Document:

Exhibit 4.1

 

 

SUZANO AUSTRIA
GMBH

 

Company

 

SUZANO S.A.

 

Guarantor

 

AND

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

 

Trustee

 

___________

 

THIRD SUPPLEMENTAL INDENTURE

 

Dated as of September 13, 2021

 

___________

 

Debt Securities

 

WARNING

 

The taking of this document or any certified
copy thereof or any document which confirms or refers to this document or any document constituting substitute documentation thereof (each
a “Stamp Duty Sensitive Document”) into the Republic of Austria as well as printing out any e-mail communication which confirms
or refers to any Stamp Duty Sensitive Document or to which a copy, a pdf-scan or any other scan of any Stamp Duty Sensitive Document is
attached in the Republic of Austria and sending any e-mail communication carrying a signature (whether digitally, manuscript or otherwise
technically reproduced) which confirms or refers to any Stamp Duty Sensitive Document or to which a copy, a pdf-scan or any other scan
of any Stamp Duty Sensitive Document is attached to or from an Austrian addressee may cause the imposition of Austrian stamp duty. Accordingly,
keep the original document as well as all certified copies thereof and written and signed confirmations thereof or references thereto
and any document constituting substitute documentation thereof outside of the Republic of Austria and do not (i) print out any e-mail
communication which confirms or refers to any Stamp Duty Sensitive Document or to which a copy, a pdf-scan or any other scan of any Stamp
Duty Sensitive Document is attached in the Republic of Austria and (ii) send any e-mail communication carrying a signature (whether digitally,
manuscript or otherwise technically reproduced) which confirms or refers to any Stamp Duty Sensitive Document or to which a copy, a pdf-scan
or any other scan of any Stamp Duty Sensitive Document is attached to or from an Austrian addressee.

 

 

    

     

    

 

THIRD SUPPLEMENTAL INDENTURE

 

THIRD SUPPLEMENTAL INDENTURE
(this “Third Supplemental Indenture”), dated as of September 13, 2021, by and among Suzano Austria GmbH, a limited
liability company incorporated under the laws of the Republic of Austria (the “Company”), having its corporate seat
at Vienna, Austria and its principal office at Fleischmarkt 1, 1010 Vienna, Austria, Suzano S.A., a corporation (sociedade por ações)
organized under the laws of the Federative Republic of Brazil (“Suzano” or the “Guarantor”), as
guarantor, and Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee, registrar, paying agent and transfer
agent (herein called the “Trustee”).

 

W I T N E S S E T H:

 

WHEREAS, the Company, the Guarantor and
the Trustee have executed and delivered an Indenture dated as of January 24, 2020, as heretofore supplemented (the “Base Indenture,”
and together with the Third Supplemental Indenture, the “Indenture”), to provide for the issuance from time to time
of the Company’s unsecured notes in one or more series (the “Securities”), including the Notes (as defined below).

 

WHEREAS, Section 9.01(7) of the Base Indenture
permits the Company and the Trustee to enter into a supplemental indenture to establish the forms or terms of the Securities of any series
as permitted under Sections 2.01 and 3.01 of the Base Indenture without the consent of Holders.

 

WHEREAS, the Board of the Company have
authorized the entry into this Third Supplemental Indenture and the establishment of the Notes, as required by Section 9.01 of the Base
Indenture.

 

WHEREAS, the parties hereto desire to establish
a series of Securities to be known as the 2.500% Notes due 2028 (the “Notes”), issued pursuant to Registration Statements
on Form F-3 (File Nos. 333-236083, 333-236083-01 and 333-236083-02) (the “Registration Statement”), dated January 24,
2020, the Prospectus Supplement dated June 28, 2021 and related Base Prospectus dated January 24, 2020, and to Sections 2.01 and 3.01
of the Base Indenture. The Notes may be issued from time to time and any Notes issued as part of the relevant series created herein will
constitute a single series of Securities under the Indenture and shall be included in the definition of “Notes,” where the
context requires.

 

WHEREAS, the Company has requested and
hereby requests that the Trustee execute and deliver this Third Supplemental Indenture and the Company has provided the Trustee with a
Board Resolution authorizing the execution of this Third Supplemental Indenture.

 

All actions required by the Company to be taken
in order to make this Third Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, have been
taken and performed, and the execution and delivery of this Third Supplemental Indenture has been duly authorized in all respects.

 

    2

     

    

 

NOW, THEREFORE, for and
in consideration of the premises and the mutual covenants contained herein and in the Indenture and for other good and valuable consideration,
the receipt and sufficiency of which are herein acknowledged, the Company, Suzano, and the Trustee hereby agree, for the equal and ratable
benefit of all Holders, as follows:

 

Article
1

 

DEFINITIONS

 

Section
1.01          Defined
Terms. All capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Base Indenture, as
supplemented and amended hereby. All definitions in the Base Indenture shall be read in a manner consistent with the terms of this Third
Supplemental Indenture.

 

Section
1.02          Additional
Definitions. For all purposes of this Third Supplemental Indenture and the Notes, except as otherwise expressly provided or unless
the subject matter or context otherwise requires, the following terms have the meanings given to them in this Section 1.02.

 

“Closing Date” means
September 13, 2021.

 

“Comparable Treasury Issue”
means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated
maturity that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of a comparable maturity to the Par Call Date, as applicable.

 

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

 

“External Verifier”
means a qualified provider of third-party assurance or attestation services appointed by the Guarantor to review the Guarantor's statement
of the Sustainability Performance Targets.

 

“Independent Investment Banker”
means one of the Reference Treasury Dealers appointed by the Issuer.

 

“Industrial Water Withdrawal”
means the annual water withdrawn from all sources (including surface waters, groundwater and/or water supplied by third-parties) for use
in the Guarantor’s and its subsidiaries’ industrial processes and operations measured for all the Guarantor’s and its
subsidiaries’ industrial production facilities in m3 water.

 

“Industrial Water Withdrawal
Intensity” means Industrial Water Withdrawal divided by Tons Produced, also expressed as m3/ton produced.

