Document:

EX-4.2

 Exhibit 4.2 

BUCKEYE PARTNERS, L.P., 
 AS
ISSUER, 
 and 
 BRANCH BANKING
AND TRUST COMPANY, 
 AS TRUSTEE 

FIRST SUPPLEMENTAL INDENTURE 

Dated as of January 22, 2018 

to 
 Subordinated Indenture dated as
of January 22, 2018 
 Junior Subordinated Notes due 2078 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	Article I	 
	DEFINITIONS	 
			
	 Section 1.01
	 	Definition of Terms	  	 	1	 
	 Section 1.02
	 	Rules of Construction	  	 	6	 
	
	Article II	 
	GENERAL TERMS AND CONDITIONS OF THE NOTES	 
			
	 Section 2.01
	 	Designation and Principal Amount	  	 	6	 
	 Section 2.02
	 	Maturity	  	 	7	 
	 Section 2.03
	 	Form	  	 	7	 
	 Section 2.04
	 	Registrar and Paying Agent	  	 	7	 
	 Section 2.05
	 	Transfer and Exchange	  	 	7	 
	 Section 2.06
	 	Interest Rates and Payment of Principal and Interest	  	 	8	 
	
	Article III	 
	REDEMPTION OF THE NOTES	 
			
	 Section 3.01
	 	Optional Redemption	  	 	9	 
	
	Article IV	 
	DEFERRAL OF INTEREST	 
			
	 Section 4.01
	 	Optional Deferral	  	 	9	 
	 Section 4.02
	 	Notice of Optional Deferrals	  	 	10	 
	
	Article V	 
	CERTAIN COVENANTS	 
			
	 Section 5.01
	 	Certain Covenants in Indenture Inapplicable to the Notes	  	 	10	 
	 Section 5.02
	 	Restrictions on Certain Payments During Optional Deferral Period	  	 	10	 
	
	Article VI	 
	SUBORDINATION	 
			
	 Section 6.01
	 	Subordination	  	 	11	 
	 Section 6.02
	 	Amendment and Restatement of Certain Subordination Provisions	  	 	11	 
	
	Article VII	 
	APPLICABILITY OF DEFEASANCE AND COVENANT DEFEASANCE	 
			
	 Section 7.01
	 	Applicability of Defeasance and Covenant Defeasance	  	 	13	 
	
	Article VIII	 
	EVENTS OF DEFAULT AND REMEDIES OF THE TRUSTEE AND HOLDERS OF NOTES	 
			
	 Section 8.01
	 	Amendment and Restatement of Events of Default Provisions	  	 	13	 

							
	Article IX	 
	MISCELLANEOUS PROVISIONS	 
			
	 Section 9.01
	 	Ratification of Original Indenture and First Supplemental Indenture	  	 	15	 
	 Section 9.02
	 	No Recourse to General Partner	  	 	15	 
	 Section 9.03
	 	Treatment of the Notes	  	 	15	 
	 Section 9.04
	 	Table of Contents, Headings, etc.	  	 	15	 
	 Section 9.05
	 	Separability	  	 	15	 
	 Section 9.06
	 	Counterpart Originals	  	 	15	 
	 Section 9.07
	 	Governing Law	  	 	16	 
	 Section 9.08
	 	Certain Trustee Matters	  	 	16	 
			
	 Exhibit A
	 	Form of the Notes	  			

 THIS FIRST SUPPLEMENTAL INDENTURE dated as of January 22, 2018 (this “First
Supplemental Indenture”) is between Buckeye Partners, L.P., a Delaware limited partnership (the “Issuer” or the “Partnership”), and Branch Banking and Trust Company, a bank organized and existing under the laws of the state
of North Carolina, as trustee (the “Trustee”). 
 RECITALS: 

WHEREAS, the Issuer has executed and delivered to the Trustee a Subordinated Indenture, dated as of January 22, 2018 (the “Original
Indenture”), providing for the issuance by the Issuer from time to time of its subordinated, unsecured debentures, notes or other evidences of indebtedness, issued and to be issued in one or more series unlimited as to principal amount; and

 WHEREAS, the Issuer has duly authorized and now desires to cause to be issued pursuant to Sections 2.01 and 3.01 of the Original
Indenture, a new series of Securities designated as its “Junior Subordinated Notes due 2078” (the “Notes”); and 

WHEREAS, pursuant to Section 9.03 of the Original Indenture, the Issuer has requested that the Trustee join in the execution of this
First Supplemental Indenture to establish the form and terms of the Notes; and 
 WHEREAS, the Original Indenture, as amended and
supplemented by this First Supplemental Indenture and as it may be further amended and supplemented from time to time in relation the Notes, shall be referred to herein as the “Indenture”; and 

WHEREAS, all things necessary have been done to make (i) this First Supplemental Indenture a valid and legally binding agreement of the
Issuer, and (ii) the Notes, when executed and delivered by the Issuer and authenticated by the Trustee, the valid and legally binding obligations of the Issuer; 

NOW, THEREFORE, the Issuer and the Trustee hereby agree that the following provisions shall supplement the Original Indenture: 

Article I 
 DEFINITIONS

 Section 1.01 Definition of Terms. 

Unless the context otherwise requires: 

(a) a term defined in the Original Indenture has the same meaning when used in this First Supplemental Indenture; provided,
however, that, where a term is defined in both this First Supplemental Indenture and in the Original Indenture, the meaning given to such term in this First Supplemental Indenture shall control for purposes of this First Supplemental Indenture and
with respect to the Notes, but shall not control with respect to any other series of Securities issued pursuant to the Original Indenture; 

(b) a term defined anywhere in this First Supplemental Indenture has the same meaning throughout this First Supplemental
Indenture and with respect to the Notes, but shall not affect any other series of Securities issued pursuant to the Original Indenture; 

(c) any term used herein that is defined in the TIA, either directly or by reference therein, has the meanings ascribed to it
therein; and 

  
 1 

 (d) the following terms have the following respective meanings: 

“Additional Interest” means interest accrued on Deferred Interest in accordance with the provisions of Section 2.06(a) and
2.06(b). 
 “Administrative Action” means any judicial decision or any official administrative pronouncement, ruling, regulatory
procedure, notice or announcement including any notice or announcement of intent to issue or adopt any administrative pronouncement, ruling, regulatory procedure or regulation. 

“Bankruptcy Event” means, with respect to any Person, that (i) such Person, pursuant to or within the meaning of any Bankruptcy
Law, (A) commences a voluntary case; (B) consents to the entry of an order for relief against it in an involuntary case; (C) consents to the appointment of a Custodian of it or for all or substantially all of its property; or
(D) makes a general assignment for the benefit of its creditors; or (ii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (A) is for relief against such Person as debtor in an involuntary case;
(B) appoints a Custodian of such Person or a Custodian for all or substantially all of the property of such Person; or (C) orders the liquidation of such Person, and, in the case of clauses (ii)(A) through (ii)(C), the order or decree
remains unstayed and in effect for 60 days. 
 “Book-Entry Notes” has the meaning set forth in Section 2.03. 

“Business Day” means a day other than a Saturday or a Sunday or a day on which banks in New York, New York are authorized or
obligated by law or executive order to remain closed. 
 “Calculation Agent” means a banking institution or trust company to be
appointed by the Issuer to act as calculation agent prior to the commencement of the Floating Rate Period or, in the absence of such appointment, the Issuer. 

“Current Interest” means, on or prior to an Interest Payment Date, interest accrued on the principal amount of the Notes at the
Fixed Rate or the Floating Rate, as the case may be, since the immediately preceding Interest Payment Date. For the avoidance of doubt, Current Interest shall not include Deferred Interest. 

“Default” has the meaning set forth in Section 8.01. 

“Deferred Interest” means (i) interest the payment of which has been deferred pursuant to Section 4.01 plus (ii) all
interest accrued thereon since the due date thereof in accordance with Sections 2.06(a), 2.06(b) and 2.06(e). 
 “Designated Senior
Indebtedness” means (i) any Senior Indebtedness that, at the date of determination, has an aggregate principal amount outstanding of, or under which, at the date of determination, the holders thereof are committed to lend up to, at least
$100 million and (ii) any issue of Senior Indebtedness designated by the Issuer at the time of its issuance as Designated Senior Indebtedness. 

“DTC” means The Depository Trust Company, New York, New York, or any successor thereto. 

“First Supplemental Indenture” has the meaning set forth in the recitals of this First Supplemental Indenture. 

  
 2 

 “Fixed Rate” means 6.375% per year. 

“Fixed Rate Period” means the period commencing on January 22, 2018 to, but not including, January 22, 2023 or
an earlier Redemption Date. 
 “Floating Rate” means, with respect to a Quarterly Interest Period, the sum of the Three-Month
LIBOR Rate for such Quarterly Interest Period plus 4.02%. 
 “Floating Rate Period” means the period commencing on
January 22, 2023 to, but not including, January 22, 2078 or an earlier Redemption Date. 
 “Indebtedness Ranking on
a Parity with the Notes” means indebtedness, whether outstanding on the date of the first issuance of the Notes or thereafter created, assumed or incurred, which specifically by its terms ranks equally with and not prior to the Notes in right
of payment upon the dissolution, winding-up, liquidation or reorganization of the Issuer or similar events with respect to the Issuer. 

“Indebtedness Ranking Junior to the Notes” means indebtedness, whether outstanding on the date of the first issuance of the Notes or
thereafter created, assumed or incurred, which specifically by its terms ranks junior to, and not equally with or prior to, the Notes in right of payment upon the dissolution, winding-up, liquidation or
reorganization of the Issuer or similar events with respect to the Issuer. 
 “Indenture” has the meaning set forth in the
recitals of this First Supplemental Indenture. 
 “Interest Payment Date” means a Quarterly Interest Payment Date or
a Semi-Annual Interest Payment Date, as the case may be. 
 “Interest Period” means a Quarterly Interest Period or
a Semi-Annual Interest Period, as the case may be. 
 “Issuer” or “Partnership” means the Person named as the
“Partnership” in the preamble of the Original Indenture until a successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Issuer” or “Partnership” shall mean such
successor Person. 
 “LIBOR Business Day” means any Business Day on which dealings in deposits in U.S. dollars are transacted in
the London Inter-Bank Market. 
 “LIBOR Interest Determination Date” means the second LIBOR Business Day preceding each LIBOR Rate
Reset Date. 
 “LIBOR Rate Reset Date” means each January 22, April 22, July 22 and October 22 during
the Floating Rate Period, commencing January 22, 2023; provided, however, that if any such day is not Business Day, then the LIBOR Rate Reset Date shall be the next day that is a Business Day, except that if such next day that is a
Business Day falls in the next succeeding calendar month, then such date shall be the immediately preceding Business Day. 

“Notes” means the Junior Subordinated Notes due 2078. 

“Optional Deferral” has the meaning set forth in Section 4.01(a). 

  
 3 

 “Optional Deferral Period” means the period of time commencing on an Interest Payment
Date with respect to which the Issuer has optionally deferred payment of Current Interest pursuant to Section 4.01(a) and ending upon the earlier of (i) the Interest Payment Date on which all Deferred Interest
and Current Interest to, but not including, such Interest Payment Date shall have been paid and (ii) the first Interest Payment Date on which the Issuer shall have deferred payment of some or all of the Current Interest due
on a number of consecutive Interest Payment Dates with respect to consecutive Interest Periods that, taken together as a single period, would exceed ten (10) consecutive years. 

“Original Indenture” has the meaning set forth in the recitals of this First Supplemental Indenture. 

“Quarterly Interest Payment Date” means each January 22, April 22, July 22 and October 22 during the Floating
Rate Period, commencing April 22, 2023; provided, however, that if any such day (other than on January 22, 2078 or an earlier Redemption Date) is not Business Day, then the Quarterly Interest Payment Date shall be the next day
that is a Business Day, except that if such next day that is a Business Day falls in the next succeeding calendar month, then such payment shall be made on the immediately preceding Business Day. 

“Quarterly Interest Period” means each period commencing on and including a Quarterly Interest Payment Date and continuing to but
not including the next succeeding Quarterly Interest Payment Date (except that the first Quarterly Interest Period will commence on and include January 22, 2023). 

“Rating Agency Event” means a change to the methodology or criteria that were employed by an applicable nationally recognized
statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act that publishes a rating for the Issuer for purposes of assigning equity credit to securities such as the Notes on the date of original issuance
of the Notes (the “current methodology”), which change either (i) shortens the period of time during which equity credit pertaining to the Notes would have been in effect had the current methodology not
been changed or (ii) reduces the amount of equity credit assigned to the Notes as compared with the amount of equity credit that such rating agency had assigned to the Notes as of the date of original issuance thereof. 

