Document:

EX-10.36

 Exhibit 10.36 

Execution Version 

SYNDAX PHARMACEUTICALS, INC. 

CONVERTIBLE NOTE PURCHASE AGREEMENT 

This Convertible Note Purchase Agreement (this “Agreement”) is made as of September 18, 2014 (the “Effective
Date”) by and between Syndax Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and each of the purchasers listed on Exhibit A attached to this Agreement (each a “Purchaser” and together
the “Purchasers”). 
 RECITALS 

The Company desires to issue and sell, severally and not jointly, and the Purchasers desire to purchase, severally and not jointly,
convertible unsecured promissory notes in substantially the form attached to this Agreement as Exhibit B (individually, a “Note” and collectively, the “Notes”) in the aggregate principal amount of up to five
million dollars ($5,000,000), which shall be convertible on the terms stated herein into equity securities of the Company for the purchase price set forth on Exhibit A. The Notes and the equity securities issuable upon conversion thereof (and
the securities issuable upon conversion of such equity securities) are collectively referred to herein as the “Securities.” This Agreement and the Notes are collectively referred to herein as the “Loan Documents.”

 AGREEMENT 
 In
consideration of the mutual promises contained herein and other good and valuable consideration, receipt of which is hereby acknowledged, the parties to this Agreement agree as follows: 

1. PURCHASE AND SALE OF NOTES. 

1.1 Issuance of Notes. On the terms of and subject to the conditions specified in this Agreement, the Company hereby agrees to
issue and sell to the Purchasers, severally and not jointly, and each Purchaser agrees, severally and not jointly, to purchase from the Company, the Notes on the terms and conditions included herein in such principal amounts at each Closing (as
defined below) as set forth on the Schedule of Purchasers attached as Exhibit A hereto. The Company’s obligations to the Purchasers shall be evidenced by the Notes delivered to the Purchasers on the date of the applicable Closing. 

1.2 Interest Rate. Interest shall accrue solely to the extent as set forth in the Notes. 

1.3 Term. All outstanding principal and interest due under any Note shall be due and payable as set forth therein. Payment
of all or any portion of the outstanding principal amount of any Note and all interest thereon shall be pari passu in right of payment and in all other respects to the other Notes. If the Company pays all or any portion of the outstanding principal
amount of any Note or any accrued and unpaid interest thereon, such payment shall be made at the same time as and pro rata with payment on each other Note. 

1.4 No Usury. This Agreement and each Note issued pursuant to the terms of this Agreement are hereby expressly limited so
that in no event whatsoever, whether by reason of deferment or advancement of loan proceeds, acceleration of maturity of the loan evidenced hereby, or otherwise, shall the amount paid or agreed to be paid to the Purchasers hereunder for the loan,
use, forbearance or detention of money exceed the maximum interest rate permitted by the laws of the State of California or any other applicable law. If at any time the performance of any provision hereof or any Note involves a

 
payment exceeding the limit of the price that may be validly charged for the loan, use, forbearance or detention of money under applicable law, then automatically and retroactively, ipso facto,
the obligation to be performed shall be reduced to such limit, it being the specific intent of the Company and the Purchasers hereof that all payments under this Agreement or any Note are to be credited first to interest as permitted by law, but not
in excess of (a) the agreed rate of interest set forth in the Note or (b) that permitted by law, whichever is the lesser, and the balance toward the reduction of principal. The provisions of this Section 1.4 shall never be superseded
or waived and shall control every other provision of this Agreement and any Note. 
 1.5 Private Offering. The Notes will be
offered and sold to the Purchasers without registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon the exemption from registration provided by Rule 506 of Regulation D or under
Section 4(2) of the Securities Act. 
 2. CLOSINGS. 

2.1 Initial Closing. The initial sale and purchase of the Notes shall take place in a closing (the “Initial
Closing”) to be held at the offices of Hogan Lovells U.S. LLP, 4085 Campbell Avenue, Suite 1000, Menlo Park, CA 94025 (“Hogan Lovells”) on the date hereof or at such other time and place as the Company and the Purchasers
having mutually agreed, orally or in writing. The Company will issue and sell to the Purchasers, and each Purchaser agrees, severally and not jointly, to purchase from the Company, Notes in such principal amounts as is set forth under the heading
“Initial Closing Note Amounts” on the Schedule of Purchasers attached as Exhibit A hereto (the “Initial Closing Notes”). 

2.2 Second Closing. So long as there has not been a Qualified Financing, Change in Control or Initial Public Offering (each as
defined below) on or before December 31, 2014, or in the event that the Notes issued in the Initial Closing have not previously been converted pursuant to Section 3 below, upon: (i) providing advance notice to all Purchasers; and
(ii) subject to the satisfaction or waiver of the conditions set forth in Section 6 hereof, the Company will issue and sell to the Purchasers, severally and not jointly, and each Purchaser agrees, severally and not jointly, to purchase
from the Company, Notes in such principal amounts as is set forth under the heading “Second Closing Note Amount” on the Schedule of Purchasers attached as Exhibit A hereto (the “Second Closing”); provided,
however, in the event that the Notes issued in the Initial Closing will be converted pursuant to Section 3.2 or 3.3 and the Second Closing has not yet occurred, the Company shall provide each Purchaser with twenty (20) days notice
prior to the consummation of the Change of Control or Initial Public Offering, as applicable. The Second Closing shall be held at Hogan Lovells at a time and date specified by the Company or at such other time and place as the Company and the
Purchasers having agreed to purchase a majority of the principal amount of the Notes at the Second Closing mutually agree upon, orally or in writing; provided, that in the event the Company has provided the Purchasers with notice of the consummation
of a Change of Control or Initial Public Offering, as applicable, the Second Closing shall occur no later than ten (10) days prior to the consummation of the Change of Control or Initial Public Offering, as applicable. The Initial Closing and
the Second Closing are each referred to herein as a “Closing.” Any sale of Notes at a Closing shall be upon the same terms and conditions as those contained herein; and such persons or entities, by delivery of the appropriate
executed signature pages, shall become parties to this Agreement and shall have the rights and obligations of a Purchaser hereunder. 
 2.3
Delivery. At each Closing, the Company will deliver to each Purchaser a Note in the principal amount set forth opposite such Purchaser’s name on Exhibit A against receipt by the Company from each Purchaser of the
principal amount set forth opposite such Purchaser’s name on Exhibit A by check or wire transfer. Notwithstanding Section 9.7 herein, Exhibit A to this Agreement may be amended by the Company without the consent of Purchasers
from time to time to reflect the 

  
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addition of new Purchasers and the principal amount of Notes to be purchased by such Purchasers in any Closing. 

3. CONVERSION. 

3.1 Qualified Financing. If, after the date hereof and prior to conversion pursuant to Sections 3.2, 3.3, 3.4 or 3.5, a Qualified
Financing occurs, the entire unpaid principal amount and unpaid accrued interest (if any) of each Note shall be automatically converted into that number of shares of the series of the Company’s preferred stock issued in the Qualified Financing
(the “New Preferred Stock”) equal to the quotient of (a) the outstanding principal amount plus unpaid accrued interest (if any) divided by (b) the price per share paid by the investors purchasing New Preferred Stock in the
Qualified Financing. For purposes of the Loan Documents, before January 1, 2015, a “Qualified Financing” shall mean the issuance and sale by the Company of New Preferred Stock in consideration of which the Company receives
aggregate gross proceeds of not less than ten million dollars ($10,000,000) (excluding the Notes issued hereunder and converted in such Qualified Financing). On January 1, 2015 and thereafter, a “Qualified Financing” shall mean
the issuance and sale by the Company of New Preferred Stock in consideration of which the Company receives aggregate gross proceeds of not less than forty million dollars ($40,000,000) (excluding the Notes issued hereunder and converted in such
Qualified Financing). For purposes of clarity, the issuance of ten million dollars ($10,000,000) in notes prior to January 1, 2015, or the issuance of forty million dollars ($40,000,000) in notes after January 1, 2015, shall not (or the
conversion of any such notes into equity shall not) constitute a Qualified Financing. Shares of New Preferred Stock issuable upon conversion of the Notes shall be issued on the same terms and conditions as the shares sold to the investors in the
Qualified Financing. 
 3.2 Conversion Upon Change of Control. If, after the date hereof and prior to conversion pursuant to
Sections 3.1, 3.3, 3.4 or 3.5, a Change of Control occurs, immediately prior to the effective date of such Change of Control, the entire unpaid principal amount and unpaid accrued interest (if any) of each Note shall be automatically converted into
that number of shares of the Company’s Series B-1 preferred stock, par value $0.001 per share (“Series B-1 Preferred Stock”) equal to the quotient of (a) the outstanding principal amount plus accrued interest (if any)
divided by (b) the Series B-1 Preferred Stock Conversion Price (as defined in the Company’s Certificate of Incorporation, as amended (the “Restated Certificate”)). For purposes of the Loan Documents, “Change
of Control” shall mean (i) a merger with or into or consolidation with any other corporation, limited liability company or other entity (other than a wholly owned subsidiary of the Company) or any other transaction or series of related
transactions in which in excess of fifty percent (50%) of the Company’s voting power is transferred; or (ii) a sale, lease, exclusive license or other disposition of all or substantially all of the assets or intellectual property of
the Company in a single transaction or series of related transactions; provided, however, that a Change of Control of the Company shall not include any transaction or series of transactions principally for bona fide equity financing
purposes in which cash is received by the Company or any successor or indebtedness of the Company is cancelled or converted or a combination thereof. The Company shall provide each of the Purchasers written notice no less than twenty
(20) days prior to the effective date of such Change of Control transaction. 
 3.3 Conversion upon Initial Public Offering.
If, after the date hereof and prior to conversion pursuant to Sections 3.1, 3.2, 3.4 or 3.5, an Initial Public Offering occurs, immediately prior to the closing of such Initial Public Offering, the entire unpaid principal amount and unpaid
accrued interest (if any) of each Note shall be automatically converted into that number of shares of the Company’s Common Stock equal to the quotient of (a) the outstanding principal amount of the note plus accrued interest (if any)
divided by (b) the price to the public of the shares of Common Stock to be sold in the Initial Public Offering. For purposes of the Loan Documents, “Initial Public Offering” shall mean the

  
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Company’s first firm commitment underwritten public offering of its Common Stock pursuant to a registration statement declared effective under the Securities Act. 

3.4 Optional Conversion. If, after the date hereof and prior to conversion pursuant to Sections 3.1, 3.2, 3.3 or 3.5, the
Company consummates the sale and issuances of shares of preferred stock other than in a Qualified Financing (a “Non-Qualified Financing”), the Purchasers shall have the option (the “Conversion Option”) to convert
all of the Notes into the shares of preferred stock issued in the Non-Qualified Financing, and the number of shares of preferred stock each respective Note may be converted into shall be equal to the quotient of (a) the outstanding principal
amount of the Note plus unpaid accrued interest (if any) divided by (b) the lowest price per share paid by the investor in the Non-Qualified Financing. The Conversion Option may be exercised only upon the election and approval of over fifty
percent (50%) of the principal amount of the then outstanding Notes (the “Purchaser Majority”). 
 3.5
Conversion at Maturity. If the Notes have not been previously converted prior to the Maturity Date (as such term is defined in the Notes), upon the written election of the Purchaser Majority the entire unpaid principal amount and
unpaid accrued interest (if any) of each Note shall be automatically converted into that number of shares of the Company’s Series B-1 Preferred Stock equal to the quotient of (a) the outstanding principal amount plus unpaid accrued
interest (if any) divided by (b) the Series B-1 Preferred Stock Conversion Price. 
 3.6 Mechanics and Effect of
Conversion. No fractional shares of the Company’s capital stock will be issued upon conversion of the Notes. In lieu of any fractional share to which a holder of a Note would otherwise be entitled, the Company will pay to such holder in
cash the amount of the unconverted principal balance and accrued interest balance (if any) of such Note that would otherwise be converted into such fractional share. Upon conversion of the Notes pursuant to this Section 3, each holder shall
surrender its Note(s), duly endorsed, at the principal offices of the Company or any transfer agent of the Company or provide evidence and indemnity reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of its Note(s).
At its expense, the Company will, as soon as practicable thereafter, issue and deliver to such holder, at such principal office, a certificate or certificates for the number of shares to which such holder is entitled upon such conversion and a check
or wire transfer payable to such holder for any cash amounts payable as described herein. Upon conversion of the Notes, the Company will be forever released from all of its obligations and liabilities under the Loan Documents, including without
limitation the obligation to pay the principal amount and accrued interest of the Notes. 
 3.7 Further Assurances. Each
Purchaser understands that the conversion of the Notes into, and the sale and purchase of, equity securities of the Company may require such Purchaser’s execution of, among other things, (a) written actions for the amendment of the
Company’s Restated Certificate, to increase the existing authorized capital stock of the Company and/or authorize a new series of preferred stock, and (b) certain agreements relating to the purchase and sale of such securities as well as
registration, co-sale and voting rights, if any, relating to such equity securities, and each Purchaser hereby agrees to execute such written actions and agreements and to take such further actions necessary or advisable to consummate the
transactions contemplated hereby upon request by the Company after the time of conversion. 
 4. REPRESENTATIONS, WARRANTIES AND
COVENANTS OF THE COMPANY. 
 The Company represents and warrants to the Purchasers as follows: 

4.1 Organization, Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware and has all requisite corporate power and authority to own and operate its properties and assets and to 

  
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carry on its business as presently conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction in which the failure so to qualify would have a
material adverse effect on its business or properties. 
 4.2 Authorization. Except for: (a) filing an amendment to the
Restated Certificate to authorize a new series of Preferred Stock (as defined below), additional shares of Preferred Stock issuable upon conversion of the Notes and additional shares of Common Stock issuable upon conversion of Preferred Stock issued
upon conversion of the Notes and (b) the reservation of (i) shares of Preferred Stock issuable upon conversion of the Notes or (ii) shares of Common Stock issuable upon conversion of the Preferred Stock into which the Notes have been
converted, all corporate action on the part of the Company, its officers, directors and stockholders necessary for (1) execution and delivery of the Loan Documents, (2) the authorization, sale, issuance and delivery of the Notes,
(3) the issuance of the capital stock of the Company into which the Notes are convertible (the “Conversion Stock”), (4) the issuance of the Common Stock underlying the Conversion Stock (the “Underlying
Common”) and (5) the performance of all obligations of the Company under the Loan Documents required to be taken before the applicable Closing has been taken or will be taken prior to the applicable Closing. The Loan Documents, when
executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms, except (A) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance and other laws of general application affecting enforcement of creditors’ rights generally, (B) as limited by laws relating to the availability of specific performance, injunctive relief or
other equitable remedies and (C) to the extent any indemnification provisions may be limited by applicable federal or state securities laws. The terms of the transactions contemplated by the Loan Documents have been recommended to the
Company’s Board of Directors by the Company’s management and unanimously approved by all directors not having an interest in the transactions contemplated by the Loan Documents. 

4.3 Capitalization. 

(a) The authorized capital stock of the Company, immediately prior to the applicable Closing, consists of (i) 16,715,445 shares of
preferred stock, par value $0.001 per share (“Preferred Stock”), of which (w) 4,390,243 have been designated as Series A Preferred Stock, 875,545 of which are issued and outstanding, (x) 3,951,219 have been designated as
Series A-1 Preferred Stock, 3,502,185 of which are issued and outstanding, (y) 4,227,642 have been designated as Series B Preferred Stock, 340,302 of which are issued and outstanding, and (z) 4,146,341 have been designated as Series B-1
Preferred Stock, 3,789,999 of which are issued and outstanding, and (ii) 9,837,398 shares of Common Stock, 73,152 of which are issued and outstanding. 

(b) The Company has reserved 1,002,172 shares of Common Stock for issuance pursuant to the Company’s 2007 Stock Plan, as amended (the
“Plan”), of which (i) 6,018 shares of Common Stock have been issued pursuant to the exercise of outstanding options and are included in the number of shares of Common Stock outstanding as reflected in Section 4.3(a) above,
(ii) options to purchase 924,356 shares of Common Stock have been approved for grant, are issued and are unexercised, and (iii) 71,798 shares of Common Stock remain available for future grant and issuance to officers, directors, employees
and consultants of the Company.
 (c) Other than (i) the shares reserved for issuance under the Plan and (ii) 156,833 shares of
Common Stock reserved for issuance, immediately prior to the applicable Closing, pursuant to outstanding warrants to purchase Common Stock, there are no outstanding options, warrants, rights (including conversion or preemptive rights and rights of
first refusal), proxy or stockholder agreements, or agreements of any kind for the purchase or acquisition from the Company of any of its securities. 

  
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 (d) As of the date hereof, the issuance of the Notes contemplated hereunder will not result in
any anti-dilution adjustment or other similar adjustment to the conversion rate of the outstanding shares of Preferred Stock.
 4.4
Consent. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority or any other person on the part of the Company is
required in connection with the valid execution, delivery and performance by the Company of the Loan Documents and the transactions contemplated thereby, except that the Company will make such filings, notices or registrations as are required under
Regulation D of the Securities Act and applicable state securities laws after the applicable Closing, within the time periods set forth in the Securities Act and those laws. 

4.5 Compliance with Other Instruments. The Company is not in violation or default of any provision of the Restated Certificate
or its Bylaws as currently in effect. The Company is not in violation of, or default under any provision of any instrument, mortgage, deed of trust, loan, contract, commitment or obligation to which it is a party or by which it or any of its
properties are bound, which violations or defaults, individually or in the aggregate, would materially adversely affect the business, properties or condition (financial or otherwise) of the Company. The Company is not in violation of any provision
of any federal, state or local statute, rule or governmental regulation which would materially adversely affect the business, properties or condition (financial or otherwise) of the Company or any judgment, decree or order to which it is a party, in
any material respect. The Company has all franchises, permits, licenses and any similar authority necessary for the conduct of its business, the lack of which could materially and adversely affect the business, properties or condition (financial or
otherwise) of the Company. The Company is not in default in any material respect under any of such franchises, permits, licenses or other similar authority. 

4.6 Litigation. There is no action, suit, proceeding or investigation pending or, to the Company’s knowledge, currently
threatened against the Company that questions the validity of the Loan Documents or the right of the Company to enter into any of such Loan Document, or to consummate the transactions contemplated hereby or thereby, nor is the Company aware that
there is any basis for the foregoing. There is no action, suit, proceeding or investigation pending or, to the Company’s knowledge, currently threatened against the Company that might result, either individually or in the aggregate, in any
material adverse effect on the business, properties or condition (financial or otherwise) of the Company, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing. The foregoing
includes, without limitation, actions pending or threatened (or any basis therefor known to the Company) involving the prior employment of any of the Company’s employees, their use in connection with the Company’s business of any
information or techniques allegedly proprietary to any of their former employers, or their obligations under any agreements with prior employers. The Company is not a party or subject to the provisions of any order, writ, injunction, judgment or
decree of any court or government agency or instrumentality. There is no action, suit, proceeding or investigation by the Company currently pending or that the Company intends to initiate. 

4.7 Financial Statements. The Company has delivered to the Purchasers true and complete copies of (a) the audited balance
sheets of the Company as of December 31, 2012 and 2013; (b) the audited statements of operations and comprehensive loss and cash flows of the Company for each of the years ended December 31, 2012 and 2013; (c) the unaudited
balance sheet of the Company as of June 30, 2014 and (d) unaudited statements of operations and comprehensive loss and cash flows of the Company for the six-month period ended June 30, 2014 (all of such financial statements,
collectively, the “Financial Statements”). The Financial Statements were prepared in accordance with GAAP consistently applied, and fairly present the financial condition and results of operations and cash flows of the

  
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Company as of the stated date and for the periods referred to therein, except that the unaudited Financial Statements may not contain all footnotes required by generally accepted accounting
principles. 
 4.8 Full Disclosure. To the Company’s knowledge, neither this Agreement nor the Notes, nor any other
document delivered by the Company to Purchasers or their attorneys or agents in connection herewith or therewith at the applicable Closing or with the transactions contemplated hereby or thereby, contain any untrue statement of a material fact nor,
to the Company’s knowledge, omit to state a material fact necessary in order to make the statements contained herein or therein not misleading. 

4.9 California Finance Lenders Law. The Company (a) primarily engages, wholly or substantially, directly, or indirectly
through a majority owned subsidiary or subsidiaries, in the production or sale, or the research or development, of a product or service other than the investment of capital, (b) is not an individual or sole proprietorship, (c) is not an
entity with no specific business plan or purpose and its business plan is not to engage in a merger or acquisition with an unidentified company or companies or other entity or person, and (d) intends to use the proceeds from the sale of the
Notes extended to it solely for the operation of the Company’s business and uses other than personal, family, or household purposes. The Company’s Board of Directors has approved the sale of the Notes based upon a reasonable belief that
the loans represented by the Notes are appropriate for the Company after reasonable inquiry concerning the Company’s financing objectives and financial situation. 

4.10 Title. The Company owns and has good and marketable title in fee simple absolute to, or a valid leasehold interest in, all
real properties and good title to other assets and properties as reflected in the most recent financial statements delivered to the Purchasers (except those assets and properties disposed of in the ordinary course of business since the date of such
financial statements) and all assets and properties acquired by the Company since such date (except those disposed of in the ordinary course of business). Such assets and properties are subject to no Lien other than (i) Liens for current taxes
not yet due and payable, (ii) Liens imposed by law and incurred in the ordinary course of business for obligations not past due, (iii) Liens in respect of pledges or deposits under workers’ compensation laws or similar legislation,
(iv) Liens arising out of the indebtedness incurred in connection with that certain Loan and Security Agreement, dated as of June 13, 2014, by and among the Company, Solar Capital Ltd. and the lenders listed on Schedule 1.1 attached
thereto, and (v) Liens, encumbrances and defects in title which do not in any case materially detract from the value of the property subject thereto or have a Material Adverse Effect, and which have not arisen otherwise than in the ordinary
course of business. “Lien” means, with respect to any property, any security interest, mortgage, pledger, lien, claim, charge or other encumbrance. 

4.11 No “Bad Actor” Disqualification. The Company has exercised reasonable care, in accordance with Securities and
Exchange Commission rules and guidance, to determine whether any Covered Person (as defined below) is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii) under the Securities Act
(“Disqualification Events”). To the Company’s knowledge, no Covered Person is subject to a Disqualification Event, except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities Act. The
Company has complied, to the extent applicable, with any disclosure obligations under Rule 506(e) under the Securities Act. “Covered Persons” are those persons specified in Rule 506(d)(1) under the Securities Act, including
(a) the Company, (b) any predecessor or affiliate of the Company; any director, executive officer, other officer participating in the offering, general partner or managing member of the Company, (c) any beneficial owner of 20% or more
of the Company’s outstanding voting equity securities, calculated on the basis of voting power, (d) any promoter (as defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of the sale of the
Notes, and (e) any person that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of the Notes (a “Solicitor”), any general partner or managing member of
any Solicitor, and any director, 

  
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executive officer or other officer participating in the offering of any Solicitor or general partner or managing member of any Solicitor. 

5. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASERS.  

Each Purchaser, severally and not jointly, hereby represents and warrants to the Company as to itself only that: 

5.1 Requisite Power and Authority. The Purchaser has all necessary power and authority under all applicable provisions of law to
execute and deliver the Loan Documents and to carry out their provisions. All action on the Purchaser’s part required for the lawful execution and delivery of the Loan Documents has been taken. Upon their execution and delivery, the Loan
Documents will constitute a valid and legally binding obligation of the Purchaser, enforceable in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and
other laws of general application affecting enforcement of creditors’ rights generally, (b) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (c) to the extent
any indemnification provisions may be limited by applicable federal or state securities laws. 
 5.2 Experience. The Purchaser
is experienced in investing in the securities of development stage companies such as the Company and acknowledges that investment in the Securities involves a number of significant risks, it is able to fend for itself, it can bear the economic risk
of its investment, including the full loss of its investment, and it has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. The Purchaser also
represents it was not organized solely for the purpose of acquiring the Securities. 
 5.3 Accredited Investor. The Purchaser
represents that it is an “accredited investor” within the meaning of Rule 501(a) of Regulation D of the Securities Act, as presently in effect and, for the purpose of Section 25102(f) of the California Corporations Code, such
Purchaser is excluded from the count of “purchasers” pursuant to Rule 260.102.13 thereunder. 
 5.4 Foreign
Investors. If the Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), the Purchaser hereby represents that it has satisfied itself as to the full observance of
the laws of its jurisdiction in connection with any invitation to subscribe for the Securities or any use of this Agreement, including (a) the legal requirements within its jurisdiction for the purchase of the Securities, (b) any foreign
exchange restrictions applicable to such purchase, (c) any government or other consents that may need to be obtained, and (d) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption,
sale or transfer of the Securities. The Purchaser’s subscription and payment for and continued beneficial ownership of the Securities will not violate any applicable securities or other laws of the Purchaser’s jurisdiction. 

5.5 Residence. The Purchaser’s principal residence or office location is in the state identified in the address of the
Purchaser set forth beneath its signature hereto. 
 5.6 Disclosure of Information. The Purchaser has received and reviewed
information about the Company and has had an opportunity to discuss the Company’s business, management and financial affairs with its management and to review the Company’s facilities. The Purchaser understands and acknowledges that such
discussions, as well as any written information issued 

  
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by the Company, (a) were intended to describe the aspects of the Company’s business which the Company believes to be material, but were not necessarily an exhaustive description, and
(b) may have contained forward-looking statements involving known and unknown risks and uncertainties which may cause the Company’s actual results in future periods or plans for future periods to differ materially from what was anticipated
and that no representations or warranties were or are being made with respect to any such forward-looking statements or the probability of achieving any of the results projected in any of such forward-looking statements. The foregoing, however, does
not limit or modify the representations and warranties of the Company in Section 4 of this Agreement or the right of the Purchaser to rely thereon. 

5.7 Purchase Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s
representation to the Company, which by the Purchaser’s execution of this Agreement the Purchaser hereby confirms, that the Securities to be received by the Purchaser will be acquired for investment for the Purchaser’s own account, not as
a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same. The Purchaser further
represents that it does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to the Securities. 

5.8 Restricted Securities. The Purchaser understands that the Securities are characterized as “restricted securities”
under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such Securities may be resold without registration under the
Securities Act only in certain limited circumstances. In this connection, the Purchaser represents that it is familiar with Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act. The
Purchaser must bear the economic risk of this investment indefinitely unless the Securities are registered pursuant to the Securities Act, or an exemption from registration is available. The Purchaser understands that the Company has no present
intention of registering the Securities. The Purchaser also understands that there is no assurance that any exemption from registration under the Securities Act will be available and that, even if available, such exemption may not allow the
Purchaser to transfer all or any portion of the Securities under the circumstances, in the amounts or at the times the Purchaser might propose. 

5.9 No Public Market. The Purchaser understands that no public market now exists for any of the securities issued by the Company
and that the Company has made no assurances that a public market will ever exist for the Securities. 
 5.10 No “Bad Actor”
Disqualification Events. Neither (a) such Purchaser, (b) any of its directors, executive officers, other officers that may serve as a director or officer of any company in which it invests, general partners or managing members, nor
(c) any beneficial owner of any of the Company’s voting equity securities (in accordance with Rule 506(d) of the Securities Act) held by such Purchaser is subject to any Disqualification Event, except for Disqualification Events covered by
Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities Act and disclosed reasonably in advance of the applicable Closing in writing in reasonable detail to the Company. 

5.11 Legends. The Purchaser understands that the Securities, and any securities issued in respect thereof or exchange therefor,
may bear one or all of the following legends: 
 (a) “THIS INSTRUMENT AND THE INDEBTEDNESS, RIGHTS AND OBLIGATIONS EVIDENCED HEREBY
AND ANY LIENS OR OTHER SECURITY INTERESTS SECURING SUCH RIGHTS AND OBLIGATIONS ARE SUBORDINATE IN THE MANNER AND 

  
 9 

 
TO THE EXTENT SET FORTH IN THAT CERTAIN SUBORDINATION AGREEMENT (AS AMENDED, RESTATED, SUPPLEMENTED OR MODIFIED FROM TIME TO TIME, THE “SUBORDINATION AGREEMENT”) DATED AS OF SEPTEMBER
18, 2014, BY AND AMONG THE CREDITORS IDENTIFIED THEREIN AND SOLAR CAPITAL LTD. (“SOLARCAP”), TO CERTAIN INDEBTEDNESS, RIGHTS, AND OBLIGATIONS OF SYNDAX PHARMACEUTICALS, INC. TO SOLARCAP AND LIENS AND SECURITY INTERESTS OF SOLARCAP SECURING
THE SAME ALL AS DESCRIBED IN THE SUBORDINATION AGREEMENT; AND EACH HOLDER AND TRANSFEREE OF THIS INSTRUMENT, BY ITS ACCEPTANCE HEREOF, IRREVOCABLY AGREES TO BE BOUND BY THE PROVISIONS OF THE SUBORDINATION AGREEMENT.” 

(b) “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS AND
HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT OR QUALIFICATION RELATED THERETO OR AN
OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION OR QUALIFICATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS.” 

(c) “THESE SECURITIES ARE SUBJECT TO, AND MAY BE TRANSFERRED ONLY IN COMPLIANCE WITH, THAT CERTAIN CONVERTIBLE NOTE PURCHASE AGREEMENT
BETWEEN THE COMPANY AND THE HOLDER, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY.” 
 (d) Any legend required by
the blue sky laws of any state to the extent such laws are applicable to the securities represented by the certificate or other document so legended, and any legends placed on the New Preferred Stock in connection with the Qualified Financing or
such other equity securities issued upon conversion of the Notes. 
 6. CONDITIONS OF THE PURCHASERS’ OBLIGATIONS AT THE
CLOSINGS. 
 The obligations of each Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the
applicable Closing, of each of the following conditions, unless waived by the Purchaser Majority of the principal amount of the Notes to be issued in such Closing: 

6.1 Representations and Warranties; Performance of Obligations. The representations and warranties of the Company contained in
Section 4 shall be true on and as of the applicable Closing, and the Company shall have performed all obligations and conditions herein required to be performed or observed by it on or prior to the applicable Closing. 

6.2 Qualifications. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the
United States or of any state that are required in connection with the lawful issuance and sale of the Securities pursuant to this Agreement shall be obtained and effective as of the applicable Closing. 

6.3 Restated Certificate. The Company’s Restated Certificate shall continue to be in full force and effect as of the
applicable Closing. 

  
 10 

 6.4 Compliance Certificate. The Company shall have delivered to the Purchasers a
Compliance Certificate, executed by the Chief Executive Officer of the Company, dated the date of the applicable Closing, to the effect that the conditions specified in Section 6.1 have been satisfied. 

7. CONDITIONS OF THE COMPANY’S OBLIGATIONS AT EACH CLOSING. 

The obligations of the Company to each Purchaser under this Agreement are subject to the fulfillment, on or before the applicable Closing, of
each of the following conditions, unless otherwise waived: 
 7.1 Representations and Warranties. The representations and
warranties of each Purchaser contained in Section 6 shall be true on and as of the applicable Closing with the same effect as though such representations and warranties had been made on and as of the applicable Closing. 

7.2 Qualifications. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the
United States or of any state that are required in connection with the lawful issuance and sale of the Securities pursuant to this Agreement shall be obtained and effective as of the applicable Closing. 

7.3 Approval of Investment Committee. Each Purchaser shall have obtained the approval of its investment committee or similar
body to enter into this Agreement and the transactions contemplated thereby. 
 7.4 Subordination Agreement. Each Purchaser
shall have entered into a subordination agreement, substantially in the form attached hereto as Exhibit C, with Solar Capital Ltd. in its capacity as agent for certain lenders. 

8. “MARKET STAND OFF” AGREEMENT. 

Each Purchaser agrees in connection with the Initial Public Offering (other than a registration of securities in a Rule 145 transaction or with
respect to an employee benefit plan) that, upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, not to sell, make any short sale of, loan, grant any option for the purchase of, pledge,
hypothecate, limit such Purchaser’s market risk regarding or otherwise directly or indirectly dispose of any Common Stock (other than those included in the registration) or other Capital Stock or securities exchangeable or convertible into
capital stock of the Company without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days from the date of the final prospectus used in such
registration) as may be requested by the Company or such managing underwriters, and to enter into a lock-up agreement in customary form with such underwriters providing for restrictions approved by the Company’s Board of Directors, provided
that all officers and directors of the Company and holders of at least one percent (1%) of the Company’s voting securities are bound by and have entered into similar agreements. 

9. MISCELLANEOUS. 

9.1 Fees and Expenses. The Company and each Purchaser shall each bear its respective expenses and legal fees incurred with
respect to this Agreement and the transactions contemplated herein. 
 9.2 Successors and Assigns. The terms and conditions of
this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this 

  
 11 

 
Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement. 
 9.3 Governing Law; Venue. This
Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without reference to the principles of
conflicts of laws under Delaware law. 
 9.4 Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original and all of which together shall constitute one instrument. 
 9.5 Titles and Subtitles. The
titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

9.6 Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be deemed
effectively given upon personal delivery, upon three (3) business days after deposit with the United States Post Office, by registered or certified mail, return receipt requested, postage prepaid, one (1) business day after deposit with a
nationally recognized air courier, upon receipt of confirmation with regard to delivery by facsimile or upon twelve (12) hours after delivery by electronic mail and addressed: (a) if to the Purchasers, at the Purchasers’ address,
facsimile number or electronic mail address as set forth on the signature page, or at such other address, facsimile number or electronic mail address as the Purchasers shall have furnished to the Company in writing, or (b) if to the Company, at
its current address or at such other address, facsimile number or electronic mail address as the Company shall have furnished to the Purchasers in writing. 

9.7 Waivers and Amendments. Any term of this Agreement may be amended and the observance of any term of this Agreement may be
waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Purchaser Majority. Any amendment or waiver effected in accordance with this Section 9.7 shall
be binding upon each Purchaser of Notes and the Company. 
 9.8 Severability. If one or more provisions of this Agreement are
held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith in order to maintain the economic position enjoyed by each party as close as possible to that under the provision rendered unenforceable. In
the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such
provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms. 
 9.9 Entire
Agreement. This Agreement, and the documents referred to herein constitute the entire agreement between the parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements existing between the parties
hereto are expressly canceled. 
 9.10 Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS
AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS
THE SALE OF SECURITIES IS EXEMPT FROM THE QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS 

  
 12 

 
AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED UNLESS THE SALE IS SO EXEMPT. 