 

“Industrial Water
Withdrawal Intensity Sustainability Performance Target” means the Industrial Water Withdrawal Intensity reduction target
set forth in the Sustainability-Linked Securities Framework, which results in an Industrial Water Withdrawal Intensity not exceeding
26.1 m3/ton produced, calculated by taking the average of the Industrial Water Withdrawal Intensity m3/ton produced for the years
ended December 31, 2025 and 2026 for the Guarantor and its consolidated subsidiaries; provided, however, that for purposes of
the Industrial Water Withdrawal Intensity Sustainability Performance Target and the calculation of Industrial Water Withdrawal
Intensity, the Guarantor may exclude (A) the Industrial Water Withdrawal and Tons Produced attributable to any single or related
series of acquisitions completed since the Issue Date by the Guarantor and its consolidated subsidiaries that individually, or in
the aggregate in the case of a related series, represent (i) more than 10% of the annual net sales revenue of the Guarantor,
calculated by reference to the audited consolidated financial statements of the Guarantor for the fiscal year ended December 31,
2020, or (ii) more than 10% of the total annual installed production capacity of the Guarantor and its consolidated subsidiaries,
calculated by reference to the fiscal year ended December 31 immediately prior to such acquisition, or (B) the impact of any
material amendment to, or change in, any applicable laws, regulations, rules, guidelines and policies, applicable and/or relating to
the production of pulp and finished paper of the Guarantor and its consolidated subsidiaries following the Issue Date.

 

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“Interest Payment Record Date”
means March 13 and September 13 of each year.

 

“Leadership Positions”
means positions in Suzano’s structure in Brazil that are three levels or less below the position of the Chief Executive Officer,
including managers, executive managers, directors, executive officers and the Chief Executive Officer.

 

“Par Call Date” means
July 15, 2028.

 

“Payment Account”
has the meaning set forth in Section 2.01(viii) herein.

 

“Reference Treasury Dealers”
means BNP Paribas Securities Corp., BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Scotia Capital (USA)
Inc. or any of their Affiliates which are primary United States government securities dealers and not less than two other leading primary
United States government securities dealers in New York City reasonably designated by the Issuer; provided that if any of the foregoing
cease to be a primary United States government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer
will substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury Dealer
Quotation” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the
Independent Investment Banker, of the bid and asked price for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 pm New York time
on the third Business Day preceding such redemption date.

 

“Sustainability-Linked Securities
Framework” means the Sustainability-Linked Securities Framework adopted by the Guarantor in June 2021.

 

“Sustainability Performance
Target” means each of the Women in Leadership Positions Sustainability Performance Target and the Industrial Water Withdrawal
Sustainability Performance Target.

 

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“Tons Produced” means
the sum of pulp and finished paper produced during a given period, measured in metric tons.

 

“Treasury Rate” means,
with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated maturity
(on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Comparable Treasury Price for such redemption date.

 

“Women” means employees
who identify themselves as women, considering their gender identity and internal and individual experience of gender deeply felt by each
individual, which may or may not correspond to the sex assigned at birth, including the personal sense of the body (which may involve,
if chosen freely, modification of bodily appearance or function by medical, surgical or other means) and other expressions of gender,
including dress, speech and mannerisms.

 

“Women in Leadership Positions
Sustainability Performance Target” means the Women in Leadership Positions increase target set forth in the Sustainability-Linked
Securities Framework, which results in a total of 30% or more of Leadership Positions occupied by Women, calculated by the percentage
of Women in Leadership Positions for the year ended December 31, 2025 for the Guarantor; provided, however, that for purposes of
the Women in Leadership Positions Sustainability Performance Target and the calculation of Women in Leadership Positions, the Guarantor
may exclude (A) the Leadership Positions attributable to any single or related series of acquisitions completed since the Issue Date by
the Guarantor that individually, or in the aggregate in the case of a related series, represent (i) more than 10% of the annual net sales
revenue of the Guarantor, calculated by reference to the audited consolidated financial statements of the Guarantor for the fiscal year
ended December 31, 2020, or (ii) more than 10% of the total Leadership Positions of the Guarantor, calculated by reference to the fiscal
year ended December 31 immediately prior to such acquisition, or (B) the impact of any material amendment to, or change in, any applicable
laws, regulations, rules, guidelines and policies, applicable and/or relating to the production of pulp and finished paper of the Guarantor
and its consolidated subsidiaries following the Issue Date.

 

Article
2

TERMS OF THE NOTES

 

Section
2.01          General.
In accordance with Section 3.01 of the Base Indenture, the following terms relating to the Notes are hereby established:

 

(i)              Title:
The Notes shall constitute a series of Securities having the title “2.500% Global Notes due 2028”.

 

(ii)             Aggregate
Amount: The aggregate principal amount of the Notes that may be authenticated and delivered under this Third Supplemental Indenture
shall be U.S.$500,000,000. As provided in the Base Indenture, the Company may, from time to time, without the consent of the Holders,
issue Add On Notes having identical terms (including CUSIP, ISIN and other relevant identifying characteristics as the Notes), so long
as, on the date of issuance of such Add On Notes: (i) no Default or Event of Default shall have occurred and then be continuing, or shall
occur as a result of the issuance of such Add On Notes, (ii) such Add On Notes shall rank pari passu with the Notes and shall
have identical terms, conditions and benefits as the Notes and be part of the same series as the Notes, (iii) the Company and the Trustee
shall have executed and delivered a further supplemental indenture to the Indenture providing for the issuance of such Add On Notes and
reflecting such amendments to the Indenture as may be required to reflect the increase in the aggregate principal amount of the Notes
resulting from the issuance of the Add On Notes, (iv) Suzano shall have executed and delivered and the Trustee shall have acknowledged
an amended Guarantee reflecting the increase in the aggregate principal amount of the Notes resulting from the issuance of the Add On
Notes and (v) the Trustee shall have received all such opinions and other documents as it shall have requested, including an Opinion
of Counsel stating that such Add On Notes are authorized and permitted by the Indenture and all conditions precedent to the issuance
of such Add On Notes have been complied with by the Company and Suzano. All Add On Notes issued hereunder will, when issued, be considered
Notes for all purposes hereunder and will be subject to and take the benefit of all of the terms, conditions and provisions of this Indenture.

 

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(iii)           
Ranking: The Notes (including any additional Add On Notes) shall be general senior unsecured and unsubordinated obligations
of the Company and shall at all times rank pari passu among themselves and at least equal in right of payment with all of the Company’s
other existing and future unsecured and unsubordinated obligations from time to time outstanding that are not, by their terms, expressly
subordinated in right of payment to the Notes (other than obligations preferred by statute or by operation of law).

