Document:

EX-4.2

 Exhibit 4.2 
  

 
  

GLOBAL INDEMNITY LIMITED 
 and

 GLOBAL INDEMNITY GROUP, INC. 

as Co-Issuers 

[____________________________________] 

as Trustee 
 INDENTURE 

Dated as of [_______________] 

Debt Securities 
  

 
  

 Reconciliation and tie between Trust Indenture Act of 1939 and Indenture. 

 

			
	 TRUST INDENTURE ACT SECTION
	    	 INDENTURE SECTION

	ss.310(a)	    	6.09
	(b)	    	6.08, 6.10
	(c)	    	Not Applicable
	ss.311(a)	    	6.13
	(b)	    	6.13
	(c)	    	Not Applicable
	ss.312(a)	    	7.01, 7.02(a)
	(b)	    	7.02(b)
	(c)	    	7.02(c)
	ss.313(a)	    	7.03(a)
	(b)	    	7.03(b)
	(c)	    	7.03(b)
	(d)	    	7.03(c)
	ss.314(a)	    	7.04
	(b)	    	Not Applicable
	(c)	    	1.02
	(d)	    	Not Applicable
	(e)	    	1.02
	(f)	    	Not Applicable
	ss.315(a)	    	6.01
	(b)	    	6.02, 7.03(b)
	(c)	    	6.01(b)
	(d)	    	6.01(c)
	(e)	    	5.14
	ss.316(a)(1)	    	5.12, 5.13
	(b)	    	5.08
	(c)	    	1.04(d)
	ss.317(a)(1)	    	5.03
	(b)	    	5.04
	(c)	    	10.03
	ss.318(a)	    	1.07

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

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I
  

DEFINITIONS AND OTHER PROVISIONS OF

GENERAL APPLICATION
	  
 

 
  

			
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	Compliance Certificates and Opinions	  	 	6	 
	 Section 1.03
	 	Form of Documents Delivered to Trustee	  	 	6	 
	 Section 1.04
	 	Acts of Holders	  	 	6	 
	 Section 1.05
	 	Notices, Etc., to Trustee and the Issuers	  	 	7	 
	 Section 1.06
	 	Notice to Holders; Waiver	  	 	7	 
	 Section 1.07
	 	Conflict with Trust Indenture Act	  	 	8	 
	 Section 1.08
	 	Effect of Headings and Table of Contents	  	 	8	 
	 Section 1.09
	 	Successors and Assigns	  	 	8	 
	 Section 1.10
	 	Separability Clause	  	 	8	 
	 Section 1.11
	 	Benefits of Indenture	  	 	8	 
	 Section 1.12
	 	Governing Law; Waiver of Jury Trial	  	 	8	 
	 Section 1.13
	 	Legal Holidays	  	 	8	 
	 Section 1.14
	 	References to Currency	  	 	8	 
	 Section 1.15
	 	Agreement to Subordinate	  	 	8	 
	 Section 1.16
	 	Force Majeure	  	 	8	 
	 Section 1.17
	 	USA PATRIOT Act	  	 	9	 
	
	 ARTICLE II
  

SECURITY FORMS
	  
 

 

			
	 Section 2.01
	 	Forms Generally	  	 	9	 
	 Section 2.02
	 	Form of Trustee’s Certificate of Authentication	  	 	9	 
	 Section 2.03
	 	Securities Issuable in the Form of a Global Security	  	 	9	 
	
	 ARTICLE III
  

THE SECURITIES
	  
 

 

			
	 Section 3.01
	 	Amount Unlimited; Issuable in Series	  	 	11	 
	 Section 3.02
	 	Denominations	  	 	13	 
	 Section 3.03
	 	Execution, Authentication, Delivery and Dating	  	 	13	 
	 Section 3.04
	 	Temporary Securities	  	 	14	 
	 Section 3.05
	 	Registration, Registration of Transfer and Exchange	  	 	14	 
	 Section 3.06
	 	Mutilated, Destroyed, Lost and Stolen Securities	  	 	15	 
	 Section 3.07
	 	Payment of Interest; Interest Rights Preserved	  	 	15	 
	 Section 3.08
	 	Persons Deemed Owners	  	 	16	 
	 Section 3.09
	 	Cancellation	  	 	16	 
	 Section 3.10
	 	Computation of Interest	  	 	16	 
	 Section 3.11
	 	CUSIP Numbers	  	 	16	 
	
	 ARTICLE IV
  

SATISFACTION AND DISCHARGE
	  
 

 

			
	 Section 4.01
	 	Satisfaction and Discharge of Indenture	  	 	17	 
	 Section 4.02
	 	Application of Trust Funds; Indemnification	  	 	18	 
	 Section 4.03
	 	Defeasance and Discharge of Indenture	  	 	18	 
	 Section 4.04
	 	Defeasance of Certain Obligations	  	 	19	 
	 Section 4.05
	 	Effect of Subordination Provisions	  	 	20	 

  
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	 ARTICLE V
  

REMEDIES
	  
 

 

			
	 Section 5.01
	 	Events of Default	  	 	20	 
	 Section 5.02
	 	Acceleration of Maturity; Rescission and Annulment	  	 	21	 
	 Section 5.03
	 	Collection of Indebtedness and Suits For Enforcement By Trustee	  	 	22	 
	 Section 5.04
	 	Trustee May File Proofs of Claim	  	 	23	 
	 Section 5.05
	 	Trustee May Enforce Claims Without Possession of Securities	  	 	23	 
	 Section 5.06
	 	Application of Money Collected	  	 	23	 
	 Section 5.07
	 	Limitation on Suits	  	 	24	 
	 Section 5.08
	 	Unconditional Right of Holders to Receive Principal, Premium and Interest	  	 	24	 
	 Section 5.09
	 	Restoration of Rights and Remedies	  	 	24	 
	 Section 5.10
	 	Rights and Remedies Cumulative	  	 	24	 
	 Section 5.11
	 	Delay or Omission Not Waiver	  	 	24	 
	 Section 5.12
	 	Control by Holders	  	 	25	 
	 Section 5.13
	 	Waiver of Past Defaults	  	 	25	 
	 Section 5.14
	 	Undertaking for Costs	  	 	25	 
	 Section 5.15
	 	Waiver of Stay or Extension Laws	  	 	25	 
	
	 ARTICLE VI
  

THE TRUSTEE
	  
 

 

			
	 Section 6.01
	 	Certain Duties and Responsibilities	  	 	26	 
	 Section 6.02
	 	Notice of Defaults	  	 	26	 
	 Section 6.03
	 	Certain Rights of Trustee	  	 	27	 
	 Section 6.04
	 	Not Responsible for Recitals or Issuance of Securities	  	 	28	 
	 Section 6.05
	 	May Hold Securities	  	 	28	 
	 Section 6.06
	 	Money Held in Trust	  	 	28	 
	 Section 6.07
	 	Compensation, Reimbursement and Indemnification	  	 	28	 
	 Section 6.08
	 	Individual Rights; Disqualification; Conflicting Interests	  	 	29	 
	 Section 6.09
	 	Corporate Trustee Required; Eligibility	  	 	29	 
	 Section 6.10
	 	Resignation and Removal; Appointment of Successor	  	 	29	 
	 Section 6.11
	 	Acceptance of Appointment by Successor	  	 	30	 
	 Section 6.12
	 	Merger, Conversion, Consolidation or Succession to Business	  	 	31	 
	 Section 6.13
	 	Preferential Collection of Claims Against Issuers	  	 	31	 
	
	 ARTICLE VII
  

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND ISSUERS
	  
 

 

			
	 Section 7.01
	 	Issuers to Furnish Trustee Names and Addresses of Holders	  	 	31	 
	 Section 7.02
	 	Preservation of Information; Communications to Holders	  	 	32	 
	 Section 7.03
	 	Reports by Trustee	  	 	33	 
	 Section 7.04
	 	Reports	  	 	33	 

  
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	 ARTICLE VIII
  

SUCCESSOR CORPORATION
	  
 

 

			
	 Section 8.01
	 	When Issuers May Merge or Transfer Assets	  	 	34	 
	
	 ARTICLE IX
  

AMENDMENTS & SUPPLEMENTAL INDENTURES
	  
 

 

			
	 Section 9.01
	 	Amendments or Supplemental Indentures Without Consent of Holders	  	 	35	 
	 Section 9.02
	 	Amendments or Supplemental Indentures with Consent of Holders	  	 	36	 
	 Section 9.03
	 	Execution of Supplemental Indentures	  	 	36	 
	 Section 9.04
	 	Effect of Supplemental Indentures	  	 	37	 
	 Section 9.05
	 	Conformity with Trust Indenture Act	  	 	37	 
	 Section 9.06
	 	Reference in Securities to Supplemental Indentures	  	 	37	 
	
	 ARTICLE X
  

COVENANTS
	  
 

 

			
	 Section 10.01
	 	Payment of Principal, Premium and Interest	  	 	37	 
	 Section 10.02
	 	Maintenance of Office or Agency	  	 	37	 
	 Section 10.03
	 	Money for Securities; Payments to Be Held in Trust	  	 	37	 
	 Section 10.04
	 	Corporate Existence	  	 	38	 
	 Section 10.05
	 	Maintenance of Properties	  	 	38	 
	 Section 10.06
	 	Statement by Officers as to Default	  	 	38	 
	 Section 10.07
	 	Waiver of Certain Covenants	  	 	39	 
	 Section 10.08
	 	Calculation of Original Issue Discount	  	 	39	 
	
	 ARTICLE XI
  

REDEMPTION OF SECURITIES
	  
 

 

			
	 Section 11.01
	 	Applicability of Article	  	 	39	 
	 Section 11.02
	 	Election to Redeem; Notice to Trustee	  	 	39	 
	 Section 11.03
	 	Selection by Trustee of Securities to Be Redeemed	  	 	39	 
	 Section 11.04
	 	Notice of Redemption	  	 	40	 
	 Section 11.05
	 	Deposit of Redemption Price	  	 	40	 
	 Section 11.06
	 	Securities Payable on Redemption Date	  	 	40	 
	 Section 11.07
	 	Securities Redeemed in Part	  	 	41	 
	
	 ARTICLE XII
  

SINKING FUNDS
	  
 

 

			
	 Section 12.01
	 	Applicability of Article	  	 	41	 
	 Section 12.02
	 	Satisfaction of Sinking Fund Payments with Securities	  	 	41	 
	 Section 12.03
	 	Redemption of Securities for Sinking Fund	  	 	41	 

  
 iii 

 INDENTURE, dated as of [____________], between Global Indemnity Limited, a Cayman Islands
exempted company (herein called the “Company”) and Global Indemnity Group, Inc., a Delaware corporation (“GIGI”, and together with the Company, the “Issuers”), having its principal office at 27
Hospital Road, George Town, Grand Cayman, KY1-9008, Cayman Islands, and [____________________], as trustee hereunder (herein called the “Trustee”). 

RECITALS OF THE ISSUERS 

The Issuers have duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of their unsecured
debentures, notes or other evidences of indebtedness (herein called the “Securities”), to be issued in one or more series as in this Indenture provided. 

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

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

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

DEFINITIONS AND OTHER PROVISIONS OF 

GENERAL APPLICATION 

Section 1.01    Definitions. For all purposes of this Indenture, except as otherwise expressly provided or
unless the context otherwise requires: 
 (1)    the terms defined in this article have the meanings
assigned to them in this article and include the plural as well as the singular; 
 (2)    all other
terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 

(3)    all accounting terms not otherwise defined herein have the meanings assigned to them in accordance
with generally accepted accounting principles in the United States, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder
shall mean such accounting principles as are generally accepted at the date of such computation; 

(4)    the words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Indenture as a whole and not to any particular article, section or other subdivision; and 

(5)    all references used herein to the male gender shall include the female gender. 

“Act” when used with respect to any Holder, has the meaning specified in Section 1.04. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

 

 “Board of Directors” means either the board of directors of either of the
Issuers or any duly authorized committee of such board to act in respect hereof. 
 “Board Resolution” means a copy of one
or more resolutions, certified by the secretary or an assistant secretary of either of the Issuers to have been duly adopted by such Issuer’s Board of Directors and to be in full force and effect on the date of such certification, delivered to
the Trustee. 
 “Business Day” means, with respect to any Securities, a day that in the City of New York or in any Place of
Payment is not a day on which banking institutions are authorized by law or regulation to close. 
 “Capital Stock” for any
entity means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) shares issued by that entity. 

“Certificated Securities” means Securities that are in registered definitive form. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities
Exchange Act of 1934, as amended, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such
time. 
 “Company” means the Person named as the “Company” in the first paragraph of this instrument until a
successor entity shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor entity. 

“Corporate Trust Office” means the principal office of the Trustee at which at any particular time the trust created by this
Indenture shall be administered, which office, at the time of the execution of this Indenture, is located at [_________________________________], or any office of Trustee or any successor Trustee as may be designated in writing. With respect to
presentation of Securities at maturity, registration of transfer or exchange, such office shall be [______________________________]. 

“Covenant Defeasance” has the meaning specified in Section 4.04. 

“Defaulted Interest” has the meaning specified in Section 3.07. 

“Depositary” means, unless otherwise specified by the Issuers pursuant to either Section 2.03 or 3.01, with respect to
Securities of any series issuable or issued as a Global Security, The Depository Trust Company, New York, New York, or any successor thereto registered under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation.

 “Event of Default” has the meaning specified in Section 5.01. 

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

“Global Security” means a Security issued to evidence all or a part of any series of Securities which is executed by the
Issuers and authenticated and delivered by the Trustee to the Depositary or its custodian or pursuant to the Depositary’s instruction, all in accordance with this Indenture and pursuant to an Issuer Order, which shall be registered in the name
of the Depositary or its nominee. 
 “Holder” means a Person in whose name a Security is registered in the Security
Register. 
 “Holder Action” has the meaning specified in Section 7.02(d). 

  
 2 

 “Indenture” means this instrument as originally executed or as it may from time
to time be supplemented or amended by one or more amendments or indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of particular series of Securities established as contemplated by
Section 3.01. 
 “Interest,” when used with respect to an Original Issue Discount Security which by its terms bears
interest only after Maturity, means interest payable after Maturity. 
 “Interest Payment Date,” when used with respect to
any Security, means the Stated Maturity of an installment of interest on such Security. 
 “Issuer Request” or
“Issuer Order” means a written request or order signed in the names of the Issuers by the chairman of the board, a vice chairman, its president or any vice president or its treasurer of such Issuer, and delivered to the Trustee.

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

“Mandatory Sinking Fund Payment” has the meaning specified in Section 12.01. 

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

“Officers’ Certificate” means a certificate signed by any two of the following: the chairman of the board, the chief
executive officer, the president, any vice president, the treasurer, an assistant treasurer, the secretary or an assistant secretary of each of the Issuers. 

“Opinion of Counsel” means a written opinion of counsel in a form reasonably acceptable to the Trustee, who may be counsel
for an Issuer and who shall be acceptable to the Trustee. 
 “Optional Sinking Fund Payment” has the meaning specified in
Section 12.01. 
 “Original Issue Discount Security” means any Security which provides for an amount less than the
principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02. 

“Outstanding,” when used with respect to Securities, means, as of the date of determination, all Securities theretofore
authenticated and delivered under this Indenture, except: 
 (i)    Securities theretofore cancelled by
the Trustee or delivered to the Trustee for cancellation; 
 (ii)    Securities for whose payment or
redemption money or evidences of indebtedness in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Issuers) in trust or set aside and segregated in trust by the Issuers (if either or both of the
Issuers shall act as its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the
Trustee has been made; and 
 (iii)    Securities which have been paid pursuant to Section 3.06 or
in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that
such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Issuers; 

  
 3 

 provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Securities owned by the Issuers or any other obligor upon the Securities or any Affiliate of the Issuers or of such other obligor
shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a
Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to such Securities and that the pledgee is not the Issuers or any other obligor upon the Securities or any Affiliate of the Issuers or of such other obligor. In case of a dispute as to such right, any
decision by the Trustee shall be full protection to the Trustee. Upon request of the Trustee, the Issuers shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Securities, if any, known by the Issuers to be
owned or held by or for the account of any of the above-described persons; and, subject to Section 6.01, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the
fact that all Securities not listed therein are Outstanding for the purposes of any such determination. 
 “Paying Agent”
means any Person authorized by the Issuers to pay the principal of (and premium, if any) or interest on any Securities on behalf of the Issuers. 

“Person” means any individual, corporation, exempted limited company, partnership, joint venture, association, joint-stock
company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Place of
Payment,” when used with respect to the Securities of any series, means the place or places where the principal of (and premium, if any) and interest on the Securities of that series are payable as specified as contemplated by
Section 3.01. 
 “Predecessor Security” of any particular Security means every previous Security evidencing all or a
portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen
Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
 “Redemption
Date,” when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 

“Redemption Price,” when used with respect to any Security to be redeemed, means the price at which it is to be redeemed
pursuant to this Indenture. 
 “Regular Record Date” for the interest payable on any Interest Payment Date on the
Securities of any series means the date specified for that purpose as contemplated by Section 3.01. 
 “Responsible
Officer” shall mean, when used with respect to the Trustee, 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 who shall have direct responsibility for the administration of this Indenture. 

“Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities
authenticated and delivered under this Indenture. 
 “Security Register” and “Security Registrar” have the
respective meanings specified in Section 3.05. 

  
 4 

 “Senior Indebtedness”, when used with respect to the Subordinated Securities of
any series, shall have the meaning established pursuant to Section 3.01(9) with respect to the Subordinated Securities of such series. 

“Senior Securities” means Securities other than Subordinated Securities. 

“Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to
Section 3.07. 
 “Stated Maturity,” when used with respect to any Security or any installment of principal thereof or
interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 

“Subordinated Securities” means Securities that by the terms established pursuant to Section 3.01(9) are subordinated in
right of payment to Senior Indebtedness of the Issuers. 
 “Subordination Provisions”, when used with respect to the
Subordinated Securities of any series, shall have the meaning established pursuant to Section 3.01(9) with respect to the Subordinated Securities of such series. 

“Subsidiary” means, with respect to any Person: 

(1)    any corporation or company a majority of whose Capital Stock with voting power, under ordinary
circumstances, to elect directors is, at the date of determination, directly or indirectly, owned by such Person (a “subsidiary”), by one or more subsidiaries of such Person or by such Person and one or more subsidiaries of such Person;

 (2)    a partnership in which such Person or a subsidiary of such Person is, at the date of
determination, a general partner of such partnership; or 
 (3)    any partnership, limited liability
company or other Person in which such Person, a subsidiary of such Person or such Person and one or more subsidiaries of such Person, directly or indirectly, at the date of determination, has (x) at least a majority ownership interest or
(y) the power to elect or appoint or direct the election or appointment of the managing partner or member of such Person or, if applicable, a majority of the directors or other governing body of such Person. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, and in force at the date as of which this instrument
was executed, except as provided in Section 9.05. 
 “Trustee” means the Person named as the “Trustee” in
the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder,
and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 

“U.S. Government Obligations” means securities which are (i) direct obligations of the United States of America for the
payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as
to the timely payment of principal and interest as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository
receipt issued by a bank or trust company which is a member of the Federal Reserve System and having a combined capital and surplus of at least $50,000,000 as custodian with respect to any such obligation evidenced by such depository receipt or a
specific payment of interest on or principal of any such obligation held by such custodian for the account of the holder of a 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 obligation set forth in (i) or (ii) above or the specific payment of interest on or principal of such obligation
evidenced by such depository receipt. 

  
 5 

 Section 1.02    Compliance Certificates and Opinions. Upon any
application or request by the Issuers to the Trustee to take any action under any provision of this Indenture, the Issuers shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with and, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application
or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include a: 

(1)    a statement that the Person signing such certificate or opinion has read such covenant or condition
and the definitions herein relating thereto; 
 (2)    a brief statement as to the nature and scope of
the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(3)    a statement that, in the opinion of each such Person, such Person has made such examination or
investigation as is necessary to enable him to express an informed opinion as to whether or not such condition or covenant has been complied with; and 

(4)    a statement as to whether, in the opinion of each such Person, such condition or covenant has been
complied with. 
 Section 1.03    Form of Documents Delivered to Trustee. In any case where several matters
are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an officer of an Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters is erroneous. Any certificate of counsel or Opinion of
Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of an Issuer stating that the information with respect to such factual matters is in the possession of
such Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Section 1.04    Acts of Holders. 

(a)    Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture
to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are received by the Trustee and, where it is hereby expressly required, to the Issuers. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 6.01) conclusive in favor of the Trustee and the Issuers, if made in the manner provided in this Section 1.04. 

  
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 (b)    The fact and date of the execution of any such instrument or writing,
or the authority of the Person executing the same, may be proved in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in any reasonable manner which the Trustee deems sufficient. 

(c)    The ownership of Securities shall be proved by the Security Register. 

(d)    If the Issuers shall solicit from the Holders any request, demand, authorization, direction, notice, consent,
waiver or other Act, the Issuers may, at their option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or
other Act, but the Issuers shall have no obligation to do so. Notwithstanding Trust Indenture Act Section 316(c), such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier
than the date 30 days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice,
consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite
proportion of Outstanding Securities shall be computed as of such record date; provided, however, that no such authorization, agreement or consent by such Holders on such record date shall be deemed effective unless it shall become
effective pursuant to the provisions of this Indenture not later than eleven months after the record date. 
 (e)    Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in
exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Issuers in reliance thereon, whether or not notation of such action is made upon such Security. 

Section 1.05    Notices, Etc., to Trustee and the Issuers. Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 

(1)    the Trustee by any Holder or the Issuers shall be sufficient for every purpose hereunder if made,
given, furnished or filed in writing (including an electronic transmission in pdf) to or with the Trustee at its Corporate Trust Office, or 

(2)    the Issuers by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless
otherwise herein expressly provided) if in writing (including a facsimile transmission) and mailed, first-class postage prepaid, to the Issuers, addressed to it at the address of its principal office specified in the first paragraph of this
instrument or at any other address previously furnished in writing to the Trustee by the Issuers, to the attention of the secretary of each Issuer. 

Section 1.06    Notice to Holders; Waiver. Where this Indenture provides for notice to Holders of any event,
such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at its address as it appears in the Security Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the giving of such notice hereunder. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to
any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture or any Note provides for notice of any event (including any notice of redemption or repurchase) to a Holder of a Global Note
(whether by mail or otherwise), such notice shall be sufficiently given if given to Depositary (or its designee) pursuant to the standing instructions from Depositary or its designee, including by electronic mail in accordance with Depositary
operational arrangements or other applicable Depositary procedures. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

  
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 Section 1.07    Conflict with Trust Indenture Act. If any
provision hereof limits, qualifies or conflicts with another provision which is required or deemed to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required or deemed provision shall control. 

Section 1.08    Effect of Headings and Table of Contents. The article and section headings herein and the
table of contents are for convenience only and shall not affect the construction hereof. 

Section 1.09    Successors and Assigns. All covenants and agreements in this Indenture by the Issuers shall
bind their successors and assigns, whether so expressed or not. 
 Section 1.10    Separability Clause. In
case any provision in this Indenture or in the Securities 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. 

Section 1.11    Benefits of Indenture. Nothing in this Indenture or in the Securities, express or implied,
shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 1.12    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, and for all purposes will be construed in accordance with the laws of said State without giving effect to principles of conflicts of laws of such State. 

EACH OF THE ISSUERS 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 1.13    Legal Holidays. In any case where any Interest Payment Date, Redemption Date or Stated
Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities) payment of interest or principal (and premium, if any) need not be made at such Place of
Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, provided that no interest shall
accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be. 