9.11 Conflict with Terms of the Convertible Notes. In the event that any of the terms of this Agreement conflict with the terms
contained in the Notes, such terms contained in the Notes shall govern and control. 
 9.12 Implied Covenant of Good Faith and Fair
Dealing. This Agreement shall be (to the extent necessary to satisfy the requirements of Section 22062(b)(3)(D) of the California Financial Code) subject to the implied covenant of good faith and fair dealing arising under
Section 1655 of the California Civil Code. 
 [Signature Pages Follow] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have
executed the Convertible Note Purchase Agreement as of the date set forth in the first paragraph hereof. 
  

			
	COMPANY:
	
	SYNDAX PHARMACEUTICALS, INC.
		
	 By:
	 	 /s/ Arlene M. Morris

		 	Arlene M. Morris
		 	President and Chief Executive Officer

 [COMPANY SIGNATURE PAGE TO
CONVERTIBLE NOTE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have
executed the Convertible Note Purchase Agreement as of the date set forth in the first paragraph hereof. 
  

									
	PURCHASER:	 		 		 	Domain Partners VIII, L.P.
					
		 		 		 	By:	 	One Palmer Square Associates VIII, L.L.C.
		 		 		 	Its:	 	General Partner
					
		 		 		 	By:	 	 /s/ Kathleen K. Schoemaker

		 		 		 	Print Name:	 	Kathleen K. Schoemaker
		 		 		 	Title:	 	Managing Member

 [PURCHASER SIGNATURE PAGE TO
CONVERTIBLE NOTE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have
executed the Convertible Note Purchase Agreement as of the date set forth in the first paragraph hereof. 
  

									
	PURCHASER:	 		 		 	DP VIII Associates, L.P.
					
		 		 		 	By:	 	One Palmer Square Associates VIII, L.L.C.
		 		 		 	Its:	 	General Partner
					
		 		 		 	By:	 	 /s/ Kathleen K. Schoemaker

		 		 		 	Print Name:	 	Kathleen K. Schoemaker
		 		 		 	Title:	 	Managing Member

 [PURCHASER SIGNATURE PAGE TO
CONVERTIBLE NOTE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have
executed the Convertible Note Purchase Agreement as of the date set forth in the first paragraph hereof. 
  

									
	PURCHASER:	 		 		 	Forward Ventures IV, LP
					
		 		 		 	By:	 	Forward IV Associates, LLC
		 		 		 	Its:	 	General Partner
					
		 		 		 	By:	 	 /s/ Ivor Royston

		 		 		 	Print Name:	 	Ivor Royston
		 		 		 	Title:	 	Managing Member

 [PURCHASER SIGNATURE PAGE TO
CONVERTIBLE NOTE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have
executed the Convertible Note Purchase Agreement as of the date set forth in the first paragraph hereof. 
  

									
	PURCHASER:	 		 		 	Forward Ventures IVB, LP
					
		 		 		 	By:	 	Forward IV Associates, LLC
		 		 		 	Its:	 	General Partner
					
		 		 		 	By:	 	 /s/ Ivor Royston

		 		 		 	Print Name:	 	Ivor Royston
		 		 		 	Title:	 	Managing Member

 [PURCHASER SIGNATURE PAGE TO
CONVERTIBLE NOTE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have
executed the Convertible Note Purchase Agreement as of the date set forth in the first paragraph hereof. 
  

									
	PURCHASER:	 		 		 	Forward Ventures V, LP
					
		 		 		 	By:	 	Forward V Associates, LLC
		 		 		 	Its:	 	General Partner
					
		 		 		 	By:	 	 /s/ Ivor Royston

		 		 		 	Print Name:	 	Ivor Royston
		 		 		 	Title:	 	Managing Member

 [PURCHASER SIGNATURE PAGE TO
CONVERTIBLE NOTE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have
executed the Convertible Note Purchase Agreement as of the date set forth in the first paragraph hereof. 
  

									
	PURCHASER:	 		 		 	MPM Asset Management Investors BV4, LLC 
					
		 		 		 	By:	 	MPM BioVentures IV GP LLC
		 		 		 	Its:	 	Manager
					
		 		 		 	By:	 	 /s/ Luke Evnin

		 		 		 	Print Name:	 	Luke Evnin
		 		 		 	Title:	 	Member

 [PURCHASER SIGNATURE PAGE TO
CONVERTIBLE NOTE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have
executed the Convertible Note Purchase Agreement as of the date set forth in the first paragraph hereof. 
  

									
	PURCHASER:	 		 		 	MPM BioVentures IV GMBH & Co. Beteiligungs KG
					
		 		 		 	By:	 	MPM BioVentures IV GP LLC, in its capacity as the Managing Limited Partner
					
		 		 		 	By:	 	MPM BioVentures IV LLC
		 		 		 	Its:	 	Manager
					
		 		 		 	By:	 	 /s/ Luke Evnin

		 		 		 	Print Name:	 	Luke Evnin
		 		 		 	Title:	 	Member

 [PURCHASER SIGNATURE PAGE TO
CONVERTIBLE NOTE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have
executed the Convertible Note Purchase Agreement as of the date set forth in the first paragraph hereof. 
  

									
	PURCHASER:	 		 		 	MPM BioVentures IV Strategic Fund, L.P. 
					
		 		 		 	By:	 	MPM BioVentures IV GP LLC
		 		 		 	Its:	 	General Partner
					
		 		 		 	By:	 	MPM BioVentures IV LLC
		 		 		 	Its:	 	Managing Member
					
		 		 		 	By:	 	 /s/ Luke Evnin

		 		 		 	Print Name:	 	Luke Evnin
		 		 		 	Title:	 	Member

 [PURCHASER SIGNATURE PAGE TO
CONVERTIBLE NOTE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have
executed the Convertible Note Purchase Agreement as of the date set forth in the first paragraph hereof. 
  

									
	PURCHASER:	 		 		 	MPM BioVentures IV-QP, L.P.
					
		 		 		 	By:	 	MPM BioVentures IV GP LLC
		 		 		 	Its:	 	General Partner
					
		 		 		 	By:	 	MPM BioVentures IV LLC
		 		 		 	Its:	 	Managing Member
					
		 		 		 	By:	 	 /s/ Luke Evnin

		 		 		 	Print Name:	 	Luke Evnin
		 		 		 	Title:	 	Member

 [PURCHASER SIGNATURE PAGE TO
CONVERTIBLE NOTE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have
executed the Convertible Note Purchase Agreement as of the date set forth in the first paragraph hereof. 
  

									
	PURCHASER:	 		 		 	RMI Investments, S.à.r.l. 
					
		 		 		 	By:	 	 /s/ Vladimir Gurdus

		 		 		 	Print Name:	 	Vladimir Gurdus
		 		 		 	Title:	 	Category A Manager

 [PURCHASER SIGNATURE PAGE TO
CONVERTIBLE NOTE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have
executed the Convertible Note Purchase Agreement as of the date set forth in the first paragraph hereof. 
  

									
	PURCHASER:	 		 		 	MC Life Science Ventures, Inc. 
					
		 		 		 	By:	 	 /s/ Asuka Nakazato

		 		 		 	Print Name:	 	Asuka Nakazato
		 		 		 	Title:	 	Executive Vice President

 [PURCHASER SIGNATURE PAGE TO
CONVERTIBLE NOTE PURCHASE AGREEMENT] 

 EXHIBIT A 

SCHEDULE OF PURCHASERS 
 Initial
Closing Note Amounts: 
  

							
	 Name of Purchaser
	  	
Address of Purchaser
	  	Amount	 
	Domain Partners VIII, L.P.	  	 One Palmer Square
 Suite 515

Princeton, NJ 08542
	  	$	1,972,436	  
			
	DP VIII Associates, L.P.	  	 One Palmer Square
 Suite 515

Princeton, NJ 08542
	  	$	14,636	  
			
	Forward Ventures IV, LP	  	 9393 Towne Center Drive
 Suite
200
 San Diego, CA 92121
	  	$	145,248	  
			
	Forward Ventures IVB, LP	  	 9393 Towne Center Drive
 Suite 200

San Diego, CA 92121
	  	$	12,313	  
			
	Forward Ventures V, LP	  	 9393 Towne Center Drive
 Suite 200

San Diego, CA 92121
	  	$	315,121	  
			
	MPM Asset Management Investors BV4, LLC	  	 200 Clarendon Street
 54th Floor

Boston, MA 02116
	  	$	40,436	  
			
	 MPM BioVentures IV GMBH & Co.

Beteiligungs KG
	  	 200 Clarendon Street
 54th Floor

Boston, MA 02116
	  	$	54,785	  
			
	MPM BioVentures IV Strategic Fund, LP	  	 200 Clarendon Street
 54th Floor

Boston, MA 02116
	  	$	189,656	  
			
	MPM Bioventures IV-QP, LP	  	 200 Clarendon Street
 54th Floor

Boston, MA 02116
	  	$	1,422,028	  
			
	RMI Investments, S.à.r.l.	  	 7, rue Robert Stümper
 Luxembourg
L-2557
	  	$	780,821	  
		  		  	  
	  
	 
	Total	  		  	$	4,947,480	  
		  		  	  
	  
	 

 Second Closing Note Amounts: 
  

							
	 Name of Purchaser
	  	
Address of Purchaser
	  	Amount	 
	 MC Life Science Ventures, Inc.
	  	 655 Third Avenue

New York, NY 10017
	  	$	52,520	  
		  		  	  
	  
	 
	 Total
	  		  	$	    52,520	  
		  		  	  
	  
	 

 EXHIBIT B 

FORM OF CONVERTIBLE UNSECURED PROMISSORY NOTE 

[See Exhibit 4.3 to the company’s registration statement on Form S-1/A, as filed with the SEC on November 21, 2014] 

 EXHIBIT C 

SUBORDINATION AGREEMENT 

 SUBORDINATION AGREEMENT 

THIS SUBORDINATION AGREEMENT (the “Agreement”) is made as of
            , 2014, by and among each of the creditors listed on the signature pages of this Agreement (individually and collectively, the “Creditor”), and SOLAR CAPITAL
LTD., a Maryland corporation, with its principal place of business at 500 Park Avenue, 3rd Floor, New York, NY 10022 (“SolarCap”). 

Recitals 
 A. SYNDAX
PHARMACEUTICALS, INC., a Delaware corporation (“Borrower”) has requested and/or obtained certain loans or other credit accommodations from SolarCap which are or may be from time to time secured by assets and
property of Borrower. 
 B. Creditor has extended loans or other credit accommodations to Borrower, and/or may extend loans or other credit
accommodations to Borrower from time to time. 
 C. To induce SolarCap to extend credit to Borrower and, at any time or from time to
time, at SolarCap’s option, to make such further loans, extensions of credit, or other accommodations to or for the account of Borrower, or to purchase or extend credit upon any instrument or writing in respect of which Borrower may be liable
in any capacity, or to grant such renewals or extension of any such loan, extension of credit, purchase, or other accommodation as SolarCap may deem advisable, Creditor is willing to subordinate: (i) all of Borrower’s indebtedness and
obligations to Creditor (including, without limitation, principal, premium (if any), interest, fees, charges, expenses, costs, professional fees and expenses, and reimbursement obligations), plus any dividends and/or distributions or other payments
pursuant to call, put, or conversion features in connection with equity securities of Borrower issued to or held by Creditor, whether presently existing or arising in the future (the “Subordinated Debt”) to all of Borrower’s
indebtedness and obligations to SolarCap; and (ii) all of Creditor’s security interests, if any, to all of SolarCap’s security interests in Borrower’s property. 

NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: 

1. Creditor subordinates to SolarCap any security interest or lien that Creditor may have in any property of Borrower. Notwithstanding
the respective dates of attachment or perfection of the security interests of Creditor and the security interests of SolarCap, all now existing and hereafter arising security interests of SolarCap in any property of Borrower and all proceeds thereof
(the “Collateral”), including, without limitation, the “Collateral,” as defined in a certain Loan and Security Agreement between Borrower and SolarCap dated as of June 13, 2014 (as may be amended, modified, restated,
replaced, or supplemented from time to time, the “Loan Agreement”), shall at all times be senior to the security interests of Creditor. Creditor hereby (a) acknowledges and consents to (i) Borrower granting to SolarCap a
security interest in the Collateral, (ii) SolarCap filing any and all financing statements and other documents as deemed necessary by SolarCap in order to perfect SolarCap’s security interest in the Collateral, and (iii) the entering
into of the Loan Agreement and all documents in connection therewith by Borrower, (b) acknowledges and agrees that the Senior Debt, the entering into of the Loan Agreement and all documents in connection therewith by Borrower, and the security
interest  

  
 1 

 
granted by Borrower to SolarCap in the Collateral shall be permitted under the provisions of the Subordinated Debt documents (notwithstanding any provision of the Subordinated Debt documents to
the contrary), (c) acknowledges, agrees and covenants that Creditor shall not contest, challenge or dispute the validity, attachment, perfection, priority or enforceability of SolarCap’s security interest in the Collateral, or the
validity, priority or enforceability of the Senior Debt, and (d) acknowledges and agrees that the provisions of this Agreement will apply fully and unconditionally even in the event that SolarCap’s security interest in the Collateral (or
any portion thereof) shall be unperfected. 
 2. All Subordinated Debt is subordinated in right of payment to all obligations of Borrower to
SolarCap now existing or hereafter arising, including, without limitation, the Obligations (as defined in the Loan Agreement), together with all costs of collecting such obligations (including attorneys’ fees), including, without limitation,
all interest accruing after the commencement by or against Borrower of any bankruptcy, reorganization or similar proceeding (such obligations, collectively, the “Senior Debt”). 

3. Creditor will not demand or receive from Borrower (and Borrower will not pay to Creditor) all or any part of the Subordinated Debt, by way
of payment, prepayment, setoff, lawsuit or otherwise, nor will Creditor exercise any remedy with respect to any property of Borrower, nor will Creditor accelerate the Subordinated Debt, or commence, or cause to commence, prosecute or participate in
any administrative, legal or equitable action against Borrower, until such time as (a) the Senior Debt has been fully paid in cash, (b) SolarCap has no commitment or obligation to lend any further funds to Borrower, and (c) all
financing agreements between SolarCap and Borrower are terminated. Nothing in the foregoing paragraph shall prohibit Creditor from converting all or any part of the Subordinated Debt into equity securities of Borrower, provided that, if such
securities have any call, put or other conversion features that would obligate Borrower to declare or pay dividends, make distributions, or otherwise pay any money or deliver any other securities or consideration to the holder, Creditor hereby
agrees that Borrower may not declare, pay or make such dividends, distributions or other payments to Creditor, and Creditor shall not accept any such dividends, distributions or other payments. 

4. Creditor shall promptly deliver to SolarCap in the form received (except for endorsement or assignment by Creditor where required by
SolarCap) for application to the Senior Debt any payment, distribution, security or proceeds received by Creditor with respect to the Subordinated Debt other than in accordance with this Agreement. 

5. In the event of Borrower’s insolvency, reorganization or any case or proceeding under any bankruptcy or insolvency law or laws
relating to the relief of debtors, including, without limitation, any voluntary or involuntary bankruptcy, insolvency, receivership or other similar statutory or common law proceeding or arrangement involving Borrower, the readjustment of its
liabilities, any assignment for the benefit of its creditors or any marshalling of its assets or liabilities (each, an “Insolvency Proceeding”), (a) this Agreement shall remain in full force and effect in accordance with
Section 510(a) of the United States Bankruptcy Code, (b) the Collateral shall include, without limitation, all Collateral arising during or after any such Insolvency Proceeding, and (c) SolarCap’s claims against Borrower and the
estate of Borrower shall be paid in full before any payment is made to Creditor. 

  
 2 

 6. Creditor shall give SolarCap prompt written notice of the occurrence of any default or event
of default under any document, instrument or agreement evidencing or relating to the Subordinated Debt, and shall, simultaneously with giving any notice of default to Borrower, provide SolarCap with a copy of any notice of default given to Borrower.
Creditor acknowledges and agrees that any default or event of default under the Subordinated Debt documents shall be deemed to be a default and an event of default under the Senior Debt documents. 

7. Until the Senior Debt has been fully paid in cash and SolarCap’s agreements to lend any funds to Borrower have been terminated,
Creditor irrevocably appoints SolarCap as Creditor’s attorney-in-fact, and grants to SolarCap a power of attorney with full power of substitution, in the name of Creditor or in the name of SolarCap, for the use and benefit of SolarCap, without
notice to Creditor, to perform at SolarCap’s option the following acts in any Insolvency Proceeding involving Borrower: 

(a) To file the appropriate claim or claims in respect of the Subordinated Debt on behalf of Creditor if Creditor does not do
so prior to thirty (30) days before the expiration of the time to file claims in such Insolvency Proceeding and if SolarCap elects, in its sole discretion, to file such claim or claims; and 

(b) To accept or reject any plan of reorganization or arrangement on behalf of Creditor and to otherwise vote Creditor’s
claims in respect of any Subordinated Debt in any manner that SolarCap deems appropriate for the enforcement of its rights hereunder. 
 In addition to and
without limiting the foregoing: (x) until the Senior Debt has been fully paid in cash and SolarCap’s agreements to lend any funds to Borrower have been terminated, Creditor shall not commence or join in any involuntary bankruptcy petition
or similar judicial proceeding against Borrower, and (y) if an Insolvency Proceeding occurs: (i) Creditor shall not assert, without the prior written consent of SolarCap, any claim, motion, objection or argument in respect of the
Collateral in connection with any Insolvency Proceeding which could otherwise be asserted or raised in connection with such Insolvency Proceeding, including, without limitation, any claim, motion, objection or argument seeking adequate protection or
relief from the automatic stay in respect of the Collateral, (ii) SolarCap may consent to the use of cash collateral on such terms and conditions and in such amounts as it shall in good faith determine without seeking or obtaining the consent
of Creditor as (if applicable) holder of an interest in the Collateral, (iii) if use of cash collateral by Borrower is consented to by SolarCap, Creditor shall not oppose such use of cash collateral on the basis that Creditor’s interest in
the Collateral (if any) is impaired by such use or inadequately protected by such use, or on any other ground, and (iv) Creditor shall not object to, or oppose, any sale or other disposition of any assets comprising all or part of the
Collateral, free and clear of security interests, liens and claims of any party, including Creditor, under Section 363 of the United States Bankruptcy Code or otherwise, on the basis that the interest of Creditor in the Collateral (if any) is
impaired by such sale or inadequately protected as a result of such sale, or on any other ground (and, if requested by SolarCap, Creditor shall affirmatively and promptly consent to such sale or disposition of such assets), if SolarCap has consented
to, or supports, such sale or disposition of such assets. 

  
 3 

 8. Creditor represents and warrants that Creditor has provided SolarCap with true and correct
copies of all of the documents evidencing or relating to the Subordinated Debt. Creditor shall immediately affix a legend to the instruments evidencing the Subordinated Debt stating that the instruments are subject to the terms of this Agreement. By
the execution of this Agreement, Creditor hereby authorizes SolarCap to amend any financing statements filed by Creditor against Borrower as follows: “In accordance with a certain Subordination Agreement by and among the Secured Party, the
Debtor and Solar Capital Ltd., the Secured Party has subordinated any security interest or lien that Secured Party may have in any property of the Debtor to the security interest of Solar Capital Ltd. in all assets of the Debtor, notwithstanding the
respective dates of attachment or perfection of the security interest of the Secured Party and Solar Capital Ltd.” 
 9. No amendment
of the documents evidencing or relating to the Subordinated Debt shall directly or indirectly modify the provisions of this Agreement in any manner which might terminate or impair the subordination of the Subordinated Debt or the subordination of
the security interest or lien that Creditor may have in any property of Borrower. By way of example, such instruments shall not be amended to (a) increase the rate of interest with respect to the Subordinated Debt, or (b) accelerate the
payment of the principal or interest or any other portion of the Subordinated Debt. SolarCap shall have the sole and exclusive right to restrict or permit, or approve or disapprove, the sale, transfer or other disposition of property of Borrower
except in accordance with the terms of the Senior Debt. Upon written notice from SolarCap to Creditor of SolarCap’s agreement to release its lien on all or any portion of the Collateral in connection with the sale, transfer or other disposition
thereof by SolarCap (or by Borrower with consent of SolarCap), Creditor shall be deemed to have also, automatically and simultaneously, released its lien on the Collateral, and Creditor shall upon written request by SolarCap, immediately take such
action as shall be necessary or appropriate to evidence and confirm such release. All proceeds resulting from any such sale, transfer or other disposition shall be applied first to the Senior Debt until payment in full thereof, with the balance, if
any, to the Subordinated Debt, or to any other entitled party. If Creditor fails to release its lien as required hereunder, Creditor hereby appoints SolarCap as attorney in fact for Creditor with full power of substitution to release Creditor’s
liens as provided hereunder. Such power of attorney being coupled with an interest shall be irrevocable. 
 10. All necessary action on the
part of Creditor, its officers, directors, partners, members and shareholders, as applicable, necessary for the authorization of this Agreement and the performance of all obligations of Creditor hereunder has been taken. This Agreement constitutes
the legal, valid and binding obligation of Creditor, enforceable against Creditor in accordance with its terms. The execution, delivery and performance of and compliance with this Agreement by Creditor will not (a) result in any material
violation or default of any term of any of Creditor’s charter, formation or other organizational documents (such as Articles or Certificate of Incorporation, bylaws, partnership agreement, operating agreement, etc.) or (b) violate any
material applicable law, rule or regulation. 
 11. If, at any time after payment in full of the Senior Debt any payments of the Senior Debt
must be disgorged by SolarCap for any reason (including, without limitation, any Insolvency Proceeding), this Agreement and the relative rights and priorities set forth herein shall be reinstated as to all such disgorged payments as though such
payments had not been made 

  
 4 

 
and Creditor shall immediately pay over to SolarCap all payments received with respect to the Subordinated Debt to the extent that such payments would have been prohibited hereunder. At any time
and from time to time, without notice to Creditor, SolarCap may take such actions with respect to the Senior Debt as SolarCap, in its sole discretion, may deem appropriate, including, without limitation, terminating advances to Borrower, increasing
the principal amount, extending the time of payment, increasing applicable interest rates, renewing, compromising or otherwise amending the terms of any documents affecting the Senior Debt and any collateral securing the Senior Debt, and enforcing
or failing to enforce any rights against Borrower or any other person. No such action or inaction shall impair or otherwise affect SolarCap’s rights hereunder. 

12. This Agreement shall bind any successors or assignees of Creditor and shall benefit any successors or assigns of SolarCap, provided,
however, Creditor agrees that, prior and as conditions precedent to Creditor assigning all or any portion of the Subordinated Debt: (a) Creditor shall give SolarCap prior written notice of such assignment, and (b) such successor or
assignee, as applicable, shall execute a written agreement whereby such successor or assignee expressly agrees to assume and be bound by all terms and conditions of this Agreement with respect to Creditor. This Agreement shall remain effective until
terminated in writing by SolarCap. This Agreement is solely for the benefit of Creditor and SolarCap and not for the benefit of Borrower or any other party. Creditor further agrees that if Borrower is in the process of refinancing any portion of the
Senior Debt with a new lender, and if SolarCap makes a request of Creditor, Creditor shall agree to enter into a new subordination agreement with the new lender on substantially the terms and conditions of this Agreement. 

13. Creditor hereby agrees to execute such documents and/or take such further action as SolarCap may at any time or times reasonably request
in order to carry out the provisions and intent of this Agreement, including, without limitation, ratifications and confirmations of this Agreement from time to time hereafter, as and when requested by SolarCap. 

14. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall
constitute one instrument. 
 15. This Agreement shall be governed by and construed in accordance with the laws of the State of New York,
without giving effect to conflicts of laws principles. Creditor and SolarCap submit to the exclusive jurisdiction of the City of New York, Borough of Manhattan, or of the United States of America for the Southern District of New York in any action,
suit, or proceeding of any kind, against it which arises out of or by reason of this Agreement. CREDITOR AND SOLARCAP WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF
THE TRANSACTIONS CONTEMPLATED HEREIN. 
 16. This Agreement represents the entire agreement with respect to the subject matter hereof, and
supersedes all prior negotiations, agreements and commitments. Creditor is not relying on any representations by SolarCap or Borrower in entering into this Agreement, and Creditor has kept and will continue to keep itself fully apprised of the
financial and other condition of Borrower. This Agreement may be amended only by written instrument signed by Creditor and SolarCap. 

  
 5 

 17. In the event of any legal action to enforce the rights of a party under this Agreement, the
party prevailing in such action shall be entitled, in addition to such other relief as may be granted, all reasonable costs and expenses, including reasonable attorneys’ fees, incurred in such action. 

[Signature page follows.] 

  
 6 

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

			
	“SolarCap”
	
	SOLAR CAPITAL LTD.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 7 

			
	“Creditor”
		
	By:	 	  

	Name:	 	
	Title:	 	

 Address: 

  
 8 

 The undersigned approves of the terms of this Agreement. 

 

			
	 “Borrower”

	
	 SYNDAX PHARMACEUTICALS, INC.

		
	By:	 	  

	Name:	 	Arlene M. Morris
	Title:	 	President and Chief Executive Officer

  
 9EX-4.1

 Exhibit 4.1 
  

 
 HC2 HOLDINGS, INC. 

AND EACH OF THE SUBSIDIARY GUARANTORS PARTY HERETO 

11.000% SENIOR SECURED NOTES DUE 2019 
  

 
 INDENTURE

 Dated as of November 20, 2014 
  

 
 U.S. Bank
National Association 
 Trustee 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		 	Article 1	  			
		 	DEFINITIONS AND INCORPORATION	  			
		 	BY REFERENCE	  			
			
	Section 1.01	 	 Definitions
	  	 	1	  
	Section 1.02	 	 Other Definitions
	  	 	27	  
	Section 1.03	 	 Rules of Construction
	  	 	27	  
			
		 	Article 2	  			
		 	THE NOTES	  			
			
	Section 2.01	 	 Form and Dating
	  	 	28	  
	Section 2.02	 	 Execution and Authentication
	  	 	29	  
	Section 2.03	 	 Registrar and Paying Agent
	  	 	29	  
	Section 2.04	 	 Paying Agent to Hold Money in Trust
	  	 	29	  
	Section 2.05	 	 Holder Lists
	  	 	30	  
	Section 2.06	 	 Transfer and Exchange
	  	 	30	  
	Section 2.07	 	 Replacement Notes
	  	 	40	  
	Section 2.08	 	 Outstanding Notes
	  	 	40	  
	Section 2.09	 	 Treasury Notes
	  	 	41	  
	Section 2.10	 	 Temporary Notes
	  	 	41	  
	Section 2.11	 	 Cancellation
	  	 	41	  
	Section 2.12	 	 Defaulted Interest
	  	 	41	  
			
		 	Article 3	  			
		 	REDEMPTION AND PREPAYMENT	  			
			
	Section 3.01	 	 Notices to Trustee
	  	 	41	  
	Section 3.02	 	 Selection of Notes to Be Redeemed or Purchased
	  	 	42	  
	Section 3.03	 	 Notice of Redemption
	  	 	42	  
	Section 3.04	 	 Effect of Notice of Redemption
	  	 	43	  
	Section 3.05	 	 Deposit of Redemption or Purchase Price
	  	 	43	  
	Section 3.06	 	 Notes Redeemed or Purchased in Part
	  	 	44	  
	Section 3.07	 	 Optional Redemption
	  	 	44	  
	Section 3.08	 	 Mandatory Redemption
	  	 	45	  
	Section 3.09	 	 Offer to Purchase by Application of Excess Proceeds
	  	 	45	  
			
		 	Article 4	  			
		 	COVENANTS	  			
			
	Section 4.01	 	 Payment of Notes
	  	 	46	  
	Section 4.02	 	 Maintenance of Office or Agency
	  	 	47	  
	Section 4.03	 	 Maintenance of Liquidity
	  	 	47	  
	Section 4.04	 	 Maintenance of Collateral Coverage
	  	 	48	  
	Section 4.05	 	 Reports
	  	 	48	  
	Section 4.06	 	 Compliance Certificate
	  	 	50	  
	Section 4.07	 	 Taxes
	  	 	50	  

							
	 	 	 	  	Page	 
	Section 4.08	 	 Stay, Extension and Usury Laws
	  	 	50	  
	Section 4.09	 	 Restricted Payments
	  	 	51	  
	Section 4.10	 	 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	53	  
	Section 4.11	 	 Incurrence of Indebtedness and Issuance of Preferred Stock
	  	 	55	  
	Section 4.12	 	 Asset Sales
	  	 	59	  
	Section 4.13	 	 Transactions with Affiliates
	  	 	61	  
	Section 4.14	 	 Liens
	  	 	63	  
	Section 4.15	 	 Corporate Existence
	  	 	64	  
	Section 4.16	 	 Repurchase of Notes Upon Change of Control
	  	 	64	  
	Section 4.17	 	 Limitation on Sale and Leaseback Transactions
	  	 	65	  
	Section 4.18	 	 Additional Note Guarantees
	  	 	66	  
	Section 4.19	 	 Designation of Restricted and Unrestricted Subsidiaries
	  	 	66	  
	Section 4.20	 	 Advances to Subsidiaries
	  	 	66	  
	Section 4.21	 	 Real Estate Mortgages and Filings
	  	 	67	  
	Section 4.22	 	 Further Assurances; Insurance
	  	 	68	  
	Section 4.23	 	 Effectiveness of Covenants
	  	 	69	  
			
		 	Article 5	  			
		 	SUCCESSORS	  			
			
	Section 5.01	 	 Merger, Consolidation or Sale of Assets
	  	 	69	  
	Section 5.02	 	 Successor Corporation Substituted
	  	 	70	  
			
		 	Article 6	  			
		 	DEFAULTS AND REMEDIES	  			
			
	Section 6.01	 	 Events of Default
	  	 	71	  
	Section 6.02	 	 Acceleration
	  	 	72	  
	Section 6.03	 	 Other Remedies
	  	 	73	  
	Section 6.04	 	 Waiver of Past Defaults
	  	 	74	  
	Section 6.05	 	 Control by Majority
	  	 	74	  
	Section 6.06	 	 Limitation on Suits
	  	 	74	  
	Section 6.07	 	 Rights of Holders of Notes to Receive Payment
	  	 	75	  
	Section 6.08	 	 Collection Suit by Trustee
	  	 	75	  
	Section 6.09	 	 Trustee May File Proofs of Claim
	  	 	75	  
	Section 6.10	 	 Priorities
	  	 	75	  
	Section 6.11	 	 Undertaking for Costs
	  	 	76	  
			
		 	Article 7	  			
		 	TRUSTEE	  			
			
	Section 7.01	 	 Duties of Trustee
	  	 	76	  
	Section 7.02	 	 Rights of Trustee
	  	 	77	  
	Section 7.03	 	 Individual Rights of Trustee
	  	 	78	  
	Section 7.04	 	 Trustee’s Disclaimer
	  	 	78	  
	Section 7.05	 	 Notice of Defaults
	  	 	78	  
	Section 7.06	 	 Reports by Trustee to Holders of the Notes
	  	 	78	  
	Section 7.07	 	 Compensation and Indemnity
	  	 	78	  
	Section 7.08	 	 Replacement of Trustee
	  	 	79	  
	Section 7.09	 	 Successor Trustee by Merger, etc.
	  	 	80	  
	Section 7.10	 	 Eligibility; Disqualification
	  	 	80	  

							
	 	 	 	  	Page	 
		 	Article 8	  			
		 	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  			
			
	Section 8.01	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	81	  
	Section 8.02	 	 Legal Defeasance and Discharge
	  	 	81	  
	Section 8.03	 	 Covenant Defeasance
	  	 	81	  
	Section 8.04	 	 Conditions to Legal or Covenant Defeasance
	  	 	82	  
	Section 8.05	 	 Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions
	  	 	83	  
	Section 8.06	 	 Repayment to Company
	  	 	83	  
	Section 8.07	 	 Reinstatement
	  	 	83	  
			
		 	Article 9	  			
		 	AMENDMENTS AND WAIVERS	  			
			
	Section 9.01	 	 Without Consent of Holders of Notes
	  	 	84	  
	Section 9.02	 	 With Consent of Holders of Notes
	  	 	85	  
	Section 9.03	 	 Revocation and Effect of Consents
	  	 	86	  
	Section 9.04	 	 Notation on or Exchange of Notes
	  	 	86	  
	Section 9.05	 	 Trustee to Sign Amendments, etc.
	  	 	86	  
			
		 	Article 10	  			
		 	COLLATERAL AND SECURITY	  			
			
	Section 10.01	 	 Security Documents
	  	 	87	  
	Section 10.02	 	 Release of Liens
	  	 	87	  
	Section 10.03	 	 Certificates of the Company
	  	 	88	  
	Section 10.04	 	 [Intentionally Omitted]
	  	 	88	  
	Section 10.05	 	 Authorization of Actions to Be Taken by the Trustee Under the Security Documents
	  	 	88	  
	Section 10.06	 	 Authorization of Receipt of Funds by the Trustee Under the Security Documents
	  	 	89	  
	Section 10.07	 	 Termination of Security Interest
	  	 	89	  
			
		 	Article 11	  			
		 	NOTE GUARANTEES	  			
			
	Section 11.01	 	 Note Guarantees
	  	 	89	  
	Section 11.02	 	 Limitation on Subsidiary Guarantor Liability
	  	 	90	  
	Section 11.03	 	 Execution and Delivery of Note Guarantee
	  	 	90	  
	Section 11.04	 	 Subsidiary Guarantors May Consolidate, etc., on Certain Terms
	  	 	91	  
	Section 11.05	 	 Releases
	  	 	92	  
			
		 	Article 12	  			
		 	SATISFACTION AND DISCHARGE	  			
			
	Section 12.01	 	 Satisfaction and Discharge
	  	 	92	  
	Section 12.02	 	 Application of Trust Money
	  	 	93	  

							
	 	 	 	  	Page	 
		 	Article 13	  			
		 	MISCELLANEOUS	  			
	Section 13.01	 	 Notices
	  	 	94	  
	Section 13.02	 	 Certificate and Opinion as to Conditions Precedent
	  	 	95	  
	Section 13.03	 	 Statements Required in Certificate or Opinion
	  	 	95	  
	Section 13.04	 	 Rules by Trustee and Agents
	  	 	96	  
	Section 13.05	 	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	96	  
	Section 13.06	 	 Governing Law
	  	 	96	  
	Section 13.07	 	 No Adverse Interpretation of Other Agreements
	  	 	96	  
	Section 13.08	 	 Successors
	  	 	96	  
	Section 13.09	 	 Severability
	  	 	96	  
	Section 13.10	 	 Counterpart Originals
	  	 	96	  
	Section 13.11	 	 Table of Contents, Headings, etc.
	  	 	96	  
	Section 13.12	 	 Force Majeure
	  	 	97	  

 EXHIBITS 
  

					
	Exhibit A	  	 FORM OF NOTE
	  	A-1
	Exhibit B	  	 FORM OF CERTIFICATE OF TRANSFER
	  	B-1
	Exhibit C	  	 FORM OF CERTIFICATE OF EXCHANGE
	  	C-1
	Exhibit D	  	 FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	  	D-1
	Exhibit E	  	 FORM OF NOTATION OF GUARANTEE
	  	E-1
	Exhibit F	  	 FORM OF SUPPLEMENTAL INDENTURE
	  	F-1

 INDENTURE dated as of November 20, 2014 among HC2 Holdings, Inc., a Delaware corporation,
the Guarantors (as defined) and U.S. Bank National Association, as trustee. 
 The Company, the Subsidiary Guarantors and the Trustee agree
as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined) of the 11.000% Senior Secured Notes due 2019 (the “Notes”): 

Article 1 
 DEFINITIONS AND
INCORPORATION 
 BY REFERENCE 

Section 1.01 Definitions. 