 

(iv)            Maturity:
The entire outstanding principal of the Notes shall be payable in a single installment on September 15, 2028 (the “Maturity
Date”). No payments in respect of the principal of the Notes shall be paid prior to the Maturity Date except in the case of
the occurrence of an Event of Default and acceleration of the aggregate outstanding principal amount of the Notes, upon redemption prior
to the Maturity Date pursuant to Section 2.01(xii) and Section 2.01(xiii) hereof.

 

(v)             Interest:
The Notes bear interest from and including September 13, 2021 at a rate of 2.500% per annum (the “Initial Rate of Interest”),
subject to Section 2.01(vi) hereof. All interest shall be paid by the Company to the Trustee and distributed by the Trustee in accordance
with this Indenture semi-annually in arrears on March 15 and September 15 of each year during which any portion of the Notes shall be
Outstanding (each, an “Interest Payment Date”), commencing on March 15, 2022, and will initially accrue from and including
the date of issuance and thereafter from the last Interest Payment Date to which interest has been paid. Interest shall be paid to the
Person in whose name a Note is registered at the close of business on the preceding Interest Payment Record Date. As provided in the
Base Indenture, (i) interest accrued with respect to the Notes shall be calculated based on a 360-day year consisting of 12 months of
30 days each, (ii) payment of principal and interest and other amounts on the Notes will be made at the Corporate Trust Office of the
Trustee in New York City, or such other paying agent office in the United States as the Company appoints, in the form provided for in
Section 10.08 of the Base Indenture, (iii) all such payments to the Trustee shall be made by the Company by depositing immediately available
funds in U.S. Dollars prior to 3:00 p.m., New York City Time, one Business Day prior to the relevant Interest Payment Date to the Payment
Account and (iv) so long as any of the Notes remain Outstanding, the Company shall maintain a paying agent in New York City.

 

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(vi)            Interest
Rate Step Up:

 

(A) From and including
September 16, 2027 (the “Industrial Water Withdrawal Intensity Interest Rate Step Up Date”), the interest rate payable
on the Notes shall be increased by 25.0 basis points either to (a) 2.750% per annum or to (b) 3.000% per annum if the Women in Leadership
Positions Subsequent Rate of Interest (as defined below) is applicable (the “Industrial Water Withdrawal Intensity Subsequent
Rate of Interest”) unless the Issuer has notified (the “Industrial Water Withdrawal Intensity Satisfaction Notification”)
the Trustee in accordance with Section 1.05 of the Base Indenture in writing at least 30 days prior to the Industrial Water Withdrawal
Intensity Interest Rate Step Up Date (the “Industrial Water Withdrawal Intensity Notification Date”) that in respect
of the year ended December 31, 2026: (i) the Industrial Water Withdrawal Intensity Sustainability Performance Target has been satisfied
and (ii) the satisfaction of the Industrial Water Withdrawal Intensity Sustainability Performance Target has been confirmed by the External
Verifier in accordance with its customary procedures. If as of the Industrial Water Withdrawal Intensity Notification Date (x) the Issuer
fails, or is unable, to provide the Industrial Water Withdrawal Intensity Satisfaction Notification, (y) the Industrial Water Withdrawal
Intensity Sustainability Performance Target has not been satisfied or (z) the External Verifier has not confirmed satisfaction of the
Industrial Water Withdrawal Intensity Sustainability Performance Target, the Industrial Water Withdrawal Intensity Subsequent Rate of
Interest will apply for each interest period from and including the Industrial Water Withdrawal Intensity Interest Rate Step Up Date up
to, and including, the Maturity Date.

 

(B) From and
including September 16, 2026 (the “Women in Leadership Positions Interest Rate Step Up Date”), the interest rate
payable on the Notes shall be increased by 25.0 basis points to 2.750% per annum (the “Women in Leadership Positions
Subsequent Rate of Interest”) unless the Issuer has notified (the “Women in Leadership Positions Satisfaction
Notification”) the Trustee in accordance with Section 1.05 of the Base Indenture in writing at least 30 days prior to the
Women in Leadership Positions Interest Rate Step Up Date (the “Women in Leadership Positions Notification Date”)
that in respect of the year ended December 31, 2025: (i) the Women in Leadership Positions Sustainability Performance Target has
been satisfied and (ii) the satisfaction of the Women in Leadership Positions Sustainability Performance Target has been confirmed
by the External Verifier in accordance with its customary procedures. If as of the Women in Leadership Positions Notification Date
(x) the Issuer fails, or is unable, to provide the Women in Leadership Positions Satisfaction Notification, (y) the Women in
Leadership Positions Sustainability Performance Target has not been satisfied or (z) the External Verifier has not confirmed
satisfaction of the Women in Leadership Positions Sustainability Performance Target, the Women in Leadership Positions Subsequent
Rate of Interest will apply for each interest period from and including the Women in Leadership Positions Interest Rate Step Up Date
up to, and including, the Maturity Date.

 

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(vii)         
[Reserved]

 

(viii)     
   Payment Account: On the Closing Date, the Trustee shall establish (and shall promptly notify the
Company of the establishment of such account, including the relevant account numbers and other relevant identifying details) and,
until the Notes and all accounts due in respect thereof have been paid in full, the Trustee shall continue to maintain the special
purpose non-interest bearing trust account established pursuant to the Third Supplemental Indenture (the “Payment
Account”) into which all payments required to be made by the Company under or with respect to the Notes shall be
deposited. The Company agrees that the Payment Account shall continue to be maintained in the name of the Trustee and under its sole
dominion and control (acting on behalf of the Holders) and used solely to make payments of principal, interest and other amounts
from time to time due and owing on, or with respect to, the Notes. No funds contained in the Payment Account shall be used for any
other purpose or in any manner not expressly provided for herein nor shall the Company or any other Person have an interest therein
or amounts on deposit therein. All amounts on deposit in the Payment Account on any Interest Payment Date after the Trustee has paid
all amounts due and owing to the holders of the Notes as of such Interest Payment Date shall be retained in the Payment Account and
used by the Trustee to pay any amounts due and owing to the Holders on the next succeeding Interest Payment Date.

 

(ix)            Form
and Denomination: The Notes shall be issuable in whole in the registered form of one or more Global Notes (without coupons), in minimum
denominations of U.S.$1,000 and integral multiples thereof, and shall be transferable in integral multiples of U.S.$1,000 and integral
multiples thereof and the Depository for such Global Notes shall be The Depository Trust Company, New York, New York.