“Regular Record Date” means, with respect to each Interest Payment Date, the close of business (i) on the Business Day
immediately preceding such Interest Payment Date if the Notes are Book-Entry Notes or (ii) on the 15th calendar day preceding such Interest Payment Date if the Notes are not Book-Entry Notes (regardless of whether
such day is a Business Day). 
 “Reuters Page LIBOR01” means the display designated as Reuters LIBOR01 on the Reuters service (or
such other page as may replace the Reuters Page LIBOR01 on that service, or such other service as may be nominated as the information vendor, for the purpose of displaying rates or prices comparable to the London Interbank Offered rate for U.S.
dollar deposits). 
 “Semi-Annual Interest Payment Date” means each January 22 and July 22 during the Fixed Rate
Period, commencing July 22, 2018. 
 “Semi-Annual Interest Period” means each period commencing on a Semi-Annual Interest
Payment Date and continuing to, but not including, the next succeeding Semi-Annual Interest Payment Date (except that the first Semi-Annual Interest Period will commence on January 22, 2018). 

“Senior Indebtedness” means, with respect to any Person, the principal of, any interest and premium, if any, on, and any other
payments in respect of any of the following, whether currently outstanding or hereafter created or incurred: (i)(A) indebtedness of such Person for borrowed money; (B) indebtedness of such Person evidenced by securities, bonds, notes and
debentures, including any of the same that are subordinated in right of payment (other than the Notes), issued under credit agreements, indentures or other similar instruments (other than this First Supplemental Indenture), and other similar

  
 4 

 
instruments; (C) obligations of such Person arising from or with respect to guarantees and direct credit substitutes; (D) obligations of such Person arising from or with respect to
hedges and derivative products (including, but not limited to, interest rate, commodity and foreign exchange contracts); (E) capitalized lease obligations of such Person; (F) obligations of such Person arising from or with respect to any
letter of credit, banker’s acceptance, security purchase facility, cash management arrangements or similar credit transactions; (G) operating leases of such Person (but only to the extent the terms of such leases expressly provide that the
same constitute “Senior Indebtedness”); and (H) guarantees by such Person of any indebtedness or obligations of others of the types described in clauses (A) through (G) immediately above, and (ii) any modifications,
refundings, deferrals, renewals, or extensions of any of the foregoing or any other evidence of indebtedness issued in exchange therefor; provided, however, that Senior Indebtedness shall not include the obligations of such Person in respect of:
(1) trade accounts payable of such Person; (2) any indebtedness incurred by such Person for the purchase of goods or materials or for services obtained in the ordinary course of business to the extent that the same is incurred from, and
owed to, the vendor of such goods or materials or the provider of such services; (3) Indebtedness Ranking on a Parity with the Notes; (4) Indebtedness Ranking Junior to the Notes; and (5) indebtedness owed by such Person to its
Subsidiaries. 
 “Tax Event” means the receipt by the Issuer of an opinion of counsel experienced in tax matters that, as a result
of any (i) amendment to, clarification of or change (including any announced prospective change) in the laws or treaties of the United States or any of its political subdivisions or taxing authorities, or any regulations under those laws and
treaties, (ii) an Administrative Action, (iii) any amendment to, clarification of, or change in the official position or the interpretation of any Administrative Action or any interpretation or pronouncement that provides for a
position with respect to an Administrative Action that differs from the previously generally accepted position, in each case by any legislative body, court, governmental authority or regulatory body, regardless of the time or manner in which that
amendment, clarification or change is introduced or made known, or (iv) a threatened challenge asserted in writing in connection with an audit of the Issuer or any of the Issuer’s Subsidiaries, or a publicly known threatened challenge
asserted in writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the Notes, in each case of clauses (i), (ii), (iii) and (iv), that occurs on or after the date of
the original issuance of the Notes, there is more than an insubstantial risk that interest payable by the Issuer on the Notes is not, or within 90 days of the date of such opinion will not be, deductible, in whole or in part, by the Issuer
for U.S. federal income tax purposes. 
 “Three-Month LIBOR Rate” means, for each Quarterly Interest Period, the rate
(expressed as a percentage per year) for deposits in U.S. dollars having a three-month maturity that appears on Reuters Page LIBOR01 as of 11:00 a.m., London time, on the LIBOR Interest Determination Date; provided that, if three-month LIBOR has
been discontinued, then the Calculation Agent shall consult with an investment bank of national standing to determine whether there is an industry accepted substitute or successor base rate to three-month LIBOR. If, after such consultation, the
Calculation Agent determines that there is an industry accepted substitute or successor base rate, the Calculation Agent shall use such substitute or successor base rate. In such case, the Calculation Agent in its sole discretion may (without
implying a corresponding obligation to do so) also implement changes to the business day convention, the definition of Business Day and LIBOR Business Day, the LIBOR Interest Determination Date and any method for obtaining the substitute or
successor base rate if such rate is unavailable on the relevant Business Day, in a manner that is consistent with industry accepted practices for such substitute or successor base rate. Unless the Calculation Agent determines that there is an
industry accepted substitute or successor base rate as so provided above, the provisions of the following paragraph will apply. 
 If no
rate appears on Reuters Page LIBOR01 on the LIBOR Interest Determination Date, the Calculation Agent shall request that the principal London offices of four major reference banks in the London Inter-Bank Market provide the Calculation Agent with
their offered quotations for deposits in 

  
 5 

 
U.S. dollars in a principal amount of not less than $1,000,000 for the period of three months, commencing on the LIBOR Rate Reset Date, to prime banks in the London Inter-Bank Market at
approximately 11:00 a.m., London time, on that LIBOR Interest Determination Date and in a principal amount that is representative for a single transaction in U.S. dollars in that market at that time. If at least two quotations are provided, then
the Three-Month LIBOR Rate will be the average (rounded, if necessary, to the nearest one-hundredth (0.01) of a percent) of such quotations. If fewer than two quotations are provided, then the
Three-Month LIBOR Rate will be the average (rounded, if necessary, to the nearest one hundredth (0.01) of a percent) of the rates quoted at approximately 11:00 a.m., Eastern time, on the LIBOR Interest Determination Date by three major banks in New
York City selected by the Calculation Agent for loans in U.S. dollars to leading European banks, having a three-month maturity and in a principal amount of not less than $1,000,000. If the banks selected by the Calculation Agent are not providing
quotations in the manner described herein, the Calculation Agent, after consulting such sources as it deems comparable to any of the foregoing quotations or display page, or any such source as it deems reasonable from which to estimate three-month
LIBOR or any of the foregoing lending rates, shall determine the rate for the Quarterly Interest Period following the LIBOR Interest Determination Date in its sole discretion. 

“Trustee” means the Person named as the “Trustee” in the preamble of this First Supplemental Indenture until a successor
Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Trustee” shall mean such successor Person. 

Section 1.02 Rules of Construction. 

The following provisions shall be applied wherever appropriate herein: 

(a) any references herein to a particular Section, Article, or Exhibit means a Section or Article of, or an Exhibit to, this
First Supplemental Indenture, unless otherwise expressly stated herein; and 
 (b) the Exhibits attached hereto are
incorporated herein by reference and shall be considered part of this First Supplemental Indenture. 
 Article II 

GENERAL TERMS AND CONDITIONS OF THE NOTES 

Section 2.01 Designation and Principal Amount. 

There are hereby established a new series of Securities to be issued under the Indenture, that are designated as the “Junior Subordinated
Notes due 2078.” 
 The Trustee shall initially authenticate and deliver for original issue Notes in an initial aggregate principal
amount of $400,000,000 upon delivery to the Trustee of a Partnership Order for the authentication and delivery of such Notes. 
 The Notes
shall initially be limited in aggregate principal amount to $400,000,000. The Issuer may, without the consent of the Holders of the Notes, issue additional Notes so that the additional Notes may be consolidated and form a single series with the
Notes issued on the date hereof and have the same terms (except for the issue date, the public offering price and, if applicable, the initial Interest Payment Date) as to ranking, maturity, redemption or otherwise, provided that such additional
Notes shall be fungible with the previously issued Notes for U.S. federal income tax purposes. 

  
 6 

 The Notes shall be issued in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. 
 Section 2.02 Maturity. 

The Stated Maturity of the principal of the Notes shall be January 22, 2078. 

Section 2.03 Form. 
 The Notes
and the related Trustee’s certificate of authentication shall be substantially in the form of Exhibit A to this First Supplemental Indenture with such appropriate insertions, omissions, substitutions and other variations as are required or
permitted by the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as the Issuer may deem appropriate or as may be required or appropriate to comply with any laws or with
any rules made pursuant thereto or with the rules of any securities exchange or automated quotation system on which any of such Notes may be listed or traded, or to conform to general usage, or as may, consistently with the Indenture, be determined
by the officers executing such Notes, as evidenced by their execution thereof. 
 Such Exhibit A is hereby incorporated into this First
Supplemental Indenture. The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this First Supplemental Indenture, and to the extent applicable, the Issuer and the Trustee, by their execution and
delivery of this First Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 The Notes shall be
issued only as Registered Securities. The Notes shall be issued upon original issuance in whole in the form of one or more Global Securities (the “Book-Entry Notes”). Each Book-Entry Note shall represent such of the Outstanding Notes as
shall be specified therein and shall provide that it shall represent the aggregate amount of Outstanding Notes from time to time endorsed thereon and that the aggregate amount of Outstanding Notes represented thereby may from time to time be reduced
or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Book-Entry Note to reflect the amount, or any increase or decrease in the amount, of Outstanding Notes represented thereby shall be made by the Trustee in
accordance with written instructions or such other written form of instructions as is customary for the Depositary, from the Depositary or its nominee on behalf of any Person having a beneficial interest in the Book-Entry Note. The Issuer initially
appoints DTC to act as Depositary with respect to the Book-Entry Notes. 
 Section 2.04 Registrar and Paying Agent. 

The Issuer initially appoints the Trustee as Registrar and paying agent with respect to the Notes. The office or agency in the City and State
of New York where Notes may be presented for registration of transfer or exchange and the Place of Payment for the Notes shall initially be the Corporate Trust Office of the Trustee. 

Section 2.05 Transfer and Exchange. 

The transfer and exchange of Book-Entry Notes or beneficial interests therein shall be effected through the Depositary, in accordance with
Section 3.05 of the Original Indenture and the rules and procedures of the Depositary therefor. 

  
 7 

 Section 2.06 Interest Rates and Payment of Principal and Interest. 

(a) During the Fixed Rate Period, (A) the outstanding principal amount of the Notes and (B) to the extent permitted by applicable
law, any Deferred Interest or overdue interest thereon will bear interest at a per annum rate equal to the Fixed Rate until the commencement of the Floating Rate Period or, if earlier, until the principal thereof and all interest thereon is
paid, compounded semi-annually (in the case of deferred or overdue interest) and payable (subject to the provisions of Article IV) semi-annually in arrears on each Semi-Annual Interest Payment Date. 

(b) During the Floating Rate Period, (A) the outstanding principal amount of the Notes and (B) to the extent permitted by
applicable law, any Deferred Interest or overdue interest thereon will bear interest during each Quarterly Interest Period at a per annum rate equal to the applicable Floating Rate for such period, until the principal thereof and all interest
thereon is paid, compounded quarterly (in the case of deferred or overdue interest) and payable (subject to the provisions of Article IV) quarterly in arrears on each Quarterly Interest Payment Date. The Calculation Agent shall calculate the
Floating Rate with respect to each Floating Rate Period and the amount of interest payable on each Quarterly Interest Payment Date as promptly as practicable according to the appropriate method described herein. Promptly upon such determination, the
Calculation Agent shall notify the Issuer and the Trustee of the Floating Rate for the Quarterly Interest Period and the amount of interest (per $1,000 principal amount of Notes) payable to each Holder on each Quarterly Interest Payment Date.
The Floating Rate determined by the Calculation Agent, absent manifest error, will be binding and conclusive upon the beneficial owners and Holders of the Notes, the Issuer and the Trustee. 