“144A Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A.

 “Additional Notes” means additional Notes (other than the Initial Notes) issued under this Indenture in accordance
with Sections 2.02 and 4.11 hereof, as part of the same series as the Initial Notes. 
 “Affiliate” means, with
respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person. For purposes of this definition, “control’’ (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”) with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agent” means any Registrar, co-registrar, Paying Agent or additional paying agent. 

“ANG” means ANG Holdings, Inc. 

“Applicable Premium” means, with respect to any Note on any redemption date, the greater of: 

(1) 1.0% of the principal amount of the Note; or 

the excess of: (a) the present value at such redemption date of (i) the redemption price of the Note at December 1, 2016, (such redemption price
being set forth in the table appearing in Section 3.07 hereof) plus (ii) all required interest payments due on the Note through December 1, 2016, (excluding accrued but unpaid interest to the redemption date), computed using a
discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over (b) the principal amount of the Note. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note,
the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 

“Asset Sale” means any sale, lease, transfer or other disposition of any assets by the Company or any Restricted
Subsidiary, including by means of a merger, consolidation or similar transaction and including any sale by the Company or any Restricted Subsidiary of the Equity Interests of any Subsidiary (each of the above referred to as a
“disposition”), provided that the following are not included in the definition of “Asset Sale”: 

  
 1 

 (1) a disposition to the Company or a Restricted Subsidiary, including the sale
or issuance by the Company or any Restricted Subsidiary of any Equity Interests of any Subsidiary to the Company or any Restricted Subsidiary; 

(2) the disposition by the Company or any Restricted Subsidiary in the ordinary course of business of (i) Cash Equivalents
and cash management investments, (ii) damaged, worn out or obsolete assets, (iii) rights granted to others pursuant to leases or licenses, or (iv) inventory and other assets acquired and held for resale in the ordinary course of
business (it being understood that any Equity Interests of any direct Subsidiary of the Company or any Restricted Subsidiary and the assets of an operating business, unit, division or line of business shall not constitute inventory or other assets
acquired and held for resale in the ordinary course of business); 
 (3) the sale or discount of accounts receivable arising
in the ordinary course of business; 
 (4) a transaction covered by Section 5.01 hereof; 

(5) a Restricted Payment permitted under Section 4.09 hereof or a Permitted Investment; 

(6) the issuance of Disqualified Equity Interests pursuant to Section 4.11; 

(7) any disposition in a transaction or series of related transactions of assets with a fair market value of less than $7.5
million; 
 (8) any disposition of Equity Interests of a Subsidiary pursuant to an agreement or other obligation with or to a
Person from whom such Subsidiary was acquired or from whom such Subsidiary (having been newly formed in connection with such acquisition) acquired its business and assets, made as part of such acquisition and in each case comprising all or a portion
of the consideration in respect of such sale or acquisition; 
 (9) any surrender or waiver of contract rights pursuant to a
settlement, release, recovery on or surrender of contract, tort or other claims of any kind; 
 (10) foreclosure or any
similar action with respect to any property or other asset of the Company or any of its Subsidiaries; 
 (11) dispositions in
connection with Permitted Liens; 
 (12) leases of real or personal property in the ordinary course of business and in
accordance with the applicable Security Documents; 
 (13) licenses or sublicenses of Intellectual Property in the ordinary
course of business and not interfering in any material respect with the ordinary conduct of business of the Company and its Restricted Subsidiaries; 

(14) sales of inventory in the ordinary course of business and dispositions of cash and Cash Equivalents in the ordinary course
of business; 
 (15) licenses or sublicenses of Intellectual Property in the ordinary course of business; 

  
 2 

 (16) any disposition of property as contemplated by, and in compliance with, the
Blackiron Equity Purchase Agreement or the NA Telecom Purchase Agreement; 
 (17) any termination of leases by the Company or
any Subsidiary as lessee that is, in the reasonable and good faith judgment of the Company, no longer commercially practicable to maintain or useful in the conduct of business of the Company and its Restricted Subsidiaries taken as a whole; and 

(18) to the extent allowable under Section 1031 of the Internal Revenue Code of 1986, any exchange of like property
(excluding any boot thereon). 
 “Attributable Debt” means, in respect of a Sale and Leaseback Transaction, at the time of
determination, the present value, discounted at the interest rate implicit in the Sale and Leaseback Transaction determined in accordance with GAAP, of the total obligations of the lessee for rental payments during the remaining term of the lease in
the Sale and Leaseback Transaction. 
 “Average Life” means, with respect to any Debt or Disqualified Equity
Interests, the quotient obtained by dividing (i) the sum of the products of (x) the number of years from the date of determination to the dates of each successive scheduled principal payment of such Debt or such redemption or similar
payment with respect to such Disqualified Equity Interests and (y) the amount of such principal, or redemption or similar payment by (ii) the sum of all such principal, or redemption or similar payments. 

“Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 

“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except
that in calculating the beneficial ownership of any particular “person”(as that term is used in Section 13(d)(3) of the Exchange Act), such “person” shall be deemed to have beneficial ownership of all securities that such
“person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The terms “Beneficially Owns” and
“Beneficially Owned” shall have a corresponding meaning. 
 “Blackiron Equity Purchase Agreement”
shall mean that certain Equity Purchase Agreement, dated as of April 17, 2013, among Rogers Communications Inc., the Company (f/k/a Primus Telecommunications Group, Incorporated) and Primus Telecommunications Canada Inc. 

“Board of Directors” means: 

(1) with respect to a corporation, the board of directors of the corporation or, except with respect to the definition of
Change of Control, any duly authorized committee thereof having the authority of the full board with respect to the determination to be made; 

(2) with respect to a limited liability company, any managing member thereof or, if managed by managers, the board of managers
thereof, or any duly authorized committee thereof having the authority of the full board with respect to the determination to be made; 

(3) with respect to a partnership, the Board of Directors of the general partner of the partnership; and 

  
 3 

 (4) with respect to any other Person, the board or committee of such Person
serving a similar function. 
 (5) Unless the context otherwise requires, “Board of Directors” refers to the Board
of Directors of HC2 Holdings, Inc. 
 “Borrowing Base” means, as of any date an amount equal to 55% of the aggregate book
value of all accounts receivable of Schuff (i) as set forth in the consolidated balance sheet of Schuff as of the end of the most recently ended fiscal quarter for which internal consolidated financial statements are available immediately
preceding the Incurrence of such Debt and (ii) on a Pro Forma Basis. 
 “Bridgehouse Marine” means Bridgehouse
Marine Limited, a company incorporated in England with registered number 04352407. 
 “Business Day” means any day
other than a Legal Holiday. 
 “Capital Lease” means, with respect to any Person, any lease of any property which,
in conformity with GAAP, is required to be capitalized on the balance sheet of such Person. 
 “Capital Stock”
means, with respect to any Person, any and all shares of stock of a corporation, partnership interests or other equivalent interests (however designated, whether voting or non-voting) in such Person’s equity, entitling the holder to receive a
share of the profits and losses, and a distribution of assets, after liabilities, of such Person. 
 “Cash
Equivalents” means, as of any date of termination and as to any person, any of the following (a) marketable securities issued, or directly, unconditionally and fully guaranteed or insured, by the United States or any agency or
instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than one year from the date of acquisition by such person, (b) time deposits and certificates of
deposit of any commercial bank having, or which is the principal banking subsidiary of a bank holding company organized under the laws of the United States, any state thereof or the District of Columbia having, capital and surplus aggregating in
excess of $500.0 million and a rating of “A”(or such other similar equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act) with maturities of not
more than one year from the date of acquisition by such person, (c) repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clause (a) above entered into with any person meeting the
qualifications specified in clause (b) above, which repurchase obligations are secured by a valid perfected security interest in the underlying securities, (d) commercial paper issued by any person incorporated in the United States rated
at least A-1 or the equivalent thereof by S&P or at least P-1 or the equivalent thereof by Moody’s, and in each case maturing not more than one year after the date of acquisition by such person, (e) investments in money market funds at
least 95% of whose assets are comprised of securities of the types described in clauses (a) through (d) above, (f) in the case of any Foreign Subsidiary only, direct obligations of the sovereign nation (or any agency thereof) in which
such Foreign Subsidiary is organized and is conducting business or in obligations fully and unconditionally guaranteed by such sovereign nation (or any agency thereof), (g) instruments equivalent to those referred to in clauses (c) and
(d) above denominated in Singapore Dollars, HK Dollars, Yuan, and GB pounds comparable in credit quality and customarily used by multinational companies with operations in Singapore, Hong Kong, the People’s Republic of China and Great
Britain, respectively, for cash management purposes, (h) short-term investments denominated in Singapore Dollars, HK Dollars, Yuan, and GB pounds and (i) demand or time deposits, certificates of deposit or money market mutual funds issued
by any commercial bank having, or which is the principal banking subsidiary of a bank holding company having capital, surplus and undivided profits aggregating in excess of $500.0 million. 

  
 4 

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

(1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in
one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries, taken as a whole, to any “person”(as that term is used in Section 13(d)(3) of the Exchange Act)
other than a Permitted Holder; 
 (2) the adoption of a plan relating to the liquidation or dissolution of the Company; 

(3) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act)
becomes the ultimate Beneficial Owner, directly or indirectly, of 35% or more of the voting power of the Voting Stock of the Company other than a Permitted Holder; provided that such event shall not be deemed a Change of Control so long as
one or more Permitted Holders shall Beneficially Own more of the voting power of the Voting Stock of the Company than such person or group; or 

(4) the first day on which a majority of the members of the Board of Directors of the Company are not Continuing Directors;

 For purposes of this definition, (i) any direct or indirect holding company of the Company shall not itself be considered a Person
for purposes of clauses (1) or (3) above or a “person” or “group” for purposes of clauses (1) or (3) above, provided that no “person” or “group” (other than the Permitted Holders or another
such holding company) Beneficially Owns, directly or indirectly, more than 50% of the voting power of the Voting Stock of such company, and a majority of the Voting Stock of such holding company immediately following it becoming the holding company
of the Company is Beneficially Owned by Persons who Beneficially Owned the voting power of the Voting Stock of the Company immediately prior to it becoming such holding company and (ii) a Person shall not be deemed to have beneficial ownership
of securities subject to a stock purchase agreement, merger agreement or similar agreement until the consummation of the transactions contemplated by such agreement. 

“Clearstream” means Clearstream Banking, S.A. 

“Collateral” means, collectively, (i) the Pledged Collateral and (ii) any rights, assets or property of
whatever kind and nature, whether now existing or hereafter acquired, pledged or purported to be pledged as collateral or otherwise subject to a security interest or purported to be subject to a security interest under any Security Document to
secure the Obligations under this Indenture, the Notes, the Notes Documents or any Note Guarantee. 
 “Collateral
Coverage Ratio” means, as of any date of determination, the ratio of (i) the Loan Collateral to (ii) Consolidated Secured Debt. 

“Collateral Trust Agreement” means the collateral trust agreement dated as of the Issue Date among the Company, the
Collateral Trustee and the Trustee, as amended, restated, supplemented or otherwise modified or replaced from time to time. 

“Collateral Trustee” means U.S. Bank National Association, in its capacity as the Collateral Trustee, or any Collateral
Trustee appointed pursuant to the Collateral Trust Agreement. 

  
 5 

 “Company” means HC2 Holdings, Inc., and any and all successors
thereto. 
 “Consolidated Amortization Expense” shall mean, for any Person for any period, the amortization
expense of such Person and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. 

“Consolidated Depreciation Expense” shall mean, for any Person for any period, the depreciation expense of such Person
and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. 

“Consolidated Interest Expense” shall mean, for any Person for any period, the total consolidated interest expense of
such Person and its Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP plus, without duplication: 

(1) imputed interest on Capital Leases and Attributable Debt of such Person and its Restricted Subsidiaries for such period;

 (2) commissions, discounts and other fees and charges owed by such Person and its Restricted Subsidiaries with respect to
letters of credit securing financial obligations, bankers’ acceptance financing, receivables financings and similar credit transactions for such period; 

(3) amortization of debt issuance costs, debt discount or premium and other financing fees and expenses incurred by such Person
and its Restricted Subsidiaries for such period; 
 (4) cash contributions to any employee stock ownership plan or similar
trust made by such Person and its Restricted Subsidiaries to the extent such contributions are used by such plan or trust to pay interest or fees to any person (other than such Person or any of its Wholly Owned Subsidiaries) in connection with Debt
incurred by such plan or trust for such period; 
 (5) all interest paid or payable with respect to discontinued operations
of such Person and its Restricted Subsidiaries for such period; 
 (6) all cash dividend payments (excluding items eliminated
in consolidation) on any series of Preferred Stock made during such period; 
 (7) the interest portion of any payment
obligations of such Person and its Restricted Subsidiaries for such period deferred for payment at any future time, whether or not such future payment is subject to the occurrence of any contingency, and includes any and all payments representing
the purchase price and any assumptions of Debt and/or Contingent Obligations, “earn-outs” and other agreements to make any payment the amount of which is, or the terms of payment of which are, in any respect subject to or contingent upon
the revenues, income, cash flow or profits (or the like) of any person or business; and 
 (8) all interest on any Debt of
such Person and its Restricted Subsidiaries of the type described in clause (6) or (7) of the definition of “Debt” for such period; 

provided that Consolidated Interest Expense shall be calculated after giving effect to Hedging Agreements (including associated costs)
intended to protect against fluctuations in interest rates, but excluding unrealized gains and losses with respect to any such Hedging Agreements. 

  
 6 

 “Consolidated Net Income” means, for any Person (the “CNI
Person”) for any period, the aggregate net income (or loss) of such CNI Person and its Restricted Subsidiaries for such period determined on a consolidated basis in conformity with GAAP, provided that the following (without duplication)
will be excluded in computing Consolidated Net Income: 
 (1) the net income (or loss) of any Person that is
not a Subsidiary Guarantor; provided, however, that dividends or other distributions actually paid in cash to such CNI Person or any of the Subsidiary Guarantors of such CNI Person by such Person during such period shall be
included; 
 (2) any net income (or loss) of any Person acquired in a pooling of interests transaction for any period
prior to the date of such acquisition; 
 (3) any net after-tax gains or losses attributable to or associated with the
extinguishment of Debt or Hedging Agreements; 
 (4) the cumulative effect of a change in accounting principles; 

(5) any non-cash expense realized or resulting from stock option plans, employee benefit plans or post-employment benefit
plans, or grants or sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or other rights; 

(6) to the extent covered by insurance and actually reimbursed, or, so long as such Person has made a determination that there
exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (a) not denied by the applicable carrier in writing within 180 days and (b) in fact reimbursed within 365 days
of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect to liability or casualty events or business interruption; 

(7) any expenses or charges related to any issuance of Equity Interests, acquisition, disposition, recapitalization or
issuance, repayment, refinancing, amendment or modification of Debt (including amortization or write offs of debt issuance or deferred financing costs, premiums and prepayment penalties), in each case, whether or not successful, including any such
expenses or charges attributable to the issuance and sale of the Notes; 
 (8) any expenses or reserves for liabilities to
the extent that such CNI Person or any of its Restricted Subsidiaries is entitled to indemnification therefor under binding agreements; provided that any liabilities for which such CNI Person or such Restricted Subsidiary is not actually
indemnified shall reduce Consolidated Net Income in the period in which it is determined that such CNI Person or such Restricted Subsidiary will not be indemnified; 

(9) to the extent specifically included in the unconsolidated Statement of Operations of the Company, (a) unrealized gains
and losses due solely to fluctuations in currency values and the related tax effects according to GAAP shall be excluded (until realized, at which time such gains or losses shall be included); and (b) unrealized gains and losses with respect to
hedging obligations for currency exchange risk shall be excluded (until realized, at which time such gains or losses shall be included); and 

  
 7 

 (10) to the extent specifically included in the unconsolidated Statement of
Operations of the Company, any charges resulting from the application of FASB ASC 350, Intangibles—Goodwill and Other, ASC 815, Accounting for Derivative Instruments and Hedging Activities, Accounting Standards Codification Topic 360-10-35-15,
Impairment or Disposal of Long-Lived Assets, Accounting Standards Codification Topic 480-10-25-4, Distinguishing Liabilities from Equity—Overall Recognition, or Accounting Standards Codification Topic 820 Fair Value Measurements and
Disclosures, the amortization of intangibles arising pursuant to FASB ASC 805, Business Combinations, non-cash interest expense resulting from the application of Accounting Standards Codification Topic 470-20 Debt—Debt with Conversion
Options—Recognition, and any non-cash income tax expense that results from the inability to include deferred tax liabilities related to indefinite lived intangible assets as future reversals of temporary differences under FASB ASC 740-10-30-18,
non-cash charges arising from the springing maturity feature of any debt, and restructuring and related charges and acquisition and related integration charges. 

“Consolidated Secured Debt” means, as at any date of determination, without duplication, the aggregate stated balance
sheet amount of all Debt and Disqualified Equity Interests of the Company and the Subsidiary Guarantors that is secured by a Lien on any property of the Company and the Subsidiary Guarantors. 

“Consolidated Tax Expense” means, for any Person for any period, the tax expense (including federal, state, local and
foreign income taxes) of such Person and its Restricted Subsidiaries, for such period, determined on a consolidated basis in accordance with GAAP. 

“continuing” means, with respect to any Default or Event of Default, that such Default or Event of Default has not been cured
or waived. 
 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors of
the Company, who: 
 (1) was a member of such Board of Directors on the Issue Date or 

(2) was nominated for election or elected to such Board of Directors with the approval of the Permitted Holders or a majority
of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election. 
 “Contribution
Debt” means Debt or Disqualified Equity Interests of the Company or any Subsidiary Guarantor with a Stated Maturity after the Stated Maturity of the Notes in an aggregate principal amount or liquidation preference not greater than
(i) half (in the case of Debt referred to in clause (1) below) and (ii) twice (in the case of unsecured Debt or Disqualified Equity Interests), the aggregate amount of cash received from the issuance and sale of Qualified Equity
Interests of the Company or a capital contribution to the common equity of the Company; provided that: 
 (1)
Contribution Debt may be secured by Liens on the Collateral (provided that no such Contribution Debt may be so secured unless, on the date of the Incurrence, after giving effect to the Incurrence and the receipt and application of the proceeds
therefrom, the Company would be in compliance with the covenants set forth under Sections 4.03 and 4.04 hereof (calculated as if the Incurrence date was a date on which such covenant is required to be tested under Section 4.04); 

(2) such cash contribution related to Contribution Debt amount has not been used to make a Restricted Payment and shall
thereafter be excluded from any calculation under Section 4.09(a)(3)(B) (it being understood that if any such Debt or Disqualified Equity Interests Incurred as Contribution Debt is redesignated as Incurred under any provision other than
Section 4.11(b)(13), the related issuance of Equity Interests may be included in any calculation under Section 4.09(a)(3)(B)); 

  
 8 

 (3) such Contribution Debt (a) is Incurred within 180 days after the making
of such cash contributions and (b) is so designated as Contribution Debt pursuant to an Officer’s Certificate on the Incurrence date thereof; and 

(4) an amount equal to the cash contribution related to Contribution Debt shall be excluded from clause (i) of the
definition of Collateral Coverage Ratio for purposes of calculating such ratio for determining the Company’s or a Subsidiary Guarantors’ ability to Incur Debt under Sections 4.11(b)(1) and (3); provided that if any Contribution Debt
is redesignated as Incurred under any provision other than Section 4.11(b)(13), then such amount shall no longer be excluded pursuant to this clause (4). 

Any cash received from the issuance and sale of Qualified Equity Interests of the Company or a capital contribution to the common equity of
the Company may only be applied to incur secured Debt pursuant to clause (i) of the first paragraph above or unsecured Debt or Disqualified Equity Interests pursuant to clause (ii) of such paragraph. 

“Convertible Preferred Stock” shall mean, collectively, (x) the Series A Convertible Participating Preferred
Stock and (b) Series A-1 Convertible Participating Preferred Stock, in each case outstanding as of the Issue Date. 

“Convertible Preferred Stock Documents” shall mean, collectively, (x) that certain Securities Purchase Agreement
relating to the Company’s Series A Convertible Participating Preferred Stock, by and among the Company and the Purchasers party thereto, dated as of May 29, 2014 and (y) that certain Securities Purchase Agreement relating to the
Company’s Series A-1 Convertible Participating Preferred Stock, by and among the Company and the Purchasers party thereto, dated as of September 22, 2014 and, in each case the other documents entered into in connection therewith.

 “Corporate Trust Office of the Trustee” means the address of the Trustee specified in Section 13.01 hereof or
such other address as to which the Trustee may give notice to the Company. 
 “Custodian” means the Trustee, as
custodian with respect to the Notes in global form, or any successor entity thereto. 
 “Debt” means, with
respect to any Person, without duplication: 
 (1) all indebtedness of such Person for borrowed money; 

(2) all obligations of such Person evidenced by bonds, debentures, Notes or other similar instruments; 

(3) all non-contingent obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar
instruments, excluding obligations in respect of trade letters of credit or bankers’ acceptances issued in respect of trade payables; 

(4) all obligations of such Person to pay the deferred and unpaid purchase price of property or services which would have been
recorded as liabilities under GAAP, excluding trade payables arising in the ordinary course of business; 

  
 9 

 (5) all obligations of such Person as lessee under Capital Leases (other than the
interest component thereof); 
 (6) all Debt of other Persons Guaranteed by such Person to the extent so Guaranteed; 

(7) to the extent not otherwise included, all Debt of other Persons secured by a Lien on any asset of such Person, whether or
not such Debt is assumed by such Person; 
 (8) all non-contingent obligations of such Person under Hedging Agreements; 

(9) Preferred Stock of Restricted Subsidiaries; and 

(10) all Disqualified Equity Interests of such Person; 

provided, however, that notwithstanding the foregoing, Debt shall be deemed not to include (1) deferred or prepaid
revenues, (2) any liability for federal, state, local or other taxes owed or owing to any governmental entity or (3) contingent obligations incurred in the ordinary course of business and not in respect of borrowed money. 

The amount of Debt of any Person will be deemed to be: 

(a) with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation; 

(b) with respect to Debt secured by a Lien on an asset of such Person but not otherwise the obligation, contingent or otherwise, of such
Person, the lesser of (x) the fair market value of such asset on the date the Lien attached and (y) the amount of such Debt; 
 (c)
with respect to any Debt issued with original issue discount, the face amount of such Debt less the remaining unamortized portion of the original issue discount of such Debt; 

(d) with respect to any Hedging Agreement, the net amount payable if such Hedging Agreement terminated at that time due to default by such
Person; and 
 (e) otherwise, the outstanding principal amount thereof. 

“Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of
Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in
accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached
thereto. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the
Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

“Designated Non-cash Consideration” means any non-cash consideration received by the Company or a Restricted
Subsidiary in connection with an Asset Sale that is designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate executed by Officers of the Company or such  

  
 10 

 
Restricted Subsidiary at the time of such Asset Sale. Any particular item of Designated Non-cash Consideration will cease to be considered to be outstanding once it has been sold for cash or Cash
Equivalents (which shall be considered Net Cash Proceeds of an Asset Sale when received). 
 “Disqualified Equity
Interests” means Equity Interests that by their terms or upon the happening of any event are: 
 (1) required
to be redeemed or redeemable at the option of the Holder prior to the Stated Maturity of the Notes for consideration other than Qualified Equity Interests, or 

(2) convertible at the option of the Holder into Disqualified Equity Interests or exchangeable for Debt; provided that
(i) only the portion of the Equity Interests which is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the Holder thereof prior to the Stated Maturity of the Notes shall be deemed to be Disqualified
Equity Interests, (ii) if such Equity Interests are issued to any employee or to any plan for the benefit of employees of the Company or its Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute
Disqualified Equity Interests solely because they may be required to be repurchased by the Company in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability and
(iii) Equity Interests will not constitute Disqualified Equity Interests solely because of provisions giving Holders thereof the right to require repurchase or redemption upon an “asset sale” or “change of control” occurring
prior to the Stated Maturity of the Notes if those provisions: (A) are no more favorable to the holders of such Equity Interests than Sections 4.12 and 4.16 hereof, and (B) specifically state that repurchase or redemption pursuant thereto
will not be required prior to the Company’s repurchase of the Notes as required by this Indenture. 
 “Domestic
Subsidiary” means any Subsidiary other than a Foreign Subsidiary. 
 “EBITDA” shall mean, for any
Person for any period, Consolidated Net Income of such Person for such period, adjusted by (x) adding thereto, without duplication: 

(1) Consolidated Interest Expense for such period to the extent deducted in determining such Consolidated Net Income; 

(2) Consolidated Amortization Expense for such period to the extent deducted in determining such Consolidated Net Income; 

(3) Consolidated Depreciation Expense for such period to the extent deducted in determining such Consolidated Net Income; 

(4) Consolidated Tax Expense for such period to the extent deducted in determining such Consolidated Net Income; 

(5) business optimization expenses and other restructuring charges, reserves or expenses (which, for the avoidance of doubt,
shall include, without limitation, the effect of inventory optimization programs, facility consolidations, retention, systems establishment costs, contract termination costs, future lease commitments and excess pension charges); 

(6) any costs or expense incurred pursuant to any stock option plans, employee benefit plans or post-employment benefit plans,
or grants or sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or other rights, to the extent that 

  
 11 

 
such cost or expenses are funded with cash proceeds contributed to the capital of such Person or net cash proceeds of an issuance of Equity Interests of such person (other than Disqualified
Stock) solely to the extent that such net cash proceeds are excluded from the calculation under Section 4.09(a)(3). 

(7) the amount of cost savings, operational expense improvements and synergies projected by such person in good faith to be
realized as a result of actions taken or expected to be taken during such period (calculated on a pro forma basis as though such cost savings, operational expense improvements and synergies had been realized on the first day of such period), net of
the amount of actual benefits realized during such period from such actions; provided that (x) such cost savings, operational expense improvements and synergies are reasonably identifiable and factually supportable and (y) such cost
savings. operational expense improvements and synergies being added pursuant to this clause (g) are expected to be realized within 12 months of the date thereof in connection with such actions; 

(8) the aggregate amount of all other non-cash charges reducing Consolidated Net Income (excluding any non-cash charge that
results in an accrual of a reserve for cash charges in any future period or the amortization of a prepaid cash item that was paid in a prior period or any write-down or writeoff of assets for such period to the extent deducted in determining such
Consolidated Net Income); and 
 (9) increases in any change in LIFO reserves for such period determined on a consolidated
basis in accordance with GAAP to the extent deducted in determining such Consolidated Net Income; and 
 (y) subtracting therefrom the
aggregate amount of all non-cash charges increasing Consolidated Net Income (other than the accrual of revenue or recording of receivables in the ordinary course of business) for such period. 

“Equity Interests” means all Capital Stock and all warrants or options with respect to, or other rights to purchase, Capital
Stock, but excluding Debt convertible into equity. 
 “Equity Offering” means a primary offering, whether by way of
private placement or registered offering, after the Issue Date, of Qualified Stock of the Company other than an issuance registered on Form S-4 or S-8 or any successor thereto or any issuance pursuant to employee benefit plans or otherwise in
compensation to officers, directors or employees. 
 “Escrow Agreements” shall mean the NA Telecom Escrow
Agreement. 
 “Escrow Accounts” shall have the meaning assigned to such term in the Escrow Agreements.

 “Escrowed Amounts” shall mean any amount received by the Company or any of its Subsidiaries pursuant to the
Escrow Agreements. 
 “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system. 

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

“Excluded Accounts” means: 

  
 12 

 (1) any Deposit Accounts and Securities Accounts with an average daily balance
throughout a month of less than $1 million individually and less than $5 million for all such accounts in the aggregate; 

(2) accounts used solely for payroll, employee benefits (including any flexible spending accounts) or withholding tax; 

(3) any deposit account or securities account established by the Company or any Restricted Subsidiary for the sole purpose of
depositing funds (or Cash Equivalents) or securities in connection with the redemption, refinancing, defeasance or discharge of the Pari Passu Obligations or Subordinated Indebtedness accordance with this Indenture; 

(4) any deposit account, the balance of which consists exclusively of (a) withheld income taxes and federal, state, local
and foreign employment taxes in such amounts as are required to be paid to the IRS or any other applicable governmental authority and (b) amounts required to be paid over to an employee benefit plan on behalf of or for the benefit of employees
of the Company or any Restricted Subsidiary; and 
 (5) accounts that have zero balance at the end of a day. 

“Excluded Assets” means: 

(1) any motor vehicle or other asset subject to a certificate of title and any letter of credit rights (except to the extent
perfection can be obtained by filing of Uniform Commercial Code financing statements in the relevant jurisdiction); 
 (2)
any lease, license or other similar agreement or any property subject to a purchase money security interest or similar arrangement to the extent that a grant of a security interest therein is prohibited by or a violation of any law, rule or
regulation applicable to such grantor or would violate or invalidate such lease, license or similar agreement or purchase money arrangement or create a right of termination in favor of any other party thereto (other than the Company or a Subsidiary
Guarantor) after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the Uniform Commercial Code and
other applicable laws notwithstanding such prohibition; 
 (3) any ‘‘intent-to-use’’ trademark
application for which a “statement of use” or “amendment to allege use” has not been filed, solely to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair
the validity or enforceability of such intent-to-use trademark application or the mark that is the subject of such application under applicable law; 

(4) any governmental licenses or state or local franchises, charters and authorizations, to the extent security interests in
such licenses, franchises, charters or authorizations are prohibited or restricted thereby; 
 (5) equity interests
constituting 35% of the total voting power of all outstanding voting stock of any Foreign Subsidiary; 
 (6) an amount in
Cash Equivalents not to exceed a total of $1 million deposited for the purpose of securing, leases of office space, furniture or equipment; 

  
 13 

 (7) any equity interests (but not the proceeds of such equity interests) of any
person that is not a Wholly Owned Subsidiary to the extent that a pledge thereof is prohibited by such person’s organizational documents or any other contractual obligation with a third party (subject to applicable law) not created in
contemplation of or for the purposes of avoiding such pledge and for only so long as such prohibition exists or cannot be waived; 

(8) any limited liability company interests in Kaneland, LLC; 

(9) any property of a person existing at the time such person is acquired or merged with or into or consolidated with the
Company or any Restricted Subsidiary that is subject to a Lien permitted under Section 4.14 hereof to the extent and for so long as the contract or other agreement in which such Lien is granted validly prohibits the creation of any other Lien
on such property; 
 (10) any leasehold interests in real property held by the Company or any Restricted Subsidiary; 

(11) any Excluded Account; 

(12) any letter of credit rights to the extent the Company or any Restricted Subsidiary is required by applicable law or
regulation to apply the proceeds of a drawing of such letter of credit for specified purposes; 
 (13) any Equity Interests
of any Unrestricted Subsidiary; and 
 (14) any other assets mutually agreed between the Company and the Collateral Trustee.

 “Foreign Subsidiary” means, with respect to any Person, any Subsidiary of such Person (i) that is formed under the
laws of a jurisdiction other than the United States of America, any State thereof or the District of Columbia, (ii) that for U.S. federal income tax purposes holds no material assets other than equity interests of one or more entities described
in clause (i) or (iii) that is a Subsidiary of any Person described in clause (i). 
 “GAAP” means generally
accepted accounting principles in the United States of America as in effect as of the Issue Date. 
 “Global Marine
Holdings” means Global Marine Holdings, LLC. 
 “Global Note Legend” means the legend set forth in
Section 2.06(f)(2) hereof, which is required to be placed on all Global Notes issued under this Indenture. 
 “Global
Notes” means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the form of
Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(2) or 2.06(f)
hereof. 
 “Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly
guaranteeing any Debt or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay 

  
 14 

 
(or advance or supply funds for the purchase or payment of) such Debt or other obligation of such other Person (whether arising by virtue of partnership arrangements, or by agreement to
keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for purposes of assuring in any other manner the obligee of such Debt or other
obligation of the payment thereof or to protect such obligee against loss in respect thereof, in whole or in part; provided that the term “Guarantee” does not include endorsements for collection or deposit in the ordinary course of
business. The term “Guarantee” used as a verb has a corresponding meaning. 
 “Hedging Agreement” means
(i) any interest rate swap agreement, interest rate cap agreement or other agreement designed to manage fluctuations in interest rates, (ii) any foreign exchange forward contract, currency swap agreement or other agreement designed to
manage fluctuations in foreign exchange rates or (iii) any commodity swap, forward contract or other agreement designed to manage fluctuations in commodity prices. 