 

(x)             Guarantee:
The Notes shall have the benefit of the Guarantee in the manner provided in Article 3 of this Third Supplemental Indenture.

 

(xi)            Rating:
The Notes can be issued without the requirement that they have any rating from a nationally recognized statistical rating organization.

 

(xii)      
    Optional Early Redemption. The Notes are subject to redemption at the Company’s option
prior to the Par Call Date in whole at any time, or in part from time to time, at a redemption price equal to the greater of (A)
100% of the principal amount of such Notes and (B) the sum of the present values, calculated as of the redemption date, of the
remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to the redemption date) (calculated at
a rate of 2.500% per annum until (i) the interest period immediately following the Women in Leadership Positions Interest Rate Step
Up Date and prior to the Industrial Water Withdrawal Intensity Interest Rate Step Up Date, during which period the interest rate
shall be deemed to be the Women in Leadership Positions Subsequent Rate of Interest, as applicable, and (ii) the interest period
immediately following the Industrial Water Withdrawal Intensity Interest Rate Step Up Date, at which point the interest rate shall
be deemed to be the Industrial Water Withdrawal Intensity Subsequent Rate of Interest, as applicable, as set forth in Section
2.01(vi)), as if the bonds were redeemed on the Par Call Date, discounted to the redemption date on an annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, plus in each case, any accrued and
unpaid interest and Additional Amounts, if any, on such notes to the redemption date, as calculated by the Independent Investment
Banker. At any time on or after the Par Call Date, the Company will have the right to redeem the Notes, in whole or in part and from
time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid
interest on the principal amount of the Notes being redeemed to such redemption date.

 

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(xiii)    
    Early Redemption Solely for Tax Reasons. If as a result of any change in or amendment to the
laws or treaties (or any rules or regulations thereunder) of any Taxing Jurisdiction, or any amendment to or change in an official
interpretation, administration or application of such laws, treaties, rules, or regulations (including a holding by a court of
competent jurisdiction), which change or amendment or change in official position becomes effective on or after the issue date, or,
with respect to a successor, after the date a successor assumes the obligations under the Notes or the note guarantees, the Company
or Suzano or a successor have or will become obligated to pay Additional Amounts in excess of the Additional Amounts that the
Company or Suzano would be obligated to pay if payments were subject to withholding or deduction at a rate of 15% (or at a rate of
25% in case the holder of the Notes is resident in a tax haven jurisdiction, i.e., countries which do not impose any income tax or
which impose it at a maximum rate lower than 20% or where the laws impose restrictions on the disclosure of ownership composition or
securities ownership) as a result of the taxes, duties, assessments and other governmental charges described above (the
“Minimum Withholding Level”), then the Company may, at its option, redeem all, but not less than all, of the
Notes, at a redemption price equal to 100% of their principal amount, together with interest and Additional Amounts accrued to the
date fixed for redemption, upon publication of irrevocable notice not less than 15 days nor more than 90 days prior to the date
fixed for redemption. No notice of such redemption may be given earlier than 90 days prior to the earliest date on which the Company
would, but for such redemption, be obligated to pay the Additional Amounts above the Minimum Withholding Level, were a payment then
due. The Company shall not have the right to so redeem the Notes in the event it becomes obliged to pay Additional Amounts which are
less than the Additional Amounts payable at the Minimum Withholding Level. Notwithstanding the foregoing, the Company shall not have
the right to so redeem the Notes unless: (i) it has taken measures it considers reasonable to avoid the obligation to pay Additional
Amounts; and (ii) it has complied with all applicable regulations to legally effect such redemption; provided, however, that for
this purpose reasonable measures shall not include any change in the Company’s, Suzano’s or any successor’s
jurisdiction of incorporation or organization or location of each of their principal executive or registered office. In the event
that the Company elects to so redeem the Notes, it will deliver to the Trustee: (i) a certificate, signed in the name of the Company
by two of its directors or by its attorney in fact in accordance with its articles of association, stating that the Company is
entitled to redeem the Notes pursuant to their terms and setting forth a statement of facts showing that the condition or conditions
precedent to the right of the Company to so redeem have occurred or been satisfied; and (ii) an Opinion of Counsel (as provided for
in the Indenture) to the effect that the Issuer has or will become obligated to pay Additional Amounts in excess of the Additional
Amounts payable at the Minimum Withholding Level as a result of the change or amendment and that all governmental approvals
necessary for the Issuer to effect the redemption have been obtained and are in full force and effect.

 

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(xiv)   
      Conversion: The Notes will not be convertible into, or exchangeable for, any other
securities.

 

(xv)          
Defeasance: The provisions of Sections 13.01, 13.02 and 13.03 of the Base Indenture shall apply to the Notes.

 

(xvi)        
Covenants: Except as set forth in Section 2.05, the Notes will be subject to the covenants set forth in Article 10 of the
Base Indenture.

 

(xvii)  
      Registration: The Notes are SEC Registered Securities.

 

Section
2.02          Amendment
to Section 5.01 Relating to Events of Default. With respect to the Notes only, (and for the avoidance of doubt, not with respect to
any other series of Notes issued pursuant to the Base Indenture on or prior to the date hereof), Section 5.01 of the Base Indenture is
hereby amended by deleting the existing language and replacing it with the language below (without any effect on the other provisions
contained therein):

 

“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)       The
Company shall fail to make any payment in respect of principal on any of the Notes whether on the Maturity Date (as the same may be extended
as permitted hereunder), upon redemption or prior to the Maturity or otherwise in accordance with the terms of the Notes and the Indenture;

 

(b)       The
Company shall fail to make any payment in respect of any interest or other amounts due on or with respect to the Notes (including Additional
Amounts, if any) in accordance with the terms of the Notes and the Indenture, non-payment of which shall continue for a period of 30 calendar
days and the Trustee shall not have otherwise received such amounts from amounts on deposit, from Suzano under ‎Section 12.01
of the Indenture or otherwise by the end of such 30 calendar day period;

 

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(c)       The
Company or Suzano shall fail to perform, or breach, any term, covenant, agreement or obligation in respect of the Notes issued under the
Indenture and such failure (other than any failure to make any payment under ‎Section 12.01 of the Indenture, for which there is
no cure) is either incapable of remedy or continues for a period of 60 calendar days after there has been received by the Company or Suzano
from the Trustee or the Holders of at least 25% in principal amount of the Outstanding Notes a written notice specifying such default
or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;

