any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Each Subsidiary Guarantor further
agrees that, as between it, on the one hand, and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations
guaranteed hereby may be accelerated as provided in Article 6 for the purposes of any Subsidiary Guarantee herein, notwithstanding
any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby,
and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such
Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by such Subsidiary Guarantor for
the purposes of this Section 12.01.

 

(j)            Each
Subsidiary Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees and expenses)
incurred by the Collateral Agent, the Trustee or any Holder in enforcing any rights under this Section 12.01.

 

(k)           Upon
request of the Trustee, each Subsidiary Guarantor shall execute and deliver such further instruments and do such further acts as
may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

 

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SECTION 12.02.       Limitation
on Liability.

 

(a)           Any
term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations
guaranteed hereunder by any Subsidiary Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering
this Indenture, as it relates to such Subsidiary Guarantor, voidable under applicable law relating to fraudulent conveyance or
fraudulent transfer or similar laws affecting the rights of creditors generally.

 

(b)           A
Subsidiary Guarantee as to any Subsidiary Guarantor shall terminate and be of no further force or effect and such Subsidiary Guarantor
shall be deemed to be released from all obligations under this Article 12 upon:

 

(i)            the
sale, disposition or other transfer (including through merger or consolidation) of all the Capital Stock (including any sale, disposition
or other transfer following which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary) of the applicable Subsidiary
Guarantor if such sale, disposition or other transfer is made in compliance with this Indenture,

 

(ii)           the
Issuer designating such Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance with the provisions set forth under
the definition of “Unrestricted Subsidiary,”

 

(iii)           in
the case of any Restricted Subsidiary that after the Issue Date is required to guarantee the Securities pursuant to Section 4.11,
the release or discharge of the guarantee by such Restricted Subsidiary of Indebtedness of the Issuer or any Restricted Subsidiary
of the Issuer or such Restricted Subsidiary or the repayment of the Indebtedness, in each case, which resulted in the obligation
to guarantee the Securities, and

 

(iv)          the
Issuer’s exercise of its defeasance option under Article 8, or if the Issuer’s obligations under this Indenture
are discharged in accordance with the terms of this Indenture.

 

In the case of clause (b)(i) above,
such Subsidiary Guarantor shall be released from its guarantees, if any, of, and all pledges and security, if any, granted in connection
with, the Credit Agreements and any other Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer.

 

A Subsidiary Guarantee also shall be automatically
released upon (i) the applicable Subsidiary ceasing to be a Subsidiary as a result of any foreclosure of any pledge or security
interest securing First Priority Lien Obligations, subject to, in each case, the application of the proceeds of such foreclosure
in the manner set forth in the Security Documents or the Intercreditor Agreements or (ii) if such Subsidiary is released from
its guarantees of, and all pledges and security interests granted in connection with, the Credit Agreements and any other Indebtedness
of the Issuer or any Restricted Subsidiary of the Issuer which results in the obligation to guarantee the Securities; provided,
that in the case of clause (ii) above, the Issuer has obtained ratings from at least two Rating Agencies that reflect an Investment
Grade Rating (x) for the corporate rating of the Issuer and (y) for the Securities after given effect to the proposed
release of guarantees and security interests.

 

SECTION 12.03.       Successors
and Assigns. This Article 12 shall be binding upon each Subsidiary Guarantor and its successors and assigns and shall
inure to the benefit of the successors and assigns of the Collateral Agent, the Trustee and the Holders and, in the event of any
transfer or assignment of rights by any Holder, the Trustee or the Collateral Agent, the rights and privileges conferred upon
that party in this Indenture and in the Securities shall automatically extend to and be vested in such transferee or assignee,
all subject to the terms and conditions of this Indenture.

 

SECTION 12.04.       No
Waiver. Neither a failure nor a delay on the part of either the Trustee, the Collateral Agent or the Holders in exercising
any right, power or privilege under this Article 12 shall operate as a waiver thereof, nor shall a single or partial exercise
thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee,
the Collateral Agent and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies
or benefits which either may have under this Article 12 at law, in equity, by statute or otherwise.

 

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SECTION 12.05.       Modification.
No modification, amendment or waiver of any provision of this Article 12, nor the consent to any departure by any Subsidiary
Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such
waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand
on any Subsidiary Guarantor in any case shall entitle such Subsidiary Guarantor to any other or further notice or demand in the
same, similar or other circumstances.

 

SECTION 12.06.       Execution
of Supplemental Indenture for Future Subsidiary Guarantors. Each Subsidiary and other Person which is required to become a
Subsidiary Guarantor pursuant to Section 4.11 or the first sentence of Section 12.01 shall promptly execute and deliver
to the Trustee a supplemental indenture, substantially in the form of Exhibit D pursuant to which such Subsidiary or other
Person shall become a Subsidiary Guarantor under this Article 12 and shall guarantee the Guaranteed Obligations. Concurrently
with the execution and delivery of such supplemental indenture, the Issuer shall deliver to the Trustee an Opinion of Counsel
and an Officers’ Certificate to the effect that such supplemental indenture has been duly authorized, executed and delivered
by such Subsidiary or other Person and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance
or transfer and other similar laws relating to creditors’ rights generally and to the principles of equity, whether considered
in a proceeding at law or in equity, the Subsidiary Guarantee of such Subsidiary Guarantor is a valid and binding obligation of
such Subsidiary Guarantor, enforceable against such Subsidiary Guarantor in accordance with its terms and/or to such other matters
as the Trustee may reasonably request.

 

SECTION 12.07.       Non-Impairment.
The failure to endorse a Subsidiary Guarantee on any Security shall not affect or impair the validity thereof.

 

ARTICLE 13

 

MISCELLANEOUS

 

SECTION 13.01.       Trust
Indenture Act Controls. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the
duties imposed by, or with another provision (an “incorporated provision”) included in this Indenture by operation
of, Sections 310 to 318 of the TIA, inclusive, such imposed duties or incorporated provision shall control.

 

SECTION 13.02.       Notices.

 

(a)            Any
notice or communication required or permitted hereunder shall be in writing and delivered in person, via facsimile or mailed by
first-class mail addressed as follows:

 

if to the Issuer, the Parent Guarantor
or a Subsidiary Guarantor:

 

Berry Global, Inc.

101 Oakley Street

Evansville, Indiana 47710

Attention of: General Counsel

Facsimile: (812) 424-0128

 

if to the Trustee:

 

U.S. Bank National Association

100 Wall Street, Suite 1600

New York, New York 10005

Attention: Corporate Trust Services

Facsimile: (212) 509-3384

 

 

    -64-

     

    

 

if to the Collateral Agent:

 

U.S. Bank National Association

100 Wall Street, Suite 1600

New York, New York 10005

Attention: Corporate Trust Services

Facsimile: (212) 509-3384

 

The Issuer, the Trustee or the Collateral Agent by notice to
the other may designate additional or different addresses for subsequent notices or communications.

 

(b)           Any
notice or communication mailed to a Holder shall be mailed, first class mail, or sent electronically to the Holder at the Holder’s
address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed or sent within the
time prescribed.

 

(c)           Failure
to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.
If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it,
except that notices to the Trustee are effective only if received.

 

SECTION 13.03.       Communication
by the Holders with Other Holders. The Holders may communicate in accordance with the procedures set forth in Section 312(b) of
the TIA with other Holders with respect to their rights under this Indenture or the Securities. The Issuer, the Trustee, the Registrar
and other Persons shall have the protection of Section 312(e) of the TIA.

 

SECTION 13.04.       Certificate
and Opinion as to Conditions Precedent. Upon any request or application by the Issuer to the Trustee to take or refrain from
taking any action under this Indenture, the Issuer shall furnish to the Trustee at the request of the Trustee:

 

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

 

(b)            an
Opinion of Counsel in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions
precedent have been complied with.

 

SECTION 13.05.       Statements
Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided
for in this Indenture (other than pursuant to Section 4.09) shall include:

 

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

 

(b)            a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(c)            a
statement that, in the opinion of such individual, he has made such examination or investigation as is necessary to enable him
to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(d)            a
statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with; provided,
however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates
of public officials.

 

    -65-

     

    

 

SECTION 13.06.       When
Securities Disregarded. In determining whether the Holders of the required principal amount of Securities have concurred in
any direction, waiver or consent, Securities owned by the Issuer, the Parent Guarantor, any Subsidiary Guarantor or by any Person
directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer, the Parent Guarantor
or any Subsidiary Guarantor shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining
whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities which a Trust Officer
of the Trustee actually knows are so owned shall be so disregarded. Subject to the foregoing, only Securities outstanding at the
time shall be considered in any such determination.

 

SECTION 13.07.       Rules by
Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of the Holders.
The Registrar and a Paying Agent may make reasonable rules for their functions.

 

SECTION 13.08.       Legal
Holidays. If a payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business Day,
and no interest shall accrue on any amount that would have been otherwise payable on such payment date if it were a Business Day
for the intervening period. If a regular record date is not a Business Day, the record date shall not be affected.

 

SECTION 13.09.       GOVERNING
LAW; WAIVER OF JURY TRIAL. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE ISSUER, THE PARENT GUARANTOR, THE SUBSIDIARY
GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

SECTION 13.10.       No
Recourse Against Others. No director, officer, employee, manager, incorporator or holder of any Equity Interests in the Issuer
or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the Issuer under the Securities
or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of
Securities by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Securities.

 

SECTION 13.11.       Successors.
All agreements of the Issuer, the Parent Guarantor and each Subsidiary Guarantor in this Indenture and the Securities shall bind
its successors. All agreements of the Trustee in this Indenture shall bind its successors.

 

SECTION 13.12.       Multiple
Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of
them together represent the same agreement. One signed copy is enough to prove this Indenture. The exchange of copies of this
Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this
Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties
hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

SECTION 13.13.       Table
of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture
have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or
restrict any of the terms or provisions hereof.

 

SECTION 13.14.       Indenture
Controls. If and to the extent that any provision of the Securities limits, qualifies or conflicts with a provision of
this Indenture, such provision of this Indenture shall control.

 

 

    -66-

     

    

 

SECTION 13.15.     Severability.
In case any provision in this Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only
to the extent of such invalidity, illegality or unenforceability.

 

SECTION 13.16.     Force
Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes,
work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being
understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry
to resume performance as soon as practicable under the circumstances.

 

SECTION 13.17.     U.S.A.
Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee,
like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account
with the Trustee.

 

ARTICLE 14

 

PARENT GUARANTEE

 

SECTION 14.01.     Parent
Guarantee.