“Holder” means a Person in whose name a Note is registered. 

“IAI Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold to Institutional Accredited
Investors. 
 “Incur’’ and “Incurrence” means, with respect to any Debt or Capital
Stock, to incur, create, issue, assume or Guarantee such Debt or Capital Stock. If any Person becomes a Subsidiary Guarantor on any date after the date of this Indenture, the Debt and Capital Stock of such Person outstanding on such date will be
deemed to have been Incurred by such Person on such date for purposes of “— Limitation on Debt and Disqualified Equity Interests”, but will not be considered the sale or issuance of Equity Interests for purposes of “—
Limitation on Asset Sales”. The accrual of interest, accretion of original issue discount or payment of interest in kind or the accretion, accumulation or payment in kind of dividends on any Equity Interests, will not be considered an
Incurrence of Debt. 
 “Indenture” means this Indenture, as amended or supplemented from time to time. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial Notes” means the first $250 million aggregate principal amount of Notes issued under this Indenture on the date
hereof. 
 “Initial Purchaser” means Jefferies LLC. 

“Institutional Accredited Investor” means an institution that is an “accredited investor” as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs. 
 “Intellectual Property” has
the meaning assigned to it in the Pledge Agreement.  
 “Investment” means 

(1) any direct or indirect advance, loan or other extension of credit to another Person, 

(2) any capital contribution to another Person, by means of any transfer of cash or other property or in any other form, 

  
 15 

 (3) any purchase or acquisition of Equity Interests, bonds, Notes or other Debt,
or other instruments or securities issued by another Person, including the receipt of any of the above as consideration for the disposition of assets or rendering of services, or 

(4) any Guarantee of any obligation of another Person. 

“Investment Grade Ratings” means a rating of BBB- or higher by S&P and Baa3 or higher by Moody’s, or the
equivalent of such ratings by another Rating Agency. 
 “Issue Date” means the first date on which Notes are issued
under this Indenture. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the
City of New York or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a
Legal Holiday, and no interest shall accrue on such payment for the intervening period. 
 “Lien” means any mortgage,
pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale or other title retention agreement or Capital Lease). 

“Loan Collateral” shall mean, an amount equal to the sum of, without duplication, (i) (A) as of the Issue
Date, an amount equal to the sum of (x) the per share purchase price and/or tender consideration paid by the Company for the Equity Interests of Schuff held by the Company multiplied by the number of shares held, directly or indirectly, by the
Company, and (y) the purchase price paid by Global Marine Holdings for the Equity Interests in Bridgehouse Marine held by Global Marine Holdings and (B) thereafter, the Loan Collateral Fair Market Value of the Equity Interests of Schuff
and Bridgehouse Marine directly and/or indirectly held by the Company, (ii) with respect to assets other than assets described in clause (i), the Loan Collateral Fair Market Value of the Collateral (other than cash and Cash Equivalents) subject
to a Lien in favor of the Collateral Trustee pursuant to the Security Agreement, (iii) the amount of unrestricted cash and Cash Equivalents of the Company (excluding Cash and Cash Equivalents held by its Subsidiaries) that is (x) shown on
the most recent financial statements of the Company delivered pursuant to Section 4.05 hereof and (y) subject to a Lien in favor of the Collateral Trustee pursuant to the Security Agreement and deposited in accounts over which the
Collateral Trustee has Control, (iv) the Company’s rights, title or interests in any amounts to be received in accordance with the Escrow Agreements other than 50% of the ETA Escrow Amount (as defined in the NA Telecom Escrow Agreement),
and (v) after-acquired properties subject to a security interest under any Security Document or future acquisitions of subsidiaries that become Subsidiary Guarantors. 

“Loan Collateral Fair Market Value” means: 

(1) in the case of any Collateral that (a) is listed on a national securities exchange or (b) is actively traded in
the over-the-counter-market and represents equity in a Person with a market capitalization of at least $100.0 million on each trading day in the preceding 60 day period prior to such date, the product of (a) (I) the sum of the volume
weighted average prices of a unit of such Collateral for each of the 20 consecutive trading days immediately prior to such date, divided by (II) 20, and (b) the number of units pledged as Collateral; 

(2) in the case of any Collateral that is not so listed or actively traded (other than Cash Equivalents), the fair market value
thereof (defined as the price that would be negotiated in an arms’-length transaction for cash between a willing buyer and willing seller, neither of which is acting under compulsion), as determined by a written opinion of a nationally
recognized 

  
 16 

 
investment banking, appraisal, accounting or valuation firm that is not an Affiliate of the Company; provided that (x) such written opinion may be based on a desktop appraisal conducted by
such banking, appraisal, accounting or valuation firm for any date of determination that is not the end of the fiscal year for the Company and (y) the fair market value thereof determined by such written opinion may be determined as of a date
as early as 31 days prior to the end of the applicable fiscal period on which a covenant is required to be tested (the end of such period being referred to as the “Test Date”); 

(3) in the case of Cash Equivalents, the face value thereof; and 

(4) in each case, the Company may elect to calculate the value of any Collateral that is an equity interest in a Person by
(x) valuing such Person’s assets of the type described in clauses (i) and (iii) above as provided therein, and (y) assuming such Person’s other assets had no value when calculating such Collateral’s value, it shall
not be required to obtain an appraisal of such other assets. 
 The “volume weighted average price” means the per share of common
stock (or per minimum denomination or unit size in the case of any security other than common stock) volume-weighted average price as displayed under the heading “Bloomberg VWAP’’ on Bloomberg page for the “<equity>
AQR” page corresponding to the “ticker” for such common stock or unit (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the
primary trading session on such trading day (or if such volume-weighted average price is unavailable, the market value of one share of such common stock (or per minimum denomination or unit size in the case of any security other than common stock)
on such trading day determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Trustee). The “volume weighted average price” will be determined
without regard to after-hours trading or any other trading outside of the regular trading session trading hours. 
 In the case of any
assets referenced in clause (ii) above tested on a date of determination other than in connection with a Test Date, for purposes of calculating compliance with a covenant, the Company will be permitted to rely on the value as determined by the
written opinion given for the most recently completed Test Date. 
 For the avoidance of doubt: 

(a) if the Company will be in compliance with an applicable covenant at a Test Date even if an asset constituting Collateral had no value, it
shall not be required to obtain an appraisal of such Collateral (in which case such Collateral shall be assumed to have no value for such purpose); and 

(b) if the Company will be in compliance with an applicable covenant at a Test Date if an asset constituting Collateral has a minimum specified
value, an appraisal establishing that such Collateral is worth at least such minimum specified value shall be sufficient (in which case such Collateral shall be assumed to have such minimum specified value for such purpose). 

“Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Mortgage” shall mean an agreement, including a mortgage, deed of trust or any other document, creating and evidencing a
first priority Lien on a Mortgaged Property, which in the case of real property owned in fee, shall in form and substance, with such schedules and including such provisions, as shall be necessary to conform such document to applicable local or
foreign law or as shall be customary under applicable local or foreign legal requirements. 

  
 17 

 “Mortgaged Property’’ shall mean (i) each Real Property located in the
United States owned in fee as of the Issue Date that, together with any improvements thereon, has a fair market value of at least $5.0 million and (ii) each Real Property located in the United States owned in fee following the Issue Date that,
together with any improvements thereon, has a fair market value of at least $5.0 million. 
 “NA Telecom Escrow
Agreement” shall mean that certain Escrow Agreement, dated as of July 31, 2014, among PTUS, Inc., PTCAN, Inc., the Company (f/k/a Primus Telecommunications Group, Incorporated) and JPMorgan Chase Bank, N.A. 

“NA Telecom Purchase Agreement” shall mean that certain Equity Purchase Agreement, dated as of May 10, 2013, among PTUS,
Inc., PTCAN, Inc., the Company (f/k/a Primus Telecommunications Group, Incorporated), Primus Telecommunications Holding, Inc., Primus Telecommunications International, Inc. and Lingo Holdings, Inc. 

“Net Proceeds” means, with respect to any Asset Sale, the proceeds of such Asset Sale in the form of cash (including
(i) payments in respect of deferred payment obligations to the extent corresponding to, principal, but not interest, when received in the form of cash, and (ii) proceeds from the conversion of other consideration received when converted to
cash), net of: 
 (1) brokerage commissions, underwriting commissions and other fees and expenses related to such
Asset Sale, including fees and expenses of counsel, accountants, consultants and investment bankers; 
 (2) provisions for
taxes as a result of such Asset Sale taking into account the consolidated results of operations of the Company and its Subsidiaries; 

(3) payments required to be made to holders of minority interests in Subsidiaries as a result of such Asset Sale or (except in
the case of Collateral) to repay Debt outstanding at the time of such Asset Sale that is secured by a Lien on the property or assets sold; 

(4) appropriate amounts to be provided as a reserve against liabilities associated with such Asset Sale, including pension and
other post-employment benefit liabilities, liabilities related to environmental matters and indemnification obligations associated with such Asset Sale, with any subsequent reduction of the reserve other than by payments made and charged against the
reserved amount to be deemed a receipt of cash; and 
 (5) payments of unassumed liabilities (not constituting Debt) relating
to the assets sold at the time of, or within 30 days after the date of, such Asset Sale. 
 “Non-Recourse Debt”
means Debt: 
 (1) as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit
support of any kind (including any undertaking, agreement or instrument that would constitute Debt) or (b) is directly or indirectly liable as a guarantor or otherwise; and 

(2) as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the
Company or any of its Restricted Subsidiaries (other than the Equity Interests of an Unrestricted Subsidiary). 

  
 18 

 “Non-U.S. Person” means a Person who is not a U.S. Person. 

“Note Guarantee” the guaranty of the Notes by a Subsidiary Guarantor pursuant to this Indenture. 

“Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial Notes and the Additional Notes shall be
treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. 

“Notes Documents” means this Indenture, the Notes and the Note Guarantees. 

“Obligations” means, with respect to any Debt, all obligations (whether in existence on the Issue Date or arising afterwards,
absolute or contingent, direct or indirect) for or in respect of principal (when due, upon acceleration, upon redemption, upon mandatory repayment or repurchase pursuant to a mandatory offer to purchase, or otherwise), premium, interest, penalties,
fees, indemnification, reimbursement and other amounts payable and liabilities with respect to such Debt, including all interest accrued or accruing after the commencement of any bankruptcy, insolvency or reorganization or similar case or proceeding
at the contract rate (including, without limitation, any contract rate applicable upon default) specified in the relevant documentation, whether or not the claim for such interest is allowed as a claim in such case or proceeding. 

“Officer” means, with respect to any Person, the Chairman of the Board of Directors, the Chief Executive Officer, the
President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person. 

“Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one of whom
must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of Section 13.03 hereof. 

“Offering Memorandum” means that certain final Offering Memorandum of the Company, dated November 13, 2014. 

“Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the
requirements of Section 13.03 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 

“Pari Passu Obligations” means, collectively, Debt constituting Obligations secured equally and ratably by Liens on the
Collateral. 
 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an
account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Permitted Holders” means: 

(1) Harbinger Group, Inc. and Philip A. Falcone; 

  
 19 

 (2) any Affiliate of any Person specified in clause (1), other than another
portfolio company thereof (which means a company actively engaged in providing goods and services to unaffiliated customers) or a company controlled by a “portfolio company”; 

(3) any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change
of Control Offer is made in accordance with the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder; or 

(4) any Person both the Capital Stock and the Voting Stock of which (or in the case of a trust, the beneficial interests in
which) are owned 50% or more by Persons specified in clauses (1), (2) or (3) or any group in which the Persons specified in clauses (1), (2) or (3) and own more than a majority of the Voting Stock and Capital Stock held by such
group. 
 “Permitted Investments” means: 

(1) Investments outstanding on the Issue Date; 

(2) the acquisition of accounts receivables owing to the Company or any of its Restricted Subsidiaries if created or acquired
in the ordinary course of business and payable or dischargeable in accordance with customary terms; 
 (3) investments in
cash and Cash Equivalents; 
 (4) negotiable instruments held for collection in the ordinary course of business; 

(5) the making of lease, utility and other similar deposits in the ordinary course of business; 

(6) Hedging Obligations; 

(7) loans and advances to directors, employees and officers of the Company and its Restricted Subsidiaries for bona fide
business purposes and to purchase Equity Interests of the Company or the relevant Restricted Subsidiary, in aggregate amount not to exceed $2.0 million at any time outstanding (calculated without regard to write-downs or write-offs thereof);
provided that, no loans in violation of Section 402 of the Sarbanes-Oxley Act shall be permitted hereunder; 

(8) Investments by (i) the Company in any Subsidiary Guarantor, (ii) any Restricted Subsidiary in the Company
or any Subsidiary Guarantor, (iii) a Subsidiary of the Company that is not a Subsidiary Guarantor in any other Subsidiary of the Company that is not a Subsidiary Guarantor, (iv) Schuff in any of its Subsidiaries and any Subsidiary of
Schuff in Schuff or any other Subsidiary of Schuff, and (v) Bridgehouse Marine in any of its Subsidiaries and any Subsidiary of Bridgehouse Marine in Schuff; provided that any Investment by the Company or any Subsidiary Guarantor in the
form of a loan or advance shall be evidenced by an intercompany note and, in the case of a loan or advance by the Company or a Subsidiary Guarantor, pledged by such entity as Collateral pursuant to the Security Documents; 

(9) Investments in securities of trade creditors or customers in the ordinary course of business and consistent with such the
Company’s past practices that are received in settlement of bona fide disputes or pursuant to any plan of reorganization or liquidation or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers; 

  
 20 

 (10) mergers and consolidations in compliance with Section 5.01 hereof; 

(11) Investments made by the Company or any Restricted Subsidiary as a result of consideration received in connection with an
Asset Sale; 
 (12) Investments consisting of licensing of Intellectual Property made in the ordinary course of business and
not interfering in any material respect with the ordinary conduct of business of the Company and its Restricted Subsidiaries; 

(13) Investments consisting of licensing or contribution of Intellectual Property; 

(14) other Investments in an aggregate amount not to exceed $5.0 million on the date such Investments are made; and 

(15) other Investments by the Company or any Restricted Subsidiary (x) in Schuff, in an amount not to exceed the amount
required to purchase Schuff’s outstanding common stock not held by the Company as of October 7, 2014 or (y) so long as (i) no Default or Event of Default then exists or would result therefrom and (ii) after giving effect to
such Investment on a Pro Forma Basis, the aggregate amount of all unrestricted cash and Cash Equivalents of the Company and the Subsidiary Guarantors shall be at least the aggregate amount of unrestricted cash and Cash Equivalents of the Company and
the Subsidiary Guarantors then required pursuant to Section 4.03 hereof. 
 “Permitted Liens” means:

 (1) Liens existing on the Issue Date; 

(2) Liens on the Collateral to secure Obligations in respect of the Notes (excluding any Additional Notes); 

(3) Liens on the Collateral that rank pari passu with or junior to the Liens securing the Obligations in respect of the
Notes and that secure Obligations in respect of Debt (including any Additional Notes) Incurred pursuant to clause (1) or (13) of the definition of Permitted Debt; 

(4) Liens to secure any Permitted Refinancing Debt (or successive Permitted Refinancing Debt) as a whole, or in part, of any
Obligations secured by any Lien referred to in clauses (2) or (3) of this definition; 
 (5) pledges or deposits
under worker’s compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts or leases, or to secure public or statutory obligations, surety bonds, customs duties and
the like, or for the payment of rent, in each case incurred in the ordinary course of business and not securing Debt; 
 (6)
Liens imposed by law, such as carriers’, vendors’, warehousemen’s and mechanics’ liens, in each case for sums not yet due or being contested in good faith and by appropriate proceedings; 

(7) Liens in respect of taxes and other governmental assessments and charges which are not yet due or which are being contested
in good faith by appropriate proceedings and for which adequate reserves are made in accordance with GAAP; 

  
 21 

 (8) Liens incurred in the ordinary course of business not securing Debt and not
in the aggregate materially detracting from the value of the properties or their use in the operation of the business of the Company and the Restricted Subsidiaries; 

(9) (9) Liens on property of a Person at the time such Person becomes a Restricted Subsidiary, provided such Liens were not
created in contemplation thereof and do not extend to any other property of the Company or any other Restricted Subsidiary; 

(10) Liens on property or the Equity Interests of any Person at the time the Company or any Restricted Subsidiary acquires such
property or Person, including any acquisition by means of a merger or consolidation with or into the Company or a Restricted Subsidiary of such Person, provided such Liens were not created in contemplation thereof and do not extend to any other
property of the Company or any Restricted Subsidiary; 
 (11) Liens securing Debt or other obligations of the Company or a
Restricted Subsidiary to the Company or a Restricted Subsidiary; 
 (12) Liens securing Hedging Agreements so long as such
Hedging Agreements relate to Debt for borrowed money that is, and is permitted to be under this Indenture, secured by a Lien on the same property securing such Hedging Agreements; 

(13) extensions, renewals or replacements of any Liens referred to in clauses (1), (9) or (10) in connection with the
refinancing of the obligations secured thereby, provided that such Lien does not extend to any other property and, except as contemplated by the definition of “Permitted Refinancing Debt”, the amount secured by such Lien is not increased;
and 
 (14) other Liens (not on the Collateral) securing obligations in an aggregate amount not exceeding $5.0 million; 

(15) licenses or leases or subleases as licensor, lessor or sublessor of any of its property, including intellectual property,
in the ordinary course of business; 
 (16) Liens securing office leases and office furniture and equipment in an aggregate
amount not to exceed $1.0 million; 
 (17) Liens on property securing Debt permitted pursuant to
Section 4.11(b)(14), (15), (16), (17), (18), or (19); provided, however, that (i) with respect to 4.11(b)(14), such Liens only extend to the property that is the subject of the Capital Lease; (ii) with respect to
4.11(b)(15), such Liens only extend to the property of such target or its Subsidiaries; (iii) with respect to 4.11(b)(16), such Liens only extend to property of Schuff and its Subsidiaries; (iv) with respect to 4.11(b)(17) and (18), such
Liens shall be limited to property of Bridgehouse Marine and its Subsidiaries, or ANG and its Subsidiaries, respectively, that are the subject of such Purchase Money Obligations and (v) with respect to 4.11(b)(19), such Liens shall be limited
to the property of such Restricted Subsidiary Incurring such Debt. 
 (18) Liens consisting of deposits made in the
ordinary course of business to secure liability to insurance carriers; 
 (19) Liens arising by virtue of any statutory or
common law provisions relating to bankers’ Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution. and 

  
 22 

 (20) Liens securing Debt of Restricted Subsidiaries that are not Subsidiary
Guarantors permitted to be incurred under Section 4.11 provided such Liens do not extend to any property of the Company or any Subsidiary Guarantor. 

“Person” means an individual, a corporation, a partnership, a limited liability company, an association, a trust or any other
entity, including a government or political subdivision or an agency or instrumentality thereof. 
 “Pledge
Agreement” means the Pledge and Security Agreement dated as of the date of this Indenture, as such agreement may be amended, modified or supplemented from time to time. 

“Pledged Collateral” means: 

(1) all Equity Interests owned by the Company or a Subsidiary Guarantor (which in the case of any equity interest in any
Foreign Subsidiary, will be limited to 100% of the non-voting stock (if any) and 65% of the voting stock of such Foreign Subsidiary) and the related rights and privileges associated therewith; 

(2) all equipment, goods and inventory owned by the Company or a Subsidiary Guarantor; 

(3) all cash and investment securities owned by the Company or a Subsidiary Guarantor; 

(4) all documents, books and records, instruments and chattel paper owned by the Company or a Subsidiary Guarantor; 

(5) all general intangibles owned by the Company or a Subsidiary Guarantor; and 

(6) any proceeds and supporting obligations thereof. 

“Preferred Stock” means, with respect to any Person, any and all Capital Stock which is preferred as to the payment of
dividends or distributions, upon liquidation or otherwise, over another class of Capital Stock of such Person. 

“Premises” shall have the meaning assigned thereto in the applicable Mortgage. 

“Private Placement Legend” means the legend set forth in Section 2.06(f)(1) hereof to be placed on all Notes issued
under this Indenture except where otherwise permitted by the provisions of this Indenture. 
 “Pro Forma
Basis” means, with respect to any determination under this definition as of any date, that pro forma effect shall be given to each asset acquisition, each Investment, each issuance, incurrence, assumption or permanent repayment of Debt
(including Debt issued, incurred or assumed as a result of, or to finance, any relevant transaction and for which the financial effect is being calculated) and each Asset Sale that have occurred at the Company or any Restricted Subsidiary or any
Person that has become a Restricted Subsidiary during the applicable four consecutive fiscal quarter period (with respect to any calculation of EBITDA) or subsequent to the end of such four consecutive fiscal quarter period or balance sheet date, as
applicable, but prior to or simultaneously with the event for which a determination under this definition is being made, as if each such event had occurred on the first day of such four consecutive fiscal quarter period or balance sheet date, as
applicable. 

  
 23 

 “Purchase Money Obligation” shall mean, for any person, the obligations
of such person in respect of Debt (including Capital Lease Obligations) incurred for the purpose of financing all or any part of the purchase price of any fixed or capital assets (including Equity Interests of any person owning fixed or capital
assets) or the cost of installation, construction or improvement of any fixed or capital assets provided, however, that such Debt is incurred within 180 days after such acquisition, installation, construction or improvement of such fixed or capital
assets (including Equity Interests of any person owning the applicable fixed or capital assets) by such person. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Qualified Equity Interests” means all Equity Interests of a Person other than Disqualified Equity Interests. For the
avoidance of doubt, the Company’s Qualified Equity Interests shall include, but is not limited to, the Convertible Preferred Stock. 

“Rating Agencies” means S&P and Moody’s; provided that if either S&P or Moody’s (or both) shall
cease issuing a rating on the Notes for reasons outside the control of the Company, the Company may select a nationally recognized statistical rating agency to substitute for S&P or Moody’s (or both). 

“Real Property’’ shall mean, collectively, all right, title and interest (including any leasehold, fee, mineral or other
estate) in and to any and all parcels of or interests in real property owned, leased or operated by any person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto,
all improvements and appurtenant fixtures and equipment, all general intangibles and contract rights and other property and rights incidental to the ownership, lease or operation thereof. 

“Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend
and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 903 of
Regulation S. 
 “Related Party” means: 

(1) any controlling stockholder, majority owned Subsidiary, or immediate family member (in the case of an individual) of any
Principal; or 
 (2) any trust, corporation, partnership, limited liability company or other entity, the beneficiaries,
stockholders, partners, members, owners or Persons beneficially holding a majority (and controlling) interest of which consist of any one or more Principals and/or such other Persons referred to in the immediately preceding clause (1). 

“Responsible Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Office of the
Trustee (or any successor group of the Trustee) having direct responsibility for the administration of this Indenture or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 

“Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 

  
 24 

 “Restricted Global Note” means a Global Note bearing the Private Placement
Legend. 
 “Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Period” means the 40-day distribution compliance period as defined in Regulation S. 

“Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted
Subsidiary. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 

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

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“S&P” means Standard & Poor’s Ratings Group, a division of McGraw Hill, Inc. and its successors.

 “Sale and Leaseback Transaction” means, with respect to any Person, an arrangement whereby such Person enters into a
lease of property previously transferred by such Person to the lessor. 
 “SEC” means the Securities and Exchange
Commission. 
 “Security Documents” means (i) the Pledge Agreement, (ii) the Collateral Trust Agreement,
(iii) the Mortgages and (iv) any other mortgages, deeds of trust, deeds to secure debt, security agreements, security trust agreements, pledge agreements, joinders, agency agreements, control agreements, financing statements and other
instruments and documents pursuant to which a security interest in any assets of any Person is granted or Collateral is pledged, assigned or granted to the Collateral Trustee, in each case, to secure the Obligations under the Notes Documents, as
each may be amended, restated, supplemented or otherwise modified from time to time. 
 “Securities Act” means the
Securities Act of 1933, as amended. 
 “Significant Subsidiary” means any Subsidiary, or group of Subsidiaries, that
would, taken together, be a “significant subsidiary” as defined in Article 1, Rule 1-02 (w)(1) or (2) of Regulation S-X promulgated under the Securities Act, as such regulation is in effect on the Issue Date, substituting 20 percent
for 10 percent in the tests used therein to determine significant subsidiary. 
 “Schuff” means Schuff
International, Inc., a Delaware corporation. 
 “Stated Maturity” means (i) with respect to any Debt,
the date specified as the fixed date on which the final installment of principal of such Debt is due and payable or (ii) with respect to any scheduled installment of principal of or interest on any Debt, the date specified as the fixed date on
which such installment is due and payable as set forth in the documentation governing such Debt, not including any contingent obligation to repay, redeem or repurchase prior to the regularly scheduled date for payment. 

“Subordinated Debt” means any Debt of the Company or any Subsidiary Guarantor which is subordinated in right of payment to
the Notes or the Note Guarantee, as applicable, pursuant to a written agreement to that effect. 

  
 25 

 “Subsidiary” means with respect to any Person, any corporation, association or
other business entity of which more than 50% of the outstanding Voting Stock is owned, directly or indirectly, by, or, in the case of a partnership, the sole general partner or the managing partner or the only general partners of which are, such
Person and one or more Subsidiaries of such Person (or a combination thereof). 
 “Subsidiary Guarantor” means each
Subsidiary that executes a supplemental indenture providing for the guaranty of the payment of the Notes, or any successor obligor under its Note Guarantee pursuant to Section 5.01 hereof, in each case unless and until such Subsidiary Guarantor
is released from its Note Guarantee pursuant to the Section 11.05 hereof. 
 “TIA” means the Trust Indenture
Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb), as the same may be amended.  
 “Treasury Rate” means as
of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become
publicly available at least two business days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to
December 1, 2016; provided, however, that if the period from the redemption date to December 1, 2016, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant
maturity of one year will be used. 
 “Trust Officer” means, when used with respect to the Trustee, any
officer within the corporate trust department of the Trustee (or any successor group 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, in each case, have direct responsibility for the administration of this Indenture. 

“Trustee” means U.S. Bank National Association, until a successor replaces it in accordance with the applicable provisions of
this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted Definitive Note” means a
Definitive Note that does not bear and is not required to bear the Private Placement Legend. 
 “Unrestricted Global
Note” means a Global Note that does not bear and is not required to bear the Private Placement Legend. 

“Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Board of Directors as an
Unrestricted Subsidiary pursuant to a resolution of the Board of Directors, but only to the extent that such Subsidiary: 

(1) has no Debt other than Non-Recourse Debt; 

(2) except as permitted by Section 4.13 hereof is not party to any agreement, contract, arrangement or understanding with
the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are not materially less favorable to the Company or such Restricted Subsidiary than those that might be obtained
at the time from Persons who are not Affiliates of the Company; 

  
 26 

 (3) is a Person with respect to which neither the Company nor any of its
Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of
operating results; and 
 (4) has not guaranteed or otherwise directly or indirectly provided credit support for any Debt of
the Company or any of its Restricted Subsidiaries. 
 “U.S. Government Obligations” means obligations issued or directly
and fully guaranteed or insured by the United States of America or by any agent or instrumentality thereof, provided that the full faith and credit of the United States of America is pledged in support thereof. 

“U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 

“Voting Stock” means, with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for
the election of directors, managers or other voting members of the governing body of such Person. 
 Section 1.02 Other Definitions. 

 

			
	 Term
	  	 Defined
in
Section

	“Asset Sale Offer”	  	3.09
	“Authentication Order”	  	2.02
	“Change of Control Offer”	  	4.16
	“Change of Control Payment”	  	4.16
	“Change of Control Payment Date”	  	4.16
	“Covenant Defeasance”	  	8.03
	“DTC”	  	2.03
	“Event of Default”	  	6.01
	“Excess Proceeds”	  	4.12
	“incur”	  	4.11
	“Legal Defeasance”	  	8.02
	“Offer Amount”	  	3.09
	“Offer Period”	  	3.09
	“Paying Agent”	  	2.03
	“Permitted Debt”	  	4.11
	“Purchase Date”	  	3.09
	“Registrar”	  	2.03
	“Related Party Transaction”	  	4.13
	“Restricted Payments”	  	4.09
	“Suspended Covenants”	  	4.23
	“Suspension Period”	  	4.23

 Section 1.03 Rules of Construction. 

Unless the context otherwise requires: 

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

  
 27 

 (2) an accounting term not otherwise defined has the meaning assigned to it in
accordance with GAAP; 
 (3) “or” is not exclusive; 

(4) “including” is not limiting; 

(5) words in the singular include the plural, and in the plural include the singular; 

(6) “will” shall be interpreted to express a command; 

(7) provisions apply to successive events and transactions; and 

(8) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor
sections or rules adopted by the SEC from time to time. 
 Article 2 

THE NOTES 
 Section 2.01 Form and
Dating. 
 (a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of
Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. 
 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of
this Indenture and the Company, the Subsidiary Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note
conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b)
Global Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes
issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will
represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of
outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal
amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

(c) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear
System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream will be applicable to transfers of beneficial
interests in the Regulation S Global Note that is held by Participants through Euroclear or Clearstream. 

  
 28 

 Section 2.02 Execution and Authentication. 

At least one Officer must sign the Notes for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be
valid. 
 A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence
that the Note has been authenticated under this Indenture. 
 The Trustee will, upon receipt of a written order of the Company signed by an
Officer (an “Authentication Order”), authenticate Notes for original issue that may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount of Notes outstanding at any time may not
exceed the aggregate principal amount of Notes authorized for issuance by the Company pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the
Company. 
 Section 2.03 Registrar and Paying Agent. 

The Company will maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The Company may appoint one or
more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar
without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee
shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
 The Company initially appoints The
Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 
 The Company initially appoints
the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes. 
 Section 2.04 Paying Agent to Hold
Money in Trust. 
 The Company will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold
in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal of, premium on, if any, or interest, if any, on, the Notes, and will notify the Trustee in writing of any default by the Company in
making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment
over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) will have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit
of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee will serve as Paying Agent for the Notes. 

  
 29 

 Section 2.05 Holder Lists. 

The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
all Holders. If the Trustee is not the Registrar, the Company will furnish to the Trustee at least seven Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of
such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes. 
 Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by
the Company for Definitive Notes if: 
 (1) the Company delivers to the Trustee notice from the Depositary that it is
unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such
notice from the Depositary; 
 (2) the Company in its sole discretion determines that the Global Notes (in whole but not in
part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or 
 (3) there
has occurred and is continuing a Default or Event of Default with respect to the Notes. 
 Upon the occurrence of either of the preceding
events in (1) or (2) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof.
Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a
Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or
(f) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial
interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer
comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one
or more of the other following subparagraphs, as applicable: 
 (1) Transfer of Beneficial Interests in the Same Global
Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer

  
 30 

 
restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S
Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form
of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 

(2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(A) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase; or 
 (B) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above. 
 Upon satisfaction of all of the requirements for
transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to
Section 2.06(h) hereof. 
 (3) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial
interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(2) above
and the Registrar receives the following: 
 (A) if the transferee will take delivery in the form of a beneficial interest in
the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

  
 31 

 (B) if the transferee will take delivery in the form of a beneficial interest in
the Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(C) if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

(4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted
Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following: 

(A) if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

(B) if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (4), if the Registrar so requests or if the Applicable Procedures so require, an Opinion
of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to subparagraph
(4) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (4) above. 

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form
of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

(1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any Holder of a beneficial
interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then,
upon receipt by the Registrar of the following documentation: 

  
 32 

 (A) if the Holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial interest is being
transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 

(D) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from
the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of
Counsel required by item (3) thereof, if applicable; 
 (F) if such beneficial interest is being transferred to the
Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall cause the
aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a
Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized
denomination or denominations as the Holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons
in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all
restrictions on transfer contained therein. 
 (2) Beneficial Interests in Restricted Global Notes to Unrestricted
Definitive Notes. A Holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form
of an Unrestricted Definitive Note only if the Registrar receives the following: 

  
 33 

 (A) if the Holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(B) if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (2), if the Registrar so requests or if the Applicable Procedures so require, an Opinion
of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 (3) Beneficial Interests in Unrestricted Global Notes
to Unrestricted Definitive Notes. If any Holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Unrestricted Global Note to be reduced
accordingly pursuant to Section 2.06(h) hereof, and the Company will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note
issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will be registered in such name or names and in such authorized denomination or denominations as the Holder of such beneficial interest requests through
instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in
exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will not bear the Private Placement Legend. 
 (d) Transfer
and Exchange of Definitive Notes for Beneficial Interests. 
 (1) Restricted Definitive Notes to Beneficial
Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes
delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 

(A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted
Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (1) thereof; 

  
 34 

 (C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person
in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 

(D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption
from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of
Counsel required by item (3) thereof, if applicable; 
 (F) if such Restricted Definitive Note is being transferred to
the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(G) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the
Trustee will cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A
Global Note, in the case of clause (C) above, the Regulation S Global Note, and in all other cases, the IAI Global Note. 

(2) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note
only if the Registrar receives the following: 
 (i) if the Holder of such Definitive Notes proposes to exchange such Notes
for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

(ii) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (2), if the Registrar so requests or if the Applicable Procedures so require, an Opinion
of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 

  
 35 

 Upon satisfaction of the conditions of any of the subparagraphs in this
Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time.
Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs
(2) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e)
Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or
exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form
satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to
the following provisions of this Section 2.06(e). 
 (1) Restricted Definitive Notes to Restricted Definitive Notes.
Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (1) thereof; 
 (B) if the transfer will be made pursuant to Rule 903 or
Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then
the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

(2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the
Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: 

  
 36 

 (i) if the Holder of such Restricted Definitive Notes proposes to exchange such
Notes for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

(ii) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (2), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to
the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance
with the Securities Act. 
 (3) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of
Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted
Definitive Notes pursuant to the instructions from the Holder thereof. 
 (f) Legends. The following legends will appear on the
face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 

(1) Private Placement Legend. 