Section 1.14    References to Currency. All references in this Indenture to “dollars” or
“$” are to the currency of the United States of America. 
 Section 1.15    Agreement to
Subordinate. The Issuers, for themselves, their successors and assigns, covenants and agrees, and each Holder of Subordinated Securities of any series by its acceptance thereof, likewise covenants and agrees, that the payment of the principal of
(and premium, if any) and interest, if any, on, and Mandatory Sinking Fund Payments, if any, in respect of each and all of the Subordinated Securities of such series shall be expressly subordinated, to the extent and in the manner provided in the
Subordination Provisions established with respect to the Subordinated Securities of such series pursuant to Section 3.01(9) hereof, in right of payment to the prior payment in full of all Senior Indebtedness with respect to such series. 

Section 1.16    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, any provision of any law or regulation or any act of any governmental authority, strikes,
work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, sabotage, epidemics, and interruptions, loss or malfunctions of utilities, communications or computer (software
and/or 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. 

  
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 Section 1.17    USA PATRIOT Act. The parties hereto acknowledge
that in accordance with Section 326 of the USA 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. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to
satisfy the requirements of the USA PATRIOT Act. 
 ARTICLE II 

SECURITY FORMS 

Section 2.01    Forms Generally. The Securities of each series shall be in substantially the forms established
in one or more indentures supplemental hereto or approved from time to time by or pursuant to a Board Resolution (as set forth in a Board Resolution or, to the extent established pursuant to but not set forth in a Board Resolution, an Officers’
Certificate detailing such establishment) in accordance with Section 3.01, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and any indenture
supplemental hereto, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or securities regulatory authority or as
may, consistently herewith, be determined by the officer executing such Securities, as evidenced by his or her execution of the Securities. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy
of an appropriate record of such action shall be certified by the secretary or an assistant secretary of each Issuer and delivered to the Trustee at or prior to the delivery of the Issuer Order contemplated by Section 3.03 for the
authentication and delivery of such Securities. 
 The definitive Securities shall be printed, lithographed or engraved on steel engraved
borders or may be produced in any other manner, all as determined by the officer executing such Securities, as evidenced by his or her execution of such Securities. 

Section 2.02    Form of Trustee’s Certificate of Authentication. The Trustee’s
certificate of authentication required by this article shall be in substantially the form set forth below: 
 This is one of the Securities
of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	 [____________________________],
 as
Trustee

		
	By:	 	 
		 	Authorized Signatory

 Section 2.03    Securities Issuable in the Form of a Global Security.

 (a)    If the Issuers shall establish pursuant to Sections 2.01 and 3.01 that the Securities of a particular series
are to be issued in whole or in part in the form of one or more Global Securities, then the Issuers shall execute and the Trustee shall, in accordance with Section 3.03 and the Issuer Order delivered to the Trustee thereunder, authenticate and
deliver, such Global Security or Securities, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Outstanding Securities of such series to be represented by such Global Security or
Securities, (ii) shall be registered in the name of the Depositary for such Global Security or Securities or its nominee, (iii) shall be delivered by the Trustee to the Depositary or its custodian or pursuant to the Depositary’s
instruction and (iv) shall bear a legend substantially to the following effect: “UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE (I) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE OF THE DEPOSITARY OR THE DEPOSITARY TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED

  
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REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUERS 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 REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

(b)    Notwithstanding any other provision of this Section 2.03 or of Section 3.05, unless the terms of a Global
Security expressly permit such Global Security to be exchanged in whole or in part for individual Securities, a Global Security may be transferred, in whole but not in part and in the manner provided in Section 3.05, only to another nominee of
the Depositary for such Global Security, or to a successor Depositary for such Global Security selected or approved by the Issuers or to a nominee of such successor Depositary. 

(c)    (i)    If at any time the Depositary for a Global Security notifies the Issuers
that it is unwilling or unable to continue as Depositary for such Global Security or if at any time the Depositary for the Securities for such series shall no longer be eligible or in good standing under the Securities Exchange Act of 1934, as
amended, or other applicable statute or regulation, the Issuers shall appoint a successor Depositary with respect to such Global Security. If a successor Depositary for such Global Security is not appointed by the Issuers within 90 days after the
Issuers receive such notice or becomes aware of such ineligibility, the Issuers will execute an Issuer Order for the authentication and delivery of individual Securities of such series in exchange for such Global Security, and the Trustee, upon
receipt of such Issuer Order, will authenticate and deliver individual Securities of such series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of the Global Security in exchange for such
Global Security. 
 (ii)    If an Event of Default shall have occurred and be continuing or an event
shall have occurred which with the giving of notice or lapse of time or both would constitute an Event of Default with respect to the Securities represented by such Global Security, the Trustee, upon receipt of an Issuer Order for the authentication
and delivery of individual Securities of such series in exchange for such Global Security, will authenticate and deliver individual Securities of such series of like tenor and terms in definitive form in an aggregate principal amount equal to the
principal amount of the Global Security in exchange for such Global Security. 
 (iii)    If specified
by the Issuers pursuant to Section 3.01 with respect to Securities issued or issuable in the form of a Global Security, the Depositary for such Global Security may surrender such Global Security in exchange in whole or in part for individual
Securities of such series of like tenor and terms in definitive form on such terms as are acceptable to the Issuers and such Depositary. Thereupon the Issuers shall execute, and the Trustee shall authenticate and deliver, without service charge,
(1) to each Person specified by such Depositary a new Security or Securities of the same series of like tenor and terms in definitive form and of any authorized denomination of $2,000 and any integral multiple of $1,000 in excess thereof as
requested by such Person in aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Global Security; and (2) to such Depositary a new Global Security of like tenor and terms and in a denomination
equal to the difference, if any, between the principal amount of the surrendered Global Security and the aggregate principal amount of individual Securities delivered to Holders thereof. 

(iv)    In any exchange provided for in any of the preceding three paragraphs, the Issuers will execute
and the Trustee will authenticate and deliver individual Securities in definitive registered form in authorized denominations of $2,000 and any integral multiple of $1,000 in excess thereof. Upon the exchange of a Global Security for individual
Securities, such Global Security shall be cancelled by the Trustee. Securities issued in exchange for a Global Security pursuant to this Section 2.03 shall be registered in such names and in such authorized denominations as the Depositary for
such Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the persons in whose names such Securities are so registered. 

  
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 ARTICLE III 

THE SECURITIES 

Section 3.01    Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities which may
be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more series. There shall be
established in or pursuant to Board Resolutions of the Issuers (and to the extent established pursuant to but not set forth in a Board Resolution, in an Officers’ Certificate detailing such establishment), or established in one or more
indentures supplemental hereto, prior to the issuance of Securities of any series, 
 (1)    the title
of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series); 

(2)    any limit upon the aggregate principal amount of the Securities of the series which may be
authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 2.03, 3.04, 3.05, 3.06,
9.06 or 12.07); 
 (3)    the issue price or prices, which may be expressed as a percentage of the
aggregate principal amount; 
 (4)    the date or dates on which the principal of the Securities of the
series is payable; 
 (5)    the rate or rates at which the Securities of the series shall bear
interest, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and the Regular Record Date for the interest payable on the Interest Payment Date; 

(6)    the obligation, if any, of the Issuers to redeem, repay or repurchase Securities of the series
pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series shall be redeemed, repaid
or repurchased, in whole or in part, pursuant to such obligation; 
 (7)    the period of periods within
which, the price or prices or ratios at which and the terms and conditions upon which Securities of the series may be redeemed, converted or exchanged, in whole or in part; 

(8)    if other than denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the
denominations in which Securities of the series shall be issuable; 
 (9)    if the Securities of such
series are Subordinated Securities, the terms pursuant to which the Securities of such series will be made subordinate in right of payment to Senior Indebtedness and the definition of such Senior Indebtedness with respect to such series (in the
absence of an express statement to the effect that the Securities of such series are subordinate in right of payment to all such Senior Indebtedness, the Securities of such series shall not be subordinate to Senior Indebtedness and shall not
constitute Subordinated Securities); and, in the event that the Securities of such series are Subordinated Securities, such Board Resolution, Officers’ Certificate or supplemental indenture, as the case may be, establishing the terms of such
series shall expressly state which articles, sections or other provisions thereof constitute the “Subordination Provisions” with respect to the Securities of such series; 

(10)    if other than the full principal amount, the portion of the principal amount of Securities of the
series which will be payable upon declaration of acceleration or provable in bankruptcy; 

  
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 (11)    any events of default not set forth in this
Indenture; 
 (12)    the currency or currencies, including composite currencies, in which payment of
the principal of (and premium, if any) and interest, if any, on such Securities shall be payable (if other than the currency of the United States of America), which unless otherwise specified shall be the currency of the United States of America as
at the time of payment is legal tender for payment of public or private debts; 
 (13)    if the
principal of (and premium, if any), or interest, if any, on such Securities are to be payable, at the election of the Issuers or any Holder thereof, in a coin or currency other than that in which such Securities are stated to be payable, then the
period or periods within which, and the terms and conditions upon which, such election may be made; 

(14)    whether interest will be payable in cash or additional Securities at the Issuers’ or the
Holders’ option and the terms and conditions upon which the election may be made; 
 (15)    if
such Securities are to be denominated in a currency or currencies, including composite currencies, other than the currency of the United States of America, the equivalent price in the currency of the United States of America for purposes of
determining the voting rights of Holders of such Securities as Outstanding Securities under this Indenture; 

(16)    if the amount of payments of principal of (and premium, if any), or portions thereof, or interest,
if any, on such Securities may be determined with reference to an index, formula or other method based on a coin or currency other than that in which such Securities are stated to be payable, the manner in which such amounts shall be determined;

 (17)    any restrictive covenants or other material terms relating to the offered debt securities,
which covenants and terms shall not be inconsistent with the provisions of this Indenture; 

(18)    whether the Securities of the series shall be issued in whole or in part in the form of a Global
Security or Securities; the terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depositary for such Global Security or Securities; 

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

(21)    additional or alternative provisions, if any, related to defeasance and discharge of the offered
debt securities; 
 (22)    the applicability of any additional guarantees; 

(23)    if convertible or exchangeable for other securities, the terms on which such Securities are
convertible or exchangeable, including the initial conversion or exchange price, the conversion or exchange period, any events requiring an adjustment of the applicable conversion or exchange price and any requirements relating to the reservation of
securities for purposes of conversion in the case of convertible securities; 
 (24)    provisions, if
any, granting special rights to the Holders of Securities of the series upon the occurrence of such events as may be specified; 

(25)    each initial Place of Payment; and 

  
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 (26)    any other terms of the series, which terms shall not
be inconsistent with the provisions of this Indenture, except as permitted by Section 9.01. 
 All Securities of any one series shall
be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution or such Officers’ Certificate or in any such indenture supplemental hereto. All Securities of any one series
need not be issued at the same time and may be issued from time to time without consent of any Holder, consistent with the terms of this Indenture, if so provided by or pursuant to such Board Resolution, such Officers’ Certificate or in any
indenture supplemental hereto. 
 Section 3.02    Denominations. The Securities of each series shall be
issuable in registered form without coupons in such denominations as shall be specified as contemplated by Section 3.01. In the absence of any such provisions with respect to the Securities of any series, the Securities of such series shall be
issuable in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 

Section 3.03    Execution, Authentication, Delivery and Dating. The Securities shall be executed on behalf of
the Issuers by any of the following individuals: any member of the Board of Directors, the president, treasurer, any of the corporate secretaries, assistant secretary or any of the vice presidents of such Issuer. The signature of any of these
individuals on the Securities may be manual, facsimile or electronic (including “.pdf” format). 
 Securities bearing the manual,
facsimile or electronic (including “.pdf” format) signatures of individuals who were at any time the proper officers of an Issuer shall bind such Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices
prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 
 At any time and
from time to time after the execution and delivery of this Indenture, the Issuers may deliver Securities of any series executed by the Issuers to the Trustee for authentication, together with an Issuer Order for the authentication and delivery of
such Securities, and the Trustee, in accordance with the Issuer Order, shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions or
Officers’ Certificate as permitted by Sections 2.01 and 3.01, or by one or more indentures supplemental hereto as provided by Section 9.01, in authenticating such Securities, and accepting the additional responsibilities under this
Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating, 

(a)    that such Securities, when authenticated and delivered by the Trustee and issued by the Issuers in the manner and
subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Issuers, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent conveyance,
reorganization and other laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general equity principles; and 

(b)    the items set forth in Section 1.02 hereof and such other matters as the Trustee may reasonably request. 

If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such
Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 

Each Security shall be dated the date of its authentication unless otherwise provided by the terms established and contemplated by
Section 3.01. 
 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless
there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence,
that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. 

  
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 Section 3.04    Temporary Securities. Pending the preparation of
definitive Securities of any series, the Issuers may execute, and upon Issuer Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officer executing such Securities may determine, as
evidenced by his or her execution of such Securities. 
 If temporary Securities of any series are issued, the Issuers will cause definitive
Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender
of the temporary Securities of such series at the office or agency of the Issuers in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series the Issuers
shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of the same series of authorized denominations. Until so exchanged the temporary Securities of any series shall in all
respects be entitled to the same benefits under this Indenture as definitive Securities of such series. 

Section 3.05    Registration, Registration of Transfer and Exchange. The Issuers shall cause to be kept at one
of its offices or agencies maintained pursuant to Section 10.02 or at the office of the Security Registrar a register (the register maintained in such office and in any other office or agency of the Issuers in a Place of Payment being herein
sometimes collectively referred to as the “Security Register”) in which, subject to Section 2.03 and to such reasonable regulations as it may prescribe, the Issuers shall provide for the registration of Securities and of transfers of
Securities. The Trustee initially is hereby appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided. The Issuers may act as Security Registrar and may change or appoint a
Security Registrar without prior notice to Holders or to the Trustee. 
 Subject to Section 2.03, upon surrender for registration of
transfer of any Security of any series at the office or agency in a Place of Payment for that series, the Issuers shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new
Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor. 
 Subject to
Section 2.03, at the option of the Holder, Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor, upon surrender of the Securities
to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Issuers shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.

 Subject to Section 2.03, all Securities issued upon any registration of transfer or exchange of Securities shall be valid
obligations of the Issuers, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 

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

No service charge shall be made for any registration of transfer or exchange of Securities, but the Issuers may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 2.03, 3.04, 9.06 or 12.07 not involving any
transfer. 

  
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 The Issuers shall not be required (i) to issue, register the transfer of or exchange
Securities of any series during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Securities of that series selected for redemption (under Section 12.03) and ending at the close of
business on the day of such mailing, or (ii) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

Each Holder of a Security agrees to indemnify the Issuers and the Trustee against any liability that may result from the transfer, exchange or
assignment of such Holder’s Security in violation of any provision of this Indenture and/or applicable United States federal or state securities law. 

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 depositary participants or beneficial owners of interests 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. 
 Neither the Trustee nor any agent shall have any responsibility for any actions taken or not taken by
the Depositary. 
 Section 3.06    Mutilated, Destroyed, Lost and Stolen Securities. If there shall be
delivered to the Issuers and the Trustee (i)(A) any mutilated Security or (B) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to hold each
of them and any agent of either of them harmless, then, in the absence of notice to the Issuers or the Trustee that such Security has been acquired by a bona fide purchaser, the Issuers shall execute and upon its written request the Trustee shall
authenticate and deliver, in lieu of any such destroyed, lost or stolen Security or in exchange for such mutilated Security, a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Issuers
in their discretion may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security under this
Section 3.06, the Issuers may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee, which shall
include any attorney’s fees and expenses) connected therewith. 
 Every new Security of any series issued pursuant to this
Section 3.06 in lieu of any destroyed, lost or stolen Security or in exchange for such mutilated Security, shall constitute an original additional contractual obligation of the Issuers, whether or not the mutilated, destroyed, lost or stolen
Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder. 

The provisions of this Section 3.06 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
 Section 3.07    Payment of
Interest; Interest Rights Preserved. Interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest. 
 Any interest on any Security of any
series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by
virtue of having been such Holder, and such Defaulted Interest may be paid by the Issuers, at their election in each case, as provided in clause (1) or (2) below: 

  
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 (1)    The Issuers may elect to make payment of any Defaulted
Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in
the following manner. The Issuers shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Issuers shall deposit with
the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more
than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Issuers of such Special Record
Date and, in the name and at the expense of the Issuers, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such
series at its address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such
Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to
the following clause (2). 
 (2)    The Issuers may make payment of any Defaulted Interest on the
Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the
Issuers to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 

Subject to the foregoing provisions of this Section 3.07, each Security lawfully delivered under this Indenture upon registration of
transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

Section 3.08    Persons Deemed Owners. Subject to Section 2.03, the Issuers, the Trustee and any agent of
the Issuers or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 3.07) interest on such
Security and for all other purposes whatsoever, whether or not such Security be overdue, and none of the Issuers, the Trustee or any agent of the Issuers or the Trustee shall be affected by notice to the contrary. 

Section 3.09    Cancellation. All Securities surrendered for payment, redemption, registration of transfer or
exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Issuers may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder which the Issuers may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be
authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section 3.09, except as expressly permitted by this Indenture. The Trustee shall dispose of cancelled Securities in accordance with its customary
procedures. 
 Section 3.10    Computation of Interest. Except as otherwise specified as contemplated by
Section 3.01 for the Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.

 Section 3.11    CUSIP Numbers. The Issuers in issuing the Securities may use “CUSIP” numbers
(if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such
numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect
in or omission of such numbers. The Issuers will promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 

  
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 ARTICLE IV 

SATISFACTION AND DISCHARGE 

Section 4.01    Satisfaction and Discharge of Indenture. This Indenture shall upon Issuer Request cease to be
of further effect with respect to any series of Securities (except as to (i) any surviving rights of registration of transfer or exchange of Securities herein expressly provided for, (ii) rights hereunder of Holders to receive payments of
principal of, and premium, if any, and interest on, Securities, and other rights, duties and obligations of the Holders as beneficiaries hereof with respect to the amounts, if any, so deposited with the Trustee, (iii) remaining obligations of
the Issuers to make Mandatory Sinking Fund Payments and (iv) the rights, obligations and immunities of the Trustee hereunder), and the Trustee, at the expense of the Issuers, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to any series of Securities, when: 
 (1)    either 

 

	 	(a)	all Securities of such series theretofore authenticated and delivered (other than (i) Securities of such series which have been mutilated, destroyed, lost or stolen and which have been replaced or paid as provided
in Section 3.06 and (ii) Securities of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuers and thereafter repaid to the Issuers or discharged from such trust, as
provided in Section 10.03) have been delivered to the Trustee for cancellation; or 

  

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

(i)    have become due and payable, 

(ii)    will become due and payable at their Stated Maturity within one year, or 

(iii)    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 Issuers, 
 and the Issuers, in the case of
(i), (ii) or (iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust (i) money in dollars in an amount (or if the Securities are denominated in any currency other than dollars, an amount of
the applicable currency), (ii) U.S. Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment referred to in
this subparagraph, money in an amount, or (iii) a combination thereof, sufficient, in the opinion of a nationally recognized investment banking firm or firm of independent certified public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest to the date of such deposit (in the case of
Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 

(2)    if all series of Securities are being discharged, the Issuers have paid or caused to be paid all
other sums payable hereunder by the Issuers; and 

  
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 (3)    the Issuers have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Issuers to the Trustee under Section 6.07, and,
if money shall have been deposited with the Trustee pursuant to Subclause (1)(b) of this Section 4.01, the obligations of the Trustee under Section 4.02 and the next to last paragraph of Section 10.03, shall survive. 

Section 4.02    Application of Trust Funds; Indemnification. (a) Subject to the provisions of the next to last
paragraph of Section 10.03, all money and U.S. Government Obligations deposited with the Trustee pursuant to Section 4.01, 4.03 or 4.04 and all money received by the Trustee in respect of U.S. Government Obligations deposited with the
Trustee pursuant to Section 4.01, 4.03 or 4.04 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuers
acting as their own Paying Agent), to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with or received by the Trustee or to make Mandatory Sinking Fund Payments or
analogous payments as contemplated by Section 4.03 or 4.04, but such money need not be segregated from other funds except to the extent required by law. 

(b)    The Issuers shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed
against U.S. Government Obligations deposited pursuant to Section 4.01, 4.03 or 4.04, or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders. 

(c)    The Trustee shall deliver or pay to the Issuers from time to time upon Issuer Request, any U.S. Government
Obligations or money held by it as provided in Section 4.01, 4.03 or 4.04 which, in the opinion of a nationally recognized investment banking firm or firm of independent certified public accountants expressed in a written certification thereof
delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such obligations or money were deposited or received. 

Section 4.03    Defeasance and Discharge of Indenture. The Issuers shall be deemed to have paid and discharged
the entire indebtedness on all the Outstanding Securities on the 91st day after the date of the deposit referred to in subparagraph (d) of this Section 4.03, and the provisions of this Indenture, as it relates to such Outstanding
Securities, shall no longer be in effect (and the Trustee, at the expense of the Issuers, shall at Issuer Request, execute proper instruments acknowledging the same), except as to: 

(a)    the rights of Holders of Securities to receive, from the trust funds described in subparagraph (d) hereof, (i)
payment of the principal of (and premium, if any) and each installment of principal of (and premium, if any) or interest on the Outstanding Securities on the Stated Maturity of such principal or installment of principal or interest and (ii) the
benefit of any Mandatory Sinking Fund Payments applicable to the Securities on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities; 

(b)    the Issuers’ obligations with respect to such Securities under Sections 3.05, 3.06, 10.02 and 10.03; and 

(c)    the obligations of the Issuers to the Trustee under Section 6.07; 

provided that the following conditions shall have been satisfied: 

(d)    the Issuers has or caused to be irrevocably deposited (except as provided in Section 4.02) with the Trustee as
trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities, (i) money in dollars in an amount (or if the Securities are denominated in any currency other than dollars, an
amount of the applicable currency), (ii) U.S. Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment
referred to in clause (A) or (B) of this subparagraph, money in an amount, or 

  
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(iii) a combination thereof, sufficient, in the opinion of a nationally recognized investment banking firm or firm of independent certified public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge (A) the principal of (and premium, if any) and each installment of principal of (and premium, if any) and interest on the Outstanding Securities on the Stated Maturity of such principal or
installment of principal or interest or on the applicable Redemption Date and (B) any Mandatory Sinking Fund Payments applicable to the Securities on the day on which such payments are due and payable in accordance with the terms of this
Indenture and of the Securities; 
 (e)    such deposit shall not cause the Trustee with respect to the Securities to
have a conflicting interest for purposes of the Trust Indenture Act with respect to the Securities; 
 (f)    such
deposit will not result in a breach or violation of, or constitute a default under, any applicable laws, this Indenture or any other agreement or instrument to which an Issuer is a party or by which it is bound; 

(g)    no Event of Default or event which with notice or lapse of time would become an Event of Default with respect to
the Securities shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date; 

(h)    the Issuers have delivered to the Trustee an Officers’ Certificate as to solvency and the absence of any
intent of preferring the Holders over any other creditors of the Issuers; and 
 (i)    if the deposit referred to in
subparagraph (d) of this Section 4.03 is to be made on or prior to one year from the Stated Maturity for payment of principal of the Outstanding Securities, the Issuers have delivered to the Trustee an Opinion of Counsel with no material
qualifications, or a favorable ruling of the Internal Revenue Service, in either case to the effect that Holders of the Securities will not recognize income, gain or loss for federal income tax purposes as a result of such deposit, defeasance and
discharge and will be subject to federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit, defeasance and discharge had not occurred. 