 

(a)           The
Parent Guarantor will hereby irrevocably and unconditionally guarantee on a senior basis, as a primary obligor and not merely as
a surety, to each Holder, the Trustee, the Collateral Agent and their successors and assigns the Guaranteed Obligations. The Parent
Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further
assent from the Parent Guarantor, and that no extension or renewal of any Guaranteed Obligation shall release the obligations of
the Parent Guarantor hereunder. The obligations of the Parent Guarantor hereunder shall be joint and several with the Subsidiary
Guarantees of the Subsidiary Guarantors. The Parent Guarantor waives presentation to, demand of payment from and protest to the
Issuer of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. The Parent Guarantor waives notice
of any default under the Securities or the Guaranteed Obligations. The obligations of the Parent Guarantor hereunder shall not
be affected by (i) the failure of any Holder, the Trustee or the Collateral Agent to assert any claim or demand or to enforce
any right or remedy against the Issuer or any other Person under this Indenture, the Securities or any other agreement or otherwise;
(ii) any extension or renewal of this Indenture, the Securities or any other agreement; (iii) any rescission, waiver,
amendment or modification of any of the terms or provisions of this Indenture, the Securities or any other agreement; (iv) the
release of any security held by the Collateral Agent on behalf of each Holder and the Trustee for the Guaranteed Obligations or
any Subsidiary Guarantor; or (v) the failure of any Holder, the Trustee or the Collateral Agent to exercise any right or remedy
against any other guarantor of the Guaranteed Obligations. The Parent Guarantor hereby waives any right to which it may be entitled
to have its obligations hereunder divided among itself and the Subsidiary Guarantors, such that the Parent Guarantor’s obligations
would be less than the full amount claimed. The Parent Guarantor hereby waives any right to which it may be entitled to have the
assets of the Issuer first be used and depleted as payment of the Issuer’s or the Parent Guarantor’s obligations hereunder
prior to any amounts being claimed from or paid by the Parent Guarantor hereunder. The Parent Guarantor hereby waives any right
to which it may be entitled to require that the Issuer be sued prior to an action being initiated against the Parent Guarantor.
The Parent Guarantor further agrees that its Parent Guarantee constitutes a guarantee of payment, performance and compliance when
due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder, the Trustee or the
Collateral Agent to any security held for payment of the Guaranteed Obligations.

 

(b)           The
Parent Guarantee of the Parent Guarantor is, to the extent and in the manner set forth herein, equal in right of payment to all
existing and future Parent Pari Passu Indebtedness and senior in right of payment to all existing and future Parent Subordinated
Indebtedness and is made subject to such provisions of this Indenture.

 

    -67-

     

    

 

(c)           Except
as expressly set forth in Section 8.01(b) of this Indenture, the obligations of the Parent Guarantor hereunder shall
not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without
limiting the generality of the foregoing, the obligations of the Parent Guarantor shall not be discharged or impaired or otherwise
affected by the failure of any Holder, the Trustee or the Collateral Agent to assert any claim or demand or to enforce any remedy
under this Indenture, the Securities or any other agreement, by any waiver or modification of any thereof, by any default, failure
or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do
any other act or thing which may or might in any manner or to any extent vary the risk of the Parent Guarantor or would otherwise
operate as a discharge of the Parent Guarantor as a matter of law or equity.

 

(d)           The
Parent Guarantor agrees that its Parent Guarantee shall remain in full force and effect until payment in full of all the Guaranteed
Obligations. The Parent Guarantor further agrees that its Parent Guarantee shall continue to be effective or be reinstated, as
the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded
or must otherwise be restored by any Holder, the Trustee or the Collateral Agent upon the bankruptcy or reorganization of the Issuer
or otherwise.

 

(e)           In
furtherance of the foregoing and not in limitation of any other right which any Holder, the Trustee or the Collateral Agent has
at law or in equity against the Parent Guarantor by virtue hereof, upon the failure of the Issuer to pay the principal of or interest
on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise,
or to perform or comply with any other Guaranteed Obligation, the Parent Guarantor hereby promises to and shall, upon receipt of
written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Trustee an amount equal to the sum of (i) the
unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed Obligations (but
only to the extent not prohibited by applicable law) and (iii) all other monetary obligations of the Issuer to the Trustee.

 

(f)           The
Parent Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Trustee in respect of any
Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. The Parent Guarantor further agrees
that, as between it, on the one hand, and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations guaranteed
hereby may be accelerated as provided in Article 6 for the purposes of the Parent Guarantee herein, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in
the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such Guaranteed Obligations
(whether or not due and payable) shall forthwith become due and payable by the Parent Guarantor for the purposes of this Section 14.01.

 

(g)          The
Parent Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees and expenses) incurred
by the Collateral Agent, the Trustee or any Holder in enforcing any rights under this Section 14.01.

 

(h)           Upon
request of the Trustee, the Parent Guarantor shall execute and deliver such further instruments and do such further acts as may
be reasonably necessary or proper to carry out more effectively the purpose of this Section 14.01.

 

(i)            For
the avoidance of doubt, the Parent Guarantor will not be subject to any of the restrictive covenants contained in this Indenture
or any of the other obligations or agreements of a Subsidiary Guarantor hereunder.

 

SECTION 14.02.     Successors
and Assigns. This Article 14 shall be binding upon the Parent Guarantor and its successors and assigns and shall inure
to the benefit of the successors and assigns of the Trustee, the Collateral Agent and the Holders and, in the event of any transfer
or assignment of rights by any Holder, the Trustee or the Collateral Agent, the rights and privileges conferred upon that party
in this Article 14 and in the Securities shall automatically extend to and be vested in such transferee or assignee, all
subject to the terms and conditions of this Indenture.

 

    -68-

     

    

 

SECTION 14.03.     No
Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right, power or privilege
under this Indenture shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further
exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the Holders in this Indenture
expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this
Article 14 at law, in equity, by statute or otherwise.

 

SECTION 14.04.     Modification.
No modification, amendment or waiver of any provision of this Article 14, nor the consent to any departure by the Parent
Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such
waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand
on the Parent Guarantor in any case shall entitle the Parent Guarantor to any other or further notice or demand in the same, similar
or other circumstances.

 

SECTION 14.05.     Non-Impairment.
The failure to endorse the Parent Guarantee provided for herein on any Security shall not affect or impair the validity thereof.

 

[Signature Pages Follow]

 

    -69-

     

    

 

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

 

	 	Very truly yours,
	 	 
	 	BERRY GLOBAL, INC.
	 	 
	 	 
	 	By:	/s/
    Jason K. Greene
	 		Name: 	 Jason K. Greene
	 		Title: 	Executive Vice President, General Counsel and Secretary

 

 

	 	PARENT GUARANTOR:
	 	 
	 	BERRY GLOBAL GROUP, INC.
	 	 
	 	 
		By:	/s/
    Jason K. Greene
			Name: 	Jason K. Greene
			Title: 	Executive Vice President, Chief Legal Officer and Secretary

 

     

     

    

 

	 	SUBSIDIARY GUARANTORS:
	 	 
	 	 
	 	AEROCON, LLC
	 	AVINTIV ACQUISITION CORPORATION
	 	AVINTIV INC.
	 	AVINTIV SPECIALTY MATERIALS INC.
	 	BERRY FILM PRODUCTS ACQUISITION COMPANY, INC.
	 	BERRY FILM PRODUCTS COMPANY, INC.
	 	BERRY PLASTICS ACQUISITION CORPORATION
    V
	 	BERRY PLASTICS ACQUISITION CORPORATION
    XII
	 	BERRY PLASTICS ACQUISITION CORPORATION
    XIII
	 	BERRY GLOBAL FILMS, LLC
	 	BERRY PLASTICS ACQUISITION LLC X
	 	BERRY PLASTICS DESIGN, LLC
	 	BERRY PLASTICS FILMCO, INC.
	 	BERRY PLASTICS 1K, LLC
	 	BERRY PLASTICS OPCO, INC.
	 	BERRY PLASTICS SP, INC.
	 	BERRY PLASTICS TECHNICAL SERVICES, INC.
	 	BERRY SPECIALTY TAPES, LLC
	 	BERRY STERLING CORPORATION
	 	BPREX BRAZIL HOLDING INC.
	 	BPREX CLOSURE SYSTEMS, LLC
	 	BPREX CLOSURES KENTUCKY INC.
	 	BPREX CLOSURES, LLC
	 	BPREX DELTA INC.
	 	BPREX HEALTHCARE BROOKVILLE INC.
	 	BPREX HEALTHCARE PACKAGING INC.
	 	BPREX PLASTIC PACKAGING INC.
	 	BPREX PLASTICS SERVICES COMPANY INC.
	 	BPREX PRODUCT DESIGN AND ENGINEERING
    INC.
	 	BPREX SPECIALTY PRODUCTS PUERTO RICO
    INC.
	 	CAPLAS LLC
	 	CAPLAS NEPTUNE, LLC
	 	CAPTIVE PLASTICS HOLDINGS, LLC
	 	CAPTIVE PLASTICS, LLC
	 	CARDINAL PACKAGING, INC.
	 	CHICOPEE, INC.
	 	COVALENCE SPECIALTY ADHESIVES LLC
	 	COVALENCE SPECIALTY COATINGS LLC
	 	CPI HOLDING CORPORATION
	 	DOMINION TEXTILE (USA), L.L.C.
	 	FABRENE, L.L.C.
	 	FIBERWEB GEOS, INC.
	 	FIBERWEB, LLC
	 	KERR GROUP, LLC
	 	KNIGHT PLASTICS, LLC
	 	OLD HICKORY STEAMWORKS, LLC
	 	PACKERWARE, LLC
	 	PESCOR, INC.
	 	PGI EUROPE, INC.
	 	PGI POLYMER, INC.
	 	PLIANT INTERNATIONAL, LLC
	 	PLIANT, LLC
	 	POLY-SEAL, LLC

 

     

     

    

 

	 	PRISTINE BRANDS CORPORATION
	 	PROVIDENCIA USA, INC.
	 	ROLLPAK CORPORATION
	 	SAFFRON ACQUISITION, LLC
	 	SETCO, LLC
	 	SUN COAST INDUSTRIES,
    LLC
	 	UNIPLAST HOLDINGS, LLC
	 	UNIPLAST U.S., INC.
	 	VENTURE PACKAGING, INC.
	 	VENTURE PACKAGING MIDWEST, INC.
	 	 
	 	 
	 	By:	/s/Jason
    K. Greene
	 	 	Name: 	Jason K. Greene
	 	 	Title: 	Executive Vice
President, General Counsel and Secretary
	 	 	 

 

	 	GLOBAL CLOSURE SYSTEMS
    AMERICA 1, INC.
	 	LETICA CORPORATION
	 	LETICA RESOURCES, INC.
	 	M&H PLASTICS, INC.
	 	RPC BRAMLAGE, INC.
	 	RPC LEOPARD HOLDINGS, INC.
	 	RPC PACKAGING HOLDINGS
    (US), INC.
	 	RPC PROMENS INC.
	 	RPC SUPERFOS US, INC.
	 	RPC ZELLER PLASTIK LIBERTYVILLE, INC.
	 	 