(A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in
exchange therefor or substitution thereof) shall bear the legend in substantially the following form 
 “THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE ‘‘SECURITIES ACT’’), OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT
IS A ‘‘QUALIFIED INSTITUTIONAL BUYER’’ (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (B) IT IS A NON-U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT AND IN ACCORDANCE WITH THE LAWS APPLICABLE TO SUCH PURCHASER IN THE JURISDICTION IN WHICH SUCH PURCHASE IS MADE, OR (C) IT IS AN ‘‘ACCREDITED INVESTOR’’ WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT
AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR OT THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT, ONLY (A) TO THE COMPANY OR
ANY SUBSIDIARY THEREOF, (B) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A ‘‘QUALIFIED INSTITUTIONAL BUYER’’ AS DEFINED IN RULE 144A UNDER

  
 37 

 
THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(C) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH THE LAWS APPLICABLE TO IT IN THE JURISDICTION IN WHICH SUCH PURCHASE IS
MADE, (D) TO AN ‘‘ACCREDITED INVESTOR’’ WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, FOR
INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (E) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR
(F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S, OR REGISTRAR’S, AS APPLICABLE, RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
PURSUANT TO CLAUSE (C), (D) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN EACH OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING
ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE OR REGISTRAR. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED
SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT.” 
 (B) Notwithstanding the foregoing, any Global Note or
Definitive Note issued pursuant to subparagraphs (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2), (e)(3) or (f) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement
Legend. 
 (2) Global Note Legend. Each Global Note will bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE
MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR

  
 38 

 
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 (g) Cancellation and/or Adjustment of Global Notes. At
such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or
retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the
Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such
other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(h) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes
and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 

(2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.12, 4.17 and 9.04 hereof). 

(3) The Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or
in part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All Global Notes and Definitive Notes
issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or
Definitive Notes surrendered upon such registration of transfer or exchange. 
 (5) Neither the Registrar nor the Company
will be required: 
 (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the
opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 

  
 39 

 (B) to register the transfer of or to exchange any Note selected for redemption
in whole or in part, except the unredeemed portion of any Note being redeemed in part; or 
 (C) to register the transfer of
or to exchange a Note between a record date and the next succeeding interest payment date. 
 (6) Prior to due presentment
for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and
interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 

(7) The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02
hereof. 
 (8) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to
this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
 Section 2.07 Replacement Notes. 

If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction,
loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond
must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company
may charge for its expenses in replacing a Note. 
 Every replacement Note is an additional obligation of the Company and will be entitled
to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.08 Outstanding Notes.

 The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it
for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof,
a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 
 If a Note is replaced pursuant
to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser. 

If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases
to accrue. 
 If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or
maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest. 

  
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 Section 2.09 Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by
the Company or any Subsidiary Guarantor, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any Subsidiary Guarantor, will be considered as though not outstanding,
except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned will be so disregarded. 

Section 2.10 Temporary Notes. 
 Until
certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but
may have variations that the Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Company will prepare and the Trustee will authenticate definitive Notes in exchange
for temporary Notes. 
 Holders of temporary Notes will be entitled to all of the benefits of this Indenture. 

Section 2.11 Cancellation. 
 The
Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will
cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes (subject to the record retention requirements of the Exchange Act). Certification of the destruction of all
canceled Notes will be delivered to the Company. The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 

Section 2.12 Defaulted Interest. 
 If
the Company defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record
date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company will notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The
Company will fix or cause to be fixed each such special record date and payment date; provided that no such special record date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before
the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company) will mail or cause to be mailed to Holders a notice that states the special record date, the related
payment date and the amount of such interest to be paid. 
 Article 3 

REDEMPTION AND PREPAYMENT 
 Section 3.01
Notices to Trustee. 
 If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07
hereof, it must furnish to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth: 

  
 41 

 (1) the clause of this Indenture pursuant to which the redemption shall occur;

 (2) the redemption date; 

(3) the principal amount of Notes to be redeemed; and 

(4) the redemption price. 

Section 3.02 Selection of Notes to Be Redeemed or Purchased. 

If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, DTC (or any successor thereof) will select
Notes for redemption or purchase in accordance with its customary procedures unless otherwise required by law or applicable stock exchange or depositary requirements. 

In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased will be selected, unless otherwise
provided herein, not less than 30 nor more than 60 days prior to the redemption or purchase date by DTC from the outstanding Notes not previously called for redemption or purchase. 

The Trustee will promptly notify the Company in writing of the Notes selected for redemption or purchase and, in the case of any Note selected
for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the Notes of a
Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption
or purchase also apply to portions of Notes called for redemption or purchase. 
 Section 3.03 Notice of Redemption. 

Subject to the provisions of Section 3.08 hereof, at least 30 days but not more than 60 days before a redemption date, the Company will
mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice
is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 12 hereof. 

The notice will identify the Notes to be redeemed and will state: 

(1) the redemption date; 

(2) the redemption price; 

(3) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 

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

  
 42 

 (5) that Notes called for redemption must be surrendered to the Paying Agent to
collect the redemption price; 
 (6) that, unless the Company defaults in making such redemption payment, interest on Notes
called for redemption ceases to accrue on and after the redemption date; 
 (7) the paragraph of the Notes and/or Section of
this Indenture pursuant to which the Notes called for redemption are being redeemed; and 
 (8) that no representation is
made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
 At the Company’s
request, the Trustee will give the notice of redemption in the Company’s name and at its expense; provided, however, that the Company has delivered to the Trustee, at least 45 days prior to the redemption date, an Officers’
Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

Any such redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including any related Equity
Offering or a Change of Control. In addition, if such redemption is subject to the satisfaction of one or more conditions precedent, the related notice shall describe each such condition, and if applicable, shall state that, in the Company’s
discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied or waived (provided that in no event shall such redemption date be delayed to a date later than 60 days after the date on which such
notice was mailed), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the redemption date, or by the redemption date as so delayed. 

Section 3.04 Effect of Notice of Redemption. 

Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become, subject to such
Section 3.03, irrevocably due and payable on the redemption date at the redemption price. 
 Section 3.05 Deposit of Redemption or Purchase
Price. 
 One Business Day prior to the redemption or purchase date, the Company will deposit with the Trustee or with the Paying Agent
an amount of money in immediately available funds sufficient to pay the redemption or purchase price of and accrued interest, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the
Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of and accrued interest, if any, on all Notes to be redeemed or purchased. 

If the Company complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease to
accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall
be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the Company
to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at
the rate provided in the Notes and in Section 4.01 hereof. 

  
 43 

 Section 3.06 Notes Redeemed or Purchased in Part. 

Upon surrender of a Note that is redeemed or purchased in part, the Company will issue and, upon receipt of an Authentication Order, the
Trustee will authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered. 

Section 3.07 Optional Redemption. 

(a) At any time and from time to time prior to December 1, 2016, the Company may redeem the notes at its option, in whole or in part, at a
redemption price equal to 100% of the principal amount of notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, the applicable redemption date. 

(b) At any time prior to December 1, 2016, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount
of Notes issued under this Indenture, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 111.000% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to the date of
redemption (subject to the rights of Holders of Notes on the relevant record date to receive interest on the relevant interest payment date), in an amount not to exceed the net proceeds from an Equity Offering by the Company; provided that: 

(1) at least 65% of the aggregate principal amount of Notes originally issued under this Indenture (excluding Notes held by the
Company and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 
 (2) the
redemption occurs within 180 days of the date of the closing of such Equity Offering. 
 (c) Except pursuant to the preceding paragraph, the
Notes will not be redeemable at the Company’s option prior to December 1, 2016. 
 (d) On or after December 1, 2016, the
Company may on any one or more occasions redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid
interest, if any, on the Notes redeemed, to the applicable date of redemption, if redeemed during the twelve-month period beginning on December 1 of the years indicated below, subject to the rights of Holders on the relevant record date to
receive interest on the relevant interest payment date: 
  

					
	 Year
	  	Percentage	 
	 2016
	  	 	108.250	% 
	 2017
	  	 	105.500	% 
	 2018 and thereafter
	  	 	100.000	% 

 Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the Notes
or portions thereof called for redemption on the applicable redemption date. 

  
 44 

 (e) Any redemption pursuant to this Section 3.07 or 4.16(e) shall be made pursuant to the
provisions of Sections 3.01 through 3.06 hereof. 
 Section 3.08 Mandatory Redemption. 

The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 

Section 3.09 Offer to Purchase by Application of Excess Proceeds. 

In the event that, pursuant to Section 4.12 hereof, the Company is required to commence an offer to all Holders to purchase Notes (an
“Asset Sale Offer”), it will follow the procedures specified below. 
 The Asset Sale Offer shall be made to all
Holders and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase, prepay or redeem with the proceeds of sales of assets. The
Asset Sale Offer will remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”).
No later than three Business Days after the termination of the Offer Period (the “Purchase Date”), the Company will apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and such other pari
passu Indebtedness (on a pro rata basis based on the principal amount of Notes and such other pari passu Indebtedness surrendered, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness
tendered in response to the Asset Sale Offer. Payment for any Notes so purchased will be made in the same manner as interest payments are made. 

If the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid
interest, if any, will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest will be payable to Holders who tender Notes pursuant to the Asset Sale Offer. 

Upon the commencement of an Asset Sale Offer, the Company will send, by first class mail, a notice to the Trustee and each of the Holders,
with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The notice, which will govern the terms of the Asset Sale Offer, will state: 

(1) that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.12 hereof and the length of
time the Asset Sale Offer will remain open; 
 (2) the Offer Amount, the purchase price and the Purchase Date; 

(3) that any Note not tendered or accepted for payment will continue to accrue interest; 

(4) that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer
will cease to accrue interest after the Purchase Date; 
 (5) that Holders electing to have a Note purchased pursuant to an
Asset Sale Offer may elect to have Notes purchased in denominations of $2,000 or an integral multiple of $1,000 in excess thereof; 

  
 45 

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

(8) that, if the aggregate principal amount of Notes and other pari passu Indebtedness surrendered by Holders thereof
exceeds the Offer Amount, the Company will select the Notes and other pari passu Indebtedness to be purchased on a pro rata basis based on the principal amount of Notes and such other pari passu Indebtedness surrendered (with
such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $2,000, or an integral multiple of $1,000 in excess thereof, will be purchased); and 

(9) that Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered (or transferred by book-entry transfer). 
 On or before the Purchase Date, the Company will, to the extent
lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and will
deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this
Section 3.09. The Company, the Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price
of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee, upon written request from the Company, will authenticate and mail or deliver (or cause to be transferred
by book entry) such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company will
publicly announce the results of the Asset Sale Offer on the Purchase Date. 
 Other than as specifically provided in this
Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 

Article 4 
 COVENANTS 

Section 4.01 Payment of Notes. 
 The
Company will pay or cause to be paid the principal of, premium on, if any, and interest, if any, on, the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest, if any, will be considered paid on the
date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all
principal, premium, if any, and interest, if any, then due. 

  
 46 

 The Company will pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal at a rate that is 1% higher than the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest, if any (without regard to any applicable grace period), at the same rate to the extent lawful. 
 Section 4.02 Maintenance
of Office or Agency. 
 The Company will maintain in the Borough of Manhattan, the City of New York, an office or agency (which may be an
office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this
Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails
to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

The Company may also from time to time designate one or more other offices or agencies where the Notes 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 will in any manner relieve the Company of its obligation to maintain an office or agency in the
Borough of Manhattan, the City of New York for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with
Section 2.03 hereof. 
 Section 4.03 Maintenance of Liquidity. 

The Company will not permit the aggregate amount of all unrestricted cash and Cash Equivalents of the Company and the Subsidiary Guarantors to
be less than the Company’s obligation to pay interest on the Notes and all other Debt (including mandatory cash dividends under the Convertible Preferred Stock or any other mandatory cash pay Preferred Stock but excluding any obligation to pay
interest on Convertible Preferred Stock or any other mandatory cash pay Preferred Stock which, in each case, may be paid by accretion or in-kind in accordance with its terms) of the Company and its Subsidiary Guarantors for the next twelve months;
provided, however, that the Company will not permit, (x) prior to the first anniversary of the Issue Date and (y) on and as of any date after the first anniversary of the Issue Date for so long as the Collateral Coverage
Ratio calculated on a Pro Forma Basis as of the last day of the immediately prior fiscal quarter of the Company is at least 2.00 to 1.00, the aggregate amount of all unrestricted cash and Cash Equivalents of the Company and the Subsidiary Guarantors
to be less than the Company’s obligation to pay interest on the Notes and all other Debt (including mandatory cash dividends under the Convertible Preferred Stock or any other mandatory cash pay Preferred Stock but excluding any obligation to
pay interest on Convertible Preferred Stock or any other mandatory cash pay Preferred Stock which, in each case, may be paid by accretion or in-kind in accordance with its terms) of the Company and its Subsidiary Guarantors for the next six months.
In the case any such Debt bears interest at a floating rate, the Company may assume that the reference interest rate in effect on the applicable date of determination will be in effect for the remainder of such period. 

  
 47 

 Section 4.04 Maintenance of Collateral Coverage. 

The Company will not permit the Collateral Coverage Ratio calculated on a Pro Forma Basis as of the last day of each fiscal quarter of the
Company beginning with the fiscal quarter ending December 31, 2014 to be less than 1.25 to 1.00. 
 Section 4.05 Reports. 

(a) If the Company is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company must provide the
Trustee and noteholders with, or electronically file with the SEC, within the time periods specified in the SEC’s rules and regulations: 

(1) all quarterly and annual reports on Forms 10-Q and 10-K, including a “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and, with respect to annual information only, a report thereon by the Company’s certified independent accountants, and 

(2) all current reports on Form 8-K. 

(b) If the Company is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company must provide the
Trustee and noteholders with, within the time periods specified in the SEC’s rules and regulations: 
 (1)
substantially all the information that would be required to be contained in quarterly and annual reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the Company were required to file such reports (but only to the extent
similar information was provided in the Offering Memorandum), including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for the Company (but not for any subsidiaries on a stand-alone basis)
and, with respect to annual information only, a report thereon by the Company’s certified independent accountants; provided, however, such reports (A) will not be required to contain information required by Items 1B, 4, 5,
9A, or 14 of Form 10-K or Items 2 or 4 of Part II of Form 10-Q and (B) will not be required to contain information required by Items 10 and 11 of Form 10-K (relating to management compensation) but in lieu of such information will include
information of the type and scope contained in the Offering Memorandum under the caption “Management;” 
 (2)
substantially all the information that would be required to be contained in current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports; provided, however, that
(A) no such current report will be required to be furnished if the Company determines in its good faith judgment that such event is not material to the noteholders or to the business, assets, operations, financial positions or prospects of the
Company and their Restricted Subsidiaries, taken as a whole and (B) such reports will not be required to contain information required by Items 2.02, 3.01, 3.02 of Form 8-K or Items 5.02(c), (d) or (e) (except to the extent similar
information is contained in the Offering Memorandum under the caption “Management”) of Form 8-K. 
 (c) The foregoing reports under
clause (b) will not (A) be required to comply with Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K promulgated by the SEC, or Item 10(e)(l)(ii) of Regulation S-K
promulgated by the SEC (with respect to any non-GAAP financial measures contained therein), (B) be required to contain the separate financial information for subsidiaries contemplated by Rule 3-09, Rule 3-10 or Rule 3-16 of Regulation S-X
promulgated by the SEC or (C) be required to contain information required by Item 601 of Regulation S-K. 

  
 48 

 (d) In addition, whether or not required by the SEC, the Company will, if the SEC will accept the
filing, file a copy of all of the information and reports referred to in clauses (a) and (b) with the SEC for public availability within the time periods specified in the SEC’s rules and regulations. In addition, the Company will make
the information and reports available to securities analysts and prospective investors upon request. The Company also will arrange and participate in quarterly conference calls, beginning with the three months ended December 31, 2014, to
discuss its results of operations with Holders of the Notes, beneficial owners of the Notes, prospective purchasers of the Notes, securities analysts and market makers no later than 15 days following the date on which each of the quarterly and
annual financial statements are made available as provided above. Dial-in conference call information will be included in or provided together with such financial statements. 

(e) For so long as any of the Notes remain outstanding and constitute “restricted securities” under Rule 144, the Company will
furnish to the Holders of the Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

(f) Any and all Defaults or Events of Default arising from a failure to furnish or file in a timely manner a report or to hold a conference
call required by this covenant shall be deemed cured (and the Company shall be deemed to be in compliance with this covenant) upon furnishing or filing such report or certification or holding of such conference call as contemplated by this covenant
(but without regard to the date on which such report or certification is so furnished or filed or such conference call is held); provided that such cure shall not otherwise affect the rights of the Holders under Article 6 hereof if the
principal, premium, if any, and accrued interest have been accelerated in accordance with the terms of this Indenture and such acceleration has not been rescinded or cancelled prior to such cure. 

(g) Any subsequent restatement of financial statements shall have no retroactive effect for purposes of calculations previously made pursuant
to the covenants contained in this Indenture. 
 (h) If at any time the Notes are guaranteed by a direct or indirect parent company of the
Company, and such company has furnished the financial reports described herein with respect to such company as required by this section as if such company were the Company (including any financial information required hereby), the Company shall be
deemed to be in compliance with the provisions of this section. Any information filed with, or furnished to, the SEC within the time periods specified in this section shall be deemed to have been made available as required by this section, and to
the extent such filings comply with the rules and regulations of the SEC regarding such filings, they will be deemed to comply with the requirements of this section. If the Company or a direct or indirect parent of the Company files with or
furnishes to the SEC (a) an Annual Report on Form 10-K with respect to a fiscal year that complies in all material respects with the rules and regulations of the SEC regarding such filing, then such filing shall be deemed to comply with and
satisfy the requirements of this section with respect to the relevant fiscal year; (b) a quarterly report on Form 10-Q with respect to a fiscal quarter that complies in all material respects with the rules and regulations of the SEC regarding
such filing, then such filing shall be deemed to comply with and satisfy the requirements of this section with respect to the relevant fiscal quarter; and (c) a current report on Form 8-K with respect to any of the events required by the SEC to
be described therein that complies in all material respects with the rules and regulations of the SEC regarding such filing, then such filing shall be deemed to comply with and satisfy the requirements of this section with respect to such event;
provided, in each case of clause (a) through (c), that such filings include such disclosure as is reasonably necessary to describe any material differences between the consolidated financial information of such direct or indirect parent
and the consolidated financial information of the Company. 

  
 49 

 Section 4.06 Compliance Certificate. 

(a) The Company and each Subsidiary Guarantor shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’
Certificate stating that in the course of the performance of his or her duties as an Officer of the Company, he or she would normally have knowledge of any Default of the Company in the performance of its obligations contained in this Indenture, a
review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its
obligations under this Indenture and the Pledge Agreement, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every
covenant contained in this Indenture and the Pledge Agreement and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture or the Pledge Agreement (or, if a Default or Event of Default has
occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and
remains in existence by reason of which payments on account of the principal of, premium on, if any, or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or
proposes to take with respect thereto. 
 (b) So long as not contrary to the then current recommendations of the American Institute of
Certified Public Accountants, the year-end financial statements delivered pursuant to Section 4.05 above shall be accompanied by a written statement of the Company’s independent public accountants (who shall be a firm of established
national reputation) that in making the examination necessary for certification of such financial statements, nothing has come to their attention that would lead them to believe that the Company has violated any provisions of Article 4 or Article 5
hereof as they relate to accounting matters or, if any such violation has occurred, specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly to any Person for any
failure to obtain knowledge of any such violation. 
 (c) So long as any of the Notes are outstanding, the Company will deliver to the
Trustee, forthwith, and in any event within five Business Days of any Officer’s becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking
or proposes to take with respect thereto. 
 Section 4.07 Taxes. 

The Company will pay, and will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental
levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 

Section 4.08 Stay, Extension and Usury Laws. 

The Company and each of the Subsidiary Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist
upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the
Company and each of the 

  
 50 

 
Subsidiary Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law,
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 has been enacted. 

Section 4.09 Restricted Payments. 

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly: (i) declare or pay any
dividend or make any distribution on its Equity Interests (other than dividends or distributions paid in the Company’s Qualified Equity Interests) held by Persons other than the Company or any of its Subsidiaries; (ii) purchase, redeem or
otherwise acquire or retire for value any Equity Interests of the Company or any direct or indirect parent of the Company held by Persons other than the Company or any of its Subsidiaries; (iii) repay, redeem, repurchase, defease or otherwise
acquire or retire for value, or make any payment on or with respect to, any Subordinated Debt of the Company or any Subsidiary Guarantor except a payment of interest or principal at Stated Maturity or (iv) make any Restricted Investment (all
such payments and other actions set forth in these clauses (i) through (iv) above being collectively referred to as “Restricted Payments”), unless, at the time of and after giving effect to such Restricted Payment:

 (1) no Default has occurred and is continuing; 

(2) the Collateral Coverage Ratio calculated on a Pro Forma Basis, tested as of the date of such Restricted Payment, would be
no less than 2.00 to 1.00; and 
 (3) the aggregate amount expended for all Restricted Payments, made on or after the Issue
Date would not, subject to paragraph (c), exceed the sum of (without duplication): 
 (A) 50% of the aggregate amount of the
Company’s Consolidated Net Income (or, if the Consolidated Net Income is a loss, minus 100% of the amount of the loss) accrued on a cumulative basis during the period, taken as one accounting period, beginning with the first fiscal quarter
commencing after the Issue Date and ending on the last day of the Company’s most recently completed fiscal quarter for which internal financial statements are available; plus 

(B) subject to paragraph (C), the aggregate net cash proceeds and the fair market value of marketable securities or other
property received by the Company (other than from a Subsidiary) after the Issue Date (i) from the issuance and sale of its Qualified Equity Interests, including by way of issuance of its Disqualified Equity Interests or Debt to the extent since
converted into Qualified Equity Interests of the Company or (ii) as a contribution to its common equity (other than Equity Interests sold to a Subsidiary and other than contributions to its common equity made for the purpose of compliance with
Sections 4.03 and 4.04 hereof); plus 
 (C) $5 million. 

The amount expended in any Restricted Payment, if other than in cash, will be deemed to be the fair market value of the relevant non-cash assets, as determined
by the Company in good faith or, if such fair market value may exceed $7.5 million, by the Board of Directors of the Company. 
 (b) The
provisions of Section 4.09(a) hereof will not prohibit: 

  
 51 

 (1) the payment of any dividend, distribution or consummation of a redemption
within 60 days after the date of declaration thereof or the giving of the notice of redemption, as applicable, if, at the date of declaration or notice, such payment would comply with paragraph (a); 

(2) dividends or distributions by a Subsidiary payable, on a pro rata basis or on a basis more favorable than pro rata to the
Company, to all holders of any class of Capital Stock of such Person; 
 (3) the repayment, redemption, repurchase,
defeasance or other acquisition or retirement for value of Subordinated Debt with the proceeds of, or in exchange for, Permitted Refinancing Debt; 

(4) the purchase, redemption or other acquisition or retirement for value of Equity Interests (including the Convertible
Preferred Stock) of the Company or any direct or indirect parent in exchange for, or out of the proceeds of (i) an offering (occurring within 60 days of such purchase, redemption or other acquisition or retirement for value) of, Qualified
Equity Interests of the Company or (ii) a contribution to the common equity capital of the Company; 
 (5) the making of
any Restricted Payment in exchange for, or out of the proceeds of, (i) an issuance (occurring within 60 days of such Restricted Payment) of Qualified Equity Interests of the Company or (ii) a contribution to the common equity capital of
the Company; 
 (6) the purchase, redemption or other acquisition or retirement for value of Equity Interests of the Company
or any of its Restricted Subsidiaries held by officers, directors or employees or former officers, directors or employees (or their estates or beneficiaries under their estates of the Company or such Restricted Subsidiary), upon death, disability,
retirement, severance or termination of employment or pursuant to any agreement under which the Equity Interests were issued; provided that the aggregate cash consideration paid therefor in any fiscal year, commencing with the fiscal year
during which the Issue Date occurred, does not exceed an aggregate amount equal to the sum of (x) $5.0 million and (y) the amount of Restricted Payments permitted but not made pursuant to this clause (6) in the prior fiscal year
commencing with the fiscal year during which the Issue Date occurred; provided that amounts permitted but not made shall not be counted for purposes of this clause (y) for any fiscal year other than the immediately preceding fiscal year;

 (7) the repurchase of any Subordinated Debt at a purchase price not greater than (x) 101% of the principal amount
thereof in the event of a change of control pursuant to a provision no more favorable to the holders thereof than Section 4.16 hereof or (y) 100% of the principal amount thereof in the event of an Asset Sale pursuant to a provision no more
favorable to the holders thereof than Section 4.12 hereof; provided that, in each case, prior to the repurchase the Company has made an Offer to Purchase and repurchased all Notes issued under this Indenture that were validly tendered
for payment in connection with the offer to purchase; 
 (8) Restricted Payments not otherwise permitted hereby in an
aggregate amount not to exceed $1.0 million; 
 (9) (a) repurchases of Equity Interests deemed to occur upon the exercise of
stock options or warrants if the Equity Interests represent all or a portion of the exercise price thereof (or related withholding taxes) and (b) Restricted Payments by the Company or any Restricted

  
 52 

 
Subsidiary to allow the payment of cash in lieu of the issuance of fractional shares upon the exercise of options or warrants or upon the conversion or exchange of Equity Interests of the Company
or any Restricted Subsidiary in an aggregate amount under this clause (b) not to exceed $1.0 million; 
 (10) payment of
dividends or distributions on Disqualified Equity Interests of the Company or any Subsidiary Guarantor and payment of any redemption price or liquidation value of any Disqualified Equity Interest when due in accordance with its terms, in each case,
to the extent that such Disqualified Equity Interest was permitted to be Incurred in accordance with the provisions of this Indenture; 

(11) the payment of dividends on Qualified Equity Interests of up to 8.0% per annum of the greater of the gross proceeds
received by the Company from any offering or sale of such Qualified Equity Interests after the Issue Date or the accreted value of such Equity Interests (provided that the aggregate amount of dividends paid on such Qualified Equity Interests shall
not exceed the proceeds therefrom received by the Company after the Issue Date); and 
 (12) dividends made by the
Company in accordance with the Convertible Preferred Stock Documents in effect on the Issue Date; provided that dividends payable in cash pursuant to this clause (12) may only be paid with respect to Convertible Preferred Stock
outstanding as of the Issue Date; provided, further, that if such Convertible Preferred Stock Documents are amended or supplemented any such dividend shall be permitted pursuant to this clause (12) so long as any such amendments
or supplements does not increase such dividends payable pursuant to the Convertible Preferred Stock Documents; 
 provided that, in the case of
clauses (6), (7), (10), (11) and (12), no Default has occurred and is continuing or would occur as a result thereof. 
 (c)
Proceeds of the issuance of Qualified Equity Interests will be included under clause (3) of paragraph (a) only to the extent they are not applied as described in clause (4) or (5) of paragraph (b). Restricted Payments permitted
pursuant to clauses (2) through (9) and (11) of paragraph (b) will not be included in making the calculations under clause (3) of paragraph (a). 

(d) For purposes of determining compliance with this covenant, in the event that a proposed Restricted Payment (or portion thereof) meets the
criteria of more than one of the categories of Restricted Payments described in clauses (1) through (12) above, or is entitled to be incurred pursuant to paragraph (a) of this covenant, the Company will be entitled to divide, classify
or re-classify (based on circumstances existing at the time of such re-classification) such Restricted Payment (or portion thereof) in any manner that complies with this covenant and such Restricted Payment will be treated as having been made
pursuant to only such clause or clauses or the paragraph (a) of this covenant. 
 Section 4.10 Dividend and Other Payment Restrictions
Affecting Restricted Subsidiaries. 
 (a) Except as provided in Section 4.10(b), the Company will not, and will not permit any of
its Restricted Subsidiaries to create or otherwise cause or permit to exist or become effective any encumbrance or restriction of any kind on the ability of any Restricted Subsidiary to: 

(1) pay dividends or make any other distributions on any Equity Interests of the Restricted Subsidiary owned by the Company or
any other Restricted Subsidiaries; 

  
 53 

 (2) pay any Debt or other obligation owed to the Company or any other Restricted
Subsidiary; 
 (3) make loans or advances to the Company or any of its Restricted Subsidiaries; or 

(4) transfer any of its property or assets to the Company or any other Restricted Subsidiary. 

(b) The restrictions in Section 4.10(a) hereof will not apply to any encumbrances or restrictions: 

(1) existing on the Issue Date in this Indenture or any other agreements in effect on the Issue Date, and any
extensions, renewals, replacements or refinancings of any of the foregoing; provided that the encumbrances and restrictions in the extension, renewal, replacement or refinancing are, taken as a whole, no less favorable in any material respect
to the noteholders than the encumbrances or restrictions being extended, renewed, replaced or refinanced; 
 (2)
existing under or by reason of applicable law, rule, regulation or order; 
 (3) existing with respect to any Person, or to
the property or assets of any Person, at the time the Person is acquired by the Company or any Subsidiary, which encumbrances or restrictions are not applicable to any other Person or the property or assets of any other Person (other than
Subsidiaries of such Person) and any extensions, renewals, replacements, or refinancings of any of the foregoing, provided the encumbrances and restrictions in the extension, renewal, replacement or refinancing are, taken as a whole, no less
favorable in any material respect to the noteholders than the encumbrances or restrictions being extended, renewed, replaced or refinanced; 

(4) of the type described in clause (a)(4) arising or agreed to in the ordinary course of business (i) that restrict in a
customary manner the subletting, assignment or transfer of any property or asset that is subject to a lease or license or (ii) by virtue of any Lien on, or agreement to transfer, option or similar right (including any asset sale or stock sale
agreement) with respect to any property or assets of, the Company or any Subsidiary; 
 (5) with respect to a Subsidiary and
imposed pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock of, or property and assets of, the Subsidiary that is not prohibited by Section 4.12 hereof; 

(6) existing pursuant to customary provisions in partnership agreements, limited liability company organizational governance
documents, joint venture and other similar agreements entered into in the ordinary course of business that restrict the transfer of ownership interests in such partnership, limited liability company, joint venture or similar Person; 

(7) consisting of restrictions on cash or other deposits or net worth imposed by customers, suppliers or landlords under
contracts entered into in the ordinary course of business; 
 (8) existing pursuant to purchase money and capital lease
obligations for property acquired in the ordinary course of business; 

  
 54 

 (9) restrictions or conditions contained in any trading, netting,
operating, construction, service, supply, purchase or other agreement to which the Company or any of its Subsidiaries is a party entered into in the ordinary course of business; provided that such agreement prohibits the encumbrance solely of
the property or assets of the Company or such Subsidiary that are the subject of such agreement, the payment rights arising thereunder or the proceeds thereof and does not extend to any other asset or property of the Company or such Subsidiary or
the assets or property of any other Subsidiary; 
 (10) pursuant to agreements governing other Debt not
prohibited to be incurred under Section 4.11 hereof and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the restrictions therein do not
materially adversely affect the ability of the Company to make interest, principal and redemption payments on the Notes; and 

(11) with respect to clause (4) above, customary encumbrances, restrictions or conditions with respect to the leasing of
vessels similar to those contained in the credit documents evidencing Debt permitted under Section 4.11(b)(17) and (19). 
 (c) For
purposes of determining compliance with this Section 4.10, (i) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock or other
Preferred Stock shall not be deemed a restriction on the ability to make distributions on Equity Interests and (ii) the subordination of loans or advances made to the Company or any Subsidiary to other Debt Incurred by the Company or any such
Subsidiary shall not be deemed a restriction on the ability to make loans or advances. 
 Section 4.11 Incurrence of Indebtedness and Issuance of
Preferred Stock. 
 (a) The Company will not, nor will it permit any of its Restricted Subsidiaries, to Incur any Debt. 