 

(d)       The
maturity of any Debt of the Company or Suzano or any Material Subsidiary thereof in a total aggregate principal amount of U.S.$75,000,000
or more is accelerated in accordance with the terms of that Debt, it being understood that prepayment or redemption by the Company or
Suzano or any Material Subsidiary thereof of any Debt is not acceleration for this purpose;

 

(e)       One
or more final and non-appealable judgments or orders for the payment of money are rendered against the Company, Suzano or any of its Subsidiaries
and are not paid or discharged, and there is a period of 60 consecutive days following entry of the final and non-appealable judgment
or order that causes the aggregate amount for all such final and non-appealable judgments or orders outstanding and not paid or discharged
against all such Persons to exceed U.S.$75,000,000 or the equivalent thereof at the time of determination (in excess of amounts which
Suzano’s insurance carriers have agreed to pay under applicable policies) during which a stay of enforcement, by reason of a pending
appeal or otherwise, is not in effect;

 

(f)       Proceedings
are initiated against the Company or Suzano or any Material Subsidiary thereof under any applicable bankruptcy, reorganization, insolvency,
moratorium or intervention law or law with similar effect, or under any other law for the relief of, or relating to, debtors, and any
such proceeding is not dismissed or stayed within 60 days after the entering of such proceeding, or an administrator, receiver, administrador
judicial, liquidator, custodian, trustee, manager, fiduciary, statutory manager, intervener or assignee for the benefit of creditors (or
other similar official) is appointed to take possession or control of, or a distress, execution, attachment or sequestration or other
process is levied, enforced upon, sued out or put in force against, all or any material part of the undertaking, property, assets or revenues
of the Company or Suzano or any Material Subsidiary thereof and is not dismissed or stayed within 60 days;

 

(g)       The
Company or Suzano or any Material Subsidiary thereof commences voluntarily or consents to judicial, administrative or other proceedings
relating to it under any applicable bankruptcy, reorganization, insolvency, moratorium or intervention law or law with similar effect,
or under any other law for the relief of, or relating to, debtors, or makes or enters into any composition, recuperação
judicial or extrajudicial or other similar arrangement with its creditors, or appoints or applies for the appointment of an administrator,
receiver, administrador judicial, liquidator, custodian, trustee, manager, fiduciary, statutory manager, intervener or assignee for the
benefit of creditors (or other similar official) to take possession or control of the whole or any material part of its undertaking,
property, assets or revenues, or takes any judicial, administrative or other similar proceeding under any law for a readjustment or deferment
of its Debt or any part of it;

 

    11

     

    

 

(h)       the
Guarantee ceases to be in full force and effect, other than in accordance with the terms of this Indenture, or Suzano denies or disaffirms
its obligations under the Guarantee; and

 

(i)       Any
event occurs that under the laws of any relevant jurisdiction has substantially the same effect as any of the events referred to in any
of paragraphs (e), (f) or (g) of this ‎Section 5.01.”

 

Section
2.03          Amendments
to Section 8.01 Relating to Limitation on Consolidation, Merger, Sale or Conveyance. With respect to the Notes only, (and, for the
avoidance of doubt, not with respect to any other series of notes issued pursuant to the Base Indenture on or prior to the date hereof)
Section 9.07 of the Base Indenture is hereby amended by deleting the existing language and replacing it with the language below (without
any effect on the other provisions contained therein):

 

“Section
8.01 Limitation Consolidation, Merger or Sale of Substantially All Assets.

 

(a)       Neither
Suzano nor the Company will, in a single transaction or a series of transactions: 

 

(i)       consolidate
with, merge with or into any Person, or 

 

(ii)       sell,
convey, transfer, assign, or otherwise dispose of all or substantially all of its assets (determined on a consolidated basis for Suzano
and its Subsidiaries, as the case may be) as an entirety or substantially an entirely, in one transaction or a series of related transactions,
to any Person, or 

 

(iii)       permit
any Person to merge with or into Suzano or the Company; in ease case unless

 

		1.	either: (x) Suzano, the Company or Fibria Overseas Finance, as applicable, is the continuing Person;
or (y) the resulting, surviving or transferee Person (the “Successor Company”) is (A) in the event of a merger of Suzano,
a corporation organized and validly existing under the laws of Brazil or any political subdivision thereof, the United States of America
or any state thereof or the District of Columbia or any other country member of the Organization for Economic Co-operation and Development
(“OECD”) or (B) in the event of a merger of the Company, an entity organized and validly existing under the laws of
Austria, the United States of America or any state thereof or the District of Columbia or any other country
member of the OECD, and, in each case, expressly assumes by supplemental indenture, executed and delivered to the Trustee, in form as
set forth in this Indenture or as otherwise satisfactory to the Trustee, all of the obligations of Suzano or the Company, as the case
may be, under this Indenture and the Guarantee, as applicable;

 

    12

     

    

 

		2.	immediately after giving effect to the transaction, no Event of Default, and no Default has occurred
and is continuing; and

 

		3.	if Suzano is organized under Brazilian law or the Company is organized under Austrian law or Cayman
Islands law, as applicable, and Suzano or the Company merges with a corporation, or the Successor Company is, organized under the laws
of the United States, any State thereof or the District of Columbia or any country member of the OECD, or (ii) if Suzano or the Company
is organized under the laws of the United States, any State thereof or the District of Columbia and merges with a corporation, or the
Successor Company is, organized under the laws of Brazil, Austria or the Cayman Islands, as applicable, or any country member of the OECD,
then Suzano, the Company or the Successor Company will have delivered to the Trustee an Opinion of Counsel from each of Brazilian, Austrian
or Cayman Islands, as applicable, U.S. and the successor jurisdiction counsel to the effect that, as applicable, the Holders will not
recognize income, gain or loss for U.S. jurisdiction or Brazilian, Austrian or Cayman Islands jurisdiction, as applicable, or the successor
jurisdiction income tax purposes as a result of such transaction; and

 

		4.	the Company or the Successor Company, as the case may be, delivers to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that the consolidation, merger or transfer and the supplemental indenture (if any)
comply with this Indenture; 

 

provided, that
clause (2) does not apply to the consolidation or merger of Suzano or the Company with or into any of Suzano’s Subsidiaries or the
consolidation or merger of a Subsidiary of Suzano with or into Suzano or the Company or Fibria Overseas Finance.