	 	 
	 	By:	/s/
    Jason K. Greene
	 	 	Name: 	Jason K. Greene
	 	 	Title: 	Executive Vice
President, General Counsel and Assistant Secretary
	 	 	 

 

	 	LADDAWN, INC.
	 	DUMPLING ROCK, LLC
	 	ESTERO PORCH, LLC
	 	LAMB’S GROVE, LLC
	 	MILLHAM, LLC
	 	SUGDEN, LLC
	 	 
	 	 
	 	By:	/s/
    Jason K. Greene
	 	 	Name: 	Jason K. Greene
	 	 	Title: 	Executive Vice
President, General Counsel and Secretary
	 	 

 

     

     

    

 

		GRAFCO INDUSTRIES LIMITED
    PARTNERSHIP
	 	 
	 	By:	Caplas Neptune, LLC, its
    General Partner
	 	 	 
	 	 
	 	By:	/s/
    Jason K. Greene
	 	 	Name:
    	Jason
    K. Greene
	 	 	Title:
    	Executive
    Vice President, General Counsel and Secretary
	 	 	 	 
	 	 	 	 
	 	CHOCKSETT ROAD LIMITED
    PARTNERSHIP
	 	 	 	 
	 	By:	Berry Global, Inc., its General Partner
	 	 	 
	 	 	 	 
	 	By:	/s/ Jason K. Greene
	 	 	Name:	Jason
    K. Greene
	 	 	Title:	Executive
    Vice President, General Counsel and Secretary
	 	 	 	 
	 	 	 	 
	 	CHOCKSETT ROAD REALTY TRUST
	 	 
	 	By:	Laddawn, Inc., its Trustee
	 	 	 	 
	 	By:	/s/ Jason K. Greene
	 	 	Name:	Jason
    K. Greene
	 	 	Title:	Executive
    Vice President, General Counsel and Secretary
	 	 	 	 

 

     

     

    

 

		U.S. BANK NATIONAL ASSOCIATION, as Trustee and Collateral
Agent
	 	 
	 	 	 	 
	 	By:	/s/
    Beverly A. Freeney
	 	 	Name:	Beverly A.
    Freeney
	 	 	Title:	Vice President
	 	 	 	 

 

     

     

    

 

APPENDIX A

 

PROVISIONS RELATING TO ORIGINAL SECURITIES, ADDITIONAL SECURITIES
AND EXCHANGE SECURITIES

 

1.            Definitions.

 

1.1            Definitions.

 

For the purposes of this Appendix A the
following terms shall have the meanings indicated below:

 

“Additional Interest” has the
meaning set forth in the Registration Rights Agreement.

 

“Definitive Security” means
a certificated Original Security or Exchange Security (bearing the Restricted Securities Legend if the transfer of such Security
is restricted by applicable law) that does not include the Global Securities Legend.

 

“Depository” means The Depository
Trust Company, its nominees and their respective successors.

 

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

 

“IAI” means an institutional
 “accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act.

 

“Initial Purchasers” means Citigroup
Global Markets Inc., J.P. Morgan Securities LLC, Barclays Capital Inc., BofA Securities, Inc., Credit Suisse Securities (USA)
LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities,
LLC, as initial purchasers under the Purchase Agreement entered into in connection with the offer and sale of the Securities.

 

“Purchase Agreement” means (a) the
Purchase Agreement dated January 11, 2021, among the Issuer, the guarantors party thereto and the Representatives and (b) any
other similar Purchase Agreement relating to Additional Securities.

 

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

 

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

 

“Registration Rights Agreement”
means (a) the Registration Rights Agreement dated as of January 15, 2021 among the Issuer, the guarantors party thereto
and the Representatives relating to the Securities and (b) any other similar registration rights agreement relating to Additional
Securities.

 

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

 

“Regulation S Securities” means
all Original Securities offered and sold outside the United States in reliance on Regulation S.

 

“Representatives” means Citigroup
Global Markets Inc. and J.P. Morgan Securities LLC, as representatives of the Initial Purchasers.

 

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

 

    Appendix A-1

     

    

 

“Restricted Securities Legend”
means the legend set forth in Section 2.2(f)(i) herein.

 

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

 

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

 

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

 

“Securities Custodian” means
the custodian with respect to a Global Security (as appointed by the Depository) or any successor person thereto, who shall initially
be the Trustee.

 

“Shelf Registration Statement”
means a registration statement filed by the Company in connection with the offer and sale of Original Securities pursuant to the
Registration Rights Agreement.

 

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

 

“Unrestricted Definitive Security”
means Definitive Securities and any other Securities that are not required to bear, or are not subject to, the Restricted Securities
Legend.

 

“Unrestricted Global Security”
means Global Securities and any other Securities that are not required to bear, or are not subject to, the Restricted Securities
Legend.

 

1.2            Other
Definitions.

 

	Term:	Defined in Section:
	 	 
	Agent Members	2.1(b)
	Clearstream	2.1(b)
	Euroclear	2.1(b)
	Global Securities	2.1(b)
	Regulation S Global Securities	2.1(b)
	Regulation S Permanent Global Security	2.1(b)
	Regulation S Temporary Global Security	2.1(b)
	Rule 144A Global Securities	2.1(b)

 

2.            The Securities.

 

2.1            Form and
Dating; Global Securities.

 

(a)            The
Original Securities issued on the date hereof will be (i) offered and sold by the Issuer pursuant to the Purchase Agreement
and (ii) resold, initially only to (1) QIBs in reliance on Rule 144A and (2) Persons other than U.S. Persons
(as defined in Regulation S) in reliance on Regulation S. Such Original Securities may thereafter be transferred to, among others,
QIBs, purchasers in reliance on Regulation S and, except as set forth below, IAIs in accordance with Rule 501. Additional
Securities offered after the date hereof may be offered and sold by the Issuer from time to time pursuant to one or more purchase
agreements in accordance with applicable law.

 

(b)            Global
Securities. (i) Rule 144A Securities initially shall be represented by one or more Securities in definitive, fully
registered, global form without interest coupons (collectively, the “Rule 144A Global Securities”) and Regulation
S Securities initially shall be represented by one or more Securities in fully registered, global form without interest coupons
(collectively, the “Regulation S Temporary Global Security” and, together with the Regulation S Permanent Global Security
(defined below), the “Regulation S Global Securities”), which shall, in each case, be registered in the name of the
Depository or the nominee of the Depository for the accounts of designated agents holding on behalf of Euroclear Bank SA/NV, as
operator of the Euroclear system, or any successor thereof (“Euroclear”) or Clearstream Banking, S.A., or any successor
thereof (“Clearstream”).

 

    Appendix A-2

     

    

 

The Restricted Period shall be terminated
upon the receipt by the Trustee of: (1) a written certificate from the Depository, together with copies of certificates from
Euroclear and Clearstream certifying that they have received certification of non-United States beneficial ownership of 100% of
the aggregate principal amount of the Regulation S Temporary Global Security (except to the extent of any beneficial owners thereof
who acquired an interest therein during the Restricted Period pursuant to another exemption from registration under the Securities
Act and who shall take delivery of a beneficial ownership interest in a 144A Global Security bearing a Restricted Securities Legend,
all as contemplated by this Appendix A); and (2) an Officers’ Certificate from the Issuer.

 

Following the termination of the Restricted
Period, beneficial interests in the Regulation S Temporary Global Security shall be exchanged for beneficial interests in a permanent
Global Security (the “Regulation S Permanent Global Security”) pursuant to the applicable procedures of the Depository.
Simultaneously with the authentication of the Regulation S Permanent Global Security, the Trustee shall cancel the Regulation S
Temporary Global Security. The aggregate principal amount of the Regulation S Temporary Global Security and the Regulation S Permanent
Global Security may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository
or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided.

 

The provisions of the “Operating Procedures
of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and
Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of
beneficial interests in the Rule 144A Global Securities, the Regulation S Temporary Global Security and the Regulation S Permanent
Global Security that are held by Participants through Euroclear or Clearstream.

 

The term “Global Securities”
means the Rule 144A Global Securities and the Regulation S Global Securities. The Global Securities shall bear the Global
Security Legend. The Global Securities initially shall (i) be registered in the name of the Depository or the nominee of the
Depository, in each case for credit to an account of an Agent Member (as defined below), (ii) be delivered to the Trustee
as custodian for such Depository and (iii) bear the Restricted Securities Legend.

 

Members of, or direct or indirect participants
in, the Depository shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depository,
or the Trustee as its custodian, or under the Global Securities. The Depository may be treated by the Issuer, the Trustee and any
agent of the Issuer or the Trustee as the absolute owner of the Global Securities for all purposes whatsoever. Notwithstanding
the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect
to any written certification, proxy or other authorization furnished by the Depository, or impair, as between the Depository and
its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Security.

 

(ii)            Transfers
of Global Securities shall be limited to transfer in whole, but not in part, to the Depository, its successors or its nominees.
Interests of beneficial owners in the Global Securities may be transferred or exchanged for Definitive Securities only in accordance
with the applicable rules and procedures of the Depository and the provisions of Section 2.2. In addition, a Global Security
shall be exchangeable for Definitive Securities if (x) the Depository (1) notifies the Issuer that it is unwilling or
unable to continue as depository for such Global Security and the Issuer thereupon fails to appoint a successor depository within
90 days or (2) has ceased to be a clearing agency registered under the Exchange Act or (y) there shall have occurred
and be continuing an Event of Default with respect to such Global Security; provided that in no event shall the Regulation
S Temporary Global Security be exchanged by the Issuer for Definitive Securities prior to (x) the expiration of the Restricted
Period and (y) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under
the Securities Act. In all cases, Definitive Securities delivered in exchange for any Global Security or beneficial interests therein
shall be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depository in accordance
with its customary procedures.

 

    Appendix A-3

     

    

 

(iii)            In
connection with the transfer of a Global Security as an entirety to beneficial owners pursuant to subsection (i) of this
Section 2.1(b), such Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer shall
execute, and the Trustee shall authenticate and make available for delivery, to each beneficial owner identified by the Depository
in writing in exchange for its beneficial interest in such Global Security, an equal aggregate principal amount of Definitive
Securities of authorized denominations.

 

(iv)            Any
Transfer Restricted Security delivered in exchange for an interest in a Global Security pursuant to Section 2.2 shall, except
as otherwise provided in Section 2.2, bear the Restricted Securities Legend.

 

(v)            Notwithstanding
the foregoing, through the Restricted Period, a beneficial interest in such Regulation S Global Security may be held only through
Euroclear or Clearstream unless delivery is made in accordance with the applicable provisions of Section 2.2.

