Document:

exv4w1

Exhibit 4.1

 

NEWPARK RESOURCES, INC.

AND

WELLS FARGO BANK, NATIONAL ASSOCIATION

Trustee

 

INDENTURE

DATED AS OF OCTOBER 4, 2010

 

SENIOR DEBT SECURITIES

 

 

 

NEWPARK RESOURCES, INC.

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

AND INDENTURE, DATED AS OF OCTOBER 4, 2010

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

 

 

	 	 	 	 	 
	TRUST INDENTURE ACT SECTION	 	INDENTURE SECTION
	Section 317(a)(1)
	 	5.3
	(a)(2)
	 	5.4
	(b)
	 	10.3
	 
	 	 
	Section 318(a)
	 	1.8

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

 

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

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	 	 	1	 
	Section 1.1. Definitions
	 	 	1	 
	Section 1.2. Incorporation by Reference of Trust Indenture Act
	 	 	8	 
	Section 1.3. Compliance Certificates and Opinions
	 	 	8	 
	Section 1.4. Form of Documents Delivered to Trustee
	 	 	9	 
	Section 1.5. Acts of Holders; Record Dates
	 	 	9	 
	Section 1.6. Notices, Etc., to Trustee, Company and Guarantors
	 	 	10	 
	Section 1.7. Notice to Holders; Waiver
	 	 	11	 
	Section 1.8. Conflict with Trust Indenture Act
	 	 	11	 
	Section 1.9. Effect of Headings and Table of Contents
	 	 	11	 
	Section 1.10. Successors and Assigns
	 	 	12	 
	Section 1.11. Separability Clause
	 	 	12	 
	Section 1.12. Benefits of Indenture
	 	 	12	 
	Section 1.13. Force Majeure
	 	 	12	 
	Section 1.14. Waiver of Jury Trial
	 	 	12	 
	Section 1.15. Governing Law
	 	 	12	 
	Section 1.16. Legal Holidays
	 	 	12	 
	Section 1.17. Securities in a Composite Currency, Currency Unit or Foreign Currency
	 	 	13	 
	Section 1.18. Payment in Required Currency; Judgment Currency
	 	 	13	 
	Section 1.19. Language of Notices, Etc.
	 	 	14	 
	Section 1.20. Incorporators, Shareholders, Officers and Directors of the Company and the
Guarantors Exempt from Individual Liability
	 	 	14	 
	 
	 	 	 	 
	ARTICLE TWO SECURITY FORMS
	 	 	14	 
	Section 2.1. Forms Generally
	 	 	14	 
	Section 2.2. Form of Face of Security
	 	 	15	 
	Section 2.3. Form of Reverse of Security
	 	 	17	 
	Section 2.4. Global Securities
	 	 	21	 
	Section 2.5. Form of Trustee’s Certificate of Authentication
	 	 	22	 
	 
	 	 	 	 
	ARTICLE THREE THE SECURITIES
	 	 	22	 
	Section 3.1. Amount Unlimited; Issuable in Series
	 	 	22	 
	Section 3.2. Denominations
	 	 	25	 
	Section 3.3. Execution, Authentication, Delivery and Dating
	 	 	25	 
	Section 3.4. Temporary Securities
	 	 	27	 
	Section 3.5. Registration, Registration of Transfer and Exchange
	 	 	27	 
	Section 3.6. Mutilated, Destroyed, Lost and Stolen Securities
	 	 	29	 
	Section 3.7. Payment of Interest; Interest Rights Preserved
	 	 	30	 
	Section 3.8. Persons Deemed Owners
	 	 	31	 
	Section 3.9. Cancellation
	 	 	31	 
	Section 3.10. Computation of Interest
	 	 	32	 
	Section 3.11. CUSIP or CINS Numbers
	 	 	32	 
	 
	 	 	 	 
	ARTICLE FOUR SATISFACTION AND DISCHARGE
	 	 	32	 
	Section 4.1. Satisfaction and Discharge of Indenture
	 	 	32	 
	Section 4.2. Application of Trust Money
	 	 	33	 

i

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE FIVE REMEDIES
	 	 	33	 
	Section 5.1. Events of Default
	 	 	33	 
	Section 5.2. Acceleration of Maturity; Rescission and Annulment
	 	 	34	 
	Section 5.3. Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	35	 
	Section 5.4. Trustee May File Proofs of Claim
	 	 	36	 
	Section 5.5. Trustee May Enforce Claims Without Possession of Securities
	 	 	36	 
	Section 5.6. Application of Money Collected
	 	 	36	 
	Section 5.7. Limitation on Suits
	 	 	37	 
	Section 5.8. Unconditional Right of Holders to Receive Principal, Premium and Interest
	 	 	37	 
	Section 5.9. Restoration of Rights and Remedies
	 	 	37	 
	Section 5.10. Rights and Remedies Cumulative
	 	 	38	 
	Section 5.11. Delay or Omission Not Waiver
	 	 	38	 
	Section 5.12. Control by Holders
	 	 	38	 
	Section 5.13. Waiver of Past Defaults
	 	 	38	 
	Section 5.14. Undertaking for Costs
	 	 	39	 
	Section 5.15. Waiver of Stay or Extension Laws
	 	 	39	 
	 
	 	 	 	 
	ARTICLE SIX THE TRUSTEE
	 	 	39	 
	Section 6.1. Certain Duties and Responsibilities
	 	 	39	 
	Section 6.2. Notice of Defaults
	 	 	40	 
	Section 6.3. Certain Rights of Trustee
	 	 	41	 
	Section 6.4. Not Responsible for Recitals or Issuance of Securities
	 	 	42	 
	Section 6.5. May Hold Securities
	 	 	42	 
	Section 6.6. Money Held in Trust
	 	 	42	 
	Section 6.7. Compensation and Reimbursement
	 	 	42	 
	Section 6.8. Disqualification; Conflicting Interests
	 	 	43	 
	Section 6.9. Corporate Trustee Required; Eligibility
	 	 	43	 
	Section 6.10. Resignation and Removal; Appointment of Successor
	 	 	43	 
	Section 6.11. Acceptance of Appointment by Successor
	 	 	45	 
	Section 6.12. Merger, Conversion, Consolidation or Succession to Business
	 	 	46	 
	Section 6.13. Preferential Collection of Claims Against Company
	 	 	46	 
	Section 6.14. Appointment of Authenticating Agent
	 	 	46	 
	 
	 	 	 	 
	ARTICLE SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	 	 	48	 
	Section 7.1. Company to Furnish Trustee Names and Addresses of Holders
	 	 	48	 
	Section 7.2. Preservation of Information; Communications to Holders
	 	 	48	 
	Section 7.3. Reports by Trustee
	 	 	49	 
	Section 7.4. Reports by Company
	 	 	49	 
	 
	 	 	 	 
	ARTICLE EIGHT CONSOLIDATION, AMALGAMATION, MERGER AND SALE
	 	 	50	 
	Section 8.1. Company May Consolidate, Etc., Only on Certain Terms
	 	 	50	 
	Section 8.2. Successor Substituted
	 	 	50	 
	 
	 	 	 	 
	ARTICLE NINE AMENDMENT, SUPPLEMENT AND WAIVER
	 	 	51	 
	Section 9.1. Without Consent of Holders
	 	 	51	 
	Section 9.2. With Consent of Holders
	 	 	52	 
	Section 9.3. Execution of Amendments and Supplemental Indentures
	 	 	54	 
	Section 9.4. Effect of Amendments and Supplemental Indentures
	 	 	54	 
	Section 9.5. Conformity with Trust Indenture Act
	 	 	54	 
	Section 9.6. Reference in Securities to Amendments or Supplemental Indentures
	 	 	54	 

ii

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE TEN COVENANTS
	 	 	54	 
	Section 10.1. Payment of Principal, Premium and Interest
	 	 	54	 
	Section 10.2. Maintenance of Office or Agency
	 	 	55	 
	Section 10.3. Money for Securities Payments to Be Held in Trust
	 	 	55	 
	Section 10.4. Existence
	 	 	56	 
	Section 10.5. Statement by Officers as to Default
	 	 	56	 
	 
	 	 	 	 
	ARTICLE ELEVEN REDEMPTION OF SECURITIES
	 	 	57	 
	Section 11.1. Applicability of Article
	 	 	57	 
	Section 11.2. Election to Redeem; Notice to Trustee
	 	 	57	 
	Section 11.3. Selection by Trustee of Securities to Be Redeemed
	 	 	57	 
	Section 11.4. Notice of Redemption
	 	 	58	 
	Section 11.5. Deposit of Redemption Price
	 	 	58	 
	Section 11.6. Securities Payable on Redemption Date
	 	 	58	 
	Section 11.7. Securities Redeemed in Part
	 	 	59	 
	 
	 	 	 	 
	ARTICLE TWELVE SINKING FUNDS
	 	 	59	 
	Section 12.1. Applicability of Article
	 	 	59	 
	Section 12.2. Satisfaction of Sinking Fund Payments with Securities
	 	 	59	 
	Section 12.3. Redemption of Securities for Sinking Fund
	 	 	59	 
	 
	 	 	 	 
	ARTICLE THIRTEEN DEFEASANCE
	 	 	60	 
	Section 13.1. Option to Effect Legal Defeasance or Covenant Defeasance
	 	 	60	 
	Section 13.2. Legal Defeasance and Discharge
	 	 	60	 
	Section 13.3. Covenant Defeasance
	 	 	61	 
	Section 13.4. Conditions to Legal or Covenant Defeasance
	 	 	61	 
	Section 13.5. Deposited Money and U.S. Government Obligations to be Held in Trust, Other
Miscellaneous Provisions
	 	 	62	 
	Section 13.6. Repayment
	 	 	63	 
	Section 13.7. Reinstatement
	 	 	63	 
	 
	 	 	 	 
	ARTICLE FOURTEEN GUARANTEE OF SECURITIES
	 	 	63	 
	Section 14.1. Securities Guarantee
	 	 	63	 
	Section 14.2. Limitation on Guarantor Liability
	 	 	65	 
	Section 14.3. Execution and Delivery of Securities Guarantee Notation
	 	 	65	 

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

iii

 

PARTIES

     INDENTURE, dated as of October 4, 2010, among NEWPARK RESOURCES, INC., a corporation duly
organized and existing under the laws of the State of Delaware (herein called the “Company”), the
Guarantors (as defined hereinafter) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking
association, as trustee (the “Trustee”).

RECITALS OF THE COMPANY:

     The Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its unsecured senior debentures, notes or other evidences of
indebtedness (herein called the “Securities”), which may but are not required to be guaranteed by
the Guarantors, to be issued in one or more series as provided in this Indenture.

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

     This Indenture is subject to the provisions of the Trust Indenture Act that are required to be
a part of this Indenture and, to the extent applicable, shall be governed by such provisions.

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

ARTICLE ONE

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.1. Definitions.

     For all purposes of this Indenture, except as otherwise expressly provided or unless the
context otherwise requires:

     (a) the terms defined in this Article have the meanings assigned to them in this
Article and include the plural as well as the singular;

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

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

     (d) the words “Article” and “Section” refer to an Article and Section, respectively, of
this Indenture;

     (e) the word “includes” and its derivatives means “includes, but is not limited to” and
corresponding derivative definitions; and

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

 

 

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

     “Act,” when used with respect to any Holder, has the meaning specified in Section 1.5.

     “Additional Defeasible Provision” means a covenant or other provision that is (a) made part of
this Indenture pursuant to an indenture supplemental hereto, a Board Resolution or an Officer’s
Certificate delivered pursuant to Section 3.1, and (b) pursuant to the terms set forth in such
supplemental indenture, Board Resolution or Officer’s Certificate, made subject to the provisions
of Article Thirteen.

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

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

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

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

     “Board of Directors” means:

     (a) with respect to a corporation, the board of directors of the corporation or any committee
thereof duly authorized to act on behalf of such board;

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

     (c) with respect to a limited liability company, the managing member or members or any
controlling committee of managers or members thereof or any board or committee serving a similar
management function; and

     (d) with respect to any other Person, the individual or board or committee of such Person
serving a management function similar to those described in clauses (a), (b) or (c) of this
definition.

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

     “Business Day”, when used with respect to any Place of Payment or other location, means,
except as otherwise provided as contemplated by Section 3.1 with respect to any series of
Securities, each

2

 

Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which
banking institutions in that Place of Payment or other location are authorized or obligated by law,
executive order or regulation to close.

     “CINS” means CUSIP International Numbering System.

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

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

     “Company Request” or “Company Order” means, in the case of the Company, a written request or
order signed in the name of the Company by its Chairman of the Board, its Chief Executive Officer,
its Chief Financial Officer, its President, any of its Vice Presidents or any other duly authorized
officer of the Company or any person duly authorized by any of them, and delivered to the Trustee
and, in the case of a Guarantor, a written request or order signed in the name of such Guarantor by
its Chairman of the Board, its Chief Executive Officer, its President, any of its Vice Presidents
or any other duly authorized officer of such Guarantor or any person duly authorized by any of
them, and delivered to the Trustee.

     “Corporate Trust Office” means the office of the Trustee at the address specified in Section
3.5 or such other address as to which the Trustee may give notice to the Company.

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

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

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

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

     “Debt” means any obligation created or assumed by any Person for the repayment of money
borrowed and any purchase money obligation created or assumed by such Person and any guarantee of
the foregoing.

     “Default” means, with respect to a series of Securities, any event that is, or after notice or
lapse of time or both would be, an Event of Default.

     “Defaulted Interest” has the meaning specified in Section 3.7.

     “Definitive Security” means a security other than a Global Security or a temporary Security.

     “Depositary” means, with respect to the Securities of any series issuable or issued in whole
or in part in the form of one or more Global Securities, a clearing agency registered under the
Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section
3.1, until a successor Depositary shall have become such pursuant to the applicable provisions of
this Indenture, and

3

 

thereafter shall mean or include each Person which is a Depositary hereunder,
and if at any time there is more than one such Person, shall be a collective reference to such
Persons.

     “Dollar” or “$” means the coin or currency of the United States of America, which at the time
of payment is legal tender for the payment of public and private debts.

     “Event of Default” has the meaning specified in Section 5.1.

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

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

     “GAAP” means generally accepted accounting principles in the United States of America as in
effect from time to time, including those set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as approved by a significant segment of the accounting profession.
All ratios and computations based on GAAP contained in this Indenture will be computed in
conformity with GAAP.

     “Global Security” means a Security in global form that evidences all or part of a series of
Securities and is authenticated and delivered to, and registered in the name of, the Depositary for
the Securities of such series or its nominee.

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

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

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

     “Indenture” means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more amendments or indentures supplemental hereto entered into
pursuant to the applicable provisions hereof, including, for all purposes of this instrument, and
any such amendment or supplemental indenture, the provisions of the Trust Indenture Act that are
deemed to be part of and govern this instrument and any such amendment or supplemental indenture,
respectively. The term “Indenture” also shall include the terms of particular series of Securities
established as contemplated by Section 3.1.

     “interest,” when used with respect to an Original Issue Discount Security which by its terms
bears interest only after Maturity, means interest payable after Maturity.

     “Interest Payment Date,” when used with respect to any Security, means the Stated Maturity of
an installment of interest on such Security.

     “Judgment Currency” has the meaning specified in Section 1.18.

     “Legal Defeasance” has the meaning specified in Section 13.2.

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

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

4

 

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

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

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

     “Opinion of Counsel” means a written opinion of counsel, who may be an employee of or counsel
for the Company or a Guarantor, as the case may be, and who shall be reasonably acceptable to the
Trustee.

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

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

     “Outstanding,” when used with respect to Securities, means, as of the date of determination,
all Securities theretofore authenticated and delivered under this Indenture, except:

     (a) Securities theretofore canceled by the Trustee or delivered to the Trustee for
cancellation;

     (b) Securities for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust
or set aside and segregated in trust by the Company (if the Company shall act as its own
Paying Agent) for the Holders of such Securities; provided, however, that, if such
Securities are to be redeemed, notice of such redemption has been duly given pursuant to
this Indenture or provision therefor satisfactory to the Trustee has been made;

     (c) Securities which have been paid pursuant to Section 3.6 or in exchange for or in
lieu of which other Securities have been authenticated and delivered pursuant to this
Indenture, other than any such Securities in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such Securities are held by a bona
fide purchaser in whose hands such Securities are valid obligations of the Company; and

     (d) Securities, except to the extent provided in Section 13.2 and Section 13.3, with
respect to which the Company has effected Legal Defeasance or Covenant Defeasance as
provided in Article Thirteen, which Legal Defeasance or Covenant Defeasance then
continues in effect;

provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given any request, demand, authorization, direction, notice, consent or
waiver hereunder, (i) the principal amount of an Original Issue Discount Security that shall be
deemed to

5

 

be Outstanding shall be the amount of the principal thereof that would be due and payable
as of the date of such determination upon acceleration of the Maturity thereof on such date
pursuant to Section 5.2, (ii) the principal amount of a Security denominated in one or more
currencies or currency units other than U.S. dollars shall be the U.S. dollar equivalent of such
currencies or currency units, determined in the manner provided as contemplated by Section 3.1 on
the date of original issuance of such Security or by Section 1.17, if not otherwise so provided
pursuant to Section 3.1, of the principal amount (or, in the case of an Original Issue Discount
Security, the U.S. dollar equivalent (as so determined) on the date of original issuance of such
Security of the amount determined as provided in clause (i) above) of such Security, and (iii)
Securities owned by the Company, any Guarantor or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only Securities which
the Trustee knows to be so owned shall be so disregarded. Securities so owned as described in
clause (iii) of the immediately preceding sentence which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right to act with respect to such Securities and that the pledgee is not the Company, a Guarantor
or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.

     “Paying Agent” means any Person authorized by the Company to pay the principal of and any
premium or interest on any Securities on behalf of the Company.

     “Periodic Offering” means an offering of Securities of a series from time to time, the
specific terms of which Securities, including, without limitation, the rate or rates of interest or
formula for determining the rate or rates of interest thereon, if any, the Stated Maturity or
Stated Maturities thereof, the original issue date or dates thereof, the redemption provisions, if
any, with respect thereto, and any other terms specified as contemplated by Section 3.1 with
respect thereto, are to be determined by the Company upon the issuance of such Securities.

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

     “Place of Payment,” when used with respect to the Securities of any series, means, unless
otherwise specifically provided for with respect to such series as contemplated by Section 3.1, the
office or agency of the Company and such other place or places where, subject to the provisions of
Section 10.2, the principal of and any premium and interest on the Securities of that series are
payable as contemplated by Section 3.1.

     “Predecessor Security” of any particular Security means every previous Security evidencing all
or a portion of the same debt as that evidenced by such particular Security; and, for the purposes
of this definition, any Security authenticated and delivered under Section 3.6 in exchange for or
in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Security.

     “Redemption Date,” when used with respect to any Security to be redeemed, means the date fixed
for such redemption by or pursuant to this Indenture.

     “Redemption Price,” when used with respect to any Security to be redeemed, means the price at
which it is to be redeemed pursuant to this Indenture.

6

 

     “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities
of any series means the date specified for that purpose as contemplated by Section 3.1.

     “Required Currency” has the meaning specified in Section 1.18.

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

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

     “Securities” has the meaning stated in the first recital of this Indenture and more
particularly means any Securities authenticated and delivered under this Indenture.

     “Securities Guarantee” means each guarantee of the obligations of the Company under this
Indenture and the Securities by a Guarantor in accordance with the provisions hereof.

     “Security Register” and “Security Registrar” have the respective meanings specified in Section
3.5.

     “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 3.7.

     “Stated Maturity,” when used with respect to any Security or any installment of principal
thereof or interest thereon, means the date specified in such Security as the fixed date on which
the principal of such Security or such installment of principal or interest is due and payable.

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

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

     “U.S. Person” shall have the meaning assigned to such term in Section 7701(a)(30) of the Code.

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

7

 

     “Vice President,” when used with respect to the Company, the Guarantor or the Trustee, means
any vice president, regardless of whether designated by a number or a word or words added before or
after the title “vice president.”

Section 1.2. Incorporation by Reference of Trust Indenture Act.

     Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is
incorporated by reference in and made a part of this Indenture. The following Trust Indenture Act
terms used in this Indenture have the following meanings:

“commission” means the SEC.

“indenture securities” means the Securities.

“indenture security holder” means a Holder.

“indenture to be qualified” means this Indenture.

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

“obligor” on the indenture securities means the Company, the Guarantor (if

applicable) or any other obligor on the indenture securities.

     All terms used in this Indenture that are defined by the Trust Indenture Act, defined by a
Trust Indenture Act reference to another statute or defined by an SEC rule under the Trust
Indenture Act have the meanings so assigned to them.

Section 1.3. Compliance Certificates and Opinions.

     Upon any application or request by the Company or a Guarantor to the Trustee to take any
action under any provision of this Indenture, the Company or such Guarantor, as the case may be,
shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been complied with and an
Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with, except that in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate or opinion need be
furnished except as required under Section 314(c) of the Trust Indenture Act.

     Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (except for certificates provided for in Section 10.5) shall include:

     (a) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;

     (b) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;

     (c) a statement that, in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to express an informed opinion as
to whether such covenant or condition has been complied with; and

8

 

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

Section 1.4. Form of Documents Delivered to Trustee.

     In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

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

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

Section 1.5. Acts of Holders; Record Dates.

     (a) Any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Holders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed (either
physically or by means of a facsimile or an electronic transmission, provided that such
electronic transmission is transmitted through the facilities of a Depositary) by such
Holders in person or by agent duly appointed in writing; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments
are delivered to the Trustee and, where it is hereby expressly required, to the Company or
the Guarantors. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any purpose of
this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor
of the Trustee, the Company and, if applicable, the Guarantors, if made in the manner
provided in this Section.

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

9

 

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

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

     (e) Without limiting the foregoing, a Holder entitled to give or take any action
hereunder with regard to any particular Security may do so with regard to all or any part of
the principal amount of such Security or by one or more duly appointed agents each of which
may do so pursuant to such appointment with regard to all or any different part of such
principal amount.

     (f) The Company may set any day as the record date for the purpose of determining the
Holders of Outstanding Securities of any series entitled to give or take any request,
demand, authorization, direction, notice, consent, waiver or other Act provided or permitted
by this Indenture to be given or taken by Holders of Securities of such series, but the
Company shall have no obligation to do so. With regard to any record date set pursuant to
this paragraph, the Holders of Outstanding Securities of the relevant series on such record
date (or their duly appointed agents), and only such Persons, shall be entitled to give or
take the relevant action, regardless of whether such Holders remain Holders after such
record date.

Section 1.6. Notices, Etc., to Trustee, Company and Guarantors.

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

If to the Company and/or any Guarantor:

Newpark Resources, Inc.

2700 Research Forest Drive, Suite 100

The Woodlands, Texas 77381

Telephone: (281) 362-6800

Facsimile: (281) 362-6801

Attention: Chief Financial Officer

with a copy to:

Andrews Kurth LLP

10001 Woodloch Forest, Suite 200

Houston, Texas 77380

Telephone: (713) 220-4800

Facsimile: (713) 220-4815

Attention: William C. McDonald

If to the Trustee:

10

 

Wells Fargo Bank, National Association

Corporate Trust Department

1445 Ross Avenue, 2nd Floor

Dallas, Texas 75202-2812

Telephone: (214) 740-1573

Facsimile: (214) 777-4086

Attention: Patrick Giordano, VP — Sr. Relationship Mgr.

     (b) The Company, the Guarantors or the Trustee, by notice to the others, may designate
additional or different addresses for subsequent notices or communications.

     (c) All notices and communications (other than those sent to Holders) shall be deemed
to have been duly given: at the time delivered by hand, if personally delivered; three
Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt
acknowledged, if telecopied; and the next Business Day after timely delivery to the courier,
if sent by overnight air courier guaranteeing next day delivery.

Section 1.7. Notice to Holders; Waiver.

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

     Where this Indenture provides for notice in any manner, such notice may be waived in writing
by the Person entitled to receive such notice, either before or after the event, and such waiver
shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon
such waiver.

     In case it shall be impracticable to give such notice by mail by reason of the suspension of
regular mail service or by reason of any other cause, then such notification as shall be made with
the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

Section 1.8. Conflict with Trust Indenture Act.

     If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture
Act that is required under such Act to be a part of and govern this Indenture, the provision of the
Trust Indenture Act shall control. If any provision of this Indenture modifies or excludes any
provision of the Trust Indenture Act that may be so modified or excluded, the provision of the
Trust Indenture Act shall be deemed to apply to this Indenture as so modified or excluded, as the
case may be.

Section 1.9. Effect of Headings and Table of Contents.

     The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

11

 

Section 1.10. Successors and Assigns.

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

Section 1.11. Separability Clause.

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

Section 1.12. Benefits of Indenture.

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

Section 1.13. Force Majeure.

     In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including strikes, work stoppages, accidents, acts of war or terrorism,
civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services; it
being understood that the Trustee shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the
circumstances.

Section 1.14. Waiver of Jury Trial.

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

Section 1.15. Governing Law.

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

Section 1.16. Legal Holidays.

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

12

 

period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be.

Section 1.17. Securities in a Composite Currency, Currency Unit or Foreign Currency.

     Unless otherwise specified in a Board Resolution, Officer’s Certificate or indenture
supplemental hereto delivered pursuant to Section 3.1 of this Indenture with respect to a
particular series of Securities, whenever for purposes of this Indenture any action may be taken by
the Holders of a specified percentage in aggregate principal amount of Securities of all series or
all series affected by a particular action at the time Outstanding and, at such time, there are
Outstanding Securities of any affected series which are denominated in a coin, currency or
currencies other than Dollars (including, but not limited to, any composite currency, currency
units or Foreign Currency), then the principal amount of Securities of such series which shall be deemed to be Outstanding for the purpose of taking such action shall be
that amount of Dollars that could be obtained for such amount at the Market Exchange Rate. For
purposes of this Section 1.17, the term “Market Exchange Rate” shall mean the noon Dollar buying
rate in The City of New York for cable transfers of such currency or currencies as published by the
Federal Reserve Bank of New York, as of the most recent available date. If such Market Exchange
Rate is not so available for any reason with respect to such currency, the Trustee shall use, in
its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank
of New York as of the most recent available date, or quotations or rates of exchange from one or
more major banks in The City of New York or in the country of issue of the currency in question,
which for purposes of Euros shall be Brussels, Belgium, or such other quotations or rates of
exchange as the Trustee shall deem appropriate. The provisions of this paragraph shall apply in
determining the equivalent principal amount in respect of Securities of a series denominated in a
currency other than Dollars in connection with any action taken by Holders of Securities pursuant
to the terms of this Indenture.

     All decisions and determinations of the Trustee regarding the Market Exchange Rate or any
alternative determination provided for in the preceding paragraph shall be in its sole discretion
and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all
purposes and irrevocably binding upon the Issuer and all Holders.

Section 1.18. Payment in Required Currency; Judgment Currency.

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

13

 

the Required Currency so expressed to be payable and (iii) shall not be affected by
judgment being obtained for any other sum due under this Indenture.

Section 1.19. Language of Notices, Etc.

     Any request, demand, authorization, direction, notice, consent, waiver or Act required or
permitted under this Indenture shall be in the English language, except that any published notice
may be in an official language of the country of publication.