(c) Payments of principal of, and premium, if any, and interest due on, Notes in book-entry form on any Interest Payment Date, upon redemption
or at final maturity will be made available to the Trustee by 11:00 a.m., Eastern time, on the applicable maturity date, Redemption Date or Interest Payment Date, unless such date falls on a day that is not a Business Day, in which case such
payments will be made available to the Trustee by 11:00 a.m., Eastern time, on the next succeeding Business Day; provided, however, that, during the Floating Rate Period, if such next succeeding Business Day falls in the next succeeding calendar
month, then such payments will be made available to the Trustee by 11:00 a.m., Eastern time, on the immediately preceding Business Day. As soon as possible thereafter, the Trustee will make such payments to the Depositary. Other than in connection
with the final maturity or redemption of the Notes or in connection with payment of Defaulted Interest, interest on the Notes may be paid only on an Interest Payment Date. Payments of principal of, and premium, if any, and interest due on, the
Notes other than Book-Entry Notes on any Interest Payment Date, upon redemption or at final maturity will be made in accordance with the provisions of the Original Indenture applicable to such payments with respect to certificated
Securities. Payments of interest due on the Notes shall be payable to the Person in whose name such Note is registered on the Regular Record Date immediately preceding the applicable Interest Payment Date; provided that
interest payable at final maturity or on a Redemption Date shall be paid to the Person to whom principal of the Note is payable. 
 (d) The
amount of interest payable on any Semi-Annual Interest Payment Date during the Fixed Rate Period will be computed on the basis of a 360-day year consisting of
twelve 30-day months. The amount of interest payable on any Quarterly Interest Payment Date during the Floating Rate Period will be computed on the basis of the actual number of days elapsed
during the immediately prior Quarterly Interest Period divided by 360. 
 (e) To the extent permitted by applicable law, interest not paid
when due hereunder, including, without limitation, all Deferred Interest and overdue interest thereon, shall compound until paid, (i) semi-annually in accordance with Section 2.06(a) at the Fixed Rate on each Semi-Annual Interest Payment
Date during the Fixed Rate Period and (ii) quarterly in accordance with Section 2.06(b) at the applicable Floating Rate on each Quarterly Interest Payment Date during the Floating Rate Period. 

  
 8 

 (f) If the Issuer shall make a partial payment of interest on any Interest Payment Date, such
payment shall be applied, first, to Deferred Interest until all such Deferred Interest has been paid and, second, to any Current Interest. 

(g) To the extent that the provisions of this Section 2.06 are inconsistent with the provisions of Article III of the Original Indenture,
the provisions of this Section 2.06 shall control. 
 Article III 

REDEMPTION OF THE NOTES 

Section 3.01 Optional Redemption. 

(a) At any time and from time to time on or after January 22, 2023, the Notes will be subject to redemption at the option of the
Issuer in whole or in part upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest (including any Additional Interest) on
the Notes being redeemed to the Redemption Date. 
 (b) In addition, before January 22, 2023, if a Tax Event shall occur
and be continuing, the Issuer may redeem the Notes following the occurrence of such Tax Event, in whole, but not in part, at a redemption price equal to 100% of the principal amount to be redeemed plus any accrued but unpaid interest
(including any Additional Interest) to the Redemption Date. 
 (c) In addition, before January 22, 2023, if a Rating Agency
Event shall occur and be continuing, the Issuer may redeem the Notes following the occurrence of such Rating Agency Event, in whole, but not in part, at a redemption price equal to 102% of the principal amount to be redeemed plus any accrued
but unpaid interest (including any Additional Interest) to the Redemption Date. 
 (d) In the event of redemption of the Notes in
part only, a new Note or Notes for the unredeemed portion will be issued in the name or names of the Holders thereof upon the surrender thereof. 

(e) Notice of redemption of the Notes pursuant to this Section 3.01 shall be given as provided in Section 11.04 of the
Original Indenture. 
 (f) Any redemption of less than all of the Notes shall, with respect to the principal thereof, be divisible by
$1,000. 
 Article IV 

DEFERRAL OF INTEREST 
 Section 4.01
Optional Deferral. 
 (a) So long as no Event of Default has occurred and is continuing, the Issuer shall have
the right, at any time and from time to time during the term of the Notes, to elect to defer payment of all or any portion of any Current Interest or Deferred Interest otherwise due on the Notes on any Interest Payment Date (an
“Optional Deferral”); provided, however, that the Issuer may not (i) elect to defer payment of any interest otherwise due on any Interest Payment Date if, as a result of such deferral, the Issuer shall have deferred payment of some or
all of the interest due on a number of consecutive Interest 

  
 9 

 
Payment Dates with respect to a number of consecutive Interest Periods which, when taken together as a single period, would exceed ten (10) consecutive years, or (ii) elect to defer
payment of any interest due on the final maturity date of the Notes, or, with respect to any Notes being redeemed, on the Redemption Date for such Notes. During an Optional Deferral Period, no interest on the Notes shall be due
and payable until the end of such Optional Deferral Period (except upon a redemption of the Notes during such period); however, interest shall accrue on the Notes during such period in accordance with Sections 2.06(a), 2.06(b) and
2.06(e). 
 (b) Following the termination of an Optional Deferral Period and the payment of all Deferred Interest accrued during
such Optional Deferral Period, the Issuer may again elect pursuant to Section 4.01(a) to make an Optional Deferral. 
 (c) On the
Interest Payment Date on which the Issuer desires to terminate an Optional Deferral Period or at the end of an Optional Deferral Period pursuant to clause (ii) of the definition of “Optional Deferral Period,” the Issuer shall pay all
Current Interest, Deferred Interest and, to the extent permitted by applicable law, Additional Interest. Such interest shall be payable to the Holders of the Notes in whose names the Notes are registered in the Security Register for the
Notes on the Regular Record Date with respect to such Interest Payment Date. 
 Section 4.02 Notice of Optional Deferrals. 

The Issuer shall give written notice to the Trustee of any election of an Optional Deferral pursuant to Section 4.01 not fewer than
ten (10) nor more than sixty (60) Business Days prior to the earlier of (i) the Interest Payment Date for which the interest on the Notes will be deferred or (ii) the date, if any, upon which the Issuer is required to give notice
of such Interest Payment Date or Regular Record Date therefor to the New York Stock Exchange or any applicable self-regulatory organization. In addition, the Issuer shall deliver to the Trustee an Officers’ Certificate stating that no default
or Event of Default shall have occurred and be continuing. Subject to receipt of such Officers’ Certificate, the Trustee shall forward such notice promptly to the Holders of the Notes. 

Article V 
 CERTAIN
COVENANTS 
 Section 5.01 Certain Covenants in Indenture Inapplicable to the
Notes. 
 Holders of the Notes shall not have the benefit of and shall not be entitled to enforce the covenants contained in
Sections 10.06 and 10.07 of the Original Indenture. Accordingly, for purposes of the Notes only, and not for purposes of any other series of Securities, Article X of the Original Indenture is hereby amended by deleting Sections 10.06 and 10.07
thereof. 
 Section 5.02 Restriction on Certain Payments During Optional Deferral Period. 

(a) Subject to Section 5.02(b), during any Optional Deferral Period, the Issuer shall not (i) declare, pay or make any distributions
with respect to, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its equity securities and (ii) make any payment of interest, principal, or premium, if any, on or repay, repurchase or redeem any debt
securities (including guarantees) issued by the Issuer that rank pari passu with or junior to the Notes. 

  
 10 

 (b) Notwithstanding the provisions of Section 5.02(a), the Issuer may take any of the
following actions at any time, including during an Optional Deferral Period: (i) any of the actions described in Section 5.02(a) resulting from any reclassification of the Issuer’s equity securities or the exchange or conversion of
one class or series of the Issuer’s equity securities for another class or series of the Issuer’s equity securities; (ii) the purchase of fractional interests in the Issuer’s equity securities pursuant to the conversion or
exchange provisions of such equity security or the security being converted or exchanged; (iii) payments or distributions payable in the Issuer’s equity securities; (iv) redemptions, purchases or other acquisitions of the
Issuer’s equity securities in connection with any employment contract, incentive plan, benefit plan or other similar arrangement of the Issuer or any of the Issuer’s subsidiaries or in connection with a dividend or distribution
reinvestment plan; or (v) any declaration of a distribution in connection with implementation of any rights plan, or the issuance of rights, equity securities or other property under any such plan, or the redemption, repurchase or other
acquisition of any such rights pursuant thereto. 
 (c) For the avoidance of doubt, nothing contained herein shall prevent the Issuer from
issuing any other securities, whether senior to, pari passu with or subordinated to the Notes, including securities having covenants and provisions the same as or similar to those applicable to
the Notes, or any guarantees with respect thereto. 
 Article VI 

SUBORDINATION 
 Section 6.01
Subordination. 
 (a) The Notes shall be subordinated to all Senior Indebtedness (as defined in this First Supplemental
Indenture) of the Issuer on the terms and subject to the conditions set forth in Article XIV of the Original Indenture, as amended and supplemented hereby, and each Holder of Notes issued hereunder by such Holder’s acceptance thereof
acknowledges and agrees that all Notes shall be issued subject to the provisions of this Article VI and such Article XIV and that each Holder of Notes, whether upon original issuance or upon transfer or assignment thereof, accepts and
agrees to be bound by such provisions. 
 (b) The Notes shall be subordinated in right of payment to all of the Issuer’s present
and future Senior Indebtedness, and shall rank pari passu in right of payment with Indebtedness Ranking on a Parity with the Notes. 

Section 6.02 Amendment and Restatement of Certain Subordination Provisions. 

(a) For purposes of the Notes only, and not for purposes of any other Securities, Sections 14.02 and 14.03 of the Original Indenture
are hereby amended and restated in their entirety to read as follows: 
 Section 14.02
Liquidation, Dissolution and Bankruptcy. Upon any payment or distribution of the assets of the Partnership to creditors upon a total or partial liquidation
or a total or partial dissolution of the Partnership or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Partnership or its property: 

(a) holders of Senior Indebtedness of the Partnership shall be entitled to receive payment in full in cash of such Senior
Indebtedness (including interest, if any, accruing on or after the commencement of a proceeding in bankruptcy, regardless of whether allowed as a claim against the Partnership in such bankruptcy proceeding) before Holders of Notes shall be
entitled to receive any payment of principal of, or premium, if any, or interest on, the Notes; and 

  
 11 

 (b) until the Senior Indebtedness of the Partnership is paid in full, any such
distribution to which Holders of Notes would be entitled but for this Article XIV shall be made to holders of Senior Indebtedness of the Partnership as their interests may appear, except that such Holders may receive equity securities of
the Partnership and any debt securities of the Partnership that are subordinated to Senior Indebtedness of the Partnership to at least the same extent as the Notes. 

(b) For purposes of the Notes only, and not for purposes of any other Securities, Section 14.03 of the Original Indenture is hereby
amended and restated in its entirety to read as follows: 
 Section 14.03
Default on Senior Indebtedness. The Partnership may not (a) make any payments of the principal of, or premium, if any, or interest on,
the Notes, (b) make any deposit for the purpose of satisfaction and discharge of this Indenture with respect to the Notes or defeasance of the Notes pursuant to Article XIII or (c) purchase, redeem or otherwise retire
any Notes (the foregoing clauses (a), (b) and (c) collectively, “pay the Notes”) if (i) any principal, premium or interest with respect to Senior Indebtedness of the Partnership is not paid within any applicable grace
period (including at final maturity) or (ii) any other default on Senior Indebtedness of the Partnership occurs and the maturity of such Senior Indebtedness is accelerated in accordance with its terms unless, in either case, (A) the
default has been cured or waived and any such acceleration has been rescinded or (B) such Senior Indebtedness has been paid in full in cash; provided, however, that the Partnership may pay the Notes without regard to the foregoing if
the Partnership and the Trustee receive written notice approving such payment from the Representative of each issue of Designated Senior Indebtedness of the Partnership. During the continuance of any default under any Senior Indebtedness of the
Partnership (other than a default described in the immediately preceding clause (A) or clause (B) of the preceding sentence) that may cause the maturity of any Designated Senior Indebtedness of the Partnership to be accelerated immediately
without further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, the Partnership may not pay the Notes for a period (a “Payment Blockage Period”) commencing
upon the receipt by the Partnership and the Trustee (at its Corporate Trust Office) of written notice of such default (a “Blockage Notice”) from the Representative of any Designated Senior Indebtedness of the Partnership, specifying an
election to effect a Payment Blockage Period, and ending 179 days thereafter (or earlier if such Payment Blockage Period is terminated (1) by written notice received by the Partnership and the Trustee (at its Corporate Trust Office) from the
Person or Persons who gave such Blockage Notice, (2) by repayment in full in cash of the Designated Senior Indebtedness with respect to which the Blockage Notice was given or (3) because the default giving rise to such Payment Blockage
Period is no longer continuing). Notwithstanding the provisions described in the immediately preceding sentence (but subject to the provisions contained in the first sentence of this paragraph of this Section 14.03), unless the holders of such
Designated Senior Indebtedness shall have accelerated the maturity of such Designated Senior Indebtedness, the Partnership may pay the Notes after the expiration of such Payment Blockage Period. Not more than one Blockage Notice may be given in
any period of 360 consecutive days, irrespective of the number of defaults with respect to any number of issues of Designated Senior Indebtedness during such period; provided, however, that in no event may the total number of days during which any
Payment Blockage Period or Payment Blockage Periods is in effect exceed 179 days in the aggregate during any period of 360 consecutive days. For purposes of this Section 14.03, no default that existed or was continuing on the date of the
commencement of any Payment Blockage Period with respect to the Designated Senior Indebtedness of the Partnership 

  
 12 

 
initiating such Payment Blockage Period shall be, or be made, the basis of the commencement of a subsequent Payment Blockage Period by the Representative of such Designated Senior Indebtedness,
regardless of whether within a period of 360 consecutive days, unless such default shall have been cured or waived for a period of not less than 90 consecutive days. 