 

(vi)            The
Holder of any Global Security may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may
hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Securities.

 

2.2            Transfer
and Exchange.

 

(a)            Transfer
and Exchange of Global Securities. A Global Security may not be transferred as a whole except as set forth in Section 2.1(b).
Global Securities will not be exchanged by the Issuer for Definitive Securities except under the circumstances described in Section 2.1(b)(ii).
Global Securities also may be exchanged or replaced, in whole or in part, as provided in Sections 2.08 and 2.10 of this Indenture.
Beneficial interests in a Global Security may be transferred and exchanged as provided in Section 2.2(b) or 2.2(c).

 

(b)            Transfer
and Exchange of Beneficial Interests in Global Securities. The transfer and exchange of beneficial interests in the Global
Securities shall be effected through the Depository, in accordance with the provisions of this Indenture and the applicable rules and
procedures of the Depository. Beneficial interests in Restricted Global Securities shall be subject to restrictions on transfer
comparable to those set forth herein to the extent required by the Securities Act. Beneficial interests in Global Securities shall
be transferred or exchanged only for beneficial interests in Global Securities. Transfers and exchanges of beneficial interests
in the Global Securities also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as
well as one or more of the other following subparagraphs, as applicable:

 

(i)            Transfer
of Beneficial Interests in the Same Global Security. Beneficial interests in any Transfer Restricted Security may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Security in accordance
with the transfer restrictions set forth in the Restricted Securities Legend; provided, however, that prior to the expiration
of the Restricted Period, transfers of beneficial interests in a Regulation S Global Security may not be made to a U.S. Person
or for the account or benefit of a U.S. Person (other than an Initial Purchaser). A beneficial interest in an Unrestricted Global
Security may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global
Security. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described
in this Section 2.2(b)(i).

 

(ii)            All
Other Transfers and Exchanges of Beneficial Interests in Global Securities. In connection with all transfers and exchanges
of beneficial interests in any Global Security that is not subject to Section 2.2(b)(i), the transferor of such beneficial
interest must deliver to the Registrar (1) a written order from an Agent Member given to the Depository in accordance with
the applicable rules and procedures of the Depository directing the Depository to credit or cause to be credited a beneficial
interest in another Global Security in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions
given in accordance with the applicable rules and procedures of the Depository containing information regarding the Agent
Member account to be credited with such increase. Upon satisfaction of all of the requirements for transfer or exchange of beneficial
interests in Global Securities contained in this Indenture and the Securities or otherwise applicable under the Securities Act,
the Trustee shall adjust the principal amount of the relevant Global Security pursuant to Section 2.2(g).

 

    Appendix A-4

     

    

 

(iii)            Transfer
of Beneficial Interests to Another Restricted Global Security. A beneficial interest in a Transfer Restricted Security may
be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Transfer Restricted Security
if the transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar receives the following:

 

(A)            if
the transferee will take delivery in the form of a beneficial interest in a Rule 144A Global Security, then the transferor
must deliver a certificate in the form attached to the applicable Security; and

 

(B)            if
the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Security, then the transferor must
deliver a certificate in the form attached to the applicable Security.

 

(iv)            Transfer
and Exchange of Beneficial Interests in a Transfer Restricted Global Security for Beneficial Interests in an Unrestricted Global
Security. A beneficial interest in a Transfer Restricted Global Security may be exchanged by any holder thereof for a beneficial
interest in an Unrestricted Global Security or transferred to a Person who takes delivery thereof in the form of a beneficial interest
in an Unrestricted Global Security if the exchange or transfer complies with the requirements of Section 2.2(b)(ii) above
and the Registrar receives the following:

 

(A)            if
the holder of such beneficial interest in a Restricted Global Security proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Security, a certificate from such holder in the form attached to the applicable Security; or

 

(B)            if
the holder of such beneficial interest in a Restricted Global Security proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate
from such holder in the form attached to the applicable Security,

 

and, in each such case, if the Issuer or the Registrar so
requests or if the applicable rules and procedures of the Depository so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act
and that the restrictions on transfer contained herein and in the Restricted Securities Legend are no longer required in
order to maintain compliance with the Securities Act. If any such transfer or exchange is effected pursuant to this
subparagraph (iv) at a time when an Unrestricted Global Security has not yet been issued, the Issuer shall issue and,
upon receipt of an written order of the Issuer in the form of an Officers’ Certificate in accordance with
Section 2.01, the Trustee shall authenticate one or more Unrestricted Global Securities in an aggregate principal amount
equal to the aggregate principal amount of beneficial interests transferred or exchanged pursuant to this subparagraph
(iv).

 

(v)            Transfer
and Exchange of Beneficial Interests in an Unrestricted Global Security for Beneficial Interests in a Restricted Global Security.
Beneficial interests in an Unrestricted Global Security cannot be exchanged for, or transferred to Persons who take delivery thereof
in the form of, a beneficial interest in a Restricted Global Security.

 

(c)            Transfer
and Exchange of Beneficial Interests in Global Securities for Definitive Securities. A beneficial interest in a Global Security
may not be exchanged for a Definitive Security except under the circumstances described in Section 2.1(b)(ii). A beneficial
interest in a Global Security may not be transferred to a Person who takes delivery thereof in the form of a Definitive Security
except under the circumstances described in Section 2.1(b)(ii). In any case, beneficial interests in Global Securities shall
be transferred or exchanged only for Definitive Securities.

 

(d)            Transfer
and Exchange of Definitive Securities for Beneficial Interests in Global Securities. Transfers and exchanges of beneficial
interests in the Global Securities also shall require compliance with either subparagraph (i), (ii) or (ii) below, as
applicable:

 

    Appendix A-5

     

    

 

(i)            Transfer
Restricted Securities to Beneficial Interests in Restricted Global Securities. If any Holder of a Transfer Restricted Security
proposes to exchange such Transfer Restricted Security for a beneficial interest in a Restricted Global Security or to transfer
such Transfer Restricted Security to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global
Security, then, upon receipt by the Registrar of the following documentation:

 

(A)            if
the Holder of such Transfer Restricted Security proposes to exchange such Transfer Restricted Security for a beneficial interest
in a Restricted Global Security, a certificate from such Holder in the form attached to the applicable Security;

 

(B)            if
such Transfer Restricted Security is being transferred to a Qualified Institutional Buyer in accordance with Rule 144A under
the Securities Act, a certificate from such Holder in the form attached to the applicable Security;

 

(C)            if
such Transfer Restricted Security is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904 under the Securities Act, a certificate from such Holder in the form attached to the applicable Security;

 

(D)            if
such Transfer Restricted Security is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144 under the Securities Act, a certificate from such Holder in the form attached to the applicable
Security;

 

(E)            if
such Transfer Restricted Security is being transferred to an Institutional Accredited Investor in reliance on an exemption from
the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a
certificate from such Holder in the form attached to the applicable Security, including the certifications, certificates and Opinion
of Counsel, if applicable; or

 

(F)            if
such Transfer Restricted Security is being transferred to the Issuer or a Subsidiary thereof, a certificate from such Holder
in the form attached to the applicable Security;

 

the Trustee shall cancel the Transfer Restricted Security, and increase or
cause to be increased the aggregate principal amount of the appropriate Restricted Global Security.

 

(ii)            Transfer
Restricted Securities to Beneficial Interests in Unrestricted Global Securities. A Holder of a Transfer Restricted Security
may exchange such Transfer Restricted Definitive Security for a beneficial interest in an Unrestricted Global Security or transfer
such Transfer Restricted Security to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Security only if the Registrar receives the following:

 

(A)            if
the Holder of such Transfer Restricted Security proposes to exchange such Transfer Restricted Security for a beneficial interest
in an Unrestricted Global Security, a certificate from such Holder in the form attached to the applicable Security; or

 

(B)            if
the Holder of such Transfer Restricted Securities proposes to transfer such Transfer Restricted Security to a Person who
shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate from such
Holder in the form attached to the applicable Security,

 

and, in each such case, if the Issuer or the Registrar so requests or
if the applicable rules and procedures of the Depository so require, an Opinion of Counsel in form reasonably acceptable
to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the
restrictions on transfer contained herein and in the Restricted Securities Legend are no longer required in order to maintain
compliance with the Securities Act. Upon satisfaction of the conditions of this subparagraph (ii), the Trustee shall cancel
the Transfer Restricted Securities and increase or cause to be increased the aggregate principal amount of the Unrestricted
Global Security. If any such transfer or exchange is effected pursuant to this subparagraph (ii) at a time when an
Unrestricted Global Security has not yet been issued, the Issuer shall issue and, upon receipt of a written order of the
Issuer in the form of an Officers’ Certificate, the Trustee shall authenticate one or more Unrestricted Global
Securities in an aggregate principal amount equal to the aggregate principal amount of Transfer Restricted Securities
transferred or exchanged pursuant to this subparagraph (ii).

 

    Appendix A-6

     

    

 

(iii)            Unrestricted
Definitive Securities to Beneficial Interests in Unrestricted Global Securities. A Holder of an Unrestricted Definitive Security
may exchange such Unrestricted Definitive Security for a beneficial interest in an Unrestricted Global Security or transfer such
Unrestricted Definitive Security to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Security at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable
Unrestricted Definitive Security and increase or cause to be increased the aggregate principal amount of one of the Unrestricted
Global Securities. If any such transfer or exchange is effected pursuant to this subparagraph (iii) at a time when an Unrestricted
Global Security has not yet been issued, the Issuer shall issue and, upon receipt of an written order of the Issuer in the form
of an Officers’ Certificate, the Trustee shall authenticate one or more Unrestricted Global Securities in an aggregate principal
amount equal to the aggregate principal amount of Unrestricted Definitive Securities transferred or exchanged pursuant to this
subparagraph (iii).

 

(iv)            Unrestricted
Definitive Securities to Beneficial Interests in Restricted Global Securities. An Unrestricted Definitive Security cannot be
exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Restricted Global
Security.

 

(e)            Transfer
and Exchange of Definitive Securities for Definitive Securities. Upon request by a Holder of Definitive Securities and such
Holder’s compliance with the provisions of this Section 2.2(e), the Registrar shall register the transfer or exchange
of Definitive Securities. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender
to the Registrar the Definitive Securities duly endorsed or accompanied by a written instruction of transfer in form satisfactory
to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder
shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions
of this Section 2.2(e).