Section 1.20. Incorporators, Shareholders, Officers and Directors of the Company and the Guarantors Exempt
from Individual Liability.

     No recourse under or upon any obligation, covenant or agreement of or contained in this
Indenture or of or contained in any Security or, if applicable, the Securities Guarantee, or for
any claim based thereon or otherwise in respect thereof, or because of the creation of any
indebtedness represented thereby, shall be had against any incorporator, shareholder, member,
officer, manager, employee, partner or director, as such, past, present or future, of the Company,
any Guarantor or any successor Person, either directly or through the Company, any Guarantor or any
successor Person, whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise, it being expressly understood that all such
liability is hereby expressly waived and released as a condition of, and as a part of the
consideration for, the execution of this Indenture and the issue of the Securities.

ARTICLE TWO

SECURITY FORMS

Section 2.1. Forms Generally.

     The Securities of each series and, if applicable, the notation thereon relating to the
Securities Guarantee, shall be in substantially the form set forth in this Article Two, or in such
other form or forms as shall be established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers executing such Securities and, if applicable,
the Securities Guarantee, as evidenced by their execution thereof.

     The definitive Securities shall be printed, lithographed or engraved on steel engraved borders
or may be produced in any other manner, all as determined by the officers executing such
Securities, as evidenced by their execution thereof. If the form of Securities of any series is
established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such
action shall be certified by an authorized officer or other authorized person on behalf of the
Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated
by Section 3.3 for the authentication and delivery of such Securities.

     The forms of Global Securities of any series shall have such provisions and legends as are
customary for Securities of such series in global form, including without limitation any legend
required by the Depositary for the Securities of such series.

14

 

Section 2.2. Form of Face of Security.

[If the Security is an Original Issue Discount Security and is not “publicly offered” within the
meaning of Treasury Regulations Section 1.1275-1(h), insert—FOR PURPOSES OF SECTION 1275 OF THE
UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS SECURITY WAS ISSUED WITH ORIGINAL
ISSUE DISCOUNT, THE AMOUNT OF THE ORIGINAL ISSUE DISCOUNT IS [. . . . . . . .% OF ITS PRINCIPAL AMOUNT] [$. . . . PER $1,000 OF PRINCIPAL AMOUNT],
THE ISSUE DATE IS . . . . . ., 20. . . AND, THE YIELD TO MATURITY IS . . . . . . . . , COMPOUNDED
[SEMIANNUALLY OR OTHER PROPER PERIOD].

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

[Insert any other legend required by the Code or the regulations thereunder.]

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

NEWPARK RESOURCES, INC.

[TITLE OF SECURITY]

			
	No
	 	U.S. $. . . . . .

[CUSIP No. ]

Newpark Resources, Inc., a corporation duly organized and existing under the laws of the State of
Delaware (herein called the “Company,” which term includes any successor or resulting Person under
the Indenture hereinafter referred to), for value received, hereby promises to pay to .. . . . . . . . . . . . . . . . . . . . . . ., or registered assigns, the principal sum of . . . . United
States Dollars on [If the Security is to bear interest prior to Maturity, insert—, and to pay
interest thereon from . . . . . . . . . . or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on . . . . . . and . . . . . . in each
year, commencing . . . . . ., at the rate of . . . . % per annum, until the principal hereof is
paid or made available for payment [if applicable, insert—, and at the rate of ___% per annum on
any overdue principal and premium and on any installment of interest (to the extent that the
payment of such interest shall be legally enforceable)].

15

 

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be
paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest, which shall be
the . . . . or . . . . (regardless of whether a Business Day), as the case may be, next preceding
such Interest Payment Date. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than
10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture].

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

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

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

Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

16

 

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

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

     Dated:

	 	 	 	 	 
	 	NEWPARK RESOURCES, INC.

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

Section 2.3. Form of Reverse of Security.

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

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

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

	 
	Year	 	Redemption Price	 	 	Year	 	 	Redemption Price

17

 

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

[If applicable, insert—The Securities of this series are subject to redemption upon not less
than... nor more than ... days’ notice by mail, (1) on . . . . . . . . in any year commencing with
the year . . . . and ending with the year . . . . through operation of the sinking fund for this
series at the Redemption Prices for redemption through operation of the sinking fund (expressed as
percentages of the principal amount) set forth in the table below, and (2) at anytime [on or after
        . . . . . . . . . . ], as a whole or in part, at the election of the Company, at the Redemption
Prices for redemption otherwise than through operation of the sinking fund (expressed as
percentages of the principal amount) set forth in the table below: If redeemed during the 12-month
period beginning . . . . . . . . . . . . . . of the years indicated,

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Redemption Price For Redemption	 	Redemption Price for Redemption
	 	 	 	 	Through Operation of the	 	Otherwise Than Through
	Year	 	Sinking Fund	 	Operation of the Sinking Fund

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

[If applicable, insert—Notwithstanding the foregoing, the Company may not, prior to . . . . . . .
.. . ., redeem any Securities of this series as contemplated by [clause (2) of] the preceding
paragraph as a part of, or in anticipation of, any refunding operation by the application, directly
or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance
with generally accepted financial practice) of less than . . . .% per annum.]

[If applicable, insert—The sinking fund for this series provides for the redemption on . . . . . .
.. . . . . . in each year beginning with the year . . . . and ending with the year . . . . of [not
less than] $. . . . . . . . . . . . [ (“mandatory sinking fund”) and not more than $. . . . . . . .
        . . . . ] aggregate principal amount of Securities of this series. [Securities of this series
acquired or redeemed by the Company otherwise than through [mandatory] sinking fund payments may be
credited against subsequent [mandatory] sinking fund payments otherwise required to be made [If
applicable, insert— in the inverse order in which they become due].]

18

 

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

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

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

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

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company [If applicable, insert—and the
Guarantors] and the rights of the Holders of the Securities of each series to be affected under the
Indenture at any time by the Company [If applicable, insert—and the Guarantors] and the Trustee
with the consent of the Holders of a majority in principal amount of the Securities at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the
Holders of specified percentages in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the
Company [If applicable, insert—and the Guarantors] with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such consent or waiver by
the Holder of this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, regardless of whether notation of such consent or waiver is
made upon this Security.

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

[If a Global Security, insert—This Global Security or portion hereof may not be exchanged for
Definitive Securities of this series except in the limited circumstances provided in the Indenture.
The holders of beneficial interests in this Global Security will not be entitled to receive
physical delivery of Definitive Securities except as described in the Indenture and will not be
considered the Holders thereof for any purpose under the Indenture.]

[If a Definitive Security, insert—As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Security is registerable in the Security Register, upon
surrender of this Security for registration of transfer at the office or agency of the Company in
[if applicable, insert—any place where the principal of and any premium and interest on this
Security are payable] [if applicable, insert—The City of New York [, or, subject to any laws or
regulations applicable thereto and to the right of the Company (limited as provided in the
Indenture) to rescind the designation of any such transfer agent, at the [main] offices of
_______________ in ________________ or at such other offices or agencies as the

19

 

Company may designate]], duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Securities of this series and of
like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees.]

The Securities of this series are issuable only in registered form without coupons in denominations
of U.S. $. . . . . . . . and any integral multiple thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

No service charge shall be made for any such registration of transfer or exchange, but the Company
may require payment of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

Prior to due presentment of this Security for registration of transfer, the Company, [If
applicable, insert—any Guarantor,] the Trustee and any agent of the Company [If applicable,
insert—, a Guarantor] or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, regardless of whether this Security be overdue,
and none of the Company, [If applicable, insert—the Guarantors,] the Trustee nor any such agent
shall be affected by notice to the contrary.

No recourse under or upon any obligation, covenant or agreement of or contained in the Indenture or
of or contained in any Security, [If applicable, insert—, or the Securities Guarantee endorsed
thereon,] or for any claim based thereon or otherwise in respect thereof, or because of the
creation of any indebtedness represented thereby, shall be had against any incorporator,
shareholder, member, officer, manager or director, as such, past, present or future, of the Company
[If applicable, insert—or any Guarantor] or of any successor Person, either directly or through
the Company [If applicable, insert—or any Guarantor] or any successor Person, whether by virtue of
any constitution, statute or rule of law, or by the enforcement of any assessment, penalty or
otherwise; it being expressly understood that all such liability is hereby expressly waived and
released by the acceptance hereof and as a condition of, and as part of the consideration for, the
Securities and the execution of the Indenture.

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

Except as otherwise defined herein, all terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

[If a Definitive Security, insert as a separate page—

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

	 	 	 

	
 

	 	 
	(Please Print or Type Name and Address of Assignee)
	 	 

20

 

the within instrument of Newpark Resources, Inc. and does hereby irrevocably constitute and appoint
                                         Attorney to transfer said instrument on the books of the within-named Company,
with full power of substitution in the premises.

Please Insert Social Security or Other Identifying Number of Assignee:

	 	 	 	 	 	 

	 	 	 	 
	Dated:
	 	 	 	 	 
	 

	 	 

	 	 	 
	 

	 	 	 	(Signature)	 

NOTICE: The signature to this assignment must correspond with the name as written upon the face of
the within instrument in every particular, without alteration or enlargement or any change
whatever.]

[If a Security to which Article Fourteen has been made applicable, insert the following Form of
Notation on such Security relating to the Securities Guarantee—

Each of the Guarantors (which term includes any successor Person in such capacity under the
Indenture), has fully, unconditionally and absolutely guaranteed, to the extent set forth in the
Indenture and subject to the provisions in the Indenture, the due and punctual payment of the
principal of, and premium, if any, and interest on the Securities of this series and all other
amounts due and payable under the Indenture and the Securities of this series by the Company.

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

	 	 	 	 	 
	 	Guarantors:

[NAME OF EACH GUARANTOR]

 	 
	 	By:  	 	 
	 	  	 	] 
	 	 	 	 
	 

Section 2.4. Global Securities.

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

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

EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN
EXCHANGE FOR OR IN LIEU

21

 

OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE
FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

     If Securities of a series are issuable in whole or in part in the form of one or more Global
Securities, as specified as contemplated by Section 3.1, then, notwithstanding clause (i) of
Section 3.1 and the provisions of Section 3.2, any Global Security shall represent such of the
Outstanding Securities of such series as shall be specified therein and may provide that it shall
represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and
that the aggregate amount of Outstanding Securities represented thereby may from time to time be
reduced or increased, as the case may be, to reflect exchanges. Any endorsement of a Global
Security to reflect the amount, or any reduction or increase in the amount, of Outstanding
Securities represented thereby shall be made in such manner and upon instructions given by such
Person or Persons as shall be specified therein or in a Company Order. Subject to the provisions
of Section 3.3, Section 3.4 and Section 3.5, the Trustee shall deliver and redeliver any Global
Security in the manner and upon instructions given by the Person or Persons specified therein or in
the applicable Company Order. Any instructions by the Company with respect to endorsement or
delivery or redelivery of a Global Security shall be in a Company Order (which need not comply with
Section 1.3 and need not be accompanied by an Opinion of Counsel).

     The provisions of the last sentence of Section 3.3 shall apply to any Security represented by
a Global Security if such Security was never issued and sold by the Company and the Company
delivers to the Trustee the Global Security together with a Company Order (which need not comply
with Section 1.3 and need not be accompanied by an Opinion of Counsel) with regard to the reduction
or increase, as the case may be, in the principal amount of Securities represented thereby,
together with the written statement contemplated by the last sentence of Section 3.3.

Section 2.5. Form of Trustee’s Certificate of Authentication.

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

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

	 	 	 	 	 
	 	Wells Fargo Bank, National Association, as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 
	 

ARTICLE THREE

THE SECURITIES

Section 3.1. Amount Unlimited; Issuable in Series.

     The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.

     The Securities may be issued in one or more series. There shall be established in or pursuant
to a Board Resolution, and set forth, or determined in the manner provided, in an Officer’s
Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of
Securities of any series:

22

 

     (a) the title of the Securities of the series (which shall distinguish the Securities
of the series from all other Securities and which may be part of a series of Securities
previously issued);

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

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

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

     (e) the rate or rates at which the Securities of the series shall bear interest, if
any, or the formula, method or provision pursuant to which such rate or rates are
determined, the date or dates from which such interest shall accrue or the method of
determination thereof, the Interest Payment Dates on which such interest shall be payable
and the Regular Record Date for the interest payable on any Interest Payment Date;

     (f) the place or places where, subject to the provisions of Section 10.2, the principal
of and any premium and interest on Securities of the series shall be payable, Securities of
the series may be surrendered for registration of transfer, Securities of the series may be
surrendered for exchange, and notices and demands to or upon the Company in respect of the
Securities of the series and this Indenture may be served;

     (g) the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of the series may be redeemed, in whole or in part, at the
option of the Company;

     (h) the obligation, if any, of the Company to redeem or purchase Securities of the
series pursuant to any sinking fund or analogous provisions or at the option of a Holder
thereof and the period or periods within which, the price or prices at which and the terms
and conditions upon which Securities of the series shall be redeemed or purchased, in whole
or in part, pursuant to such obligation;

     (i) if other than denominations of $1,000 and any integral multiple thereof, the
denominations in which Securities of the series shall be issuable;

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

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

23

 

     (l) if the amount of payments of principal of and any premium or interest on the
Securities of the series may be determined with reference to an index, the manner in which
such amounts shall be determined;

     (m) if and as applicable, that the Securities of the series shall be issuable in whole
or in part in the form of one or more Global Securities and, in such case, the Depositary or
Depositaries for such Global Security or Global Securities and any circumstances other than
those set forth in Section 3.5 in which any such Global Security may be transferred to, and
registered and exchanged for Securities registered in the name of, a Person other than the
Depositary for such Global Security or a nominee thereof and in which any such transfer may
be registered;

     (n) any deletions from, modifications of or additions to the Events of Default set
forth in Section 5.1 or the covenants of the Company set forth in Article Ten with respect
to the Securities of such series;

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

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

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

     (r) if other than as provided in Section 13.2 and Section 13.3, the means of Legal
Defeasance or Covenant Defeasance as may be specified for the Securities of the series;

     (s) if other than the Trustee, the identity of the initial Security Registrar and any
initial Paying Agent;

     (t) whether the Securities of the series will be guaranteed pursuant to the Securities
Guarantee set forth in Article Fourteen, any modifications to the terms of Article Fourteen
applicable to the Securities of such series and the applicability of any other guarantees;
and

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

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

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

24

 

     If any of the terms of the series are established by action taken by or pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by an authorized
officer or other authorized person on behalf of the Company and, if applicable, the Guarantors and
delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth, or
providing the manner for determining, the terms of the series.

     With respect to Securities of a series subject to a Periodic Offering, such Board Resolution
or Officer’s Certificate may provide general terms for Securities of such series and provide either
that the specific terms of particular Securities of such series shall be specified in a Company
Order or that such terms shall be determined by the Company and, if applicable, the Guarantors or
one or more agents thereof designated in an Officer’s Certificate, in accordance with a Company
Order.

Section 3.2. Denominations.

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

Section 3.3. Execution, Authentication, Delivery and Dating.

     The Securities shall be executed on behalf of the Company by its Chairman of the Board, its
Chief Executive Officer, its President, its Chief Financial Officer or any of its Vice Presidents
and need not be attested. The signature of any of these officers on the Securities may be manual
or facsimile. Any Securities Guarantee endorsed on the Securities shall be executed on behalf of
the applicable Guarantor by its Chairman of the Board, its Chief Executive Officer, its President,
its Chief Financial Officer or any of its Vice Presidents and need not be attested. The signature
of any of these officers on any endorsement of the Securities Guarantee may be manual or facsimile.

     Securities and any endorsement of a Securities Guarantee bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the Company or a Guarantor,
as the case may be, shall bind the Company or such Guarantor, as the case may be, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication
and delivery of such Securities or did not hold such offices at the date of such Securities.

     At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and delivery of such
Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver
such Securities; provided, however, that in the case of Securities offered in a Periodic Offering,
the Trustee shall authenticate and deliver such Securities from time to time in accordance with
such other procedures (including, without limitation, the receipt by the Trustee of oral or
electronic instructions from the Company or its duly authorized agents, thereafter promptly
confirmed in writing) acceptable to the Trustee as may be specified by or pursuant to a Company
Order delivered to the Trustee prior to the time of the first authentication of Securities of such
series. If the forms or terms of the Securities of the series have been established in or pursuant
to one or more Board Resolutions as permitted by Section 2.1 and Section 3.1, in authenticating
such Securities, and accepting the additional responsibilities under this Indenture in relation to
such Securities, the Trustee shall be entitled to receive such documents as it may reasonably request. The Trustee shall
also be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying upon,
an Opinion of Counsel stating:

25

 

     (a) if the form or forms of such Securities has been established in or pursuant to a
Board Resolution as permitted by Section 2.1, that each such form has been established in
conformity with the provisions of this Indenture;

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

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

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

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

     With respect to Securities of a series offered in a Periodic Offering, the Trustee may rely,
as to the authorization by the Company of any of such Securities, on the form or forms and terms
thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of
Counsel and the other documents delivered pursuant to Section 2.1 and Section 3.1 and this Section,
as applicable, in connection with the first authentication of Securities of such series.

     Each Security shall be dated the date of its authentication.

     No Security, nor any Securities Guarantee endorsed thereon, shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose unless there appears on such
Security a certificate of authentication substantially in the form provided for herein executed by
the Trustee by manual signature of an authorized officer, and such certificate upon any Security
shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the
foregoing, if any Security shall have been
authenticated and delivered hereunder but never issued and sold by the Company, and the
Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.9, for
all purposes of this Indenture such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this Indenture.

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Section 3.4. Temporary Securities.

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

     If temporary Securities of any series are issued, the Company will cause Definitive Securities
of that series to be prepared without unreasonable delay. After the preparation of Definitive
Securities of such series, the temporary Securities of such series shall be exchangeable for
Definitive Securities of such series upon surrender of the temporary Securities of such series at
the office or agency of the Company in a Place of Payment for that series, without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Securities of any series the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like
principal amount of Definitive Securities of the same series and tenor of authorized denominations.
Until so exchanged the temporary Securities of any series shall in all respects be entitled to the
same benefits under this Indenture as Definitive Securities of such series.

Section 3.5. Registration, Registration of Transfer and Exchange.

     The Company shall cause to be kept at the office or agency of the Company in a Place of
Payment required by Section 10.2 a register (the register maintained in such office being herein
sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations
as it may prescribe, the Company shall provide for the registration of Securities and of transfers
of Securities. The Trustee is hereby appointed as the initial “Security Registrar” for the purpose
of registering Securities and transfers of Securities as herein provided, and its corporate trust
office, which, at the date hereof, is located at 1445 Ross Avenue, 2nd Floor, Corporate Trust
Department, Dallas, Texas 75202-2812, is the initial office or agency where the Securities
Register will be maintained. The Company may at any time replace such Security Registrar, change
such office or agency or act as its own Security Registrar. The Company will give prompt written
notice to the Trustee of any change of the Security Registrar or of the location of such office or
agency.

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

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

     All Securities issued upon any registration of transfer or exchange of Securities shall be the
valid obligations of the Company and, if applicable, the Guarantors evidencing the same debt, and
entitled to

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the same benefits under this Indenture, as the Securities surrendered upon such
registration of transfer or exchange.

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

     No service charge shall be made for any registration of transfer or exchange of Securities,
but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section 3.4, Section 9.6 or Section 11.7 not involving
any transfer.

     The Company shall not be required (a) to issue, register the transfer of or exchange
Securities of any series during a period beginning at the opening of business 15 days before the
day of the mailing of a notice of redemption of Securities of that series selected for redemption
under Section 11.3 and ending at the close of business on the day of such mailing, or (b) to
register the transfer of or exchange any Security so selected for redemption in whole or in part,
except the unredeemed portion of any Security being redeemed in part.

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

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

     The Company may at any time and in its sole discretion determine that the Securities of any
series issued in the form of one or more Global Securities shall no longer be represented by a
Global Security or Securities. In such event, the Company and, if applicable, the Guarantors will
execute and the Trustee, upon receipt of a Company Order for the authentication and delivery of
Definitive Securities of such series, will authenticate and deliver, Securities, with an
endorsement of the Securities Guarantee, if applicable, executed by the Guarantors, of such series
in definitive registered form without coupons, in

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any authorized denominations, in an aggregate
principal amount equal to the principal amount of the Global Security or Securities representing
such Securities in exchange for such Global Security or Securities registered in the names of such
Persons as the Depositary shall direct.

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

     (i) to the Person specified by such Depositary a new Security or Securities, with an
endorsement of the Securities Guarantee, if applicable, executed by the Guarantors, of the
same series and tenor, of any authorized denominations as requested by such Person, in an
aggregate principal amount equal to and in exchange for such Person’s beneficial interest in
the Global Security; and

     (ii) to such Depositary a new Global Security, with an endorsement of the Securities
Guarantee, if applicable, executed by the Guarantors, in a denomination equal to the
difference, if any, between the principal amount of the surrendered Global Security and the
aggregate principal amount of Securities authenticated and delivered pursuant to clause (i)
above.

     Every Person who takes or holds any beneficial interest in a Global Security agrees that:

     (A) the Company, the Guarantors (if applicable) and the Trustee may deal with the
Depositary as sole owner of the Global Security and as the authorized representative of such
Person;

     (B) such Person’s rights in the Global Security shall be exercised only through the
Depositary and shall be limited to those established by law and agreement between such
Person and the Depositary and/or direct and indirect participants of the Depositary;

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

     (D) none of the Company, the Guarantors (if applicable), the Trustee, nor any agent of
any of them will have any responsibility or liability for any aspect of the records relating
to or payments made on account of beneficial ownership interests of a Global Security or for
maintaining, supervising or reviewing any records relating to such beneficial ownership
interests.

Section 3.6. Mutilated, Destroyed, Lost and Stolen Securities.

     If any mutilated Security is surrendered to the Trustee, together with, in proper cases, such
security or indemnity as may be required by the Company, the Guarantors (if applicable) or the
Trustee to save each of them and any agent of any of them harmless, the Company and, if applicable,
the Guarantors shall execute and the Trustee shall authenticate and deliver in exchange therefor a
new Security, with an endorsement of the Securities Guarantee, if applicable, executed by the
Guarantors, of the same series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding.

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     If there shall be delivered to the Company, the Guarantors (if applicable) and the Trustee (a)
evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such
security or indemnity as may be required by them to save each of them and any agent of any of them
harmless, then, in the absence of notice to the Company or the Trustee that such Security has been
acquired by a bona fide purchaser, the Company and, if applicable, the Guarantors shall execute and
the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security,
a new Security, with an endorsement of the Securities Guarantee, if applicable, executed by the
Guarantors, of the same series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding.

     In case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new Security, pay
such Security.

     Upon the issuance of any new Security under this Section, the Company may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.

     Every new Security of any series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security shall constitute an original additional contractual obligation of the
Company and, if applicable, the Guarantors, regardless of whether the destroyed, lost or stolen
Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of
this Indenture equally and proportionately with any and all other Securities of that series duly
issued hereunder.

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

Section 3.7. Payment of Interest; Interest Rights Preserved.

     Except as otherwise provided as contemplated by Section 3.1 with respect to any series of
Securities, interest on any Security which is payable, and is punctually paid or duly provided for,
on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for
such interest.

     Any interest on any Security of any series which is payable, but is not punctually paid or
duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall
forthwith cease to be
payable to the Holder on the relevant Regular Record Date by virtue of having been such
Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as
provided in clause (a) or (b) below:

     (a) The Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each
Security of such series and the date of the proposed payment, and at the same time the
Company shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this clause provided. Thereupon, the Trustee shall fix a Special
Record Date for the payment of such Defaulted Interest which shall be not more than 15 days
and not less than 10 days prior to the date of the proposed payment and not

30

 

less than 10
days after the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to
each Holder of Securities of such series at his address as it appears in the Security
Register, not less than 10 days prior to such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having been so
mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities
of such series (or their respective Predecessor Securities) are registered at the close of
business on such Special Record Date and shall no longer be payable pursuant to the
following clause (b).

     (b) The Company may make payment of any Defaulted Interest on the Securities of any
series in any other lawful manner not inconsistent with the requirements of any securities
exchange on which such Securities may be listed, and upon such notice as may be required by
such exchange, if, after notice given by the Company to the Trustee of the proposed payment
pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

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

Section 3.8. Persons Deemed Owners.

     Except as otherwise provided as contemplated by Section 3.1 with respect to any series of
Securities, prior to due presentment of a Security for registration of transfer, the Company, the
Trustee and, if applicable, the Guarantors and any agent thereof may treat the Person in whose name
such Security is registered as the owner of such Security for the purpose of receiving payment of
principal of and any premium and (subject to Section 3.5 and Section 3.7) any interest on such
Security and for all other purposes whatsoever, regardless of whether such Security be overdue, and
none of the Company, the Trustee nor, if applicable, the Guarantors nor any agent of any of them
shall be affected by notice to the contrary.

     No holder of any beneficial interest in any Global Security held on its behalf by a Depositary
shall have any rights under this Indenture with respect to such Global Security, and such
Depositary may be treated by the Company, the Trustee, and, if applicable, the Guarantors and any
agent of thereof as the owner of such Global Security for all purposes whatsoever.

Section 3.9. Cancellation.

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

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Section 3.10. Computation of Interest.

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

Section 3.11. CUSIP or CINS Numbers.

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

ARTICLE FOUR

SATISFACTION AND DISCHARGE

Section 4.1. Satisfaction and Discharge of Indenture.

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

          (a) either:

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

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

     (A) have become due and payable; or

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

     (C) are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Company,

and
the Company or the Guarantors, if any, in the case of (ii)(A),
(B) or (C) above, has irrevocably deposited or caused
to be deposited with the Trustee as trust funds in trust for such purpose an amount
sufficient to pay and discharge the entire indebtedness on such Securities not
theretofore delivered to

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the Trustee for cancellation, for principal (and premium,
if any) and interest to the date of such deposit (in the case of Securities which
have become due and payable) or to the Stated Maturity or Redemption Date, as the
case may be, together with instructions from the Company irrevocably directing the
Trustee to apply such funds to the payment thereof at maturity or redemption, as the
case may be;

     (b) the Company has paid or caused to be paid all other sums payable hereunder by the
Company with respect to such Securities; and

     (c) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, which, taken together, state that all conditions precedent herein provided for
relating to the satisfaction and discharge of this Indenture with respect to such Securities
have been complied with.

Notwithstanding the satisfaction and discharge of this Indenture with respect to the Securities of
any series, (x) the obligations of the Company to the Trustee under Section 6.7, the obligations of
the Trustee to any Authenticating Agent under Section 6.14 and the right of the Trustee to resign
under Section 6.10 shall survive, and (y) if money shall have been deposited with the Trustee
pursuant to clause (a) of this Section, the obligations of the Company and the Trustee under
Section 4.2, Section 6.6, Section 10.2 and the last paragraph of Section 10.3 shall survive.

Section 4.2. Application of Trust Money.

     Subject to the provisions of the last paragraph of Section 10.3, all money deposited with the
Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, of the principal and any premium and interest for the payment of
which such money has been deposited with the Trustee.

ARTICLE FIVE

REMEDIES

Section 5.1. Events of Default.