Section 4.04    Defeasance of Certain Obligations. If this Section 4.04 is specified to be applicable to
Securities of any series, the Issuers may omit to comply with any term, provision or condition set forth in the sections of this Indenture or such Security with respect to the Securities of that series (“Covenant Defeasance”) if: 

(1)    with reference to this Section 4.04, the Issuers have deposited or caused to be irrevocably
deposited with the Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of that series, (i) money in dollars in an amount (or if the Securities are
denominated in any currency other than dollars, an amount of the applicable currency), or (ii) U.S. Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide not
later than one day before the due date of any payment referred to in clause (A) or (B) of this subparagraph money in an amount, or (iii) a combination thereof, sufficient, in the opinion of a nationally recognized investment banking firm
or firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge (A) the principal of (and premium, if any) and each installment of principal (and premium, if any)
and interest on the Outstanding Securities of that series on the Stated Maturity of such principal or installment of principal or interest and (B) any Mandatory Sinking Fund Payments or analogous payments applicable to Securities of such series
on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities; 

(2)    such deposit shall not cause the Trustee with respect to the Securities of that series to have a
conflicting interest for purposes of the Trust Indenture Act with respect to the Securities of any series; 

  
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 (3)    such deposit will not result in a breach or violation
of, or constitute a default under, this Indenture or any other agreement or instrument to which an Issuer is a party or by which it is bound; 

(4)    the Issuers have delivered to the Trustee an Officers’ Certificate as to solvency and the
absence of any intent of preferring the Holders over any other creditors of the Issuers; 
 (5)    if
the deposit referred to in subparagraph (1) of this Section 4.04 is to be made on or prior to one year from the Stated Maturity for payment of principal of the Outstanding Securities, the Issuers have delivered to the Trustee an Opinion of
Counsel with no material qualifications, or a favorable ruling of the Internal Revenue Service, in either case to the effect that Holders of the Securities will not recognize income, gain or loss for federal income tax purposes as a result of such
deposit and defeasance of certain obligations and will be subject to federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit and defeasance had not occurred; and 

(6)    the Issuers have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that all conditions precedent herein provided for relating to the defeasance contemplated by this Section 4.04 have been complied with. 

In the event the Issuers effect Covenant Defeasance with respect to any Securities and such Securities are declared due and payable because of
the occurrence of any Event of Default, other than an Event of Default with respect to any covenant as to which there has been Covenant Defeasance, the U.S. Government Obligations on deposit with the Trustee will be sufficient to pay amounts due on
such Securities at the time of the Stated Maturity but may not be sufficient to pay amounts due on such Securities at the time of the acceleration resulting from such Event of Default. 

Section 4.05    Effect of Subordination Provisions. Unless otherwise expressly established pursuant to
Section 3.01 with respect to the Subordinated Securities of any series, the provisions of Section 1.15 hereof, insofar as they pertain to the Subordinated Securities of such series, and the Subordination Provisions established pursuant to
Section 3.01(9) with respect to such series, are hereby expressly made subject to the provisions for satisfaction and discharge and defeasance and covenant defeasance set forth in Sections 4.01, 4.03 and 4.04 hereof and, anything herein to the
contrary notwithstanding, upon the effectiveness of such satisfaction and discharge and defeasance and covenant defeasance pursuant to Section 4.01, 4.03 and 4.04 with respect to the Securities of such series, such Securities shall thereupon
cease to be so subordinated and shall no longer be subject to the provisions of Section 1.15 or the Subordination Provisions established pursuant to Section 3.01(9) with respect to such series and, without limitation to the foregoing, all
moneys, U.S. Government Obligations and other securities or property deposited with the Trustee (or other qualifying trustee) in trust in connection with such satisfaction and discharge, defeasance or covenant defeasance, as the case may be, and all
proceeds therefrom may be applied to pay the principal of, premium, if any, and interest, if any, on, and Mandatory Sinking Fund Payments, if any, with respect to the Securities of such series as and when the same shall become due and payable
notwithstanding the provisions of Section 1.15 or such Subordination Provisions. 
 ARTICLE V 

REMEDIES 

Section 5.01    Events of Default. 

“Event of Default” (except as otherwise specified or contemplated by Section 3.01 for Securities of any series) wherever
used herein with respect to Securities of any series, means any one of the following events: 

(1)    default in the payment of any interest upon any Security of that series when it becomes due and
payable, and continuance of such default for a period of 30 days; 

  
 20 

 (2)    default in the payment of the principal of (or
premium, if any, on) any Security of that series at its Maturity; 
 (3)    default in the deposit of
any sinking fund payment, when and as due by the terms of a Security of that series; 
 (4)    default
in the performance, or breach, of any covenant or warranty of the Issuers in this Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section 5.01 specifically dealt with or which has
expressly been included in this Indenture solely for the benefit of series of Securities other than that series) and continuance of such for a period of 60 days after there has been given, by registered or certified mail, to the Issuers by the
Trustee, or to the Issuers and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder; 
 (5)    the entry by a court having jurisdiction in the
premises of (A) a decree or order for relief in respect of the Issuers in an involuntary case or proceeding under any applicable bankruptcy, insolvency, examinership, reorganization or other similar law or (B) a decree or order adjudging
an Issuer as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, examinership, arrangement, adjustment or composition of or in respect of either Issuer under any applicable law, or appointing a custodian,
receiver, liquidator, examiner, assignee, trustee, sequestrator or other similar official of either Issuer or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree
or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; 

(6)    the commencement by either of the Issuers of a voluntary case or proceeding under any applicable
bankruptcy, insolvency, examinership, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of either of the
Issuers in an involuntary case or proceeding under any applicable bankruptcy, insolvency, reorganization, examinership or other similar law or to the commencement of any bankruptcy or insolvency or examinership case or proceeding against it, or the
filing by it of a petition or answer or consent seeking reorganization, examinership or relief under any applicable law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver,
liquidator examiner, assignee, trustee, sequestrator or similar official of such Issuer of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to
pay its debts generally as they become due and its willingness to have a case commenced against it or to seek an order for relief under any applicable bankruptcy, insolvency or other similar law or the taking of corporate action by such Issuer in
furtherance of any such action; or 
 (7)    any other Event of Default expressly provided with respect
to Securities of that series. 
 Section 5.02    Acceleration of Maturity; Rescission and Annulment. If an
Event of Default (other than an Event of Default resulting from bankruptcy, insolvency or reorganization) with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders
of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount (or, if the Securities of that series are Original Issue Discount Securities, such portion of the principal amount as may be
specified in the terms of that series) of all of the Securities of that series to be due and payable immediately, by a notice in writing to the Issuers (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or
specified amount) shall become immediately due and payable. 
 In the case of an Event of Default resulting from bankruptcy, insolvency,
examinership or reorganization, which occurs and is continuing with respect to Securities of any series at the time Outstanding, then all unpaid principal of and accrued interest on all such Outstanding Securities of that series shall become
immediately due and payable without any notice or other action on the part of the Trustee or the Holders of any Securities of such series. 

  
 21 

 At any time after such a declaration of acceleration with respect to Securities of any series has
been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written
notice to the Issuers and the Trustee, may rescind and annul such declaration and its consequences if: 

(1)    the Issuers have paid or deposited with the Trustee a sum sufficient to pay 

 

	 	(a)	all overdue interest (including Defaulted Interest) on all Securities of that series, 

  

	 	(b)	the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates prescribed therefor in such
Securities, 

  

	 	(c)	to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and 

 

	 	(d)	all sums paid or advanced by the Trustee hereunder and all sums due the Trustee under Section 6.07; and 

(2)    all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13. 

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

Section 5.03    Collection of Indebtedness and Suits For Enforcement By Trustee. The Issuers
covenant that if 
 (1)    default is made in the payment of any interest on any Security when such
interest becomes due and payable and such default continues for a period of 30 days, or 

(2)    default is made in the payment of the principal of (or premium, if any, on) any Security at the
Maturity thereof, 
 the Issuers will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due
and payable on such Securities for principal (and premium, if any) and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal (and premium, if any) and on any overdue interest, at
the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including all amounts due the Trustee under Section 6.07. 

If the Issuers fail to pay such amounts forthwith upon such demand, the Trustee, at the expense of Issuers, in their own name and as trustee
of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Issuers or any other obligor upon such
Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Issuers or any other obligor upon such Securities, wherever situated. 

If any Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of Securities of such series by appropriate judicial proceedings necessary to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

  
 22 

 Section 5.04    Trustee May File Proofs of Claim. In case of the
pendency of any receivership, insolvency, liquidation, bankruptcy, examinership, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Issuers or any other obligor upon the Securities or the property of
the Issuers or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee
shall have made any demand on the Issuers for the payment of overdue principal or interest) shall be entitled and empowered by intervention in such proceeding or otherwise: 

(1)    to file and prove a claim for the whole amount of principal (and premium, if any) and interest
owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 

(2)    to collect and receive any moneys or other property payable or deliverable on any such claims and
to distribute the same after deduction of its charges and expenses to the extent that any such charges and expenses are not paid out of the estate in any such proceedings; 

and any custodian, receiver, assignee, trustee, liquidator, examiner, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such 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 counsel, and any other amounts due the Trustee hereunder. 
 Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder
thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 5.05    Trustee May Enforce Claims Without Possession of Securities. All rights of action and claims
under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for
the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 

Section 5.06    Application of Money Collected. Any money collected by the Trustee pursuant to this article
shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (or premium, if any) or interest, upon presentation of the Securities and the notation thereon
of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due
the Trustee (including its agents and counsel); 
 SECOND: To the payment of the amounts then due and unpaid for principal
of (and premium, if any) and interest on the Securities in respect of which or for the benefit of which such money has been collected ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities
for principal (and premium, if any) and interest, respectively; and 
 THIRD: To the Issuers. 

  
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 Section 5.07    Limitation on Suits. No Holder of any Security of
any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

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

(3)    such Holder or Holders have offered to the Trustee indemnity satisfactory to it against the loss,
costs, expenses and liabilities to be incurred in compliance with such request; 
 (4)    the Trustee
for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 

(5)    no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series; it being understood and intended that no one or more of such Holders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders (it being further 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), or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and
for the equal and ratable benefit of all such Holders, or to expose the Trustee to personal liability. 

Section 5.08    Unconditional Right of Holders to Receive Principal, Premium and Interest. Notwithstanding any
other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any) and (subject to Section 3.07) interest on such Security on the
Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

 Section 5.09    Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceeding, the Issuers, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as
though no such proceeding had been instituted. 
 Section 5.10    Rights and Remedies Cumulative. Except as
otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is
intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 5.11    Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any
Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or any acquiescence therein. Every right and remedy given by this article or by
law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

  
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 Section 5.12    Control by Holders. The Holders of a majority in
principal amount of the Outstanding Securities of any series (or if more than one series is affected thereby, of all series so affected, voting as a single class) shall have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that: 

(1)    such direction shall not be in conflict with any rule of law or with this Indenture, expose the
Trustee to personal liability or be unduly prejudicial to Holders not joining therein, and 
 (2)    the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 
 Nothing in this Indenture
shall impair the right of the Trustee to take any other action which is not inconsistent with such direction. 

Section 5.13    Waiver of Past Defaults. The Holders of not less than a majority in principal amount of the
Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series and its consequences, except a default 

(1)    in the payment of the principal of (or premium, if any) or interest on any Security of such series,
or 
 (2)    in respect of a covenant or provision hereof which under this Indenture cannot be modified
or amended without the consent of the Holder of each Outstanding Security of such series affected. 
 Upon any such waiver, such default
shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 5.14    Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Security by
its acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or
omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.14 shall not apply to any suit instituted by the Issuers, to any
suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the
enforcement of the payment of the principal of (or premium, if any) or interest on any Securities on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date). This
Section 5.14 shall be in lieu of Section 315(e) of the Trust Indenture Act and such Section 315(e) is hereby expressly excluded from this Indenture, as permitted by the Trust Indenture Act. 

Section 5.15    Waiver of Stay or Extension Laws. The Issuers covenant (to the extent that it may lawfully do
so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay 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 Issuers (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

  
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 ARTICLE VI 

THE TRUSTEE 
 
Section 6.01    Certain Duties and Responsibilities. 
 (a)    Except during the
continuance of an Event of Default with respect to the Securities of any series, 
 (1)    the Trustee
undertakes to perform such duties and only such duties as are specifically set forth in this Indenture with respect to such series, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2)    in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture. 

(b)    In case an Event of Default has occurred with respect to Securities of any series and is continuing, the Trustee
shall exercise such of the rights and powers vested in it by this Indenture with respect to such series of Securities, 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 his or her own affairs. 
 (c)    No provision of this Indenture shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(1)    this subsection shall not be construed to limit the effect of Subsection (a) of this
Section 6.01; 
 (2)    the Trustee shall not be liable for any error or judgment made in good
faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(3)    the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in
good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Securities of any series, determined as provided in Section 5.12 relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and 

(4)    no provision of this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur any liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it. 
 (d)    Whether or not therein expressly so provided, every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 6.01. 

Section 6.02    Notice of Defaults. Within 90 days after the occurrence of any default hereunder with respect
to the Securities of any series, the Trustee shall transmit to all Holders of Securities of such series, as their names and addresses appear in the Security Register, notice of such default hereunder actually known to a Responsible Officer of the
Trustee, unless such default shall have been cured or waived; provided, however, that, 

  
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except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security of such series or in the payment of any sinking fund installment with respect
to Securities of such series, the Trustee shall be protected in withholding such notice if the Trustee in good faith determines that the withholding of such notice is in the interest of the Holders of Securities of such series; and provided,
further, that in the case of any default of the character specified in Section 5.01(4) with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of
this Section 6.02, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. 

Section 6.03    Certain Rights of Trustee. Subject to the provisions of Section 6.01: 

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

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

(e)    the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at
the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against any costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction; 
 (f)    the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Issuers, personally or by agent or attorney and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; 

(g)    the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by
or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(h)    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; 

(i)    the Trustee shall not be deemed to have notice of any default or Event of Default unless a Responsible Officer of
the Trustee has actual knowledge thereof or unless written notice of any event 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;

  
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 (j)    the rights, privileges, protections, immunities and benefits given to
the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; 

(k)    the Trustee may request that the Issuers deliver an Officers’ Certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person
specified as so authorized in any such certificate previously delivered and not superseded; 
 (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 shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and
reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

(n)    the Trustee may request that the Issuers 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. 
 (o)    under no
circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Securities. 

Section 6.04    Not Responsible for Recitals or Issuance of Securities. The recitals contained herein and in
the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuers, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Securities. The Trustee shall not be accountable for the use or application by the Issuers of Securities or the proceeds thereof. 

Section 6.05    May Hold Securities. The Trustee, any Paying Agent, any Security Registrar or any other agent
of the Issuers, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 6.08 and 6.12, may otherwise deal with, and collect obligations owed to it by, the Issuers with the same rights it would
have if it were not Trustee, Paying Agent, Security Registrar or such other agent. 
 Section 6.06    Money Held
in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise
agreed with the Issuers. 
 Section 6.07    Compensation, Reimbursement and Indemnification. The Issuers
agree: 
 (1)    to pay to the Trustee from time to time such compensation as the Issuers and the
Trustee shall from time to time agree in writing for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(2)    except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by it in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its own negligence or willful misconduct; and 

(3)    to indemnify the Trustee for, and to hold it harmless against, any and all loss, liability, damage,
costs or expense, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder and the performance of its duties hereunder, including the costs and expenses of defending itself against any claim (whether
asserted by the Issuers, a Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense is due to its own negligence or
willful misconduct. 

  
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 To ensure the performance of the obligations of the Issuers hereunder, the Trustee shall have a
senior claim to which the Securities are hereby made subordinate upon all property and funds held or collected by the Trustee as such, except property and funds held in trust for the payment of principal of, premium, if any, or interest on
particular Securities. 
 When the Trustee incurs expenses or renders services in connection with an Event of Default specified in
Section 5.01, the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable federal or state bankruptcy, insolvency
or other similar law. 
 The provisions of this Section 6.07 shall survive the termination of this Indenture and the resignation or
removal of the Trustee. 
 Section 6.08    Individual Rights; Disqualification; Conflicting Interests. The
Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may make loans to, accept deposits from, perform services for or otherwise deal with the Issuers or any Affiliate thereof with the same rights it would
have if it were not Trustee; however, the Trustee shall comply with the terms of Section 310(b) of the Trust Indenture Act. 

Section 6.09    Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder which
shall be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers having (or, in the case of the
subsidiary of a bank holding company that guarantees the obligations of the Trustee under this Indenture, such holding company’s parent shall have) a combined capital and surplus of at least $50,000,000 subject to supervision or examination by
federal or state authority. If such corporation or holding company parent publishes reports of condition at least annually, pursuant to law or the requirements of said supervising or examining authority, then for the purposes of this
Section 6.09, the combined capital and surplus of such corporation or holding company parent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section 6.09, it shall resign immediately in the manner and with the effect hereinafter specified in this article. 

Section 6.10    Resignation and Removal; Appointment of Successor. (a) No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11. 

(b)    The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice
thereof to the Issuers. If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may, at
the expense of the Issuers, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. If the acceptance of appointment is substantially contemporaneous with the
resignation, then the notice called for by the first sentence of this subsection may be combined with the instrument called for by Section 6.11. 

(c)    The Trustee, upon 30 days’ notice, may be removed at any time with respect to the Securities of any series by
Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Trustee and to the Issuers. 

(d)    If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days
after the giving of such notice of removal, the Trustee being removed may, at the expense of the Issuers, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

  
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 (e)    If at any time: 

(1)    the Trustee shall fail to comply with Section 6.08 after written request therefor by the
Issuers or by any Holder who has been a bona fide Holder of a Security for at least six months, 

(2)    the Trustee shall cease to be eligible under Section 6.09 and shall fail to resign after
written request therefor by the Issuers or by any such Holder, or 
 (3)    the Trustee shall become
incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, 
 then, in any such case, upon 30 days’ notice, (i) the Issuers by a Board Resolution may remove the
Trustee with respect to all Securities, or (ii) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 

(f)    The Issuers also may remove the Trustee with or without cause if the Issuers so notify the Trustee 30 days in
advance and if no Default occurs or is continuing during the 30-day period. 

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

(h)    The Issuers shall give notice of each resignation and each removal of the Trustee with respect to the Securities of
any series and each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to all Holders of Securities of such series as their names and
addresses appear in the Security Register. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. The Trustee shall have no liability or responsibility
for the actions or inaction of any successor Trustee. 
 Section 6.11    Acceptance of Appointment by
Successor. (a) In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Issuers and to the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and
duties of the retiring Trustee; but, on the request of the Issuers or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers
and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 

  
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 (b)    In case of the appointment hereunder of a successor Trustee with
respect to the Securities of one or more (but not all) series, the Issuers, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each
successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as
shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be
vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart
from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein
and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates; but, on request of the Issuers or any successor Trustee, such retiring Trustee shall, at the expense of the Issuers, duly assign, transfer and deliver to such successor Trustee all property and money held by such
retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 

(c)    Upon request of any such successor Trustee, the Issuers shall execute any and all instruments for more fully and
certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section 6.11, as the case may be. 

(d)    No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee
shall be qualified and eligible under this article. 
 (e)    Prior to the effect of the appointment of a Successor
Trustee, the Issuers shall pay the Trustee all outstanding fees and expenses. 
 Section 6.12    Merger,
Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the
Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee (including the administration of this Indenture), shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee
had itself authenticated such Securities. 
 Section 6.13    Preferential Collection of Claims Against
Issuers. If and when the Trustee shall be or become a creditor of the Issuers (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the
Issuers (or any such other obligor). A trustee who has resigned or been removed shall be subject to the Trust Indenture Act Section 311(a) to the extent provided therein. 

ARTICLE VII 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND ISSUERS 

Section 7.01    Issuers to Furnish Trustee Names and Addresses of Holders. The Issuers will furnish or cause
to be furnished to the Trustee and Security Registrar (if not the Trustee) with respect to the Securities of each series: 

  
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 (a)    semi-annually, not more than 15 days after each Regular Record Date,
or, in the case of any series of Securities on which semi-annual interest is not payable, not more than fifteen days after such semi-annual dates as may be specified by the Trustee, a list, in such form as the Trustee may reasonably require, of the
names and addresses of the Holders as of such Regular Record Date or such semi-annual date, as the case may be, and 

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

Section 7.02    Preservation of Information; Communications to Holders. 

(a)    The Security Registrar shall preserve, in as current a form as is reasonably practicable, the names and addresses
of Holders contained in the most recent list furnished by the Issuers as provided in Section 7.01. The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished. 

(b)    If three or more Holders (herein referred to as “applicants”) apply in writing to the Trustee, and
furnish to the Trustee reasonable proof that each such applicant has owned a Security for a period of at least six months preceding the date of such application, and such application states that the applicants’ desire to communicate with other
Holders with respect to their rights under this Indenture or under the Securities and is accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit, then the Trustee shall, within five Business Days
after the receipt of such application, at its election, either 
 (i)    afford such applicants access
to the information preserved at the time by the Trustee in accordance with Section 7.02(a), or 

(ii)    inform such applicants as to the approximate number of Holders whose names and addresses appear in
the information preserved at the time by the Trustee in accordance with Section 7.02(a), and as to the approximate cost of mailing or sending to such Holders the form of proxy or other communication, if any, specified in such application. 

If the Trustee shall elect not to afford such applicants access to such information, the Trustee shall, upon the written request of such
applicants, send to each Holder whose name and address appear in the information preserved at the time by the Trustee in accordance with Section 7.02(a) a copy of the form of proxy or other communication which is specified in such request, with
reasonable promptness after a tender to the Trustee of the material to be mailed and of payment by such requesting Holders, or provision for the payment, of the reasonable expenses of mailing, unless within five days after such tender the Trustee
shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interest of the Holders
or would be in violation of applicable law. Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order
refusing to sustain any of such objections or if, after the entry of an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have been met and
shall enter an order so declaring, the Trustee shall mail copies of such material to all such Holders with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation
or duty to such applicants respecting their application. 
 (c)    Every Holder of Securities, by receiving and holding
the same, agrees with the Issuers and the Trustee that none of the Issuers, the Trustee or any agent thereof shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance
with Section 7.02(b), regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 7.02(b). 

  
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 (d)    Subject to Sections 6.01, 7.02(a), 7.02(b) and 7.02(c), if the Issuers
or any other person (other than the Trustee) shall desire to communicate with Holders of Securities to solicit or obtain from them any proxy, consent, authorization, waiver, approval of a plan of reorganization, arrangement or readjustment or other
action (“Holder Action”), the Trustee shall have no duty to participate in such communication or solicitation or the processing of responses in any manner except (i) to furnish the rules and regulations and to perform the
functions referred to in Section 1.04 and (ii) to receive (A) the instruments evidencing the Holder Action together with (B) the Officers’ Certificate and Opinion of Counsel referred to below. The Issuers hereby covenant
that any and all communications and solicitations distributed by it in connection with any Holder Action will comply in all material respects with applicable law, including, without limitation, applicable law concerning adequacy of disclosure. The
Trustee shall have no responsibility for the accuracy or completeness of any materials circulated to solicit any Holder Action or for any related communications or for the compliance thereof with applicable law. No Holder Action shall become
effective until the Trustee shall have received from the Issuers or other person who solicited the Holder Action the instruments evidencing such Holder Action (x) (in the case of Holder Action solicited by the Issuers or the representative of either
Issuer’s estate if such Issuer is the debtor in any bankruptcy or other insolvency proceeding) an Officers’ Certificate and (y) (in all cases) an Opinion of Counsel, each specifying the Holder Action taken and stating that such Holder
Action has been duly and validly taken in compliance with this Indenture in all material respects. Such Officers’ Certificate, if any, shall also certify that (after giving effect to such Holder Action) no Event of Default or event or condition
which, with notice or lapse of time or both, would become an Event of Default has occurred and is continuing or has not been waived. 