Article VII 

APPLICABILITY OF DEFEASANCE AND COVENANT DEFEASANCE 

Section 7.01 Applicability of Defeasance and Covenant Defeasance 

The Notes will be subject to satisfaction, defeasance and discharge pursuant to Article XIII of the Original Indenture, as amended and
supplemented hereby, in accordance with the provisions of such Article. For the avoidance of doubt, the covenants applicable to the Notes set forth herein, including, but not limited to, pursuant to Section 5.02, may be terminated pursuant
to the covenant defeasance option set forth in Article XIII of the Original Indenture, as amended and supplemented hereby. 
 Article
VIII 
 EVENTS OF DEFAULT AND REMEDIES OF THE TRUSTEE 

AND HOLDERS OF NOTES 
 Section 8.01
Amendment and Restatement of Events of Default Provisions. 
 (a) For purposes of the Notes only, and not for purposes of any
other Securities, Section 5.01 of the Original Indenture is hereby amended and restated in its entirety to read as follows: 

Section 5.01 Events of Default.
“Event of Default,” wherever used herein with respect to the Notes, 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) failure to pay principal of, or premium, if any, or interest on, the Notes when due at final maturity or earlier
redemption; 
 (b) failure to pay interest on the Notes (including Additional Interest) when due and payable (other
than at final maturity or upon earlier redemption) that continues for 30 days (it being understood that the deferral of interest as permitted by Article IV of the First Supplemental Indenture is not a default in payment of interest on
the Notes); or 
 (c) the occurrence of a Bankruptcy Event with respect to the Issuer. 

(b) For purposes of the Notes only, and not for purposes of any other Securities, Section 5.02 of the Original Indenture is hereby
amended and restated in its entirety to read as follows: 
 Section 5.02 Acceleration of
Maturity; Rescission and Annulment. If an Event of Default with respect to the Notes occurs and is continuing, then, and in each and every case that an Event of Default described in clause (a) or clause (b) with respect to
the Notes at the time Outstanding occurs and is continuing, unless the principal of, premium, if any, and accrued and unpaid interest on all the Notes shall have already become due and payable, either the Trustee or

  
 13 

 
the Holders of not less than 25% in aggregate principal amount of the Notes then Outstanding hereunder, by notice in writing to the Partnership (and to the Trustee if given by Holders), may,
and the Trustee at the request of such Holders shall, declare 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 be immediately
due and payable, anything in the Notes, this Indenture or in the First Supplemental Indenture contained to the contrary notwithstanding. If an Event of Default described in clause (c) occurs, then and in each and every such case, unless the
principal of and accrued and unpaid interest on all the Notes shall have become due and payable, the principal of, and accrued and unpaid interest on, all the Notes then Outstanding hereunder shall ipso facto become and be immediately due
and payable without any declaration or other act on the part of the Trustee or any Holders, anything in the Notes, this Indenture or in the First Supplemental Indenture contained to the contrary notwithstanding. 

The Holders of a majority in aggregate principal amount of the Notes then Outstanding by written notice to the Trustee may
rescind an acceleration and annul its consequences if the rescission would not conflict with any judgment or decree of a court of competent jurisdiction already rendered and if all existing Events of Default with respect to the Notes have been
cured or waived except nonpayment of principal, premium, if any, or accrued and unpaid interest that has become due solely because of acceleration. Upon any such rescission, the parties hereto shall be restored respectively to their several
positions and rights hereunder, and all rights, remedies, and powers of the parties hereto shall continue as though no such proceeding had been taken. 

With respect to the Notes, the term “Default” shall mean the following event: default in the performance or
breach of any covenant or warranty of the Partnership in this Indenture (other than (i) a covenant or warranty a default in the performance of which or the breach of which is addressed in Section 5.01 or (ii) any other covenants and
warranties inapplicable to the Notes), and continuance of such default or breach for a period of 90 days after specified written notice to the Partnership by the Trustee, or to the Partnership and the Trustee by the holders of at least 25% in
principal amount of the Outstanding Notes. 
 Upon the occurrence and continuance of a Default, the Trustee and the holders
of the Notes shall have the same rights and remedies, and shall be subject to the same limitations, restrictions, protections and exculpations, and the Partnership will be subject to the same obligations and restrictions, in each case, as would
apply if such Default were an Event of Default or an event that after notice or lapse of time or both would become an Event of Default; provided that the principal of and accrued and unpaid interest on the Notes may not be declared immediately
due and payable by reason of the occurrence and continuation of a Default, and any notice of declaration or acceleration based on such Default shall be null and void with respect to the Notes; provided, further that in case a Default has
occurred and is continuing, the Trustee shall not be subject to the requirement to exercise, with respect to the Notes, the same degree of care as a prudent individual would exercise in the conduct of his or her own affairs, unless an
Event of Default has occurred and is continuing. 
 The Trustee shall not be deemed to have notice of any Default or Event of
Default, except an Event of Default under Section 5.01(a) or Section 5.01(b), unless a Trust Officer has received written notice of such Default or Event of Default at the Corporate Trust Office. 

  
 14 

 Article IX 

MISCELLANEOUS PROVISIONS 

Section 9.01 Ratification of Original Indenture and First Supplemental Indenture. 

The Original Indenture, as amended and supplemented by this First Supplemental Indenture, is in all respects ratified and confirmed, and this
First Supplemental Indenture shall be deemed part of the Original Indenture, in the manner and to the extent herein and therein provided; provided, however, that the provisions of this First Supplemental Indenture apply solely with respect to the
Notes. The Indenture shall, solely in respect of the Notes, be deemed a “junior subordinated indenture.” 
 Section 9.02 Non- Recourse to General Partner. 

Obligations of the Issuer under this First Supplemental Indenture, the Original Indenture and the Notes are
non-recourse to the General Partner, and its respective Affiliates (other than the Issuer), and payable only out of cash flow and assets of the Issuer. The Trustee, and each Holder of a Note by its acceptance
thereof, will be deemed to have agreed in the Indenture that (1) neither the General Partner nor its assets (nor any of its Affiliates, other than the Issuer, or their respective assets) shall be liable for any of the obligations of the Issuer
under the Indenture or the Notes, and (2) no director, officer, employee, stockholder, member or unitholder, as such, of the Issuer, the Trustee, the General Partner or any Affiliate of any of the foregoing entities shall have any personal
liability in respect of the obligations of the Issuer under the Indenture or the Notes by reason of his, her or its status. Each Holder of Notes by accepting a Note waives and releases the General Partner and its directors, officers, employees and
sole member from all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
 Section 9.03
Treatment of the Notes. 
 By its acceptance of the Notes or a beneficial
interest therein, each Holder and beneficial owner of such Notes shall be deemed to have agreed to treat such Notes as indebtedness for all United States federal, state and local tax purposes. 

Section 9.04 Table of Contents, Headings, etc. 

The table of contents and headings of the Articles and Sections of this First Supplemental Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 
 Section 9.05
Separability. 
 In case any one or more of the provisions contained in this First Supplemental Indenture or in the Notes shall
for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this First Supplemental Indenture or of such Notes, but this First Supplemental
Indenture and such Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

Section 9.06 Counterpart Originals. 

The parties may sign any number of copies of this First Supplemental Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement. The exchange of signed copies of this First Supplemental Indenture by facsimile transmission or emailed portable document format (pdf) shall constitute effective execution and delivery of this First Supplemental
Indenture as to 

  
 15 

 
the parties hereto and such copies may be used in lieu of the original First Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or portable
document format (pdf) shall be deemed to be their original signatures for all purposes other than authentication of Notes by the Trustee. 

Section 9.07 Governing Law. 

THIS FIRST SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 Section 9.08 Certain Trustee Matters. 

The recitals contained herein shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture or the Notes or the proper authorization or the due execution hereof or thereof by the Issuer. 

* * * 

  
 16 

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

			
	BUCKEYE PARTNERS, L.P.,
	as Issuer
		
	By:	 	BUCKEYE GP LLC,
		 	its General Partner
		
	By:	 	/s/ Keith E. St.Clair
		 	Name: Keith E. St.Clair
		 	Title: Executive Vice President and Chief Financial Officer

  

			
	BRANCH BANKING AND TRUST COMPANY,
	as Trustee
		
	By:	 	/s/ Gregory Yanok
	Name: Gregory Yanok
	Title: Authorized Officer

  
 17 

 Exhibit A 

FORM OF NOTE 
 [FACE OF
SECURITY] 
 [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 OF, THIS SECURITY
SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO THE ISSUER 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 INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]* 
  

			
	No. R-	  	    $                                
[which amount may be
	CUSIP: 118230 AS0	  	    increased or decreased by the Schedule
	of Increases and Decreases in Global Security attached hereto.]*

 BUCKEYE PARTNERS, L.P. 

JUNIOR SUBORDINATED NOTES DUE 2078 

BUCKEYE PARTNERS, L.P., a Delaware limited partnership (the “Issuer,” which term includes any successor under the Indenture
hereinafter referred to), for value received, hereby promises to pay to                      or its registered assigns, the principal sum of
                     ($        ) U.S. dollars, [or such greater or lesser principal sum as is shown on the
attached Schedule of Increases and Decreases in Global Security,]* on January 22, 2078 in such coin and currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts,
and to pay interest thereon as provided below. 
 From January 22, 2018 to, but not including, January 22, 2023 or an earlier
Redemption Date (the “Fixed Rate Period”), the outstanding principal amount hereof and (to the extent that payment of such interest is enforceable under applicable law) any Deferred Interest or overdue installment of interest 

 

	* 	To be included in a Book-Entry Note. 

  
 A-1 

 
hereon will bear interest at the per annum rate of 6.375% payable (subject to the provisions of the Indenture more fully described on the reverse hereof that permit the Issuer to elect to defer
payments of interest) semi-annually in arrears on January 22 and July 22, of each year, commencing July 22, 2018 through the end of the Fixed Rate Period, compounded semi-annually at such per annum rate in the case of any deferred or
overdue interest. From and including January 22, 2023 to, but not including, the final maturity date hereof or an earlier Redemption Date (the “Floating Rate Period”), the outstanding principal amount hereof and (to the extent that
payment of such interest is enforceable under applicable law) any Deferred Interest or overdue installment of interest hereon will bear interest during each Quarterly Interest Period at a floating rate based on the Three-Month LIBOR Rate for such
Floating Rate Period, calculated pursuant to the Indenture, plus 402 basis points (4.02%), reset quarterly, payable (subject to the provisions of the Indenture more fully described on the reverse hereof that permit the Issuer to elect to defer
payments of interest) quarterly in arrears on each January 22, April 22, July 22 and October 22, commencing April 22, 2023 through the end of the Floating Rate Period, compounded quarterly at such prevailing Floating Rate in
the case of any deferred or overdue interest. Payments of interest due on the Notes shall be payable to the Person in whose name such Note is registered on the Regular Record Date immediately preceding the applicable Interest Payment Date; provided
that interest payable at final maturity or on a Redemption Date shall be paid to the Person to whom principal of the Note is payable. 

Reference is made to the further provisions of the Notes set forth on the reverse hereof. Such further provisions shall for all
purposes have the same effect as though fully set forth at this place. 
 The terms of the Indenture are incorporated herein by reference.
Any term defined in the Indenture has the same meaning when used herein. 
 If and to the extent any provision of the Indenture limits,
qualifies, or conflicts with any other provision of the Indenture that is required to be included in the Indenture or is deemed applicable to the Indenture by virtue of the provisions of the Trust Indenture Act of 1939, as amended (the
“TIA”), such required provision shall control. 
 The Notes shall not be valid or become obligatory for any purpose until the
Trustee’s Certificate of Authentication hereon shall have been manually signed by the Trustee under the Indenture. 

  
 A-2 

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

 

			
	BUCKEYE PARTNERS, L.P.
		
	By:	 	BUCKEYE GP LLC,
		 	its general partner

  

			
	By:	 	 
		 	Name:

 Dated: ● 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

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

 

			
	BRANCH BANKING AND TRUST COMPANY,
	as Trustee
		
	By:	 	 
		 	Authorized Signatory

  
 A-3 

 [REVERSE OF SECURITY] 

BUCKEYE PARTNERS, L.P. 