     “Event of Default,” wherever used herein with respect to Securities of any series, means any
one of the following events (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body):

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

     (b) default in the payment of the principal of (or premium, if any, on) any Security of
that series at its Maturity; or

     (c) default in the performance, or breach, of any covenant set forth in Article Ten in
this Indenture (other than a covenant a default in the performance of which or the breach of
which is elsewhere in this Section specifically dealt with or which has expressly been
included in this Indenture solely for the benefit of series of Securities other than that
series), and continuance of such default or breach for a period of 90 days after there has
been given, by registered or certified

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mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in principal amount of the Outstanding
Securities of that series a written notice specifying such default or breach and requiring
it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

     (d) default in the performance, or breach, of any covenant in this Indenture (other
than a covenant in Article Ten or any other covenant a default in the performance of which
or the breach of which is elsewhere in this Section specifically dealt with or which has
expressly been included in this Indenture solely for the benefit of series of Securities
other than that series), and continuance of such default or breach for a period of 180 days
after there has been given, by registered or certified mail, to the Company by the Trustee
or to the Company and the Trustee by the Holders of at least 25% in principal amount of the
Outstanding Securities of that series a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;
or

     (e) the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a
voluntary case, (ii) consents to the entry of any order for relief against it in an
involuntary case, (iii) consents to the appointment of a Custodian of it or for all or
substantially all of its property, or (iv) makes a general assignment for the benefit of its
creditors; or

     (f) a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that (i) is for relief against the Company in an involuntary case, (ii) appoints a
Custodian of the Company or for all or substantially all of its property, or (iii) orders
the liquidation of the Company; and the order or decree remains unstayed and in effect for
60 consecutive days; or

     (g) default in the deposit of any sinking fund payment when due; or

     (h) any other Event of Default provided with respect to Securities of that series in
accordance with Section 3.1.

Section 5.2. Acceleration of Maturity; Rescission and Annulment.

     If an Event of Default with respect to Securities of any series at the time Outstanding occurs
and is continuing, then in every such case the Trustee or the Holders of 25% in aggregate principal
amount of the Outstanding Securities of that series may declare the principal amount (or, if the
Securities of that series are Original Issue Discount Securities, such portion of the principal
amount as may be specified in the terms of that series) of all of the Securities of that series to
be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), and upon any such declaration such principal amount (or specified amount) shall become
immediately due and payable. Notwithstanding the foregoing, if an Event of Default specified in
clause (e) or (f) of Section 5.1 occurs, the Securities of any series at the time Outstanding shall
be due and payable immediately without further action or notice.

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

     (a) the Company or, if applicable, one or more of the Guarantors has paid or deposited
with the Trustee a sum sufficient to pay:

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     (i) all overdue interest on all Securities of that series;

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

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

     (iv) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel; and

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

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

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

     The Company covenants that if:

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

     (b) default is made in the payment of the principal of (or premium, if any, on) any
Security at the Maturity thereof,

the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such
Securities, the whole amount then due and payable on such Securities for principal and any premium
and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and any premium and on any overdue interest, at the rate or rates
prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

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

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

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Section 5.4. Trustee May File Proofs of Claim.

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

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

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make such payments to the
Trustee and, if the Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 6.7.

     No provision of this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, compromise,
arrangement, adjustment or composition affecting the Securities or, if applicable, the Securities
Guarantee or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the
claim of any Holder in any such proceeding; provided, however, that the Trustee may, on behalf of
the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member
of a creditors’ or other similar committee.

Section 5.5. Trustee May Enforce Claims Without Possession of Securities.

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

Section 5.6. Application of Money Collected.

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

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

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

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

Section 5.7. Limitation on Suits.

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

     (a) such Holder has previously given written notice to the Trustee of a continuing
Event of Default with respect to the Securities of that series;

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

     (c) such Holder or Holders have offered to the Trustee reasonable indemnity against the
costs, expenses and liabilities to be incurred in compliance with such request;

     (d) the Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding; and

     (e) no direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of the
Outstanding Securities of that series;

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

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

     Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional (subject to Section 3.7 and Section 9.2), to receive
payment of the principal of and any premium and interest on such Security on the Stated Maturity
or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date)
and to institute suit for the enforcement of any such payment, and such rights shall not be
impaired without the consent of such Holder.

Section 5.9. Restoration of Rights and Remedies.

     If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has
been

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determined adversely to the Trustee or to such Holder, then and in every such case, subject to
any determination in such proceeding, the Company, the Guarantors, the Trustee and the Holders
shall be restored severally and respectively to their former positions hereunder and thereafter all
rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had
been instituted.

Section 5.10. Rights and Remedies Cumulative.

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

Section 5.11. Delay or Omission Not Waiver.

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

Section 5.12. Control by Holders.

     The Holders of not less than a majority in principal amount of the Outstanding Securities of
any series shall have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee,
with respect to the Securities of such series; provided, however, that:

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

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

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

Section 5.13. Waiver of Past Defaults.

     By written notice to the Company and the Trustee, the Holders of not less than a majority in
principal amount of the Outstanding Securities of any series may on behalf of the Holders of all
the Securities of such series waive any past default hereunder with respect to such series and its
consequences, except:

     (a) a continuing default in the payment of the principal of or any premium or interest
on any Security of such series; or

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     (b) a default in respect of a covenant or provision hereof which under Article Nine
cannot be modified or amended without the consent of the Holder of each Outstanding Security
of such series affected.

Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured, for every purpose of this Indenture, but no such waiver shall
extend to any subsequent or other default or impair any right consequent thereon.

Section 5.14. Undertaking for Costs.

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

Section 5.15. Waiver of Stay or Extension Laws.

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

ARTICLE SIX

THE TRUSTEE

Section 6.1. Certain Duties and Responsibilities.

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

     (i) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and as are provided by the Trust Indenture
Act, and no implied covenants or obligations shall be read into this Indenture
against the Trustee; and

     (ii) in the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Trustee and
conforming to the requirements of this Indenture; but in the case of any such
certificates or opinions which by any

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provision hereof are specifically required to
be furnished to the Trustee, the Trustee shall be under a duty to examine the same
to determine whether they conform to the requirements of this Indenture.

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

     (c) No provision of this Indenture shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act, or its own bad
faith or willful misconduct, except that:

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

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

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

     (iv) no provision of this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder, or in the exercise of any of its rights or powers, if it
shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.

     (d) Regardless of whether therein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or affording protection to
the Trustee shall be subject to the provisions of this Section.

Section 6.2. Notice of Defaults.

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

40

 

specified in Section 5.1(d) with respect to Securities of such series, no such notice to
Holders shall be given until at least 180 days after the occurrence thereof.

Section 6.3. Certain Rights of Trustee.

     Subject to the provisions of Section 6.1:

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

     (b) any request or direction of the Company or a Guarantor mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order (other than delivery of any
Security to the Trustee for authentication and delivery pursuant to Section 3.3, which shall
be sufficiently evidenced as provided therein) and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution;

     (c) whenever in the administration of this Indenture the Trustee shall deem it
desirable that a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically prescribed)
shall be entitled to receive and may, in the absence of bad faith on its part, rely upon an
Officer’s Certificate;

     (d) the Trustee may consult with counsel and the advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection from liability in respect
of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon;

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

     (f) the Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or
other paper or document, but the Trustee, in its discretion, may make such further inquiry
or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney;

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

     (h) the Trustee may request that the Company and, if applicable, the Guarantors deliver
an Officer’s Certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture, which
Officer’s Certificate may be

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signed by any person authorized to sign an Officer’s
Certificate, including any person specified as so authorized in any such certificate
previously delivered and not superseded;

     (i) the Trustee shall be entitled to the rights and protections afforded to the Trustee
pursuant to this Article Six in acting as a Paying Agent or Security Registrar hereunder;

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

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

Section 6.4. Not Responsible for Recitals or Issuance of Securities.

     The recitals contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company or, if applicable, the Guarantors,
and the Trustee or any Authenticating Agent assumes no responsibility for their correctness.
Neither the Trustee nor any Authenticating Agent makes any representations as to the validity or
sufficiency of this Indenture or of the Securities. The Trustee or any Authenticating Agent shall
not be accountable for the use or application by the Company of Securities or the proceeds thereof.

Section 6.5. May Hold Securities.

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

Section 6.6. Money Held in Trust.

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

Section 6.7. Compensation and Reimbursement.

     The Company agrees:

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

     (b) except as otherwise expressly provided herein, to reimburse the Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made by the
Trustee

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in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its negligence or bad faith; and

     (c) to indemnify each of the Trustee and its officers, directors, agents and employees
for, and to hold it and them harmless against, any loss, liability or expense incurred
without negligence, bad faith or willful misconduct on its or their part, arising out of or
in connection with the acceptance or administration of the trust or trusts hereunder,
including the costs and expenses of defending itself or themselves against any claim or
liability in connection with the exercise or performance of any of its or their powers or
duties hereunder.

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

     Without limiting any rights available to the Trustee under applicable law, when the Trustee
incurs expenses or renders services in connection with an Event of Default specified in Section
5.1(e) or Section 5.1(f), the expenses (including the reasonable charges and expenses of its
counsel) and the compensation for the services of the Trustee are intended to constitute expenses
of administration under any applicable Bankruptcy Law.

     The provisions of this Section 6.7 shall survive the resignation or removal of the Trustee and
the termination or satisfaction and discharge of this Indenture and the Legal Defeasance of the
Securities.

Section 6.8. Disqualification; Conflicting Interests.

     Reference is made to Section 310(b) of the Trust Indenture Act. There shall be excluded from
the operation of Section 310(b)(1) of the Trust Indenture Act this Indenture with respect to the
Securities of more than one series.

Section 6.9. Corporate Trustee Required; Eligibility.

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

Section 6.10. Resignation and Removal; Appointment of Successor.

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

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

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

     (d) If at any time:

     (i) the Trustee shall fail to comply with Section 310(b) of the Trust Indenture
Act after written request therefor by the Company or by any Holder who has been a
bona fide Holder of a Security for at least six months; or

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

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

then, in any such case, (A) the Company by a Board Resolution may remove the Trustee
with respect to all Securities, or (B) subject to Section 5.14, any Holder who has
been a bona fide Holder of a Security for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities and the
appointment of a successor Trustee or Trustees.

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

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     (f) The Company shall give notice of each resignation and each removal of the Trustee
with respect to the Securities of any series and each appointment of a successor Trustee
with respect to the Securities of any series to all Holders of Securities of such series in
the manner provided in Section 1.7. Each notice shall include the name of the successor
Trustee with respect to the Securities of such series and the address of its Corporate Trust
Office.

Section 6.11. Acceptance of Appointment by Successor.

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

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

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

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     (d) No successor Trustee shall accept its appointment unless at the time of such
acceptance such successor Trustee shall be qualified and eligible under this Article and the
Trust Indenture Act.

Section 6.12. Merger, Conversion, Consolidation or Succession to Business.

     Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided
such corporation shall be otherwise qualified and eligible under this Article Six, without the
execution or filing of any paper or any further act on the part of any of the parties hereto. In
case any Securities shall have been authenticated, but not delivered, by the Trustee then in
office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated with the same effect as if
such successor Trustee had itself authenticated such Securities.

Section 6.13. Preferential Collection of Claims Against Company.

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

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

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

Section 6.14. Appointment of Authenticating Agent.

     The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series
of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities
of such series issued upon exchange, registration of transfer or partial redemption thereof or
pursuant to Section 3.6, and Securities so authenticated shall be entitled to the benefits of this
Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication and delivery of
Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be
deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent
and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent.
Each Authenticating Agent shall be acceptable to the Company and shall at all times be a
corporation organized and doing business under the laws of the United States of America, any State
thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent,
having a combined capital and surplus of not less than $50,000,000 and subject to supervision or
examination by Federal or State authority. If such Authenticating Agent publishes reports of
condition at least annually, pursuant to law or to the requirements of said supervising or
examining

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authority, then for
the purposes of this Section, the combined capital and surplus of such Authenticating Agent
shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

     Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which such Authenticating Agent shall be a party, or any corporation succeeding to all or
substantially all of the corporate agency or corporate trust business of an Authenticating Agent,
shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section, without the execution or filing of any paper or any further act on the part of
the Trustee or the Authenticating Agent.

     An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee
and to the Company and, if applicable, the Guarantors. The Trustee may at any time terminate the
agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and
to the Company and, if applicable, the Guarantors. Upon receiving such a notice of resignation or
upon such a termination, or in case at any time such Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section, the Trustee may appoint a successor
Authenticating Agent which shall be acceptable to the Company and, if applicable, the Guarantors
and shall mail written notice of such appointment by first-class mail, postage prepaid, to all
Holders of Securities of the series with respect to which such Authenticating Agent will serve, as
their names and addresses appear in the Security Register. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the rights, powers and duties
of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent.
No successor Authenticating Agent shall be appointed unless eligible under the provisions of this
Section.

     Except with respect to an Authenticating Agent appointed at the request of the Company or, if
applicable, the Guarantors, the Trustee agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services under this Section 6.14, and the Trustee shall be
entitled to be reimbursed by the Company or, if applicable, the Guarantors for such payments,
subject to the provisions of Section 6.7.

     If an appointment with respect to one or more series is made pursuant to this Section 6.14,
the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate
of authentication, an alternate certificate of authentication in the following form:

     This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	 	, as Trustee 
	 
	 	 	 
	 	By:  	
 	 
	 	 	As Authenticating Agent 	 
	 	 	 
	 	By:  	
 	 
	 	 	Authorized Officer 	 
	 	 	 	 

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ARTICLE SEVEN

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

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

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

     (a) semi-annually, not more than 15 days after each Regular Record Date for a series of
Securities, a list for such series of Securities, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders of Securities of such series as of such
Regular Record Date; and

     (b) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content as of a date
not more than 15 days prior to the time such list is furnished;

     provided, however, that if and so long as the Trustee shall be the Security Registrar, no such
list need be furnished with respect to such series of Securities.

Section 7.2. Preservation of Information; Communications to Holders.

     (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the
names and addresses of Holders contained in the most recent list furnished to the Trustee as
provided in Section 7.1 and the names and addresses of Holders received by the Trustee in
its capacity as Security Registrar. The Trustee may destroy any list furnished to it as
provided in Section 7.1 upon receipt of a new list so furnished.

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

     (i) afford such applicants access to the information preserved at the time by
the Trustee in accordance with Section 7.2(a); or

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

     If the Trustee shall elect not to afford such applicants access to such
information, the Trustee shall, upon the written request of such applicants, mail to
each Holder whose name and address appear in the information preserved at the time
by the Trustee in accordance with Section 7.2(a) a copy of the form of proxy or
other communication which is specified in such request, with reasonable promptness
after a tender to the Trustee of the material to be mailed and of payment, or
provision for the payment, of the reasonable expenses of mailing, unless within five
days after such tender the Trustee shall mail to such applicants and file with the
SEC, together with a copy of the material to be

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mailed, a written statement to the effect that, in the opinion of the Trustee, such
mailing would be contrary to the best interest of the Holders or would be in
violation of applicable law. Such written statement shall specify the basis of such
opinion. If the SEC, after opportunity for a hearing upon the objections specified
in the written statement so filed, shall enter an order refusing to sustain any of
such objections or if, after the entry of an order sustaining one or more of such
objections, the SEC shall find, after notice and opportunity for hearing, that all
the objections so sustained have been met and shall enter an order so declaring, the
Trustee shall mail copies of such material to all such Holders with reasonable
promptness after the entry of such order and the renewal of such tender; otherwise
the Trustee shall be relieved of any obligation or duty to such applicants
respecting their application.

     (c) Every Holder of Securities, by receiving and holding the same, agrees with the
Company, the Guarantors (if applicable) and the Trustee that none of the Company, the
Guarantors (if applicable) nor the Trustee nor any agent of any of them shall be held
accountable by reason of the disclosure of any such information as to the names and
addresses of the Holders in accordance with Section 7.2(b), regardless of the source from
which such information was derived, and that the Trustee shall not be held accountable by
reason of mailing any material pursuant to a request made under Section 7.2(b).

Section 7.3. Reports by Trustee.

     Any Trustee’s report required pursuant to Section 313(a) of the Trust Indenture Act shall be
dated as of May 15, and shall be transmitted within 60 days after May 15 of each year (but in all
events at intervals of not more than 12 months), commencing with the year 2011, by mail to all
Holders, as their names and addresses appear in the Security Register. A copy of each such report
shall, at the time of such transmission to Holders, be filed by the Trustee with each stock
exchange upon which any Securities are listed, with the SEC and with the Company. The Company will
notify the Trustee when any Securities are listed on any stock exchange.

Section 7.4.Reports by Company.

     So long as clauses (1), (2) and (3) of Section 314(a) of the Trust Indenture Act (or any
successor provisions of law) are applicable to this Indenture, the Company shall:

     (a) file with the Trustee, within 15 days after the Company files the same with the
SEC, copies of the annual reports and of the information, documents and other reports (or
copies of such portions of any of the foregoing as the SEC may from time to time by rules
and regulations prescribe) which the Company may be required to file with the SEC pursuant
to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to
file information, documents or reports pursuant to either of said Sections, then it shall
file with the Trustee and the SEC, in accordance with rules and regulations prescribed from
time to time by the SEC, such of the supplementary and periodic information, documents and
reports which may be required pursuant to Section 13 of the Exchange Act in respect of a
security listed and registered on a national securities exchange as may be prescribed from
time to time in such rules and regulations;

     (b) file with the Trustee and the SEC, in accordance with rules and regulations
prescribed from time to time by the SEC, such additional information, documents and reports
with respect to compliance by the Company with the conditions and covenants of this
Indenture as may be required from time to time by such rules and regulations; and

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     (c) transmit by mail to all Holders, as their names and addresses appear in the
Security Register, within 30 days after the filing thereof with the Trustee, such summaries
of any information, documents and reports required to be filed by the Company pursuant to
clauses (a) and (b) of this Section as may be required by rules and regulations prescribed
from time to time by the SEC.

ARTICLE EIGHT

CONSOLIDATION, AMALGAMATION, MERGER AND SALE

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

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

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

     (b) the Person formed by or surviving any such conversion, consolidation, amalgamation
or merger (if other than the Company) or the Person to which such sale, assignment,
transfer, conveyance or other disposition has been made assumes all the obligations of the
Company under the Securities and this Indenture pursuant to agreements reasonably
satisfactory to the Trustee, which may include an indenture supplemental hereto;

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

     (d) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that such consolidation, amalgamation, merger, conveyance, sale,
transfer or lease and such supplemental indenture, if any, comply with this Article Eight
and that all conditions precedent herein provided for relating to such transaction have been
complied with.

Section 8.2. Successor Substituted.

     Upon any consolidation or merger of the Company with or into any other Person or any sale,
conveyance, transfer, lease or other disposition of all or substantially all of the properties and
assets of the Company and, if applicable, the Guarantors on a consolidated basis in accordance with
Section 8.1, the successor or resulting Person formed by or resulting upon such consolidation or
merger (if other than the Company) or to which such sale, conveyance, transfer, lease or other
disposition is made shall succeed to, and be substituted for, and may exercise every right and
power of, the Company under this Indenture with the same effect as if such successor Person had
been named as the Company herein, and thereafter, except in the case of a lease, the predecessor
Company and each of the Guarantors shall be relieved of all obligations and covenants under this
Indenture and the Securities.

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ARTICLE NINE

AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.1. Without Consent of Holders.

     The Company, the Guarantors and the Trustee may amend or supplement this Indenture, the
Securities Guarantees or the Securities without the consent of any holder of a Security:

     (a) to cure any ambiguity or defect or to correct or supplement any provision herein
that may be inconsistent with any other provision herein; or

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

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

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

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

     (f) to add to the covenants of the Company such further covenants, restrictions,
conditions or provisions as the Company shall consider to be appropriate for the benefit of
the Holders of all or any series of Securities (and if such covenants, restrictions,
conditions or provisions are to be for the benefit of less than all series of Securities,
stating that such covenants are expressly being included solely for the benefit of such
series), to make the occurrence, or the occurrence and continuance, of a Default in any such
additional covenants, restrictions, conditions or provisions an Event of Default permitting
the enforcement of all or any of the several remedies provided in this Indenture as herein
set forth, or to surrender any right or power herein conferred upon the Company; provided,
that in respect of any such additional covenant, restriction, condition or provision such
amendment or supplemental indenture may provide for a particular period of grace after
default (which period may be shorter or longer than that allowed in the case of other
defaults), may provide for an immediate enforcement upon such an Event of Default, may limit
the remedies available to the Trustee upon such an Event of Default or may limit the right
of the Holders of a majority in aggregate principal amount of the Securities of such series
to waive such an Event of Default; or

     (g) to make any change to any provision of this Indenture that does not adversely
affect the rights or interests of any Holder of Securities; or

     (h) to provide for the issuance of additional Securities in accordance with the
provisions set forth in this Indenture on the date of this Indenture; or

     (i) to add any additional Defaults or Events of Default in respect of all or any series
of Securities; or

51

 

     (j) to add to, change or eliminate any of the provisions of this Indenture to such
extent as shall be necessary to permit or facilitate the issuance of Securities in bearer
form, registrable or not registrable as to principal, and with or without interest coupons;
or

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

     (l) to establish the form or terms of Securities of any series as permitted by Section
2.1 and Section 3.1, including to reopen any series of any Securities as permitted under
Section 3.1; or

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

     (n) to conform the text of this Indenture (and/or any supplemental indenture) or any
debt securities issued thereunder to any provision of a description of such debt securities
appearing in a prospectus, prospectus supplement, offering memorandum or offering circular
to the extent that such provision appears on its face to have been intended to be a verbatim
recitation of a provision of this Indenture (and/or any supplemental indenture) or any debt
securities issued thereunder; or

     (o) to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the Trust Indenture
Act or under any similar federal statute subsequently enacted, and to add to this Indenture
such other provisions as may be expressly required under the Trust Indenture Act.

     Upon the request of the Company accompanied by a Board Resolution authorizing the execution of
any such amendment or supplemental indenture, and upon receipt by the Trustee of the documents
described in Section 6.3 hereof, the Trustee will join with the Company and any Guarantor in the
execution of any such amendment or supplemental indenture, to make any further appropriate
agreements and stipulations that may be therein contained and to accept the conveyance, transfer,
assignment, mortgage, charge or pledge of any property thereunder, but the Trustee shall not be
obligated to enter into any such amendment or supplemental indenture that affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise.

Section 9.2. With Consent of Holders.

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

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     Upon the request of the Company accompanied by a Board Resolution authorizing the execution of
any such amendment or supplemental indenture, and upon the filing with the Trustee of evidence
satisfactory to the Trustee of the consent of the Holders of Securities as aforesaid, and upon
receipt by the Trustee of the documents described in Section 6.3 hereof, the Trustee will join with
the Company and the Guarantors in the execution of such amendment or supplemental indenture unless
such amendment or supplemental indenture directly affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but
will not be obligated to, enter into such amendment or supplemental Indenture.

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

     After an amendment, supplement or waiver under this Section 9.2 becomes effective, the Company
will mail to the Holders of Securities affected thereby a notice briefly describing the amendment,
supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, will
not, however, in any way impair or affect the validity of any such amendment, supplemental
indenture or waiver. Subject to Section 5.8 and Section 5.13 hereof, the application of or
compliance with, either generally or in any particular instance, of any provision of this
Indenture, the Securities or the Securities Guarantees may be waived as to each series of
Securities by the Holders of a majority in aggregate principal amount of the Outstanding Securities
of such series voting as a separate class (including consents obtained in connection with a
purchase of, or tender offer or exchange offer for, Securities). However, without the consent of
each Holder affected, an amendment, supplement or waiver under this Section 9.2 may not (with
respect to any Securities held by a non-consenting Holder):

     (a) change the Stated Maturity of the principal of, or any installment of principal of
or interest on, any Security, or reduce the principal amount thereof or the rate of interest
thereon or any premium payable upon the redemption thereof, or reduce the amount of the
principal of an Original Issue Discount Security that would be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 5.2, or change the
coin or currency in which any Security or any premium or the interest thereon is payable, or
impair the right to institute suit for the enforcement of any such payment on or after the
Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date); or

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

     (c) modify any of the provisions of Section 5.8 or Section 5.13; or

     (d) waive a redemption payment with respect to any Security; provided, however, that
any purchase or repurchase of Securities shall not be deemed a redemption of the Securities;
or

     (e) release any Guarantor from any of its obligations under its Securities Guarantee or
this Indenture, except in accordance with the terms of this Indenture (as amended or
supplemented); or

     (f) make any change in the foregoing amendment and waiver provisions, except to
increase any percentage provided for therein or to provide that certain other provisions of
this

53

 

Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Security affected thereby.

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

Section 9.3. Execution of Amendments and Supplemental Indentures.

     In executing, or accepting the additional trusts created by, any amendment or supplemental
indenture permitted by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of such amendment or
supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall
not be obligated to, enter into any such amendment or supplemental indenture which affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise.

Section 9.4. Effect of Amendments and Supplemental Indentures.

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

Section 9.5. Conformity with Trust Indenture Act.

     Every amendment or supplemental indenture executed pursuant to this Article Nine shall conform
to the requirements of the Trust Indenture Act as then in effect.

Section 9.6. Reference in Securities to Amendments or Supplemental Indentures.

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

ARTICLE TEN

COVENANTS

Section 10.1. Payment of Principal, Premium and Interest.

     The Company covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay the principal of and any premium and interest on the Securities of that
series in accordance with the terms of the Securities and this Indenture.

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Section 10.2. Maintenance of Office or Agency.

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

     The Company may also from time to time designate one or more other offices or agencies where
the Securities of one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations. The Company will give prompt written notice
to the Trustee of any such designation or rescission and of any change in the location of any such
other office or agency.

     Except as otherwise specified with respect to a series of Securities as contemplated by
Section 3.1, the Company hereby initially designates the office of the Trustee located at 1445 Ross
Avenue, 2nd Floor, Corporate Trust Department, Dallas, Texas 75202-2812, as the Company’s office
or agency for each such purpose for each series of Securities.

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

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

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

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

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

55

 

     (b) give the Trustee notice of any Default by the Company (or any other obligor upon
the Securities of that series) in the making of any payment of principal and any premium or
interest on the Securities of that series; and

     (c) at any time during the continuance of any such Default, upon the written request of
the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent.

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

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

Section 10.4. Existence.

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

Section 10.5. Statement by Officers as to Default.

     Annually, within 150 days after the close of each fiscal year beginning with the first fiscal
year during which one or more series of Securities are Outstanding, the Company and, if any
Securities of a series to which Article Fourteen has been made applicable are Outstanding, each
Guarantor will deliver to the Trustee a brief certificate (which need not include the statements
set forth in Section 1.3) from the principal executive officer, principal financial officer or
principal accounting officer of the Company and, if applicable, such Guarantor as to his or her
knowledge of the Company’s or such Guarantor’s, as the case may be, compliance (without regard to
any period of grace or requirement of notice provided herein) with all conditions and covenants
under this Indenture and, if the Company or such Guarantor, as the case may be, shall be in
Default, specifying all such Defaults and the nature and status thereof of which such officer has
knowledge.

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ARTICLE ELEVEN

REDEMPTION OF SECURITIES

Section 11.1. Applicability of Article.