(e)    The Depositary may grant proxies and otherwise authorize its participants which own the Global Securities to give
or take any Act which a Holder is entitled to take under this Indenture; provided, however, that the Depositary has delivered a list of such participants to the Trustee. 

Section 7.03    Reports by Trustee. 

(a)    Within 60 days after September 30 of each year commencing with the first September 30 following the date
of this Indenture, the Trustee shall transmit by mail to all Holders, as their names and addresses appear in the Security Register, a brief report dated as of such September 30, to the extent required by Section 313(a) of the Trust
Indenture Act. 
 (b)    The Trustee shall comply with Sections 313(b) and 313(c) of the Trust Indenture Act. 

(c)    A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with the
Commission and with the Issuers. The Issuers will promptly notify the Trustee in writing when any Securities are listed on any stock exchange, or of any delisting thereof. 

Section 7.04    Reports. 

The Issuers shall: 

(1)    file with the Trustee, within 15 days after the Issuers are required to file the same with the
Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Issuers may be
required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (provided that availability of such reports on a website maintained by the Commission shall be deemed to
fulfill this requirement); or, if the Issuers are not required to file information, documents or reports pursuant to either of said sections, then the Issuers shall file with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Securities Exchange Act of 1934 in respect of a security listed and
registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; and 

  
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 (2)    file with the Trustee and the Commission, in
accordance with the rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Issuers with the conditions and covenants of this Indenture as may be
required from time to time by such rules and regulations; 
 Notwithstanding the foregoing, GIGI shall not be required to comply with this
Section 7.04 if GIGI is not otherwise required to file or furnish information, documents or reports with the Commission pursuant to an exemption from the reporting obligations of Section 13 or Section 15(d) of the Securities Exchange
Act of 1934, as amended, or the rules and regulations promulgated thereunder, including the exemptions under Rule 3-10 of Regulation S-X. 

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 Issuers’ compliance with any of their covenants hereunder (as to which the Trustee is entitled to
rely exclusively on an Officers’ Certificate). The Trustee will not be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuers’ compliance with the covenants or with respect to any reports or other documents filed
with the Commission or the Commission’s EDGAR system or any website under this Indenture, or participate in any conference calls. 

ARTICLE VIII 

SUCCESSOR CORPORATION 

Section 8.01    When Issuers May Merge or Transfer Assets. (a) Neither Issuer shall (1) consolidate with
or merge with or into any other Person or convey, transfer, sell or lease its properties and assets substantially as an entirety to any Person (other than an Issuer), (2) permit any Person to consolidate with or merge into such Issuer, or
(3) permit any Person to convey, transfer, sell or lease that Person’s properties and assets substantially as an entirety to such Issuer, unless: 

(i)    in the case of (1) and (2) above, either (x) such Issuer shall be the surviving person or
(y) the Person (if other than an Issuer) formed by such consolidation or into which such Issuer is merged or the Person which acquires by conveyance, transfer or lease the properties and assets of such Issuer substantially as an entirety is an
entity organized and existing under the laws of the United States of America (including any State thereof or the District of Columbia), the United Kingdom, Ireland, the Cayman Islands, Bermuda or any country which is a member of the Organisation for
Economic Co-operation and Development or the European Union and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee in form reasonably satisfactory to the
Trustee, all of the obligations of such Issuer under the Securities and this Indenture; 

(ii)    immediately after giving effect to such transaction, no Event of Default, and no event that, after
notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing; and 

(iii)    the Issuers shall have delivered to the Trustee an Officers’ Certificate stating that such
consolidation, merger, conveyance, transfer, sale or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with this Section 8.01 and that all conditions precedent herein
provided for relating to such transaction have been satisfied. 
 (b)    The successor Person formed by such
consolidation or into which such Issuer is merged or the successor Person to which such conveyance, transfer, sale or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, such Issuer under this Indenture
with the same effect as if such successor had been named as such Issuer herein; and thereafter, such Issuer shall be discharged from all obligations and covenants under this Indenture and the Securities. Subject to Section 9.03, the Issuers,
the Trustee and the successor Person shall enter into a supplemental indenture to evidence the succession and substitution of such successor Person and such discharge and release of such Issuer. 

  
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 ARTICLE IX 

AMENDMENTS & SUPPLEMENTAL INDENTURES 

Section 9.01    Amendments or Supplemental Indentures Without Consent of Holders. The Issuers and the Trustee,
at any time and from time to time, may amend or supplement this Indenture or the Securities or waive any provision of this Indenture or the Securities without the consent of any Holder: 

(1)    to cure any ambiguity, mistake, omission, defect or inconsistency as set forth in an Officers’
Certificate; 
 (2)    to make any modifications or amendments that do not, in the good faith opinion of
the Issuers, adversely affect the interests of the Holders in any material respect, provided that any amendment or supplement conforming this Indenture, as applied to a series of Securities, to the terms described in the prospectus (including any
prospectus supplement) pursuant to which the Securities were initially sold shall be deemed not to adversely affect the interest of Holders; 

(3)    to provide for the assumption of an Issuer’s obligations under this Indenture by a successor
upon any merger, consolidation or asset transfer as permitted by and in compliance with Article VIII of this Indenture; 

(4)    to provide any security for or additional guarantees of the Securities; 

(5)    to add Events of Default with respect to the Securities; 

(6)    to add covenants for the benefit of the Holders or to surrender any right or power conferred upon
the Issuers by this Indenture; 
 (7)    to make any change necessary to comply with the Trust Indenture
Act, or any amendment thereto, or to comply with any requirement of the Commission in connection with the qualification of this Indenture under the Trust Indenture Act; 

(8)    to provide for uncertificated Securities in addition to or in place of certificated Securities or
to provide for bearer Securities; 
 (9)    to add to or change any of the provisions of this Indenture
to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons; 

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

(11)    to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01;
or 
 (12)    to evidence and provide for the acceptance of appointment hereunder by a successor Trustee
with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to
the requirements of Section 6.11(b). 

  
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 Section 9.02    Amendments or Supplemental Indentures with Consent of
Holders. With the written consent of the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of all series affected by such amendment or supplement (taken together as one class), the
Issuers and the Trustee, at any time and from time to time, may amend or supplement this Indenture or the Securities. However, without the consent of each Holder affected, an amendment of or a supplement to this Indenture or the Securities may not:

 (1)    change the Stated Maturity of the principal of, or premium, if any, or any installment of
interest with respect to the Securities; 
 (2)    reduce the principal amount of, or the rate of
interest on, or any premium payable upon the redemption of, the Securities; 
 (3)    change the
currency of payment of principal of or interest on the Securities; 
 (4)    change the redemption
provisions, if any, of any Securities in any manner adverse to the Holders of such Securities; 

(5)    impair the right to institute suit for the enforcement of any payment on or with respect to the
Securities; 
 (6)    reduce the above-stated percentage of Holders of the Securities of any series
necessary to modify or amend this Indenture; 
 (7)    if the Securities are convertible or
exchangeable, adversely affect the right to convert or exchange the Securities in accordance with the provisions of this Indenture; 

(8)    in the case of Subordinated Securities of any series, modify any of the Subordination Provisions or
the definition of “Senior Indebtedness” relating to such series in a manner adverse to the holders of such Subordinated Securities; or 

(9)    modify the foregoing requirements or reduce the percentage of Outstanding Securities necessary to
waive any covenant or past default. 
 It shall not be necessary for any Act of the Holders under this Section 9.02 to approve the
particular form of any proposed amendment or supplemental indenture, but it shall be sufficient if such Act approves the substance thereof. 

After an amendment or supplemental indenture under this Section 9.02 becomes effective, the Issuers shall mail to each Holder a notice
briefly describing the amendment or supplemental indenture. 
 An amendment or supplemental indenture which changes or eliminates any
covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such
covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 

Section 9.03    Execution of Supplemental Indentures. The Trustee shall sign any supplemental indenture
authorized pursuant to this article if the amendment contained therein does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign such supplemental indenture. In executing,
or accepting the additional trusts created by, any supplemental indenture permitted by this article or the modifications thereby of the trusts created by this Indenture, the Trustee shall receive, and (subject to Section 6.01) shall be fully
protected in conclusively relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent in this
Indenture to the execution of such supplemental indenture, if any, have been complied with and, subject to customary assumptions, exceptions and qualifications, constitutes the legal, valid and binding obligation of the Issuers. 

  
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 Section 9.04    Effect of Supplemental Indentures. Upon the
execution of any supplemental indenture under this article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or
thereafter authenticated and delivered hereunder shall be bound thereby. 
 Section 9.05    Conformity with
Trust Indenture Act. Every supplemental indenture executed pursuant to this article shall conform to the requirements of the Trust Indenture Act as then in effect. 

Section 9.06    Reference in Securities to Supplemental Indentures. Securities of any series authenticated and
delivered after the execution of any supplemental indenture pursuant to this article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the
Issuers shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Issuers, to any such supplemental indenture may be prepared and executed by the Issuers and authenticated and delivered by the
Trustee in exchange for Outstanding Securities of such series. 
 ARTICLE X 

COVENANTS 

Section 10.01    Payment of Principal, Premium and Interest. The Issuers covenant and agree for the benefit of
each series of Securities that it will duly and punctually pay the principal of (and premium, if any) and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. At the option of the Issuers,
payment of principal (and premium, if any) and interest may be made by wire transfer to an account within the United States or (subject to collection) by check mailed to the address of the Person entitled thereto at such address as shall appear in
the Security Register. Presentation of Securities is due at maturity. 
 Section 10.02    Maintenance of Office
or Agency. The Issuers will maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for registration of transfer or exchange and where notices and demands
to or upon the Issuers in respect of the Securities of that series and this Indenture may be served. The Issuers hereby initially appoint the Trustee its office or agency for each of said purposes. The Issuers will give prompt written notice to the
Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuers 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, and the Issuers hereby appoint the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

The Issuers may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be
presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuers of their obligation to
maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Issuers will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such
other office or agency. 
 Section 10.03    Money for Securities; Payments to Be Held in Trust. If the
Issuers shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of (and premium, if any) or interest on any of the Securities of that series, segregate and hold in
trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly
notify the Trustee of its action or failure so to act. 
 Whenever the Issuers shall have one or more Paying Agents for any series of
Securities, it will, on or prior to each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming
due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Issuers will promptly notify the Trustee of its action or failure so to act. 

  
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 The Issuers will cause each Paying Agent for any series of Securities other than the Trustee to
execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 10.03, that such Paying Agent will: 

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

(2)    give the Trustee notice of any default by the Issuers (or any other obligor upon the Securities of
that series) in the making of any payment of principal (and premium, if any) or interest on the Securities of that series; and 

(3)    at any time during the continuance of any such default, upon the written request of the Trustee,
forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
 The Issuers may at any time, for the purpose of obtaining
the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Issuers or such Paying Agent, such sums to be held by the Trustee upon
the same trusts as those upon which such sums were held by the Issuers or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Issuers, in trust for the payment of the principal of (and
premium, if any) or interest on any Security of any series and remaining unclaimed for two years after such principal (and premium, if any) or interest has become due and payable shall be paid to the Issuers on Issuer Request, subject to applicable
escheat laws or (if then held by the Issuers) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look, only to the Issuers for payment thereof, and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all liability of the Issuers as trustee thereof, shall thereupon cease. 
 The
Issuers shall have no obligation to make payment of principal of (or premium, if any) or interest on any Security in immediately available funds, except that if the Issuers shall have received original payment for Securities in immediately available
funds it shall make available immediately available funds for payment of the principal of such Securities. 

Section 10.04    Corporate Existence. Subject to Article VIII, the Issuers will do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate existence, rights (charter and statutory) and franchises; provided, however, that the Issuers shall not be required to preserve any such right or franchise if the Board of
Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Issuers and that the loss thereof is not disadvantageous in any material respect to the Holders. 

Section 10.05    Maintenance of Properties. The Issuers will use their reasonable efforts to cause all
material properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order (subject to wear and tear) and supplied with all necessary material equipment and will use its reasonable efforts
to cause to be made all necessary material repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Issuers may be necessary so that the business carried on in connection therewith may be properly and
advantageously conducted at all times; provided, however, that nothing in this Section 10.05 shall prevent the Issuers from discontinuing the operation or maintenance of any of such properties if such discontinuance is, in the judgment of the
Issuers, desirable in the conduct of its business and not disadvantageous in any material respect to the Holders. 

Section 10.06    Statement by Officers as to Default. The Issuers will deliver to the Trustee, within 120 days
after the end of each fiscal year of the Issuers ending after the date hereof, a certificate of the principal executive officer, principal financial officer or principal accounting officer of the Issuers stating whether or not to the best knowledge
of the signers thereof the Issuers are in default in the performance and observance of any of the terms, provisions and conditions of this Indenture, and if the Issuers shall be in default, specifying all such defaults and the nature and status
thereof of which they may have knowledge. 

  
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 Section 10.07    Waiver of Certain Covenants. The Issuers may
omit in any particular instance to comply with any term, provision or condition set forth in this Article X if, before or after the time for such compliance, the Holders of at least a majority in principal amount of the Outstanding Securities (taken
together as one class) shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition; except to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Issuers and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

Section 10.08    Calculation of Original Issue Discount. The Issuers shall file with the Trustee promptly at
the end of each calendar year (i) a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on Outstanding Securities as of the end of such year and (ii) such other specific
information relating to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time. 

ARTICLE XI 

REDEMPTION OF SECURITIES 

Section 11.01    Applicability of Article. Securities of any series which are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 3.01 for Securities of any series) in accordance with this article. 

Section 11.02    Election to Redeem; Notice to Trustee. The election of the Issuers to redeem any Securities
shall be evidenced by a Board Resolution. In case of any redemption at the election of the Issuers of less than all the Securities of any series, the Issuers shall, at least 45 days prior to the Redemption Date fixed by the Issuers (unless a shorter
notice shall be satisfactory to the Trustee), notify the Trustee in writing of such Redemption Date and of the principal amount of Securities of such series to be redeemed, such notice to be accompanied by a written statement signed by an authorized
officer of the Issuers stating that no defaults in the payment of interest or Events of Default with respect to the Securities of that series have occurred (which have not been waived or cured). In the case of any redemption of Securities prior to
the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Issuers shall furnish the Trustee an Officers’ Certificate evidencing compliance with such restriction. 

Section 11.03    Selection by Trustee of Securities to Be Redeemed. If less than all the Securities of any
series are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by lot or
by such method as the Trustee shall deem fair and appropriate, subject to the customary procedures of the Depositary, and which may provide for the selection or redemption of portions (equal to the minimum authorized denomination for Securities of
that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series. 

The Trustee shall promptly notify the Issuers in writing of the Securities selected for redemption and, in the case of any Securities selected
for partial redemption, the principal amount thereof to be redeemed. 
 For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.

  
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 Section 11.04    Notice of Redemption. The Issuers shall give a
notice of redemption by first-class mail, postage prepaid (or electronic transmission in the case of Securities held in book-entry form), mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be
redeemed, at its address appearing in the Security Register. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not such Holder receives the notice. Failure to give notice by
mail, or any defect in the notice to any such Holder in respect of any Security, shall not affect the validity of the proceedings for the redemption of any other Security. 

All notices of redemption shall state: 

(1)    the Redemption Date, 

(2)    the Redemption Price and any accrued interest, 

(3)    if less than all the Outstanding Securities of any series are to be redeemed, the identification
(and, in the case of partial redemption, the principal amounts) of the particular Securities to be redeemed, 

(4)    that on the Redemption Date the Redemption Price and any accrued interest will become due and
payable upon each such Security to be redeemed together with accrued interest thereon and, if applicable, that interest thereon will cease to accrue on and after said date, 

(5)    the place or places where such Securities are to be surrendered for payment of the Redemption Price
and any accrued interest, 
 (6)    that the redemption is for a sinking fund, if such is the case, and

 (7)    the CUSIP number and, if applicable, the ISIN number, of the Securities being redeemed. 

Notice of redemption of Securities to be redeemed at the election of the Issuers shall be given by the Issuers or, at the Issuers’
written request, by the Trustee in the name and at the expense of the Issuers. 
 Section 11.05    Deposit of
Redemption Price. On or prior to 11:00 a.m., New York City time, on any Redemption Date, the Issuers shall deposit with the Paying Agent (or, if either or both Issuers are acting as Paying Agent, segregate and hold in trust as provided in
Section 10.03) an amount of money, in funds immediately available on the due date, sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which
are to be redeemed on that date. 
 Section 11.06    Securities Payable on Redemption Date. Notice of
redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified together with accrued interest thereon, and from and after such date (unless
the Issuers shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by
the Issuers at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that installments of interest whose Stated Maturity is on the Redemption Date shall be payable to the Holders of such Securities, or one
or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.07. 

If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall,
until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 The Trustee shall not redeem any
Securities of any series pursuant to this article (unless all Outstanding Securities of such series are to be redeemed) or mail or give any notice of redemption of Securities during the continuance of an Event of Default hereunder known to the
Trustee with respect to such series, except that, where the mailing of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have
received from the Issuers a sum sufficient for such 

  
 40 

 
redemption. Except as aforesaid, any moneys theretofore or thereafter received by the Trustee shall, during the continuance of such Event of Default, be deemed to have been collected under
Article V and held for the payment of all such Securities of such series. In case such Event of Default shall have been waived as provided in Section 5.13 or the default cured on or before the sixtieth day preceding the Redemption Date, such
moneys shall thereafter be applied in accordance with the provisions of this article. 

Section 11.07    Securities Redeemed in Part. Any Security which is to be redeemed only in part shall be
surrendered at a Place of Payment therefor (with, if the Issuers or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Issuers and the Trustee duly executed by, the Holder thereof or its
attorney duly authorized in writing), and the Issuers shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series, of any authorized
denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 

ARTICLE XII 
 SINKING
FUNDS 
 Section 12.01    Applicability of Article. The provisions of this article shall be
applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 3.01 for Securities of such series. 

The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a
“Mandatory Sinking Fund Payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “Optional Sinking Fund Payment.” If provided for
by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.02. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided
for by the terms of Securities of such series. 
 Section 12.02    Satisfaction of Sinking Fund Payments with
Securities. The Issuers (1) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply as credit Securities of a series which have been redeemed either at the election of the
Issuers pursuant to the terms of such Securities or through the application of permitted Optional Sinking Fund Payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with
respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series; provided that such Securities have not been previously so credited. Such Securities shall be received
and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 

Section 12.03    Redemption of Securities for Sinking Fund. Not less than 60 days prior to each sinking fund
payment date for any series of Securities, the Issuers (1) will deliver to the Trustee an Officers’ Certificate (A) stating that no defaults in the payment of interest or Events of Default with respect to Securities of that series
have occurred (which have not been waived or cured), (B) specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of Securities of that series, (C) stating whether or not the Issuers intends to
exercise its right, if any, to make an Optional Sinking Fund Payment with respect to such series on the next ensuing sinking fund payment date and, if so, specifying the amount of such Optional Sinking Fund Payment and (D) specifying the
portion of such sinking fund payment, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 12.02 and
(2) will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date, the Trustee shall select the Securities of such series to be redeemed upon such sinking fund payment date
in the manner specified in Section 12.03 and cause notice of the redemption thereof to be given in the name of and at the expense of the Issuers in the manner provided in Section 12.04. Such notice having been duly given, the redemption of
such Securities shall be made upon the terms and in the manner stated in Sections 12.05, 12.06 and 12.07. Failure of the Issuers, on or before any such 60th day, to deliver such Officers’ Certificate and Securities specified in this
Section 12.03, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of the Issuers (a) that the Mandatory Sinking Fund Payment for such series due on the next succeeding sinking fund
payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect thereof and (b) that the Issuers will make no Optional Sinking Fund Payment with respect to Securities of such series as
provided in this article. 

  
 41 

 The Trustee shall not redeem or cause to be redeemed any Security of a series with sinking fund
moneys or mail any notice of redemption of Securities of such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default with respect to such series except that,
where the mailing of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from the Issuers a sum sufficient for such
redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or
Event of Default, be deemed to have been collected under Article V and held for the payment of all such Securities of such series. In case such Event of Default shall have been waived as provided in Section 5.13 or the default cured on or
before the 60th day preceding the sinking fund payment date, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section 12.03 to the redemption of such Securities. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 [Remainder of page intentionally blank] 

 

  
 42 

 IN WITNESS WHEREOF, each party hereto has executed this Indenture as of the day and year first
before written. 
  

			
	GLOBAL INDEMNITY LIMITED
		
	By:	 	 
		 	Name:
		 	Title:
	
	GLOBAL INDEMNITY GROUP, INC.
		
	By:	 	 
		 	Name:
		 	Title:

 
			
	 [______________________________],

as Trustee

		
	By:	 	 
		 	Name:
		 	Title:EX-10.1

 Exhibit 10.1 

Variable Postpaid Forward Transaction 

June 18, 2018 
 RBC Capital Markets, LLC 

as Agent for Royal Bank of Canada 
 Brookfield Place 

200 Vesey Street 
 New York, NY 10281-1021 

Telephone: (212) 858-7000 

1. This letter agreement (this “Confirmation”) evidences a complete and binding agreement between Royal Bank of Canada
(“Dealer”) and Newmark SPV I, LLC (“Counterparty”) as to the terms of the above-referenced transaction (the “Transaction”) entered into on the date specified above (the “Trade
Date”). 
 The Transaction shall be subject to and governed by, and constitute a “Transaction” under, an agreement (the
“Agreement”) in the form of the ISDA 2002 Master Agreement as if Dealer and Counterparty had executed an agreement in such form on the date hereof (with the elections that (a) the “Cross Default” provisions of
Section 5(a)(vi) thereof shall apply to Counterparty, with a “Threshold Amount” of USD0.00, (b) subparagraph (ii) of Section 2(c) thereof will not apply to the Transaction and any other “Transaction” under the
Agreement, (c) the designation of Annex A hereto as Credit Support Documents with respect to the obligations of Counterparty, (d) the designation of Newmark Partners, L.P. as a Specified Entity with respect to Counterparty for purposes of
Section 5(a)(vii) of the Agreement (as modified by Section 7(p)(iii) below) only, and (e) the other elections specified herein). This Confirmation is subject to, and incorporates, the definitions and provisions of the 2002 ISDA Equity
Derivatives Definitions (the “Equity Definitions”), as published by the International Swaps and Derivatives Association, Inc. (“ISDA”). For purposes of the Equity Definitions, the Transaction will be deemed to be a
Share Forward Transaction. The Transaction shall not be considered a Transaction under, or otherwise governed by, any other existing or deemed ISDA Master Agreement between the parties hereto. In the event of any inconsistency among this
Confirmation, the Equity Definitions, or the Agreement, the following shall prevail in the order of precedence indicated: (i) this Confirmation; (ii) the Equity Definitions; and (iii) the Agreement. The Transaction will be divided
into individual Tranches and Components, each with the terms set forth herein. 
 2. The terms of the particular Transaction to which this
Confirmation relates are as follows: 
 General Terms: 
  

			
	Trade Date:	  	June 18, 2018 or, with respect to any Additional Tranche (as defined below), as set forth in the relevant Supplemental Confirmation (as defined below)
		
	Seller:	  	Counterparty
		
	Buyer:	  	Dealer
		
	Shares:	  	The common stock, par value $0.01 per share, of Issuer (Ticker: “NDAQ”).
		