JUNIOR SUBORDINATED NOTES DUE 2078 

The Notes are one of a duly authorized issue of Securities of the Issuer issued under and pursuant to the Indenture, to which Indenture
reference is hereby made for a description of the rights, limitations of rights, obligations, duties, and immunities thereunder of the Trustee, the Issuer and the Holders of the Securities. 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 sinking, purchase or analogous funds (if any) and may otherwise vary as
provided in the Indenture. The Notes are of a series designated as the Junior Subordinated Notes due 2078 of the Issuer (the “Notes”). 
  

	1.	Interest. 

 During the Fixed Rate Period, the outstanding principal amount hereof and (to the
extent that payment of such interest is enforceable under applicable law) any Deferred Interest or overdue installment of interest hereon will bear interest at the per annum rate of 6.375%, payable (subject to the provisions of the Indenture
relating to interest deferrals more fully described below) semi-annually in arrears on January 22 and July 22 of each year, commencing July 22, 2018 through the end of the Fixed Rate Period, compounded semi-annually at such per annum
rate (in the case of any deferred or overdue interest). If an Interest Payment Date occurs during the Fixed Rate Period on a day that is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day
that is a Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect as if made on the date the payment was originally payable. 

During the Floating Rate Period, the outstanding principal amount hereof and (to the extent that payment of such interest is enforceable under
applicable law) any Deferred Interest or overdue installment of interest hereon will bear interest during each Quarterly Interest Period at the applicable Floating Rate for such Quarterly Interest Period calculated pursuant to the Indenture,
payable (subject to the provisions of the Indenture relating to interest deferrals more fully described below) quarterly in arrears on each Quarterly Interest Payment Date (as defined below) through the end of the Floating Rate Period, compounded
quarterly at such prevailing Floating Rate (in the case of any deferred or overdue interest). “Quarterly Interest Payment Date” means each January 22, April 22, July 22 and October 22 during the Floating Rate
Period, commencing April 22, 2023; provided, however, that if any such day (other than on January 22, 2078 or an earlier Redemption Date) is not Business Day, then the Quarterly Interest Payment Date shall be the next day that is a
Business Day, except that if such next day that is a Business Day falls in the next succeeding calendar month, then such payment shall be made on the immediately preceding Business Day. 

During the Fixed Rate Period, the amount of interest payable on any Semi-Annual Interest Payment Date will be computed on the basis of a 360-day year of twelve 30-day months. During the Floating Rate Period, the amount of interest payable on any Quarterly Interest Payment Date will be
computed on the basis of the actual number of days elapsed during the immediately prior Quarterly Interest Period divided by 360. 

  
 A-4 

	2.	Optional Deferral of Interest. 

 Subject to the terms of the Indenture, the Issuer shall have
the right, at any time and from time to time during the term of the Notes, to elect to defer payment of all or any portion of any Current Interest or Deferred Interest otherwise due on the Notes on any Interest Payment Date as set forth in
Article IV of the First Supplemental Indenture (as defined below). No interest on the Notes shall be due and payable on any Interest Payment Date during an Optional Deferral Period; however, interest shall accrue on the Notes during such period in
accordance with the Indenture. 
  

	3.	Method of Payment. 

 The Issuer shall pay interest on the Notes (except Defaulted Interest)
to the Persons who are the registered Holders at the close of business on the Regular Record Date immediately preceding the applicable Interest Payment Date. The Issuer shall pay principal, premium, if any, and interest in such coin or currency of
the United States of America as at the time of payment shall be legal tender for payment of public and private debts. Payments in respect of a Global Security (including principal, premium, if any, and interest) will be made by wire transfer of
immediately available funds to the accounts specified by the Depositary. Payments in respect of Notes in definitive form (including principal, premium, if any, and interest) will be made at the office or agency of the Issuer maintained for such
purpose within the contiguous United States, which initially will be the Corporate Trust Office, or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders on the relevant Regular Record Date at their addresses
set forth in the Security Register of Holders or at the option of the Holder, payment of interest on Notes in definitive form will be made by wire transfer of immediately available funds to any account maintained in the United States, provided such
Holder has requested such method of payment and provided timely wire transfer instructions to the paying agent. The Holder must surrender this Note to a paying agent to collect payment of principal. 

 

	4.	Paying Agent and Registrar. 

 Initially, Branch Banking and Trust Company will act as paying
agent and Registrar. The Issuer may change any paying agent or Registrar at any time upon notice to the Trustee and the Holders. The Issuer may act as paying agent. 
  

	5.	Indenture. 

 The Notes are one of a duly authorized issue of Securities of the Issuer issued, or
to be issued, under the Indenture, dated as of January 22, 2018 (the “Original Indenture”) between Buckeye Partners, L.P., as issuer, and Branch Banking and Trust Company, as trustee (the “Trustee”), as amended and
supplemented by the First Supplemental Indenture thereto dated as of January 22, 2018 (the “First Supplemental Indenture”), between the Issuer and the Trustee, providing for the issuance of Securities of the series whose
designation appears on the face hereof. The Original Indenture, as amended and supplemented by the First Supplemental Indenture, and as may be further duly amended and supplemented in accordance with the terms thereof in relation to the Notes, is
referred to herein as the “Indenture.” Capitalized terms used but not defined herein shall have the respective meanings given to such terms in the Indenture. 

The terms of the Notes include those stated in the Indenture, those made part of the Indenture by reference to the TIA, as in effect on
the date of the First Supplemental Indenture, and those terms stated in the First Supplemental Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of them. The Notes are junior
subordinated obligations of the Issuer and are not secured by any of the assets of the Issuer. 

  
 A-5 

	6.	Denominations; Transfer; Exchange. 

 The Notes are to be issued in registered form, without
coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. A Holder may register the transfer of, or exchange, Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. 
  

	7.	Person Deemed Owners. 

 The registered Holder of Notes may be treated as the owner of it for all
purposes. 
  

	8.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Indenture may be amended or
supplemented, and any existing Event of Default or compliance with any provision may be waived, with the consent of the Holders of a majority in principal amount of the Outstanding Securities of each series affected. Without consent of any Holder of
Notes, the parties thereto may amend or supplement the Indenture to, among other things, cure any ambiguity or correct any inconsistency. Any such consent or waiver by the Holder of this Note (unless revoked as provided in the Indenture) shall
be conclusive and binding upon such Holder and upon all future Holders and owners of this Note and any Notes that may be issued in exchange or substitution herefor, irrespective of whether any notation thereof is made upon this Note or such
other Notes. 
  

	9.	Defaults and Remedies. 

 Certain events of bankruptcy, insolvency or reorganization involving
the Issuer are Events of Default that will result in the principal amount of the Notes, together with accrued and unpaid interest thereon, becoming due and payable immediately upon the occurrence of such Events of Default. If any other Event of
Default with respect to the Notes occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes then Outstanding may declare the principal amount of all the Notes,
together with accrued and unpaid interest thereon, to be due and payable immediately in the manner and with the effect provided in the Indenture. Notwithstanding the preceding sentence, however, at any time after such a declaration of acceleration
has been made, the Holders of a majority in principal amount of the Outstanding Notes, by written notice to the Trustee, may rescind such declaration and annul its consequences if the rescission would not conflict with any judgment or decree of
a court already rendered and if all Events of Default with respect to the Notes, other than the nonpayment of the principal, premium, if any, or accrued and unpaid interest that has become due solely by such declaration of acceleration, shall have
been cured or shall have been waived. No such rescission shall affect any subsequent default or shall impair any right consequent thereon. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee
may require indemnity or security satisfactory to it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Notes then Outstanding may direct the Trustee in its
exercise of any trust or power with respect to the Notes. 
 Upon the occurrence and continuance of a Default, the Trustee and the holders
of the Notes shall have the same rights and remedies, and shall be subject to the same limitations, restrictions, protections and exculpations, and the Issuer will be subject to the same obligations and restrictions, in each case, as would apply if
such Default were an Event of Default or an event that after notice or lapse of time or both would become an Event of Default; provided that the principal of and accrued and unpaid interest on the Notes may not be declared immediately due and
payable by reason of the occurrence and continuation of a Default, and any notice of declaration or acceleration based on such Default shall be null and void with 

  
 A-6 

 
respect to the Notes; provided, further that in case a Default has occurred and is continuing, the Trustee shall not be subject to the requirement to exercise, with respect to the Notes, the same
degree of care as a prudent individual would exercise in the conduct of his or her own affairs, unless an Event of Default has occurred and is continuing. 
  

	10.	Trustee Dealings with Issuer. 

 The Trustee under the Indenture, in its individual or any other
capacity, may make loans to, accept deposits from, and perform services for the Issuer or its Affiliates or any subsidiary of the Issuer’s Affiliates, and may otherwise deal with the Issuer or its Affiliates as if it were not the Trustee. 

 

	11.	Authentication. 

 This Note shall not be valid until the Trustee signs the certificate of
authentication on the other side of this Note. 
  

	12.	Abbreviations and Defined Terms. 

 Customary abbreviations may be used in the name of a Holder
of a Note or an assignee, such as: TEN COM (tenant in common), TEN ENT (tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (Custodian), and U/G/M/A (Uniform Gifts to Minors Act). 

 

	13.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated by the Committee on Uniform Note
Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such number as printed on the Notes and reliance may be placed
only on the other identification numbers printed hereon. 
  

	14.	Absolute Obligation. 

 No reference herein to the Indenture and no provision of the Notes or the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on the Notes in the manner, at the respective times, at the rate and in the coin or
currency therein and herein prescribed. 
  

	15.	No Recourse. 

 Obligations of the Issuer under the Notes, the First Supplemental Indenture and
the Original Indenture are non-recourse to the General Partner, and its respective Affiliates (other than the Issuer), and payable only out of cash flow and assets of the Issuer. The Trustee, and each Holder
of a Note by its acceptance thereof, will be deemed to have agreed in the Indenture that (1) neither the General Partner nor its assets (nor any of its Affiliates, other than the Issuer, or their respective assets) shall be liable for any of
the obligations of the Issuer under the Indenture or the Notes, and (2) no director, officer, employee, stockholder or unitholder, as such, of the Issuer, the Trustee, the General Partner or any Affiliate of any of the foregoing entities shall
have any personal liability in respect of the obligations of the Issuer under the Notes or the Indenture by reason of his, her or its status. 

  
 A-7 

	16.	Ranking. 

 The Notes rank junior and subordinate in rank and priority of payment to all of the
Issuer’s Senior Indebtedness as more fully provided in Article XIV of the Indenture and Article VI of the First Supplemental Indenture. 
  

	17.	Optional Redemption. 

 The Notes are subject to redemption prior to final maturity at the
redemption prices and in the manner provided in the First Supplemental Indenture. 
  

	18.	Governing Law. 

 The Notes shall be construed in accordance with and governed by the laws of the
State of New York. 

  
 A-8 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, 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 –	 	 
		  		  		 	 (Cust.)

							
	TEN ENT	  	– as tenants by entireties	  	Custodian for:	 	 
		  		  		 	        (Minor)

							
	JT TEN	  	– as joint tenants with right of	  	under Uniform Gifts to
		  	 survivorship and not as tenants
 in
common
	  	Minors Act of	 	 
		  	  		 	 (State)

 Additional abbreviations may also be used though not in the above list. 

 
  

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

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

__________________________________________________________ 

______________________________________________________________________ 

_______________________________________________________________________ 

Please print or type name and address including postal zip code of assignee 

the within Security and all rights thereunder, hereby irrevocably constituting and appointing 

__________________________________________________________ 
 to
transfer said Security on the books of the Issuer, with full power of substitution in the premises. 
  

									
				
	 	Dated	 	 	   
	 		 	   

				 		 		 	 Registered Holder

  
 A-9 

 SCHEDULE OF INCREASES OR DECREASES 

IN GLOBAL SECURITY1 
 The following increases or decreases in this Global Security have been made: 

 

									
	 Date of Exchange
	  	 Amount of

Decrease in

Principal

Amount of this

Global Security
	  	 Amount of

Increase in

Principal Amount

of this
 Global
Security
	  	 Principal Amount

of this Global

Security following

such decrease
 (or
increase)
	  	 Signature of

authorized officer

of Trustee or

Depositary

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	1 	To be included in a Book-Entry Note 

  
 A-10EX-10.1

 Exhibit 10.1 
  

META FINANCIAL GROUP, INC. 
 2002 OMNIBUS INCENTIVE PLAN (as amended and restated, effective November 24, 2014) 

1 Plan Purpose. The purpose of the Plan is to promote the long-term interests of the Company and its stockholders by providing a means for
attracting and retaining directors, advisory directors, officers and employees of the Company and its Affiliates. 
 2 Definitions. The
following definitions are applicable to the Plan: 
 “Affiliate” — means any “parent corporation” or “subsidiary
corporation” of the Company as such terms are defined in Section 424(e) and (f), respectively, of the Code. 
 “Award” —
means the grant by the Committee under this Plan of an Incentive Stock Option, a Non-Qualified Stock Option, a Stock Appreciation Right, Restricted Stock or a Performance Award, or any combination thereof, as
provided in the Plan. 
 “Award Agreement” — means the agreement evidencing the grant of an Award made under the Plan. 