 

(b)       Suzano
shall not sell or otherwise transfer any Equity Interest in the Company (other than directors’ qualifying shares) to any other
Person other than a Subsidiary of Suzano unless Suzano becomes the direct obligor under the Notes;

 

    13

     

    

 

(c)       Upon
the consummation of any transaction effected in accordance with this Section 8.01, if Suzano or the Company or Fibria Overseas Finance,
as applicable, is not the continuing Person, the Successor Company will succeed to, and be substituted for, and may exercise every right
and power of Suzano under the Guarantee, or the Company or Fibria Overseas Finance under this Indenture with the same effect as if such
successor Person had been named as Suzano or the Company, as applicable, in this Indenture. Upon such substitution, unless the successor
is one or more of Suzano’s Subsidiaries, Suzano or the Company, as applicable, will be released from its obligations under this
Indenture or the Guarantee, as applicable.”

 

Section
2.04          Amendments
to Section 9.07 Relating to Substitution of the Company. With respect to the Notes only, (and, for the avoidance of doubt, not with
respect to any other series of notes issued pursuant to the Base Indenture on or prior to the date hereof) Section 9.07 of the Base Indenture
is hereby amended by deleting the existing language and replacing it with the language below (without any effect on the other provisions
contained therein):

 

“Section 9.07. Substitution
of the Company.

 

(a) Notwithstanding
any other provision contained in this Indenture, (i) the Company may, without the consent of any Holder (and by purchasing any Securities,
each Holder expressly consents to the provisions of this Section 9.07), be substituted by (i) Suzano or (ii) any Wholly-Owned Subsidiary
of Suzano as principal debtor in respect of the Securities (in each case, in such capacity, the “Successor Company”);
provided that the following conditions are satisfied:

 

(i) such documents
shall be executed by the Successor Company, the Company, Suzano and the Trustee as may be necessary to give full effect to the substitution,
including a supplemental indenture under which the Successor Company assumes all of the Company’s obligations under this Indenture
and the Securities and, unless Suzano’s then existing Guarantee remains in full force and effect, substitute guarantee issued by
Suzano in respect of the Notes (collectively, the “Company Substitution Documents”) and (without limiting the generality
of the foregoing) pursuant to which the Successor Company shall undertake in favor of each Holder to be bound by the terms and conditions
of the Securities and the provisions of this Indenture as fully as if the Successor Company had been named in the Securities and this
Indenture as the principal debtor in respect of the Securities; 

 

(ii) without limiting
the generality of Section 9.07(a)(i), the Company Substitution Documents shall contain covenants by the Successor Company (i) to ensure
that each Holder has the benefit of a covenant in terms corresponding to the obligations of the Company in respect of the payment of
Additional Amounts set forth in Section 10.10 of this Indenture, with the substitution of the references to Austria with references to
the jurisdiction of organization of the Successor Company; and (ii) to indemnify each Holder and beneficial owner of the Securities against
all taxes or duties (a) which arise by reason of a law or regulation in effect or contemplated on the effective date of the substitution,
which may be incurred or levied against such Holder or beneficial owner of the Securities as a result of the substitution pursuant to
the conditions set forth in this Section 9.07 and which would not have been so incurred or levied had such substitution not been made
and (b) which are imposed on such Holder or beneficial owner of the Securities by any political subdivision or taxing authority of any
country in which such Holder or beneficial owner of the Securities resides or is subject to any such tax or duty and which would not
have been so imposed had the substitution not been made;

 

    14

     

    

 

(iii) the Successor
Company shall have delivered, or caused the delivery, to the Trustee of an Opinion of Counsel in the jurisdiction of organization of the
Successor Company, Austria and Brazil, to the effect that the Company Substitution Documents, this Indenture, the Securities and the Guarantee
constitute legal, valid and binding obligations of the Successor Company, enforceable against the Successor Company in accordance with
their terms (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, fraudulent transfer, moratorium
and similar laws of general applicability relating to or affecting creditors’ rights and to general principles of equity) and other
specified legal matters, such Opinion of Counsel to be dated not more than five days prior to the date of succession of the Company by
the Successor Company;

 

(iv) the Successor
Company shall have delivered, or caused the delivery, to the Trustee of an Opinion of Counsel from New York counsel reasonably satisfactory
to the Trustee, to the effect that (i) the Company Substitution Documents this Indenture, the Securities and the Guarantee constitute
legal, valid and binding obligations of the Successor Company and the Guarantor parties thereto under the law of the State of New York,
enforceable against such parties in accordance with their terms (subject, as to the enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency, fraudulent transfer, moratorium and similar laws of general applicability relating to or affecting creditors’
rights and to general principles of equity), and (ii) no consent, approval, authorization or order of any U.S. federal or New York State
court or governmental agency or regulatory body is required for the consummation of the transactions contemplated by the Company Substitution
Documents and compliance with the terms thereof by each of the Successor Company, Suzano and the Guarantor, except as may be required
by U.S. state securities laws, such Opinion of Counsel to be dated not more than five days prior to the date of succession of the Company
by the Successor Company;

 

(v) the Successor
Company shall have delivered, or caused the delivery, to the Trustee of an Officer’s Certificate as to compliance with the provisions
of this Indenture, including those provisions described under this Section 9.07;

 

    15

     

    

 

(vi) the Successor
Company shall have appointed a process agent in the Borough of Manhattan, in the City of New York to receive service of process on its
behalf in relation to any legal action or proceedings arising out of or in connection with the Securities, this Indenture and the Company
Substitution Documents;

 

(vii) no Event
of Default shall have occurred and be continuing; and

 

(viii) such substitution
shall comply with all applicable requirements under the laws of the jurisdiction of organization of the Successor Company, Austria and
Brazil for the purpose of such substitution.

 

(b) Upon the
execution of the Company Substitution Documents, any substitute guarantee and compliance with the other conditions set forth in Section
9.07(a) hereof, (i) the Successor Company shall be deemed to be named in the Securities as the principal debtor in place of the Company,
(ii) the Securities shall thereupon be deemed to be amended to give effect to such succession, and (iii) any reference in this Indenture
to the Company shall from then on be deemed to refer to the Successor Company and any reference to the country in which the Company is
domiciled or resident for taxation purposes shall from then on be deemed to refer to the country of domicile or residence for taxation
purposes of the Successor Company.