	Issuer:	  	Nasdaq, Inc.
		
	Tranches and Components:	  	The Transaction will consist of two individual Tranches each with the terms and conditions as set forth in this Confirmation, together with

 EXECUTION 
  

			
		  	any additional Tranche (an “Additional Tranche”) agreed to by the parties pursuant to any supplemental confirmation in the form of Annex B hereto (a “Supplemental Confirmation”). Each Tranche will
consist of individual Components each with the terms and conditions as set forth in this Confirmation and, in the case of an Additional Tranche, in the relevant Supplemental Confirmation. Any such Supplemental Confirmation shall be deemed to be a
part of this Confirmation, references herein to this Confirmation shall be deemed to include any such Supplemental Confirmation, and any such Supplemental Confirmation, together with this Confirmation, shall constitute a “Confirmation” for
purposes of the Agreement. To the extent inconsistent with this Confirmation, the relevant Supplemental Confirmation shall prevail.
		
		  	For purposes of “Optional Settlement Right” below, Tranche 1 shall correspond to the Measurement Period beginning in 2019; Tranche 2 shall correspond to the Measurement Period beginning in 2020; and any Additional Tranche
shall correspond to the Measurement Period that begins in the same year as the relevant Optional Settlement Period.
		
		  	For each Tranche, the individual Components shall be equal in the aggregate to the Number of Components for such Tranche, each with the terms set forth in this Confirmation, and, in particular, with the Component Number of Shares
specified pursuant to “Component Number of Shares” in Exhibit A for such Tranche (or, for any Additional Tranche, in the relevant Supplemental Confirmation). The payments and deliveries to be made upon settlement of each Tranche of the
Transaction will be determined separately for each Component of each Tranche of the Transaction as if such Component were a separate Transaction under the Agreement.
		
	Number of Components:	  	For each Tranche, as set forth in Exhibit A or the relevant Supplemental Confirmation, as applicable.
		
	Number of Shares:	  	1,984,494 in the aggregate for all Tranches (subject to increase pursuant to any Supplemental Confirmation).
		
	Component Number of Shares:	  	For each Component of each Tranche, as set forth in Exhibit A or the relevant Supplemental Confirmation, as applicable, subject to adjustments as applicable in accordance with any adjustments to the Number of Shares.
		
	Prepayment:	  	Not Applicable
		
	Variable Obligation:	  	Applicable
		
	Share Reference Price:	  	USD94.21 per Share or, with respect to any Additional Tranche, as set forth in the relevant Supplemental Confirmation
		
	Forward Floor Price:	  	100% of the Share Reference Price (or, with respect to any Additional Tranche, as otherwise set forth in the relevant Supplemental Confirmation)
		
	Settlement Currency:	  	USD

  
 2 

 EXECUTION 
  

			
	Exchange:	  	NASDAQ Global Select Market
		
	Related Exchange:	  	All Exchanges
		
	Initial Amount:	  	For each Tranche, the amount specified for such Tranche as set forth on Schedule 1 hereto.
		
		  	For any Additional Tranche, as set forth in the relevant Supplemental Confirmation.
		
	Payment of the Initial Amount:	  	On the Closing Date for the purchase of the Preferred Units (as defined in the Parent Agreement) (or, with respect to any Additional Tranche, the closing date for the purchase of the related Preferred Units), Counterparty shall pay
the Initial Amount for each Tranche to Dealer in immediately available funds. The parties acknowledge and agree that, pursuant to the “Multilateral Netting Agreement” dated as of the Trade Date by and among Dealer, Newmark Issuer and
Counterparty (or the relevant netting agreement for any Additional Tranche, if applicable), the Initial Amount for each Tranche shall be applied, on a net basis, in reduction of the purchase price for the corresponding series of Preferred Units
under the Parent Agreement (or any relevant agreement with respect to the purchase of Preferred Units in connection with any Additional Tranche).
		
	Purchase Agreement:	  	Purchase Agreement dated as of April 1, 2013 by and among BGC Partners, Inc., BGC Holdings, L.P., BGC Partners, L.P. and Nasdaq, Inc. (f/k/a The Nasdaq OMX Group, Inc.), in the form filed as Exhibit 2.1 to the Form 10-Q of Issuer for the period ending June 30, 2013, as may be amended from time to time in accordance with Section 6(a)(ix) below.
		
	Measurement Period and Earn-Out Date:	  	Each as defined in the Purchase Agreement.
		
	Preferred Units:	  	The Exchangeable Preferred Units of Newmark Partners, L.P., as defined in the Newmark LPA, purchased by Dealer pursuant to the Parent Agreement. For purposes of the settlement provisions of this Transaction, the “Series A
Exchangeable Preferred Units” shall correspond to Tranche 1 hereunder; and the “Series B Exchangeable Preferred Units” shall correspond to Tranche 2 hereunder. The Preferred Units corresponding to any Additional Tranche shall be
specified in the relevant Supplemental Confirmation.
		
	Newmark LPA:	  	The Second Amended and Restated Agreement of Limited Partnership of Newmark Partners, L.P. dated as of June 19, 2018, as amended and/or supplemented from time to time.
		
	Exchange Property:	  	Means, for any series of Preferred Units, the securities, cash or other property that such Preferred Units are exchanged or converted into, including Newmark Shares.
		
	Newmark Shares:	  	Class A Common Stock of the Newmark Issuer or any successor thereto

  
 3 

 EXECUTION 
  

			
	Newmark Issuer:	  	Newmark Group, Inc. or any successor thereto
		
	Unit Holder Claims:	  	Means, for any series of Preferred Units, all claims and interests of a holder of such Preferred Units upon a bankruptcy or liquidation of Newmark Partners, L.P.
		
	Parent Agreement:	  	Means the letter agreement, dated as of the date hereof, by and among Newmark Group, Inc., Newmark Partners, L.P. and Dealer relating to the Transaction and the Preferred Units, as amended and/or supplemented from time to
time.
		
	LLC Agreement:	  	Means the Limited Liability Company Agreement of Counterparty dated as of June 18, 2018, by Newmark Partners, L.P., as the sole and managing member and the Independent Manager specified therein, as amended and/or supplemented
from time to time.
		
	Assignment Agreement:	  	Means the Assignment and Transfer Agreement effective as of June 18, 2018, by and between Newmark Partners, L.P. and Counterparty.
		
	Transfer Notice:	  	Means the Notice of Assignment and Transfer with Respect to Earn-Out Issuances and Registration Rights substantially in the form of Exhibit A to the Assignment Agreement, delivered to Issuer
by the BCG Parties, Newmark OpCo and Newco (as such terms are defined in the Assignment Agreement).
		
	Valuation:	  	
	
	In respect of any Tranche and any Component:
		
	Optional Settlement Right:	  	With respect to any Tranche, either party hereunder shall have the right to elect, by delivery of an Optional Settlement Notice during or prior to the relevant Optional Settlement Period, that an “Optional Settlement
Date” (which shall be deemed a “Settlement Date”) shall occur for such Tranche during the relevant Optional Settlement Period (unless delayed in accordance herewith), which Optional Settlement Date shall be the date specified in
the notice of such election delivered in accordance with “Optional Settlement Notice” below. The Optional Settlement Date shall be no earlier than 12 (or, with respect to any Additional Tranche, a number set forth in the relevant
Supplemental Confirmation under the heading “Notice-to-Settlement Number”) Scheduled Trading Days which is not a half trading day or other day where the
Exchange is scheduled as of the Trade Date to close prior to its normal close of trading (such Scheduled Trading Days “Full Trading Days”) following the date of receipt by of such notice. For the avoidance of doubt, the parties
agree and acknowledge that the first possible Optional Settlement Date for Tranche 1 shall be November 30, 2019; the first possible Optional Settlement Date for Tranche 2 shall be November 30, 2020; and the first possible Optional
Settlement Date for any Additional Tranche shall be as set forth in the relevant Supplemental Confirmation.
		
		  	Notwithstanding anything to the contrary in the Equity Definitions or the Agreement, if neither party validly specifies an Optional Settlement Date for a Tranche during the relevant Optional Settlement Period, such Tranche shall
automatically terminate as of 4:00 p.m. (New York time)

  
 4 

 EXECUTION 
  

			
		  	on the last day of the relevant Optional Settlement Period, and such Tranche, each Component thereunder and all of the respective rights and obligations of Dealer and Counterparty with respect to settlements and deliveries under
such Tranche and such Components shall be cancelled and terminated (but not, for the avoidance of doubt, rights and obligations other than settlements and deliveries, such as claims for breaches of representations or covenants, or indemnity claims
or reimbursement obligations, if any).
		
	Optional Settlement Notice:	  	Notice substantially in the form of Exhibit B hereto.
		
	Optional Settlement Period:	  	For each Tranche, the period specified below for such Tranche:
		
		  	     Tranche 1:   The
366-day period beginning on, and including November 30, 2019

		  	     Tranche 2:   The
365-day period beginning on, and including November 30, 2020

		
		  	For any Additional Tranche, as set forth in the relevant Supplemental Confirmation.
		
	Valuation Dates:	  	For any Tranche for which an Optional Settlement Date has been validly specified in accordance with “Optional Settlement Right” above, each Full Trading Day during the Valuation Period for such Optional Settlement Date
shall be a “Valuation Date” for the Component for such Tranche with the Component number corresponding to the numeric occurrence of such Full Trading Day in such Valuation Period (and, for the avoidance of doubt, if no Optional Settlement
Date has been validly designated for such Tranche, no Valuation Dates shall occur for such Tranche); provided that, if that date is a Disrupted Day, the Valuation Date for such Component shall be the first succeeding Full Trading Day that is
not a Disrupted Day and is not or is not deemed to be a Valuation Date in respect of any other Component hereunder. Notwithstanding the foregoing and anything to the contrary in the Equity Definitions, if a Market Disruption Event (or a deemed
Market Disruption Event as provided herein) occurs on any Valuation Date, the Calculation Agent may, in good faith and in a commercially reasonable manner, determine that such Valuation Date is a Disrupted Day only in part, in which case the
Settlement Price for such Disrupted Day shall be determined by the Calculation Agent based on transactions in the Shares on the Exchange on such Disrupted Day taking into account the nature and duration of such Market Disruption Event on such day,
and Calculation Agent shall make adjustments in a commercially reasonable manner to the number of Shares for the relevant Component(s) for which such day shall be the Valuation Date and shall designate the Full Trading Day determined in the manner
described above as the Valuation Date for the remaining number of Shares for such Component(s), with such adjustments based on, among other factors, the duration of any Market Disruption Event and the volume, historical trading patterns and price of
the Shares. Section 6.6 of the Equity Definitions shall not apply to any Valuation Date hereunder.
		
		  	If, as a consequence of Disrupted Days (other than, and to the extent, of Disrupted Days resulting from a Regulatory Disruption), the Valuation Date for any Component has not occurred prior to the ninth
Scheduled

  
 5 

 EXECUTION 
  

			
		  	Trading Day following the scheduled Valuation Date for such Component, then the Calculation Agent, in its good faith and commercially reasonable discretion, may deem such ninth Full Trading Day to be an Exchange Business Day that is
not a Disrupted Day and determine the Settlement Price for such ninth Full Trading Day using its good faith estimate of the value of the Shares on such ninth Full Trading Day based on the volume, historical trading patterns and price of the Shares
and such other factors as it deems appropriate. In the event of a Disrupted Day with respect to a Valuation Date, the corresponding Optional Settlement Date shall be adjusted accordingly.
		
	Valuation Period:	  	For any Optional Settlement Date with respect to any Tranche, the period of consecutive Full Trading Days equal to the Number of Components for such Tranche beginning on, and including, the Full Trading Day that precedes such
Optional Settlement Date by two plus a number of Full Trading Days equal to the Number of Components for such Tranche (the “Initial Valuation Date”).
		
	Valuation Time:	  	As provided in Section 6.1 of the Equity Definitions.
		
	Market Disruption Event:	  	The third and fourth lines of Section 6.3(a) of the Equity Definitions are hereby amended by deleting the words “during the one hour period that ends at the relevant Valuation Time” and replacing them with “at
any time prior to the relevant Valuation Time”.
		
		  	Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line thereof.
		
	Disrupted Day:	  	Without limiting the generality of Section 6.4 of the Equity Definitions, any Scheduled Trading Day on which a Regulatory Disruption occurs shall also constitute a Disrupted Day.
		
	Regulatory Disruption:	  	In the event that Dealer concludes, in its reasonable discretion, that it is appropriate with respect to any legal, regulatory or self-regulatory requirements or related policies and procedures applied consistently and in a non-discriminatory manner (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer), for it to refrain from effecting transactions with respect to
Shares on any Scheduled Trading Day or Days, a Managing Director (or equivalent, which may be a Senior Counsel) in Dealer’s legal or compliance function shall certify to Counterparty in writing that a Regulatory Disruption has occurred on such
Scheduled Trading Day or Days without being required to specify (and Dealer shall not otherwise be required to communicate to Counterparty) the nature of such Regulatory Disruption.
		
	Settlement Terms:	  	
	
	In respect of any Tranche and any Component:
		
	Settlement Method Election:	  	Applicable; provided that (i) references to “Cash Settlement” in Section 7.1 of the Equity Definitions shall be replaced by references to “Modified Physical Settlement”; (ii) for any Tranche, it
shall be a condition of such election that Counterparty delivers an irrevocable

  
 6 

 EXECUTION 
  

			
		  	written notice of such election to Dealer (a “Settlement Election Notice”), to be received by Dealer no later than the relevant Settlement Method Election Date, setting forth the Electing Party’s election of
Modified Physical Settlement for such Tranche and the Settlement Method Representations set forth below, (iii) the same Settlement Method shall apply to all Components of such Tranche, and (iv) notwithstanding the applicability of Modified
Physical Settlement, Counterparty shall be deemed to have irrevocably elected that Physical Settlement be applicable to the relevant Tranche if (w) an Event of Default with respect to Counterparty has occurred and is continuing, (x) the
Registration Conditions are not satisfied on or prior to the date specified by Dealer that it intends to commence sales of Exchange Property (which date shall not be earlier than the later of (a) 20 Business Days after the date of such notice and
(b) Initial Valuation Date) (a “Registration Conditions Satisfaction Date”), (y) Dealer has notified Counterparty of the existence of a Potential Event of Default with respect to which Counterparty would be the
Defaulting Party on or prior to the one Business Day following the date of receipt of the Settlement Election Notice, and such Potential Event of Default has not been cured on or prior to the Registration Conditions Satisfaction Date or (z) the
relevant series of Preferred Units are not exchanged into Exchange Property by the Newmark Issuer prior to the date specified by Dealer that it intends to commence sales of Exchange Property. Counterparty shall have the right to delay the
Registration Conditions Satisfaction Date for up to 90 days to the extent that the SEC has not declared its registration statement effective or there are other administrative delays provided that Counterparty is acting in a good faith and
commercially reasonably manner to cause the registration statement to be declared effective (it being understood that any such delay may result in the postponement of the Modified Physical Settlement Payment Date). For the avoidance of doubt i) no
such delay shall impact the occurrence of the Valuation Dates or calculation of the Number of Shares to Be Delivered for any Component and ii) Counterparty shall remain obligated to deliver the Number of Shares to be Delivered on the Optional
Settlement Date, notwithstanding that Dealer may be obligated to settle its obligations on a later date due to the Registration Conditions Satisfactions Date occurring after the Initial Valuation Date.
		
	Settlement Method Representations:	  	Any Settlement Election Notice specifying Modified Physical Settlement shall only be valid if it contains the following representations and warranties of Counterparty in its capacity as Electing Party: as of the date of such
Settlement Election Notice, Counterparty repeats all of its representations and warranties contained in this Confirmation.
		
	Electing Party:	  	Counterparty
		
	Settlement Method Election Date:	  	On or prior to (a) November 1, 2019, with respect to Tranche 1, (b) November 1, 2020, with respect to Tranche 2 and (c) for any Additional Tranche, November 1 in the year in which the first possible Optional
Settlement Date occurs or as set forth in the relevant Supplemental Confirmation (or, if any such date is not a Scheduled Trading Day, the next following Scheduled Trading Day). From and after the Settlement Method Election Date, unless Counterparty
has elected Modified Physical Settlement, Dealer shall not exchange, or attempt to exchange, Preferred Units for Newmark Shares.

  
 7 

 EXECUTION 
  

			
		
	Default Settlement Method:	  	Physical Settlement
		
	Physical Settlement:	  	As provided in Section 9.2(a)(ii) of the Equity Definitions; provided that:
		
		  	 (i) the words “Buyer will pay to Seller an amount equal to the Forward Floor Price
multiplied by the Number of Shares” shall be deleted and replaced with “Buyer will deliver to Seller the relevant Preferred Unit Property for all Components of the relevant Tranche in accordance with the terms of the Newmark LPA as in
effect on the date hereof (and Seller hereby agrees to accept such Preferred Unit Property)”;

		
		  	 (ii)  notwithstanding “Tranches and Components” above, delivery of the
Preferred Unit Property for such Tranche in accordance with the terms of the Newmark LPA as in effect on the date hereof shall satisfy Dealer’s payment and delivery obligations with respect to all Components of such Tranche, and Dealer shall
not be required to deliver allocable portions with respect to each Component;

		
		  	 (iii)  in respect of any Component, references to “Number of Shares” therein
shall be read as references to the Component Number of Shares for such Component, subject to the provisions of “Valuation Date” above; and

		
		  	 in respect of any Tranche, in lieu of delivering the Number of Shares to be Delivered for all Components of such
Tranche, Counterparty may elect, by delivering an irrevocable written notice of such election to Dealer (a “Newmark Settlement Election Notice”), to be received by Dealer no later than the Settlement Method Election Date, to
satisfy its Physical Settlement obligations with respect to such Components of such Tranche by delivery of a number of Newmark Shares (a “Newmark Settlement Election” with respect to such Tranche) determined in accordance with the
Newmark Share Settlement Provisions below; provided that for any Tranche, Counterparty shall be deemed not to have made a Newmark Settlement Election if (x) an Event of Default with respect to Counterparty has occurred and is continuing,
(y) the Registration Conditions are not satisfied on or prior to the date specified by Dealer that it intends to commence sales of the relevant Newmark Shares (which date shall not be earlier than the than the later of (a) 20 Business Days
after the date of such notice and (b) Initial Valuation Date) (also a “Registration Conditions Satisfaction Date” but with respect to a Newmark Settlement Election) (z) Dealer has notified Counterparty of the existence of
a Potential Event of Default with respect to which Counterparty would be the Defaulting Party on or prior to the first Business Day following the date of receipt of the Newmark Settlement Election notice, and such Potential Event of Default has not
been cured on or prior to the Registration Conditions Satisfaction Date; provided further that, if at any time during the period beginning on, and including, the Registration Conditions Satisfaction Date to, and including, the date on which
the

  
 8 

 EXECUTION 
  

			
		  	 Newmark Share Settlement Amount (as defined below) is reduced to zero, the Registration Statement is unavailable for
any reason for sales of Newmark Shares by Dealer, then (x) the Newmark Settlement Election shall be deemed not to apply with respect to the remaining portion of the Newmark Share Settlement Amount (as determined by Dealer in its commercially
reasonable discretion), (y) Counterparty shall deliver either (A) Shares with a realizable value (net of any customary and reasonable fees, commissions, carrying charges and expenses) equal to the remaining portion of the Newmark Share
Settlement Amount, as determined by Dealer in its commercially reasonable discretion or (B) cash equal to the remaining portion of the Newmark Share Settlement Amount, or (C) a combination of (A) and (B) and (z) for the avoidance
of doubt, Dealer shall deliver (A) the relevant Preferred Unit Property for all Components of the relevant Tranche in accordance with the terms of the Newmark LPA as in effect on the date hereof (and Seller hereby agrees to accept such
Preferred Unit Property). For the avoidance of doubt i) no such delay shall impact the occurrence of the Valuation Dates or calculation of the Number of Shares to Be Delivered for any Component regardless of the Registration Conditions Satisfaction
Date and ii) the Settlement Date shall be determined pursuant to the definition thereof. A Newmark Settlement Election Notice shall only be valid if it contains the following representations and warranties of Counterparty: as of the date of such
Settlement Election Notice (after giving effect to any wall procedures in place that satisfy the requirements of Rule 10b5-1(c)(2) under the Exchange Act), Counterparty is not in possession of any material non-public information with respect to Issuer or the Shares.

		
	Registration Conditions:	  	In the event Counterparty makes a Newmark Share Election or elects Modified Physical Settlement, any such election shall be subject to satisfaction of each of the following conditions on or prior to the relevant Registration
Conditions Satisfaction Date:
		
		  	 (i) a registration statement covering public resale of the relevant Newmark Shares or
Exchange Property (together with the Newmark Shares the “Registrable Securities”) by Dealer or its affiliate (the “Registration Statement”) shall have been filed with the Securities and Exchange Commission under the
Securities Act of 1933, as amended (the “Securities Act”) and been declared or otherwise become effective on or prior to the date of delivery, and no stop order shall be in effect with respect to the Registration Statement; a
prospectus relating to the Registrable Securities (including any prospectus supplement thereto, the “Prospectus”) shall have been delivered to Dealer on or prior to the date of delivery;

		
		  	 (ii)  the form and content of the Registration Statement and the Prospectus
(including, without limitation, any sections describing the plan of distribution) shall be reasonably satisfactory to Dealer;

		
		  	 (iii)  Dealer and its agents shall have been afforded a reasonable opportunity to
conduct a due diligence investigation with respect to the Newmark Issuer customary in scope for underwritten offerings

  
 9 

 EXECUTION 
  

			
		  	 of equity securities and the results of such investigation are satisfactory to Dealer and periodic updates and
bring-downs consistent with registered dribble-out offerings;

		
		  	 (iv) an agreement (the “Underwriting Agreement”) shall have been entered
into with Dealer in connection with the public resale of the Registrable Securities by Dealer, in form and substance reasonably satisfactory to Dealer, which Underwriting Agreement shall include, without limitation, provisions substantially similar
to those contained in such underwriting agreements relating, without limitation, to the indemnification of, and contribution in connection with the liability of, Dealer and its affiliates and the provision of customary opinions, accountants’
comfort letters and lawyers’ negative assurance letters (and periodic updates of the same consistent with registered dribble-out offerings), and limiting unavailability of the registration statement to no
more than 90 days in any 365-day period and, with respect to a Newmark Share Election, the Counterparty owns and has delivered to the Collateral Account a number of Newmark Shares equal to the Newmark Share
Settlement Amount, to the reasonable satisfaction of Dealer;

		
		  	 (v)   the Exchange shall have authorized, upon official notice of issuance, the
listing of all Newmark Shares delivered in connection with the Newmark Share Election and/or the listing of any shares or securities constituting Exchange Property, as the case may be; and

		
		  	 (vi) all other consents, authorizations, qualifications and approvals (including
satisfaction of any applicable waiting periods) necessary for the registration, issuance, delivery, receipt and/or sale of the Registrable Securities, as applicable, shall have been satisfied.