“Cause” — means termination of service by reason of personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty
involving personal profit, intentional failure to perform stated duties or gross negligence. 
 “Code” — means the Internal Revenue
Code of 1986, as amended. 
 “Committee” — means the Committee referred to in Section 3 hereof. 

“Company” — means Meta Financial Group, Inc. and any successor thereto. 

“Continuous Service” — means the absence of any interruption or termination of service as a director, advisory director, officer or
employee of the Company or an Affiliate, except that when used with respect to a person granted an Incentive Stock Option means the absence of any interruption or termination of service as an employee of the Company or an Affiliate. Service
shall not be considered interrupted in the case of sick leave, military leave or any other leave of absence approved by the Company or in the case of transfers between payroll locations of the Company or between the Company, its parent, its
subsidiaries or its successor. 
 “ERISA” — means the Employee Retirement Income Security Act of 1974, as amended. 

“Incentive Stock Option” — means an option to purchase Shares granted by the Committee which is intended to qualify as an Incentive Stock
Option under Section 422 of the Code. Unless otherwise set forth in the Award Agreement, any Option which does not qualify as an Incentive Stock Option for any reason shall be deemed a Non-Qualified
Stock Option. 
 “Market Value” — means the closing high bid with respect to a Share on the date in question on the Nasdaq Stock
Market, or any similar system then in use, or, if the Shares are not then traded on the Nasdaq Stock Market or any similar system, the closing sales price on such date (or, if there is no reported sale on such date, on the last preceding date on
which any reported sale occurred) of a Share on the Composite Tape for New York Stock Exchange-Listed Stocks, or, if on such date the Shares are not quoted on the Composite Tape, on the New York Stock Exchange, or if the Shares are not listed or
admitted to trading on such Exchange, on the principal United States securities exchange registered under the Securities Exchange Act of 1934 (the “Exchange Act”) on which the Shares are listed or admitted to trading, or, if the

 
Shares are not listed or admitted to trading on any such exchange, the fair market value on such date of a Share as the Committee shall determine. The Committee shall determine the fair market
value on such date in accordance with Code Section 409A and the regulations issued thereunder. 

“Non-Qualified Stock Option” — means an option to purchase Shares granted by the Committee which
does not qualify, for any reason, as an Incentive Stock Option under Section 422 of the Code. 
 “Option” — means an Incentive
Stock Option or a Non-Qualified Stock Option awarded to a Participant pursuant to Section 5(a) hereof. 

“Participant” — means any director, advisory director, officer or employee of the Company or any Affiliate who is selected by the
Committee to receive an Award. 
 “Performance Award” — means an Award granted pursuant to Section 5(d) herein. For the
avoidance of doubt, Performance Awards may include annual incentive awards or annual bonuses. To the extent a Performance Award is intended to comply with the Performance-Based Exception, the Committee will take such steps as it deems
reasonably necessary to ensure that such Performance Award actually complies with the Performance-Based Exception. 
 “Performance-Based
Exception” — means the performance-based exception from the tax deductibility limitations of Code Section 162(m) contained in Code Section 162(m)(4)(C) and Treasury Regulations Section 1.162(e)(27), including, to the extent
applicable, the special provision for options thereunder. 
 “Performance Goal” — means the objective or subjective criteria determined
by the Committee, the degree of attainment of which will affect the portion of a Participant’s Performance Award potentially payable. Performance Goals may contain threshold, target and maximum levels of achievement and, to the extent the
Committee intends a Performance Award to comply with the Performance-Based Exception, the Performance Goals shall be chosen from among the Performance Measures set forth in Section 3A(c). 

“Performance Measures” — has the meaning set forth in Section 3A(c). 

“Performance Period” — means that period established by the Committee at the time any Performance Award is granted or at any time
thereafter during which any performance goals specified by the Committee with respect to such Performance Award are to be measured. 

“Plan” — means this Amended and Restated 2002 Omnibus Incentive Plan of the Company. 

“Related” — means (i) in the case of a Stock Appreciation Right, a Stock Appreciation Right which is granted in connection with, and
to the extent exercisable, in whole or in part, in lieu of, an Option or another Stock Appreciation Right and (ii) in the case of an Option, an Option with respect to which and to the extent a Stock Appreciation Right is exercisable, in whole
or in part, in lieu thereof. 
 “Restricted Stock” — means Shares awarded to a Participant pursuant to Section 5(c) hereof. 

“Retirement” — means retirement from employment with the Company or an Affiliate thereof, as an employee, director, director emeritus or
advisory director thereof, having reached the age of 65. 
 “Shares” — means the shares of common stock of the Company. 

“Stock Appreciation Right” — means a stock appreciation right with respect to Shares granted by the Committee pursuant to the Plan. 

 “Ten Percent Holder” — means any individual who owns stock possessing more than ten percent
of the total combined voting power of all classes of stock of the Company and any Affiliate. 
 “Termination of Service” — means
cessation of service, for any reason, whether voluntary or involuntary, so that the affected individual is not either (i) an employee of the Corporation or any Affiliate for purposes of an Incentive Stock Option, or (ii) a director,
advisory director or employee of the Corporation or any affiliate for purpose of any other Award. 
 3. Administration. The Plan shall be
administered by a Committee consisting of two or more members of the Board of Directors of the Company, each of whom (i) shall be an outside director as defined in the Performance-Based Exception and (ii) shall be a Non-Employee Director as defined under Rule 16(b) of the Securities Exchange Act of 1934 or any similar or successor provision. The members of the Committee shall be appointed by the Board of Directors of the
Company. Except as limited by the express provisions of the Plan or by resolutions adopted by the Board of Directors of the Company, the Committee shall have sole and complete authority and discretion to (i) select Participants and grant
Awards; (ii) determine the number of Shares to be subject to types of Awards generally, as well as to individual Awards granted under the Plan; (iii) determine the terms and conditions upon which Awards shall be granted under the Plan;
(iv) prescribe the form and terms of instruments evidencing such grants; and (v) establish from time to time regulations for the administration of the Plan, interpret the Plan, to correct any defect or supply an omission or reconcile any
inconsistency in the Plan, and make all determinations deemed necessary or advisable for the administration of the Plan. 
 A majority of the
Committee shall constitute a quorum, and the acts of a majority of the members present at any meeting at which a quorum is present, or acts approved in writing by a majority of the Committee without a meeting, shall be acts of the Committee. 

3A. Compliance With Section 162(m) of the Code. 

(a) Section 162(m) Compliance. To the extent the Committee determines that compliance with the Performance-Based Exception is desirable with
respect to an Award, this Section 3A shall apply. In the event that changes are made to Code Section 162(m) to permit flexibility with respect to any Awards available under the Plan, the Committee may, subject to this Section 3A,
make any adjustments to such Awards as it deems appropriate. 
 (b) Annual Individual Limitations. In addition to the annual Share limits
set forth in Section 4 of the Plan, no Participant may be granted a cash Award, the maximum payout for which would exceed $3,000,000 for a Performance Period of less than or equal to one (1) year. No Participant may be granted a cash
Award for a Performance Period of more than one (1) year, the maximum payout for which would exceed $5,000,000. 
 (c) Performance
Measures. Subject to Section 3A(f), unless and until the Committee proposes for stockholder vote and stockholders approve a change in the general Performance Measures set forth in this Section 3A(c), for Awards (other than Options
and Stock Appreciation Rights) designed to qualify for the Performance-Based Exception, the objective performance criteria shall be based upon one or more of the following (each a “Performance Measure”): 

1. Earnings before any or all of interest, tax, depreciation or amortization (actual and adjusted and either in the aggregate or on a per-Share basis); 
 2. Earnings (either in the aggregate or on a
per-Share basis); 
 3. Net income or loss (either in the aggregate or on a per-Share basis); 

 4. Operating profit; 

5. Cash flow (either in the aggregate or on a per-Share basis); 

6. Free cash flow (either in the aggregate on a per-Share basis); 

7. Costs; 
 8. Gross
revenues; 
 9. Reductions in expense levels; 

10. Operating and maintenance cost management and employee productivity; 

11. Share price or total shareholder return (including growth measures and total stockholder return or attainment by the Shares of a
specified value for a specified period of time); 
 12. Net economic value; 

13. Economic value added; 

14. Aggregate product unit and pricing targets; 

15. Strategic business criteria, consisting of one or more objectives based on meeting specified revenue, market share, market
penetration, asset quality, geographic business expansion goals, objectively identified project milestones, production volume levels, cost targets, and goals relating to acquisitions or divestitures; 

16. Achievement of objectives relating to diversity, employee turnover, regulatory compliance or other internal business items; 

17. Results of customer satisfaction surveys; and/or 

18. Debt ratings, debt leverage and debt service; 

provided that applicable Performance Measures may be applied on a pre- or
post-tax basis; and provided further that the Committee may, on the date an Award intended to comply with the Performance-Based Exception is granted, and in the case of other Awards, at any time,
provide that the formula for such Award may include or exclude items to measure specific objectives, such as losses from discontinued operations, extraordinary gains or losses, the cumulative effect of accounting changes, acquisitions or
divestitures, foreign exchange impacts and any unusual, nonrecurring gain or loss. 
 (d) Flexibility in Setting Performance Measures. For
Awards intended to comply with the Performance-Based Exception, the Committee shall set the Performance Measures within the time period prescribed by Section 162(m) of the Code. The levels of performance required with respect to
Performance Measures may be expressed in absolute or relative levels and may be based upon a set increase, set positive result, maintenance of the status quo, set decrease or set negative result. Performance Measures may differ for Awards to
different Participants. The Committee shall specify the weighting (which may be the same or different for multiple objectives) to be given to each performance objective for purposes of determining the final amount payable with respect to any
such Award. Any one or more of the Performance Measures may apply to the Participant, a department, unit, division or function within the Company or any one or more direct or indirect subsidiaries thereof; and may apply either alone or relative
to the performance of other businesses or individuals (including industry or general market indices). 

 (e) Adjustments. The Committee shall have the discretion to adjust the determinations of the
degree of attainment of the pre-established performance goals; provided, however, that Awards which are designed to qualify for the Performance-Based Exception may not (unless the Committee determines
to amend the Award so that it no longer qualified for the Performance-Based Exception) be adjusted upward (the Committee shall retain the discretion to adjust such Awards downward). The Committee may not, unless the Committee determines to
amend the Award so that it no longer qualifies for the Performance-Based Exception, delegate any responsibility with respect to Awards intended to qualify for the Performance-Based Exception. All determinations by the Committee as to the
achievement of the Performance Measure(s) shall be in writing prior to payment of the Award. 
 (f) Changes to Performance Measures. In
the event that applicable laws, rules or regulations change to permit Committee discretion to alter the governing Performance Measures without obtaining stockholder approval of such changes, and still qualify for the Performance-Based Exception, the
Committee shall have sole discretion to make such changes without obtaining stockholder approval. 
 4. Shares Subject to Plan. 

(a) Subject to adjustment by the operation of Section 7, the maximum number of Shares with respect to which Awards may be made under the Plan is
1,150,000 Shares. The Shares with respect to which Awards may be made under the Plan may be either authorized and unissued shares or previously issued shares reacquired and held as treasury shares. Shares which are subject to Related Stock
Appreciation Rights and Related Options shall be counted only once in determining whether the maximum number of Shares with respect to which Awards may be granted under the Plan has been exceeded. An Award shall not be considered to have been
made under the Plan with respect to any Option or Stock Appreciation Right which terminates or with respect to Restricted Stock which is forfeited, and new Awards may be granted under the Plan with respect to the number of Shares as to which such
termination or forfeiture has occurred. 
 (b) During any calendar year, no Participant may be granted Awards under the Plan of more than 100,000
Shares, subject to adjustment as provided in Section 7. 
 5. Awards. 