(b) Notwithstanding the provisions of Section 4.11(a), the Company and, to the extent provided below, any Restricted Subsidiary may
Incur the following (“Permitted Debt”): 
 (1) Debt of the Company or any Subsidiary Guarantor
constituting Pari Passu Obligations for which the Authorized Representative of such Debt holders has executed a joinder to the Collateral Trust Agreement as set forth in Article 10 hereof; provided that, on the date of the Incurrence, after
giving effect to the Incurrence and the receipt and application of the proceeds therefrom, (a) until the second anniversary of the Issue Date, the Collateral Coverage Ratio, as determined on a Pro Forma Basis, is not less than 1.75 to 1.0 and
(b) thereafter, the Collateral Coverage Ratio, as determined on a Pro Forma Basis, is not less than 2.00 to 1.00; 
 (2)
the incurrence by the Company or any of its Restricted Subsidiaries of intercompany Debt between or among the Company and any of its Restricted Subsidiaries; provided, however, that: 

(A) if the Company or any Subsidiary Guarantor is the obligor on such Debt and the payee is not the Company or a Subsidiary
Guarantor, such Debt must be unsecured and expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Notes, in the case of the Company, or the Note Guarantee, in the case of a Subsidiary Guarantor;
and 

  
 55 

 (B) (i) any subsequent issuance or transfer of Equity Interests that results in
any such Debt being held by a Person other than the Company or a Restricted Subsidiary of the Company and (ii) any sale or other transfer of any such Debt to a Person that is not either the Company or a Restricted Subsidiary of the Company,
will be deemed, in each case, to constitute an incurrence of such Debt by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this Section 4.11(b)(2)(B); 

(3) Unsecured Debt of the Company or any Subsidiary Guarantor; provided that (a) such Debt has a Stated
Maturity after the Stated Maturity of the Notes and (b) on the date of the Incurrence, after giving effect to the Incurrence and the receipt and application of the proceeds therefrom, the Collateral Coverage Ratio, as determined on a Pro Forma
Basis, calculated as if all Debt of the Company and the Subsidiary Guarantors outstanding at such time was included in clause (ii) of the definition of Collateral Coverage Ratio, is not less than 1.25 to 1.0; 

(4) Debt of the Company pursuant to the Notes (other than Additional Notes) and Debt of any Subsidiary Guarantor pursuant to a
Note Guarantee (including Additional Notes); 
 (5) Debt (“Permitted Refinancing Debt”) constituting
an extension or renewal of, replacement of, or substitution for, or issued in exchange for, or the net proceeds of which are used to repay, redeem, repurchase, refinance or refund, including by way of defeasance (all of the foregoing, for purposes
of this clause, “refinance”) then outstanding Debt in an amount not to exceed the principal amount of the Debt so refinanced, plus interest, premiums, fees and expenses; provided that 

(A) in case the Debt to be refinanced is Subordinated Debt, the new Debt, by its terms or by the terms of any agreement or
instrument pursuant to which it is outstanding, is expressly made subordinate in right of payment to the Notes at least to the extent that the Debt to be refinanced is subordinated to the Notes, 

(B) the new Debt does not have a Stated Maturity prior to the Stated Maturity of the Debt to be refinanced, and the Average
Life of the new Debt is at least equal to the remaining Average Life of the Debt to be refinanced, and 
 (C) Debt Incurred
pursuant to clauses (2), (6), (7), (9), (10), (11), (12) and (14) may not be refinanced pursuant to this clause; 

(6) Hedging Agreements of the Company or any Restricted Subsidiary entered into in the ordinary course of business for the
purpose of managing risks associated with the business of the Company or its Subsidiaries and not for speculation; 
 (7)
Debt of the Company or any Restricted Subsidiary with respect to (A) letters of credit and bankers’ acceptances issued in the ordinary course of business and not supporting other Debt, including letters of credit supporting performance,
surety or appeal bonds, workers’ compensation claims, health, disability or other benefits to employees or former employees or their families or property, casualty or liability insurance or self-insurance, and letters of credit in connection
with the maintenance of, or pursuant to the requirements of, environmental or other permits or licenses from governmental authorities, or other Debt with respect to reimbursement type obligations regarding workers’ compensation claims and
(B) indemnification, adjustment of purchase price, earn-out or similar obligations incurred in connection with the acquisition or disposition of any business or assets; 

  
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 (8) Debt of the Company and any Restricted Subsidiary outstanding on the Issue
Date (and not otherwise constituting Permitted Debt); 
 (9) The Guarantee by the Company or any Restricted Subsidiary
of Debt of the Company or a Restricted Subsidiary of the Company, to the extent that the guaranteed Debt was permitted to be incurred by another provision of this covenant; provided that if the Debt being guaranteed is subordinated to or
pari passu with the Notes, then the Guarantee must be subordinated or pari passu, as applicable, to the same extent as the Debt guaranteed; 

(10) Debt of the Company or any Subsidiary Guarantor Incurred on or after the Issue Date not otherwise permitted in an
aggregate principal amount at any time outstanding not to exceed the greater of $15.0 million and 5% of the Loan Collateral (calculated as of the most recent date the value of the Loan Collateral was determined); 

(11) Debt arising from endorsing instruments of deposit and from the honoring by a bank or other financial institution
of a check, draft or similar instrument drawn against insufficient funds, in each case, in the ordinary course of business; provided that such Debt is extinguished within five business days of Incurrence; 

(12) Debt of the Company or any Restricted Subsidiary consisting of the financing of insurance premiums; 

(13) Contribution Debt; 

(14) Debt, which may include Capital Leases, Incurred on or after the Issue Date no later than 180 days after the date
of purchase, or completion of construction or improvement of property, for the purpose of financing all or any part of the purchase price or cost of construction or improvement; provided that the principal amount of any Debt Incurred pursuant
to this clause (14) at any one time outstanding may not exceed $10.0 million less (b) the aggregate outstanding amount of Permitted Refinancing Debt Incurred to refinance Debt Incurred pursuant to this clause; 

(15) Debt of a target or any of its Subsidiaries that becomes a Restricted Subsidiary on or after the date hereof;
provided that such Debt (i) exists at the time such person becomes a Restricted Subsidiary, (ii) is not created in anticipation or contemplation of such person becoming a Restricted Subsidiary and (iii) is not directly or
indirectly recourse to any of the Company or the Subsidiary Guarantors or any of their respective assets, other than to the person that becomes a Subsidiary; 

(16) Debt of Schuff and its Subsidiaries Incurred under the Second Amended and Restated Credit and Security Agreement, dated
August 14, 2014, as amended refinanced or replaced from time to time, in an aggregate principal amount not to exceed the greater of $70.0 million and the Borrowing Base; 

(17) Debt of Bridgehouse Marine and its Subsidiaries in an aggregate amount of Purchase Money Obligations, the proceeds
of which are used solely to pay the cash consideration for the acquisition or construction of vessels; provided, however, that the amount of such Debt does not exceed 75% the cost of such acquisition or construction, as the case may
be; 

  
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 (18) Debt of ANG Holdings and its Subsidiaries in an aggregate amount of
Purchase Money Obligations, the proceeds of which are used solely to pay the cash consideration for the acquisition or construction of gas distribution facilities and related assets; provided, however, that the amount of such Debt does
not exceed 65% the cost of such acquisition or construction, as the case may be; 
 (19) Debt of the Company’s
Restricted Subsidiaries (other than Schuff, Bridgehouse Marine and ANG) in an aggregate amount for each such Restricted Subsidiary at the time of Incurrence does not, when taken together with any other Debt of such Restricted Subsidiary, exceed 1.0
times such Restricted Subsidiary’s EBITDA for the last four quarters for which internal financial statements are available; and 

(20) Debt of Restricted Subsidiaries that are not Subsidiary Guarantors in an aggregate amount outstanding at any time not to
exceed the greater of (x) $15.0 million and (y) 5% of the Loan Collateral (calculated as of the most recent date the value of Loan Collateral was determined). 

(c) Notwithstanding any other provision of this Section 4.11, for purposes of determining compliance with this covenant, increases
in Debt solely due to fluctuations in the exchange rates of currencies will not be deemed to exceed the maximum amount that the Company or a Restricted Subsidiary may Incur under this covenant. For purposes of determining compliance with any U.S.
dollar-denominated restriction on the Incurrence of Debt, the U.S. dollar-equivalent principal amount of Debt or the financial measure denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on
the date such Debt was Incurred; provided that if such Debt is Incurred to refinance other Debt denominated or based on a financial measure in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated
restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such
refinancing Debt does not exceed the principal amount of such Debt being refinanced (including, for the avoidance of doubt, interest, premium, fees and expenses). The principal amount of any Debt Incurred to refinance other Debt, if Incurred in a
different currency from the Debt being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Debt is denominated that is in effect on the date of such refinancing. 

(d) In the event that an item of Debt meets the criteria of more than one of the types of Debt described in this covenant, the Company, in its
sole discretion, will classify items of Debt and will only be required to include the amount and type of such Debt in one of such clauses and the Company will be entitled to divide and classify an item of Debt in more than one of the types of Debt
described in this covenant, and may, at any time after such Incurrence (based on circumstances existing at such time), change the classification of an item of Debt (or any portion thereof) to any other type of Debt described in this covenant at any
time. If any Contribution Debt is redesignated as Incurred under any provision other than clause (13) of paragraph (b), the related issuance of Equity Interests may be included in any calculation under Section 4.09(a)(3)(B). 

(e) Neither the Company nor any Subsidiary Guarantor may Incur any Debt that is subordinated in right of payment to other Debt of the Company
or the Subsidiary Guarantor unless such Debt is also subordinated in right of payment to the Notes or the relevant Note Guarantee on substantially identical terms. This does not apply to distinctions between categories of Debt that exist by reason
of any Liens or Guarantees securing or in favor of some but not all of such Debt. 

  
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 Section 4.12 Asset Sales. 

(a) Neither the Company nor any of its Restricted Subsidiaries will make any Asset Sale unless the following conditions are met: 

(1) The Asset Sale is for fair market value, as determined by the Company or the applicable Restricted Subsidiary, which
determination, if in excess of $7.5 million, shall be set forth in an Officer’s Certificate executed on behalf of the Company or such Restricted Subsidiary by the Chief Financial Officer or the Chief Operating Officer of the Company or such
Restricted Subsidiary, as the case may be. 
 (2) At least 75% of the consideration consists of Cash Equivalents received at
closing or Replacement Assets (provided that if the assets subject to such Asset Sale were Collateral immediately prior to such Asset Sale, then such Replacement Assets or Equity Interests of any direct Subsidiary that directly or indirectly owns
such Replacement Assets are pledged as Collateral pursuant to the Security Documents). For purposes of this Section 4.12(a)(2), each of the following shall be deemed to be Cash Equivalents: 

(A) the assumption by the purchaser, or cancellation, of Debt or other obligations (other than Subordinated Debt) of the
Company or a Restricted Subsidiary pursuant to a customary novation agreement or acknowledgment of such cancellation; provided that such cancellation permanently retires such Debt (and in the case of a revolving credit facility, permanently
reduces the commitment thereunder by such amount), 
 (B) instruments or securities received from the purchaser that
are promptly, but in any event within 120 days of the closing, converted by the Company to Cash Equivalents, to the extent of the Cash Equivalents actually so received and 

(C) any Designated Non-cash Consideration received by the Company or any Restricted Subsidiary in such Asset Sale having an
aggregate fair market value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (C) that is at that time outstanding, not to exceed the greater of $10.0 million and 3.5% of the Loan Collateral
(calculated as of the most recent date the value of the Loan Collateral was determined) at the time of the receipt of such Designated Non-cash Consideration (with the fair market value of each item of Designated Non-cash Consideration being measured
at the time received and without giving effect to subsequent changes in value) (provided that if the assets subject to such Asset Sale were Collateral immediately prior to such Asset Sale, then such Designated Non-cash Consideration are pledged as
Collateral pursuant to the Security Documents). 
 (b) Within 365 days after the receipt of any Net Cash Proceeds from an Asset Sale,
the Net Cash Proceeds may be used (a) to permanently repay, reduce, prepay or redeem Debt of a Subsidiary that is not a Subsidiary Guarantor, other than Debt owed to the Company or another Subsidiary, (b) to acquire all or substantially
all of the assets of an operating business, a majority of the Voting Stock of another Person that thereupon becomes a Restricted Subsidiary engaged in an operating business or to make other Investments in Persons other than Permitted Holders in the
ordinary course of business (collectively, “Replacement Assets”) or (c) by a Restricted Subsidiary to purchase an operating business, to make capital expenditures or otherwise acquire long-term assets that are to be used in an
operating business (which assets or Voting Stock shall be pledged as Collateral if the assets subject to such Asset Sale were Collateral immediately prior to such Asset Sale); provided that in the case of clause (b) or (c) above, a
binding commitment shall be treated as a permitted application of Net Cash Proceeds from the date of such commitment so long as the Company or other such Restricted Subsidiary enters into such 

  
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commitment with the good faith expectation that such Net Cash Proceeds will be applied to satisfy such commitment within 180 days of such commitment, provided, further, that in
the event such binding commitment is later canceled or terminated for any reason before such Net Proceeds are so applied, the Company or such Restricted Subsidiary enters into another binding commitment (a “Second Commitment”)
within 180 days of such cancellation or termination of the prior binding commitment; provided, further, that the Company or such Restricted Subsidiary may only enter into a Second Commitment under the foregoing provision one time with
respect to each Asset Sale and to the extent such Second Commitment is later cancelled or terminated for any reason before such Net Proceeds are applied, then such Net Proceeds shall constitute Excess Proceeds. 

(c) The Net Cash Proceeds of an Asset Sale not applied within the time periods set forth in and pursuant to Section 4.12(b) shall
constitute “Excess Proceeds”. Until the aggregate amount of Excess Proceeds exceeds $20.0 million, all or any portion of such Excess Proceeds may be used or invested in the manner described in Section 4.12(b) and such invested
amount shall no longer be considered Excess Proceeds. When accumulated Excess Proceeds equals or exceeds $20.0 million, the Company must, within 30 days, make an Offer to Purchase Notes having a principal amount equal to: 

(1) accumulated Excess Proceeds, multiplied by 

(2) a fraction (x) the numerator of which is equal to the outstanding principal amount of the Notes and (y) the
denominator of which is equal to the outstanding principal amount of the Notes and all Pari Passu Obligations secured by Liens on the Collateral and owed to anyone other than the Company, a Restricted Subsidiary or any Permitted Holder similarly
required to be repaid, redeemed or tendered for in connection with the Asset Sale, rounded down to the nearest $1,000. 
 (d) The
purchase price for the Notes will be 100% of the principal amount plus accrued interest to the date of purchase. If the Offer to Purchase is for less than all of the outstanding Notes and Notes in an aggregate principal amount in excess of the
purchase amount are tendered and not withdrawn pursuant to the offer, the Company will purchase Notes having an aggregate principal amount equal to the purchase amount on a pro rata basis, by lot or any other method that the Trustee in its sole
discretion deems fair and appropriate with adjustments so that only Notes in multiples of $1,000 principal amount will be purchased. Upon completion of the Offer to Purchase, Excess Proceeds will be reset at zero, and any Excess Proceeds remaining
after consummation of the Offer to Purchase may be used for any purpose not otherwise prohibited by this Indenture. An “Offer to Purchase” must be made by written offer, which will specify the principal amount of Notes subject to the offer
and the purchase price. The offer must specify an expiration date (the “expiration date”) not less than 30 days or more than 60 days after the date of the offer and a settlement date for purchase (the “purchase
date”) not more than five business days after the expiration date. The offer will also contain instructions and materials necessary to enable Holders to tender Notes pursuant to the offer. 

(e) Notwithstanding the foregoing, (i) to the extent that any of or all the Net Proceeds of any Asset Sale by a Restricted
Subsidiary (x) are prohibited, delayed or restricted by applicable U.S., foreign or local law or regulation or a limitation not prohibited by Section 4.10 hereof (a “Dividend Restriction”), from being repatriated or
distributed to the Company, or (y) would result in a material adverse tax consequence under U.S., foreign or local law or regulation (a “Material Tax Consequence”), the portion of such Net Proceeds so affected will not be
required to be applied in accordance with this covenant but may be retained by the applicable Restricted Subsidiary so long, but only so long, as applicable U.S., foreign or local law or regulation or a Dividend Restriction prohibits, delays or
restricts such repatriation or distribution to the Company or such repatriation or distribution to the Company would result in a Material Tax Consequence (the Company hereby agreeing to cause the applicable Restricted Subsidiary 

  
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to promptly take all commercially reasonable actions required by the applicable U.S., foreign or local law or regulation to permit such repatriation or distribution), and once such repatriation
or distribution of any of such affected Net Proceeds is not prohibited, delayed or restricted under applicable U.S., foreign or local law or regulation or a Dividend Restriction and would not result in a Material Tax Consequence, such repatriation
or distribution will be effected and such repatriated or distributed Net Proceeds will be promptly applied in accordance with this covenant if such Net Proceeds have not already been applied in accordance with Sections 4.12(a) through
(d) above; and (ii) if such Restricted Subsidiary is not wholly-owned by the Company, such Net Proceeds shall be reduced by any amounts required to be paid to Persons other than the Company prior to, or in connection with, a distribution
of Net Proceeds to the Company. For the avoidance of doubt, “foreign or local law or regulation” shall include, without limitation, any requirement of the U.K. Pension Regulator or similar authority. 

(f) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent such laws and regulations are applicable in connection with the repurchase of the Notes pursuant to this covenant. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this
Section 4.12, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the provisions of this covenant by virtue of such compliance. 

Section 4.13 Transactions with Affiliates. 

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into, renew or extend
any transaction or arrangement including the purchase, sale, lease or exchange of property or assets, or the rendering of any service with any Affiliate of the Company or any Restricted Subsidiary (a “Related Party Transaction”),
involving payments or consideration in excess of $2.5 million except upon fair and reasonable terms that taken as a whole are no less favorable to the Company or the Restricted Subsidiary than could be obtained in a comparable arm’s-length
transaction with a Person that is not an Affiliate of the Company. 
 (b) Any Related Party Transaction or series of Related Party
Transactions with an aggregate value in excess of $7.5 million must first be approved by a majority of the relevant Board of Directors who are disinterested in the subject matter of the transaction pursuant to a Board Resolution delivered to the
Trustee. Prior to entering into any Related Party Transaction or series of Related Party Transactions with an aggregate value in excess of $20.0 million, the Company must in addition obtain and deliver to the Trustee a favorable written opinion from
a nationally recognized investment banking, appraisal, or accounting firm as to the fairness of the transaction to the Company and its Restricted Subsidiary from a financial point of view. 

(c) The foregoing Sections 4.13(a) and (b) do not apply to: 

(1) any transaction between the Company and any of its Restricted Subsidiaries or between Restricted Subsidiaries of the
Company; 
 (2) the payment by the Company or one of its Restricted Subsidiaries of reasonable and customary regular fees and
compensation to, and reasonable and customary indemnification arrangements and similar payments on behalf of, directors of the Company or any Restricted Subsidiary who are not employees of the Company or such Restricted Subsidiary; 

(3) any Restricted Payments permitted by Section 4.09 hereof; 

  
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 (4) transactions or payments, including the award of securities, pursuant to any
employee, officer or director compensation or benefit plans or arrangements by the Company or a Restricted Subsidiary entered into in the ordinary course of business, or approved by the Board of Directors of the Company or the applicable Restricted
Subsidiary; 
 (5) transactions pursuant to any contract or agreement in effect on the Issue Date, as amended, modified or
replaced from time to time so long as the terms of the amended, modified or new agreements, taken as a whole, are no less favorable to the Company and any applicable Restricted Subsidiary than those in effect on the date of this Indenture; 

(6) the entering into of a customary agreement providing registration rights to the direct or indirect stockholders of the
Company or any Restricted Subsidiary and the performance of such agreements; 
 (7) the issuance of Equity Interests (other
than Disqualified Equity Interests) of the Company or a Restricted Subsidiary to any Person or any transaction with an Affiliate where the only consideration paid by the Company or any Restricted Subsidiary is Equity Interests (other than
Disqualified Equity Interests) of the Company or such Restricted Subsidiary or any contribution to the capital of the Company or a Restricted Subsidiary; 

(8) the entering into of any tax sharing agreement or arrangement or any other transactions undertaken in good faith for the
sole purpose of improving the tax efficiency of the Company and its Restricted Subsidiaries; 
 (9) (A) transactions with
customers, clients, suppliers or purchasers or sellers of goods or services, or transactions otherwise relating to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms
of this Indenture, (B) transactions with joint ventures entered into in ordinary course of business and consistent with past practice or industry norm or (C) any management services or support agreement entered into on terms consistent
with past practice or approved by a majority of the Board of Directors of the Company or the applicable Restricted Subsidiary (in each case, including a majority of the disinterested directors) in good faith; 

(10) transactions permitted by, and complying with, the provisions of Section 5.01 hereof, or any merger, consolidation or
reorganization of the Company or a Restricted Subsidiary with an Affiliate, solely for the purposes of reincorporating the Company or such Restricted Subsidiary in a new jurisdiction; 

(11) (a) transactions between the Company or any of its Restricted Subsidiaries and any Person that is an Affiliate
solely because one or more of its directors is also a director of the Company or the Restricted Subsidiary; provided that such director abstains from voting as a director of the Company or the Restricted Subsidiary on any matter involving
such other Person or (b) transactions entered into with any of the Company’s or its Restricted Subsidiaries or Affiliates for shared services, facilities and/or employee arrangements entered into on commercially reasonable terms (as
determined in good faith by the Company or the applicable Restricted Subsidiary); 
 (12) payments by the Company or
any Restricted Subsidiary to any Affiliate for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including in connection with acquisitions or divestitures, which payments are
on arms’-length terms and are approved by a majority of the members of the Board of Directors of the Company or the applicable Restricted Subsidiary (in each case, including a majority of the disinterested directors) in good faith; 

  
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 (13) any transaction pursuant to which any Affiliate provides the Company and/or
its Subsidiaries, at cost, with services, including services to be purchased from third-party providers, such as legal and accounting, tax, consulting, financial advisory, corporate governance, insurance coverage and other services, which
transaction is approved by a majority of the members of the Board of Directors of the Company or the applicable Restricted Subsidiary (in each case, including a majority of the disinterested directors) in good faith; 

(14) the entering into of customary investment management contracts between an Affiliate and any Restricted Subsidiary of the
Company that, in the ordinary course of its business, makes Investments in private collective investment vehicles (including private collective investment vehicles other than those owned by such Affiliate), which investment management contacts are
entered into on commercially reasonable terms and approved by a majority of the members of the Board of Directors of the Company or the applicable Restricted Subsidiary (in each case, including a majority of the disinterested directors) in good
faith; and 
 (15) transactions in which the Company or any Restricted Subsidiary, as the case may be, delivers to the
Trustee a letter from an independent accounting, appraisal or investment banking firm of national standing stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or meets the requirements of
clause (a) above. 
 Section 4.14 Liens. 

(a) Neither the Company nor any of its Restricted Subsidiaries will, create, incur, assume or otherwise cause or suffer to exist or become
effective any Lien of any kind (other than Permitted Liens) upon any of their property or assets, now owned or hereafter acquired. 
 (b) For
purposes of determining compliance with this Section 4.14, (A) a Lien securing an item of Debt need not be permitted solely by reference to one category of permitted Liens described in the definition of “Permitted Liens” but may
be permitted in part under any combination thereof and (B) in the event that a Lien securing an item of Debt, Disqualified Equity Interests or Preferred Stock (or any portion thereof) meets the criteria of one or more of the categories of
permitted Liens described in the definition of “Permitted Liens,” the Company shall, in its sole discretion, divide, classify or reclassify, or later divide, classify or reclassify, such Lien securing such item of Debt (or any portion
thereof) in any manner that complies with this covenant and will only be required to include the amount and type of such Lien or such item of Debt secured by such Lien in one of the clauses of the definition of “Permitted Liens” and such
Lien securing such item of Debt will be treated as being Incurred or existing pursuant to only one of such clauses. 
 (c) With respect to
any Lien securing Debt that was permitted to secure such Debt at the time of the Incurrence of such Debt, such Lien shall also be permitted to secure any Increased Amount of such Debt provided that such Increased Amount is otherwise permitted to be
Incurred. The “Increased Amount” of any Debt shall mean any increase in the amount of such Debt in connection with any accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of
interest in the form of additional Debt with the same terms, the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, accretion of original issue discount or liquidation preference and
increases in the amount of Debt outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Debt described in subclause (7) of the definition of “Debt.” 

  
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 Section 4.15 Corporate Existence. 

Subject to Article 5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect: 

(1) its corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with
the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and 

(2) the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however,
that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries, if the Board of Directors of the Company shall determine that the preservation
thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes. 

Section 4.16 Repurchase of Notes Upon Change of Control. 

(a) If a Change of Control occurs, each Holder of Notes will have the right to require the Company to repurchase all or any part (equal
to $2,000 or a higher multiple of $1,000) of that Holder’s Notes pursuant to a the terms set forth in this Indenture (a “Change of Control Offer”). In the Change of Control Offer, the Company will offer a payment (such payment,
a “Change of Control Payment”) in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest thereon, to the date of purchase. Within 30 days following any Change of Control, the
Company will mail or deliver electronically a notice to each Holder describing the transaction or transactions that constitute the Change of Control and offering to repurchase Notes on the date specified in such notice (the “Change of
Control Payment Date”), which date shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed or delivered electronically, pursuant to the procedures required by this Indenture and described in such
notice. A Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer. The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of the Notes as a result
of a Change of Control. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions of this Indenture, the Company will comply with the applicable securities laws and regulations and will
not be deemed to have breached its obligations under the Change of Control provisions of this Indenture by virtue of such compliance. 

(b) On or before the Change of Control Payment Date, the Company will, to the extent lawful: 

(1) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer; 

(2) deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof
properly tendered; and 

  
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 (3) deliver or cause to be delivered to the Trustee the Notes so accepted
together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. 

(c) The paying agent will promptly mail or wire transfer to each Holder of Notes properly tendered the Change of Control Payment for
such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that such new
note will be in a principal amount of $2,000 or a higher integral multiple of $1,000. 
 (d) The Company will not be required to make
a Change of Control Offer upon a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of
Control Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer or (2) notice of redemption has been given with respect to all the Notes pursuant to Section 3.07 hereof,
unless and until there is a default in payment of the applicable redemption price. 
 (e) If Holders of not less than 90% in aggregate
principal amount of the outstanding notes validly tender and do not withdraw such notes in a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as described above, purchases all of the
notes validly tendered and not withdrawn by such holders, the Company or such third party will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change
of Control Offer described above, to redeem all notes that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to but excluding the date of redemption. 

(f) Notes repurchased by the Company pursuant to a Change of Control Offer will have the status of notes issued but not outstanding or will be
retired and cancelled at the option of the Company. Notes purchased by a third party pursuant to this Section 4.16 will have the status of Notes issued and outstanding. 

(g) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change in Control. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this
Section 4.16, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.16 by virtue of such compliance. 

Section 4.17 Limitation on Sale and Leaseback Transactions. 

(a) Neither the Company nor any of its Restricted Subsidiaries will enter into any Sale and Leaseback Transaction with respect to any property
or asset unless the Company or the Restricted Subsidiary would be entitled to: 
 (1) Incur Debt in an amount equal to the
Attributable Debt with respect to such Sale and Leaseback Transaction pursuant to Section 4.17 hereof, and 
 (2) create
a Lien on such property or asset securing such Attributable Debt without equally and ratably securing the Notes pursuant to Section 4.14 hereof, in which case, the corresponding Debt and Lien will be deemed Incurred pursuant to those
provisions. 

  
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 Section 4.18 Additional Note Guarantees. 

If any Domestic Subsidiary of the Company Guarantees any Debt of the Company or a Subsidiary Guarantor after the date of this Indenture, then
that Domestic Subsidiary will within 15 business days of the date on which it Guarantees any Debt of the Company or a Subsidiary Guarantor (i) execute and deliver to the Trustee a supplemental indenture substantially in the form attached to
this Indenture pursuant to which such Domestic Subsidiary will guarantee the Notes, and (ii) execute and deliver to the Collateral Trustee joinder agreements or other similar agreements with respect the applicable Security Documents. Each
Guarantee shall be automatically released as described under Section 11.05. The form of such supplemental indenture is attached as Exhibit F hereto. 

Section 4.19 Designation of Restricted and Unrestricted Subsidiaries. 

The Board of Directors may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause a Default.
If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate fair market value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as Unrestricted will be deemed
to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 4.09 hereof or under one or more clauses of the definition of Permitted Investments, as determined by the
Company. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Board of Directors may redesignate any Unrestricted
Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Default. 
 Any designation of a Subsidiary of the
Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a certified copy of a resolution of the Board of Directors giving effect to such designation and an Officers’ Certificate certifying that such
designation complied with the preceding conditions and was permitted under Section 4.09. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an
Unrestricted Subsidiary for purposes of this Indenture and any Debt of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Debt is not permitted to be incurred as of such date under
Section 4.11 hereof the Company will be in default of such covenant. The Board of Directors may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company; provided that such designation will be deemed
to be an incurrence of Debt by a Restricted Subsidiary of the Company of any outstanding Debt of such Unrestricted Subsidiary, and such designation will only be permitted if (1) such Debt is permitted under Section 4.11 hereof calculated
on a pro forma basis as if such designation had occurred at the beginning of the applicable reference period; and (2) no Default or Event of Default would be in existence following such designation. 

Section 4.20 Advances to Subsidiaries. 

All advances to Restricted Subsidiaries made by the Company after the date of this Indenture will be evidenced by intercompany notes in favor
of the Company. These intercompany notes will be pledged pursuant to the Security Documents as Collateral to secure the Notes. Repayments of principal with respect to any intercompany notes will be required to be pledged pursuant to the Security
Documents as Collateral to secure the Notes until such amounts are advanced to a Subsidiary in accordance with this Indenture. 

  
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 Section 4.21 Real Estate Mortgages and Filings 

With respect to any Mortgaged Property owned in fee by the Company or any Subsidiary Guarantor, the Company or such Subsidiary Guarantor shall
use commercially reasonable efforts to, within 90 days of the later of (x) the Issue Date and (y) the acquisition thereof: 

(1) deliver to the Collateral Trustee, as mortgagee, for the benefit of the Holders of the Notes, fully executed counterparts
of Mortgages, duly executed by the Company or the applicable Subsidiary Guarantor, as the case may be, and corresponding UCC fixture filings, together with evidence of the completion (or satisfactory arrangements for the completion) of all
recordings and filings of such Mortgages and corresponding UCC fixture filings as may be necessary to create a valid, perfected Lien, subject to Permitted Liens, against the Premises purported to be covered thereby; 

(2) deliver to the Collateral Trustee, (i) mortgagee’s title insurance policies in favor of the Collateral Trustee in
an amount equal to 100% of the fair market value of the Premises purported to be covered by the related Mortgages, insuring that title to such property is marketable and that the interests created by the Mortgage constitute valid Liens thereon free
and clear of all Liens, defects and encumbrances other than Permitted Liens, and such policies shall also include, to the extent available and issued at commercially reasonable rates, customary endorsements and shall be accompanied by evidence of
the payment in full (or satisfactory arrangements for the payment in full) of all premiums thereon and (ii) such affidavits, certificates, instruments of indemnification and other items (including a so-called “gap” indemnification) as
shall be reasonably required to induce the title insurer to issue the title insurance policies and endorsements referenced herein with respect to each of the Premises; 

(3) other than with respect to any Premises owned by the Company or a Subsidiary Guarantor on the Issue Date, deliver to the
Collateral Trustee either (i) new ALTA surveys or (ii) the most recent existing surveys of such Premises, together with either (y) an updated survey certification in favor of the Collateral Trustee from the applicable surveyor stating
that, based on a visual inspection of the property and the knowledge of the surveyor, there has been no change in the facts depicted in the survey or (z) an affidavit and/or indemnity from the Company or the applicable Subsidiary Guarantor, as
the case may be, stating that, to its knowledge, there has been no change in the facts depicted in the survey, other than, in each case, changes that do not materially adversely affect the use by the Company or such Subsidiary Guarantor, as
applicable, of such Premises for the Company or such Subsidiary Guarantor’s business as so conducted at such Premises and in each case (i) and (ii), in form and substance sufficient for the title insurer issuing the title policies to
remove the standard survey and survey-related exceptions from such policies and issue the survey, survey-related, and other endorsements required pursuant to clause (2) above to such policy; 

(4) deliver opinions of counsel to the Collateral Trustee in the jurisdictions where such Premises are located and the
jurisdiction of the Company or the applicable Subsidiary Guarantor, as the case may be, in each case, in form and substance customary in comparable financings, including, but not limited to, opinions stating that such Mortgage (i) has been duly
authorized, executed and delivered by the Company or such Subsidiary Guarantor, (ii) constitutes a legal, valid, binding and enforceable obligation of the Company or such Subsidiary Guarantor and (iii) is in proper form for recording in
order to create, when recorded in the appropriate recording office, a mortgage Lien on the property and a security interest in that part of the property constituting fixtures, and upon proper recording in the appropriate recording office, the
Mortgage will make effective such Lien and security interest intended to be created thereby; 

  
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 (5) deliver to the Collateral Trustee FEMA Standard Flood Hazard Determinations
with respect to each of the Premises, notice about special flood hazard area status and flood disaster assistance, and, in the event any such Premises is located in a special flood hazard area, evidence of flood insurance; 

(6) such other information, documentation, and certifications as may be necessary in order to create valid, perfected and
subsisting Liens against the Premises covered by the Mortgages; and 
 (7) deliver to the Collateral Trustee an
Officers’ Certificate that the foregoing requirements have been satisfied. 
 Section 4.22 Further Assurances; Insurance. 

(a) The Company and each Subsidiary Guarantor will take such further actions with respect to the Collateral, and execute and/or deliver to the
Collateral Trustee and/or file such additional mortgages, financing statements, amendments, assignments, agreements, supplements, powers and instruments, as may be required from time to time in order to: 

(1) create, perfect, preserve and protect the security interest in the Collateral and the rights and interests of the
Collateral Trustee under the Security Documents; 
 (2) carry into effect the purposes of the Security Documents or better to
assure and confirm the validity, enforceability and priority of the Collateral Trustee’s security interest in the Collateral as provided in the Security Documents; 

(3) permit the Collateral Trustee to exercise and enforce its rights, powers and remedies hereunder with respect to any
Collateral in accordance with the Security Documents, including the filing of financing statements, continuation statements and other documents under the UCC (or other similar laws) in effect in any jurisdiction with respect to the security interest
created in the Collateral (provided, however, that it shall be the Company’s obligation to make all such filings) and, to the extent required by the Security Documents, the execution and delivery of Control Agreements; and

 (4) perfect, continue and maintain the validity, enforceability and priority of the security interest in the
Collateral as provided herein and to preserve the other rights and interests granted to the Collateral Trustee hereunder, as against third parties, with respect to the Collateral. 

(b) Upon the exercise by the Trustee or any Holder of any power, right, privilege or remedy under this Indenture, or any of the Security
Documents which requires any consent, approval, recording, qualification or authorization of any governmental authority, the Company will execute and deliver all applications, certifications, instruments and other documents and papers that may be
required from the Company for such governmental consent, approval, recording, qualification or authorization. 
 (c) the Company and each
Subsidiary Guarantor will keep their respective properties adequately insured at all times by financially sound and reputable insurers (including title insurance), maintain such liability and other insurance as is customary for companies in the same
or similar business operating in the same or similar locations and maintain such other insurance as may be required by law. Upon request, the Company and the other Subsidiary Guarantors will furnish to the Collateral Trustee full information as to
their insurance carriers and policies. 

  
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 Section 4.23 Effectiveness of Covenants. 