		
	Preferred Unit Property:	  	Means, for any Tranche, (i) 100% of the series of Preferred Units corresponding to such Tranche, or (ii) if applicable, 100% of any Unit Holder Claims relating to such series of Preferred Units; provided that, in the
event none of the securities, instruments or claims described in clause (i) or (ii) are transferable by Dealer to Counterparty after using good faith, commercially reasonable efforts, unless such inability results from the acts, omissions or
change in legal status of Dealer (including Dealer bankruptcy), or other condition relating to Dealer, the Preferred Unit Property shall be deemed to be USD 1.00. If any Preferred Unit Property thereafter becomes transferable by Dealer to
Counterparty by the exercise of good faith, commercially reasonable efforts, Dealer shall promptly transfer such Preferred Unit Property to Counterparty, and, upon transfer of the final item thereof the USD 1.00 shall be refunded to
Dealer.
		
	Number of Shares to be Delivered:	  	As provided in Section 9.5 of the Equity Definitions; provided that:
		
		  	 (i) Section 9.5(c)(ii) of the Equity Definitions shall be amended by deleting the words
“but less than or equal to the Forward Cap Price”;

		
		  	 (ii)  Section 9.5(c)(iii) of the Equity Definitions shall be deleted in its
entirety;

  
 10 

 EXECUTION 
  

			
		  	 (iii)  in respect of any Component, references to “Number of Shares” therein
shall be read as references to the Component Number of Shares for such Component, subject to the provisions of “Valuation Date” above; and

		
		  	 (iv) if no Earn-Out Date has occurred during the
Measurement Period for the relevant Tranche, the Number of Shares to be Delivered for all Components of such Tranche shall be deemed to be zero.

		
	Newmark Share Settlement Provisions:	  	If Counterparty makes a Newmark Settlement Election with respect to any Tranche, Counterparty shall deliver, on the Settlement Date or at one or more dates during a commercially reasonable period thereafter as requested by Dealer, a
number of Newmark Shares with a realizable value (net of any customary and reasonable fees, commissions, carrying charges and expenses) equal to the value of the aggregate Number of Shares to be Delivered for all Components of such Tranche, as
determined by Dealer in its commercially reasonable discretion (such amount, the “Newmark Share Settlement Amount”). The parties acknowledge and agree that in calculating the realizable value of such Newmark Shares and the Newmark
Share Settlement Amount, Dealer may, in its sole commercially reasonable discretion and consistent with principles of best execution, determine such amount based on actual sale prices for Newmark Shares or Shares on any exchange or exchanges, a risk
bid or offer price, as applicable, or a closing price, volume-weighted average price or other market price for Newmark Shares or Shares determined by Dealer over a period reasonably determined by Dealer, or (without duplication) based on the
standards and procedures set forth in the definition of “Close-out Amount” in the Agreement. The Newmark Share Settlement Amount shall be reduced on the settlement date of each such sale of Newmark
Shares, and, subject to the second proviso in clause (iv) of Physical Settlement, Counterparty shall be obligated to continue to deliver Newmark Shares to Dealer until the Newmark Share Settlement Amount is reduced to zero (it being understood
that any proceeds received by Dealer in excess of the Newmark Share Settlement Amount or any Newmark Shares not required to be sold to achieve the reduction of the Newmark Share Settlement Amount to zero shall be remitted or returned to
Counterparty). The parties further acknowledge and agree that, with respect to any offering pursuant to the Underwriting Agreement, the proceeds shall be for the exclusive benefit of Dealer (with no compensation paid for any Newmark Shares subject
to such Underwriting Agreement) up to the Newmark Share Settlement Amount.
		
	Settlement Date:	  	For all Components of a Tranche, the second Clearance System Business Day following the last Valuation Date to occur with respect to such Tranche; provided that, if a Newmark Settlement Election is applicable to any Tranche,
the Settlement Date for purposes of Dealer’s payments and deliveries to Counterparty hereunder for such Tranche shall be one or more dates specified by Dealer in its commercially reasonable discretion, to be a commercially reasonable period
following the delivery (or deliveries) to Dealer of the relevant Newmark Shares.

  
 11 

 EXECUTION 
  

			
	Settlement Price:	  	Notwithstanding Section 7.3 of the Equity Definitions, and with respect to any Component, the Settlement Price will be the VWAP Price for the Valuation Date for such Component.
		
	VWAP Price:	  	For any Scheduled Trading Day, the price per Share determined by the Calculation Agent based on the volume weighted average price per Share for the regular trading session (including any extensions thereof) of the Exchange on the
Valuation Date for such Component (without regard to pre-open or after hours trading outside of such regular trading session for such Valuation Date), as published by Bloomberg at 4:15 p.m. New York time (or
15 minutes following the end of any extension of the regular trading session) on such Valuation Date, on Bloomberg page “NDAQ <Equity> AQR” (or any successor thereto), or if such price is not so reported on such Valuation Date for
any reason or is manifestly erroneous, as reasonably determined by the Calculation Agent.
		
	Modified Physical Settlement:	  	Means, for any Tranche, “Physical Settlement” as specified above except that in lieu of delivery of the Preferred Unit Property, Dealer shall deliver to Counterparty on the Modified Physical Settlement Payment Date an
amount in USD equal to the Settlement Value of the Exchange Property for the relevant series of Preferred Units and Counterparty shall deliver to Dealer the Number of Shares to be Delivered for such Tranche).
		
	Settlement Value:	  	Means, with respect to the Exchange Property for any Tranche, the realizable value of such Exchange Property (net of any customary and reasonable fees, commissions, carrying charges and expenses), as determined by the Calculation
Agent. The parties acknowledge and agree that in calculating the Settlement Value, Dealer may, in its commercially reasonable discretion and consistent with principles of best execution, determine such amount based on actual sales of all or any
portion of the Exchange Property, a risk bid price or a closing price, volume-weighted average price or other market price for the Exchange Property determined by Dealer over a period reasonably determined by Dealer, or (without duplication) based
on the standards and procedures set forth in the definition of “Close-out Amount” in the Agreement. Notwithstanding the foregoing, Counterparty agrees and acknowledges that Dealer shall not be
required to sell any Exchange Property at a time when the applicable Registration Statement is not available for sales of the Exchange Property, and that such unavailability, or the occurrence of a Disrupted Day or Days, may cause the Modified
Physical Settlement Date to be postponed.
		
	Modified Physical Settlement Payment Date:	  	One or more dates specified by Dealer in its commercially reasonable discretion, to be a commercially reasonable period following the delivery to Dealer of the relevant Exchange Property in accordance with the terms of the relevant
series of Preferred Units.

  
 12 

 EXECUTION 
  

			
		
	Share Adjustments:	  	
	
	In respect of any Tranche and any Component:
		
	Potential Adjustment Event:	  	Notwithstanding Section 11.2(e) of the Equity Definitions, “Potential Adjustment Event” shall mean any event which may give rise to an adjustment under Section 3.8(d) of the Purchase Agreement (other than a
Tender Offer or a Merger Event). For the avoidance of doubt, this shall include adjustments for cash dividends (other than any Non-Dilutive Cash Distribution (as defined in the Purchase Agreement)) pursuant to
Section 3.8(d)(vi) of the Purchase Agreement.
		
	Method of Adjustment:	  	Purchase Agreement Adjustment; provided, however that the Equity Definitions shall be amended by replacing the words “having, in the determination of the Calculation Agent, a diluting or concentrative effect on
the theoretical value of the relevant Shares” in Section 11.2(a) and replacing it with the words “which has resulted in an adjustment to the obligations of the Issuer under the Purchase Agreement pursuant to Section 3.8
thereof”.
		
	Purchase Agreement Adjustment:	  	If “Purchase Agreement Adjustment” is specified as the Method of Adjustment in the related Confirmation of a Share Transaction, then following an adjustment to the obligations of the Issuer under the Purchase Agreement
pursuant to Section 3.8 thereof, the Calculation Agent will make the corresponding adjustment(s), if any, to any one or more of the Forward Floor Price and any Component Number of Shares, taking account of and following, mutatis mutandis,
the adjustment made under Section 3.8(d) of the Purchase Agreement as the Calculation Agent determines appropriate to account for that adjustment (provided that no adjustments will be made to account solely for changes in volatility,
expected dividends, stock loan rate or liquidity relative to the relevant Share) and (ii) determine the effective date(s) of the adjustment(s) based on the effective date of the adjustment under Section 3.8(d). The Forward Floor Price may
only be adjusted in concert with an increase or decrease in the Component Number of Shares (e.g., a stock split will result in a doubling of the Component Number of Shares and a halving of the Forward Floor Price).
		
	Extraordinary Events:	  	
		
	 New Shares:
	  	In the definition of “New Shares” in Section 12.1(i) of the Equity Definitions, the text in subsection (i) shall be deleted in its entirety and replaced with: “publicly quoted, traded or listed on any of the
New York Stock Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market (or their respective successors)”.
		
	Calculation Agent Adjustment:	  	The definitions of “Calculation Agent Adjustment” in Section 12.2(d) of the Equity Definitions are hereby amended by (a) deleting the phrase “exercise, settlement, payment or any other terms of the
Transaction” and substituting the phrase “any one or more of the Forward Floor Price and any Component Number of Shares,” (b) deleting the numeric “(i)” (but not the text following such numeric), (c) deleting the entirety of
subsection (ii) thereof and (d) adding the following sentence at the end thereof “The Forward Floor Price may only be adjusted in concert

  
 13 

 EXECUTION 
  

			
		  	with an increase or decrease in the Component Number of Shares (e.g., a Merger Event in which a holder receives two New Shares for each old Share will result in a doubling of the Component Number of Shares and a halving of the
Forward Floor Price).”. For the avoidance of doubt, the Calculation Agent shall have no right to terminate the Transaction as a result of a Merger Event.
		
	Consequences of Merger Events:	  	
		
	
(a)   Share-for-Share:

	  	Calculation Agent Adjustment (as modified herein)
		
	
(b)   Share-for-Other:

	  	Calculation Agent Adjustment (as modified herein)
		
	
(c)   Share-for-Combined:

	  	Calculation Agent Adjustment (as modified herein)
		
	Determining Party:	  	Dealer
		
	Tender Offer:	  	Not Applicable
		
	Composition of Combined Consideration:	  	Not Applicable; provided that, notwithstanding Sections 12.1 and 12.5(b) of the Equity Definitions, to the extent that the composition of the consideration for the relevant Shares pursuant to a Merger Event could be
determined by a holder of the Shares, the Calculation Agent will determine such composition.
		
	Nationalization, Insolvency or Delisting:	  	Cancellation and Payment; provided that, (x) Insolvency shall be deemed not to be applicable to the Transaction and (y) in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall
also constitute a Delisting if the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock
Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall be deemed to be the Exchange. For the avoidance of doubt, these events give rise to a termination of the Transaction rather
than an adjustment thereto.
		
	Determining Party:	  	Dealer
		
	Limitation on Certain Adjustments:	  	Notwithstanding any provision of the Equity Definitions or this Confirmation to the contrary, no adjustment to any Tranche as a result of a Potential Adjustment Event or Merger Event shall result in a Number of Shares for such
Tranche above the number of Shares deliverable by Issuer to Counterparty pursuant to the Earn-Out Issuance (as defined in the Purchase Agreement) that corresponds to such Tranche after giving effect to any
adjustments pursuant to Section 3.8(d) of the Purchase Agreement or the Acceleration Issue Number for each Measurement Period that has not been completed as of the date of the Acceleration Event (other than any Measurement Period for which
Purchaser has made an Earn-Out Issuance) (as each such term is defined in the Purchase Agreement), as applicable (the “Purchase Agreement Adjustment Provisions”).

  
 14 

 EXECUTION 
  

			
		  	Without limiting the generality of the foregoing, any adjustment to the terms of the Transaction shall take into account, and shall not duplicate the economic effects of, any extension or other adjustment hereunder and/or the
Purchase Agreement Adjustment Provisions.
		
	Payment of Cancellation Amount:	  	If Cancellation and Payment applies or is deemed to apply to the Transaction or any Tranche pursuant to Section 12.6(c)(ii) as a result of a Nationalization or Delisting, then, notwithstanding Section 12.7 of the Equity
Definitions, any Cancellation Amount payable by Counterparty in respect of such Tranche shall not be due prior to the date which is 45 calendar days following the relevant Earn-Out Issuance (as defined in the
Purchase Agreement) or Acceleration Issue Number that corresponds to such Tranche is delivered to Counterparty (or, if such 45th calendar day is not a Business Day, the next following Business Day).
		
	Additional Disruption Events:	  	
		
	Change in Law:	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “or announcement or
statement of the formal or informal interpretation”; (ii) by adding, after the parenthetical in clause (B), “or (C) (i) due to the recapitalization, distribution of assets or payment of dividends,
spin-off of assets, repurchase of equity interest or other similar transactions affecting the capital structure of Newmark Partners, L.P., or (ii) due to the representation made by Newmark, L.P. in
Section 2(f)(vi) of the Parent Agreement no longer being true and correct” (ii) by adding the phrase “and/or Hedge Positions (which shall be deemed to include the Preferred Units)” after the word “Shares” in clause
(X) thereof and (iii) restating Section (Y) thereof in its entirety as follows: “(Y) it will require approval from applicable regulatory authorities to retain its ownership position in the Preferred Units”; provided,
further that (i) any determination as to whether (A) the adoption of or any change in any applicable law or regulation (including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or
promulgation of new regulations authorized or mandated by existing statute) or (B) the promulgation of or any change in the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or
regulation (including any action taken by a taxing authority), in each case, constitutes a “Change in Law” shall be made without regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any
similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the Trade Date.
		
	Effect of Change in Law:	  	Notwithstanding 12.9(b) of the Equity Definitions (except as expressly set forth below),
		
		  	 (a)  If a prospective Change in Law is announced but has not yet become effective
(“Pending CiL”), then during the period prior to the effectiveness of the Pending CiL

		
		  	 a.   Dealer shall use commercially reasonable efforts to eliminate the
illegality;

		  	 b.  the parties shall negotiate in good faith to restructure the Transaction to bring
it into compliance with the proposed regulations upon their effectiveness while preserving the economic, tax and accounting attributes of the original structure;

		
		  	 c.   if Counterparty determines that the Transaction cannot be so restructured,
then prior to the effectiveness of the Change in Law, it can elect to either

		
		  	 i.   have the Transaction novated to, and the associated Hedge Positions
transferred to, a recognized dealer selected by Counterparty with the consent of the Dealer, such consent not to be unreasonably withheld, delayed or conditioned, or

		
		  	 ii.  terminate or allow Dealer to terminate the
Transaction.

  
 15 

 EXECUTION 
  

			
		
		  	 (b)  If a Change in Law has become effective after previously having been a Pending
CiL, then Dealer may terminate the Transaction; provided, however, that Counterparty may request that Dealer delay the termination of this Transaction for a specified period so as to allow the Transaction novated to, and the associated Hedge
Positions transferred to, a recognized dealer selected by Counterparty; provided further that Dealer may consent to such delay (such consent not to be unreasonably conditioned, delayed or withheld), if Counterparty provides adequate economic
protection for losses that may result from the absence of Hedge Positions during such delay and Dealer’s internal credit department has approved such adequate economic protection and such delay, such approval not to be unreasonably conditioned,
delayed or withheld.

		
		  	 (c)  If a Change in Law has become effective and Counterparty does not request a delay
in termination or such a termination is requested but denied, in each case in accordance with the preceding paragraph, Counterparty or Dealer may terminate the Transaction.

		
		  	 (d)  Any termination of the Transaction in respect of a Change in Law as shall be
effected in accordance with Section 12.9(b)(i) of the Equity Definitions, with Dealer being the Determining Party, as modified by Section 7(c) hereof. However, notwithstanding Section 12.9(b)(ix) of the Equity Definitions, where
(I) the Cancellation Amount would be payable by Counterparty, such Cancellation Amount shall be due on the 45th calendar day following notice of the determination by the Determining Party (or, if such 45th calendar day is not a Local Business
Day, the next following Local Business Day).

		
		  	 (e)  Dealer shall promptly notify Counterparty of any Change in Law or Pending CiL
upon becoming aware thereof.

			
		
	 (ii) Failure to Deliver:
	  	Not Applicable
		
	 (iii) Insolvency Filing:
	  	Not Applicable
		
	 (iv) Hedging Disruption:
	  	Not Applicable
		
	 (v) Increased Cost of Hedging:
	  	Not Applicable
		
	 (vi) Loss of Stock Borrow:
	  	Not Applicable
		
	 (vii) Increased Cost of Stock Borrow:
	  	Not Applicable
		
	Non-Reliance:	  	Applicable

  
 16 

 EXECUTION 
  

			
	Agreements and Acknowledgements Regarding Hedging Activities:	  	Applicable
		
	Additional Acknowledgements:	  	Applicable
		
	Informational Obligations of the Determining Party:	  	Upon receipt of written request from Counterparty, the Determining Party shall promptly provide Counterparty with a written explanation describing in reasonable detail any calculation, adjustment or determination made by it
(including any quotations, market data or information from internal or external sources used in making such calculation, adjustment or determination, as the case may be, but without disclosing Determining Party’s or its affiliates’
proprietary models or other information that is subject to legal or regulatory obligations to not disclose such information), and shall use commercially reasonable efforts to provide such written explanation within five (5) Exchange Business
Days from the receipt of such request
		
	 3.  Calculation Agent:
	  	Dealer; provided that, upon receipt of written request from Counterparty, the Calculation Agent shall promptly provide Counterparty with a written explanation describing in reasonable detail any calculation, adjustment or
determination made by it (including any quotations, market data or information from internal or external sources used in making such calculation, adjustment or determination, as the case may be, but without disclosing Dealer’s or its
affiliates’ proprietary models or other information that may is subject to legal or regulatory obligations to not disclose such information), and shall use commercially reasonable efforts to provide such written explanation within five
(5) Exchange Business Days from the receipt of such request.
		
	 4.  Account Details:
	  	To be provided separately in writing.
		
	 5.  Offices / Address for Notices:
	  	

  

			
	 (a)   Address for notices or communications to
Dealer:

	
	 For purpose of Giving Notice:

		
	 To:
	  	RBC Capital Markets, LLC
		  	Brookfield Place
		  	200 Vesey Street
		  	New York, NY 10281
	 Attention:
	  	ECM
	 Email:
	  	RBCECMCorporateEquityLinkedDocumentation@rbc.com
	
	 For Trade Affirmations and Settlements:

		
	 To:
	  	RBC Capital Markets, LLC
		  	Brookfield Place
		  	200 Vesey Street
		  	New York, NY 10281
	 Attention:
	  	Back Office
	 Email:
	  	geda@rbccm.com

  
 17 

 EXECUTION 
  

			
	
	 For Trade Confirmations:

		
	 To:
	  	RBC Capital Markets, LLC
		  	Brookfield Place
		  	200 Vesey Street
		  	New York, NY 10281
	 Attention:
	  	Structured Derivatives Documentation
	 Email:
	  	seddoc@rbccm.com
	 The Office of Dealer for the Transaction is Toronto, Canada.

	
	 (b)   Address for notices or communications to
Counterparty:

	
	 Newmark SPV I, LLC

125 Park Avenue

	 New York, NY 10017

	 Attention: Chief Financial Officer

	 Email: mrispoli@ngkf.com

	
	 Copy to:

	
	 Newmark Partners, L.P.

499 Park Avenue

	 New York, NY 10022

	 Attention: General Counsel

	 Email: smerkel@cantor.com

	
	 Any email notice to counterparty must be followed by notice via overnight courier.

  

	6.	Representations, Warranties and Agreements: 

 (a) Counterparty represents and warrants
to, and agrees with, Dealer as follows, on each Trade Date: 
 (i) Counterparty is entering into the relevant Tranche or
Tranches, and will make any Modified Physical Settlement election or any other election pursuant to this Confirmation, and enter into any amendment, waiver, modification or termination of this Confirmation, (a) in good faith, (b) at a time
when Counterparty is not aware of any material non-public information regarding the Shares or the Preferred Units (after giving effect to any wall procedures in place that satisfy the requirements of Rule 10b5-1(c)(2) under the Exchange Act), and (c) not as part of a plan or scheme to evade the prohibitions of Rule 10b-5 under the Exchange Act (“Rule 10b-5”) or to create actual or apparent trading activity in the Shares, the Preferred Units or any Exchange Property or evade any other antifraud or anti-manipulation provisions of the federal or applicable
state securities laws or otherwise in violation of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Counterparty has not entered into or altered and will not enter into or alter any corresponding or hedging
transaction or position with respect to the Earn-out Shares but only to the extent of the Earn-out Rights (as defined in the Purchase Agreement) or the Shares
deliverable pursuant to the Assignment Agreement and shall not seek to control or influence Dealer’s decision to make any “purchases or sales” (within the meaning of Rule 10b5-1(c)(1)(i)(B)(3))
of any Shares, including any hedging transactions. 
 (ii) Counterparty (A) is capable of evaluating investment risks
independently, both in general and with regard to all transactions and investment strategies involving a security or securities; and (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated
persons, unless it has otherwise notified the broker-dealer in writing. 
 (iii) Counterparty is not, and after giving effect
to the transactions contemplated hereby will not be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

  
 18 

 EXECUTION 
  

 (iv) Counterparty is not as of the Trade Date, and has not been during the
three months immediately preceding the Trade Date, an “affiliate” of Issuer as such term is used in Rule 144 under the Securities Act (“Rule 144”). Without the prior written consent of Dealer, Counterparty shall not become
an “affiliate” of Issuer as such term is used in Rule 144, and Counterparty and Counterparty’s officers shall not take any action that could reasonably be expected to result in Counterparty becoming an “affiliate” of Issuer
as such term is used in Rule 144, in each case, during the term of the Transaction. 
 (v) Counterparty shall not become, and
shall not take any action that with the passage of time or the satisfaction of conditions would or would reasonably be expected to cause it to become, an “affiliate” of Issuer (as such term is defined in Section 101(2) of Title 11 of
the United States Code (the “Bankruptcy Code”)). 
 (vi) Counterparty shall comply with all reporting
requirements, if any, applicable to the Shares as required under Section 13(d) and Section 16 of the Exchange Act. 

(vii) Counterparty is in compliance, and will remain in compliance during the term of the Transaction, with any applicable
filing or other requirements under United States or foreign antitrust or competition laws, including the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 

(viii) Counterparty has filed or caused to be filed all material tax returns that are required to be filed by Counterparty and
has paid all material taxes shown to be due and payable on said returns or on any assessment made against Counterparty or any of Counterparty’s property and all other material taxes, assessments, fees, liabilities or other charges imposed on
Counterparty or any of Counterparty’s property by any governmental authority. Counterparty agrees to notify Dealer as promptly as practicable upon becoming aware that a federal lien filing has been made in respect of Counterparty or any of
Counterparty’s property or that any tax authority intends to make or contemplates making any such filing. Such notification shall specify the nature and status of such filing. 

(ix) Without the prior written consent of Dealer (such consent not to be unreasonably withheld, delayed or conditioned, it
being understood that it shall not be unreasonable for such consent to be withheld with respect to any amendments, modifications or supplements that reduce the number of Shares deliverable to Counterparty or delay or impair such delivery),
Counterparty shall not agree to, or effect, any transfer, assignment, amendment or modification of, or supplement to, in whole or in part, directly or indirectly, the rights under the “earn-out”
provisions of the Purchase Agreement (the “Earn-Out Rights”) that have been assigned to Counterparty pursuant to the Assignment Agreement or the rights under any “earn out”
provisions that Counterparty assigns pursuant to any assignment agreement in connection with any Additional Tranche (“Additional Earn-Out Rights” and this Section 6(a)(ix), the “Non-Assignment Covenant”). 
 (x) There are no agreements, contracts, instruments
or understanding between or among Counterparty and its Affiliates and Issuer and its Affiliates but only to the extent of the Earn-out Rights (as defined in the Purchase Agreement) or the Shares deliverable
pursuant to the Assignment Agreement, other than those that have been provided to Dealer prior to the relevant Trade Date. 