     Securities of any series which are redeemable before their Stated Maturity shall be redeemable
in accordance with their terms and (except as otherwise specified as contemplated by Section 3.1
for Securities of any series) in accordance with this Article Eleven.

Section 11.2. Election to Redeem; Notice to Trustee.

     The election of the Company to redeem any Securities shall be evidenced by a Board Resolution.
In case of any redemption at the election of the Company of less than all the Securities of any
series, the Company shall, at least 15 days prior to the last date for the giving of notice of such
redemption (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of
such Redemption Date and of the principal amount of Securities of such series to be redeemed and,
if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of
Securities (a) prior to the expiration of any restriction on such redemption provided in the terms
of such Securities or elsewhere in this Indenture or (b) pursuant to an election of the Company
that is subject to a condition specified in the terms of the Securities of the series to be
redeemed, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance
with such restriction or condition.

Section 11.3. Selection by Trustee of Securities to Be Redeemed.

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

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

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

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Section 11.4. Notice of Redemption.

     Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than
30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed,
at his address appearing in the Security Register.

     All notices of redemption shall state:

     (a) the Redemption Date;

     (b) the Redemption Price, or if not then ascertainable, the manner of calculation
thereof;

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

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

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

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

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

Section 11.5. Deposit of Redemption Price.

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

Section 11.6. Securities Payable on Redemption Date.

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

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     If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal (and premium, if any) shall, until paid, bear interest from the
Redemption Date at the rate prescribed therefor in the Security.

Section 11.7. Securities Redeemed in Part.

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

ARTICLE TWELVE

SINKING FUNDS

Section 12.1. Applicability of Article.

     The provisions of this Article Twelve shall be applicable to any sinking fund for the
retirement of Securities of a series except as otherwise specified as contemplated by Section 3.1
for Securities of such series.

     The minimum amount of any sinking fund payment provided for by the terms of Securities of any
series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of
such minimum amount provided for by the terms of Securities of any series is herein referred to as
an “optional sinking fund payment.” If provided for by the terms of Securities of any series, the
cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2.
Each sinking fund payment shall be applied to the redemption of Securities of any series as
provided for by the terms of Securities of such series.

Section 12.2. Satisfaction of Sinking Fund Payments with Securities.

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

Section 12.3. Redemption of Securities for Sinking Fund.

     Not less than 45 days prior to each sinking fund payment date for any series of Securities
(unless a shorter period shall be satisfactory to the Trustee), the Company will deliver to the
Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any, which is to be
satisfied by payment of cash and the portion

59

 

thereof, if any, which is to be satisfied by delivering and crediting Securities of that
series pursuant to Section 12.2 and stating the basis for such credit and that such Securities have
not been previously so credited, and will also deliver to the Trustee any Securities to be so
delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall
select the Securities to be redeemed upon such sinking fund payment date in the manner specified in
Section 11.3 and cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 11.4. Such notice having been duly given,
the redemption of such Securities shall be made upon the terms and in the manner stated in Section
11.6 and Section 11.7.

ARTICLE THIRTEEN

DEFEASANCE

Section 13.1. Option to Effect Legal Defeasance or Covenant Defeasance.

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

Section 13.2. Legal Defeasance and Discharge.

     Upon the Company’s exercise under Section 13.1 hereof of the option applicable to this Section
13.2, the Company and each of the Guarantors will, subject to the satisfaction of the conditions
set forth in Section 13.4 hereof, be deemed to have been discharged from their obligations with
respect to all outstanding Securities (including the Securities Guarantees) on the date the
conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose,
Legal Defeasance means that the Company and the Guarantors will be deemed to have paid and
discharged the entire Debt represented by the outstanding Securities (including the Securities
Guarantees), which will thereafter be deemed to be “outstanding” only for the purposes of Section
13.5 hereof and the other sections of this Indenture referred to in clauses (a) and (b) below, and
to have satisfied all their other obligations under such Securities, the Securities Guarantees and
this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute
proper instruments acknowledging the same), except for the following provisions which will survive
until otherwise terminated or discharged hereunder:

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

     (b) the Company’s obligations with respect to such Securities under Section 3.4,
Section 3.5, Section 3.6, Section 10.2 and Section 10.3 hereof;

     (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Company’s and the Guarantors’ obligations in connection therewith; and

     (d) this Article Thirteen.

     Subject to compliance with this Article Thirteen, the Company may exercise its option under
this Section 13.2 notwithstanding the prior exercise of its option under Section 13.3 hereof.

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Section 13.3. Covenant Defeasance.

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

Section 13.4. Conditions to Legal or Covenant Defeasance.

     In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 13.2
or Section 13.3 hereof:

     (a) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of
the Holders of the Securities, cash in U.S. dollars, non-callable U.S. Government
Obligations, or a combination of cash in U.S. dollars and non-callable U.S. Government
Obligations, in such amounts as will be sufficient, in the opinion of a nationally
recognized investment bank, appraisal firm, or firm of independent public accountants, to
pay the principal of, and interest and premium, if any, on, the Outstanding Securities on
the stated date for payment thereof or on the applicable redemption date, as the case may
be, and the Company must specify whether the Securities are being defeased to such stated
date for payment or to a particular redemption date;

     (b) in the case of an election under Section 13.2 hereof, the Company must deliver to
the Trustee an Opinion of Counsel confirming that:

     (i) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling; or

     (ii) since the Issue Date, there has been a change in the applicable federal
income tax law,

in either case to the effect that, and based thereon such Opinion of Counsel will
confirm that, the Holders of the Outstanding Securities will not recognize income,
gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject
to federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such Legal Defeasance had not occurred;

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     (c) in the case of an election under Section 13.3 hereof, the Company must deliver to
the Trustee an Opinion of Counsel confirming that the Holders of the Outstanding Securities
will not recognize income, gain or loss for federal income tax purposes as a result of such
Covenant Defeasance and will be subject to federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such Covenant Defeasance
had not occurred;

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

     (e) the deposit must not result in a breach or violation of, or constitute a default
under, any other instrument to which the Company or any Guarantor is a party or by which the
Company or any Guarantor is bound;

     (f) such Legal Defeasance or Covenant Defeasance must not result in a breach or
violation of, or constitute a default under, any material agreement or instrument (other
than this Indenture) to which the Company or any of its Subsidiaries is a party or by which
the Company or any of its Subsidiaries is bound;

     (g) the Company must deliver to the Trustee an Officer’s Certificate stating that the
deposit was not made by the Company with the intent of preferring the Holders of Securities
over the other creditors of the Company with the intent of defeating, hindering, delaying or
defrauding any other creditors of the Company or others;

     (h) the Company must deliver to the Trustee an Officer’s Certificate stating that all
conditions precedent set forth in clauses (a) through (f) of this Section 13.4 have been
complied with; and

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

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

     Subject to Section 13.6 hereof, all money and non-callable U.S. Government Obligations
(including the proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 13.5, the “Trustee”) pursuant to Section 13.4 hereof in
respect of the Outstanding Securities will be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee
may determine, to the Holders of such Securities of all sums due and to become due thereon in
respect of principal, premium, if any, and interest, but such money need not be segregated from
other funds except to the extent required by law.

     The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant to
Section 13.4 hereof or the principal and interest received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders of the Outstanding
Securities.

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     Notwithstanding anything in this Article Thirteen to the contrary, the Trustee will deliver or
pay to the Company from time to time upon the request of the Company any money or non-callable U.S.
Government Obligations held by it as provided in Section 13.4 hereof which, in the opinion of a
nationally recognized investment bank, appraisal firm or firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee (which may be the opinion
delivered under Section 13.4(a) hereof), are in excess of the amount thereof that would then be
required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

Section 13.6. Repayment.

     Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of or premium, if any, or interest on any Security and
remaining unclaimed for two years after such principal, premium, if any, or interest 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 Security 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 13.7. Reinstatement.

     If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable
U.S. Government Obligations in accordance with Section 13.2 or Section 13.3 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 Guarantors’
obligations under this Indenture and the Securities and the Securities Guarantees will be revived
and reinstated as though no deposit had occurred pursuant to Section 13.2 or Section 13.3 hereof
until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance
with Section 13.2 or Section 13.3 hereof, as the case may be; provided, however, that, if the
Company makes any payment of principal of or premium, if any, or interest on any Note following the
reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of
such Securities to receive such payment from the money held by the Trustee or Paying Agent.

ARTICLE FOURTEEN

GUARANTEE OF SECURITIES

Section 14.1. Securities Guarantee.

     (a) Subject to the other provisions of this Article Fourteen, each of the Guarantors
hereby jointly and severally guarantees to each Holder of a Security of each series to which
this Article Fourteen has been made applicable as provided in Section 3.1(t) (the Securities
of such series being referred to herein as the “Guaranteed Securities”) (which Security has
been authenticated and delivered by the Trustee), and to the Trustee and its successors and
assigns, irrespective of the validity and enforceability of this Indenture, the Guaranteed
Securities, or the obligations of the Company hereunder or thereunder, that:

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     (i) the principal of and premium, if any, and interest on the Guaranteed
Securities will be promptly paid in full when due, whether at maturity, or by
acceleration, redemption or otherwise, and interest on the overdue principal of and
interest on the Guaranteed Securities, if any, if lawful, and all other obligations
of the Company to the Holders of Guaranteed Securities, or the Trustee hereunder or
thereunder, will be promptly paid in full or performed, all in accordance with the
terms hereof and thereof; and

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

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

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

     (c) If any Holder or the Trustee is required by any court or otherwise to return to the
Company, the Guarantors or any custodian, trustee, liquidator or other similar official
acting in relation to either the Company or the Guarantors, any amount paid by either to the
Trustee or such Holder, this Securities Guarantee, to the extent theretofore discharged,
will be reinstated in full force and effect.

     (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in
full of all obligations guaranteed hereby. Each Guarantor further agrees that, to the
extent permitted by applicable law, as between the Guarantors, on the one hand, and the
Holders of Guaranteed Securities and the Trustee, on the other hand, (i) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article Five hereof for the
purposes of this Securities Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations guaranteed hereby,
and (ii) in the event of any declaration of acceleration of such obligations as provided in
Article Five hereof, such obligations (regardless of whether due and payable) will forthwith
become due and payable by the Guarantors for the purpose of this Securities Guarantee. The
Guarantors will have the right to seek contribution from any non-paying Guarantor so long as
the exercise of such right does not impair the rights of the Holders under the Securities
Guarantee.

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Section 14.2. Limitation on Guarantor Liability.

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

Section 14.3. Execution and Delivery of Securities Guarantee Notation.

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

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

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

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

* * *

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

     IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, as of
the day and year first above written.

	 	 	 	 	 
	 	NEWPARK RESOURCES, INC.

 	 
	 	By:  	/s/ James E. Braun
 	 
	 	 	Name:  	James E. Braun 	 
	 	 	Title:  	Vice President and Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	

WELLS FARGO BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Patrick T. Giordano
 	 
	 	 	Name:  	Patrick T. Giordano 	 
	 	 	Title:  	Vice Presidentexv4w2

Exhibit 4.2

 

NEWPARK RESOURCES, INC.,

as Issuer

AND

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

FIRST SUPPLEMENTAL INDENTURE

Dated as of October 4, 2010

to Indenture

Dated as of October 4, 2010

4.00% Convertible Senior Notes due 2017

 

 

 

 TABLE OF CONTENTS 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 

	 	ARTICLE 1	 	 	 	 
	 

	 	Definitions	 	 	 	 
	Section 1.01.

	 	Scope of Supplemental Indenture
	 	 	2	 
	Section 1.02.

	 	Definitions
	 	 	2	 
	Section 1.03.

	 	References to Interest
	 	 	9	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE 2	 	 	 	 
	 

	 	The Notes	 	 	 	 
	 
	 	 	 	 	 	 
	Section 2.01.

	 	Designation and Amount
	 	 	9	 
	Section 2.02.

	 	Form of Notes
	 	 	9	 
	Section 2.03.

	 	Date and Denomination of Notes; Payment at Maturity; Payments of Interest; Defaulted Amounts
	 	 	11	 
	Section 2.04.

	 	Additional Notes
	 	 	13	 
	Section 2.05.

	 	Repurchases
	 	 	13	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE 3	 	 	 	 
	 

	 	Satisfaction and Discharge	 	 	 	 
	 
	 	 	 	 	 	 
	Section 3.01.

	 	Satisfaction and Discharge
	 	 	13	 
	Section 3.02.

	 	Application of Trust Money
	 	 	14	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE 4	 	 	 	 
	 

	 	Particular Covenants of the Company	 	 	 	 
	 
	 	 	 	 	 	 
	Section 4.01.

	 	Payment of Principal and Interest
	 	 	14	 
	Section 4.02.

	 	Maintenance of Office or Agency
	 	 	14	 
	Section 4.03.

	 	Appointments to Fill Vacancies in Trustee’s Office
	 	 	15	 
	Section 4.04.

	 	Repayment
	 	 	15	 
	Section 4.05.

	 	Existence
	 	 	15	 
	Section 4.06.

	 	Reporting Requirement
	 	 	16	 
	Section 4.07.

	 	Compliance Certificate; Statements as to Defaults
	 	 	16	 
	Section 4.08.

	 	Further Instruments and Acts
	 	 	16	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE 5	 	 	 	 
	 

	 	Defaults and Remedies	 	 	 	 
	 
	 	 	 	 	 	 
	Section 5.01.

	 	Events of Default
	 	 	16	 
	Section 5.02.

	 	Acceleration; Rescission and Annulment
	 	 	18	 
	Section 5.03.

	 	Additional Interest
	 	 	19	 

i

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	Section 5.04.

	 	Limitation on Suits
	 	 	19	 
	Section 5.05.

	 	Control by Holders and Waiver of Defaults by Majority of Holders
	 	 	20	 
	Section 5.06.

	 	Notice of Defaults
	 	 	20	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE 6	 	 	 	 
	 

	 	Concerning the Holders	 	 	 	 
	 
	 	 	 	 	 	 
	Section 6.01.

	 	Revocation of Consents; Future Holders Bound
	 	 	20	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE 7	 	 	 	 
	 

	 	Holders’ Meetings	 	 	 	 
	 
	 	 	 	 	 	 
	Section 7.01.

	 	Purpose of Meetings
	 	 	21	 
	Section 7.02.

	 	Call of Meetings by Trustee
	 	 	21	 
	Section 7.03.

	 	Call of Meetings by Company or Holders
	 	 	21	 
	Section 7.04.

	 	Qualifications for Voting
	 	 	22	 
	Section 7.05.

	 	Regulations
	 	 	22	 
	Section 7.06.

	 	Voting
	 	 	22	 
	Section 7.07.

	 	No Delay of Rights by Meeting
	 	 	23	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE 8	 	 	 	 
	 

	 	Amendments	 	 	 	 
	 
	 	 	 	 	 	 
	Section 8.01.

	 	Without Consent of Holders
	 	 	23	 
	Section 8.02.

	 	With Consent of Holders
	 	 	23	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE 9	 	 	 	 
	 

	 	Consolidation, Merger, Sale, Conveyance and Lease	 	 	 	 
	 
	 	 	 	 	 	 
	Section 9.01.

	 	Company May Consolidate, Etc. on Certain Terms
	 	 	23	 
	Section 9.02.

	 	Successor Corporation to Be Substituted
	 	 	24	 
	Section 9.03.

	 	Opinion of Counsel to Be Given to Trustee
	 	 	25	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE 10	 	 	 	 
	 

	 	Conversion of Notes	 	 	 	 
	 
	 	 	 	 	 	 
	Section 10.01.

	 	Conversion Privilege
	 	 	25	 
	Section 10.02.

	 	Conversion Procedure; Settlement Upon Conversion
	 	 	25	 
	Section 10.03.

	 	Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection
with Make-Whole Fundamental Changes
	 	 	27	 
	Section 10.04.

	 	Adjustment of Conversion Rate
	 	 	29	 
	Section 10.05.

	 	Adjustments of Prices
	 	 	37	 
	Section 10.06.

	 	Shares to Be Fully Paid
	 	 	37	 
	Section 10.07.

	 	Effect of Recapitalizations, Reclassifications and
Changes of the Common Stock
	 	 	38	 
	Section 10.08.

	 	Certain Covenants
	 	 	39	 

ii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	Section 10.09.

	 	Responsibility of Trustee
	 	 	40	 
	Section 10.10.

	 	Notice to Holders Prior to Certain Actions
	 	 	40	 
	Section 10.11.

	 	Stockholder Rights Plans
	 	 	41	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE 11	 	 	 	 
	 

	 	Repurchase of Notes at Option of Holders	 	 	 	 
	 
	 	 	 	 	 	 
	Section 11.01.

	 	Repurchase at Option of Holders Upon a Fundamental Change
	 	 	41	 
	Section 11.02.

	 	Withdrawal of Fundamental Change Repurchase Notice
	 	 	44	 
	Section 11.03.

	 	Deposit of Fundamental Change Repurchase Price
	 	 	44	 
	Section 11.04.

	 	Covenant to Comply with Applicable Laws Upon Repurchase of Notes
	 	 	45	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE 12	 	 	 	 
	 

	 	No Redemption	 	 	 	 
	 
	 	 	 	 	 	 
	Section 12.01.

	 	No Redemption
	 	 	45	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE 13	 	 	 	 
	 

	 	Miscellaneous Provisions	 	 	 	 
	 
	 	 	 	 	 	 
	Section 13.01.

	 	Ratification of Indenture
	 	 	45	 
	Section 13.02.

	 	Governing Law
	 	 	45	 
	Section 13.03.

	 	Payment on Business Days
	 	 	46	 
	Section 13.04.

	 	No Security Interest Created
	 	 	46	 
	Section 13.05.

	 	Execution in Counterparts
	 	 	46	 
	Section 13.06.

	 	Severability
	 	 	46	 
	Section 13.07.

	 	Calculations
	 	 	46	 

EXHIBIT

	 	 	 	 	 

	Exhibit A

	 	Form of Note
	 	A-1
	Exhibit B

	 	Form of Notice of Conversion
	 	B-1
	Exhibit C

	 	Form of Fundamental Change Repurchase Notice
	 	C-1
	Exhibit D

	 	Form of Assignment and Transfer
	 	D-1

iii

 

     FIRST SUPPLEMENTAL INDENTURE dated as of October 4, 2010 (this “Supplemental Indenture”)
between NEWPARK RESOURCES, INC., a Delaware corporation, as issuer (the “Company”) and WELLS FARGO
BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”) under the
indenture dated as of October 4, 2010 between the Company and the Trustee (as amended and
supplemented from time to time in accordance with the terms thereof, the “Base Indenture”).

W I T N E S S E T H:

     WHEREAS, the Company executed and delivered the Base Indenture to the Trustee to provide,
among other things, for the future issuance of the Company’s unsecured Securities from time to time
in one or more series as might be determined by the Company under the Base Indenture, in an
unlimited aggregate principal amount which may be authenticated and delivered as provided in the
Base Indenture;

     WHEREAS, Section 2.1 of the Base Indenture provides for the Company to establish
Securities of any series pursuant to an indenture supplemental thereto, and Section 9.1 of the Base
Indenture provides for the Company and the Trustee to enter into such supplemental indenture to
establish the form or terms of Securities of such series as permitted by Article 2 of the Base
Indenture without the consent of any Holders;

     WHEREAS, the Board of Directors has duly adopted resolutions authorizing the Company to
execute and deliver this Supplemental Indenture;

     WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the
establishment of a new series of its Securities to be known as its “4.00% Convertible Senior Notes
due 2017” (the “Notes”), initially in an aggregate principal amount not to exceed $172,500,000, the
form and substance of the Notes and the terms, provisions and conditions thereof to be set forth as
provided in the Base Indenture and this Supplemental Indenture; and

     WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental
Indenture, and all requirements necessary to make (i) this Supplemental Indenture a valid and
legally binding instrument in accordance with its terms and (ii) the Notes, when executed by the
Company and authenticated and delivered by the Trustee, the valid and legally binding obligations
of the Company, have been performed, and the execution and delivery of this Supplemental Indenture
has been duly authorized in all respects.

     NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

     That in order to declare the terms and conditions upon which the Notes are, and are to be,
authenticated, issued and delivered, and in consideration of the premises and of the purchase and
acceptance of the Notes by the Holders thereof, the Company covenants and agrees with the Trustee
for the equal and proportionate benefit of the respective Holders from time to time of the Notes
(except as otherwise provided below), as follows:

 

 

ARTICLE 1

Definitions

     Section 1.01. Scope of Supplemental Indenture. The changes, modifications and supplements to
the Base Indenture effected by this Supplemental Indenture shall be applicable only with respect
to, and shall only govern the terms of, the Notes and shall not apply to any other Securities that
may be issued under the Base Indenture unless a supplemental indenture with respect to such other
Securities specifically incorporates such changes, modifications and supplements. The provisions
of this Supplemental Indenture shall supersede any corresponding provisions in the Base Indenture.

     Section 1.02. Definitions. For all purposes of the Indenture, except as otherwise expressly
provided or unless the context otherwise requires:

     (i) the terms defined in this Article 1 shall have the meanings assigned to them in
this Article and include the plural as well as the singular;

     (ii) all words, terms and phrases defined in the Base Indenture (but not otherwise
defined herein) shall have the same meanings as in the Base Indenture;

     (iii) all other terms used herein that are defined in the Trust Indenture Act, either
directly or by reference therein, shall have the meanings assigned to them in the Trust
Indenture Act;

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

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

     (vi) the words “Article” and “Section” refer to an Article and Section, respectively,
of this Indenture;

     (vii) the word “includes” and its derivatives means “includes, but is not limited to” and
corresponding derivative definitions; and

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

     “Additional Interest” means all amounts, if any, payable pursuant to Section 5.03.

2

 

     “Additional Shares” shall have the meaning specified in Section 10.03(a).

     “Business Day” means, with respect to any Note, any day other than a Saturday, a Sunday or a
day on which the Federal Reserve Bank of New York is authorized or required by law or executive
order to close or be closed.

     “Capital Stock” means, for any entity, any and all shares, interests, rights to purchase,
warrants, options, participations or other equivalents of or interests in (however designated)
stock issued by that entity.

     “Clause A Distribution” shall have the meaning specified in Section 10.04(c).

     “Clause B Distribution” shall have the meaning specified in Section 10.04(c).

     “Clause C Distribution” shall have the meaning specified in Section 10.04(c).

     “close of business” means 5:00 p.m. (New York City time).

     “Commission” means the U.S. Securities and Exchange Commission.

     “Common Equity” of any Person means Capital Stock of such Person that is generally entitled
(a) to vote in the election of directors of such Person or (b) if such Person is not a corporation,
to vote or otherwise participate in the selection of the governing body, partners, managers or
others that will control the management or policies of such Person.

     “Common Stock” means the common stock of the Company, par value $0.01 per share, at the date
of this Supplemental Indenture, subject to Section 10.07.

     “Company” shall have the meaning specified in the first paragraph of this Supplemental
Indenture, and subject to the provisions of Article 9, shall include its successors and assigns.

     “Continuing Director” means a director who either was a member of the Board of Directors on
October 4, 2010 or who becomes a member of the Board of Directors subsequent to that date and whose
election, appointment or nomination for election by the stockholders of the Company is duly
approved by a majority of the continuing directors on the Board of Directors at the time of such
approval, by a specific vote in which such individual is named as nominee for director. Solely for
purposes of this definition, the phrase “or any committee thereof duly authorized to act on behalf
of such board” of the definition of Board of Directors shall be disregarded.

     “Conversion Agent” shall have the meaning specified in Section 4.02.

     “Conversion Date” shall have the meaning specified in Section 10.02(c).

     “Conversion Obligation” shall have the meaning specified in Section 10.01.

3

 

     “Conversion Rate” shall have the meaning specified in Section 10.01.

     “Corporate Trust Office” means the principal office of the Trustee at which at any time its
corporate trust business shall be administered, which office at the date hereof is located at
1445 Ross Avenue, 2nd Floor, Corporate Trust Department, Dallas, Texas 75202-2812, or such
other address as the Trustee may designate from time to time by notice to the Holders and the
Company, or the principal corporate trust office of any successor Trustee (or such other address as
such successor Trustee may designate from time to time by notice to the Holders and the Company).

     “Custodian” means the Trustee, as custodian for The Depository Trust Company, with respect to
the Global Notes, or any successor entity thereto.

     “Defaulted Amounts” means any amounts on any Note (including, without limitation, the
Fundamental Change Repurchase Price, principal and interest) that are payable but are not
punctually paid or duly provided for.

     “Depositary” means, initially DTC, until a successor shall have been appointed and become such
pursuant to the applicable provisions of the Indenture, and thereafter, “Depositary” shall mean or
include such successor.

     “Distributed Property” shall have the meaning specified in Section 10.04(c).

     “DTC” means The Depository Trust Company.

     “Effective Date” shall have the meaning specified in Section 10.03(c).

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

     “Ex-Dividend Date” means the first date on which shares of the Common Stock trade on the
applicable exchange or in the applicable market, regular way, without the right to receive the
issuance or distribution in question, from the Company or, if applicable, from the seller of Common
Stock on such exchange or market (in the form of due bills or otherwise) as determined by such
exchange or market.

     “Form of Assignment and Transfer” shall mean the “Form of Assignment and Transfer” attached
hereto as Exhibit D.

     “Form of Fundamental Change Repurchase Notice” shall mean the “Form of Fundamental Change
Repurchase Notice” attached hereto as Exhibit C.

     “Form of Notice of Conversion” shall mean the “Form of Notice of Conversion” attached hereto
as Exhibit B.

     “Fundamental Change” shall be deemed to have occurred at the time after the Notes are
originally issued if any of the following occurs:

4

 

     (a) a “person” or “group” within the meaning of Section 13(d) of the Exchange Act,
other than the Company, its Subsidiaries and the employee benefit plans of the Company and
its Subsidiaries, has become the direct or indirect “beneficial owner,” as defined in Rule
13d-3 under the Exchange Act, of the Company’s Common
Equity representing more than 50% of the voting power of the Company’s Common Equity;

     (b) consummation of (A) any recapitalization, reclassification or change of the Common
Stock (other than changes resulting from a subdivision or combination) as a result of which
the Common Stock would be converted into, or exchanged for, stock, other securities, other
property or assets or (B) any share exchange, consolidation or merger of the Company
pursuant to which the Common Stock will be converted into cash, securities or other property
or any sale, lease or other transfer in one transaction or a series of transactions of all
or substantially all of the consolidated assets of the Company and its Subsidiaries, taken
as a whole, to any Person other than one of the Company’s Subsidiaries; provided, however,
that neither (i) a transaction where the holders of all classes of the Company’s Common
Equity immediately prior to such transaction that is a share exchange, consolidation or
merger own, directly or indirectly, more than 50% of all classes of Common Equity of the
continuing or surviving corporation or transferee or the parent thereof immediately after
such event in substantially the same proportions as such ownership immediately prior to such
event, nor (ii) any merger, share exchange, transfer of assets or similar transaction solely
for the purpose of changing the Company’s jurisdiction of incorporation and resulting in a
reclassification, conversion or exchange of the outstanding shares of Common Stock solely
into shares of common stock of the surviving entity that are traded or quoted on any of The
New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any
of their respective successors), and as a result of such transaction the Notes become
convertible into such shares, shall be a Fundamental Change pursuant to this clause (b);

     (c) Continuing Directors cease to constitute at least a majority of the full Board of
Directors;

     (d) the stockholders of the Company approve any plan or proposal for the liquidation or
dissolution of the Company; or

     (e) the Common Stock (or other common stock underlying the Notes) ceases to be listed
or quoted on any of The New York Stock Exchange, The NASDAQ Global Select Market or The
NASDAQ Global Market (or any of their respective successors);

provided, however, that a transaction or transactions described in clause (b) above shall not
constitute a Fundamental Change, if 90% of the consideration received or to be received by the
common stockholders of the Company, excluding cash payments for fractional shares, in connection
with such transaction or transactions consists of shares of Publicly Traded Securities, and as a
result of this transaction or transactions the Notes become convertible into such Publicly Traded
Securities, excluding cash payments for fractional shares.