 

(i)            Transfer
Restricted Securities to Transfer Restricted Securities. A Transfer Restricted Security may be transferred to and registered
in the name of a Person who takes delivery thereof in the form of a Transfer Restricted Security if the Registrar receives the
following:

 

(A)            if
the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate in
the form attached to the applicable Security;

 

(B)            if
the transfer will be made pursuant to Rule 903 or Rule 904 under the Securities Act, then the transferor must deliver
a certificate in the form attached to the applicable Security;

 

(C)            if
the transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in accordance with
Rule 144 under the Securities Act, a certificate in the form attached to the applicable Security;

 

(D)            if
the transfer will be made to an IAI in reliance on an exemption from the registration requirements of the Securities Act other
than those listed in subparagraphs (A) through (D) above, a certificate in the form attached to the applicable Security;
and

 

(E)            if
such transfer will be made to the Issuer or a Subsidiary thereof, a certificate in the form attached to the applicable Security.

 

    Appendix A-7

     

    

 

(ii)            Transfer
Restricted Securities to Unrestricted Definitive Securities. Any Transfer Restricted Security may be exchanged by the Holder
thereof for an Unrestricted Definitive Security or transferred to a Person who takes delivery thereof in the form of an Unrestricted
Definitive Security if the Registrar receives the following:

 

(1)            if
the Holder of such Transfer Restricted Security proposes to exchange such Transfer Restricted Security for an Unrestricted Definitive
Security, a certificate from such Holder in the form attached to the applicable Security; or

 

(2)            if
the Holder of such Transfer Restricted Security proposes to transfer such Securities to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Security, a certificate from such Holder in the form attached to the
applicable Security,

 

and, in each such case, if the Registrar so requests, an Opinion of Counsel in form reasonably
acceptable to the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the
restrictions on transfer contained herein and in the Restricted Securities Legend are no longer required in order to maintain
compliance with the Securities Act.

 

(iii)            Unrestricted
Definitive Securities to Unrestricted Definitive Securities. A Holder of an Unrestricted Definitive Security may transfer such
Unrestricted Definitive Securities to a Person who takes delivery thereof in the form of an Unrestricted Definitive Security at
any time. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Securities
pursuant to the instructions from the Holder thereof.

 

(iv)            Unrestricted
Definitive Securities to Transfer Restricted Securities. An Unrestricted Definitive Security cannot be exchanged for, or transferred
to a Person who takes delivery thereof in the form of, a Transfer Restricted Security.

 

At such time as all beneficial interests
in a particular Global Security have been exchanged for Definitive Securities or a particular Global Security has been redeemed,
repurchased or canceled in whole and not in part, each such Global Security shall be returned to or retained and canceled by the
Trustee in accordance with Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Security
is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global
Security or for Definitive Securities, the principal amount of Securities represented by such Global Security shall be reduced
accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depository at the direction of the
Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take
delivery thereof in the form of a beneficial interest in another Global Security, such other Global Security shall be increased
accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depository at the direction of the
Trustee to reflect such increase.

 

(f)            Legend.

 

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

 

“THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT (A)(1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION
S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER
(IF AVAILABLE), (4) TO AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501 OF REGULATION
D UNDER THE SECURITIES ACT IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR (5) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS
OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.”

 

    Appendix A-8

     

    

 

Each Definitive Security shall bear the following additional
legends:

 

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

 

“THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY
ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT
PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES
LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.”

 

(ii)            Upon
any sale or transfer of a Transfer Restricted Security that is a Definitive Security, the Registrar shall permit the Holder thereof
to exchange such Transfer Restricted Security for a Definitive Security that does not bear the legends set forth above and rescind
any restriction on the transfer of such Transfer Restricted Security if the Holder certifies in writing to the Registrar that its
request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse
of the Security).

 

(iii)            After
a transfer of any Original Securities during the period of the effectiveness of a shelf registration statement under the Securities
Act with respect to such Original Securities, all requirements pertaining to the Restricted Securities Legend on such Original
Securities shall cease to apply and the requirements that any such Original Securities be issued in global form shall continue
to apply.

 

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

 

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

 

(vi)            Any
Additional Securities sold in a registered offering shall not be required to bear the Restricted Securities Legend.

 

(g)            Cancellation
or Adjustment of Global Security. At such time as all beneficial interests in a particular Global Security have been exchanged
for Definitive Securities or a particular Global Security has been redeemed, repurchased or canceled in whole and not in part,
each such Global Security shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11 of
this Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Security is exchanged for or transferred
to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security or for Definitive Securities,
the principal amount of Securities represented by such Global Security shall be reduced accordingly and an endorsement shall be
made on such Global Security by the Trustee or by the Depository at the direction of the Trustee to reflect such reduction; and
if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial
interest in another Global Security, such other Global Security shall be increased accordingly and an endorsement shall be made
on such Global Security by the Trustee or by the Depository at the direction of the Trustee to reflect such increase.

 

    Appendix A-9

     

    

 

(h)            Obligations
with Respect to Transfers and Exchanges of Securities.

 

(i)            To
permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate, Definitive Securities
and Global Securities at the Registrar’s request.

 

(ii)            No
service charge shall be made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient
to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer
taxes, assessments or similar governmental charge payable upon exchanges pursuant to Sections 3.06, 4.08 and 9.05 of this Indenture).

 

(iii)            Prior
to the due presentation for registration of transfer of any Security, the Issuer, the Trustee, a Paying Agent or the Registrar
may deem and treat the person in whose name a Security is registered as the absolute owner of such Security for the purpose of
receiving payment of principal of and interest on such Security and for all other purposes whatsoever, whether or not such Security
is overdue, and none of the Issuer, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary.

 

(iv)            All
Securities issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall
be entitled to the same benefits under this Indenture as the Securities surrendered upon such transfer or exchange.

 

(i)            No
Obligation of the Trustee.

 

(i)            The
Trustee shall have no responsibility or obligation to any beneficial owner of a Global Security, a member of, or a participant
in the Depository or any other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant
or member thereof, with respect to any ownership interest in the Securities or with respect to the delivery to any participant,
member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase)
or the payment of any amount, under or with respect to such Securities. All notices and communications to be given to the Holders
and all payments to be made to the Holders under the Securities shall be given or made only to the registered Holders (which shall
be the Depository or its nominee in the case of a Global Security). The rights of beneficial owners in any Global Security shall
be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may
rely and shall be fully protected in relying upon information furnished by the Depository with respect to its members, participants
and any beneficial owners.

 

(ii)            The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers
between or among the Depository participants, members or beneficial owners in any Global Security) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

    Appendix A-10

     

    

 

EXHIBIT A

 

[FORM OF FACE OF SECURITY]

 

[Global Securities Legend]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

[Restricted Securities Legend]

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE
904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED
BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING
OF RULE 501 OF REGULATION D UNDER THE SECURITIES ACT IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH THE APPLICABLE
SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.

 

Each Temporary Regulation S Security shall
bear the following additional legend:

 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY
ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT
PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES
LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.

 

Each Definitive Security shall bear the
following additional legend:

 

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

 

    A-1

     

    

 

[FORM OF SECURITY]

 

	No.	 	 	 	     $__________	 

 

0.95% First Priority Senior Secured Notes
due 2024

 

CUSIP: [144A: 08576 PAC5 /

REG S: U0740 WAE1]

ISIN: [144A: US08576PAC59 / 

REG S: USU0740WAE13]

 

BERRY GLOBAL, INC., a Delaware corporation,
promises to pay to Cede & Co., or registered assigns, the principal sum of                     Dollars
[, as the same may be revised from time to time on the Schedule of Increases or Decreases in Global Security attached hereto,]1
on February 15, 2024.

 

Interest Payment Dates: February 15
and August 15

 

Record Dates: February 1 and August 1

 

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

 

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

 

	 	BERRY GLOBAL, INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

1
        Use the Schedule of Increases and Decreases language if Security is in Global Form.

 

    A-2

     

    

 

 

TRUSTEE’S CERTIFICATE
OF AUTHENTICATION

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee, certifies that this is

one of the Securities

referred to in the Indenture.

 

	By:	 	
	 	Authorized Signatory	 

 

 

 Dated:

 

		*/	If the Security is to be issued in global form, add the Global Securities Legend and the attachment from Exhibit A captioned
 “TO BE ATTACHED TO GLOBAL SECURITIES - SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY.”

 

    A-3

     

    

 

 

[FORM OF REVERSE SIDE OF SECURITY]

 

0.95% First Priority Senior Secured Notes
due 2024

 

Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.

 

		1.	Interest

 

(a)            BERRY
GLOBAL, INC., a Delaware corporation (the “Company”) promises to pay interest on the principal amount of this
Security at the rate per annum shown above. The Company shall pay interest semiannually on February 15 and August 15
of each year, commencing August 15, 2021.2
Interest on Securities shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest
has been paid or duly provided for, from January 15, 20213
until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Company
shall pay interest on overdue principal at the rate borne by the Securities, and it shall pay interest on overdue installments
of interest at the same rate to the extent lawful.

 

(b)            Registration
Rights Agreement. The Holder of this Security shall be entitled to the benefits of a Registration Rights Agreement, dated as
of January 15, 2021, among the Company, the guarantors party thereto and the Representatives.

 

		2.	Method of Payment

 

The Company shall pay interest on the Securities
(except defaulted interest) to the Persons who are registered Holders at the close of business on the February 1 or August 1
next preceding the interest payment date even if Securities are canceled after the record date and on or before the interest payment
date (whether or not a Business Day). Holders must surrender the Securities to the Paying Agent to collect principal payments.
The Company shall pay principal, premium, if any, and interest in Dollars. Payments in respect of the Securities represented by
a Global Security (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available
funds to the accounts specified by DTC or any successor depositary. The Company shall make all payments in respect of a certificated
Security (including principal, premium, if any, and interest) at the office of the Paying Agent, except that, at the option of
the Company, payment of interest may be made by mailing a check to the registered address of each Holder thereof; provided,
however, that payments on the Security may also be made, in the case of a Holder of at least $1,000,000 aggregate principal
amount of Securities, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such
Holder elects payment by wire transfer by giving written notice to the Trustee or Paying Agent to such effect designating such
account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept
in its discretion).

 

		3.	Paying Agent and Registrar

 

Initially, U.S. Bank National Association,
a national banking association (the “Trustee”), will act as paying agent (the “Paying Agent”) and registrar
(the “Registrar”). The Company may appoint and change any Paying Agent or Registrar without notice. The Company or
any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar.

 

 

2        Note: With respect to the Original Securities.

 

3       Note: With respect to the Original Securities.

 

    A-4

     

    

 

		4.	Indenture

 

The Company issued the Securities under
an Indenture dated as of January 15, 2021 (the “Indenture”), among the Company, the guarantors party thereto,
the Trustee and U.S. Bank National Association, as collateral agent (in such capacity, the “Collateral Agent”). The
terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined
in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all
terms and provisions of the Indenture, and the Holders are referred to the Indenture and the TIA for a statement of such terms
and provisions.