(xi) Counterparty is capable of assessing the merits of and understanding the consequences of the Transaction (on
Counterparty’s own behalf or through independent professional advice and has taken independent legal advice in connection with the Transaction), and understands and accepts, the terms, conditions and risks of the Transaction. Counterparty is
acting for its own account, and has made its own independent decision to enter into the Transaction and as to whether the Transaction is appropriate or proper based upon Counterparty’s own judgment and upon advice from such legal, tax,
accounting or other advisors as Counterparty has deemed necessary. Counterparty is not relying on any communication (written or oral) from Dealer or its affiliates as tax, accounting or legal advice or as a recommendation to enter into the
Transaction; it being understood that information and explanations related to the terms and conditions of the Transaction will not be considered to be tax, legal or accounting advice or a recommendation to enter into the Transaction. Any tax, legal
or accounting advice or opinions of third party advisers which Dealer or its affiliates have provided to Counterparty in connection with the Transaction has been provided to Counterparty for informational or background purposes only, it is not the

  
 19 

 EXECUTION 
  

 
basis on which Counterparty enters into the Transaction and will be independently confirmed by Counterparty or Counterparty’s advisors prior to entering into the Transaction. No
communication (written or oral) received from Dealer or its affiliates will be deemed to be an assurance or guarantee as to the expected results of the Transaction. 

(xii) Counterparty shall instruct all Purchaser Shares (as defined in the Purchase Agreement) that Issuer is required to
deliver to Counterparty under the Purchase Agreement during the term of the Transaction to be delivered directly to the Collateral Account in accordance with Paragraph (d)(ii) of Annex A (and agrees that any Purchaser Shares that it receives from
Issuer during the term of the Transaction shall be segregated and held in trust and promptly delivered to the Collateral Account in accordance with Paragraph (d)(ii) of Annex A). 

(xiii) Counterparty shall comply in all material respects with the Special Purpose Provisions (as defined in the LLC Agreement)
at all times during the term of the Transaction (this Section 6(a)(xiii), the “Special Purpose Covenant”). 

(xiv) Prior to each delivery of an Earn-Out Issuance during the term of the
Transaction, Counterparty shall, at the request of Dealer, re-affirm with Issuer the delivery instructions specified in the Transfer Notice. 

(b) Each of Dealer and Counterparty agrees and represents that it is (x) an “eligible contract participant” as defined in
Section 1a(18) of the U.S. Commodity Exchange Act, as amended, (y) an “accredited investor” (as defined in Regulation D under the Securities Act) and has such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of the Transaction, and it is able to bear the economic risk of the Transaction, and (z) entering into the Transaction for its own account and not with a view to the distribution or resale of the
Transaction or its rights thereunder except pursuant to a registration statement declared effective under, or an exemption from the registration requirements of, the Securities Act. 

7. Other Provisions: 
 (a)
Right to Extend. The Calculation Agent may postpone, in whole or in part, any valuation or settlement date hereunder if and to the extent reasonably necessary or appropriate to (i) enable Dealer to effect its hedging, hedge unwind or
settlement activity hereunder in a commercially reasonable manner in light of liquidity conditions or in compliance with applicable legal, regulatory and self-regulatory requirements and Dealer’s related policies and procedures (applied
consistently and in a non-discriminatory manner) or (ii) enable Dealer to deliver any Preferred Unit Property in a commercially reasonable manner. 

(b) Additional Termination Event. The occurrence of an Acceleration Event (as defined in the Purchase Agreement) shall constitute an
Additional Termination Event with respect to which the Transaction shall be the sole Affected Transaction, Counterparty shall be the sole Affected Party and Dealer or Counterparty shall each be the party entitled to designate an Early Termination
Date pursuant to Section 6 of the Agreement (such Additional Termination Event an “Acceleration ATE”). Notwithstanding the provisions of the Agreement, no Close-out Amount shall be due
until the Business Day following the day on which the Issuer has distributed Shares under the Purchase Agreement. 
 (c) Payments on Early
Termination. Upon the occurrence or effective designation of an Early Termination Date in respect of any Transaction hereunder or the determination of an amount owed following occurrence of (x) Nationalization, (y) Delisting or
(z) Change in Law that results in the cancellation or termination of any Transaction pursuant to Article 12 of the Equity Definitions, then an amount shall be calculated equal to the of the sum of the following, calculated separately for each
outstanding Tranche: (a) the Accreted Floor Price, expressed as a positive number, plus (b) the Put Value, expressed as a negative number. Such amount shall be the Closeout Amount or Cancellation Amount for purposes of the Agreement or
Equity Definitions, respectively. If such amount is positive, it shall be paid by Counterparty, if negative, its absolute value shall be paid by Dealer. In the event that Counterparty would be the payor it shall have the right to deliver Shares in
lieu of some or all of the Closeout Amount or Cancellation Amount, with such Shares being assigned a value equal to the Terminal Equity Value. In addition, Dealer shall deliver to Counterparty the Preferred Unit Property for all unsettled Tranches.
Any 

  
 20 

 EXECUTION 
  

 
such delivery and payment shall be made on a delivery-versus-payment basis or pursuant to escrow or other arrangements reasonably satisfactory to the parties (it being understood that either
party may elect in its sole discretion to make its delivery or payment prior to receipt of the other party’s delivery or payment). In the event of an Acceleration ATE, the Closeout Amount or Cancellation Amount shall also be adjusted to reflect
the impact of the issuance of the Acceleration Issue Number rather than the full number of Earn-out Shares. 

The “Accreted Floor Price” as of any date will equal the sum of the Series A Exchangeable Preferred Preference, the Series B
Exchangeable Preferred Preference, and, for any Additional Tranche, the exchangeable preferred preference for the related Preferred Units (each as defined in the Newmark LPA) calculated as of the relevant Early Termination Date or date of
termination. For purposes of clause (a) in the preceding sentence, any class of Preferred Units for which the relevant Settlement Date has already occurred will be excluded from the calculation. 

The “Put Value” will be the value (i.e., time value and intrinsic value) of the Counterparty long put option embedded in the
structure, as determined by the Determining Party in accordance with the standards applicable to calculation of Close Out Amounts under the Agreement or Cancellation Amounts under the Equity Definitions, as applicable. For purposes of determining
the Put Value, the value of the Shares will be deemed to be (a) in the case of an Acceleration ATE, Nationalization, Delisting or Change in Law, the volume weighted average price of the Shares on the five Full Trading Days preceding the
relevant Early Termination Date or date of termination or (b) in any other case, the closing price on the last Full Trading Day preceding the relevant Early Termination Date or date of termination (such price, the “Terminal Equity
Value”). 
 (d) Transfer and Assignment. Without limiting Dealer’s ability to effect transfers pursuant to
Section 7(a) and Section 7(b) of the Agreement, Dealer may transfer or assign its rights or obligations under the Transaction, in whole or in part, (i) with the prior written consent of Counterparty (not to be unreasonably withheld,
conditioned, or delayed), to any person or (ii) without any consent of Counterparty, to any affiliate of Dealer whose obligations are guaranteed by the Dealer; provided that in the case of clause (ii), (1) immediately upon giving effect
to such transfer and assignment, an Event of Default, Potential Event of Default or Termination Event will not occur as a result thereof and (2) as a result of such transfer and assignment, Counterparty will not be expected as of the date of
such transfer and assignment to (x) be required to pay or deliver to the transferee on any payment date or delivery date an amount under Section 2(d)(i)(4) of the Agreement or a number of Shares, as applicable, that is, solely as a result
of such transfer or assignment, greater than the amount or the number of Shares, respectively, that Counterparty would have been required to pay or deliver to Dealer in the absence of such transfer and assignment or (y) receive from the
transferee on any payment date or delivery date an amount under Section 2(d)(i)(4) of the Agreement or an amount of Preferred Unit Property, as applicable, that is, solely as a result of such transfer or assignment, lower than the amount of
such payment or an amount of Preferred Unit Property, respectively, that Dealer would have been required to pay or deliver to Counterparty in the absence of such transfer and assignment. Counterparty may not transfer the Agreement, this Confirmation
or any interest or obligation thereunder except as provided in Section 7 of the Agreement. 
 (e) Beneficial Ownership.
Notwithstanding anything to the contrary in the Agreement or this Confirmation, in no event shall Dealer be entitled to receive, or shall be deemed to receive, any Shares or Newmark Shares, as the case may be, if, immediately upon giving effect to
such receipt of such Shares or Newmark Shares, as the case may be, an Excess Ownership Position would exist, and if Dealer determines that an Excess Ownership Position would exist on any settlement date, Dealer shall notify Counterparty in writing
of such circumstance prior to such settlement date and, in such notice, shall specify the maximum number of Shares or Newmark Shares that it can receive on such settlement date without giving rise to such an Excess Ownership Position. If any
delivery owed to Dealer hereunder is not made, in whole or in part, as a result of this provision, Counterparty’s obligation to make such delivery shall not be extinguished and Counterparty shall make such delivery as promptly as practicable
after, but in no event later than one Exchange Business Day after, Dealer gives notice to Counterparty that such delivery would not result in the existence of an Excess Ownership Position. As used herein, “Excess Ownership Position”
means, at any time, that (1) Dealer beneficially owns more than 4.5% of total Shares (or Newmark Shares, as the case may be) outstanding for purposes of Section 13(d) of the Exchange Act (including by virtue of being part of a group or
other aggregation with another person) or (2) under any other applicable law, rule, regulation or regulatory order or organizational documents or contracts of Issuer (or the Newmark Issuer, as the case may be) applicable to ownership of Shares
(or Newmark Shares, as the case may be), Dealer is deemed to own (including constructive 

  
 21 

 EXECUTION 
  

 
ownership, however defined) a percentage of total Shares (or Newmark Shares, as the case may be) outstanding exceeding, or within 1% of exceeding, the threshold that would give rise to any
obligation of, or restriction or other adverse effect on, Dealer or any affiliate thereof. In the case of a Physical Settlement where there is a delay in delivery of some or all of the Shares due to an Excess Ownership Position, Dealer shall deliver
the the relevant Preferred Unit Property for all Components of the relevant Tranche as originally scheduled. In the event of a Modified Physical Settlement, Counterparty may request, prior to electing Modified Physical Settlement, that Dealer inform
it if there would be an Excess Ownership Position in respect of Newmark Shares if Modified Physical Settlement were elected and Dealer shall, within one Business Day, respond to such request in writing. If Dealer fails to respond or responds in the
negative and an Excess Ownership Position nonetheless exists with respect to Newmark Shares, then Dealer shall compensate Counterparty for any delay in receipt of payment resulting from operation of this provision at a rate per annum equal to the
cost (without proof or evidence of any actual cost) to the relevant payee (as certified byit) if it were to fund or of funding the relevant amount. 

(f) Miscellaneous. THE AGREEMENT, THIS CONFIRMATION AND ALL MATTERS RELATING THERETO SHALL BE GOVERNED BY, AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. This Confirmation and the Agreement may not be modified, amended or supplemented, except in a written instrument signed by Counterparty and Dealer. This Confirmation may be executed
in several counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Section 13(b)(i)(2) of the Agreement shall be amended by replacing the word “non-exclusive” with “exclusive”. EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY IN RESPECT OF THE TRANSACTION AND ANY MATTER RELATING THERETO. 

(g) Securities Contract. Each of Dealer and Counterparty agrees and acknowledges that Dealer is a “financial institution” and
“financial participant” within the meaning of Sections 101(22) and 101(22A) of the Bankruptcy Code. The parties hereto further agree and acknowledge (A) that this Confirmation (together with any Supplemental Confirmation) is a
“securities contract,” as such term is defined in Section 741(7) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination value,” “payment
amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “settlement payment” within the meaning of Section 546 of the Bankruptcy Code, and (B) that Dealer is
entitled to the protections afforded by, among other sections, Sections 362(b)(6), 362(b)(27), 362(o), 546(e), 546(j), 548(d)(2), 555 and 561 of the Bankruptcy Code. 

(h) Conditions to Effectiveness. The effectiveness of this Confirmation on the Trade Date (or the effectiveness of any Supplemental
Confirmation on the Trade Date for the relevant Additional Tranche) shall be subject to the satisfaction (or waiver by Dealer) of the following conditions: (i) all of the representations and warranties of Counterparty hereunder and under the
Agreement shall be true and correct on the relevant Trade Date; (ii) Counterparty shall have performed all of the obligations required to be performed by it hereunder and under the Agreement on or prior to the relevant Trade Date;
(iii) all documents and instruments, including UCC-1 financing statements, required by law or reasonably requested by Dealer to be filed, registered or recorded to create the liens intended to be created
by Annex A and perfect or record such liens shall have been filed, registered or recorded or delivered to Dealer for filing, registration or recording; (iv) the engagement letter(s) for, or other reasonably satisfactory evidence of the
engagement of, an independent director for Counterparty, (v) a fully executed copy of the Assignment Agreement and Transfer Notice (or, with respect to any Additional Tranche, the related assignment agreement and transfer notice), and evidence
reasonably satisfactory to Dealer of delivery of the Transfer Notice (or, with respect to any Additional Tranche, the related transfer notice) to Issuer, (vi) a fully executed copy of the Newmark LPA (and, with respect to any Additional
Tranche, any related amendment thereto) and (vii) Counterparty shall have delivered an opinion (or opinions) of Sidley Austin LLP, dated as of the relevant Trade Date and reasonably acceptable to Dealer in form and substance, with respect to
the matters set forth in Section 3(a) of the Agreement and Section 6(a)(iii) of this Confirmation, non-contravention with respect to the assignment of the
earn-out rights to Counterparty, true contribution and non-consolidation, perfection of security interests and any other matter reasonably requested by Dealer. 

  
 22 

 EXECUTION 
  

 (i) Agency Provisions. Royal Bank of Canada (“RBC” or the “Bank”)
has appointed as its agent, its indirect wholly-owned subsidiary, RBC Capital Markets, LLC (“RBCCM”), for purposes of conducting on the Bank’s behalf, a business in privately negotiated transactions in options and other derivatives.
You hereby are advised that RBC, the principal and stated counterparty in such transactions, duly has authorized RBCCM to market, structure, negotiate, document, price, execute and hedge transactions in over-the-counter derivative products. RBCCM has full, complete and unconditional authority to undertake such activities on behalf of RBC. RBCCM acts solely as agent and has no obligation, by way of issuance,
endorsement, guarantee or otherwise with respect to the performance of either party under this Transaction. This Transaction is not insured or guaranteed by RBCCM. 

(j) Certain Events of Default. With respect to any breach of the Non-Assignment Covenant the
phrase “if such failure is not remedied within 30 days after notice of such failure is given to the party” in Section 5(a)(ii)(1) of the Agreement shall be deemed to be deleted. It shall be an additional Event of Default under the
Agreement, with no grace period or requirement for notice, with Counterparty as the Defaulting Party, if, at any time prior to the to the satisfaction all of the obligations of Counterparty under the Transaction (or, if later, the date on which
Dealer notifies Counterparty that it has completed all sales of Exchange Property and/or Newmark Shares in the event Modified Physical Settlement or the Newmark Share Election, respectively, are applicable), the assignment of the Earn-Out Rights or any assignment of Additional Earn-Out Rights to Counterparty is, in whole or in part, revoked, invalidated, or otherwise becomes ineffective. 

(k) Third Party Rights. This Confirmation is not intended and shall not be construed to create any rights in any person other than
Counterparty, Dealer and their respective successors and assigns and no other person shall assert any rights as third-party beneficiary hereunder. Whenever any of the parties hereto is referred to, such reference shall be deemed to include the
successors and assigns of such party. All the covenants and agreements herein contained by or on behalf of Counterparty and Dealer shall bind, and inure to the benefit of, their respective successors and assigns whether so expressed or not. 

(l) Tax Forms. For the purpose of Sections 4(a)(i) and 4(a)(ii) of this Agreement, each of Dealer and Counterparty agrees to deliver, in
the case of Counterparty, an executed United States Internal Revenue Service Form W-9 (or any successor thereto) (or, if Counterparty is disregarded for U.S. federal income tax purposes, of its owner), with
the “partnership” or “corporation” box checked on line 3 thereof and, in the case of Dealer, an executed United States Internal Revenue Service Form W-8ECI (or any successor thereto), with
the “corporation” box checked on line 4 thereof and (b) any other form or document that may be required by the other party in order to allow such party to make a payment under this Confirmation, including any Credit Support Document,
without any deduction or withholding for or on account of any tax or with such deduction or withholding at a reduced rate. in each case (i) upon execution of this Confirmation, (ii) promptly upon reasonable demand by the other party and
(iii) promptly upon learning that any such form previously provided has become in accurate or incorrect. In addition, Counterparty shall deliver to Dealer a certification (in such form as may be reasonably requested by counsel to Dealer)
conforming to the requirements of Treas. Reg. § 1.1445-2(b)(2) with respect to the applicable seller for U.S. tax purposes of the Exchange Property (i) promptly upon reasonable demand by Dealer and
(ii) prior to Dealer’s delivery of any Preferred Units in exchange for the Exchange Property. 
 (m) Payee Tax
Representations. 
 For the purpose of Section 3(f) of this Agreement, Counterparty makes the following representation: 

It is a “U.S. person” (as that term is used in Section 1.1441-4(a)(3)(ii) of the U.S.
Treasury Regulation (the “Regulations”) for U.S. federal income tax purposes (or, if it is disregarded for U.S. federal income tax purposes, its beneficial owner is). 

For the purpose of Section 3(f) of this Agreement, Dealer makes the following representations: 

It is a bank organized under the laws of Canada that is treated as a corporation for U.S. federal income tax purposes and (B) Each payment
received or to be received by it in connection with this Confirmation will be effectively connected with its conduct of a trade or business in the United States. 

(n) Withholding Tax imposed on payments to non-US counterparties under the United States Foreign
Account Tax Compliance Act. 

  
 23 

 EXECUTION 
  

 “Indemnifiable Tax” as defined in Section 14 of the Agreement shall not include any U.S.
federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), any current or future regulations or official interpretations thereof, any agreement
entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any such intergovernmental agreement entered into in connection with the implementation of such Sections of
the Code (a “FATCA Withholding Tax”). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes of Section 2(d) of this Agreement. 

(o) Tax Reporting. Counterparty and Dealer agree (in the absence of a change in law, an administrative pronouncement or determination
(public or private) or a judicial ruling to the contrary) not to report or take a position for all U.S. federal, state and local income tax purposes inconsistent with the treatment of the Transaction, the Preferred Units and the Tranches, as one of
more separate variable pre-paid forward contracts (in which the Counterparty and its owner’s taxable gain is deferred until the relevant Tranche of the Transaction is settled) for the delivery by
Counterparty to Dealer of a variable number of Shares (subject to the Newmark Settlement Election) on each Settlement Date. 
 (p)
Modifications to Sections 5 and 6 of the Agreement. 
 (i) The phrase “first Local Business Day” in Section 5(a)(i) of
the Agreement is replaced by the phrase “third (3rd) Local Business Day”; 

(ii) The phrase “or, if no such cure period is specified, three (3) Local Business Days after notice thereof in the case of an
obligation to make payment or thirty (30) days after notice in the case of any other obligation” is added at the end of Section 5(a)(iii)(1) of the Agreement (for the avoidance of doubt, such period runs from notice of the default of
the primary obligor not from the end of any grace period granted to the primary obligor); 
 (iii) The phrase “and such
misrepresentation, if susceptible to cure, is not cured within thirty (30) days of notice thereof from the other party” is added at the end of Section 5(a)(iv) of the Agreement (which shall apply, for the avoidance of doubt, to
Counterparty’s Specified Entity); 
 (iv) The phrase “15 days” is replaced by the phrase “30 days” in both locations
in Section 5(a)(vii) of the Agreement; 
 (v) Section 6(d)(ii) of the Agreement is hereby amended by: 

(A) inserting the parenthetical “(other than a Specified Counterparty Event of Default” between the phrases “an Event of
Default” and “and (2)” in the 4th line thereof; 
 (B) the parenthetical
“(or, where (I) the Early Termination Amount would be payable by Counterparty, the 45th calendar day (or, if such 45th calendar day is not a Local Business Day, the next following Local Business Day)” is inserted after the phrase
“two Local Business Days” and before the phrase “after the day” in Section 6(d)(ii)(2) of the Agreement; and 
 (C)
the words “or a Counterparty Event of Default which is a Specified Counterparty Event of Default, where ‘Specified Counterparty Event of Default’ means an Event of Default, where Counterparty is the Defaulting Party and the Early
Termination Amount would be payable by Counterparty, other than (x) an Event of Default of the type described in Sections 5(a)(i) (other than to the extent such event is caused by the acts or omissions of Dealer, the Issuer or other third
parties), or (y) Event of Default Section 5(a)(vii) (other than an Event of Default which falls under clause 4(B) of Section 5(a)(vii))” is inserted at the end of Section 6(d)(ii)(2) of the Agreement. 

  
 24 

 EXECUTION 
  

 Counterparty hereby agrees (a) to check this Confirmation carefully and immediately upon
receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Counterparty with
respect to the Transaction, by manually signing this Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately returning an executed copy to Structured Derivatives
Documentation Department, seddoc@rbccm.com. 
  

			
	Yours faithfully,
	
	 RBC Capital Markets LLC

as agent for
 ROYAL BANK OF CANADA

		
	By:	 	 /s/ Shane Didier

		 	Name: Shane Didier
		 	Title: Analyst

  

			
	Agreed and Accepted By:
	
	NEWMARK SPV I, LLC
		
	By:	 	 /s/ Michael Rispoli

		 	Name: Michael Rispoli
		 	Title: Chief Financial Officer

  
 25 

 EXECUTION 
  

 Exhibit A to the Confirmation 

Tranche 1 
 Number of
Components:    10 
 Component Number of Shares: 

 

			
	Component Number:	  	Component Number of Shares:
	1	  	99,225
	2	  	99,225
	3	  	99,225
	4	  	99,225
	5	  	99,225
	6	  	99,225
	7	  	99,225
	8	  	99,225
	9	  	99,225
	10	  	99,222

 Tranche 2 

Number of Components:    10 

Component Number of Shares: 
  

			
	Component Number:	  	Component Number of Shares:
	1	  	99,225
	2	  	99,225
	3	  	99,225
	4	  	99,225
	5	  	99,225
	6	  	99,225
	7	  	99,225
	8	  	99,225
	9	  	99,225
	10	  	99,222

  
 26 

 EXECUTION 
  

 Exhibit B to the Confirmation 

OPTIONAL SETTLEMENT NOTICE 
  

			
	 To:
	  	
[                  
      ]

		
	 From:
	  	
[                  
      ]

		
	 Subject:
	  	 Variable Postpaid Forward Transaction – [Tranche 1]/[Tranche 2]

		
	 Ref. No:
	  	 [Insert Reference No.]