5

 

     “Fundamental Change Company Notice” shall have the meaning specified in Section 11.01(c).

     “Fundamental Change Repurchase Date” shall have the meaning specified in Section 11.01(a).

     “Fundamental Change Repurchase Notice” shall have the meaning specified in Section
11.01(b)(i).

     “Fundamental Change Repurchase Price” shall have the meaning specified in Section 11.01(a).

     “Global Note” means any Note that is a Global Security.

     “Indenture” means the Base Indenture, solely to the extent it governs the Notes, as
supplemented by this Supplemental Indenture as originally executed or as it may from time to time
be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to
the applicable provisions hereof, including, for all purposes of this instrument and any such
supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of
and govern this Supplemental Indenture and any such supplemental indenture, respectively.

     “Interest Payment Date” means each April 1 and October 1 of each year, beginning on April 1,
2011.

     “Last Reported Sale Price” of the Common Stock on any date means the closing sale price per
share (or if no closing sale price is reported, the average of the bid and ask prices or, if more
than one in either case, the average of the average bid and the average ask prices) on that date as
reported in composite transactions for the principal U.S. national or regional securities exchange
on which the Common Stock is traded. If the Common Stock is not listed for trading on a U.S.
national or regional securities exchange on the relevant date, the “Last Reported Sale Price” shall
be the last quoted bid price for the Common Stock in the over-the-counter market on the relevant
date as reported by Pink OTC Markets Inc. or a similar organization. If the Common Stock is not so
quoted, the “Last Reported Sale Price” shall be the average of the mid-point of the last bid and
ask prices for the Common Stock on the relevant date from each of at least three nationally
recognized independent investment banking firms selected by the Company for this purpose.

     “Make-Whole Fundamental Change” means any transaction or event that constitutes a Fundamental
Change (as defined above and determined after giving effect to any exceptions to or exclusions from
such definition, but without regard to the proviso in clause (b) of the definition thereof).

     “Maturity Date” means October 1, 2017.

     “Merger Event” shall have the meaning specified in Section 10.07(a).

6

 

     “Note” or “Notes” shall have the meaning specified in the fourth paragraph of the recitals of
this Supplemental Indenture.

     “Notice of Conversion” shall have the meaning specified in Section 10.02(b).

     “Officer” means, with respect to the Company, the Chairman of the Board, the Chief Executive
Officer, the Chief Financial Officer, the President, any of its Vice Presidents or any other duly
authorized officer of the Company or any person duly authorized by any of them.

     “open of business” means 9:00 a.m. (New York City time).

     “Outstanding,” shall have the meaning set forth in Section 1.1 of the Base Indenture (but
without regard to clause (b) or clause (d) thereof), other than:

     (a) Notes converted pursuant to Article 10 and required to be cancelled pursuant to
Section 3.9 of the Base Indenture, where the words “or conversion” shall be inserted after
the words “or exchange” and before the words “or for credit” in the first line of such
Section; and

     (b) Notes repurchased by the Company pursuant to the penultimate sentence of Section
2.05.

     “Paying Agent”, notwithstanding the definition set forth in Section 1.1 of the Base Indenture,
shall have the meaning specified in Section 4.02.

     “Physical Notes” means permanent certificated Notes in registered form issued in denominations
of $1,000 principal amount and multiples thereof.

     “Publicly Traded Securities” means shares of common stock that are listed or quoted on any of
The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of
their respective successors) or will be so listed or quoted when issued or exchanged in connection
with a Fundamental Change described in clause (b) of the definition thereof.

     “Record Date” means, with respect to any dividend, distribution or other transaction or event
in which the holders of Common Stock (or other security) have the right to receive any cash,
securities or other property or in which the Common Stock (or other applicable security) is
exchanged for or converted into any combination of cash, securities or other property, the date
fixed for determination of stockholders entitled to receive such cash, securities or other property
(whether such date is fixed by the Board of Directors, by statute, by contract or otherwise).

     “Reference Property” shall have the meaning specified in Section 10.07(a).

     “Regular Record Date,” with respect to any Interest Payment Date, shall mean the March 15 or
September 15 (whether or not such day is a Business Day) immediately preceding the applicable April
1 or October 1 Interest Payment Date, respectively.

7

 

     “Security Register” means the register of Securities kept by the Security Registrar in
accordance with Section 3.5 of the Base Indenture.

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

     “Significant Subsidiary” means a Subsidiary of the Company that meets the definition of
“significant subsidiary” in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act.

     “Spin-Off” shall have the meaning specified in Section 10.04(c).

     “Stock Price” shall have the meaning specified in Section 10.03(c).

     “Subsidiary” means, with respect to any Person, any corporation, association, partnership or
other business entity of which more than 50% of the total voting power of shares of Capital Stock
or other interests (including partnership interests) entitled (without regard to the occurrence of
any contingency) to vote in the election of directors, managers, general partners or trustees
thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such
Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such
Person.

     “Successor Company” shall have the meaning specified in Section 9.01(a).

     “Trading Day” means a day on which (i) trading in the Common Stock generally occurs on The New
York Stock Exchange or, if the Common Stock is not then listed on The New York Stock Exchange, on
the principal other U.S. national or regional securities exchange on which the Common Stock is then
listed or, if the Common Stock is not then listed on a U.S. national or regional securities
exchange, on the principal other market on which the Common Stock is then traded and (ii) a Last
Reported Sale Price for the Common Stock is available on such securities exchange or market;
provided that if the Common Stock (or other security for which a closing sale price must be
determined) is not so listed or traded, “Trading Day” means a Business Day.

     “Trigger Event” shall have the meaning specified in Section 10.04(c).

     “Trustee” means the Person named as the “Trustee” in the first paragraph of this Supplemental
Indenture until a successor Trustee shall have become such pursuant to the applicable provisions of
this Supplemental Indenture, and thereafter “Trustee” shall mean or include each Person who is then
a Trustee hereunder.

     “Underwriters” means J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Wells Fargo Securities, LLC and Raymond James & Associates, Inc.

     “unit of Reference Property” shall have the meaning specified in Section 10.07(a).

     “Valuation Period” shall have the meaning specified in Section 10.04(c).

8

 

     Section 1.03. References to Interest. Unless the context otherwise requires, any reference
to interest on, or in respect of, any Note in this Indenture shall be deemed to include Additional
Interest if, in such context, Additional Interest is, was or would be payable pursuant to Section
5.03. Unless the context otherwise requires, any express mention of Additional Interest in any
provision hereof shall not be construed as excluding Additional Interest in those provisions hereof
where such express mention is not made.

ARTICLE 2

The Notes

     Section 2.01. Designation and Amount. The Notes shall be designated as the “4.00%
Convertible Senior Notes due 2017.” The aggregate principal amount of Notes that may be
authenticated and delivered under the Indenture is initially limited to $172,500,000, subject to
Section 2.04 and except for Notes authenticated and delivered upon registration or transfer of, or
in exchange for, or in lieu of other Notes pursuant to Section 10.02 and Section 11.03.

     Section 2.02. Form of Notes. The Notes and the Trustee’s certificate of authentication to be
borne by such Notes, Notice of Conversion, the Fundamental Change Repurchase Notice and the Form of
Assignment and Transfer shall be substantially in the forms set forth in Exhibits A, B, C and D,
respectively, hereto. The terms and provisions contained in the form of Notes attached as Exhibit
A hereto shall constitute, and are hereby expressly incorporated in and made a part of the
Indenture. To the extent applicable, the Company and the Trustee, by their execution and delivery
of the Indenture, expressly agree to such terms and provisions and to be bound thereby.

     Any of the Notes may have such letters, numbers or other marks of identification and such
notations, legends or endorsements as the Officers executing the same may approve (execution
thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions
of the Indenture, or as may be required to comply with any law or with any rule or regulation made
pursuant thereto or with any rule or regulation of any securities exchange or automated quotation
system on which the Notes may be listed or designated for issuance, or to conform to usage or to
indicate any special limitations or restrictions to which any particular Notes are subject.

     Each Global Note shall represent such principal amount of the Outstanding Notes as shall be
specified therein and shall provide that it shall represent 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 increased or reduced to reflect
repurchases, conversions, transfers or exchanges permitted hereby. Any endorsement of the Global
Note to reflect the amount of any increase or decrease in the amount of Outstanding Notes
represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee,
in such manner and upon instructions given by the Holder of such Notes in accordance with the
Indenture. Payment of principal (including the Fundamental Change Repurchase Price, if applicable)
of, and accrued and unpaid interest on, the Global Note shall be made to the Holder

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of such Note on
the date of payment, unless a record date or other means of determining Holders eligible to receive
payment is provided for herein.

     Notwithstanding any other provisions of the Indenture (other than the provisions set forth in
this Section 2.02), a Global Note may not be transferred as a whole or in part except (i) 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 and (ii) for transfers of portions of a Global
Note in certificated form made upon request of a member of, or a participant in, the Depositary
(for itself or on behalf of a beneficial owner) by written notice given to the Trustee
by or on behalf of the Depositary in accordance with customary procedures of the Depositary
and in compliance with this Section 2.02.

     The Depositary shall be a clearing agency registered under the Exchange Act. The Company
initially appoints DTC to act as Depositary with respect to each Global Note. Initially, each
Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee
of the Depositary, and deposited with the Trustee as custodian for Cede & Co.

     If (i) the Depositary notifies the Company at any time that the Depositary is unwilling or
unable to continue as depositary for the Global Notes and a successor depositary is not appointed
within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange
Act and a successor depositary is not appointed within 90 days or (iii) an Event of Default with
respect to the Notes has occurred and is continuing and a beneficial owner of the Notes requests
that its Notes be issued as Physical Notes, the Company will execute, and the Trustee, upon receipt
of an Officers’ Certificate and a Company Order for the authentication and delivery of Notes, will
authenticate and deliver Physical Notes to each such beneficial owner of the related Notes (or a
portion thereof) in an aggregate principal amount equal to the principal amount of such Global
Note, in exchange for such Global Note, and upon delivery of the Global Note to the Trustee such
Global Note shall be canceled.

     Physical Notes issued in exchange for all or a part of the Global Note pursuant to this
Section 2.02 shall be registered in such names and in such authorized denominations as the
Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such Physical
Notes to the Persons in whose names such Physical Notes are so registered.

     At such time as all interests in a Global Note have been converted, canceled, repurchased or
transferred, such Global Note shall be, upon receipt thereof, canceled by the Trustee in accordance
with standing procedures and existing instructions between the Depositary and the Custodian. At
any time prior to such cancellation, if any interest in a Global Note is exchanged for Physical
Notes, converted, canceled, repurchased or transferred to a transferee who receives Physical Notes
therefor or any Physical Note is exchanged or transferred for part of such Global Note, the
principal amount of such Global Note shall, in accordance with the standing procedures and
instructions existing between the Depositary and the Custodian, be appropriately reduced or

10

 

increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee
or the Custodian, at the direction of the Trustee, to reflect such reduction or increase.

     Section 2.03. Date and Denomination of Notes; Payment at Maturity; Payments of Interest;
Defaulted Amounts. (a) Date and Denomination. The Notes initially shall be issued in the form of
one or more Global Notes without interest coupons in denominations of $1,000 principal amount and
integral multiples thereof (i) registered in the name of Cede & Co., as nominee of the Depositary
and (ii) delivered to the Trustee as custodian for the Depositary. Each Note shall be dated the
date of its authentication and shall bear interest from the date specified on the face of the form
of Note attached as Exhibit A hereto.

     (b) Payment at Maturity. The Notes shall mature on October 1, 2017, unless earlier converted
or repurchased upon a Fundamental Change in accordance with the provisions hereof.
On the Maturity Date, each Holder shall be entitled to receive on such date $1,000 in cash for
each $1,000 principal amount of Notes, together with accrued and unpaid interest (including
Additional Interest, if any) to, but not including, the Maturity Date. With respect to Global
Notes, principal and interest (including Additional Interest, if any) will be paid to the
Depositary in immediately available funds. With respect to any Physical Notes, principal and
interest (including Additional Interest, if any) will be payable at the Company’s office or agency
in New York City, which initially will be the corporate trust office of the Trustee in New York
City, New York. If the Maturity Date is not a Business Day, payment shall be made on the next
succeeding Business Day, and no additional interest shall accrue in respect of the delay.

     (c) Payments of Interest. Interest on the Notes will accrue at the rate of 4.00% per annum,
from October 4, 2010 until the principal thereof is paid or made available for payment. Interest
shall be payable on each Interest Payment Date to the Person in whose name a Note is registered on
the Security Register at the close of business on any Regular Record Date immediately preceding the
applicable Interest Payment Date. If Notes are converted after the close of business on a Regular
Record Date, Holders of such Notes at the close of business on such Regular Record Date will
receive the interest and Additional Interest, if any, payable on such Notes on the corresponding
Interest Payment Date notwithstanding a conversion. Notwithstanding the foregoing, any Notes or
portion thereof surrendered for conversion after 5:00 p.m., New York City time, on the Regular
Record Date for an Interest Payment Date but prior to 9:00 a.m., New York City time, on the
immediately following Interest Payment Date shall be accompanied by payment, in immediately
available funds or other funds acceptable to the Company, of an amount equal to the interest and
Additional Interest, if any, otherwise payable on such Interest Payment Date on the principal
amount being converted; provided that no such payment need be made:

     (i) with respect to Notes converted after the close of business following the Regular
Record Date immediately preceding the Maturity Date;

     (ii) if the Company has specified a Fundamental Change Repurchase Date pursuant to
Section 11.01(a) that is after a Regular Record Date and on or prior to the Business Day
immediately following the corresponding Interest Payment Date; or

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     (iii) to the extent of any Defaulted Amounts, if any Defaulted Amounts exist at the
time of conversion with respect to such Notes.

     Interest on the Notes will be computed on the basis of a three hundred sixty (360)-day
year comprising of twelve (12) thirty (30)-day months.

The Company shall pay interest, including Additional Interest, if any, on:

     (i) any Global Notes by wire transfer of immediately available funds to the account of
the Depositary or its nominee;

     (ii) any Physical Notes having a principal amount of $5,000,000 or less, by check
mailed to each Holder at its address in the Security Register; and

     (iii) any Physical Notes having a principal amount of more than $5,000,000, either by
check mailed to each Holder at its address in the Security Register or, upon application by
a Holder to the Security Registrar not later than the relevant Regular Record Date, by wire
transfer in immediately available funds to that Holder’s account within the United States,
which application shall remain in effect until the Holder notifies, in writing, the Security
Registrar to the contrary.

          If an Interest Payment Date is not a Business Day, payment shall instead be made on the next
succeeding Business Day, and no additional interest shall accrue in respect of the delay.

     (d) Defaulted Amounts. Any Defaulted Amounts shall forthwith cease to be payable to the
Holder on the relevant payment date by virtue of its having been such Holder but shall accrue
interest per annum at the rate borne by the Notes plus one percent, subject to the enforceability
thereof under applicable law, from, and including, such relevant payment date to, but excluding,
the date on which such Defaulted Amounts shall have been paid by the Company, at its election in
each case, as provided in clause (i) or (ii) below:

     (i) The Company may elect to make payment of any Defaulted Amounts to the Persons in
whose names the Notes (or their respective Predecessor Securities) are registered at the
close of business on a special record date for the payment of such Defaulted Amounts, which
shall be fixed in the following manner. The Company shall notify the Trustee in writing of
the amount of the Defaulted Amounts proposed to be paid on each Note and the date of the
proposed payment (which shall be not less than 25 days after the receipt by the Trustee of
such notice, unless the Trustee shall consent to an earlier date), and at the same time the
Company shall deposit with the Trustee an amount of money equal to the aggregate amount to
be paid in respect of such Defaulted Amounts or shall make arrangements satisfactory to the
Trustee for such deposit on or prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted
Amounts as in this clause provided. Thereupon the Company shall fix a special record date
for the payment of such Defaulted

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Amounts which shall be not more than 15 days and not less
than 10 days prior to the date of the proposed payment, and not less than 10 days after the
receipt by the Trustee of the notice of the proposed payment. The Company shall promptly
notify the Trustee of such special record date and the Trustee, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted Amounts
and the special record date therefor to be mailed, first-class postage prepaid, to each
Holder at its address as it appears in the Security Register, not less than 10 days prior to
such special record date. Notice of the proposed payment of such Defaulted Amounts and the
special record date therefor having been so mailed, such Defaulted Amounts shall be paid to
the Persons in whose names the Notes (or their respective Predecessor Securities) are
registered at the close of business on such special record date and shall no longer be
payable pursuant to the following clause (ii) of this Section 2.03(d).

     (ii) The Company may make payment of any Defaulted Amounts in any other lawful manner
not inconsistent with the requirements of any securities exchange or automated quotation
system on which the Notes may be listed or designated for issuance,
and upon such notice as may be required by such exchange or automated quotation system,
if, after notice given by the Company to the Trustee of the proposed payment pursuant to
this clause, such manner of payment shall be deemed practicable by the Trustee.

     Section 2.04. Additional Notes. The Company may, without the consent of the Holders and
notwithstanding Section 2.01, reopen the Indenture and issue additional Notes hereunder with the
same terms and with the same CUSIP number as the Notes initially issued hereunder in an unlimited
aggregate principal amount; provided that such additional Notes must be part of the same issue as
the Notes initially issued hereunder for U.S. federal income tax purposes. Prior to the issuance
of any such additional Notes, the Company shall deliver to the Trustee a Company Order, an
Officers’ Certificate and an Opinion of Counsel, such Officers’ Certificate and Opinion of Counsel
to cover such matters, in addition to those required by Section 1.3 of the Base Indenture, as the
Trustee shall reasonably request.

     Section 2.05. Repurchases. The Company may, to the extent permitted by law, and directly or
indirectly (regardless of whether such Notes are surrendered to the Company), repurchase Notes in
the open market or otherwise, whether by the Company or its Subsidiaries or through a private or
public tender or exchange offer or through counterparties to private agreements. The Company shall
cause any Notes so repurchased to be surrendered to the Trustee for cancellation in accordance with
the Base Indenture.

ARTICLE 3

Satisfaction and Discharge

     Section 3.01. Satisfaction and Discharge. The satisfaction and discharge provisions set
forth in this Article 3 shall, with respect to the Notes, supersede in their entirety Article 4 of
the Base Indenture, and all references in the Base Indenture to Article 4 thereof and the
satisfaction

13

 

and discharge provisions therein, as the case may be, shall, with respect to the Notes, be deemed to be references to this
Article 3 and the satisfaction and discharge provisions
set forth in this Article 3, respectively. The Indenture shall upon request of the Company
contained in an Officers’ Certificate cease to be of further effect, and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge
of the Indenture, when (a) (i) all Notes theretofore authenticated and delivered (other than Notes
which have been destroyed, lost or stolen and which have been replaced or paid as provided in
Section 3.6 of the Base Indenture) have been delivered to the Trustee for cancellation; or (ii) the
Company has deposited with the Trustee or delivered to Holders, as applicable, after the Notes have
become due and payable, whether at the Maturity Date, any Fundamental Change Repurchase Date, upon
conversion or otherwise, cash or, in the case of conversion, shares of Common Stock and cash in
lieu of fractional shares solely to satisfy the Company’s Conversion Obligation, sufficient to pay
all of the Outstanding Notes and all other sums due and payable under the Indenture by the Company;
and (b) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of the Indenture have been complied with. Notwithstanding the
satisfaction and discharge of the Indenture, the obligations of the Company to the Trustee
under Section 6.7 of the Base Indenture shall survive.

     Section 3.02. Application of Trust Money. In addition to Section 10.3 and 13.5 of the Base
Indenture, the Trustee shall hold in trust any shares of Common Stock or other property, including
cash in respect of any fractional shares pursuant to Section 10.02(j), due in respect of converted
Notes deposited with it pursuant to this Article 3. It shall apply the deposited Common Stock or
other property, including any cash in respect of fractional shares, through the Paying Agent and in
accordance with the Indenture in relation to the conversion of Notes pursuant to the terms hereof.

ARTICLE 4

Particular Covenants of the Company

     Section 4.01. Payment of Principal and Interest. The Company covenants and agrees that it
will cause to be paid the principal (including the Fundamental Change Repurchase Price, if
applicable) of, and accrued and unpaid interest on, each of the Notes at the places, at the
respective times and in the manner provided herein and in the Notes.

     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 where the Notes may be surrendered for
registration of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”)
or for conversion (“Conversion Agent”) and where notices and demands to or upon the Company in
respect of the Notes and the Indenture may be served. The Company will give prompt written notice
to the Trustee of the location, and any change in the location, of such office or agency. If at
any time the Company shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations,

14

 

surrenders, notices and demands
may be made or served at the Corporate Trust Office or the office or agency of the Trustee in the
Borough of Manhattan, The City of New York.

     The Company may also from time to time designate as co-Security Registrars 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 that no such designation or
rescission shall 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 terms “Paying Agent” and “Conversion Agent”
include any such additional or other offices or agencies, as applicable.

     The Company hereby initially designates the Trustee as the Paying Agent, Security Registrar,
Custodian and Conversion Agent and the Corporate Trust Office and the office or agency of the
Trustee in the Borough of Manhattan, The City of New York, each shall be considered as one such
office or agency of the Company for each of the aforesaid purposes.

     Section 4.03. Appointments to Fill Vacancies in Trustee’s Office. The Company, whenever
necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner
provided in Section 6.10 of the Base Indenture, a Trustee, so that there shall at all times be
a Trustee hereunder.

     Section 4.04. Repayment. In addition to Section 13.6 of the Base Indenture, any money or
shares of Common Stock deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal (including the Fundamental Change Repurchase Price, if
applicable) of, and accrued and unpaid interest on, any Note and remaining unclaimed for two years
after such principal (including the Fundamental Change Repurchase Price, if applicable) or interest
has become due and payable shall be paid to the Company on request of the Company contained in an
Officers’ Certificate, or (if then held by the Company) shall be discharged from such trust; and
the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the
Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to
such trust money and shares of Common Stock, and all liability of the Company as trustee thereof,
shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, shall at the written direction and expense of the Company
cause to be published once, in a newspaper published in the English language, customarily published
on each Business Day and of general circulation in The Borough of Manhattan, The City of New York,
notice that such money and shares of Common Stock remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such publication, any
unclaimed balance of such money and shares of Common Stock then remaining will be repaid or
delivered to the Company.

     Section 4.05. Existence. Subject to Article 9, the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate existence.

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     Section 4.06. Reporting Requirement. (a) In lieu of Section 7.4 of the Base Indenture, the
Company shall file with the Trustee within 15 days after the same are required to be filed with the
Commission, copies of any documents or reports that the Company is required to file with the
Commission pursuant to Section 13 or 15(d) of the Exchange Act (giving effect to any grace period
provided by Rule 12b-25 under the Exchange Act). Any such document or report that the Company
files with the Commission via the Commission’s EDGAR system shall be deemed to be filed with the
Trustee for purposes of this Section 4.06 at the time such documents are filed via the EDGAR
system.

     (b) Delivery of the reports and documents described in subsection Section 4.06(a) above to the
Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to conclusively rely on an Officers’ Certificate).

     Section 4.07. Compliance Certificate; Statements as to Defaults. In lieu of Section 10.5 of
the Base Indenture, the Company shall deliver to the Trustee within 120 days after the end of each
fiscal year of the Company (beginning with the fiscal year ending on December 31, 2010) an
Officers’ Certificate stating whether or not the signers thereof have knowledge of any failure by
the Company to comply with all conditions and covenants then required to be performed under the
Indenture and, if so, specifying each such failure and the nature thereof.

     In addition, the Company shall deliver to the Trustee, as soon as possible, and in any event
within 30 days after the Company becomes aware of the occurrence of any Event of Default or
Default, an Officers’ Certificate setting forth the details of such Event of Default or Default,
its status and the action that the Company proposes to take with respect thereto.

     Section 4.08. Further Instruments and Acts. Upon request of the Trustee, the Company will
execute and deliver such further instruments and do such further acts as may be reasonably
necessary or proper to carry out more effectively the purposes of the Indenture.

ARTICLE 5

Defaults and Remedies

     Section 5.01. Events of Default. The following events shall be “Events of Default” with
respect to the Notes:

     (a) default in any payment of interest on any Note when due and payable, and the default
continues for a period of 30 days;

     (b) default in the payment of principal of any Note when due and payable, upon any required
repurchase, upon declaration of acceleration or otherwise;

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     (c) failure by the Company to comply with its obligation to convert the Notes in accordance
with the Indenture upon exercise of a Holder’s conversion right;

     (d) failure by the Company to issue a Fundamental Change Company Notice in accordance with
Section 11.01(c) when due;

     (e) failure by the Company to comply with its obligations under Article 9;

     (f) failure by the Company for 60 days after written notice from the Trustee or the Holders of
at least 25% in principal amount of the Notes then Outstanding has been received by the Company to
comply with any of its other agreements contained in the Notes or the Indenture;

     (g) default by the Company or any Subsidiary of the Company with respect to any mortgage,
agreement or other instrument under which there may be outstanding, or by which there may be
secured or evidenced, any indebtedness for money borrowed in excess of $25 million in the aggregate
of the Company and/or any such Subsidiary, whether such indebtedness now exists or shall hereafter
be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii)
constituting a failure to pay the principal or interest of any such debt when due and payable at
its stated maturity (after the expiration of any applicable grace period), upon required
repurchase, upon declaration of acceleration or otherwise, and such indebtedness is not discharged,
or such acceleration is not rescinded, by the end of the 30th day after receipt by the
Company of written notice from the Trustee or the Holders of at least 25% in principal amount of
the Notes then Outstanding;

     (h) the Company or any Significant Subsidiary of the Company shall commence a voluntary case
or other proceeding seeking liquidation, reorganization or other relief with respect to the Company
or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar
law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator,
custodian or other similar official of the Company or any such Significant Subsidiary or any
substantial part of its property, or shall consent to any such relief or to the appointment of or
taking possession by any such official in an involuntary case or other proceeding commenced against
it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay
its debts as they become due;

     (i) an involuntary case or other proceeding shall be commenced against the Company or any
Significant Subsidiary of the Company seeking liquidation, reorganization or other relief with
respect to the Company or such Significant Subsidiary or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver,
liquidator, custodian or other similar official of the Company or such Significant Subsidiary or
any substantial part of its property, and such involuntary case or other proceeding shall remain
undismissed and unstayed for a period of 60 consecutive days; or

     (j) a final judgment for the payment of $25 million or more (excluding any amounts covered by
insurance) rendered against the Company or any Subsidiary of the Company, which judgment is not
discharged or stayed within 60 days after (i) the date on which the right to appeal

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thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal have been
extinguished.