(a) Options. The Committee is hereby authorized to grant Options to Participants with the following terms and conditions and with such
additional terms and conditions not inconsistent with the provisions of the Plan as the Committee shall determine, including the granting of Options in tandem with other Awards under the Plan: 

(i) Exercise Price. The exercise price per Share for an Option shall be determined by the Committee; provided that
the exercise price per Share shall not be less than 100% of the Market Value of a Share on the date of grant of such Option; provided further that, in the case of an Incentive Stock Option granted to a Ten Percent Holder, the exercise price
per Share thereof shall not be less than 110% of the Market Value of a Share on the date of grant of such Option. 
 (ii) Option
Term. The term of each Option shall be fixed by the Committee, but shall be no greater than 15 years; provided that, in the case of an Incentive Stock Option, the term of such Option shall not exceed ten years; provided further
that, in the case of an Incentive Stock Option granted to a Ten Percent Holder, the term of such option shall not exceed five years. 

(iii) Time and Method of Exercise. Except as provided in paragraph (a) of Section 6, no Option granted hereunder
may be exercised unless at the time the Participant exercises such Option, such Participant has maintained Continuous Service since the date of grant of such Option. To exercise an Option under the Plan, the Participant to whom such Option was
granted shall give written notice 

 
to the Company in form satisfactory to the Committee (and, if partial exercises have been permitted by the Committee, by specifying the number of Shares with respect to which such Participant
elects to exercise such Option) together with full payment of the exercise price, if any and to the extent notice is received by the Company. Payment, if any is required, shall be made either (i) in cash (including check, bank draft or
money order) or, if the Committee specifically approves in writing on an individual basis, (ii) by delivering (A) Shares already owned by the Participant and having a fair market value equal to the applicable exercise price, such fair
market value to be determined in such appropriate manner as may be provided by the Committee or as may be required in order to comply with or to conform to requirements of any applicable laws or regulations, or (B) a combination of cash and
such Shares. 
 (iv) Option Agreements. At the time of an Award of an Option, the Participant shall enter into an Award
Agreement with the Company in a form specified by the Committee, agreeing to the terms and conditions of the Award and such other matters as the Committee shall in its sole discretion determine. 

(v) Limitations on Value of Exercisable Incentive Stock Options. The aggregate Market Value of the Shares with respect to
which Incentive Stock Options are exercisable for the first time by a Participant in any calendar year shall not exceed $100,000. 

(vi) Eligible Recipients of Incentive Stock Options. Incentive Stock Options may be granted by the Committee only to
employees of the Company or its Affiliates. 
 (vii) Incentive Stock Options must be granted no later than 10 years from the date the
Plan is adopted or approved by the stockholders, whichever is earlier. 
 (b) Stock Appreciation Rights. The Committee is hereby
authorized to grant Stock Appreciation Rights to Participants with the following terms and conditions and with such additional terms and conditions not inconsistent with the provisions of the Plan as the Committee shall determine: 

(i) General. A Stock Appreciation Right shall, upon its exercise, entitle the Participant to whom such Stock Appreciation
Right was granted to receive a number of Shares or cash or combination thereof, as the Committee in its discretion shall determine, the aggregate value of which (i.e., the sum of the amount of cash and/or Market Value of such Shares on date of
exercise) shall equal (as nearly as possible, it being understood that the Company shall not issue any fractional shares) the amount by which the Market Value per Share on the date of such exercise shall exceed the exercise price of such Stock
Appreciation Right, multiplied by the number of Shares with respect to which such Stock Appreciation Right shall have been exercised. 

(ii) Related Options. A Stock Appreciation Right may be Related to an Option or may be granted independently of any Option
as the Committee shall from time to time in each case determine. In the case of a Related Option, such Related Option shall cease to be exercisable to the extent of the Shares with respect to which the Related Stock Appreciation Right was
exercised. Upon the exercise or termination of a Related Option, any Related Stock Appreciation Right shall terminate to the extent of the Shares with respect to which the Related Option was exercised or terminated. If the Related Option
is an Incentive Stock Option, the Related Option shall satisfy all restrictions and the limitations imposed on Incentive Stock Options under paragraph (a) of this Section 5 (including, without limitation, restrictions on exercise price and
term). 
 (iii) Exercise Price and Term. The exercise price and term of each Stock Appreciation Right shall be fixed by
the Committee; provided that the exercise price per Share subject to a Stock Appreciation Right shall not be less than 100% of the Market Value of a Share on the date of grant of such Stock Appreciation Right; provided further that the
term of a Stock Appreciation Right shall not exceed 15 years. 

 (iv) Stock Appreciation Right Agreements. At the time of an Award of a Stock
Appreciation Right, the Participant shall enter into an Award Agreement with the Company in a form specified by the Committee, agreeing to the terms and conditions of the Award and such other matters as the Committee shall in its sole discretion
determine. 
 (v) Time and Method of Exercise. Except as provided in paragraph (a) of Section 6, no Stock
Appreciation Right may be exercised unless at the time the Participant exercises such Stock Appreciation Right, such Participant has maintained Continuous Service since the date of grant of such Stock Appreciation Right. To exercise a Stock
Appreciation Right under the Plan, the Participant to whom such Stock Appreciation Right was granted shall give written notice to the Company in form satisfactory to the Committee (and, if partial exercises have been permitted by the Committee, by
specifying the number of Shares with respect to which such Participant elects to exercise such Stock Appreciation Right) together with full payment of the exercise price, if any and to the extent required. The date of exercise shall be the date
on which such notice is received by the Company. Payment, if any is required, shall be made either (i) in cash (including check, bank draft or money order) or with the specific written permission of the Committee (ii) by delivering
(A) Shares already owned by the Participant and having a fair market value equal to the applicable exercise price, such fair market value to be determined in such appropriate manner as may be provided by the Committee or as may be required in
order to comply with or to conform to requirements of any applicable laws or regulations, or (B) a combination of cash and such Shares. 
 (c)
Restricted Stock. The Committee is hereby authorized to grant Awards of Restricted Stock to Participants with the following terms and conditions and with such additional terms and conditions not inconsistent with the provisions of the
Plan as the Committee shall determine: 
 (i) Restrictions. Shares of Restricted Stock shall be subject to such
restrictions as the Committee may impose (including, without limitation, any limitation on the right to vote a Share of Restricted Stock or the right to receive any dividend or other right or property with respect thereto), which restrictions may
lapse separately or in combination at such time or times, in such installments or otherwise as the Committee may deem appropriate. During the period of time in which the Shares awarded as Restricted Stock are subject to the restrictions
contemplated herein (a “Restricted Period”), unless otherwise permitted by the Plan or by the Committee as provided in the applicable Award Agreement, such Shares may not be sold, assigned, transferred, pledged or otherwise encumbered by
the Participant. Except for the restrictions which may be imposed on Restricted Stock, a Participant to whom Shares of Restricted Stock have been awarded shall have all the rights of a stockholder, including but not limited to the right to
receive all dividends paid on such Shares and the right to vote such Shares. 
 (ii) Restricted Stock Agreements. At the
time of an Award of Shares of Restricted Stock, the Participant shall enter into an Award Agreement with the Company in a form specified by the Committee, agreeing to the terms and conditions of the Award and such other matters as the Committee
shall in its sole discretion determine. 
 (iii) Stock Certificates. Any Restricted Stock granted under the Plan shall be
evidenced by issuance of a stock certificate or certificates, which certificate or certificates shall be held by the Company. Such certificate or certificates shall be registered in the name of the Participant and shall bear the following (or
similar) legend: 
 “The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions
(including forfeiture) contained in the Company’s Amended and Restated 2002 Omnibus Incentive Plan and an Agreement entered into between the registered owner and the Company. Copies of such Plan and Agreement are on file in the offices of
the Secretary of the Company, 5501 South Broadband Lane, Sioux Falls, South Dakota 57108.” 

 (iv) Removal of Restrictions. Shares representing Restricted Stock that are no
longer subject to restrictions shall be delivered to the holder thereof promptly after the applicable restrictions lapse or are waived. 
 (d)
Performance Awards. The Committee is hereby authorized to grant Performance Awards to Participants subject to the terms of the Plan and the applicable Award Agreement. At the time of grant of a Performance Award, the Participant shall
enter into an Award Agreement with the Company in a form specified by the Committee, agreeing to the terms and conditions of the Performance Award and such other matters as the Committee shall in its sole discretion determine. A Performance Award
granted under the Plan (i) may be denominated or payable in cash, Shares (including, without limitation, Restricted Stock), other securities, other Awards or other property and (ii) shall confer on the holder thereof the right to receive
payments, in whole or in part, upon the achievement of such Performance Goals during such Performance Period(s) as the Committee shall establish. Subject to the terms of the Plan, the Performance Goals to be achieved during any Performance Period,
the length of any Performance Period, the amount of any Performance Award granted and the amount of any payment or transfer to be made pursuant to any Performance Award shall be determined by the Committee as provided in the applicable Award
Agreement. Unless otherwise provided in the applicable Award Agreement, the term of a Performance Award shall not exceed 15 years. In the case of any Performance Awards that are an annual incentive awards or annual bonuses and are intended to
qualify for the Performance-Based Exception, (A) the Committee shall award any such Performance Award within the first ninety (90) days after the beginning of the Performance Period, (B) the Committee shall determine and certify in
writing the degree of attainment of Performance Goals as soon as administratively practicable after the end of the Performance Period, but not later than sixty (60) days after the end of the applicable Performance Period, (C) the Committee
reserves the discretion to reduce (but not below zero) the payment due under any such Performance Award; provided that the determination of the Committee to reduce (or not pay) the payment due under any such Performance Award for a
Performance Period shall not affect the amount payable to any other Participant; and (D) no amount shall be payable in respect of a Performance Award unless at least the threshold Performance Goal is attained or achieved. For purposes of
complying with Section 409A of the Code, either (1) the entire amount payable in respect of a Performance Award shall be paid no later than March 15 of the calendar year following the calendar year in which the Performance Award
vests, or (2) the applicable Award Agreement shall provide a method for deferring the amount due pursuant to a Performance Award and such deferral method shall, to the greatest extent reasonably possible, comply with the requirements of Code
Section 409A. 
 6. Termination of Service. 

(a) Options and Stock Appreciation Rights. 

(i) If a Participant to whom an Option or Stock Appreciation Right was granted shall cease to maintain Continuous Service for any reason
(including total and partial disability but excluding Retirement, death and termination of employment by the Company or any Affiliate for Cause), such Participant may, but only within the period of three months, in the case of an Incentive Stock
Option, or one year, in the case of a Non-Qualified Stock Option or Stock Appreciation Right, immediately succeeding such cessation of Continuous Service and in no event after the expiration date of such
Option or Stock Appreciation Right, exercise such Option or Stock Appreciation Right to the extent that such Participant was entitled to exercise such Option or Stock Appreciation Right at the date of such cessation of Continuous Service. If
the Continuous Service of a Participant to whom an Option or Stock Appreciation Right was granted by the Company is terminated for Cause, all rights under any Option or Stock Appreciation Right of such Participant shall expire immediately upon the
giving to the Participant of notice of such termination. 

 (ii) If a Participant to whom an Option or Stock Appreciation Right was granted shall cease
to maintain Continuous Service due to Retirement, such Participant may, but only within the period of three months, in the case of an Incentive Stock Option, or two years, in the case of a Non-Qualified Stock
Option or Stock Appreciation Right, immediately succeeding such cessation of Continuous Service and in no event after the expiration date of such Option or Stock Appreciation Right, exercise such Option or Stock Appreciation Right to the extent that
such Participant was entitled to exercise such Option or Stock Appreciation Right at the date of such cessation of Continuous Service. 

(iii) In the event of the death of a Participant while in the Continuous Service of the Company or an Affiliate or within the periods
referred to in paragraphs (a)(i) and (a)(ii) of this Section 6, the person to whom any Option or Stock Appreciation Right held by the Participant at the time of his or her death is transferred by will or the laws of descent and distribution or
in the case of an Award other than an Incentive Stock Option, pursuant to a qualified domestic relations order, as defined in the Code or Title I of ERISA or the rules thereunder, or as otherwise permitted to be transferred under Section 10 of
the Plan may, but only within the period of two years immediately succeeding the date of death of such Participant, and in no event after the expiration date of such Option or Stock Appreciation Right, exercise such Option or Stock Appreciation
Right to the extent that such Participant was entitled to exercise such Option or Stock Appreciation Right immediately prior to his death. Following the death of any Participant to whom an Option was granted under the Plan, irrespective of whether
any Related Stock Appreciation Right shall have theretofore been granted to the Participant or whether the person entitled to exercise such Related Stock Appreciation Right desires to do so, the Committee may, as an alternative means of settlement
of such Option, elect to pay to the person to whom such Option is transferred as permitted by Section 10 of this Plan, the amount by which the Market Value per Share on the date of exercise of such Option shall exceed the exercise price of such
Option, multiplied by the number of Shares with respect to which such Option is properly exercised. Any such settlement of an Option shall be considered an exercise of such Option for all purposes of the Plan. 