		
	 Date:
	  	 [Insert Date]

  
  

The purpose of this Optional Settlement Notice is to notify you of our election to specify an Optional Settlement Date set forth below with
respect to [Tranche 1]/[Tranche 2] of the above-referenced transaction dated as of [                    ], 2018 between Newmark SPV I, LLC and
[Dealer] bearing the trade reference number set forth above. 
 We hereby specify that the Optional Settlement Date is
[                    ]. 
  

	
	
	 Sincerely,

	
	  

	
	 Name:

	
	 Title:

  
 27 

 EXECUTION 
  

 Annex A to the Confirmation 

 

	(a)	Definitions Relating to Collateral. 

 As used herein, the following words and phrases
shall have the following meanings: 
 “Collateral” has the meaning provided in paragraph (b)(i) of this Annex A. 

“Collateral Account” means an account of Counterparty at the Securities Intermediary, bearing account number 699-00318. 
 “Collateral Event of Default” means, at any time, failure at any time of the
Security Interests to constitute valid and perfected security interests in all of the Collateral, subject to no prior, equal or junior Lien, and, with respect to any Collateral consisting of securities or security entitlements (each as defined in Section 8-102 of the UCC), as to which Dealer has Control, or assertion of such by Counterparty in writing. Any Collateral Event of Default shall be an Event of Default under the Agreement with respect to which
Counterparty shall be the Defaulting Party. 
 “Contract Rights” means all of Counterparty’s right, title, and interest
in and to the Confirmation and the Agreement, whether now existing or hereafter arising, and all income, proceeds and collections received or to be received, or derived or to be derived, now or any time hereafter (whether before or after the
commencement of any proceeding under applicable bankruptcy, insolvency or similar law, by or against Counterparty, with respect to Counterparty) therefrom or in connection therewith. 

“Control” means “control” as defined in Section 8-106 and Section 9-106 of the UCC. 
 “Default Event” means any Event of Default with respect
to Counterparty or any Termination Event with respect to which Counterparty is the Affected Party or an Affected Party or an Extraordinary Event that has resulted in an obligation of Counterparty to pay an amount pursuant to Section 6 of the
Agreement or Article 12 of the Equity Definitions. 
 “Lien” means any lien, mortgage, security interest, pledge, charge,
adverse claim or encumbrance of any kind. 
 “Location” means, with respect to any party, such party’s
“location” within the meaning of Section 9-307 of the UCC. 

“Person” means an individual, a corporation, a limited liability company, a partnership, an association, a trust or any other
entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Securities
Intermediary” means, in its capacity as securities intermediary, [Securities Intermediary] and its successors and assigns. 

“Security Interests” means the security interests in the Collateral created hereby. 

“Transfer Restriction” means, with respect to any item of collateral pledged under this Annex A, any condition to or
restriction on the ability of the owner thereof to sell, assign or otherwise transfer such item of collateral or to enforce the provisions thereof or of any document related thereto whether set forth in such item of collateral itself or in any
document related thereto, including, without limitation, (i) any requirement that any sale, assignment or other transfer or enforcement of such item of collateral be consented to or approved by any Person, including, without limitation, the
issuer thereof or any other obligor thereon, (ii) any limitations on the type or status, financial or otherwise, of any purchaser, pledgee, assignee or transferee of such item of collateral, (iii) any requirement of the delivery of any
certificate, consent, agreement, opinion of counsel, notice or any other document of any Person to the issuer of, any other obligor on or any registrar or transfer agent for, such item of collateral, prior to the sale, pledge, assignment or other
transfer or enforcement of such item of collateral and (iv) any registration or 

  
 28 

 EXECUTION 
  

 
qualification requirement or prospectus delivery requirement for such item of collateral pursuant to any federal, state or foreign securities law (including, without limitation, any such
requirement arising under the Securities Act). For the avoidance of doubt, restricted stock which may, at any time of determination, be immediately sold by Counterparty at such time pursuant to Rule 144(b)(1)(i) shall not be deemed to be subject to
a “Transfer Restriction” hereunder. 
 “UCC” means the Uniform Commercial Code as in effect from time to time in
the State of New York. 
  

	(b)	The Security Interests. 

 In order to secure the full and punctual observance and
performance of the covenants and agreements contained in the Confirmation and in the Agreement: 
  

	 	(i)	Counterparty hereby assigns and pledges to Dealer, and grants to Dealer, security interests in and to, and a lien upon and right of set-off against, and transfers to Dealer, as
and by way of a security interest having priority over all other security interests, with power of sale, all of Counterparty’s right, title and interest in and to: 

 

	 	(A)	the Collateral Account and all securities and other financial assets (each as defined in Section 8-102 of the UCC) and other funds, property or assets from time to time held
therein or credited thereto, including any Earn-out Shares, but only to the extent of those Shares deliverable pursuant to the Assignment Agreement, and all securities entitlements in respect thereof; and

  

	 	(B)	the Contract Rights (collectively, the “Collateral”). 

  

	 	(ii)	The parties hereto expressly agree that all rights, assets and property (whether investment property, financial asset, security, security entitlement, instrument, cash or other property) at any time held in or credited
to the Collateral Account shall be treated as financial assets (as defined in Section 8-102 of the UCC). 

  

	(c)	Certain Covenants of Counterparty. 

 Counterparty agrees that, so long as any of
Counterparty’s obligations under the Agreement (including without limitation all obligations of Counterparty under Sections 2 and 6 of the Agreement) and the Transaction remain outstanding: 

 

	 	(i)	Counterparty shall, at its own expense and in such manner and form as Dealer may require, give, execute, deliver, file and record any financing statement, notice, instrument, document, agreement or other papers that may
be necessary or desirable in order to (A) create, preserve, perfect, substantiate or validate any security interest granted pursuant hereto, (B) create or maintain Control with respect to any such security interests in any investment
property or deposit account (in each case, as defined in Section 9-102(a) of the UCC) or (C) enable Dealer to exercise and enforce its rights hereunder with respect to such security interest.
Counterparty hereby authorizes Dealer to file such financing statements, naming Counterparty as debtor and providing such description of Collateral, as Dealer deems necessary or advisable. 

 

	 	(iii)	Counterparty shall warrant and defend Counterparty’s title to the Collateral, subject to the rights of Dealer, against the claims and demands of all persons. Dealer may elect, but without an obligation to do so, to
discharge any Lien of any third party on any of the Collateral. 

  

	 	(iv)	Counterparty agrees that Counterparty shall not change (A) Counterparty’s legal name, its identity or corporate structure in any manner or (B) Counterparty’s Location, unless (x) Counterparty
shall have given Dealer not less than thirty days’ prior notice thereof and (y) all filings shall have been made under the UCC and all other actions have been taken that are required so that such change will not at any time adversely
affect the validity, perfection or priority of the Security Interests, or cause Dealer to cease to have control in respect of any of the Security Interests in any Collateral consisting of investment property (as defined in Section 9-102(a)(49) of the UCC) or subject any Collateral to any other Lien. 

  
 29 

 EXECUTION 
  

	 	(v)	Counterparty agrees that Counterparty shall not (A) create or permit to exist any Lien (other than the Security Interests) or any Transfer Restriction upon or with respect to the Collateral, (B) sell or
otherwise dispose of, or grant any option with respect to, any of the Collateral, (C) enter into or consent to any agreement (other than, in the case of clause (x), the Confirmation) (x) that restricts in any manner the rights of any
present or future owner of any Collateral with respect thereto or (y) pursuant to which any person other than Counterparty, Dealer and any securities intermediary through whom any of the Collateral is held (but in the case of any such
securities intermediary only in respect of Collateral held through it) has or will have Control in respect of any Collateral or (D) make any transfer or withdrawal of Collateral from the Collateral Account (other than as permitted by paragraph
(d)(ii) below), in each case prior to termination of the Security Interests pursuant to paragraph (g) of this Annex A. 

  

	(d)	Administration of the Collateral. 

  

	 	(i)	Any delivery of any securities or security entitlements (each as defined in Section 8-102 of the UCC) as Collateral pursuant to this Annex A by Counterparty shall be effected
by the crediting of such securities, accompanied by any required transfer tax stamps, to the Collateral Account or, at the option of Dealer, at another securities intermediary satisfactory to Dealer and the crediting by Dealer of the securities
entitlements in respect of such securities to the Collateral Account or in any other case, by complying with such alternative delivery instructions as Dealer shall provide to Counterparty in writing. 

 

	 	(ii)	If Physical Settlement is applicable, then unless (i) by 10:00 A.M., New York City time, on any Settlement Date Counterparty has otherwise effected delivery of the Number of Shares to be Delivered for such
Settlement Date or (ii) the Collateral then held hereunder in the Collateral Account does not include Shares with respect to which the representations and agreements set forth in Section 9.11 of the Equity Definitions are true and
satisfied (or, at the absolute discretion of Dealer, Shares with respect to which such representations, and agreements are not true or satisfied), then the Securities Intermediary, at the direction of Dealer, shall deliver to Dealer, as principal
hereunder, from the Collateral Account, in complete or partial, as the case may be, satisfaction of Counterparty’s obligations to deliver Shares to Dealer, a number of Shares then held in the Collateral Account, not to exceed the Number of
Shares to be Delivered for such Settlement Date. Upon any such delivery, Dealer, as principal, shall hold such Shares absolutely and free from any claim or right whatsoever (including, without limitation, any claim or right of Counterparty). Upon
delivery of the Number of Shares to be Delivered on a Settlement Date (whether via delivery from the Collateral Account or otherwise) any Shares, cash or other financial assets credited to the Collateral Account in excess of the amounts required to
be delivered on the Settlement Date shall thereupon be released to Counterparty, except for any such Shares or other assets that expressly relate to a different Tranche which has not yet matured (which would be the case where an Acceleration Event
has occurred, the Acceleration Shares have been delivered but neither party has designated an Early Termination Date in respect of the relevant Acceleration ATE). For the avoidance of doubt, delivery of restricted stock which may, at the time of
delivery, be immediately sold by Dealer pursuant to Rule 144(b)(1)(i) (assuming for such purposes that Dealer is not an “affiliate” of Issuer as defined under Rule 144) is not in violation of the representations and agreements set forth in
Section 9.11 of the Equity Definitions. 

  

	 	(iii)	Without limiting any other means of perfecting Dealer’s security interest in the Collateral Account and any financial assets or other property now or hereafter held in or credited to the Collateral Account, any
securities intermediary, including Dealer and the Securities Intermediary, will comply with entitlement orders (as defined in Section 8-102(a)(8) of the New York UCC) originated by Dealer without further
consent by Counterparty. 

  
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 EXECUTION 
  

	 	(iv)	Dealer shall promptly give to Counterparty copies of any notices and communications received by Dealer with respect to Collateral that is held through a securities intermediary, in the name of Dealer or its nominee.
Except as specifically set forth herein, Dealer shall have no further obligation to ascertain, or to notify Counterparty of, the occurrence of any events or actions concerning Collateral that is held through a securities intermediary, in the name of
Dealer or its nominee and Dealer shall not be deemed to assume any such further obligation as a result of its establishment of any internal procedures with respect to any securities in its possession. 

 

	 	(v)	Counterparty agrees that Counterparty shall forthwith upon demand pay to Dealer: 

  

	 	(A)	the amount of any taxes that Dealer may have been required to pay by reason of the Security Interests or to free any of the Collateral from any Lien thereon; and 

 

	 	(B)	the amount of any and all reasonable costs and expenses, including the reasonable fees and disbursements of counsel and of any other experts, that Dealer may reasonably incur in connection with (a) the enforcement
of this Annex A, including such expenses as are incurred to preserve the value of the Collateral and the validity, perfection, rank and value of the Security Interests, (b) the collection, sale or other disposition of any of the Collateral,
(c) the exercise by Dealer of any of the rights conferred upon it hereunder or (d) any Default Event. 

 Any such
amount not paid on demand shall bear interest (computed on the basis of a year of 360 days and payable for the actual number of days elapsed) at a rate per annum equal to 1% plus the daily “Federal funds (effective)” rate as published by
the Federal Reserve in daily publication H.15 for each day (the rate for a date which is not a business day for such publication being that in effect for the immediately preceding date which is such a business day). 

 

	(e)	Income and Voting Rights in Collateral. 

  

	 	(i)	All proceeds of the Collateral shall be received by the Securities Intermediary, including Dealer acting as such, and retained in the Collateral Account (subject to any release permitted by paragraph (d)(ii) above), and
Counterparty shall take all such action as Dealer shall deem necessary or appropriate to give effect to such arrangement. All such proceeds that are received by Counterparty shall be received in trust for the benefit of Dealer and, if Dealer so
directs, shall be segregated from other funds of Counterparty and shall, forthwith upon demand by Dealer, be delivered over to the Collateral Account in the same form as received (with any necessary endorsement). 

 

	 	(ii)	Counterparty shall have the right, at any time, to vote and to give consents, ratifications and waivers with respect to the Collateral, unless a Default Event has occurred and is continuing. 

 

	(f)	Remedies upon Counterparty Payment Events. 

  

	 	(i)	If any Default Event shall have occurred, Dealer may exercise all the rights of a secured party under the UCC (whether or not in effect in the jurisdiction where such rights are exercised) and, in addition, without
being required to give any notice, except as herein provided or as may be required by mandatory provisions of law, may deliver to Dealer from the Collateral Account in whole or partial, as the case may be, in satisfaction of Counterparty’s
obligations to deliver Shares (such delivery, a “Self-Delivery”), a number of Shares then held in the Collateral Account, not to exceed the number of Shares required to be delivered pursuant to the Confirmation, whereupon Dealer
shall hold such Shares absolutely free from any claim or right of whatsoever kind, including any equity or right of redemption of Counterparty that may be waived or any other right or claim of Counterparty, and Counterparty, to the extent permitted
by law, hereby specifically waives all rights of redemption, stay or appraisal that Counterparty has or may have under any law now existing or hereafter adopted. 

  
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	 	(ii)	Counterparty hereby irrevocably appoints Dealer as Counterparty’s true and lawful attorney (which power of attorney is coupled with an interest and may be revoked upon termination of the Security Interests pursuant
to (g) below), with full power of substitution, in the name of Counterparty, Dealer or otherwise, for the sole use and benefit of Dealer, but at the expense of Counterparty, to the extent permitted by law, to exercise, at any time and from time
to time upon the occurrence of a Default Event, all or any of the following powers with respect to all or any of the Collateral: 

  

	 	(A)	to demand, sue for, collect, receive and give acquaintance for any and all monies due or to become due thereupon or by virtue thereof; 

 

	 	(B)	to settle, compromise, compound, prosecute or defend any action or proceeding with respect thereto; 

  

	 	(C)	to sell, transfer, assign or otherwise deal in or with the same or the proceeds or avails thereof, as fully and effectually as if Dealer were the absolute owner thereof and in connection therewith, to make all necessary
deeds, bills of sale, instruments of assignment, transfer or conveyance of the property, and all instructions and entitlement orders in respect of the property thus to be (or that is being or has been) sold, transferred, assigned or otherwise dealt
in; 

  

	 	(D)	to extend the time of payment of any or all thereof and to make any allowance and other adjustments with reference thereto; and 

  

	 	(E)	to coordinate directly with the Issuer and the Issuer’s transfer agent, or any other entity necessary for operationally settling and delivering Shares (b) to provide and receive any necessary information to
effect such delivery of Company Shares, including DTC account numbers or settlement instructions, any Deposit/Withdrawal at Custodian instructions and (c) to take any other actions in furtherance of and consistent with the foregoing

 provided that Dealer shall give Counterparty not less than one day’s prior written notice of the time and place
of any sale or other intended disposition of any of the Collateral, except any Collateral that threatens to decline speedily in value, including, without limitation, equity securities, or is of a type customarily sold on a recognized market. Dealer
and Counterparty agree that such notice constitutes “reasonable authenticated notification” within the meaning of Section 9-611(b) of the UCC. 

 

	(g)	Termination of Security Interests. 

 The Security Interests and the rights granted by
Counterparty in the Collateral shall pursuant to this Annex A cease, terminate and be void upon fulfilment of all of the obligations of Counterparty under the Transaction (or, if later, the date on which Dealer notifies Counterparty that it has
completed all sales of Exchange Property and/or Newmark Shares in the event Modified Physical Settlement or the Newmark Share Election, respectively, are applicable) or, as to any Collateral released pursuant to paragraph (d)(ii) above, upon such
release. Any Collateral remaining at the time of such termination shall be fully released and discharged from the Security Interests and delivered to Counterparty by Dealer, all at the request and expense of Counterparty. 

 

	(h)	Representations and Warranties Regarding Collateral. 

  

	 	(i)	 Counterparty has not (A) created or permitted to exist any Lien (as defined in this Annex A) (other than the
Security Interests (as defined in this Annex A)) or any Transfer Restriction upon or with respect to the Collateral (as defined in this Annex A), (B) sold or otherwise disposed of, or granted any option with respect to, any of the Collateral or
(C) entered into or consented to any agreement (other than, in the case of clause (xi), the Confirmation) (x) that restricts in any manner the rights of any present or future owner of any Collateral with respect

  
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 EXECUTION 
  

	 	
thereto or (y) pursuant to which any person other than Counterparty, Dealer and any securities intermediary through whom any of the Collateral is held (but in the case of any such securities
intermediary only in respect of Collateral held through it) has or will have Control (as defined in this Annex A) in respect of any Collateral. 

  

	 	(ii)	Other than financing statements or other similar or equivalent documents or instruments with respect to the Security Interests, no financing statement, security agreement or similar or equivalent document or instrument
covering all or any part of (A) the Collateral or (B) any other assets of Counterparty is on file or of record in any jurisdiction in which such filing or recording would be effective to perfect a lien, security interest or other
encumbrance of any kind on such Collateral. 

  

	 	(iii)	All Collateral consisting of securities and all financial assets underlying Collateral consisting of security entitlements (each as defined in Section 8-102 of the UCC) at
any time pledged hereunder is and will be issued by an issuer organized under the laws of the United States, any State thereof or the District of Columbia (or, if the issuer is organized elsewhere (a “Foreign Entity”), Counterparty
shall have performed its covenant under paragraph (c)(i)(A) above in respect thereof) and is and will be represented by a certificate in the name of the Depository Trust Company or its nominee, without any restrictive legend (other than a
restrictive legend which can be removed upon request), and held through a securities intermediary whose securities intermediary’s jurisdiction (within the meaning of Section 8-110(e) of the UCC) is
located in the United States (or, if the issuer is a Foreign Entity, held as required by applicable law and Counterparty shall have performed its covenant under paragraph (c)(i)(A) above in respect thereof). 

 

	 	(iv)	No registration, recordation or filing with any governmental body, agency or official is required or necessary for the perfection or enforcement of the Security Interests, other than, with regard to Collateral that does
not constitute investment property or a deposit account, the filing of a financing statement in any appropriate jurisdiction. 

  

	 	(v)	Counterparty has not performed and will not perform any acts that might reasonably be expected to prevent Dealer from enforcing any of the terms of Annex A or that might limit Dealer in any such enforcement.

  

	 	(vi)	Counterparty has not (x) created or permitted to exist any Lien (other than the Security Interests) or any Transfer Restriction upon or with respect to the Collateral, (y) sold or otherwise disposed of, or
granted any option with respect to, any of the Collateral or (z) entered into or consented to any agreement (other than, in the case of clause (I), this Confirmation) (I) that restricts in any manner the rights of any present or future
owner of any Collateral with respect thereto or (II) pursuant to which any person other than Counterparty, Dealer and any securities intermediary through whom any of the Collateral is held (but in the case of any such securities intermediary
only in respect of Collateral held through it) has or will have control in respect of any Collateral. 

  

	 	(vii)	The Location of Counterparty is the jurisdiction of organization of Counterparty. The following is the mailing address, county and state of each chief executive office not at such Location maintained by Counterparty at
any time during the past five years: None. 

  

	(i)	No Right to Rehypothecate. So long as no Default Event has occurred, Dealer shall not have the right to sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise dispose of, or otherwise use in its
respective business, any Collateral. 

 (j) Hague Convention. 
  

	 	(i)	 At the time of its entry into the governing law provisions of any agreement between Counterparty and any
securities intermediary governing the Collateral Account (each such agreement, an “Account Agreement”) that are currently in force and at each time of any later 

  
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 EXECUTION 
  

	 	
amendment to any Account Agreement that reaffirmed such governing law provisions, any securities intermediary had an office located in the United States of America that was not a temporary office
and that engaged in a business or other regular activity of maintaining securities accounts within the meaning of Article 4(1)(a) of the Hague Securities Convention. 

 

	 	(ii)	This Agreement, each Collateral Account and any matter arising among the parties under or in connection with this Agreement or any Collateral Account, including the issues specified in Article 2 of the Hague Convention
on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary (the “Hague Securities Convention”), will be governed by and construed in accordance with the laws of the State of New York.

  

	 	(iii)	Counterparty, Dealer and any securities intermediary agree that each and every Account Agreement is hereby amended to provide that with respect to the Collateral Account, the law applicable to all issues specified in
Article 2(1) of the Hague Securities Convention shall be the laws of the State of New York. Counterparty and any securities intermediary covenant that no amendment with respect to any Account Agreement shall be entered into that would have the
effect of changing the parties’ choice of law set forth in the previous sentence without the prior written consent of any applicable securities intermediary. 

  
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 EXECUTION 
  

 Annex B to the Confirmation 

SUPPLEMENTAL CONFIRMATION NO. [    ] 

Reference is hereby made to the Confirmation entered into between [Dealer] (“Dealer”) and Newmark SPV I, LLC
(“Counterparty”) on [DATE] (the “Confirmation”). This Supplemental Confirmation No. [    ] (this “Supplemental Confirmation”) shall be a “Supplemental Confirmation”
within the meaning of the Confirmation, and shall supplement, form part of and be subject to the Confirmation. All provisions contained in the Confirmation govern this Supplemental Confirmation except as expressly modified below. 

The parties hereto hereby agree to enter into an Additional Tranche with the terms set forth below: 

 

			
	Trade Date:	  	[DATE]
		
	Share Reference Price:	  	USD [        ]
		
	Forward Floor Price:	  	[        ]% of the Share Reference Price
		
	Initial Amount:	  	USD [        ]
		
	Preferred Units:	  	The “Series [    ] Exchangeable Preferred Units” of Newmark Partners, L.P., as defined in the Newmark LPA (as amended and/or supplemented on or prior to the Trade Date), purchased by Dealer
pursuant to the Parent Agreement (as amended and/or supplemented on or prior to the Trade Date).
		
	Optional Settlement Period:	  	The 365-day period beginning on, and including November 30, 20[    ]
		
	First Possible Optional Settlement Date:	  	November 30, 20[    ]
		
	Number of Shares:	  	[        ] in the aggregate for all Tranches
		
	Number of Components:	  	[        ]
		
	Component Number of Shares:	  	As set forth below:

  

			
	 Component Number:
	  	Component Number of Shares:
	 1
	  	[        ]
	 2
	  	[        ]
	 3
	  	[        ]
	 [...]
	  	[...]

 This Supplemental Confirmation may be executed in any number of counterparts, all of which shall constitute
one and the same instrument, and any party hereto may execute this Supplemental Confirmation by signing and delivering one or more counterparts. 

  
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 EXECUTION 
  

 Counterparty hereby agrees (a) to check this Supplemental Confirmation carefully and
immediately upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and
Counterparty with respect to the transaction evidenced hereby, by manually signing this Supplemental Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately
returning an executed copy to Equity Derivatives Documentation Department, Facsimile No. [Dealer Fax]. 
  

			
	Yours faithfully,
	
	[DEALER]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Agreed and Accepted By:
	
	NEWMARK SPV I, LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 36

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