(a) After the Issue Date, following the first day: (i) the Notes have Investment Grade Ratings from both Rating Agencies; and
(ii) no Default has occurred and is continuing under this Indenture; the Company and its Restricted Subsidiaries shall not be subject to Sections 4.03, 4.09, 4.10, 4.11, 4.12, 4.13, and 5.01(a)(3) (collectively, the “Suspended
Covenants”). 
 (b) In the event that the Company and the Restricted Subsidiaries are not subject to the Suspended
Covenants for any period of time as a result of the foregoing, and on any subsequent date (the ‘‘Reversion Date’’) the condition set forth in 4.23(a)(i) is no longer satisfied, then the Company and the Restricted
Subsidiaries will thereafter again be subject to the Suspended Covenants with respect to future events. 
 (c) On each
Reversion Date, all Debt Incurred during such time as the covenants referenced in Section 4.24(a) are suspended (a “Suspension Period”) prior to such Reversion Date will be deemed to be Debt Incurred pursuant to
Section 4.11(b)(8) hereof. For purposes of calculating the amount available to be made as Restricted Payments under Section 4.09(a)(3) hereof, calculations under such covenant shall be made as though such covenant had been in effect during
the Suspension Period. Restricted Payments made during the Suspension Period not otherwise permitted pursuant to Section 4.09(b), or permitted under Section 4.09(b)(1), (10) and (12), will reduce the amount available to be made as
Restricted Payments under Section 4.09(a)(3). For purposes of the Section 5.01 hereof, on the Reversion Date, the amount of Excess Proceeds will be reset to the amount of Excess Proceeds in effect as of the first day of the Suspension
Period ending on such Reversion Date. Notwithstanding that the Suspended Covenants may be reinstated, no Default or Event of Default shall be deemed to have occurred as a result of a failure to comply with the Suspended Covenants during a Suspension
Period (or on the Reversion Date after a Suspension Period based solely on events that occurred during the Suspension Period). 
 (d)
During any period when the Suspended Covenants are suspended, the Board of Directors of the Company may not designate any of the Company’s Subsidiaries as Unrestricted Subsidiaries pursuant to this Indenture, unless such designation would have
complied with Section 4.09 hereof as if such Section 4.09 would have been in effect during such period. 
 (e) The Company shall
deliver to the Trustee an Officers’ Certificate notifying the Trustee of any Reversion Date or the commencement of any Suspension Period and certifying that such suspension or reinstatement complied with the foregoing provisions, and in no
event shall the Trustee be charged with the knowledge of such Suspension Period or Reversion Date, except to the extent that a Trust Officer has received such Officers’ Certificate. In the case of a Suspension Period such notice shall list the
Suspended Covenants. 
 Article 5 

SUCCESSORS 
 Section 5.01 Merger,
Consolidation or Sale of Assets. 
 (a) The Company shall not, directly or indirectly: (i) consolidate or merge with or into another
Person; (ii) sell, convey, transfer or otherwise dispose of all or substantially all of its assets as an entirety or substantially an entirety, in one transaction or a series of related transactions, to any Person; or (iii) permit any
Person to merge with or into the Company, unless: 
 (1) either: 

  
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 (A) the Company is the surviving corporation; or 

(B) the resulting, surviving or transferee Person is a corporation organized and validly existing under the laws of the United
States of America or any jurisdiction thereof and expressly assumes by supplemental indenture all of the obligations of the Company under this Indenture and the Notes; 

(2) immediately after giving effect to the transaction, no Default has occurred and is continuing; 

(3) immediately after giving effect to the transaction on a pro forma basis, the Company or the resulting surviving or
transferee Person would be in compliance with Sections 4.03 and 4.04 hereof (calculated as if the date of the transaction was a date on which the covenant in Section 4.04 hereof is required to be tested); and 

(4) the Company delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel (on which the Trustee may
conclusively and exclusively rely), each stating that the consolidation, merger or transfer and the supplemental indenture (if any) comply with this Indenture; provided, that clauses (2) and (3) do not apply (i) to the
consolidation or merger of the Company with or into a Wholly Owned Subsidiary or the consolidation or merger of a Wholly Owned Subsidiary with or into the Company or (ii) if, in the good faith determination of the Board of Directors, whose
determination is evidenced by a Resolution of the Board of Directors, the sole purpose of the transaction is to change the jurisdiction of incorporation of the Company. 

(b) The Company shall not lease all or substantially all of its assets, whether in one transaction or a series of transactions, to one or more
other Persons. 
 (c) The foregoing clauses (a) and (b) shall not apply to (i) any transfer of assets among the Company and a
Subsidiary Guarantor, (ii) any transfer of assets among Subsidiary Guarantors or (iii) any transfer of assets by a Subsidiary that is not a Subsidiary Guarantor to (x) another Subsidiary that is not a Subsidiary Guarantor or
(y) the Company or any Subsidiary Guarantor. 
 (d) Upon the consummation of any transaction effected in accordance with these
provisions, if the Company is not the continuing Person, the resulting, surviving or transferee Person will succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and the Notes with the same
effect as if such successor Person had been named as the Company in this Indenture. Upon such substitution, except in the case of a sale, conveyance, transfer or disposition of less than all its assets, the Company will be released from its
obligations under this Indenture and the Notes. 
 Section 5.02 Successor Corporation Substituted. 

Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the
properties or assets of the Company in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the successor Person formed by such consolidation or into or with which the Company is merged or to which
such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other
disposition, the provisions of this Indenture referring to the “Company” shall refer instead to the successor Person and not to the Company), and may exercise every right and power of the Company under this Indenture with the same effect
as if such successor Person had been named as the Company 

  
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herein; provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal of, premium on, if any, and interest, if any, on, the Notes except in
the case of a sale of all of the Company’s assets in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof. 

Article 6 
 DEFAULTS AND REMEDIES

 Section 6.01 Events of Default. 

Each of the following is an “Event of Default”: 

(a) the Company defaults in the payment of the principal of any note when the same becomes due and payable at maturity, upon acceleration or
redemption, or otherwise (other than pursuant to an Offer to Purchase); 
 (b) the Company defaults in the payment of interest on any note
when the same becomes due and payable, and the default continues for a period of 30 days; 
 (c) failure by the Company to comply with the
provisions of Sections 4.12 or 4.16 hereof or failure by the Company or any of its Restricted Subsidiaries to comply with the provisions of Section 5.01 hereof; 

(d) failure by the Company to comply with the provisions of Sections 4.03 or 4.04 hereof and such default or breach is not cured within
(i) 45 days after the date of any default under Section 4.04 or (ii) 15 days after the date of any default under Section 4.03 (it being understood that the date of default in the case of covenants tested at the end of a fiscal
period is the last day of such fiscal period); 
 (e) the Company defaults in the performance of or breaches any other covenant or agreement
of the Company in this Indenture, the Pledge Agreement or under the Notes and the default or breach continues for a period of 60 consecutive days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of
25% or more in aggregate principal amount of the Notes); 
 (f) the failure by the Company or any Significant Subsidiary to pay any Debt
within any applicable grace period after final maturity or the acceleration of any such Debt by the Holders thereof because of a default, in each case, if the total amount of such Debt unpaid or accelerated exceeds $25.0 million; 

(g) one or more final judgments or orders for the payment of money are rendered against the Company or any of its Significant Subsidiaries and
are not paid or discharged, and there is a period of 60 consecutive days following entry of the final judgment or order that causes the aggregate amount for all such final judgments or orders outstanding and not paid or discharged against all such
Persons to exceed $25.0 million (in excess of amounts which the Company’s insurance carriers have agreed to pay under applicable policies) during which a stay of enforcement, by reason of a pending appeal or otherwise, is not in effect; 

(h) the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company
that, taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law: 
 (1)
commences a voluntary case, 

  
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 (2) consents to the entry of an order for relief against it in an involuntary
case, 
 (3) consents to the appointment of a custodian of it or for all or substantially all of its property, 

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

(5) generally is not paying its debts as they become due; 

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

(1) is for relief against the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary in an involuntary case; 

(2) appoints a custodian of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group
of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; or 
 (3) orders
the liquidation of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; 

and the order or decree remains unstayed and in effect for 60 consecutive days; 

(j) any Note Guarantee of a Significant Subsidiary ceases to be in full force and effect, other than in accordance the terms of this Indenture,
or a Guarantor that is a Significant Subsidiary denies or disaffirms its obligations under its Note Guarantee; or 
 (k) (a) the Liens
created by the Security Documents shall at any time not constitute a valid and perfected Lien on any portion of the Collateral (with a fair market value in excess of $25.0 million) intended to be covered thereby (to the extent perfection by filing,
registration, recordation or possession is required by this Indenture or the Security Documents), (b) any of the Security Documents shall for whatever reason be terminated or cease to be in full force and effect (except for expiration in
accordance with its terms or amendment, modification, waiver, termination or release in accordance with the terms of this Indenture) or (c) the enforceability of the Liens created by the Security Documents shall be contested by the Company or
any Subsidiary Guarantor that is a Significant Subsidiary. 
 The Trustee shall not be charged with knowledge of an Event of Default unless written notice
thereof shall have been given to a Responsible Officer of the Trustee by the Company or another Person. 
 Section 6.02 Acceleration. 

If an Event of Default, other than a default under Sections 6.01(h) or (i) with respect to the Company, occurs and is continuing under
this Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by written notice to the Company (and to the Trustee if the notice is given by the Holders), may, and the Trustee at the request
of such Holders shall, 

  
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declare the principal of and accrued interest on the Notes to be immediately due and payable. Upon a declaration of acceleration, such principal and interest will become immediately due and
payable. If a bankruptcy default occurs with respect to the Company, the principal of and accrued interest on the Notes then outstanding will become immediately due and payable without any declaration or other act on the part of the Trustee or any
Holder. 
 The Holders of a majority in principal amount of the outstanding Notes by written notice to the Company and to the Trustee may
waive all past defaults and rescind and annul a declaration of acceleration and its consequences if (i) all existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have become
due solely by the declaration of acceleration, have been cured or waived, and (ii) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction. 

Except as otherwise provided in this section or Section 9.02 below, the Holders of a majority in principal amount of the outstanding
Notes may, by written notice to the Trustee, waive an existing Default and its consequences. Upon such waiver, the Default will cease to exist, and any Event of Default arising therefrom will be deemed to have been cured, but no such waiver will
extend to any subsequent or other Default or impair any right consequent thereon. 
 In the event of a declaration of acceleration of the
Notes because an Event of Default under Section 6.01(f) has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically annulled if the event of default or payment default triggering such Section 6.01(f)
shall be remedied or cured, or waived by the holders of the Debt, or the Debt that gave rise to such Event of Default shall have been discharged in full, within 30 days after the declaration of acceleration with respect thereto and if (1) the
annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, except nonpayment of principal, premium or interest on the Notes that became
due solely because of the acceleration of the Notes, have been cured or waived. 
 The Holders of a majority in principal amount of the
outstanding Notes may 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. However, the Trustee may refuse to follow any direction that
conflicts with law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Notes not joining in the giving of such direction, and may
take any other action it deems proper that is not inconsistent with any such direction received from Holders of Notes. 
 If any
Default occurs and is continuing and is known to the Trustee, the Trustee will send notice of the Default to each Holder within 90 days of the Trustee’s receipt of notice of the Default, unless the Default has been cured; provided that,
except in the case of a default in the payment of the principal of or interest on any note, the Trustee may withhold the notice if and so long as the Trustee in good faith determines that withholding the notice is in the interest of the Holders.

 Section 6.03 Other Remedies. 

If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, premium
on, if any, or interest, if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

  
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 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in
the Event of Default. All remedies are cumulative to the extent permitted by law. 
 Section 6.04 Waiver of Past Defaults. 

The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of the
Holders of all of the Notes waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of principal of, premium on, if any, or interest, if any, on, the Notes
(including in connection with an offer to purchase); provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment
default that resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend
to any subsequent or other Default or impair any right consequent thereon. 
 Section 6.05 Control by Majority. 

Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be
unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability. 
 Section 6.06 Limitation on
Suits. 
 No Holder of a Note may pursue any remedy with respect to this Indenture or the Notes unless: 

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

(2) Holders of at least 25% in aggregate principal amount of outstanding Notes have made written request to the Trustee to
institute proceedings in respect of the Event of Default in its own name as Trustee under the Indenture; 
 (3) Holders have
offered to the Trustee indemnity satisfactory to the Trustee, in its sole discretion, against any costs, liabilities or expenses 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) during such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding
Notes have not given the Trustee a direction that is inconsistent with such written request. 
 A Holder of a Note may not use this
Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 

  
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 Section 6.07 Rights of Holders of Notes to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal of, premium on, if
any, or interest, if any, on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall
not be impaired or affected without the consent of such Holder; provided that a Holder shall not have the right to institute any such suit for the enforcement of payment if and to the extent that the institution or prosecution thereof or the
entry of judgment therein would, under applicable law, result in the surrender, impairment, waiver or loss of the Lien of this Indenture upon any property subject to such Lien. 

Section 6.08 Collection Suit by Trustee. 

If an Event of Default specified in Section 6.01(a) or (b) hereof occurs and is continuing, without the possession of any of the
Notes or the production thereof in any proceeding related thereto, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium on, if any, and
interest, if any, remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee (including without limitation any amounts due to the Trustee pursuant to Section 7.07 hereof), its agents and counsel. 

Section 6.09 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any
other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian 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 to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by
a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. 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 Notes
or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.10
Priorities. 
 If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 

First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all
compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

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

Third: to the Company or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 

Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant
to Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes. 
 Article 7

 TRUSTEE 
 Section 7.01 Duties of
Trustee. 
 (a) If an Event of Default has occurred and is continuing and is actually known to a Responsible Officer of the Trustee, the
Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own
affairs. 
 (b) Except during the continuance of an Event of Default: 

(1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, 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. However, the Trustee will examine the certificates and opinions to determine whether or not
they conform on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that: 
 (1) this paragraph does not limit the effect of paragraph (b) of this Section 7.01;

  
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 (2) the Trustee will not be liable for any error of judgment made in good faith
by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3)
the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to the terms hereof. 

(d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to
paragraphs (a), (b), and (c) of this Section 7.01. 
 (e) No provision of this Indenture will require the Trustee to expend or risk
its own funds or incur any liability. The Trustee will be under no obligation to exercise any of its rights or powers under this Indenture at the request of any Holders, unless such Holder has offered to the Trustee security and indemnity
satisfactory to the Trustee, in its sole discretion, against any loss, liability or expense. 
 (f) The Trustee will not be liable for
interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 7.02 Rights of Trustee. 
 (a)
The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee
will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel
will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed
with due care. 
 (d) The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized
or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. 
 (f) The Trustee will be
under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to the Trustee, in its
sole discretion, against the losses, liabilities and expenses that might be incurred by it in compliance with such request or direction. 

(g) Except with respect to Section 4.01 hereof, the Trustee shall have no duty to inquire as to the performance of the Company with
respect to the covenants contained in Article 4 hereof. In addition, the Trustee shall not be deemed to have knowledge of an Event of Default except (i) any Default or Event of Default occurring pursuant to Section 4.01 or (ii) any
Default or Event of Default of which a Responsible Officer of the Trustee shall have received written notification or obtained actual knowledge. 

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

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

Section 7.03 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any
Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days or resign. Any Agent may do the same with
like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
 Section 7.04 Trustee’s Disclaimer. 

The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not
be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it will not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other
than its certificate of authentication. 
 Section 7.05 Notice of Defaults. 

If a Default or Event of Default occurs and is continuing and if it is known to a Responsible Officer of the Trustee, the Trustee will mail to
Holders of Notes a notice of the Default or Event of Default within 90 days after receipt of notice of the occurrence of the Event of Default. Except in the case of a Default or Event of Default in payment of principal of, premium on, if any, or
interest, if any, on, any Note, the Trustee may withhold the notice if and so long as a Responsible Officer or Responsible Officers in good faith determine that withholding the notice is in the interests of the Holders of the Notes. 

Section 7.06 Reports by Trustee to Holders of the Notes. 

(a) Within 60 days after each May 15 beginning with the May 15 following the date of this Indenture, and for so long as Notes remain
outstanding, the Trustee will mail to the Holders of the Notes a brief report dated as of such reporting date. 
 (b) A copy of each report
at the time of its mailing to the Holders of Notes will be mailed by the Trustee to the Company and filed by the Trustee with the SEC and each stock exchange on which the Notes are listed. The Company will promptly notify the Trustee in writing when
the Notes are listed on any stock exchange. 
 Section 7.07 Compensation and Indemnity. 

(a) The Company will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder.
The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee 

  
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promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses will include the reasonable
compensation, disbursements and expenses of the Trustee’s agents and counsel. 
 (b) The Company and the Subsidiary Guarantors will
jointly and severally indemnify the Trustee (which for purposes of this Section 7.07 shall include its officers, directors, stockholders, employees, and agents) against any and all losses, liabilities or expenses (including without limitation
taxes other than taxes based on the income of the Trustee) incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against
the Company and the Subsidiary Guarantors (including this Section 7.07) and defending itself against any claim (whether asserted by the Company, the Subsidiary Guarantors, any 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 may be attributable to its negligence or bad faith. The Trustee will notify the Company promptly of any claim for which it may
seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company or any of the Subsidiary Guarantors of their obligations hereunder. The Company or such Subsidiary Guarantor will defend the claim and the Trustee will
cooperate in the defense. The Trustee may have separate counsel and the Company will pay the reasonable fees and expenses of such counsel. Neither the Company nor any Subsidiary Guarantor need pay for any settlement made without its consent, which
consent will not be unreasonably withheld. 
 (c) The obligations of the Company and the Subsidiary Guarantors under this Section 7.07
will survive the satisfaction and discharge or termination for any reason of this Indenture, including any termination or rejection hereof under any Bankruptcy Law, or the resignation or removal of the Trustee. 

(d) To secure the Company’s and the Subsidiary Guarantors’ payment obligations in this Section 7.07, the Trustee will have a
Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of, premium on, if any, or interest, if any, on, particular Notes. Such Lien will survive the satisfaction and discharge or
termination for any reason of this Indenture, or the resignation or removal of the Trustee. 
 (e) In addition, and without prejudice to the
rights provided to the Trustee under any provision of this Indenture, when the Trustee incurs expenses or renders services after an Event of Default specified in clause (g) or (h) of Section 6.01 hereof occurs, the expenses and the
compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

Section 7.08 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign in writing at any time and be discharged from
the trust hereby created by so notifying the Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the
Trustee if: 
 (1) the Trustee fails to comply with Section 7.10 hereof; 

  
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 (2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is
entered with respect to the Trustee under any Bankruptcy Law; 
 (3) a custodian or public officer takes charge of the
Trustee or its property; or 
 (4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Company. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring
Trustee (at the Company’s expense), the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

(e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders.
The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof.
Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee. 

Section 7.09 Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act will be the successor Trustee. 
 Section 7.10 Eligibility; Disqualification.

 There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0
million as set forth in its most recent published annual report of condition. 

  
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 Article 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Company may at any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate,
elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 

Section 8.02 Legal Defeasance and Discharge. 

The Company may irrevocably discharge its obligations under the Notes and this Indenture by irrevocably depositing with the Trustee, in trust,
for the benefit of the Holders of the Notes, cash in U.S. dollars, non-callable U.S. Government Obligations, or a combination thereof, in amounts as will be sufficient to pay the principal of, premium on, if any, and interest, if any, on, the
outstanding Notes to maturity or redemption within one year, subject to meeting certain other conditions. 
 The Company may at any
time, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, elect to have all of its obligations discharged with respect to the outstanding Notes and all obligations of the Subsidiary
Guarantors discharged with respect to their Note Guarantees (“Legal Defeasance”) except for: 
 (a) the rights of
Holders of outstanding Notes to receive payments in respect of the principal of, premium on, if any, or interest, if any, on, such Notes when such payments are due from the trust referred to below; 

(b) the Company’s obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed,
lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust; 
 (c) the rights,
powers, trusts, duties and immunities of the Trustee under this Indenture, and the Company’s and the Subsidiary Guarantors’ obligations in connection therewith; and 

(d) the Legal Defeasance and Covenant Defeasance provisions of this Indenture. 

Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise
of its option under Section 8.03 hereof. 
 Section 8.03 Covenant Defeasance. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each of the
Subsidiary Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under Sections 4.03, 4.04, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.15, 4.16, 4.17, 4.18,
4.19, 4.20, 4.21, 4.22 and 4.23 hereof and 5.01(a)(4) hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and
the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be
deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and
Note Guarantees, the Company and the Subsidiary Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01
hereof, but, except as specified above, the remainder of this Indenture and such Notes and Note 

  
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Guarantees will be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, Sections 6.01(c), (d), (e), (f), (h) and (i) hereof will not constitute Events of Default. 

Section 8.04 Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 

(1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S.
dollars, non-callable U.S. Government Obligations, or a combination thereof, in amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants reasonably
satisfactory to the Trustee, to pay the principal of, premium on, if any, and interest, if any, on, the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Company must specify
whether the Notes are being defeased to such stated date for payment or to a particular redemption date; 
 (2) in the case
of Legal Defeasance, the Company must deliver to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that (a) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or
(b) since the date of this Indenture, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel will confirm that, the Holders and beneficial owners of
the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such Legal Defeasance had not occurred; 
 (3) in the case of Covenant Defeasance, the Company
must deliver to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders and beneficial owners of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a
result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4) no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of
Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Debt), and the granting of Liens to secure such borrowings); 

(5) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under,
any material agreement or instrument (other than this Indenture and the agreements governing any other Debt being defeased, discharged or replaced) to which the Company or any of the Subsidiary Guarantors is a party or by which the Company or any of
the Subsidiary Guarantors is bound; 
 (6) the Company must deliver to the Trustee an Officers’ Certificate stating that
the deposit was not made by the Company with the intent of preferring the Holders of Notes over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and 

  
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 (7) the Company must deliver to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

Section 8.05 Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.06 hereof, all money and non-callable U.S. Government Obligations (including the proceeds thereof) deposited with the
Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in
accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due
and to become due thereon in respect of principal, premium, if any, and interest, if any, but such money need not be segregated from other funds except to the extent required by law. 

The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable
U.S. Government Obligations deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding
Notes. 
 Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to the Company from time to time upon
the request of the Company any money or non-callable U.S. Government Obligations held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants reasonably acceptable to the
Trustee, expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance. 
 Section 8.06 Repayment to Company. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium
on, if any, or interest, if any, on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest, if any, has become due and payable shall be paid to the Company on its request or (if then held by the Company)
will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability
of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in the New York
Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of
such money then remaining will be repaid to the Company. 
 Section 8.07 Reinstatement. 

If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable U.S. Government Obligations in accordance with
Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s and the Subsidiary
Guarantors’ obligations under this Indenture and the Notes and the Note Guarantees will be revived and reinstated as though no deposit had 

  
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occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as
the case may be; provided, however, that, if the Company makes any payment of principal of, premium on, if any, or interest, if any, on, any Note following the reinstatement of its obligations, the Company will be subrogated to the rights of
the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
 Article 9 

AMENDMENTS AND WAIVERS 
 Section 9.01
Without Consent of Holders of Notes. 
 Notwithstanding Section 9.02 of this Indenture, without the consent of any Holder of
Notes, the Company and the Trustee may amend or supplement this Indenture, the Notes or the Note Guarantees, and the Company, the Trustee and the Collateral Trustee may amend or supplement the Security Documents: 

(1) to cure any ambiguity, defect or inconsistency in this Indenture or the Notes; 

(2) to comply with Section 5.01 hereof; 

(3) to comply with any requirement of the SEC in connection with the qualification of this Indenture under the TIA, in the
event that the Company determines that this Indenture be so qualified; 
 (4) to evidence and provide for the acceptance of
an appointment by a successor Trustee; 
 (5) to provide for uncertificated Notes in addition to or in place of certificated
Notes, provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code (or any successor
provisions); 
 (6) to provide for any Guarantee of the Notes, to secure the Notes or to confirm and evidence the release,
termination or discharge of any Guarantee of or Lien securing the Notes when such release, termination or discharge is permitted by this Indenture; 

(7) to provide for or confirm the issuance of Additional Notes; 

(8) to make any other change that does not materially and adversely affect the rights of any Holder; 

(9) to conform any provision to the “Description of Notes” section of the Offering Memorandum, as certified by an
Officers’ Certificate; or 
 (10) to evidence the issuance of any Pari Passu Obligations and secure such obligations
with Liens on the Collateral. 
 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the
execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee (and the Collateral Trustee, as the 

  
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case may be) will join with the Company and the Subsidiary Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make
any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or
otherwise. 
 Section 9.02 With Consent of Holders of Notes. 

Except as provided below in this Section 9.02, the Company and the Trustee may amend or supplement this Indenture (including, without
limitation, Section 3.09, 4.12 and 4.17 hereof) and the Notes and the Note Guarantees with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional
Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or
Event of Default (other than a Default or Event of Default in the payment of the principal of, premium on, if any, or interest, if any, on, the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance
with any provision of this Indenture or the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if
any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). 

Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or
supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the
Trustee will join with the Company and the Subsidiary Guarantors in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture. 

It is not necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed
amendment or waiver, but it is sufficient if such consent approves the substance thereof. 
 After an amendment or waiver under this
Section 9.02 becomes effective, the Company will mail to the Holders of Notes affected thereby a notice briefly describing the amendment or waiver. Any failure of the Company to mail such notice, or any defect therein, will not, however, in any
way impair or affect the validity of any such amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class may
waive compliance in a particular instance by the Company with any provision of this Indenture, the Notes or the Note Guarantees. However, without the consent of each Holder affected, an amendment or waiver under this Section 9.02 may not (with
respect to any Notes held by a non-consenting Holder): 
 (1) reduce the principal amount of or change the Stated Maturity of
any installment of principal of any note, 
 (2) reduce the rate of or change the Stated Maturity of any interest payment on
any note, 

  
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 (3) reduce the amount payable upon the redemption of any note or change the time
of any mandatory redemption or, in respect of an optional redemption, the times at which any note may be redeemed, 
 (4)
after the time an Offer to Purchase is required to have been made, reduce the purchase amount or purchase price, or extend the latest expiration date or purchase date thereunder, 

(5) make any note payable in money other than that stated in the note, 

(6) impair the right of any Holder of Notes to receive any principal payment or interest payment on such Holder’s Notes,
on or after the Stated Maturity thereof, or to institute suit for the enforcement of any such payment, 
 (7) make any change
in the percentage of the principal amount of the Notes required for amendments or waivers, 
 (8) modify or change any
provision of this Indenture affecting the ranking (as to contractual right of payment) of the Notes or any Note Guarantee in a manner adverse to the Holders of the Notes, or 

(9) release any Note Guarantee other than as otherwise permitted in this Indenture. 

Section 9.03 Revocation and Effect of Consents. 

Until an amendment or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every
subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke
the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment or waiver becomes effective. An amendment or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 

Section 9.04 Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment or waiver on any Note thereafter authenticated. The Company in exchange for
all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment or waiver. 

Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment or waiver. 

Section 9.05 Trustee to Sign Amendments, etc. 

The Trustee will sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until the Board of Directors of the Company approves it. In executing any amended or supplemental indenture,
the Trustee will be entitled to receive and (subject to Section 7.01 hereof) will be fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is
authorized or permitted by this Indenture. 

  
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 Article 10 

COLLATERAL AND SECURITY 
 Section 10.01
Security Documents. 
 The due and punctual payment of the principal of, premium on, if any, and interest, if any, on, the Notes when
and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of, premium on, if any, and interest, if any (to the extent
permitted by law), on the Notes and performance of all other obligations of the Company to the Holders of Notes or the Trustee under this Indenture and the Notes (including, without limitation, the Note Guarantees), according to the terms hereunder
or thereunder, are secured as provided in the Security Documents which the Company has entered into simultaneously with the execution of this Indenture. Each Holder of Notes, by its acceptance thereof, consents and agrees to the terms of the
Security Documents (including, without limitation, the provisions providing for foreclosure and release of Collateral) as the same may be in effect or may be amended from time to time in accordance with its terms and authorizes and directs the
Collateral Trustee to enter into the Security Documents and to perform its obligations and exercise its rights thereunder in accordance therewith. The Company will deliver to the Trustee copies of all documents delivered to the Collateral Trustee
pursuant to the Security Documents, and will do or cause to be done all such acts and things as may be necessary or proper, or as may be required by the provisions of the Security Documents, to assure and confirm to the Trustee and the Collateral
Trustee the security interest in the Collateral contemplated hereby, by the Security Documents or any part thereof, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and of the Notes
secured hereby, according to the intent and purposes herein expressed. The Company will take, and will cause its Subsidiaries to take, upon request of the Trustee, any and all actions reasonably required to cause the Security Documents to create and
maintain, as security for the Obligations of the Company hereunder, a valid and enforceable perfected first priority Lien in and on all the Collateral (excluding Excluded Assets) to the extent provided in the Security Documents, in favor of the
Collateral Trustee for the benefit of the Holders of Notes, superior to and prior to the rights of all third Persons and subject to no other Liens than Permitted Liens. 

Section 10.02 Release of Liens. 
 (a)
The Liens on the Collateral securing the Notes and the Note Guarantees will automatically be released: 
 (1) upon payment in
full of principal, interest and all other Obligations (other than contingent indemnity obligations) on the Notes and the Note Guarantees or satisfaction and discharge of this Indenture or defeasance (including covenant defeasance of the Notes); 

(2) upon release of a Note Guarantee (with respect to the Liens securing such Note Guarantee granted by such Subsidiary
Guarantor); 
 (3) in connection with any sale, transfer or other disposition of Collateral to any Person other than the
Company or any Subsidiary Guarantor (but excluding any transaction subject to Section 5.01 hereof) that is not prohibited by this Indenture (with respect to the Lien on such Collateral); provided that, except in the case of any
disposition in the ordinary course of business, upon such disposition and after giving effect thereto, no Default shall have occurred and be continuing, and the Company would be in compliance with the covenants set forth under Section 4.03 and
Section 4.04 (calculated as if the disposition date was a date on which such covenant is required to be tested Section 4.04 hereof); provided, further, that any products or proceeds received by the Company or such Subsidiary
Guarantor in respect of any such Collateral shall continue to constitute Collateral to the extent required by this Indenture and the Security Documents; 

  
 87 

 (4) in whole or in part, with the consent of the Holders of the requisite
percentage of Notes in accordance with Article 9 hereof, including the release of all or substantially all of the Collateral if approved by Holders of at least 662/3% of the aggregate principal
amount of the Notes; 
 (5) with respect to assets that become Excluded Assets; or 

(6) as contemplated by Section 4.1 and 4.4 of the Collateral Trust Agreement. 

Each of the releases described in clauses 1, 2, 3 and 5 shall be effected by the Collateral Trustee upon receipt of appropriate notice of
instruction, to the extent required, without the consent of Holders or any action on the part of the Trustee. 
 (b) Upon compliance by the
Company or any Subsidiary Guarantor, as the case may be, with the conditions precedent required by this Indenture, the Trustee or the Collateral Trustee shall promptly cause to be released and re-conveyed to the Company or the Subsidiary Guarantor,
as the case may be, the released Collateral. 
 Section 10.03 Certificates of the Company. 

The Company will furnish to the Trustee and the Collateral Trustee, prior to each proposed release of Collateral pursuant to the Security
Documents an Officer’s Certificate requesting such release. 
 The Trustee may, to the extent permitted by Sections 7.01 and 7.02
hereof, accept as conclusive evidence of compliance with the foregoing provisions the appropriate statements contained in such documents and such Officer’s Certificate. 

Section 10.04 [Intentionally Omitted.] 
 Section 10.05
Authorization of Actions to Be Taken by the Trustee Under the Security Documents. 
 Subject to the provisions of Section 7.01
and 7.02 hereof, the Trustee may, in its sole discretion and without the consent of the Holders of Notes, direct, on behalf of the Holders of Notes, the Collateral Trustee to, take all actions it deems necessary or appropriate in order to: 

(1) enforce any of the terms of the Security Documents; and 

(2) collect and receive any and all amounts payable in respect of the Obligations of the Company hereunder. 

The Trustee will have power to institute and maintain such suits and proceedings as it may deem expedient to prevent any impairment of the
Collateral by any acts that may be unlawful or in violation of the Security Documents or this Indenture, and such suits and proceedings as the Trustee may deem expedient to preserve or protect its interests and the interests of the Holders of Notes
in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if
the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of the Holders of Notes or of the Trustee). 

  
 88 

 Section 10.06 Authorization of Receipt of Funds by the Trustee Under the Security Documents. 

The Trustee is authorized to receive any funds for the benefit of the Holders of Notes distributed under the Security Documents, and to make
further distributions of such funds to the Holders of Notes according to the provisions of this Indenture. 
 Section 10.07 Termination of Security
Interest. 
 Upon the full and final payment and performance of all Obligations (other than contingent indemnity obligations) of the
Company under this Indenture and the Notes or upon Legal Defeasance, Covenant Defeasance or satisfaction and discharge of this Indenture in accordance with Article 12 hereof, the Trustee will, at the request of the Company, deliver a certificate to
the Collateral Trustee stating that such Obligations have been paid in full, and instruct the Collateral Trustee to release the Liens pursuant to this Indenture and the Security Documents. 

Article 11 
 NOTE GUARANTEES 

Section 11.01 Note Guarantees. 
 (a)
Subject to this Article 11, each of the Subsidiary Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns,
irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: 

(1) the principal of, premium, if any, on, and interest, if any, on the Notes will be promptly paid in full when due, whether
at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium on, if any, and interest, if any, on, the Notes, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or
thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (2) in
case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise. 
 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the
Subsidiary Guarantors will be jointly and severally obligated to pay the same immediately. Each Subsidiary Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

(b) The Subsidiary Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any
action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Subsidiary Guarantor hereby waives diligence, presentment,

  
 89 

 
demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all
demands whatsoever and covenant that this Note Guarantee will not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 

(c) If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Subsidiary Guarantors or any custodian,
trustee, liquidator or other similar official acting in relation to either the Company or the Subsidiary Guarantors, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, will be
reinstated in full force and effect. 
 (d) Each Subsidiary Guarantor agrees that it will not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Subsidiary Guarantor further agrees that, as between the Subsidiary Guarantors, on the one hand, and the Holders
and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will
forthwith become due and payable by the Subsidiary Guarantors for the purpose of this Note Guarantee. The Subsidiary Guarantors will have the right to seek contribution from any non-paying Subsidiary Guarantor so long as the exercise of such right
does not impair the rights of the Holders under the Note Guarantee. 
 Section 11.02 Limitation on Subsidiary Guarantor Liability. 