(iv) Notwithstanding the provisions of subparagraphs (i) through (iii) above, the Committee may, in its sole discretion, establish
different terms and conditions pertaining to the effect of termination to the extent permitted by applicable federal and state law. 
 (b)
Restricted Stock. Except as otherwise provided in this Plan, if a Participant ceases to maintain Continuous Services for any reason (other than death, total or partial disability or Retirement) unless the Committee, in its sole
discretion, shall otherwise determine, all shares of Restricted Stock theretofore awarded to such Participant and which at the time of such termination of Continuous Service are subject to the restrictions imposed by paragraph (c)(i) of
Section 5 shall upon such termination of Continuous Service be forfeited and returned to the Company. Unless the Committee, in its sole discretion, shall otherwise determine, if a Participant ceases to maintain Continuous Service by reason
of death, total or partial disability or Retirement, all shares of Restricted Stock theretofore awarded to such Participant and which at the time of such termination of Continuous Service are subject to the restrictions imposed by paragraph (c)(i)
of Section 5 shall upon such termination of Continuous Service be free of restrictions and shall not be forfeited. 
 (c) Performance
Awards. In the event that a Participant to whom a Performance Award has been granted shall cease to maintain Continuous Service for any reason, the rights of such Participant or any person to whom the Award may have been transferred as
permitted by Section 10 shall be governed by the terms of the Plan and the applicable Award Agreement. 
 7. Adjustments Upon Changes in
Capitalization. In the event of any change in the outstanding Shares subsequent to the effective date of the Plan by reason of any reorganization, recapitalization, stock split, 

 
stock dividend, combination or exchange of shares, merger, consolidation or any change in the corporate structure or Shares of the Company, the maximum aggregate number and class of shares and
exercise price of the Award, if any, as to which Awards may be granted under the Plan and the number and class of shares and exercise price of the Award, if any, with respect to which Awards have been granted under the Plan shall be appropriately
adjusted by the Committee, whose determination shall be conclusive. Any Award which is adjusted as a result of this Section 7 shall be subject to the same restrictions as the original Award. 

8. Effect of Merger on Options and Stock Appreciation Rights. In the case of any merger, consolidation or combination of the Company (other
than a merger, consolidation or combination in which the Company is the continuing corporation and which does not result in the outstanding Shares being converted into or exchanged for different securities, cash or other property, or any combination
thereof), any Participant to whom an Option or Stock Appreciation Right has been granted shall have the additional right (subject to the provisions of the Plan and any limitation applicable to such Option or Stock Appreciation Right), thereafter and
during the term of each such Option or Stock Appreciation Right, to receive upon exercise of any such Option or Stock Appreciation Right an amount equal to the excess of the fair market value on the date of such exercise of the securities, cash or
other property, or combination thereof, receivable upon such merger, consolidation or combination in respect of a Share over the exercise price of such Stock Appreciation Right or Option, multiplied by the number of Shares with respect to which such
Option or Stock Appreciation Right shall have been exercised. Such amount may be payable fully in cash, fully in one or more of the kind or kinds of property payable in such merger, consolidation or combination, or partly in cash and partly in
one or more of such kind or kinds of property, all in the discretion of the Committee. 
 9. Effect of Change in Control. Each of the
events specified in the following clauses (i) through (iii) of this Section 9 shall be deemed a “change of control”: (i) any third person, including a “group” as defined in Section 13(d)(3) of the Securities
Exchange Act of 1934, as amended, shall become the beneficial owner of shares of the Company with respect to which 25% or more of the total number of votes for the election of the Board of Directors of the Company may be cast, (ii) as a result
of, or in connection with, any cash tender offer, merger or other business combination, sale of assets or contested election, or combination of the foregoing, the persons who were directors of the Company shall cease to constitute a majority of the
Board of Directors of the Company, or (iii) the stockholders of the Company shall approve an agreement providing either for a transaction in which the Company will cease to be an independent publicly-owned corporation or for a sale or other
disposition of all or substantially all the assets of the Company. Upon a change in control, unless the Committee shall have otherwise provided in the applicable Award Agreement, any restrictions or vesting period with respect to any
outstanding Awards shall lapse and all such Awards shall become fully vested in the Participant to whom such Awards were awarded; provided, however, that no Award which has previously been exercised or otherwise terminated shall become exercisable.

 10. Assignments and Transfers. No Award granted under the Plan shall be transferable otherwise than by will or the laws of descent and
distribution, except that an Award other than an Incentive Stock Option may be transferred pursuant to a qualified domestic relations order or by gift to any member of the Participant’s immediate family or to a trust for the benefit of one or
more of such immediate family members. During the lifetime of an Award recipient, an Award shall be exercisable only by the Award recipient unless it has been transferred as permitted hereby, in which case it shall be exercisable only by such
transferee. For the purpose of this Section 10, a Participant’s “immediate family” shall mean the Participant’s spouse, children and grandchildren. 

11. Employee Rights Under the Plan. No person shall have a right to be selected as a Participant nor, having been so selected, to be
selected again as a Participant and no officer, employee or other person shall have any claim or right to be granted an Award under the Plan or under any other incentive or similar plan of the Company or any Affiliate. Neither the Plan nor any
action taken thereunder shall be construed as giving any employee any right to be retained in the employ of or serve as a director or advisory director of the Company or any Affiliate. 

 

 12. Delivery and Registration of Stock. The Company’s obligation to deliver Shares with
respect to an Award shall, if the Committee so requests, be conditioned upon the receipt of a representation as to the investment intention of the Participant to whom such Shares are to be delivered, in such form as the Committee shall determine to
be necessary or advisable to comply with the provisions of the Securities Act of 1933, as amended, or any other federal, state or local securities legislation. It may be provided that any representation requirement shall become inoperative upon
a registration of the Shares or other action eliminating the necessity of such representation under such Securities Act or other securities legislation. The Company shall not be required to deliver any Shares under the Plan prior to
(i) the admission of such Shares to listing on any stock exchange on which Shares may then be listed, and (ii) the completion of such registration or other qualification of such Shares under any state or federal law, rule or regulation, as
the committee shall determine to be necessary or advisable. 
 13. Withholding Tax. Upon the termination of the restricted period with
respect to any shares of Restricted Stock (or at any such earlier time, if any, that an election is made by the Participant under Section 83(b) of the Code, or any successor provision thereto, to include the value of such shares in taxable
income), the Company shall have the right to require the Participant or other person receiving such shares to pay the Company the amount of any taxes which the Company is required to withhold with respect to such shares, or, in lieu thereof, to
retain or sell without notice, a sufficient number of shares held by it to cover the amount required to be withheld. The Company shall have the right to deduct from all dividends paid with respect to shares of Restricted Stock the amount of any
taxes which the Company is required to withhold with respect to such dividend payments. 
 The Company shall have the right to deduct from all amounts
paid in cash with respect to the exercise of a Stock Appreciation Right under the Plan any taxes required by law to be withheld with respect to such cash payments. Where a Participant or other person is entitled to receive Shares pursuant to
the exercise of an Option or Stock Appreciation Right pursuant to the Plan, the Company shall have the right to require the Participant or such other person to pay the Company the amount of any taxes which the Company is required to withhold with
respect to such Shares, or, in lieu thereof, to retain, or sell without notice, a number of such Shares sufficient to cover the amount required to be withheld. 

All withholding decisions pursuant to this Section 13 shall be at the sole discretion of the Committee or the Company. 

14. Amendment or Termination. 
 (a) Subject
to paragraph (b) of this Section 14, the Board of Directors of the Company may amend, alter, suspend, discontinue, or terminate the Plan at any time without the consent of stockholders or Participants, except that any such action will be
subject to the approval of the Company’s stockholders if, when and to the extent such stockholder approval is necessary or required for purposes of any applicable federal or state law or regulation or the rules of any stock exchange or
automated quotation system on which the Shares may then be listed or quoted, or if the Board of Directors of the Company, in its discretion, determines to seek such stockholder approval. 

(b) Except as otherwise provided herein, the Committee may waive any conditions of or rights of the Company or modify or amend the terms of any
outstanding Award. The Committee may not, however, amend, alter, suspend, discontinue or terminate any outstanding Award without the consent of the Participant or holder thereof, except as otherwise herein provided. 

15. Effective Date and Term of Plan. The Plan shall become effective upon its adoption by the Board of Directors of the Company, subject to
the approval of the Plan by the stockholders of the Company. It shall continue in effect for a term of 20 years unless sooner terminated under Section 14 hereof. 
  

 16. Code Section 409A. To the extent applicable and notwithstanding any other
provision of this Plan, this Plan and Awards hereunder shall be administered, operated and interpreted in accordance with Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder; provided,
however, that in the event that the Committee determines that any amounts payable hereunder may be taxable to a Participant under Code Section 409A and related Department of Treasury guidance prior to the payment and/or delivery to such
Participant of such amount, the Company may (a) adopt such amendments to the Plan and related Award Agreement, and appropriate policies and procedures, including amendments and policies with retroactive effect, that the Committee determines
necessary or appropriate to preserve the intended tax treatment of the benefits provided by the Plan and Awards hereunder and/or (b) take such other actions as the Committee determines necessary or appropriate to comply with or exempt the Plan
and/or Awards from the requirements of Code Section 409A and related Department of Treasury guidance. The Company and its direct and indirect subsidiaries make no guarantees to any person (whether a Participant or otherwise) regarding the
tax treatment of Awards or payments made under the Plan, and, notwithstanding the above provisions and any agreement or understanding to the contrary, if any Award, payments or other amounts due to a Participant (or his or her beneficiaries, as
applicable) results in, or causes in any manner, the application of an accelerated or additional tax, fine or penalty under Code Section 409A or otherwise to be imposed, then the Participant (or his or her beneficiaries, as applicable) shall be
solely liable for the payment of, and the Company and its direct and indirect subsidiaries shall have no obligation or liability to pay or reimburse (either directly or otherwise) the Participant (or his or her beneficiaries, as applicable) for, any
such additional taxes, fines or penalties. 

 Meta Financial Group, Inc. 

2002 Omnibus Incentive Plan 
 (as amended and restated,
effective November 24, 2014) 
 Amendment Number 1 

Pursuant to Section 14(a) of the 2002 Omnibus Incentive Plan (as amended and restated, effective November 24, 2014) (the “Plan”),
effective April 24, 2017, the Plan is hereby amended as follows: 
 Section 5(c)(iii) is hereby amended to read in its entirety as follows:

 (iii) Stock Certificates or Book-Entry. Any Restricted Stock granted under the Plan shall be issued in either certificated form or book-entry
form and held in the Participant’s name by the Company. Such certificate or book-entry shall bear the following (or similar) legend or, if issued in book-entry form, include a similar notation: 

“The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture)
contained in the Company’s Amended and Restated 2002 Omnibus Incentive Plan and an Agreement entered into between the registered owner and the Company. Copies of such Plan and Agreement are on file in the offices of the Secretary of the
Company, 5501 South Broadband Lane, Sioux Falls, South Dakota 57108.” 
 **** 

All other terms under the Plan remain unchanged. 
  

			
	META FINANCIAL GROUP, INC.
	
	 /s/ Glen W. Herrick

 

	By:	 	Glen W. Herrick
	Its:	 	EVP and Chief Financial Officer

 META FINANCIAL GROUP, INC. 

2002 OMNIBUS INCENTIVE PLAN 
 (as amended and restated,
effective November 24, 2014) 
 Amendment Number 2 

WHEREAS, Meta Financial Group, Inc. (the “Company”) sponsors and
maintains the Meta Financial Group, Inc. 2002 Omnibus Incentive Plan (as amended and restated, effective November 24, 2014, the “Plan”) to facilitate equity compensation and other incentive awards to selected directors, officers and
employees; and 
 WHEREAS, the Company desires to amend the Plan to
increase the number of shares available for awards under the Plan. 
 NOW, THEREFORE, and subject to shareholder approval, the Plan is hereby amended as follows: 
 1. Section 4(a) of the Plan is
amended by replacing the phrase “1,150,000 Shares” with the phrase “1,600,000 Shares.” 
 2. In all other respects, the Plan shall
remain unchanged and in full force and effect. 
 Adopted this 1st day of November, 2017 by the Company’s Board of Directors and effective on the date it is
approved by the Company’s shareholders. 
  

	
	META FINANCIAL GROUP, INC.
	
	 /s/ Glen W. Herrick

 
			
		
	By:	 	Glen W. Herrick
	Its:	 	EVP and Chief Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}]]