     Section 5.02. Acceleration; Rescission and Annulment. Notwithstanding Section 5.2 of the
Base Indenture, in case one or more Events of Default shall have occurred and be continuing
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or
be effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body), then, and in each and every
such case (other than an Event of Default specified in Section 5.01(h) or Section 5.01(i) hereof
with respect to the Company or any of its Significant Subsidiaries), unless the principal of all of
the Notes shall have already become due and payable, either the Trustee or the Holders of at least
25% in aggregate principal amount of the Notes then Outstanding determined in accordance with the
Indenture, by notice in writing to the Company (and to the Trustee if given by Holders), may
declare 100% of the principal of, and accrued and unpaid interest on, all the Notes to be due and
payable immediately, and upon any such declaration the same shall become and shall automatically be
immediately due and payable, anything in the Indenture or in the Notes contained to the contrary
notwithstanding. If an Event of Default specified in Section 5.01(h) or Section 5.01(i) hereof
with respect to the Company or any of its Significant Subsidiaries occurs and is continuing, the
principal of, and accrued and unpaid interest on, all Notes shall be automatically and immediately
due and payable.

     This provision, however, is subject to the conditions that if, at any time after the principal
of the Notes shall have been so declared due and payable, and before any judgment or decree for the
payment of the monies due shall have been obtained or entered as hereinafter provided, the Company
shall pay or shall deposit with the Trustee a sum sufficient to pay installments of accrued and
unpaid interest upon all Notes and the principal of any and all Notes that shall have
become due otherwise than by acceleration (with interest on overdue installments of accrued
and unpaid interest to the extent that payment of such interest is enforceable under applicable
law, and on such principal at the rate borne by the Notes plus one percent per annum at such time)
and amounts due to the Trustee pursuant to Section 6.7 of the Base Indenture, and if (1) rescission
would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and
all existing Events of Defaults under the Indenture, other than the nonpayment of the principal of
and accrued and unpaid interest, if any, on Notes that shall have become due solely by such
acceleration, shall have been cured or waived pursuant to Section 5.12 of the Base Indenture, then
and in every such case (except as provided in the immediately succeeding sentence) the Holders of a
majority in aggregate principal amount of the Notes then Outstanding, by written notice to the
Company and to the Trustee, may waive all Defaults or Events of Default with respect to the Notes
and rescind and annul such declaration and its consequences and such Default shall cease to exist,
and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of
the Indenture; but no such waiver or rescission and annulment shall extend to or shall affect any
subsequent Default or Event of Default, or shall impair any right consequent thereon.
Notwithstanding anything to the contrary herein, no such waiver or rescission and annulment shall
extend to or shall affect any Default or Event of Default resulting from (i) the nonpayment of the
principal of, or accrued and unpaid interest on, any Notes, (ii) a

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failure to repurchase any Notes
when required or (iii) a failure to pay or deliver, as the case may be, the consideration due upon
conversion of the Notes.

     Section 5.03. Additional Interest. Notwithstanding anything in the Indenture or in the Notes
to the contrary, to the extent the Company elects, the sole remedy for an Event of Default relating
to any obligation to file reports with the Trustee as required by Section 314(a)(1) of the Trust
Indenture Act or by Section 4.06 hereof shall, after the occurrence of such an Event of Default
consist exclusively of the right to receive additional interest (“Additional Interest”) on the
Notes at a rate equal to:

     (a) 0.25% per annum of the principal amount of the Notes Outstanding for each day during the
first 90-day period on which such Event of Default is continuing beginning on, and including, the
date on which such an Event of Default first occurs; and

     (b) 0.50% per annum of the principal amount of the Notes Outstanding for each day during the
next 90-day period on which such Event of Default is continuing beginning on the date immediately
following the last day of the 90-day period referred to in clause (a) above.

     If the Company so elects, such Additional Interest shall be payable in the same manner and on
the same dates as regular interest on the Notes. On the 181st day after such Event of Default (if
the Event of Default relating to the Company’s failure to file is not cured or waived prior to such
181st day), the Notes will be subject to acceleration as provided in Section 5.02. In the event
the Company does not elect to pay Additional Interest following an Event of Default in accordance
with this Section 5.03, the Notes shall be subject to acceleration as provided in Section 5.02.

     In order to elect to pay Additional Interest as the sole remedy during the first 180 days
after the occurrence of any Event of Default described in the immediately preceding paragraph, the
Company must notify all Holders of the Notes, the Trustee and the Paying Agent of such
election prior to the close of business on the date on which such Event of Default first
occurs. Upon the failure to timely give such notice, the Notes shall be immediately subject to
acceleration as provided in Section 5.02.

     If Additional Interest is payable by the Company, the Company shall deliver to the Trustee an
Officers’ Certificate to that effect stating (i) the amount of such Additional Interest that is
payable and (ii) the date on which such Additional Interest is payable. Unless and until a
Responsible Officer receives such a certificate, the Trustee may assume without inquiry that no
Additional Interest is payable.

     Section 5.04. Limitation on Suits. Notwithstanding Section 5.7 of the Base Indenture and any
provision of any Note, the right of any Holder to receive payment or delivery, as the case may be,
of (x) the principal (including the Fundamental Change Repurchase Price, if applicable) of, (y)
accrued and unpaid interest on, and (z) the consideration due upon conversion of, such Note, on or
after the respective due dates expressed or provided for in such Note or in this Indenture, or to
institute suit for the enforcement of any such payment or delivery, as the

19

 

case may be, on or after
such respective dates against the Company shall not be impaired or affected without the consent of
such Holder.

     Section 5.05. Control by Holders and Waiver of Defaults by Majority of Holders. In addition
to Section 5.12 of the Base Indenture, the Holders of a majority in aggregate principal amount of
the Notes at the time Outstanding determined in accordance with the Indenture may on behalf of the
Holders of all of the Notes waive any past Default or Event of Default hereunder and its
consequences except (i) a default in the payment of accrued and unpaid interest, if any, on, or the
principal (including any Fundamental Change Repurchase Price) of, the Notes when due that has not
been cured pursuant to the provisions of Section 5.01, (ii) a failure by the Company to pay the
consideration due upon conversion of the Notes or (iii) a default in respect of a covenant or
provision hereof which under Article 8 cannot be modified or amended without the consent of each
Holder of an outstanding Note affected. Upon any such waiver the Company, the Trustee and the
Holders of the Notes shall be restored to their former positions and rights hereunder; but no such
waiver shall extend to any subsequent or other Default or Event of Default or impair any right
consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as
permitted by this Section 5.05, said Default or Event of Default shall for all purposes of the
Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver
shall extend to any subsequent or other Default or Event of Default or impair any right consequent
thereon.

     Section 5.06. Notice of Defaults. Notwithstanding the proviso in Section 6.2 of the Base
Indenture, the Trustee will not be protected in withholding notice of a Default after the ninetieth
(90th) day following the occurrence of the Default if such Default relates to the
payment or delivery of the consideration due upon conversion.

ARTICLE 6

Concerning the Holders

     Section 6.01. Revocation of Consents; Future Holders Bound. At any time prior to (but not
after) the evidencing to the Trustee, as provided in Section 1.5 of the Base Indenture, of the
taking of any action by the Holders of the percentage in aggregate principal amount of the Notes
specified in the Indenture in connection with such action, any Holder of a Note that is shown by
the evidence to be included in the Notes the Holders of which have consented to such action may, by
filing written notice with the Trustee at its Corporate Trust Office and upon proof of holding as
provided in Section 1.5 of the Base Indenture, revoke such action so far as concerns such Note.
Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and
binding upon such Holder and upon all future Holders and owners of such Note and of any Notes
issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective
of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or
substitution therefor or upon registration of transfer thereof.

20

 

ARTICLE 7

Holders’ Meetings

     Section 7.01. Purpose of Meetings. A meeting of Holders may be called at any time and from
time to time pursuant to the provisions of this Article 7 for any of the following purposes:

     (a) to give any notice to the Company or to the Trustee or to give any directions to the
Trustee permitted under this Indenture, or to consent to the waiving of any Default or Event of
Default hereunder and its consequences, or to take any other action authorized to be taken by
Holders pursuant to any of the provisions of Article 5;

     (b) to remove the Trustee and nominate a successor trustee pursuant to the provisions of
Article 6 of the Base Indenture;

     (c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to
the provisions of Section 8.02; or

     (d) to take any other action authorized to be taken by or on behalf of the Holders of any
specified aggregate principal amount of the Notes under any other provision of this Indenture or
under applicable law.

     Section 7.02. Call of Meetings by Trustee. The Trustee may at any time call a meeting of
Holders to take any action specified in Section 7.01, to be held at such time and at such place as
the Trustee shall determine. Notice of every meeting of the Holders, setting forth the time and
the place of such meeting and in general terms the action proposed to be taken at such meeting and
the establishment of any record date pursuant to Section 1.5 of the Base Indenture, shall be mailed
to Holders of such Notes at their addresses as they shall appear on the Security Register. Such
notice shall also be mailed to the Company. Such notices shall be mailed not less than twenty nor
more than ninety days prior to the date fixed for the meeting.

     Any meeting of Holders shall be valid without notice if the Holders of all Notes then
outstanding are present in person or by proxy or if notice is waived before or after the meeting by
the Holders of all Notes outstanding, and if the Company and the Trustee are either present by duly
authorized representatives or have, before or after the meeting, waived notice.

     Section 7.03. Call of Meetings by Company or Holders. In case at any time the Company,
pursuant to a Board Resolution, or the Holders of at least 10% in aggregate principal amount of the
Notes then outstanding, shall have requested the Trustee to call a meeting of Holders, by written
request setting forth in reasonable detail the action proposed to be taken at the meeting, and the
Trustee shall not have mailed the notice of such meeting within 20 days after receipt of such
request, then the Company or such Holders may determine the time and the place for such meeting and
may call such meeting to take any action authorized in Section 7.01, by mailing notice thereof as
provided in Section 7.02.

21

 

     Section 7.04. Qualifications for Voting. To be entitled to vote at any meeting of Holders a
Person shall (a) be a Holder of one or more Notes on the record date pertaining to such meeting or
(b) be a Person appointed by an instrument in writing as proxy by a Holder of one or more Notes on
the record date pertaining to such meeting. The only Persons who shall be entitled to be present
or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and
their counsel and any representatives of the Trustee and its counsel and any representatives of the
Company and its counsel.

     Section 7.05. Regulations. Notwithstanding any other provisions of this Indenture, the
Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders,
in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the
appointment and duties of inspectors of votes, the submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters concerning the conduct
of the meeting as it shall think fit.

     The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting,
unless the meeting shall have been called by the Company or by Holders as provided in Section 7.03,
in which case the Company or the Holders calling the meeting, as the case may be, shall in like
manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting
shall be elected by vote of the Holders of a majority in principal amount of the Notes represented
at the meeting and entitled to vote at the meeting.

     At any meeting of Holders each Holder or proxyholder of an Outstanding Note shall be entitled
to one vote for each $1,000 principal amount of Notes held or represented by him; provided,
however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as
not outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of
the meeting shall have no right to vote other than by virtue of Notes held by it or instruments in
writing as aforesaid duly designating it as the proxy to vote on behalf of other Holders. Any
meeting of Holders duly called pursuant to the provisions of Section 7.02 or Section 7.03 may be
adjourned from time to time by the Holders of a majority of the aggregate principal amount of Notes
represented at the meeting, whether or not constituting a quorum, and the meeting may be held as so
adjourned without further notice.

     Section 7.06. Voting. The vote upon any resolution submitted to any meeting of Holders shall
be by written ballot on which shall be subscribed the signatures of the Holders or of their
representatives by proxy and the outstanding principal amount of the Notes held or represented by
them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count
all votes cast at the meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports in duplicate of all votes cast at the
meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by
the secretary of the meeting and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons
having knowledge of the facts setting forth a copy of the notice of the meeting and showing that
said notice was mailed as provided in Section 7.02. The record shall show the principal amount of
the Notes voting in favor of or against any resolution. The record shall be signed and verified

22

 

by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates
shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the
latter to have attached thereto the ballots voted at the meeting.

     Any record so signed and verified shall be conclusive evidence of the matters therein stated.

     Section 7.07. No Delay of Rights by Meeting. Nothing contained in this Article 7 shall be
deemed or construed to authorize or permit, by reason of any call of a meeting of Holders or any
rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the
exercise of any right or rights conferred upon or reserved to the Trustee or to the Holders under
any of the provisions of this Indenture or of the Notes.

ARTICLE 8

Amendments

     Section 8.01. Without Consent of Holders. In addition to any permitted amendment or
supplement to the Indenture pursuant to Section 9.1 of the Base Indenture, the Company and the
Trustee, at any time and from time to time, may amend or supplement the Indenture or the Notes
without notice to or the consent of any Holder of the Notes to conform the provisions of this
Supplemental Indenture or the Notes to the “Description of notes” section as set forth in the final
prospectus supplement related to the offering and sale of Notes dated September 29, 2010.

     Section 8.02. With Consent of Holders. In addition to the amendments or supplements to the
Indenture pursuant to Section 9.2 of the Base Indenture that require the consent of the Holder of
each Outstanding Note affected thereby, without the consent of each Holder of an Outstanding Note
affected, no amendment or supplement may:

     (a) make any change that adversely affects the conversion rights of any Notes;

     (b) reduce the Fundamental Change Repurchase Price of any Note or amend or modify in any
manner adverse to the Holders the Company’s obligation to make such payment, whether through an
amendment or waiver of provisions in the covenants, definitions or otherwise; or

     (c) change the ranking of the Notes.

ARTICLE 9

Consolidation, Merger, Sale, Conveyance and Lease

     Section 9.01. Company May Consolidate, Etc. on Certain Terms. Notwithstanding Section 8.1 of
the Base Indenture, subject to the provisions of Section 8.2 of the Base Indenture, the Company
shall not consolidate with, merge with or into, or sell, convey, transfer or lease all or
substantially all of its properties and assets to another Person, unless:

23

 

     (a) the resulting, surviving or transferee Person (the “Successor Company”), if not the
Company, shall be a corporation organized and existing under the laws of the United States of
America, any State thereof or the District of Columbia, and the Successor Company (if not the
Company) shall expressly assume, by supplemental indenture all of the obligations of the Company
under the Notes and the Indenture;

     (b) the Company delivers an Officer’s Certificate and Opinion of Counsel to the Trustee
stating that such consolidation, merger or sale, conveyance, transfer or lease and any supplemental
indenture comply with the Indenture and that all conditions precedent set forth in the Indenture
have been complied with; and

     (c) immediately after giving effect to such transaction, no Default or Event of Default shall
have occurred and be continuing under this Supplemental Indenture.

     For purposes of this Section 9.01, the sale, conveyance, transfer or lease of all or
substantially all of the properties and assets of one or more Subsidiaries of the Company to
another Person, which properties and assets, if held by the Company instead of such Subsidiaries,
would constitute all or substantially all of the properties and assets of the Company on a
consolidated basis, shall be deemed to be the sale, conveyance, transfer or lease of all or
substantially all of the properties and assets of the Company to another Person.

     Section 9.02. Successor Corporation to Be Substituted. In case of any such consolidation,
merger, sale, conveyance, transfer or lease and upon the assumption by the Successor Company, by
supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the
Trustee, of the due and punctual payment of the principal of and accrued and unpaid interest on all
of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration
due upon conversion of the Notes and the due and punctual performance of all of the covenants and
conditions of this Indenture to be performed by the Company, such Successor Company shall succeed
to and be substituted for the Company, with the same effect as if it had been named herein as the
party of the first part, except in the case of a lease of all or substantially all of the Company’s
properties and assets. Such Successor Company thereupon may cause to be signed, and may issue
either in its own name or in the name of the Company any or all of the Notes issuable hereunder
which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon
the order of such Successor Company instead of the Company and subject to all the terms, conditions
and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or
cause to be authenticated
and delivered, any Notes that previously shall have been signed and delivered by the Officers
of the Company to the Trustee for authentication, and any Notes that such Successor Company
thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes
so issued shall in all respects have the same legal rank and benefit under this Indenture as the
Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all
of such Notes had been issued at the date of the execution hereof. In the event of any such
consolidation, merger, sale, conveyance or transfer (but not in the case of a lease), upon
compliance with this Article 9 the Person named as the “Company” in the first paragraph of this Indenture or any successor that shall thereafter have become such in the manner prescribed in

24

 

this Article 9 may be dissolved, wound up and liquidated at any time thereafter and, except in the case
of a lease, such Person shall be released from its liabilities as obligor and maker of the Notes
and from its obligations under this Indenture.

     In case of any such consolidation, merger, sale, conveyance, transfer or lease, such changes
in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as
may be appropriate.

     Section 9.03. Opinion of Counsel to Be Given to Trustee. No consolidation, merger, sale,
conveyance, transfer or lease shall be effective unless the Trustee shall receive an Officers’
Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger,
sale, conveyance, transfer or lease and any such assumption and, if a supplemental indenture is
required in connection with such transaction, such supplemental indenture, complies with the
provisions of this Article 9.

ARTICLE 10

Conversion of Notes

     Section 10.01. Conversion Privilege. Subject to and upon compliance with the provisions of
this Article 10, each Holder of a Note shall have the right, at such Holder’s option, to convert
all or any portion (if the portion to be converted is $1,000 principal amount or an integral
multiple thereof) of such Note at any time prior to the close of business on the Business Day
immediately preceding the Maturity Date, at an initial conversion rate of 90.8893 shares of Common
Stock (equivalent to an initial conversion price of approximately $11.00 per share) (subject to adjustment as
provided in Section 10.04, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to
the settlement provisions of Section 10.02, the “Conversion Obligation”).

     Section 10.02. Conversion Procedure; Settlement Upon Conversion.

     (a) Upon conversion of any Note, the Company shall deliver to the converting Holder, in
respect of each $1,000 principal amount of Notes being converted, a number of shares of Common
Stock equal to the Conversion Rate, together with a cash payment, if applicable, in lieu of any
fractional share of Common Stock in accordance with subsection (j) of this Section 10.02, on the
third Business Day immediately following the relevant Conversion Date.

     (b) Subject to Section 10.02(e), before any Holder of a Note shall be entitled to convert the
same as set forth above, such Holder shall (i) in the case of a Global Note, comply with the
procedures of the Depositary in effect at that time and, if required, pay funds equal to
interest payable on the next Interest Payment Date to which such Holder is not entitled as set
forth in Section 10.02(h) and (ii) in the case of a Physical Note (1) complete, manually sign and
deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of
Conversion (or a facsimile thereof) (a “Notice of Conversion”) at the office of the Conversion
Agent and state in writing therein the principal amount of Notes to be converted and the name or
names (with addresses) in which such Holder wishes the certificate or certificates for any shares
of

25

 

Common Stock to be delivered upon settlement of the Conversion Obligation to be registered, (2)
surrender such Notes, duly endorsed to the Company or in blank (and accompanied by appropriate
endorsement and transfer documents), at the office of the Conversion Agent, (3) if required,
furnish appropriate endorsements and transfer documents and (4) if required, pay funds equal to
interest payable on the next Interest Payment Date to which such Holder is not entitled as set
forth in Section 10.02(h). The Trustee (and if different, the Conversion Agent) shall notify the
Company of any conversion pursuant to this Article 10 on the Conversion Date for such conversion.
No Notice of Conversion with respect to any Notes may be surrendered by a Holder thereof if such
Holder has also delivered a Fundamental Change Repurchase Notice to the Company in respect of such
Notes and not validly withdrawn such Fundamental Change Repurchase Notice in accordance with
Section 11.02.

     If more than one Note shall be surrendered for conversion at one time by the same Holder, the
Conversion Obligation with respect to such Notes shall be computed on the basis of the aggregate
principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so
surrendered.

     (c) A Note shall be deemed to have been converted immediately prior to the close of business
on the date (the “Conversion Date”) that the Holder has complied with the requirements set forth in
subsection (b) above. The Company shall issue or cause to be issued, and deliver to the Conversion
Agent or to such Holder, or such Holder’s nominee or nominees, certificates or a book-entry
transfer through the Depositary for the full number of shares of Common Stock to which such Holder
shall be entitled in satisfaction of the Company’s Conversion Obligation.

     (d) In case any Note shall be surrendered for partial conversion, the Company shall execute
and the Trustee shall authenticate and deliver to or upon the written order of the Holder of the
Note so surrendered a new Note or Notes in authorized denominations in an aggregate principal
amount equal to the unconverted portion of the surrendered Note, without payment of any service
charge by the converting Holder but, if required by the Company or Trustee, with payment of a sum
sufficient to cover any transfer tax or similar governmental charge required by law or that may be
imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon
such conversion being different from the name of the Holder of the old Notes surrendered for such
conversion.

     (e) If a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or
similar issue or transfer tax due on the issue of the shares of Common Stock upon conversion,
unless the tax is due because the Holder requests such shares to be issued in a name other than the
Holder’s name, in which case the Holder shall pay that tax upon request from Trustee. The
Conversion Agent may refuse to deliver the certificates representing the shares of
Common Stock being issued in a name other than the Holder’s name until the Trustee receives a
sum sufficient to pay any tax that is due by such Holder in accordance with the immediately
preceding sentence.

26

 

     (f) Except as provided in Section 10.04, no adjustment shall be made for dividends on
any shares issued upon the conversion of any Note as provided in this Article 10.

     (g) Upon the conversion of an interest in a Global Note, the Trustee, or the Custodian at the
direction of the Trustee, shall make a notation on such Global Note as to the reduction in the
principal amount represented thereby. The Company shall notify the Trustee in writing of any
conversion of Notes effected through any Conversion Agent other than the Trustee.

     (h) Upon conversion, a Holder shall not receive any separate cash payment for accrued and
unpaid interest, if any, except as set forth in Section 2.03(c). The Company’s settlement of the
Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal amount
of the Note and accrued and unpaid interest, if any, to, but not including, the Conversion Date. As
a result, accrued and unpaid interest, if any, to, but not including, the Conversion Date shall be
deemed to be paid in full rather than cancelled, extinguished or forfeited.

     (i) The Person in whose name the certificate for any shares of Common Stock delivered upon
conversion is registered shall be treated as a stockholder of record as of the close of business on
the relevant Conversion Date. Upon a conversion of Notes, such Person shall no longer be a Holder
of such Notes surrendered for conversion.

     (j) The Company shall not issue any fractional share of Common Stock upon conversion of the
Notes and shall instead pay cash in lieu of any fractional share of Common Stock issuable upon
conversion based on the Last Reported Sale Price of the Common Stock on the relevant Conversion
Date.

     Section 10.03. Increased Conversion Rate Applicable to Certain Notes Surrendered in
Connection with Make-Whole Fundamental Changes. (a) If a Make-Whole Fundamental Change occurs and
a Holder elects to convert its Notes in connection with such Make-Whole Fundamental Change, the
Company shall, under the circumstances described below, increase the Conversion Rate for the Notes
so surrendered for conversion by a number of additional shares of Common Stock (the “Additional
Shares”), as described below. A conversion of Notes shall be deemed for these purposes to be “in
connection with” such Make-Whole Fundamental Change if the relevant Notice of Conversion is
received by the Conversion Agent from, and including, the Effective Date of the Make-Whole
Fundamental Change up to, and including, the Business Day immediately prior to the related
Fundamental Change Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would
have been a Fundamental Change but for the proviso in clause (b) of the definition thereof, the
35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change).

     (b) The Company shall notify the Holders of Notes of the Effective Date of any Make-Whole
Fundamental Change and issue a press release announcing such Effective Date no later than five
Business Days after such Effective Date.

     (c) The number of Additional Shares, if any, by which the Conversion Rate shall be increased
shall be determined by reference to the table below, based on the date on which the

27

 

Make-Whole
Fundamental Change occurs or becomes effective (the “Effective Date”) and the price (the “Stock
Price”) paid (or deemed to be paid) per share of the Common Stock in the
Make-Whole Fundamental Change. If the holders of the Common Stock receive only cash in a
Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the
Stock Price shall be the cash amount paid per share. Otherwise, the Stock Price shall be the
average of the Last Reported Sale Prices of the Common Stock over the five Trading Day period
ending on, and including, the Trading Day immediately preceding the Effective Date of the
Make-Whole Fundamental Change. The Board of Directors shall make appropriate adjustments to the
Stock Price, in its good faith determination, to account for any adjustment to the Conversion Rate
that becomes effective, or any event requiring an adjustment to the Conversion Rate where the
Ex-Dividend Date of the event occurs, during such five consecutive Trading Day period.

     (d) The Stock Prices set forth in the column headings of the table below shall be adjusted as
of any date on which the Conversion Rate of the Notes is otherwise adjusted. The adjusted Stock
Prices shall equal the Stock Prices applicable immediately prior to such adjustment, multiplied by
a fraction, the numerator of which is the Conversion Rate immediately prior to such adjustment
giving rise to the Stock Price adjustment and the denominator of which is the Conversion Rate as so
adjusted. The number of Additional Shares set forth in the table below shall be adjusted in the
same manner and at the same time as the Conversion Rate as set forth in Section 10.04.

     (e) The following table sets forth the number of Additional Shares to be received per $1,000
principal amount of Notes pursuant to this Section 10.03 for each Stock Price and Effective Date
set forth below:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Stock Price	 
	Effective Date	 	$8.09	 	 	$10.00	 	 	$15.00	 	 	$20.00	 	 	$25.00	 	 	$30.00	 	 	$35.00	 	 	$40.00	 	 	$45.00	 	 	$50.00	 	 	$55.00	 
	October 4, 2010
	 	 	32.7200	 	 	 	26.4140	 	 	 	13.7291	 	 	 	8.5036	 	 	 	5.7829	 	 	 	4.1558	 	 	 	3.0912	 	 	 	2.3503	 	 	 	1.8118	 	 	 	1.4077	 	 	 	1.0973	 
	October 1, 2011
	 	 	32.7200	 	 	 	26.0436	 	 	 	13.0490	 	 	 	7.9024	 	 	 	5.3021	 	 	 	3.7788	 	 	 	2.7954	 	 	 	2.1169	 	 	 	1.6261	 	 	 	1.2589	 	 	 	0.9773	 
	October 1, 2012
	 	 	32.7200	 	 	 	25.4131	 	 	 	12.1148	 	 	 	7.1152	 	 	 	4.6914	 	 	 	3.3114	 	 	 	2.4363	 	 	 	1.8385	 	 	 	1.4085	 	 	 	1.0874	 	 	 	0.8414	 
	October 1, 2013
	 	 	32.7200	 	 	 	24.3718	 	 	 	10.8202	 	 	 	6.0799	 	 	 	3.9157	 	 	 	2.7329	 	 	 	2.0008	 	 	 	1.5065	 	 	 	1.1524	 	 	 	0.8881	 	 	 	0.6850	 
	October 1, 2014
	 	 	32.7200	 	 	 	22.7770	 	 	 	9.0458	 	 	 	4.7406	 	 	 	2.9545	 	 	 	2.0391	 	 	 	1.4907	 	 	 	1.1247	 	 	 	0.8620	 	 	 	0.6645	 	 	 	0.5115	 
	October 1, 2015
	 	 	32.7200	 	 	 	20.2491	 	 	 	6.5584	 	 	 	3.0258	 	 	 	1.8029	 	 	 	1.2415	 	 	 	0.9177	 	 	 	0.7006	 	 	 	0.5416	 	 	 	0.4190	 	 	 	0.3218	 
	October 1, 2016
	 	 	32.7200	 	 	 	16.2968	 	 	 	3.0414	 	 	 	0.9782	 	 	 	0.5583	 	 	 	0.4019	 	 	 	0.3077	 	 	 	0.2396	 	 	 	0.1869	 	 	 	0.1448	 	 	 	0.1104	 
	October 1, 2017
	 	 	32.7200	 	 	 	9.0734	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

     The exact Stock Prices and Effective Dates may not be set forth in the table above, in
which case:

     (i) if the Stock Price is between two Stock Prices in the table above or the Effective
Date is between two Effective Dates in the table, the number of Additional Shares shall be
determined by a straight-line interpolation between the number of Additional Shares set
forth for the higher and lower Stock Prices and the earlier and later Effective Dates, as
applicable, based on a 365-day year;

28

 

     (ii) if the Stock Price is greater than $55.00 per share (subject to adjustment in the
same manner as the Stock Prices set forth in the column headings of the table above pursuant
to subsection (d) above), no Additional Shares shall be added to the Conversion Rate; and

     (iii) if the Stock Price is less than $8.09 per share (subject to adjustment in the
same manner as the Stock Prices set forth in the column headings of the table above pursuant
to subsection (d) above), no Additional Shares shall be added to the Conversion Rate.