 

(i) The Company
Substitution Documents shall be delivered to and held by the Trustee for so long as any Securities remain outstanding and for so long
as any claim may be made against the Successor Company or the Company by any Holder in respect of the Securities or the Company Substitution
Documents shall not have been finally adjudicated, settled or discharged. The Successor Company and the Company shall acknowledge in the
Company Substitution Documents the right of every Holder to the production of the Company Substitution Documents for the enforcement of
any of the Securities, this Indenture or the Company Substitution Documents.

 

(ii) Not later
than 10 Business Days after the execution of the Company Substitution Documents, the Successor Company shall give notice thereof to the
Holders. Notice of any such substitution shall be published in accordance with Section 1.05, 1.06 and 1.07.

 

(iii) Notwithstanding
any other provision of this Indenture, Suzano (unless it is the Successor Company) shall promptly execute and deliver any documents or
instruments, including any substitute guarantee and a legal opinion of internationally recognized Brazilian, Luxembourg and Austrian counsel
that may be required, or that the Trustee may reasonably request, to ensure that the Suzano’s Guarantee shall continue in full force
and effect for the benefit of the Holders and beneficial owners of the Securities following the succession pursuant to this Article IX.”

 

    16

     

    

 

Section
2.05         
Amendment to Article X. With respect to the Notes only, (and for the avoidance of doubt, not with respect to any other
series of Notes issued pursuant to the Base Indenture on or prior to the date hereof), the following language will be added as Section
10.16 of the Base Indenture:

 

“Section 10.16. Maintenance
of Properties. 

 

Suzano will cause
all properties used or useful in the conduct of its business or the business of any of its Subsidiaries to be maintained and kept in good
condition, repair and working order as in the judgment of Suzano may be necessary so that the business of Suzano and its Subsidiaries
may be properly and advantageously conducted at all times; provided that nothing shall prevent Suzano or any of its Subsidiaries from
discontinuing the use, operation or maintenance of any of such properties or disposing of any of them, if such discontinuance or disposal
is, in the judgment of Suzano, desirable in the conduct of the business of Suzano and its Subsidiaries taken as a whole.”

 

Section
2.06          Amendment
to Section 12.01 Relating to Unconditional Guarantee. With respect to the Notes only, (and for the avoidance of doubt, not with respect
to any other series of Notes issued pursuant to the Base Indenture on or prior to the date hereof), the following language under Section
12.01 of the Base Indenture:

 

“Rights
of Holders to payment in full under the Securities pursuant to the Guarantee shall be equal in right of payment with all other existing
and future senior unsecured obligations of Suzano, subject to certain statutory preferences under applicable law, and senior in right
of payment to Suzano’s subordinated debt.”

 

shall be deleted and replaced with the following
language (without any effect on the other provisions contained therein):

 

“Rights
of Holders to payment in full under the Securities pursuant to the Guarantee shall be equal in right of payment to all other existing
and future senior unsecured obligations of Suzano, subject to certain statutory preferences under applicable law, including labor and
tax claims; senior in right of payment to Suzano’s subordinated debt; and effectively subordinated to the debt and other liabilities
(including subordinated debt and trade payables) of Suzano’s subsidiaries (other than the Company) and jointly controlled companies
and to secured debt of Suzano to the extent of the value of the assets securing such secured debt.” 

 

Article
3

GUARANTEE

 

Section
3.01          Execution.
The Trustee is hereby authorized and directed to acknowledge the Guarantee and to perform all of its duties and obligations thereunder.

 

    17

     

    

 

Section
3.02         
Enforcement. The Trustee shall enforce the provisions of the Guarantee against Suzano in accordance with the terms
thereof and the terms of the Indenture, and Suzano, by execution of this Third Supplemental Indenture, and by so agreeing to become a
party to the Indenture, agrees that each Holder shall have direct rights under the Guarantee as if it were a party thereto.

 

Section
3.03     
    Suzano hereby (i) acknowledges and agrees to be bound by the provisions of Section 1.08 of the
Base Indenture and (ii) confirms that (A) its obligations under the Guarantee shall be issued pursuant to the Indenture and (B) it
intends for the Holders, in addition to those rights under the Guarantee as provided therein, to be entitled to the benefits of the
Indenture with respect to their rights against Suzano under the Guarantee.

 

Section
3.04          Taxes;
Additional Amounts. For the avoidance of doubt, the Company’s obligations to pay any indemnity with respect to taxes, including
the obligation to pay Additional Amounts pursuant to Section 10.10 of the Base Indenture, shall extend to any payments made by Suzano
pursuant to the Guarantee.

 

Article
4

MISCELLANEOUS

 

Section
4.01          Effect
of the Third Supplemental Indenture. This Third Supplemental Indenture supplements the Indenture and shall be a part, and subject
to all the terms, thereof. The Base Indenture, as supplemented and amended by this Third Supplemental Indenture, is in all respects ratified
and confirmed, and the Base Indenture and this Third Supplemental Indenture shall be read, taken and construed as one and the same instrument.
All provisions included in this Third Supplemental Indenture supersede any conflicting provisions included in the Base Indenture unless
not permitted by law. The provisions of this Third Supplemental Indenture are intended to apply solely to the Notes and the Holders thereof
and shall not apply to any future issuance of securities by the Company (other than any Add On Notes as provided herein) and all references
to provisions of the Base Indenture herein amended and restated or otherwise modified shall have effect solely with respect to the Notes
contemplated in this Third Supplemental Indenture. The Trustee accepts the trusts created by the Base Indenture, as supplemented by this
Third Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this
Third Supplemental Indenture.

 

Section
4.02          Governing
Law. This Third Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.

 

Section
4.03          Trustee
Makes No Representation. In entering into this Third Supplemental Indenture, the Trustee shall be entitled to the benefit of
every provision of the Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee
(including, without limitation, the right to be indemnified), whether or not elsewhere herein so provided. The Trustee, for itself
and its successors, accepts the terms of the Indenture as amended by this Third Supplemental Indenture, and agrees to perform the
same, but only upon the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee, which terms
and provisions shall in like manner define and limit its liabilities and responsibilities in the performance of the trust created by
the Indenture. The Trustee shall not be responsible in any manner whatsoever for or in respect of and makes no representations (i)
as to the validity or sufficiency of this Third Supplemental Indenture or any of the terms or provisions hereof, other than as to
the validity of its execution and delivery by the Trustee, (ii) in respect of recitals contained herein (all of which recitals or
statements are made solely by the Issuer and the Guarantor), (iii) as to the due execution hereof by the Issuer and the
Guarantor, or (iv) as to the consequences of any amendment and/or waiver herein provided for.