 

The Securities are senior obligations of
the Company. This Security is one of the Original Securities referred to in the Indenture. The Securities include the Original
Securities, any Additional Securities and any Exchange Securities pursuant to the Indenture. The Original Securities, any Additional
Securities and any Exchange Securities are treated as a single class of securities under the Indenture. The Indenture imposes certain
limitations on the ability of the Company and its Restricted Subsidiaries to, among other things, create or incur Liens. The Indenture
also imposes limitations on the ability of the Company and each Subsidiary Guarantor to consolidate or merge with or into any other
Person or convey, transfer or lease all or substantially all of its property.

 

To guarantee the due and punctual payment
of the principal and interest on the Securities and all other amounts payable by the Company under the Indenture and the Securities
when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the
Securities and the Indenture, the Subsidiary Guarantors and the Parent Guarantor will jointly and severally, unconditionally guarantee
the Guaranteed Obligations pursuant to the terms of the Indenture.

 

		5.	Optional Redemption

 

Prior to January 15, 2024 (the date
that is one month prior to the maturity date) (“the Par Call Date”), the Securities will be redeemable, in whole or
in part, at the Company’s option, at any time or from time to time, on at least 30 days’ but not more than 60 days’
prior notice to the holders of the Securities to be redeemed, at a redemption price equal to the greater of (i) 100% of the
principal amount of the Securities redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal
and interest on the Securities being redeemed (assuming that such Securities matured on the Par Call Date), exclusive of interest
accrued to, but not including, the redemption date, discounted to the redemption date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate plus 15 basis points (any amount
described in the foregoing clause (ii) over the amount described in the foregoing clause (i), the “Make-Whole Premium”).
On or after the Par Call Date, the Securities will be redeemable, in whole or in part, at the Company’s option, at any time
or from time to time, on at least 15 days’ but not more than 60 days’ prior notice to the holders the Securities to
be redeemed, at a redemption price equal to 100% of the principal amount thereof.

 

Any redemption or notice described above
may, at the Company’s discretion, be subject to one or more conditions precedent.

 

		6.	Sinking Fund

 

The Securities are not subject to any sinking
fund.

 

		7.	Notice of Redemption

 

Notice of redemption pursuant to paragraph
5 above will be mailed by first-class mail or sent electronically at least the amount of day set forth in paragraph 5 above before
the redemption date to each Holder of Securities to be redeemed at his, her or its registered address. Securities in denominations
larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price
of and accrued and unpaid interest on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with
a Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date, interest ceases
to accrue on such Securities (or such portions thereof) called for redemption.

 

    A-5

     

    

 

		8.	Reserved.

 

		9.	Repurchase of Securities at the Option of the Holders upon Change of Control Triggering Event

 

Upon the occurrence of a Change of Control
Triggering Event, each Holder shall have the right, subject to certain conditions specified in the Indenture, to cause the Company
to repurchase all or any part of such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount
thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the Holders of record
on the relevant record date to receive interest due on the relevant interest payment date), as provided in, and subject to the
terms of, the Indenture.

 

		10.	Ranking and Collateral

 

The Securities and the Subsidiary Guarantees
will be secured by a first-priority security interest in the Collateral pursuant to certain Security Documents. The First Priority
Liens upon any and all Collateral will be, to the extent and in the manner provided in the Intercreditor Agreements, of equal in
ranking to all present and future first priority Liens and will be of senior ranking with all present and future Liens securing
second priority lien obligations (including, without limitation, any Other Second-Lien Obligations) as set forth in the Intercreditor
Agreements. The Parent Guarantee will be, to the extent and in the manner set forth in the Indenture, equal in right of payment
to all existing and future Parent Pari Passu Indebtedness and senior in right of payment to all existing and future Parent Subordinated
Indebtedness.

 

		11.	Denominations; Transfer; Exchange

 

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

 

		12.	Persons Deemed Owners

 

The registered Holder of this Security shall
be treated as the owner of it for all purposes.

 

		13.	Unclaimed Money

 

If money for the payment of principal or
interest remains unclaimed for two years, the Trustee and a Paying Agent shall pay the money back to the Company at their written
request unless an abandoned property law designates another Person. After any such payment, the Holders entitled to the money must
look to the Company for payment as general creditors and the Trustee and a Paying Agent shall have no further liability with respect
to such monies.

 

		14.	Discharge and Defeasance

 

Subject to certain conditions and as set
forth in the Indenture, the Company at any time may terminate some of or all of its obligations under the Securities and the Indenture
if the Company deposits with the Trustee money or U.S. Government Obligations deemed sufficient in the opinion of a national recognized
firm of public accountants for the payment of principal and interest on the Securities to redemption or maturity, as the case may
be.

 

    A-6

     

    

 

		15.	Amendment; Waiver

 

Subject to certain exceptions set forth
in the Indenture, (i) the Indenture, the Security Documents, the Intercreditor Agreements or the Securities may be amended
with the written consent of the Holders of at least a majority in aggregate principal amount of the outstanding Securities (voting
as a single class) and (ii) any past default or compliance with any provisions may be waived with the written consent of the
Holders of at least a majority in principal amount of the outstanding Securities. Subject to certain exceptions set forth in the
Indenture, without the consent of any Holder, the Company and the Trustee may amend the Indenture, Security Documents, the Intercreditor
Agreements or the Securities (i) to cure any ambiguity, omission, defect or inconsistency; (ii) to provide for the assumption
by a Successor Company of the obligations of the Company under the Indenture and the Securities; (iii) to provide for uncertificated
Securities in addition to or in place of certificated Securities (provided that the uncertificated Securities are issued
in registered form for purposes of Section 163(f) of the Code, or in a manner such that the uncertificated Securities
are described in Section 163(f)(2)(B) of the Code); (iv) to add a Subsidiary Guarantee with respect to the Securities
or to secure the Securities; (v) to add additional assets as Collateral; (vi) to release Collateral from the Lien or
subordinate such Lien (or conform the subordination of such Lien) pursuant to the Security Documents when permitted or required
by the Indenture, the Security Documents or the Intercreditor Agreements, (vii) to add additional covenants of the Company
for the benefit of the Holders or to surrender rights and powers conferred on the Company; (viii) to modify the Security Documents
and/or any Intercreditor Agreements, to secure other First Priority Lien Obligations and/or Other Second-Lien Obligations of the
Issuer or any Subsidiary Guarantor so long as such other First Priority Lien Obligations and Other Second-Lien Obligations are
not prohibited by the provisions of the Credit Agreements, the Existing Second Priority Notes Indentures, the Indenture, the First
Priority Euro Notes Indenture or the First Priority Dollar Notes Indentures, (ix) to make any change that does not adversely
affect the rights of any Holder; (x) to effect any provision of this Indenture or to make certain changes to this Indenture
to provide for the issuance of Additional Securities; (xi) to provide for the issuance of Additional Securities, which shall
have terms substantially identical in all material respects to the Original Securities, and which shall be treated, together with
any outstanding Original Securities, as a single issue of securities; (xii) to comply with the requirements of the SEC in
order to effect or maintain qualification of the Indenture under the TIA or (xiii) to conform the text of the Indenture or
the Securities to any provision of the “Description of First Priority Notes” section of the Offering Memorandum to
the extent that such a provision in the “Description of First Priority Notes” section of the Offering Memorandum was
intended to be a verbatim recitation of a provision of the Indenture or the Securities.

 

		16.	Defaults and Remedies

 

If an Event of Default occurs (other than
an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company) and is continuing, the
Trustee or the Holders of at least 25% in principal amount of the outstanding Securities by notice to the Company, may declare
the principal of, premium, if any, and accrued but unpaid interest on all the Securities to be due and payable; provided,
however, that so long as any Bank Indebtedness remains outstanding, no such acceleration shall be effective until the earlier
of (i) five (5) Business Days after the giving of written notice to the Issuer and the Representatives under the Credit
Agreements and (ii) the day on which any Bank Indebtedness is accelerated. Upon such a declaration, such principal and interest
shall be due and payable immediately. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization
of the Company occurs, the principal of, premium, if any, and interest on all the Securities shall become immediately due and payable
without any declaration or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority
in principal amount of the outstanding Securities may rescind any such acceleration with respect to the Securities and its consequences.

 

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

 

    A-7

     

    

 

		17.	Trustee Dealings with the Company

 

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

 

		18.	No Recourse Against Others

 

No director, officer, employee, incorporator
or holder of any equity interests in the Company or any direct or indirect parent corporation, as such, shall have any liability
for any obligations of the Company under the Securities, the Indenture or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder of Securities by accepting a Security waives and releases all such liability.

 

		19.	Authentication

 

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

 

		20.	Abbreviations

 

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

 

		21.	Governing Law

 

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

 

		22.	CUSIP Numbers; ISINs

 

The Company has caused CUSIP numbers and
ISINs to be printed on the Securities and has directed the Trustee to use CUSIP numbers and ISINs in notices of redemption as a
convenience to the Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or
as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

The Company will furnish to any Holder
of Securities upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Security.

 

    A-8

     

    

 

ASSIGNMENT FORM

 

To assign this Security, fill in the form below:

I or we assign and transfer this Security to:

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

 

 

	Date:	 	 	Your Signature:	 

Sign exactly as your name appears on the other side of this
Security.

 

Signature Guarantee:

	Date:	 	 	 	 

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

 

    A-9

     

    

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE
OR

REGISTRATION OF TRANSFER RESTRICTED SECURITIES

 

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

 

The undersigned (check one box below):

 

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

 

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

 

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

 

CHECK ONE BOX BELOW

 

	(1)	 ̈	to the Issuer; or
	 	 	 
	(2)	 ̈	to the Registrar for registration in the name of the Holder, without transfer; or
	 	 	 
	(3)	 ̈	pursuant to an effective registration statement under the Securities Act of 1933; or
	 	 	 
	(4)	 ̈	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or
	 	 	 
	(5)	 ̈	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933 and such Security shall be held immediately after the transfer through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or
	 	 	 
	(6)	 ̈	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed letter containing certain representations and agreements; or
	 	 	 
	(7)	 ̈	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

 

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

 

	Date:	 	 	Your Signature:	 

 

    A-10

     

    

 

Signature Guarantee:

 

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

 

    A-11

     

    

 

TO BE COMPLETED BY PURCHASER IF (4) ABOVE
IS CHECKED.