Notwithstanding the foregoing, in no event shall the total number of shares of Common Stock
issuable upon conversion exceed 123.6093 per $1,000 principal amount of Notes, subject to
adjustment in the same manner as the Conversion Rate pursuant to Section 10.04.

     (f) Nothing in this Section 10.03 shall prevent an adjustment to the Conversion Rate pursuant
to Section 10.04 in respect of a Make-Whole Fundamental Change.

     Section 10.04. Adjustment of Conversion Rate. The Conversion Rate shall be adjusted from
time to time by the Company if any of the following events occurs, except that the Company shall
not make any adjustments to the Conversion Rate if Holders of the Notes participate (other than in
the case of a share split or share combination), at the same time and upon the same terms as
holders of the Common Stock and solely as a result of holding the Notes, in any of the transactions
described in this Section 10.04, without having to convert their Notes, as if they held a number of
shares of Common Stock equal to the Conversion Rate, multiplied by the principal amount (expressed
in thousands) of Notes held by such Holder.

     (a) If the Company exclusively issues shares of Common Stock as a dividend or distribution on
shares of its Common Stock, or if the Company effects a share split or share combination, the
Conversion Rate shall be adjusted based on the following formula:

	 	 

	CR’ = CR0 × 
	OS’

	 
	OS0

	 	 	 	 	 
	where,
	 	 	 	 
	 
	 	 	 	 
	CR0

	 	=
	 	the Conversion Rate in effect immediately prior to
the close of business on the Record Date of such
dividend or distribution, or immediately prior to
the open of business on the effective date of such
share split or share combination, as applicable;
	 
	 	 	 	 
	CR’

	 	=
	 	the Conversion Rate in effect immediately after
the close of business on such Record Date or
immediately after the open of business on such
effective date, as applicable;

29

 

	 	 	 	 	 
	OS0

	 	=
	 	the number of shares of Common Stock outstanding
immediately prior to the close of business on such
Record Date or immediately prior to the open of
business on such effective date, as applicable;
and
	 
	 	 	 	 
	OS’

	 	=
	 	the number of shares of Common Stock outstanding
immediately after giving effect to such dividend,
distribution, share split or share combination.

Any adjustment made under this Section 10.04(a) shall become effective immediately after the close
of business on the Record Date for such dividend or distribution, or immediately after the open of
business on the effective date for such share split or share combination, as applicable. If any
dividend or distribution of the type described in this Section 10.04(a) is declared but not so paid
or made, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of
Directors determines not to pay such dividend or distribution, to the Conversion Rate that would
then be in effect if such dividend or distribution had not been declared.

     (b) If the Company issues to all or substantially all holders of its Common Stock any rights,
options or warrants entitling them, for a period of not more than 45 calendar days after the
announcement date of such issuance, to subscribe for or purchase shares of the Common Stock at a
price per share that is less than the average of the Last Reported Sale Prices of the Common Stock
for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately
preceding the date of announcement of such issuance, the Conversion Rate shall be increased based
on the following formula:

	 	 

	CR’ = CR0 × 
	OS0 + X

	 
	OS0 + Y

	 	 	 	 	 

	where,
	 	 	 	 
	 
	 	 	 	 
	CR0

	 	=
	 	the Conversion Rate in effect immediately prior to
the close of business on the Record Date for such
issuance;
	 
	 	 	 	 
	CR’

	 	=
	 	the Conversion Rate in effect immediately after
the close of business on such Record Date;
	 
	 	 	 	 
	OS0

	 	=
	 	the number of shares of Common Stock outstanding
immediately prior to the close of business on such
Record Date;
	 
	 	 	 	 
	X

	 	=
	 	the total number of shares of Common Stock
issuable pursuant to such rights, options or
warrants; and
	 
	 	 	 	 
	Y

	 	=
	 	the number of shares of Common Stock equal to the
aggregate price payable to exercise such rights,
options or warrants, divided by the average of the
Last Reported Sale Prices of the Common Stock over
the 10 consecutive Trading Day period ending on
the Trading Day immediately preceding the date of
announcement of the issuance of such rights,
options or warrants.

30

 

Any increase made under this Section 10.04(b) shall be made successively whenever any such rights,
options or warrants are issued and shall become effective immediately after the close of business
on the Record Date for such issuance. To the extent that shares of the Common Stock
are not delivered after the expiration of such rights, options or warrants, the Conversion Rate
shall be decreased to the Conversion Rate that would then be in effect had the increase with
respect to the issuance of such rights, options or warrants been made on the basis of delivery of
only the number of shares of Common Stock actually delivered. If such rights, options or warrants
are not so issued, the Conversion Rate shall be decreased to the Conversion Rate that would then be
in effect if such Record Date for such issuance had not occurred.

     For purposes of this Section 10.04(b), in determining whether any rights, options or warrants
entitle the holders to subscribe for or purchase shares of the Common Stock at less than such
average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day
period ending on the Trading Day immediately preceding the date of announcement for such issuance,
and in determining the aggregate offering price of such shares of Common Stock, there shall be
taken into account any consideration received by the Company for such rights, options or warrants
and any amount payable on exercise or conversion thereof, the value of such consideration, if other
than cash, to be determined by the Board of Directors.

     (c) If the Company distributes shares of its Capital Stock, evidences of its indebtedness,
other assets or property or rights, options or warrants to acquire its Capital Stock or other
securities, to all or substantially all holders of the Common Stock, excluding (i) dividends,
distributions or issuances as to which an adjustment was effected pursuant to Section 10.04(a) or
Section 10.04(b), (ii) dividends or distributions paid exclusively in cash as to which an
adjustment was effected pursuant to Section 10.04(d), and (iii) Spin-Offs as to which the
provisions set forth below in this Section 10.04(c) shall apply (any of such shares of Capital
Stock, evidences of indebtedness, other assets or property or rights, options or warrants to
acquire Capital Stock or other securities of the Company, the “Distributed Property”), then the
Conversion Rate shall be increased based on the following formula:

	 	 

	CR’ = CR0 × 
	SP0

	 
	SP0 – FMV

	 	 	 	 	 
	where,
	 	 	 	 
	 
	 	 	 	 
	CR0

	 	=
	 	the Conversion Rate in effect immediately prior to
the close of business on the Record Date for such
distribution;
	 
	 	 	 	 
	CR’

	 	=
	 	the Conversion Rate in effect immediately after
the close of business on such Record Date;
	 
	 	 	 	 
	SP0

	 	=
	 	the average of the Last Reported Sale Prices of
the Common Stock over the 10 consecutive Trading
Day period ending on the Trading Day immediately
preceding the Ex-Dividend Date for such
distribution; and

31

 

	 	 	 	 	 
	FMV

	 	=
	 	the fair market value (as determined by the Board
of Directors) of the Distributed Property with
respect to each outstanding share of the Common
Stock on the Ex-Dividend Date for such
distribution.

Any increase made under the portion of this Section 10.04(c) above shall become effective
immediately after the close of business on the Record Date for such distribution. If such
distribution is not so paid or made, the Conversion Rate shall be decreased to the Conversion Rate
that would then be in effect if such dividend or distribution had not been declared.
Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than
“SP0” (as defined above), in lieu of the foregoing increase, each Holder of a Note shall
receive, in respect of each $1,000 principal amount thereof, at the same time and upon the same
terms as holders of the Common Stock receive the Distributed Property, the amount of Distributed
Property such Holder would have received if such Holder owned a number of shares of Common Stock
equal to the Conversion Rate in effect on the Ex-Dividend Date for the distribution. If the Board
of Directors determines the “FMV” (as defined above) of any distribution for purposes of this
Section 10.04(c) by reference to the actual or when-issued trading market for any securities, it
shall in doing so consider the prices in such market over the same period used in computing the
Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on
the Trading Day immediately preceding the Record Date for such distribution.

     With respect to an adjustment pursuant to this Section 10.04(c) where there has been a payment
of a dividend or other distribution on the Common Stock of shares of Capital Stock of any class or
series, or similar equity interest, of or relating to a Subsidiary or other business unit of the
Company, that are, or, when issued, will be, listed or admitted for trading on a U.S. national
securities exchange (a “Spin-Off”), the Conversion Rate shall be increased based on the following
formula:

	 	 

	CR’ = CR0 × 
	FMV0 +
 MP0

	 
	 MP0

	 	 	 	 	 
	where,
	 	 	 	 
	 
	 	 	 	 
	CR0

	 	=
	 	the Conversion Rate in effect immediately prior to the end of the Valuation Period;
	 
	 	 	 	 
	CR’

	 	=
	 	the Conversion Rate in effect immediately after the end of the Valuation Period;
	 
	 	 	 	 
	FMV0

	 	=
	 	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest
distributed to holders of the Common Stock applicable to one share of the Common Stock (determined by
reference to the definition of Last Reported Sale Price as set forth in Section 1.02 as if references
therein to Common Stock were to such Capital Stock or similar equity interest) over the first 10
consecutive Trading
Day period after, and including, the Ex-Dividend Date of the Spin-Off (the
“Valuation Period”); and

32

 

	 	 	 	 	 
	MP0

	 	=
	 	the average of the Last Reported Sale Prices
of the Common Stock over the Valuation
Period.

The adjustment to the Conversion Rate under the preceding paragraph shall occur on the last Trading
Day of the Valuation Period; provided that in respect of any conversion during the Valuation
Period, references in the portion of this Section 10.04(c) related to Spin-Offs to 10 Trading Days
shall be deemed to be replaced with such lesser number of Trading Days as have elapsed between the
Ex-Dividend Date of such Spin-Off and the Conversion Date in determining the Conversion Rate.

     For purposes of this Section 10.04(c) (and subject in all respect to Section 10.11), rights,
options or warrants distributed by the Company to all holders of its Common Stock entitling them to
subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either
initially or under certain circumstances), which rights, options or warrants, until the occurrence
of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such shares
of the Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future
issuances of the Common Stock, shall be deemed not to have been distributed for purposes of this
Section 10.04(c) (and no adjustment to the Conversion Rate under this Section 10.04(c) will be
required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or
warrants shall be deemed to have been distributed and an appropriate adjustment (if any is
required) to the Conversion Rate shall be made under this Section 10.04(c). If any such right,
option or warrant, including any such existing rights, options or warrants distributed prior to the
date of this Supplemental Indenture, are subject to events, upon the occurrence of which such
rights, options or warrants become exercisable to purchase different securities, evidences of
indebtedness or other assets, then the date of the occurrence of any and each such event shall be
deemed to be the date of distribution and Record Date with respect to new rights, options or
warrants with such rights (in which case the existing rights, options or warrants shall be deemed
to terminate and expire on such date without exercise by any of the holders thereof). In addition,
in the event of any distribution (or deemed distribution) of rights, options or warrants, or any
Trigger Event or other event (of the type described in the immediately preceding sentence) with
respect thereto that was counted for purposes of calculating a distribution amount for which an
adjustment to the Conversion Rate under this Section 10.04(c) was made, (1) in the case of any such
rights, options or warrants that shall all have been redeemed or purchased without exercise by any
holders thereof, upon such final redemption or purchase (x) the Conversion Rate shall be readjusted
as if such rights, options or warrants had not been issued and (y) the Conversion Rate shall then
again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as
the case may be, as though it were a cash distribution, equal to the per share redemption or
purchase price received by a holder or holders of Common Stock with respect to such rights, options
or warrants (assuming such holder had retained such rights, options or warrants), made to all
holders of Common Stock as of the date of such redemption or purchase, and (2) in the case of such
rights, options or warrants that shall have expired or been terminated without exercise by any
holders thereof, the Conversion Rate shall be readjusted as if such rights, options and warrants
had not been issued.

33

 

     For purposes of Section 10.04(a), Section 10.04(b) and this Section 10.04(c), any dividend or
distribution to which this Section 10.04(c) is applicable that also includes one or both of:

     (A) a dividend or distribution of shares of Common Stock to which Section 10.04(a) is
applicable (the “Clause A Distribution”); or

     (B) a dividend or distribution of rights, options or warrants to which Section 10.04(b) is
applicable (the “Clause B Distribution”),

then (1) such dividend or distribution, other than the Clause A Distribution and the Clause B
Distribution, shall be deemed to be a dividend or distribution to which this Section 10.04(c) is
applicable (the “Clause C Distribution”) and any Conversion Rate adjustment required by this
Section 10.04(c) with respect to such Clause C Distribution shall then be made, and (2) the Clause
A Distribution and Clause B Distribution shall be deemed to immediately follow the Clause C
Distribution and any Conversion Rate adjustment required by Section 10.04(a) and Section 10.04(b)
with respect thereto shall then be made, except that, if determined by the Company (I) the “Record
Date” of the Clause A Distribution and the Clause B Distribution shall be deemed to be the Record
Date of the Clause C Distribution and (II) any shares of Common Stock included in the Clause A
Distribution or Clause B Distribution shall be deemed not to be “outstanding immediately prior to
the close of business on such Record Date or immediately after the open of business on such
effective date, as applicable” within the meaning of Section 10.04(a) or “outstanding immediately
prior to the close of business on such Record Date or immediately after the open of business on
such effective date, as applicable” within the meaning of Section 10.04(b).

     (d) If any cash dividend or distribution (other than in connection with a liquidation,
dissolution or winding up) is made to all or substantially all holders of the Common Stock, the
Conversion Rate shall be adjusted based on the following formula:

	 	 

	CR’ = CR0 × 
	SP0

	 
	SP0 – C

	 	 	 	 	 
	where,
	 	 	 	 
	 
	 	 	 	 
	CR0

	 	=
	 	the Conversion Rate in effect immediately prior to
the close of business on the Record Date for such
dividend or distribution;
	 
	 	 	 	 
	CR’

	 	=
	 	the Conversion Rate in effect immediately after
the close of business on the Record Date for such
dividend or distribution;
	 
	SP0

	 	=
	 	the Last Reported Sale Price of the Common Stock
on the Trading Day immediately preceding the
Ex-Dividend Date for such dividend or
distribution; and

34

 

	 	 	 	 	 
	C

	 	=
	 	the amount in cash per share the Company
distributes to holders of its Common Stock.

Any increase pursuant to this Section 10.04(d) shall become effective immediately after the close
of business on the Record Date for such dividend or distribution. If such dividend or distribution
is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of
Directors determines not to make or pay such dividend or distribution, to the Conversion Rate that
would then be in effect if such dividend or distribution had not been declared. Notwithstanding
the foregoing, if “C” (as defined above) is equal to or greater than “SP0” (as defined
above), in lieu of the foregoing increase, each Holder of a Note shall receive, for each $1,000
principal amount of Notes, at the same time and upon the same terms as holders of shares of the
Common Stock, the amount of cash that such Holder would have received if such Holder owned a number
of shares of Common Stock equal to the Conversion Rate on the Record Date for such cash dividend or
distribution.

     (e) If the Company or any of its Subsidiaries make a payment in respect of a tender offer
(which for the avoidance of doubt shall not include any open market buybacks or purchases that are
not tender offers) or exchange offer for the Common Stock, to the extent that the cash and value of
any other consideration included in the payment per share of the Common Stock exceeds the Last
Reported Sale Price of the Common Stock on the Trading Day next succeeding the last date on which
tenders or exchanges may be made pursuant to such tender or exchange offer, the Conversion Rate
shall be increased based on the following formula:

	 	 

	CR’ = CR0 × 
	AC + (SP’×OS’)

	 
	OS0
SP’

	 	 	 	 	 
	where,
	 	 	 	 
	 
	 	 	 	 
	CR0

	 	=
	 	the Conversion Rate in effect immediately prior to
the close of business on the 10th Trading Day
immediately following, and including, the Trading
Day next succeeding the date such tender or
exchange offer expires;
	 
	 	 	 	 
	CR’

	 	=
	 	the Conversion Rate in effect immediately after
the close of business on the 10th Trading Day
immediately following, and including, the Trading
Day next succeeding the date such tender or
exchange offer expires;
	 
	 	 	 	 
	AC

	 	=
	 	the aggregate value of all cash and any other
consideration (as determined by the Board of
Directors) paid or payable for shares of Common
Stock purchased in such tender or exchange offer;
	 
	OS0

	 	=
	 	the number of shares of Common Stock outstanding
immediately prior to the date such tender or
exchange offer expires (prior to giving effect to
the purchase of all shares of Common Stock
accepted for purchase or exchange in such tender
offer or exchange offer);

35

 

	 	 	 	 	 
	OS’

	 	=
	 	the number of shares of Common Stock outstanding
immediately after the date such tender or exchange
offer expires (after giving effect to the purchase
of all shares of Common Stock accepted for
purchase or exchange in such tender or exchange
offer); and
	 
	 	 	 	 
	SP’

	 	=
	 	the average of the Last Reported Sale Prices of
the Common Stock over the 10 consecutive Trading
Day period commencing on the Trading Day next
succeeding the date such tender or exchange offer
expires.

The adjustment to the Conversion Rate under this Section 10.04(e) shall occur at the close of
business on the 10th Trading Day immediately following, and including, the Trading Day next
succeeding the date such tender or exchange offer expires; provided that in respect of any
conversion within the 10 Trading Days immediately following, and including, the expiration date of
any tender or exchange offer, references in this Section 10.04(e) with respect to 10 Trading Days
shall be deemed replaced with such lesser number of Trading Days as have elapsed between the date
that such tender or exchange offer expires and the Conversion Date in determining the Conversion
Rate.

     (f) Except as stated herein, the Company shall not be required to adjust the Conversion Rate
for the issuance of shares of its Common Stock or any securities convertible into or exchangeable
for shares of its Common Stock or the right to purchase shares of its Common Stock or such
convertible or exchangeable securities.

     (g) In addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this
Section 10.04, and to the extent permitted by applicable law and subject to the applicable rules of
The New York Stock Exchange, the Company from time to time may increase the Conversion Rate by any
amount for a period of at least 20 Business Days if the Board of Directors determines that such
increase would be in the Company’s best interest. In addition, the Company may (but is not
required to) increase the Conversion Rate to avoid or diminish any income tax to holders of Common
Stock or rights to purchase Common Stock in connection with a dividend or distribution of shares
(or rights to acquire shares) or similar event. Whenever the Conversion Rate is increased pursuant
to either of the preceding two sentences, the Company shall mail to the Holder of each Note at its
last address appearing on the Security Register a notice of the increase at least 15 days prior to
the date the increased Conversion Rate takes effect, and such notice shall state the increased
Conversion Rate and the period during which it will be in effect.

     (h) Notwithstanding anything to the contrary in this Article 10, the Conversion Rate shall not
be adjusted:

     (i) unless the adjustment would result in a change in the Conversion Rate of at least
1%; provided, however, that any adjustment which by reason of the foregoing is
not required to be made shall be carried forward and such carried forward adjustment
shall be made to the Conversion Rate, regardless of whether the aggregate adjustment is less
than 1%, on the Conversion Date for any Notes;

36

 

     (ii) upon the issuance of any shares of Common Stock pursuant to a plan for the
reinvestment of dividends or interest or for a change in the par value of the Common Stock
or a change to no par value of the Common Stock;

     (iii) upon the issuance of any shares of the Common Stock pursuant to any option,
warrant, right or exercisable, exchangeable or convertible security outstanding as of the
date the Notes were first issued; or

     (iv) for accrued and unpaid interest, including Additional Interest, if any.

     (i) All calculations and other determinations under this Article 10 shall be made by the
Company and shall be made to the nearest one-ten thousandth (1/10,000) of a share.

     (j) Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly
file with the Trustee (and the Conversion Agent if not the Trustee) an Officers’ Certificate
setting forth the Conversion Rate after such adjustment and setting forth a brief statement of the
facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall have
received such Officers’ Certificate, the Trustee shall not be deemed to have knowledge of any
adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of
which it has knowledge is still in effect. Promptly after delivery of such certificate, the
Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted
Conversion Rate and the date on which each adjustment becomes effective and shall mail such notice
of such adjustment of the Conversion Rate to each Holder at its last address appearing on the
Security Register of the Indenture. Failure to deliver such notice shall not affect the legality
or validity of any such adjustment.

     (k) For purposes of this Section 10.04, the number of shares of Common Stock at any time
outstanding shall not include shares held in the treasury of the Company so long as the
Company does not pay any dividend or make any distribution on shares of Common Stock held in
the treasury of the Company, but shall include shares issuable in respect of scrip certificates
issued in lieu of fractions of shares of Common Stock.

     Section 10.05. Adjustments of Prices. Whenever any provision of the Indenture requires the
Company to calculate the Last Reported Sale Prices or the Stock Price for purposes of a Make-Whole
Fundamental Change over a span of multiple days, the Board of Directors shall make appropriate
adjustments to each to account for any adjustment to the Conversion Rate that becomes effective, or
any event requiring an adjustment to the Conversion Rate where the Record Date of the event occurs,
at any time during the period when such Last Reported Sale Prices or Stock Prices are to be
calculated.

     Section 10.06. Shares to Be Fully Paid. The Company shall provide, free from preemptive
rights, out of its authorized but unissued shares or shares held in treasury, sufficient shares of
Common Stock to provide for conversion of the Notes from time to time as such Notes are presented
for conversion (assuming that at the time of computation of such number of shares, all such Notes
would be converted by a single Holder).

37

 

     Section 10.07. Effect of Recapitalizations, Reclassifications and Changes of the Common
Stock.

     (a) In the case of:

     (i) any recapitalization, reclassification or change of the Common Stock (other than
changes resulting from a change in par value of the Common Stock, or from par value to no
par value of the Common Stock, or from no par value to par value of the Common Stock or a
subdivision or combination),

     (ii) any consolidation, merger or combination involving the Company,

     (iii) any sale, lease or other transfer to a third party of the consolidated assets of
the Company and the Company’s Subsidiaries substantially as an entirety or

     (iv) any statutory share exchange,

in each case as a result of which the Common Stock would be converted into, or exchanged for,
stock, other securities, other property or assets (including cash or any combination thereof) (any
such event, a “Merger Event”), then, at and after the effective time of such Merger Event, the
right to convert each $1,000 principal amount of Notes shall be changed into a right to convert
such principal amount of Notes into the kind and amount of shares of stock, other securities or
other property or assets (including cash or any combination thereof) that a holder of a number of
shares of Common Stock equal to the Conversion Rate immediately prior to such Merger Event would
have owned or been entitled to receive (the “Reference Property”, with each “unit of Reference
Property” meaning the kind and amount of Reference Property that a holder of one share of Common
Stock is entitled to receive) upon such Merger Event and, prior to or at the effective time of such
Merger Event, the Company or the successor or purchasing Person, as the case may be, shall execute
with the Trustee a supplemental indenture permitted under Section 9.1(o) of the Base Indenture providing for such change in the right to
convert each $1,000 principal amount of Notes.

     If the Merger Event causes the Common Stock to be converted into, or exchanged for, the right
to receive more than a single type of consideration (determined based in part upon any form of
stockholder election), then (i) the Reference Property into which the Notes will be convertible
shall be deemed to be the weighted average of the types and amounts of consideration received by
the holders of Common Stock that affirmatively make such an election, and (ii) the unit of
Reference Property for purposes of the immediately preceding paragraph shall refer to the
consideration referred to in clause (i) attributable to one share of Common Stock. The Company
shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such
weighted average as soon as practicable after such determination is made.

     To the extent that the Notes become convertible into the right to receive cash, interest will
not accrue on such cash.

38

 

     Such supplemental indenture described in the third immediately preceding paragraph shall
provide for adjustments that shall be as nearly equivalent as is possible to the adjustments
provided for in this Article 10. If, in the case of any Merger Event, the Reference Property
includes shares of stock, securities or other property or assets (including cash or any combination
thereof) of a Person other than the successor or purchasing corporation, as the case may be, in
such Merger Event, then such supplemental indenture shall also be executed by such other Person and
shall contain such additional provisions to protect the interests of the Holders of the Notes as
the Board of Directors shall reasonably consider necessary by reason of the foregoing, including to
the extent required by the Board of Directors and practicable the provisions providing for the
purchase rights set forth in Article 11.

     (b) In the event the Company shall execute a supplemental indenture pursuant to Section
10.07(a), the Company shall promptly file with the Trustee an Officers’ Certificate briefly stating
the reasons therefore, the kind or amount of cash, securities or property or asset that will
comprise the Reference Property after any such Merger Event, any adjustment to be made with respect
thereto and that all conditions precedent have been complied with, and shall promptly mail notice
thereof to all Holders. The Company shall cause notice of the execution of such supplemental
indenture to be mailed to each Holder, at its address appearing on the Security Register provided
for in the Indenture, within 20 days after execution thereof. Failure to deliver such notice shall
not affect the legality or validity of such supplemental indenture.

     (c) The Company shall not become a party to any Merger Event unless its terms are consistent
with this Section 10.07. None of the foregoing provisions shall affect the right of a holder of
Notes to convert its Notes into shares of Common Stock as set forth in Section 10.01 and Section
10.02 prior to the effective date of such Merger Event.

     (d) The above provisions of this Section shall similarly apply to successive Merger Events.

     Section 10.08. Certain Covenants. (a) The Company covenants that all shares of Common Stock
issued upon conversion of Notes will be fully paid and non-assessable by the Company and free from
all taxes, liens and charges with respect to the issue thereof.

     (b) The Company covenants that, if any shares of Common Stock to be provided for the purpose
of conversion of Notes hereunder require registration with or approval of any governmental
authority under any federal or state law before such shares may be validly issued upon conversion,
the Company will, to the extent then permitted by the rules and interpretations of the Commission,
secure such registration or approval, as the case may be.

     (c) The Company further covenants that if at any time the Common Stock shall be listed on any
national securities exchange or automated quotation system the Company will list and keep listed,
so long as the Common Stock shall be so listed on such exchange or automated quotation system, any
Common Stock issuable upon conversion of the Notes.