Each Subsidiary Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the
Note Guarantee of such Subsidiary Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the
extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Subsidiary Guarantors hereby irrevocably agree that the obligations of such Subsidiary Guarantor will be limited to the maximum amount
that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Subsidiary Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from
or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under this Article 11, result in the obligations of such Subsidiary Guarantor under its Note Guarantee not
constituting a fraudulent transfer or conveyance. 
 Section 11.03 Execution and Delivery of Note Guarantee. 

To evidence its Note Guarantee set forth in Section 11.01 hereof, each Subsidiary Guarantor hereby agrees that a notation of such Note
Guarantee substantially in the form attached as Exhibit E hereto will be endorsed by an Officer of such Subsidiary Guarantor on each Note authenticated and delivered by the Trustee and that this Indenture will be executed on behalf of such
Subsidiary Guarantor by one of its Officers. 
 Each Subsidiary Guarantor hereby agrees that its Note Guarantee set forth in
Section 11.01 hereof will remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 

  
 90 

 If an Officer whose signature is on this Indenture or on the Note Guarantee no longer holds that
office at the time the Trustee authenticates the Note on which a Note Guarantee is endorsed, the Note Guarantee will be valid nevertheless. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Note Guarantee set
forth in this Indenture on behalf of the Subsidiary Guarantors. 
 In the event that the Company or any of its Restricted Subsidiaries
creates or acquires any Domestic Subsidiary after the date of this Indenture, if required by Section 4.18 hereof, the Company will cause such Domestic Subsidiary to comply with the provisions of Section 4.18 hereof and this Article 11, to
the extent applicable. 
 Section 11.04 Subsidiary Guarantors May Consolidate, etc., on Certain Terms. 

Except as otherwise provided in Section 11.05 hereof, no Subsidiary Guarantor may, directly or indirectly, sell, assign, transfer, convey,
or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Subsidiary Guarantor is the surviving Person) another Person, other than the Company or another Subsidiary Guarantor,
unless: 
 (a) immediately after giving effect to such transaction, no Default or Event of Default exists; and 

(b) either: 
 (1)
subject to Section 11.05 hereof, the Person acquiring the property in any such sale, assignment, transfer, conveyance or disposition or the Person formed by or surviving any such sale, assignment, transfer, conveyance, consolidation or merger
unconditionally assumes all the obligations of that Subsidiary Guarantor under its Note Guarantee, this Indenture and the Security Documents on the terms set forth herein or therein, pursuant to a supplemental indenture and appropriate Security
Documents in form and substance reasonably satisfactory to the Trustee; or 
 (2) the Net Proceeds of such sale, assignment,
transfer, conveyance, or other disposition are applied in accordance with the applicable provisions of this Indenture, including without limitation, Section 4.12 hereof. 

In case of any such consolidation, merger, sale, assignment, transfer, or conveyance and upon the assumption by the successor Person, by
supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be
performed by the Subsidiary Guarantor, such successor Person will succeed to and be substituted for the Subsidiary Guarantor with the same effect as if it had been named herein as a Subsidiary Guarantor. Such successor Person thereupon may cause to
be signed any or all of the Note Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Note Guarantees so issued will in all respects have
the same legal rank and benefit under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof.

  
 91 

 Except as set forth in Articles 4 and 5 hereof, and notwithstanding clauses b(1) and
(2) above, nothing contained in this Indenture or in any of the Notes will prevent any consolidation or merger of a Subsidiary Guarantor with or into the Company or another Subsidiary Guarantor, or will prevent any sale, assignment, transfer,
or conveyance of the property of a Subsidiary Guarantor as an entirety or substantially as an entirety to the Company or another Subsidiary Guarantor. 

Section 11.05 Releases. 
 (a) In the
event of any sale, assignment, transfer, conveyance, or other disposition of all or substantially all of the assets of any Subsidiary Guarantor, by way of merger, consolidation or otherwise, to a Person that is not (either before or after giving
effect to such transaction) the Company or a Restricted Subsidiary of the Company, then the corporation acquiring the property will be released and relieved of any obligations under the Note Guarantee; 

(b) In the event of any sale, assignment, transfer, conveyance, or other disposition of Capital Stock of any Subsidiary Guarantor to a
Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company and such Subsidiary Guarantor ceases to be a Restricted Subsidiary of the Company as a result of the sale or other
disposition, then such Subsidiary Guarantor will be released and relieved of any obligations under its Note Guarantee; provided, in both cases, that the Net Proceeds of such sale, assignment, transfer, conveyance, or other disposition are
applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 hereof. Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that
such sale, assignment, transfer, conveyance, or other disposition was made by the Company in accordance with the provisions of this Indenture, including without limitation Section 4.10 hereof, the Trustee will execute any documents reasonably
required in order to evidence the release of any Subsidiary Guarantor from its obligations under its Note Guarantee. 
 (c) Upon
designation of any Restricted Subsidiary that is a Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms of this Indenture, such Subsidiary Guarantor will be released and relieved of any obligations under its Note
Guarantee. 
 (d) Upon Legal Defeasance or Covenant Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this
Indenture in accordance with Article 12 hereof, each Subsidiary Guarantor will be released and relieved of any obligations under its Note Guarantee. 

Any Subsidiary Guarantor not released from its obligations under its Note Guarantee as provided in this Section 11.05 will remain liable
for the full amount of principal of, premium on, if any, and interest, if any, on, the Notes and for the other obligations of any Subsidiary Guarantor under this Indenture as provided in this Article 11. 

Article 12 
 SATISFACTION AND
DISCHARGE 
 Section 12.01 Satisfaction and Discharge. 

This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 

(a) either: 
 (1)
all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for
cancellation; or 

  
 92 

 (2) all Notes that have not been delivered to the Trustee for cancellation
have become due and payable by reason of the mailing of a notice of redemption or otherwise or will become due and payable within one year and the Company or any Subsidiary Guarantor has irrevocably deposited or caused to be deposited with the
Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment of
interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium, if any, and interest, if any, to the date of maturity or redemption; provided, that upon any redemption
that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the
notice of redemption, with any deficit as of the redemption date only required to be deposited with the Trustee on or prior to the redemption date. 

(b) in respect of subclause (2) of clause (a) of this Section 12.01, no Default or Event of Default has occurred and is
continuing on the date of the deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and any similar deposit relating to other Indebtedness and, in each case, the granting of Liens to
secure such borrowings) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or any Subsidiary Guarantor is a party or by which the Company or any Subsidiary Guarantor
is bound (other than with respect to the borrowing of funds to be applied concurrently to make the deposit required to effect such satisfaction and discharge and any similar concurrent deposit relating to other Indebtedness, and in each case the
granting of Liens to secure such borrowings); 
 (c) the Company or any Subsidiary Guarantor has paid or caused to be paid all sums payable
by it under this Indenture; and 
 (d) the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the
deposited money toward the payment of the Notes at maturity or on the redemption date, as the case may be. 
 In addition, the Company must deliver an
Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause
(b) of clause (1) of this Section 12.01, the provisions of Sections 12.02 and 8.06 hereof will survive. In addition, nothing in this Section 12.01 will be deemed to discharge those provisions of Section 7.07 hereof, that, by
their terms, survive the satisfaction and discharge of this Indenture. 
 Section 12.02 Application of Trust Money. 

Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 11.01 hereof shall be held
in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal, premium, if any, and interest, if any, for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 

  
 93 

 If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations
in accordance with Section 12.01 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any
Subsidiary Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 12.01 hereof; provided that if the Company has made any payment of principal
of, premium on, if any, or interest, if any, on, any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government
Obligations held by the Trustee or Paying Agent. 
 Article 13 

MISCELLANEOUS 
 Section 13.01 Notices.

 Any notice or communication by the Company, any Subsidiary Guarantor or the Trustee to the others is duly given if in writing and
delivered in Person or by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’ address: 

If to the Company and/or any Subsidiary Guarantor: 

HC2 Holdings, Inc. 
 Attention:
Andrea L. Mancuso, 
 460 Herndon Parkway, Suite 150, 

Herndon, VA, 20170 
 with a copy
to: 
 Paul, Weiss, Rifkind, Wharton & Garrison, LLP 

Attention: Raphael M. Russo 
 1285
Avenue of the Americas, 
 New York, NY, 10019 

If to the Trustee: 
 U.S. Bank
National Association 
 Global Corporate Trust Services 

Mailcode: EP MN WS3C 
 60
Livingston Avenue 
 St. Paul, MN 55107-2292 

Facsimile No.: (651) 466-4730 

Attention: Rick Prokosch – Vice President and Account Manager 

with a copy to: 
 Waller, Lansden
Dortch & Davis, LLP 
 Attention: Beth Vessel 

511 Union Street, Suite 2700 

Nashville, TN 37219 

  
 94 

 The Company, any Subsidiary Guarantor or the Trustee, by notice to the others, may designate
additional or different addresses for subsequent notices or communications. 
 All notices and communications (other than those sent to
Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and
the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
 Any notice
or communication to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Failure to
mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 
 If a notice
or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 

If the Company mails a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time. 

Section 13.02 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the
Trustee: 
 (1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must
include the statements set forth in Section 13.03 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set
forth in Section 13.03 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Section 13.03 Statements Required in Certificate or Opinion. 

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

(1) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(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 such Person, he or she has
made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 

  
 95 

 Section 13.04 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. 
 Section 13.05 No Personal Liability of Directors, Officers, Employees and Stockholders. 

No director, officer, employee, incorporator, member or stockholder of the Company or any Subsidiary Guarantor, as such, will have any
liability for any obligations of the Company or the Subsidiary Guarantors under the Notes, this Indenture, the Note Guarantees, the Security Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws.

 Section 13.06 Governing Law. 

THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

Section 13.07 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 13.08 Successors. 

All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will
bind its successors. All agreements of each Subsidiary Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 11.05 hereof. 

Section 13.09 Severability. 
 In case
any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 

Section 13.10 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same
agreement. 
 Section 13.11 Table of Contents, Headings, etc. 

The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

  
 96 

 Section 13.12 Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services. 
 [Signatures
on following page] 

  
 97 

 IN WITNESS WHEREOF, we have hereto signed our names on this 20th day of November, 2014. 
  

			
	HC2 HOLDINGS, INC.
		
	By:	 	 /s/ Keith Hladek

		 	Name: Keith Hladek
		 	Title: Chief Operating Officer
		
	By:	 	 /s/ Mesfin Demise

		 	Name: Mesfin Demise
		 	Title: Chief Financial Officer

 Dated as of November 20, 2014 

 

			
	HC2 Holdings, Inc.
		
	By:	 	 /s/ Mesfin Demise

		 	Name: Mesfin Demise
		 	Title: Chief Financial Officer
	
	PTGi International Holding, Inc.
		
	By:	 	 /s/ Mesfin Demise

		 	Name: Mesfin Demise
		 	Title: Chief Financial Officer
	
	Arbinet Corporation
		
	By:	 	 /s/ Mesfin Demise

		 	Name: Mesfin Demise
		 	Title: Chief Financial Officer
	
	HC2 Tech Ventures, LLC
		
	By:	 	 /s/ Mesfin Demise

		 	Name: Mesfin Demise
		 	Title: Chief Financial Officer
	
	HC2 Investment Securities, Inc.
		
	By:	 	 /s/ Mesfin Demise

		 	Name: Mesfin Demise
		 	Title: Chief Financial Officer
	
	HC2 Holdings 2, Inc.
		
	By:	 	 /s/ Mesfin Demise

		 	Name: Mesfin Demise
		 	Title: Chief Financial Officer

 
			
	U.S. Bank National Association
		
	By:	 	 /s/ Rick Prokosch

		 	Name: Rick Prokosch
		 	Title: Vice President, Account Manager

 EXHIBIT A 

[Face of Note] 
  

CUSIP/CINS 404139 AA5 
 11.000%
Senior Secured Notes due 2019 
  

							
	No.         	  		  		  	$                    

 HC2 Holdings, Inc. 

promises to pay to              or registered assigns, 

the principal sum of
                                         
                                         
   DOLLARS (or such amount as indicated on the Schedule of Exchanges of Interests attached hereto) on December 1, 2019. 
 Interest
Payment Dates: December 1 and June 1 
 Record Dates: November 15 and May 15 

Dated: November 20, 2014 
  

			
	HC2 Holdings, Inc.
		
	By:	 	  

		 	Name:
		 	Title:

 This is one of the Notes referred to 

in the within-mentioned Indenture: 
  

			
	U.S. Bank National Association,
	    as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
  

  
 A-1 

 [Back of Note] 

11.000% Senior Secured Notes due 2019 
 [Insert
the Global Note Legend] 
 [Insert the Private Placement Legend] 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1) INTEREST. HC2 Holdings, Inc., a Delaware corporation (the
“Company”), promises to pay or cause to be paid interest on the principal amount of this Note at 11.000% per annum until maturity. The Company will pay interest, if any, semi-annually in arrears on December 1 and
June 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid
or, if no interest has been paid, from the date of issuance; provided that, if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be June 1, 2015. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal at a rate that is 1% higher than the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest,
if any (without regard to any applicable grace period), at the same rate to the extent lawful. 
 Interest will be
computed on the basis of a 360-day year comprised of twelve 30-day months. 
 (2) METHOD
OF PAYMENT. The Company will pay interest on the Notes (except defaulted interest), if any, to the Persons who are registered Holders of Notes at the close of business on the November 15 or
May 15 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest.
The Notes will be payable as to principal, premium, if any, and interest, if any, at the office or agency of the Paying Agent and Registrar within the City and State of New York, or, at the option of the Company, payment of interest, if any, may be
made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be required with respect to principal of, premium on, if any, and
interest, if any, on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts. 
 (3) PAYING
AGENT AND REGISTRAR. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change the Paying Agent or
Registrar without prior notice to the Holders of the Notes. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 

  
 A-2 

 (4) INDENTURE AND PLEDGE
AGREEMENT. The Company issued the Notes under an Indenture dated as of November 20, 2014 (the “Indenture”) among the Company, the Subsidiary Guarantors and the Trustee. The terms of the Notes
include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling. The Notes are secured by a pledge of substantially all present and future Collateral pursuant to the Pledge Agreement referred to in the Indenture. The Indenture does not limit the
aggregate principal amount of Notes that may be issued thereunder. 
 (5) OPTIONAL REDEMPTION. 

(A) At any time and from time to time prior to December 1, 2016, the Company may redeem the notes at its option, in whole
or in part, at a redemption price equal to 100% of the principal amount of notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, the applicable redemption date. 

(B) At any time prior to December 1, 2016, the Company may on any one or more occasions redeem up to 35% of the aggregate
principal amount of Notes issued under the Indenture, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 111.000% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to the
date of redemption (subject to the rights of Holders of Notes on the relevant record date to receive interest on the relevant Interest Payment Date), in an amount not to exceed the net proceeds from an Equity Offering by the Company; provided that:

 (i) at least 65% of the aggregate principal amount of Notes originally issued under the Indenture (excluding Notes held
by the Company and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 
 (ii)
the redemption occurs within 180 days of the date of the closing of such Equity Offering. 
 (C) Except pursuant to the
preceding paragraph, the Notes will not be redeemable at the Company’s option prior to December 1, 2016. 
 (D) On
or after December 1, 2016, the Company may on any one or more occasions redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set
forth below, plus accrued and unpaid interest, if any, on the Notes redeemed, to the applicable date of redemption, if redeemed during the twelve-month period beginning on December 1 of the years indicated below, subject to the rights of
Holders on the relevant record date to receive interest on the relevant Interest Payment Date: 
  

					
	 Year
	  	Percentage	 
	 2016
	  	 	108.250	% 
	 2017
	  	 	105.500	% 
	 2018 and thereafter
	  	 	100.000	% 

 Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the Notes
or portions thereof called for redemption on the applicable redemption date. 

  
 A-3 

 (6) MANDATORY REDEMPTION. The Company
is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 (7)
REPURCHASE AT THE OPTION OF HOLDER. 
 (A) Upon the occurrence of a Change of Control, the Company will
be required to make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes at a purchase price in cash
equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to the date of purchase, subject to the rights of Holders of Notes on the relevant record date to receive
interest due on the relevant interest payment date (the “Change of Control Payment”). Within ten days following any Change of Control, the Company will mail a notice to each Holder setting forth the procedures governing the Change
of Control Offer as required by the Indenture. A Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of
the Change of Control Offer. If Holders of not less than 90% in aggregate principal amount of the outstanding notes validly tender and do not withdraw such notes in a Change of Control Offer and the Company, or any third party making a Change of
Control Offer in lieu of the Company as described above, purchases all of the notes validly tendered and not withdrawn by such holders, the Company or such third party will have the right, upon not less than 30 nor more than 60 days’ prior
notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described above, to redeem all notes that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof
plus accrued and unpaid interest to but excluding the date of redemption. 
 (B) If the Company or a Restricted
Subsidiary of the Company consummates any Asset Sales, within five days of each date on which the aggregate amount of Excess Proceeds exceeds $20.0 million, the Company will make an Asset Sale Offer to all Holders of Notes and all holders of other
Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in the Indenture with respect to offers to purchase, prepay or redeem with the proceeds of sales of assets in accordance with the Indenture to
purchase, prepay or redeem the maximum principal amount of Notes and such other pari passu Indebtedness (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection
therewith) that may be purchased, prepaid or redeemed out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of the principal amount, plus accrued and unpaid interest, if any, to the date of purchase, prepayment or
redemption, subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer,
the Company may use those Excess Proceeds for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount of Notes and other pari passu Indebtedness tendered in (or required to be prepaid or redeemed in connection
with) such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee will select the Notes and such other pari passu Indebtedness to be purchased on a pro rata basis, based on the amounts tendered or required to be prepaid or
redeemed. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer from the Company prior to any related purchase
date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” attached to the Notes. 

  
 A-4 

 (8) NOTICE OF
REDEMPTION. At least 30 days but not more than 60 days before a redemption date, the Company will mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed
at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to
Articles 8 or 12 thereof. Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of
Notes held by such Holder shall be redeemed or purchased. 
 Any such redemption may, at the Company’s
discretion, be subject to one or more conditions precedent, including any related Equity Offering or a Change of Control. In addition, if such redemption is subject to the satisfaction of one or more conditions precedent, the related notice shall
describe each such condition, and if applicable, shall state that, in the Company’s discretion, the date of redemption may be delayed until such time as any or all such conditions shall be satisfied or waived (provided that in no event shall
such date of redemption be delayed to a date later than 60 days after the date on which such notice was mailed), or such redemption or purchase may not occur and such notice may be rescinded in the event that any or all such conditions shall not
have been satisfied or waived by the date of redemption, or by the date of redemption as so delayed. 
 (9)
DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be
registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any
taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part.
Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the next succeeding Interest Payment Date. 

(10) PERSONS DEEMED OWNERS. The registered Holder of
a Note may be treated as the owner of it for all purposes. Only registered Holders have rights under the Indenture. 

(11) AMENDMENT AND WAIVER. Subject to certain
exceptions, the Indenture, the Notes or the Note Guarantees may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes including Additional Notes, if any, voting
as a single class, and any existing Default or Event of Default or compliance with any provision of the Indenture or the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the
then outstanding Notes including Additional Notes, if any, voting as a single class. Without the consent of any Holder of Notes, the Indenture, the Notes or the Note Guarantees may be amended or supplemented to cure any ambiguity, defect or
inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to provide for the assumption of the Company’s or a Subsidiary Guarantor’s obligations to Holders of the Notes and Note Guarantees by a
successor to the Company or such Subsidiary Guarantor pursuant to the Indenture, to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the
Indenture of any Holder, to conform the text of the Indenture, the Notes, the Note Guarantees or the Security Documents to any provision of the “Description of Notes” section of the Company’s Offering Memorandum dated
November 13, 2014, relating to  

  
 A-5 

 
the initial offering of the Notes, to the extent that such provision in that “Description of Notes” was intended to be a verbatim recitation of a provision of the Indenture, the Notes,
the Note Guarantees or the Security Documents, which intent may be evidenced by an Officers’ Certificate to that effect, to enter into additional or supplemental Security Documents, to release Collateral in accordance with the terms of this
Indenture and the Security Documents, to provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture, or to allow any Subsidiary Guarantor to execute a supplemental indenture to the Indenture and/or a
Note Guarantee with respect to the Notes. 
 (12) DEFAULTS AND
REMEDIES. Events of Default include: (i) default for 30 days in the payment when due of interest, if any, on, the Notes; (ii) default in the payment when due (at maturity, upon redemption or otherwise) of
the principal of, or premium on, if any, the Notes, (iii) failure by the Company to comply with the provisions of Sections 4.12 or 4.17 of the Indenture or failure by the Company or any of its Restricted Subsidiaries to comply with the
provisions of Section 5.01 of the Indenture; (iv) failure by the Company to comply with the provisions of Sections 4.03 or 4.04 of the Indenture and such default or breach is not cured within (A) 45 days after the date of any default
under Section 4.04 or (B) 15 days after the date of any default under Section 4.03 (it being understood that the date of default in the case of covenants tested at the end of a fiscal period is the last day of such fiscal period);
(v) failure by the Company or any of its Restricted Subsidiaries for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to
comply with any of the other agreements in the Indenture or the Security Documents; (vi) the failure by the Company or any Significant Subsidiary to pay any Debt within any applicable grace period after final maturity or the acceleration of any
such Debt by the holders thereof because of a default, in each case, if the total amount of such Debt unpaid or accelerated exceeds $25.0 million; (vii) one or more final judgments or orders for the payment of money are rendered against the
Company or any of its Significant Subsidiaries and are not paid or discharged, and there is a period of 60 consecutive days following entry of the final judgment or order that causes the aggregate amount for all such final judgments or orders
outstanding and not paid or discharged against all such Persons to exceed $25.0 million (in excess of amounts which the Company’s insurance carriers have agreed to pay under applicable policies) during which a stay of enforcement, by reason of
a pending appeal or otherwise, is not in effect; (viii) certain bankruptcy defaults occur with respect to the Company or any Significant Subsidiary; (ix) any Note Guarantee of a Significant Subsidiary ceases to be in full force and effect,
other than in accordance the terms of the indenture, or a Guarantor that is a Significant Subsidiary denies or disaffirms its obligations under its Note Guarantee; or (A) the Liens created by the Security Documents shall at any time not
constitute a valid and perfected Lien on any portion of the Collateral (with a fair market value in excess of $25.0 million) intended to be covered thereby (to the extent perfection by filing, registration, recordation or possession is required by
the indenture or the Security Documents), (B) any of the Security Documents shall for whatever reason be terminated or cease to be in full force and effect (except for expiration in accordance with its terms or amendment, modification, waiver,
termination or release in accordance with the terms of the indenture) or (C) the enforceability of the Liens created by the Security Documents shall be contested by the Company or any Subsidiary Guarantor that is a Significant Subsidiary. In
the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, any Restricted Subsidiary of the Company that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company
that, taken together, would constitute a Significant Subsidiary, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at
least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Holders may not enforce the Indenture or the  

  
 A-6 

 
Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place
of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a
Default or Event of Default relating to the payment of principal, premium, if any, or interest, if any,) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the then outstanding
Notes by notice to the Trustee may, on behalf of all the Holders of Notes, rescind an acceleration or waive an existing Default or Event of Default and its respective consequences under the Indenture except a continuing Default or Event of Default
in the payment of principal of, premium on, if any, or interest, if any, on, the Notes (including in connection with an offer to purchase). The Company is required to deliver to the Trustee annually a statement regarding compliance with the
Indenture, and the Company is required, upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 

(13) TRUSTEE DEALINGS WITH COMPANY.
The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee.

 (14) NO RECOURSE AGAINST
OTHERS. No director, officer, employee, incorporator or stockholder of the Company or any Subsidiary Guarantor, as such, will have any liability for any obligations of the Company or the Subsidiary Guarantors under
the Notes, the Indenture, the Note Guarantees, the Security Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The
waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 

(15) AUTHENTICATION. This Note will not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent. 
 (16)
ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

(17) CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of
such numbers either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 

(18) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE,
THIS NOTE AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 A-7 

 The Company will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to: 
 HC2 Holdings, Inc. 
 460
Herndon Parkway, Suite 150, 
 Herndon, VA, 20170 
 Attention:
Andrea Mancuso 

  
 A-8 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	  	 
		  	(Insert assignee’s legal name)

  
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
  

			
	and irrevocably appoint	  	 

 to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

Date:
                             

 

			
	Your Signature:	 	 
	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee*:
                                         
                            
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-9 

 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.15 of the Indenture, check the appropriate
box below: 

 ̈  Section 4.10          
   ̈  Section 4.15 
 If you want to elect to have only part of the
Note purchased by the Company pursuant to Section 4.10 or Section 4.15 of the Indenture, state the amount you elect to have purchased: 

$                     

Date:
                             

 

			
	Your Signature:	 	 
	(Sign exactly as your name appears on the face of this Note)

  

			
	Tax Identification No.:	 	 

 Signature Guarantee*:
                                         
                        
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-10 

 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE 
 The following exchanges of a part
of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of Exchange
	  	Amount of
decrease in
Principal Amount of
this Global Note	  	Amount of
increase in
Principal Amount of
this Global Note	  	Principal Amount
of this Global Note
following such
decrease
(or increase)	  	Signature of
authorized officer
of Trustee or
Custodian

  
 A-11 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 HC2 Holdings,
Inc. 
 460 Herndon Parkway, Suite 150, 
 Herndon, VA, 20170

 U.S. Bank National Association 
 60 Livingston Avenue 

EP-MN-WS3C 
 St. Paul, Minnesota 55107 

Re: 11.000% Senior Secured Notes due 2019 

Reference is hereby made to the Indenture, dated as of November 20, 2014 (the “Indenture”), among HC2 Holdings, Inc., as
issuer (the “Company”), the Subsidiary Guarantors party thereto and U.S. Bank National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                    , (the
“Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $             in such
Note[s] or interests (the “Transfer”), to
                                 (the “Transferee”), as further
specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1.  ̈ Check if Transferee will take delivery of a beneficial interest in the 144A Global
Note or a Restricted Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly,
the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one
or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements
of Rule 144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 

2.  ̈ Check if Transferee will take delivery of a beneficial interest in the
Regulation S Global Note or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby
further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its
behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person
acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the
Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration  

  
 B-1 

 
requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for
the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the
restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 

3.  ̈ Check and complete if Transferee will take delivery of a beneficial interest
in the IAI Global Note or a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial
interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby
further certifies that (check one): 
 (a)  ̈ such Transfer is being
effected pursuant to and in accordance with Rule 144 under the Securities Act; 
 or 

(b)  ̈ such Transfer is being effected to the Company or a subsidiary thereof;

 or 
 (c)  ̈ such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; 

or 
 (d)  ̈ such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or
Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial
interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture and
(2) an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the
proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI Global Note and/or
the Restricted Definitive Notes and in the Indenture and the Securities Act. 
 4.
 ̈ Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 

(a)  ̈ Check if Transfer is pursuant to Rule 144. (i) The Transfer is being
effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not  

  
 B-2 

 
required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

(b)  ̈ Check if Transfer is Pursuant to Regulation S. (i) The Transfer is
being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States
and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and
in the Indenture. 
 (c)  ̈ Check if Transfer is Pursuant to Other
Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

 

			
	  

		 	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
                                         
        

  
 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 

1. The Transferor owns and proposes to transfer the following: 

[CHECK ONE OF (a) OR (b)] 
  

	 	(a)	a beneficial interest in the: 

  

	 	(i)	 ̈ 144A Global Note (CUSIP             ), or 

 

	 	(ii)	 ̈ Regulation S Global Note (CUSIP             ), or 

 

	 	(iii)	 ̈ IAI Global Note (CUSIP             ); or 

 

	 	(b)	 ̈ a Restricted Definitive Note. 

  

	 	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 

 

	 	(a)	a beneficial interest in the: 

  

	 	(i)	 ̈ 144A Global Note (CUSIP             ), or 

 

	 	(ii)	 ̈ Regulation S Global Note (CUSIP             ), or 

 

	 	(iii)	 ̈ IAI Global Note (CUSIP             ); or 

 

	 	(iv)	 ̈ Unrestricted Global Note (CUSIP             ); or 

 

	 	(b)	 ̈ a Restricted Definitive Note; or 

  

	 	(c)	 ̈ an Unrestricted Definitive Note, 

 in
accordance with the terms of the Indenture. 

  
 B-4 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 HC2 Holdings,
Inc. 
 460 Herndon Parkway, Suite 150, 
 Herndon, VA, 20170

 U.S. Bank National Association 
 60 Livingston Avenue 

EP-MN-WS3C 
 St. Paul, Minnesota 55107 

Re: 11.000% Senior Secured Notes due 2019 

(CUSIP [        ]) 

Reference is hereby made to the Indenture, dated as of November 20, 2014 (the “Indenture”), among HC2 Holdings, Inc., as
issuer (the “Company”), the Subsidiary Guarantors party thereto and U.S. Bank National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                    , (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $             in such Note[s] or
interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 1.
Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note 

(a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the
Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and
pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(b)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue
sky securities laws of any state of the United States. 
 (c)  ̈ Check if
Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner
hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in  

  
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compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in
the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state
of the United States. 
 (d)  ̈ Check if Exchange is from Restricted Definitive Note
to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the
Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States. 
 2. Exchange of Restricted Definitive Notes or
Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes 

(a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted
Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

(b)  ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in
a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A Global Note,  ̈ Regulation S Global Note,  ̈ IAI Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for
the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in
compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

 

			
		 	  
 [Insert Name of
Transferor]

		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
                                        

  
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 EXHIBIT D 

FORM OF CERTIFICATE FROM 

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 
 HC2
Holdings, Inc. 
 460 Herndon Parkway, Suite 150, 
 Herndon, VA,
20170 
 U.S. Bank National Association 
 60 Livingston Avenue

 EP-MN-WS3C 
 St. Paul, Minnesota 55107 

Re: 11.000% Senior Secured Notes due 2019 

Reference is hereby made to the Indenture, dated as of November 20, 2014 (the “Indenture”), among HC2 Holdings, Inc., as
issuer (the “Company”), the Subsidiary Guarantors party thereto and U.S. Bank National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

In connection with our proposed purchase of $             aggregate
principal amount of: 
 (a)  ̈ a beneficial interest in a Global Note, or 

(b)  ̈ a Definitive Note, 

we confirm that: 
 1. We
understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the
Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”). 

2. We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest
therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we
will do so only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein), (C) to an institutional “accredited
investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter substantially in the form of this letter and an Opinion of Counsel in form
reasonably acceptable to the Company to the effect that such transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the
provisions of Rule 144 under the Securities Act or (F) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any Person purchasing the Definitive Note or beneficial interest in a Global
Note from us in a transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein. 

3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and the
Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will
bear a legend to the foregoing effect. 

  
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 4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2),
(3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts for
which we are acting are each able to bear the economic risk of our or its investment. 
 5. We are acquiring the Notes or beneficial interest
therein purchased by us for our own account or for one or more accounts (each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 

You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

			
	      

		 	[Insert Name of Accredited Investor]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
                                         
        

  
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 EXHIBIT E 

[FORM OF NOTATION OF GUARANTEE] 

For value received, each Subsidiary Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally,
unconditionally guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of November 20, 2014 (the “Indenture”) among HC2 Holdings, Inc., (the “Company”), the
Subsidiary Guarantors party thereto and U.S. Bank National Association, as trustee (the “Trustee”), (a) the due and punctual payment of the principal of, premium on, if any, and interest, if any, on, the Notes, whether at
maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal of, premium on, if any, and interest, if any, on, the Notes, if any, if lawful, and the due and punctual performance of all other
obligations of the Company to the Holders or the Trustee all in accordance with the terms of the Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be
promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. The obligations of the Subsidiary Guarantors to the Holders of Notes and to the Trustee
pursuant to the Note Guarantee and the Indenture are expressly set forth in Article 11 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Note Guarantee. 

Capitalized terms used but not defined herein have the meanings given to them in the Indenture. 

 

			
	[NAME OF SUBSIDIARY GUARANTOR(S)]
		
	By:	 	 
		 	Name:
		 	Title:

  
 E-1 

 EXHIBIT F 

[FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
                    , among
                    (the “Guaranteeing Subsidiary”), a subsidiary of HC2 Holdings, Inc. (or its permitted successor), a
Delaware corporation (the “Company”), the Company, the other Subsidiary Guarantors (as defined in the Indenture referred to herein) and U.S. Bank National Association, as trustee under the Indenture referred to below (the
“Trustee”). 
 W I T N E S S E T H 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of
November 20, 2014 providing for the issuance of 11.000% Senior Secured Notes due 2019 (the “Notes”); 

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a
supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note
Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them
in the Indenture. 
 2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to
provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 11 thereof. 

4. NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or
stockholder of the Company or any Subsidiary Guarantor, as such, will have any liability for any obligations of the Company or the Subsidiary Guarantors under the Notes, this Indenture, the Note Guarantees, the Security Documents or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver
may not be effective to waive liabilities under the federal securities laws. 
 5. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF
NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

6. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. 

  
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 7. EFFECT OF HEADINGS. The Section headings herein
are for convenience only and shall not affect the construction hereof. 
 8. THE TRUSTEE. The Trustee shall not
be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and
the Company. 

  
 F-2 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written. 
 Dated:
                    , 
  

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	 
		 	Name:
		 	Title:
	
	HC2 Holdings, Inc.
		
	By:	 	 
		 	Name:
		 	Title:

  
 F-3 

 
			
	U.S. Bank National Association
		
	By:	 	 
		 	Name:
		 	Title:

  
 F-4

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