 

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

 

	Dated:	 	 	 
			 	NOTICE: To be executed by an executive officer

 

    A-12

     

    

 

[TO BE ATTACHED TO GLOBAL SECURITIES]

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

 

The initial principal amount of this Global
Security is $                       .
The following increases or decreases in this Global Security have been made:

 

	Date of Exchange	 	Amount of decrease
 in Principal Amount
 of this Global 

Security	 	Amount of increase

 in Principal Amount 

of this Global

 Security	 	Principal amount of 

this Global Security

 following such 

decrease or increase	 	Signature of

 authorized signatory

 of Trustee or 

Securities Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    A-13

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Security
purchased by the Company pursuant to Section 4.08 (Change of Control Triggering Event) of the Indenture, check the box:

 

	 	Change of Control  ̈	 

 

If you want to elect to have only part of
this Security purchased by the Company pursuant to Section 4.08 (Change of Control Triggering Event) of the Indenture, state
the amount $2,000 or any integral multiple of $1,000):

 

$

 

	Date:	 	 	Your Signature:	 

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

 

	Signature Guarantee:	 	 

 

Signature must be guaranteed by a participant in
a recognized

signature guaranty medallion program or other signature

guarantor program reasonably acceptable to the Trustee

 

    A-14

     

    

 

EXHIBIT B

 

[FORM OF FACE OF EXCHANGE SECURITY]

 

[Global Securities Legend]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS
MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, THE NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

    B-1

     

    

 

[FORM OF EXCHANGE SECURITY]

 

	No.	 	$__________	 

 

0.95% First Priority Senior Secured Notes
due 2024

 

CUSIP: [144A:[ ] /

REG S:[ ]]

ISIN: [144A: [ ] / REG S: [ ]]

 

BERRY GLOBAL, INC., a Delaware corporation,
promises to pay to Cede & Co., or registered assigns, the principal sum of                     Dollars
[, as the same may be revised from time to time on the Schedule of Increases or Decreases in Global Security attached hereto,]4
on February 15, 2024.

 

Interest Payment Dates: February 15
and August 15

 

Record Dates: February 1 and August 1

 

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

 

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

 

	 	BERRY GLOBAL, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

Use the Schedule of Increases and Decreases language if Security
is in Global Form.

 

    B-2

     

    

 

TRUSTEE’S CERTIFICATE
OF AUTHENTICATION

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee, certifies that this is

one of the Securities

referred to in the Indenture.

 

	By:	 	 
	 	Authorized Signatory	 

 

 Dated:

 

		*/	If the Security is to be issued in global form, add the Global Securities Legend and the attachment from Exhibit B captioned
 “TO BE ATTACHED TO GLOBAL SECURITIES - SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY.”

 

    B-3

     

    

 

[FORM OF REVERSE SIDE OF EXCHANGE SECURITY]

 

0.95% First Priority Senior Secured Notes
due 2024

 

Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.

 

		1.	Interest

 

BERRY GLOBAL, INC., a Delaware corporation
(the “Company”) promises to pay interest on the principal amount of this Security at the rate per annum shown above.
The Company shall pay interest semiannually on February 15 and August 15 of each year, commencing August 15, 20215.
Interest on the Securities shall accrue from the most recent date to which interest has been paid or duly provided for or, if no
interest has been paid or duly provided for, from January 15, 20216
until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Company
shall pay interest on overdue principal at the rate borne by the Securities, and it shall pay interest on overdue installments
of interest at the same rate to the extent lawful.

 

		2.	Method of Payment

 

The Company shall pay interest on the Securities
(except defaulted interest) to the Persons who are registered Holders at the close of business on the February 1 or August 1
next preceding the interest payment date even if Securities are canceled after the record date and on or before the interest payment
date (whether or not a Business Day). Holders must surrender Securities to the Paying Agent to collect principal payments. The
Company shall pay principal, premium, if any, and interest in Dollars. Payments in respect of the Securities represented by a Global
Security (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to
the accounts specified by the Depository Trust Company or any successor depositary. The Company shall make all payments in respect
of a certificated Security (including principal, premium, if any, and interest) at the office of the Paying Agent, except that,
at the option of the Company, payment of interest may be made by mailing a check to the registered address of each Holder thereof;
provided, however, that payments on the Securities may also be made, in the case of a Holder of at least $1,000,000 aggregate principal
amount of Securities, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such
Holder elects payment by wire transfer by giving written notice to the Trustee or Paying Agent to such effect designating such
account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept
in its discretion).

 

		3.	Paying Agent, Transfer Agent and Registrar

 

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

 

		4.	Indenture

 

The Company issued the Securities under
an Indenture dated as of January 15, 2021 (the “Indenture”), among the Company, the guarantors party thereto,
the Trustee and U.S. Bank National Association, as collateral agent (in such capacity, the “Collateral Agent”). The
terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939 (15 U.S.C. §§ 77aaa 77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined
in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all
terms and provisions of the Indenture, and the Holders are referred to the Indenture and the TIA for a statement of such terms
and provisions.

 

 

5 Note: With respect to the Original Securities.

6 Note: With respect to the Original Securities.

 

    B-4

     

    

 

The Securities are senior obligations of
the Company. This Security is one of the Original Securities referred to in the Indenture. The Securities include the Original
Securities, any Additional Securities and any Exchange Securities issued in exchange for Original Securities or Additional Securities
pursuant to the Indenture. The Original Securities and any Additional Securities are treated as a single class of securities under
the Indenture. The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to, among
other things, create or incur Liens. The Indenture also imposes limitations on the ability of the Company and each Subsidiary Guarantor
to consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its property.

 

To guarantee the due and punctual payment
of the principal and interest on the Securities and all other amounts payable by the Company under the Indenture and the Securities
when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the
Securities and the Indenture, the Subsidiary Guarantors and the Parent Guarantor will jointly and severally, unconditionally guarantee
the Guaranteed Obligations pursuant to the terms of the Indenture.

 

		5.	Optional Redemption

 

Prior to January 15, 2024 (the date
that is one month prior to the maturity date) (“the Par Call Date”), the Securities will be redeemable, in whole or
in part, at the Company’s option, at any time or from time to time, on at least 30 days’ but not more than 60 days’
prior notice to the holders of the Securities to be redeemed, at a redemption price equal to the greater of (i) 100% of the
principal amount of the Securities redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal
and interest on the Securities being redeemed (assuming that such Securities matured on the Par Call Date), exclusive of interest
accrued to, but not including, the redemption date, discounted to the redemption date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate plus 15 basis points (any amount
described in the foregoing clause (ii) over the amount described in the foregoing clause (i), the “Make-Whole Premium”).
On or after the Par Call Date, the Securities will be redeemable, in whole or in part, at the Company’s option, at any time
or from time to time, on at least 15 days’ but not more than 60 days’ prior notice to the holders the Securities to
be redeemed, at a redemption price equal to 100% of the principal amount thereof.

 

Any redemption or notice described above
may, at the Company’s discretion, be subject to one or more conditions precedent.

 

		6.	Sinking Fund

 

The Securities are not subject to any sinking
fund.

 

		7.	Notice of Redemption

 

Notice of redemption pursuant to paragraph
5 above will be mailed by first-class mail or sent electronically at least the amount of days set forth in paragraph 5 above before
the redemption date to each Holder of Securities to be redeemed at his, her or its registered address. Securities in denominations
larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price
of and accrued and unpaid interest on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with
a Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date, interest ceases
to accrue on such Securities (or such portions thereof) called for redemption.

 

		9.	Repurchase of Securities at the Option of the Holders upon Change of Control Triggering Event

 

Upon the occurrence of a Change of Control
Triggering Event, each Holder shall have the right, subject to certain conditions specified in the Indenture, to cause the Company
to repurchase all or any part of such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount
thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the Holders of record
on the relevant record date to receive interest due on the relevant interest payment date), as provided in, and subject to the
terms of, the Indenture.

 

    B-5

     

    

 

		10.	Ranking and Collateral

 

The Securities and the Subsidiary Guarantees
will be secured by a first-priority security interest in the Collateral pursuant to certain Security Documents. The First Priority
Liens upon any and all Collateral will be, to the extent and in the manner provided in the Intercreditor Agreements, of equal in
ranking to all present and future first priority Liens and will be of senior ranking with all present and future Liens securing
second priority lien obligations (including, without limitation, any Other Second-Lien Obligations) as set forth in the Intercreditor
Agreements. The Parent Guarantee will be, to the extent and in the manner set forth in the Indenture, equal in right of payment
to all existing and future Parent Pari Passu Indebtedness and senior in right of payment to all existing and future Parent Subordinated
Indebtedness.

 

		11.	Denominations; Transfer; Exchange

 

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

 

		12.	Persons Deemed Owners

 

The registered Holder of this Security shall
be treated as the owner of it for all purposes.

 

		13.	Unclaimed Money

 

If money for the payment of principal or
interest remains unclaimed for two years, the Trustee and a Paying Agent shall pay the money back to the Company at their written
request unless an abandoned property law designates another Person. After any such payment, the Holders entitled to the money must
look to the Company for payment as general creditors and the Trustee and a Paying Agent shall have no further liability with respect
to such monies.

 

		14.	Discharge and Defeasance

 

Subject to certain conditions and as set
forth in the Indenture, the Company at any time may terminate some of or all of its obligations under the Securities and the Indenture
if the Company deposits with the Trustee money or U.S. Government Obligations deemed sufficient in the opinion of a national recognized
firm of public accountants for the payment of principal and interest on the Securities to redemption or maturity, as the case may
be.

 

    B-6

     

    

 

		15.	Amendment; Waiver

 

Subject to certain exceptions set forth
in the Indenture, (i) the Indenture, the Security Documents, the Intercreditor Agreements or the Securities may be amended
with the written consent of the Holders of at least a majority in aggregate principal amount of the outstanding Securities (voting
as a single class) and (ii) any past default or compliance with any provisions may be waived with the written consent of the
Holders of at least a majority in principal amount of the outstanding Securities. Subject to certain exceptions set forth in the
Indenture, without the consent of any Holder, the Company and the Trustee may amend the Indenture, Security Documents, the Intercreditor
Agreements or the Securities (i) to cure any ambiguity, omission, defect or inconsistency; (ii) to provide for the assumption
by a Successor Company of the obligations of the Company under the Indenture and the Securities; (iii) to provide for uncertificated
Securities in addition to or in place of certificated Securities (provided that the uncertificated Securities are issued
in registered form for purposes of Section 163(f) of the Code, or in a manner such that the uncertificated Securities
are described in Section 163(f)(2)(B) of the Code); (iv) to add a Subsidiary Guarantee with respect to the Securities
or to secure the Securities; (v) to add additional assets as Collateral; (vi) to release Collateral from the Lien or
subordinate such Lien (or conform the subordination of such Lien) pursuant to the Security Documents when permitted or required
by the Indenture, the Security Documents or the Intercreditor Agreements, (vii) to add additional covenants of the Company
for the benefit of the Holders or to surrender rights and powers conferred on the Company; (viii) to modify the Security Documents
and/or any Intercreditor Agreements, to secure other First Priority Lien Obligations and/or Other Second-Lien Obligations of the
Issuer or any Subsidiary Guarantor so long as such other First Priority Lien Obligations and Other Second-Lien Obligations are
not prohibited by the provisions of the Credit Agreements, the Existing Second Priority Notes Indentures, the Indenture, the First
Priority Euro Notes Indenture or the First Priority Dollar Notes Indentures, (ix) to make any change that does not adversely
affect the rights of any Holder; (x) to effect any provision of this Indenture or to make certain changes to this Indenture
to provide for the issuance of Additional Securities; (xi) to provide for the issuance of Additional Securities, which shall
have terms substantially identical in all material respects to the Original Securities, and which shall be treated, together with
any outstanding Original Securities, as a single issue of securities; (xii) to comply with the requirements of the SEC in
order to effect or maintain the qualification of the Indenture under the TIA or (xiii) to conform the text of the Indenture
or the Securities to any provision of the “Description of First Priority Notes” section of the Offering Memorandum
to the extent that such a provision in the “Description of First Priority Notes” section of the Offering Memorandum
was intended to be a verbatim recitation of a provision of the Indenture or the Securities.