39

 

     Section 10.09. Responsibility of Trustee. The Trustee and any other Conversion Agent shall
not at any time be under any duty or responsibility to any Holder to determine the Conversion Rate
(or any adjustment thereto) or whether any facts exist that may require any adjustment (including
any increase) of the Conversion Rate, or with respect to the nature or extent or calculation of any
such adjustment when made, or with respect to the method employed, or herein or in any supplemental
indenture provided to be employed, in making the same. The Trustee and any other Conversion Agent
shall not be accountable with respect to the validity or value (or the kind or amount) of any
shares of Common Stock, or of any securities, property or cash that may at any time be issued or
delivered upon the conversion of any Note; and the Trustee and any other Conversion Agent make no
representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be
responsible for any failure of the Company to issue, transfer or deliver any shares of Common Stock
or stock certificates or other securities or property or cash upon the surrender of any Note for
the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the
Company contained in this Article. Without limiting the generality of the foregoing, neither the
Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of
any provisions contained in any supplemental indenture entered into pursuant to Section 10.07
relating either to the kind or amount of shares of stock or securities or property (including cash)
receivable by Holders upon the conversion of their Notes after any event referred to in such
Section 10.07 or to any adjustment to be made with respect thereto, but, subject to the provisions
of Section 6.1 of the Base Indenture, may accept (without any independent investigation) as
conclusive evidence of the correctness of any such provisions, and shall be protected in relying
upon, the Officers’ Certificate (which the Company shall be obligated to file with the Trustee
prior to the execution of any such supplemental indenture) with respect thereto.

     Section 10.10. Notice to Holders Prior to Certain Actions. In case of any:

     (a) action by the Company or one of its Subsidiaries that would require an adjustment in the
Conversion Rate pursuant to Section 10.04 or Section 10.11; or

     (b) Merger Event; or

     (c) voluntary or involuntary dissolution, liquidation or winding-up of the Company or any of
its Subsidiaries;

then, in each case (unless notice of such event is otherwise required pursuant to another provision
of the Indenture), the Company shall cause to be filed with the Trustee and the Conversion Agent
(if other than the Trustee) and to be mailed to each Holder at its address appearing on the
Security Register, as promptly as possible but in any event at least 20 days prior to the
applicable date hereinafter specified, a notice stating (i) the date on which a record is to be
taken for the purpose of such action by the Company or one of its Subsidiaries or, if a record is
not to be taken, the date as of which the holders of Common Stock of record are to be determined
for the purposes of such action by the Company or one of its Subsidiaries, or (ii) the date on
which such Merger Event, dissolution, liquidation or winding-up is expected to become effective or
occur, and the date as of which it is expected that holders of Common Stock of record shall be

40

 

entitled to exchange their Common Stock for securities or other property deliverable upon such
Merger Event, dissolution, liquidation or winding-up. Failure to give such notice, or any defect
therein, shall not affect the legality or validity of such action by the Company or one of its
Subsidiaries, Merger Event, dissolution, liquidation or winding-up.

     Section 10.11. Stockholder Rights Plans. To the extent that the Company has a rights plan in
effect upon conversion of the Notes, each share of Common Stock issued upon such conversion shall
be entitled to receive the appropriate number of rights, if any, and the certificates representing
the Common Stock issued upon such conversion shall bear such legends, if any, in each case as may
be provided by the terms of any such stockholder rights plan, as the same may be amended from time
to time. If at the time of conversion, however, the rights have separated from the shares of Common
Stock in accordance with the provisions of the applicable stockholder rights plan so that the
Holders would not be entitled to receive any rights in respect of Common Stock issuable upon
conversion of the Notes, the Conversion Rate shall be adjusted at the time of separation as if the
Company distributed to all or substantially all holders of Common Stock shares of Capital Stock of
the Company, evidences of its indebtedness, other assets or property or rights, options or warrants
to acquire its Capital Stock or other securities as provided in Section 10.04(c), subject to
readjustment in the event of the expiration, termination or redemption of such rights.

ARTICLE 11

Repurchase of Notes at Option of Holders

     Section 11.01. Repurchase at Option of Holders Upon a Fundamental Change. (a) If a
Fundamental Change occurs at any time, each Holder shall have the right, at such Holder’s option,
to require the Company to repurchase for cash all of such Holder’s Notes, or any portion thereof
that is equal to $1,000 or an integral multiple of $1,000, on the date (the “Fundamental Change
Repurchase Date”) specified by the Company that is not less than 20 calendar days or more than 35
calendar days following the date of the Fundamental Change Company Notice at a repurchase price
equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to, but
excluding, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”),
unless the Fundamental Change Repurchase Date falls after a Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record
Date relates, in which case the Company shall instead pay the full amount of accrued and unpaid
interest to Holders of record as of the preceding Regular Record Date and the Fundamental Change
Repurchase Price shall be equal to 100% of the principal amount of Notes to be repurchased pursuant
to this Article 11.

     (b) Repurchases of Notes under this Section 11.01 shall be made, at the option of the Holder
thereof, upon:

     (i) delivery to the Paying Agent by a Holder of a duly completed notice (the
“Fundamental Change Repurchase Notice”) in the form set forth in Attachment 2 to the Form of
Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in

41

 

compliance with
the Depositary’s procedures for surrendering interests in Global Notes, if the Notes are
Global Notes, in each case on or before the close of business on the Business Day
immediately preceding the Fundamental Change Repurchase Date; and

     (ii) delivery of the Notes, if the Notes are Physical Notes, to the Paying Agent at any
time after delivery of the Fundamental Change Repurchase Notice (together with all necessary
endorsements for transfer) at the Corporate Trust Office of the Paying Agent, or book-entry
transfer of the Notes, if the Notes are Global Notes, in compliance with the procedures of
the Depositary, in each case such delivery being a condition to receipt by the Holder of the
Fundamental Change Repurchase Price therefor.

     The Fundamental Change Repurchase Notice in respect of any Notes to be repurchased shall
state:

     (i) in the case of Physical Notes, the certificate numbers of the Notes to be
delivered for repurchase;

     (ii) the portion of the principal amount of Notes to be repurchased, which must be
$1,000 or an integral multiple thereof; and

     (iii) that the Notes are to be repurchased by the Company pursuant to the applicable
provisions of the Notes and the Indenture;

provided, however, that if the Notes are Global Notes, the Fundamental Change Repurchase Notice
must comply with appropriate Depositary procedures.

     Notwithstanding anything herein to the contrary, any Holder delivering to the Paying Agent the
Fundamental Change Repurchase Notice contemplated by this Section 11.01 shall have the right to
withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the
close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date
by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 11.02.

     The Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental
Change Repurchase Notice or written notice of withdrawal thereof.

     (c) On or before the 20th calendar day after the occurrence of the effective date of a
Fundamental Change, the Company shall provide to all Holders of Notes and the Trustee and the
Paying Agent (in the case of a Paying Agent other than the Trustee) a notice (the “Fundamental
Change Company Notice”) of the occurrence of the effective date of the Fundamental Change and of
the repurchase right at the option of the Holders arising as a result thereof. Such notice shall
be by first class mail or, in the case of Global Notes, in accordance with the applicable
procedures of the Depositary. Simultaneously with providing such notice, the Company shall publish
a notice containing the information set forth in the Fundamental Change Company Notice in a
newspaper of general circulation in The City of New York or publish such

42

 

information on the
Company’s website or through such other public medium as the Company may use at that time. Each
Fundamental Change Company Notice shall specify:

     (i) the events causing the Fundamental Change;

     (ii) the date of the Fundamental Change;

     (iii) the last date on which a Holder may exercise the repurchase right pursuant to
this Article 11;

     (iv) the Fundamental Change Repurchase Price;

     (v) the Fundamental Change Repurchase Date;

     (vi) the name and address of the Paying Agent and the Conversion Agent, if applicable;

     (vii) if applicable, the Conversion Rate and any adjustments to the Conversion Rate;

     (viii) if applicable, that the Notes with respect to which a Fundamental Change
Repurchase Notice has been delivered by a Holder may be converted only if the Holder
withdraws the Fundamental Change Repurchase Notice in accordance with the terms of the
Indenture;

     (ix) the procedures that Holders must follow to require the Company to repurchase their
Notes.

     No failure of the Company to give the foregoing notices and no defect therein shall limit the
Holders’ repurchase rights or affect the validity of the proceedings for the repurchase of the
Notes pursuant to this Section 11.01.

     At the Company’s request, the Trustee shall give such notice in the Company’s name and at the
Company’s expense; provided, however, that, in all cases, the text of such Fundamental Change
Company Notice shall be prepared by the Company.

     (d) Notwithstanding the foregoing, no Notes may be repurchased by the Company on any date at
the option of the Holders upon a Fundamental Change if the principal amount of the Notes has been
accelerated, and such acceleration has not been rescinded, on or prior to such
date (except in the case of an acceleration resulting from a Default by the Company in the
payment of the Fundamental Change Repurchase Price with respect to such Notes). The Paying Agent
will promptly return to the respective Holders thereof any Physical Notes held by it during the
acceleration of the Notes (except in the case of an acceleration resulting from a Default by the
Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes) and
shall deem to be cancelled any instructions for book-entry transfer of the Notes in compliance with
the procedures of the Depositary, in which case, upon such return or

43

 

cancellation, as the case may
be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have been
withdrawn.

     Section 11.02. Withdrawal of Fundamental Change Repurchase Notice. (a) A Fundamental Change
Repurchase Notice may be withdrawn (in whole or in part) by means of a written notice of withdrawal
delivered to the Corporate Trust Office of the Paying Agent in accordance with this Section 11.02
at any time prior to the close of business on the Business Day immediately preceding the
Fundamental Change Repurchase Date specifying:

     (i) the principal amount of the Notes with respect to which such notice of withdrawal
is being submitted,

     (ii) if Physical Notes have been issued, the certificate number of the Note in respect
of which such notice of withdrawal is being submitted, and

     (iii) the principal amount, if any, of such Note that remains subject to the original
Fundamental Change Repurchase Notice, which portion must be in principal amounts of $1,000
or an integral multiple of $1,000;

provided, however, that if the Notes are Global Notes, the notice must comply with appropriate
procedures of the Depositary.

     Section 11.03. Deposit of Fundamental Change Repurchase Price. (a) The Company will deposit
with the Trustee (or other Paying Agent appointed by the Company, or if the Company is acting as
its own Paying Agent, set aside, segregate and hold in trust as provided in 10.3 of the Base
Indenture) on or prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date
an amount of money sufficient to repurchase all of the Notes to be repurchased at the appropriate
Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by the Trustee (or
other Paying Agent appointed by the Company), payment for Notes surrendered for repurchase (and not
withdrawn prior to the close of business on the Business Day immediately preceding the Fundamental
Change Repurchase Date) will be made on the later of (i) the Fundamental Change Repurchase Date
with respect to such Note (provided the Holder has satisfied the conditions in Section 11.01) and
(ii) the time of book-entry transfer or the delivery of such Note to the Trustee (or other Paying
Agent appointed by the Company) by the Holder thereof in the manner required by Section 11.01 by
mailing checks for the amount payable to the Holders of such Notes entitled thereto as they shall
appear in the Security Register; provided, however, that payments to the Depositary shall be made
by wire transfer of immediately available funds to the account of the Depositary or its nominee.
The Trustee shall, promptly after such payment and upon written demand by the Company, return to
the Company any funds in excess of the Fundamental Change Repurchase Price.

     (b) If by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the
Trustee (or other Paying Agent appointed by the Company) holds money sufficient to make payment on
all the Notes or portions thereof that are to be repurchased on such Fundamental Change Repurchase
Date, then (i) such Notes will cease to be Outstanding, (ii)

44

 

interest will cease to accrue on such
Notes (whether or not book-entry transfer of the Notes has been made or the Notes have been
delivered to the Trustee or Paying Agent) and (iii) all other rights of the Holders of such Notes
will terminate (other than the right to receive the Fundamental Change Repurchase Price).

     (c) Upon surrender of a Note that is to be repurchased in part pursuant to Section 11.01, the
Company shall execute and the Trustee shall authenticate and deliver to the Holder a new Note in an
authorized denomination equal in principal amount to the unrepurchased portion of the Note
surrendered.

     Section 11.04. Covenant to Comply with Applicable Laws Upon Repurchase of Notes. In
connection with any repurchase offer, the Company will, if required:

     (a) comply with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules
under the Exchange Act;

     (b) file a Schedule TO or any successor or similar schedule; and

     (c) otherwise comply with all federal and state securities laws in connection with any offer
by the Company to repurchase the Notes;

in each case, so as to permit the rights and obligations under this Article 11 to be exercised
in the time and in the manner specified in this Article 11.

ARTICLE 12

No Redemption

     Section 12.01. No Redemption. The Notes shall not be redeemable by the Company prior to
Maturity, and no sinking fund is provided for the Notes.

ARTICLE 13

Miscellaneous Provisions

     Section 13.01. Ratification of Indenture. The Base Indenture, as supplemented by this
Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture
shall be deemed part of the Base Indenture in the manner and to the extent herein and therein
provided; provided that the provisions of this Supplemental Indenture apply solely with respect to
the Notes.

     Section 13.02. Governing Law. THIS SUPPLEMENTAL INDENTURE AND EACH NOTE, AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE

45

 

STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS
PROVISIONS THEREOF).

     Section 13.03. Payment on Business Days. In any case where any Interest Payment Date,
Fundamental Change Repurchase Date, Conversion Date or Maturity Date is not a Business Day, then
any action to be taken on such date need not be taken on such date, but may be taken on the next
succeeding Business Day with the same force and effect as if taken on such date, and no interest
shall accrue in respect of the delay.

     Section 13.04. No Security Interest Created. Nothing in this Supplemental Indenture or in
the Notes, expressed or implied, shall be construed to constitute a security interest under the
Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any
jurisdiction.

     Section 13.05. Execution in Counterparts. This Supplemental Indenture may be executed in any
number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument.

     Section 13.06. Severability. In the event any provision of the Indenture or in the Notes
shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity,
legality or enforceability of the remaining provisions shall not in any way be affected or
impaired.

     Section 13.07. Calculations. Except as otherwise provided herein, the Company shall be
responsible for making all calculations called for under the Notes. These calculations include,
but are not limited to, determinations of the Last Reported Sale Prices of the Common Stock,
accrued interest payable on the Notes and the Conversion Rate of the Notes. The Company shall make
all these calculations in good faith and, absent manifest error, the Company’s calculations shall
be final and binding on Holders of Notes. The Company shall provide a schedule of its calculations
to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent is
entitled to rely conclusively upon the accuracy of the Company’s calculations without independent
verification. The Trustee will forward the Company’s calculations to any Holder of Notes upon the
request of that Holder at the sole cost and expense of the Company.

46

 

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

	 	 	 	 	 
	 	NEWPARK RESOURCES, INC.

 	 
	 	By:  	/s/  James E. Braun
 	 
	 	 	Name:  	James E. Braun 	 
	 	 	Title:  	Vice President and Chief
Financial Officer 	 
	 
	 	WELLS FARGO BANK, NATIONAL

   ASSOCIATION, as Trustee

 	 
	 	By:  	/s/  Patrick Giordano
 	 
	 	 	Name:  	Patrick Giordano 	 
	 	 	Title:  	Vice President 	 
	 

 

 

EXHIBIT A

[FORM OF NOTE]

     UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

A-1

 

NEWPARK RESOURCES, INC.

4.00% Convertible Senior Note due 2017

			
	 	 	 
	No. [_____]
	 	Initially U.S. $[_____]

CUSIP No. 651718AC2

     Newpark Resources, Inc., a corporation duly organized and existing under the laws of the State of
Delaware (herein called the “Company,” which term includes any successor or resulting Person under
the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum as set forth in the “Schedule of Exchanges of Notes”
attached hereto in United States Dollars, which amount, taken together with the principal amounts
of all other Outstanding Notes, shall not, unless permitted by the Supplemental Indenture, exceed
$172,500,000 in aggregate at any time, in accordance with the rules and procedures of the
Depositary, on October 1, 2017, and interest thereon as set forth below

     This Note shall bear interest at the rate of 4.00% per year from October 4, 2010, or from the most
recent date to which interest had been paid or provided for to, but excluding, the next scheduled
Interest Payment Date until October 1, 2017. Interest is payable semi-annually in arrears on each
April 1 and October 1, commencing on April 1, 2011, to Holders of record at the close of business
on the preceding March 15 and September 15 (whether or not such day is a Business Day),
respectively. Additional Interest will be payable as set forth in Section 5.03 of the
within-mentioned Supplemental Indenture, and any reference to interest on, or in respect of, any
Note therein shall be deemed to include Additional Interest if, in such context, Additional
Interest is, was or would be payable pursuant to such Section 5.03 and any express mention of the
payment of Additional Interest in any provision therein shall not be construed as excluding Additional
Interest in those provisions thereof where such express mention is not made. Interest on the Notes
will be computed on the basis of a three hundred sixty (360)-day year comprising of twelve (12)
thirty (30)-day months.

     Any Defaulted Amounts shall accrue interest per annum at the rate borne by the Notes plus one
percent, subject to the enforceability thereof under applicable law, from, and including, the
relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been
paid by the Company, at its election, in accordance with Section 2.03(d) of the Supplemental
Indenture.

     The Company shall pay the principal of and interest on this Note, so long as such Note is a
Global Note, in immediately available funds to the Depositary or its nominee, as the case may be,
as the registered Holder of such Note. As provided in and subject to the provisions of the
Indenture, the Company shall pay the principal of any Notes (other than Notes that are Global
Notes) at the office or agency designated by the Company for that purpose. The Company has
initially designated the Trustee as its Paying Agent and Security Registrar in respect of the Notes

A-2

 

and its agency in New York, New York as a place where Notes may be presented for payment or for
registration of transfer.

     Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, including, without limitation, provisions giving the Holder of this Note the right to
convert this Note into shares of Common Stock on the terms and subject to the limitations set forth
in the Indenture. Such further provisions shall for all purposes have the same effect as though
fully set forth at this place.

     This Note, and any claim, controversy or dispute arising under or related to this Note, shall
be construed in accordance with and governed by the laws of the State of New York (without regard
to the conflicts of laws provisions thereof).

     In the case of any conflict between this Note and the Indenture, the provisions of the
Indenture shall control.

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

[Remainder of page intentionally left blank]

A-3

 

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

	 	 	 	 	 
	 	NEWPARK RESOURCES, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Dated:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Trustee, certifies that this is one of the Notes described

in the within-named Indenture.

	 	 	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 
	 

A-4

 

NEWPARK RESOURCES, INC.

4.00% Convertible Senior Note due 2017

     This Note is one of a duly authorized issue of senior securities of the Company, designated as
its 4.00% Convertible Senior Notes due 2017 (herein called the “Notes”), limited to the aggregate
principal amount of $172,500,000 all issued or to be issued under and pursuant to an Indenture
dated as of October 4, 2010, as amended and supplemented from time to time in accordance with the
terms thereof (herein called the “Base Indenture”) and as further supplemented by the First
Supplemental Indenture dated as of October 4, 2010 (herein called the “Supplemental Indenture” and
the Base Indenture, as supplemented by the Supplemental Indenture, the “Indenture”), between the
Company and Wells Fargo Bank, National Association, as Trustee (the “Trustee”), to which Indenture
and all indentures supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company
and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal
amount, subject to certain conditions specified in the Indenture.

     This Note is the general, unsecured, senior obligation of the Company.

     In case an Event of Default, as defined in the Indenture, shall have occurred and be
continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or
Holders of at least 25% in aggregate principal amount of Notes then Outstanding, and upon said
declaration shall become, due and payable, in the manner, with the effect and subject to the
conditions and certain exceptions set forth in the Indenture.

     Subject to the terms and conditions of the Indenture, the Company will make all payments and
deliveries in respect of the Fundamental Change Repurchase Price and the principal amount on the
Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to collect
such payments in respect of the Note. The Company will pay cash amounts in money of the United
States that at the time of payment is legal tender for payment of public and private debts.

     The Indenture contains provisions permitting the Company and the Trustee in certain
circumstances, without the consent of the Holders of the Notes, and in certain other circumstances,
with the consent of the Holders of not less than a majority in aggregate principal amount of the
Notes at the time Outstanding, evidenced as in the Indenture provided, to execute supplemental
indentures modifying the terms of the Indenture and the Notes as described therein. It is also
provided in the Indenture that, subject to certain exceptions, the Holders of a majority in
aggregate principal amount of the Notes at the time Outstanding may on behalf of the Holders of all
of the Notes waive any past Default or Event of Default under the Indenture and its consequences.

A-5

 

     No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal (including the Fundamental Change Repurchase Price, if applicable) of and
accrued and unpaid interest on this Note at the place, at the respective times, at the rate and in
the lawful money herein prescribed.

     The Notes are issuable in registered form without coupons in denominations of $1,000 principal
amount and integral multiples thereof. At the office or agency of the Company referred to on the
face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes may
be exchanged for a like aggregate principal amount of Notes of other authorized denominations,
without payment of any service charge but, if required by the Company or Trustee, with payment of a
sum sufficient to cover any transfer or similar tax that may be required by law or that may be
imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon
such exchange of Notes being different from the name of the Holder of the old Notes surrendered for
such exchange.

     The Notes are not subject to redemption through the operation of any sinking fund or
otherwise.

     Upon the occurrence of a Fundamental Change, the Holder has the right, at such Holder’s
option, to require the Company to repurchase for cash all of such Holder’s Notes or any portion
thereof (in principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change
Repurchase Date at a price equal to the Fundamental Change Repurchase Price.

     Subject to the provisions of the Indenture, the Holder hereof has the right, at its option,
prior to the close of business on the Business Day immediately preceding the Maturity Date, to
convert any Notes or portion thereof that is $1,000 or an integral multiple thereof, into shares of
Common Stock at the Conversion Rate specified in the Indenture, as adjusted from time to time as
provided in the Indenture.

     Terms used in this Note and defined in the Indenture are used herein as therein defined.

A-6

 

ABBREVIATIONS

     The following abbreviations, when used in the inscription of the face of this Note, shall be
construed as though they were written out in full according to applicable laws or regulations:

TEN COM = as tenants in common

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act

CUST = Custodian

TEN ENT = as tenants by the entireties

JT TEN = joint tenants with right of survivorship and not as tenants in common

     Additional abbreviations may also be used though not in the above list.

A-7

 

SCHEDULE A

SCHEDULE OF EXCHANGES OF NOTES

NEWPARK RESOURCES, INC.

4.00% Convertible Senior Notes due 2017

     The initial principal amount of this Global Note is ONE HUNDRED SEVENTY-TWO MILLION FIVE
HUNDRED THOUSAND DOLLARS ($172,500,000). The following increases or decreases in this Global Note
have been made:

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

A-8

 

EXHIBIT B

[FORM OF NOTICE OF CONVERSION]

To: Newpark Resources, Inc.

     The undersigned registered owner of this Note hereby exercises the option to convert this
Note, or the portion hereof (that is $1,000 principal amount or an integral multiple thereof) below
designated, into shares of Common Stock in accordance with the terms of the Indenture referred to
in this Note, and directs that any cash payable and any shares of Common Stock issuable and
deliverable upon such conversion, together with any cash for any fractional share, and any Notes
representing any unconverted principal amount hereof, be issued and delivered to the registered
Holder hereof unless a different name has been indicated below. If any shares of Common Stock or
any portion of this Note not converted are to be issued in the name of a Person other than the
undersigned, the undersigned will pay all transfer or similar taxes in accordance with Section
10.02(d) of the Indenture. Any amount required to be paid to the undersigned on account of
interest accompanies this Note.

	 	 	 	 	 	 	 

	Dated:
	 	 	 	 	 	 
	 

	 	 

	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

Signature(s)
	 	 

	 	 	 	 	 
	 	 
	 	 
	Signature Guarantee 	 

Signature(s) must be guaranteed

by an eligible Guarantor Institution

(banks, stock brokers, savings and

loan associations and credit unions)

with membership in an approved

signature guarantee medallion program

pursuant to Securities and Exchange

Commission Rule 17Ad-15 if shares

of Common Stock are to be issued, or

Notes are to be delivered, other than

to and in the name of the registered holder.

Fill in for registration of shares if

to be issued, and Notes if to

be delivered, other than to and in the

name of the registered holder:

B-1

 

	 	 	 

	 

(Name)

	 	 
	 
	 	 
	 
	 

(Street Address)

	 	 
	 
	 	 
	 
	 

(City, State and Zip Code)

Please print name and address

	 	 
	 
	 	 
	 

	 	Principal amount to be converted (if less than all):
	 

	 	$                    ,000
	 
	 	 
	 

	 	NOTICE: The above signature(s) of the Holder(s) hereof must
correspond with the name as written upon the face of the Note
in every particular without alteration or enlargement or any
change whatever.
	 
	 	 
	 
	 

	 	 

	 

	 	Social Security or Other Taxpayer

Identification Number

B-2

 

EXHIBIT C

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]

To: Newpark Resources, Inc.

     The undersigned registered owner of this Note hereby acknowledges receipt of a notice from
Newpark Resources, Inc. (the “Company”) as to the occurrence of a Fundamental Change with respect
to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the
Company to pay to the registered holder hereof in accordance with the applicable provisions of the
Indenture referred to in this Note (1) the entire principal amount of this Note, or the portion
thereof (that is $1,000 principal amount or an integral multiple thereof) below designated, and (2)
if such Fundamental Change Repurchase Date does not fall during the period after a Regular Record
Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest, if
any, thereon to, but excluding, such Fundamental Change Repurchase Date.

     In the case of Physical Notes, the certificate numbers of the Notes to be repurchased are as
set forth below:

	 	 	 	 	 	 

	Dated:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 	 	 
	 	 	 	 	Signature(s)
	 
	 	 	 	 
	 
	 	 	 	 	 
	 	 	 	 	Social Security or Other Taxpayer 

Identification Number
	 
	 	 	 	 
	 	 	 	 	Principal amount to be repaid (if less than all):

$                    ,000
	 
	 	 	 	 
	 	 	 	 	NOTICE: The above signature(s) of the Holder(s) hereof must
correspond with the name as written upon the face of the Note
in every particular without alteration or enlargement or any
change whatever.

C-1

 

EXHIBIT D

[FORM OF ASSIGNMENT AND TRANSFER]

For value received          
                     
                      
         hereby sell(s), assign(s) and transfer(s) unto
                   
                    
  (Please insert social security or Taxpayer Identification Number of assignee) the
within Note, and hereby irrevocably constitutes and appoints             
                      
       attorney to
transfer the said Note on the books of the Company, with full power of substitution in the
premises.

D-1

 

	 	 	 	 	 

	Dated:
	 	 
	 

	 	 
	 
	 	 
	 
	 
	 	 
	 
	Signature(s)
	 
	 	 
	 
	 
	Signature Guarantee
	 
	Signature(s) must be guaranteed by an
eligible Guarantor Institution (banks, stock
brokers, savings and loan associations and
credit unions) with membership in an approved
signature guarantee medallion program pursuant
to Securities and Exchange Commission
Rule 17Ad-15 if Notes are to be delivered, other
than to and in the name of the registered holder.

NOTICE: The signature on the assignment must correspond with the name as written upon the face of
the Note in every particular without alteration or enlargement or any change whatever.

D-2

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