 

		16.	Defaults and Remedies

 

If an Event of Default occurs (other than
an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company) and is continuing, the
Trustee or the Holders of at least 25% in principal amount of the outstanding Securities by notice to the Company, may declare
the principal of, premium, if any, and accrued but unpaid interest on all the Securities to be due and payable; provided,
however, that so long as any Bank Indebtedness remains outstanding, no such acceleration shall be effective until the earlier
of (i) five (5) Business Days after the giving of written notice to the Issuer and the Representatives under the Credit
Agreements and (ii) the day on which any Bank Indebtedness is accelerated. Upon such a declaration, such principal and interest
shall be due and payable immediately. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization
of the Company occurs, the principal of, premium, if any, and interest on all the Securities shall become immediately due and payable
without any declaration or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority
in principal amount of the outstanding Securities may rescind any such acceleration with respect to the Securities and its consequences.

 

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

 

    B-7

     

    

 

		17.	Trustee Dealings with the Company

 

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

 

		18.	No Recourse Against Others

 

No director, officer, employee, incorporator
or holder of any equity interests in the Company or any direct or indirect parent corporation, as such, shall have any liability
for any obligations of the Company under the Securities, the Indenture or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder of Securities by accepting a Security waives and releases all such liability.

 

		19.	Authentication

 

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

 

		20.	Abbreviations

 

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

 

		21.	Governing Law

 

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

 

		22.	CUSIP Numbers; ISINs

 

The Company has caused CUSIP numbers and
ISINs to be printed on the Securities and has directed the Trustee to use CUSIP numbers and ISINs in notices of redemption as a
convenience to the Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or
as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

The Company will furnish to any Holder
of Securities upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Security.

 

    B-8

     

    

 

ASSIGNMENT FORM

 

To assign this Security, fill in the form below:

I or we assign and transfer this Security to:

	 
	 	(Print or type assignee’s name, address and zip code)
	 
	 	(Insert assignee’s soc. sec. or tax I.D. No.)

 

and irrevocably appoint                     agent
to transfer this Security on the books of the Company. The agent may substitute another to act for him.

 

 

	Date:	 	 	Your Signature:	 

Sign exactly as your name appears on the other side of this
Security.

 

Signature Guarantee:

	Date:	 	 	 	 

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

 

    B-9

     

    

 

TO BE COMPLETED BY PURCHASER IF (4) ABOVE
IS CHECKED.

 

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

 

	Dated:	 	 	 
			NOTICE: To be executed by an executive officer

 

    B-10

     

    

 

TO BE COMPLETED BY PURCHASER IF (4) ABOVE
IS CHECKED.

 

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

 

	Dated:	 	 	 
			NOTICE: To be executed by an executive officer

 

    B-11

     

    

 

[TO BE ATTACHED TO
GLOBAL SECURITIES]

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

 

The initial principal amount of this Global
Security is $                       .
The following increases or decreases in this Global Security have been made:

 

	Date of Exchange	 	Amount of decrease
 in Principal Amount
 of this Global

 Security	 	Amount of increase

 in Principal Amount 

of this Global 

Security	 	Principal amount of

 this Global Security 

following such 

decrease or increase	 	Signature of 

authorized signatory

 of Trustee or 

Securities Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    B-12

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Security
purchased by the Company pursuant to Section 4.08 (Change of Control Triggering Event) of the Indenture, check the box:

 

	 	Change of Control  ̈	 

 

If you want to elect to have only part of
this Security purchased by the Company pursuant to Section 4.08 (Change of Control Triggering Event) of the Indenture, state
the amount ($2,000 or any integral multiple of $1,000):

 

$

 

	Date:	 	 	Your Signature:	 

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

 

	Signature Guarantee:	 	 

 

Signature must be guaranteed by a participant in
a recognized

signature guaranty medallion program or other signature

guarantor program reasonably acceptable to the Trustee

 

    B-13

     

    

 

[FORM OF]

TRANSFEREE LETTER OF REPRESENTATION

 

Berry Global, Inc.

c/o U.S. Bank National Association

Attention: Corporate Trust Services

 

Ladies and Gentlemen:

 

This certificate
is delivered to request a transfer of $[ ] principal amount of the 0.95% FIRST Priority Senior Secured due 2024 (the “Securities”)
of Berry GLOBAL, INC. (the “Issuer”).

 

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

 

	Name:	 	 

	Address:	 	 

	Taxpayer ID Number:	 	 

 

The undersigned represents and warrants
to you that:

 

1)            We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such
an institutional “accredited investor” at least $100,000 principal amount of the Securities, and we are acquiring the
Securities not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We
have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our
investment in the Securities, and we invest in or purchase securities similar to the Securities in the normal course of our business.
We, and any accounts for which we are acting, are each able to bear the economic risk of our or its investment.

 

2)            We
understand that the Securities have not been registered under the Securities Act and, unless so registered, may not be sold except
as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing
Securities to offer, sell or otherwise transfer such Securities prior to the date that is two years after the later of the date
of original issue and the last date on which either the Issuer or any affiliate of such Issuer was the owner of such Securities
(or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) in the United States to a person
whom we reasonably believe is a qualified institutional buyer (as defined in rule 144A under the Securities Act) in a transaction
meeting the requirements of Rule 144A, (b) outside the United States in an offshore transaction in accordance with Rule 904
of Regulation S under the Securities Act, (c) pursuant to an exemption from registration under the Securities Act provided
by Rule 144 thereunder (if applicable) or (d) pursuant to an effective registration statement under the Securities Act,
in each of cases (a) through (d) in accordance with any applicable securities laws of any state of the United States.
In addition, we will, and each subsequent holder is required to, notify any purchaser of the Security evidenced hereby of the resale
restrictions set forth above. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination
Date. If any resale or other transfer of the Securities is proposed to be made to an institutional “accredited investor”
prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the
form of this letter to the Issuer and the Trustee, which shall provide, among other things, that the transferee is an institutional
 “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act
and that it is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. Each
purchaser acknowledges that the Company and the Trustee reserve the right prior to the offer, sale or other transfer prior to the
Resale Restriction Termination Date of the Securities pursuant to clause 1(b), 1(c) or 1(d) above to require the delivery
of an opinion of counsel, certifications or other information satisfactory to the Company and the Trustee.

 

Dated: ____________________

 

    C-1

     

    

 

	 	TRANSFEREE: ____________________,
	 	By:	                                          

 

    C-2

     

    

 

EXHIBIT D

 

[FORM OF SUPPLEMENTAL INDENTURE]

 

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”) dated as of [                   ],
among [GUARANTOR] (the “New Subsidiary Guarantor”), a subsidiary of Berry Global, Inc. (or its successors),
a Delaware corporation (the “Issuer”) and U.S. Bank National Association, a national banking association, as
trustee under the indenture referred to below (the “Trustee”).

 

W I T N E S S E T H :

 

WHEREAS the Issuer, the Parent Guarantor
and the existing Subsidiary Guarantors have heretofore executed and delivered to the Trustee an indenture executed by and between
the Issuer, the guarantors party thereto, the Trustee and U.S. Bank National Association, as collateral agent (the “Collateral
Agent”), dated as of January 15, 2021 (as amended, supplemented or otherwise modified, the “Indenture”),
providing initially for the issuance of $800,000,000 in aggregate principal amount of the Issuer’s 0.95% First Priority Senior
Secured Notes due 2024 (the “Securities”);

 

WHEREAS Sections 4.11 and 12.06 of the Indenture
provide that under certain circumstances the Issuer is required to cause the New Subsidiary Guarantor to execute and deliver to
the Trustee a supplemental indenture pursuant to which the New Subsidiary Guarantor shall unconditionally guarantee all the Issuer’s
Obligations under the Securities and the Indenture pursuant to a Subsidiary Guarantee on the terms and conditions set forth herein;
and

 

WHEREAS pursuant to Section 9.01 of
the Indenture, the Trustee, the Issuer and the existing Subsidiary Guarantors are authorized to execute and deliver this Supplemental
Indenture;

 

NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Subsidiary Guarantor, the Issuer
and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows:

 

1.            Defined
Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used
herein as therein defined, except that the term “Holders” in this Subsidiary Guarantee shall refer to the term “Holders”
as defined in the Indenture, the Trustee and the Collateral Agent acting on behalf of and for the benefit of such Holders. The
words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental
Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

 

2.            Agreement
to Guarantee. The New Subsidiary Guarantor hereby agrees, jointly and severally with all existing Subsidiary Guarantors (if
any), to unconditionally guarantee the Issuer’s Obligations under the Securities and the Indenture on the terms and subject
to the conditions set forth in Article 12 of the Indenture and to be bound by all other applicable provisions of the Indenture
and the Securities and to perform all of the obligations and agreements of a Subsidiary Guarantor under the Indenture.

 

3.            Notices.
All notices or other communications to the New Subsidiary Guarantor shall be given as provided in Section 13.02 of the Indenture.

 

4.            Ratification
of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects
ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every holder of Securities heretofore or hereafter authenticated
and delivered shall be bound hereby.

 

5.            Governing
Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

    D-1

     

    

 

6.            Trustee
Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture.
The Trustee accepts the amendments of the Indenture effected by this Supplemental Indenture, but on the terms and conditions set
forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee.
Without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect
to any of the recitals or statements contained herein, or for or with respect to (i) the validity or sufficiency of this Supplemental
Indenture or any of the terms or provisions hereof, (ii) the proper authorization hereof by the Issuer by action or otherwise,
(iii) the due execution hereof by the Issuer or (iv) the consequences of any amendment herein provided for, and the Trustee
makes no representation with respect to any such matters.

 

7.            Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.

 

8.            Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof.

 

    D-2

     

    

 

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

 

	 	[NEW GUARANTOR]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    D-3

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