 

    18

     

    

 

Section
4.04          Effect
of Headings. The section headings herein are for convenience only and shall not affect the construction of this Third Supplemental
Indenture.

 

Section
4.05      
   Counterparts. The parties may sign any number of copies of this Third Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Third
Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of
this Third Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all
purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all
purposes.

 

Section
4.06          Waiver
of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE OR THE NOTES.

 

Section
4.07          Electronic
Signatures and Transmission. Facsimile, documents executed, scanned and transmitted electronically and electronic signatures,
including those created or transmitted through a software platform or application, shall be deemed original signatures for purposes
of this Indenture and all matters and agreements related thereto, with such facsimile, scanned and electronic signatures having the
same legal effect as original signatures. The parties agree that this Indenture or any instrument, agreement or document necessary
for the consummation of the transactions contemplated by this Indenture or related hereto or thereto (including, without limitation,
addendums, amendments, notices, instructions, communications with respect to the delivery of securities or the wire transfer of
funds or other communications) (“Executed Documentation”) may be accepted, executed or agreed to through the use of an
electronic signature in accordance with applicable laws, rules and regulations in effect from time to time applicable to the
effectiveness and enforceability of electronic signatures. Any Executed Documentation accepted, executed or agreed to in conformity
with such laws, rules and regulations will be binding on all parties hereto to the same extent as if it were physically executed and
each party hereby consents to the use of any third party electronic signature capture service providers as may be reasonably chosen
by a signatory hereto or thereto. When the Trustee acts on any Executed Documentation sent by electronic transmission, the Trustee
will not be responsible or liable for any losses, costs or expenses arising directly or indirectly from its reliance upon and
compliance with such Executed Documentation, notwithstanding that such Executed Documentation (a) may not be an authorized or
authentic communication of the party involved or in the form such party sent or intended to send (whether due to fraud, distortion
or otherwise) or (b) may conflict with, or be inconsistent with, a subsequent written instruction or communication; it being
understood and agreed that the Trustee shall conclusively presume that Executed Documentation that purports to have been sent by an
authorized officer of a Person has been sent by an authorized officer of such Person. The party providing Executed Documentation
through electronic transmission or otherwise with electronic signatures agrees to assume all risks arising out of such electronic
methods, including, without limitation, the risk of the Trustee acting on unauthorized instructions and the risk of interception and
misuse by third parties.

 

[SIGNATURE PAGE TO FOLLOW IMMEDIATELY]

 

    19

     

    

 

IN WITNESS WHEREOF, the parties
have caused this Third Supplemental Indenture to be duly executed as of the date first written above.

 

	 	Suzano Austria GmbH

 

	 	By:	/s/ Targe Bock
	 	 	Name: Targe Bock
	 	 	Title: Prokurist

 

	 	By:	/s/ Tiago Sousa
    Seixas
	 	 	Name: Tiago Sousa Seixas
	 	 	Title: Managing Director

 

	 	Suzano S.A.

 

	 	By:	/s/ Marcelo Feriozzi
    Bacci
	 	 	Name: Marcelo Feriozzi Bacci
	 	 	Title: Chief Financial Officer

 

	 	By:	/s/ Leonardo Barreto
    de Araujo Grimaldi
	 	 	Name: Leonardo Barreto de Araujo Grimaldi
	 	 	Title: Executive Officer

 

    

     

    

 

IN WITNESS WHEREOF, the parties have caused this
Third Supplemental Indenture to be duly executed as of the date first written above.

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee

 

	 	By:	/s/ Luke Russell
	 	 	Name: Luke Russell
	 	 	Title: Vice President

 

	 	By:	/s/ Chris Niesz
	 	 	Name: Chris Niesz
	 	 	Title: Vice President

  

    

     

    

 

EXHIBIT A

 

FORM OF GLOBAL SECURITY

 

[FORM OF FACE OF NEW SECURITY]

 

[Global Securities Legend]

 

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 OF A DEPOSITARY.
THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED
EXCEPT IN LIMITED CIRCUMSTANCES.

 

UNLESS THIS GLOBAL SECURITY
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY DEFINITIVE SECURITY ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

    A-1

     

    

 

No.         U.S.$

 

SUZANO AUSTRIA GMBH

 

2.500% Global Notes due September
15, 2028

 

Date: ___________

 

No.________ CUSIP NO._____________

 

ISIN NO.______________

 

This Security is one of a duly
authorized issue of securities of SUZANO AUSTRIA GMBH, a private company incorporated with limited liability under the laws of Austria
(the “Company”), designated as its 2.500% Global Notes due September 15, 2028 (the “Securities”),
issued in an initial aggregate principal amount of U.S.$500,000,000 as revised by the Schedule of Increases and Decreased attached hereto,
under the Third Supplemental Indenture (the “Third Supplemental Indenture”), dated as of September 13, 2021, by and
among the Issuer, Suzano S.A., a corporation (sociedade por ações) organized under the laws of Brazil (“Suzano”
or the “Guarantor”), and Deutsche Bank Trust Company Americas, a New York banking corporation, as Trustee (the “Trustee”),
to the Indenture, dated as of January 24, 2020 (the “Base Indenture,” and as supplemented by the Third Supplemental
Indenture and any further supplements thereto with respect to the Securities, the “Indenture”), by and among the Company,
the Guarantor and the Trustee. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of interests,
benefits, obligations and duties thereunder of the Company, the Trustee and the Holders, and of the terms upon which the Securities are,
and are to be, authenticated and delivered. All capitalized terms used in this Securities which are defined in the Indenture and not otherwise
defined herein shall have the meanings assigned to them in the Indenture.

 

The Company, for value received,
hereby promises to pay to ________________, or its registered assigns [If applicable, insert - - as nominee of __________________], and
as the Holder of record of this Security, the principal amount specified above in _________ on __________ (or earlier as provided for
in the Indenture) upon presentation and surrender hereof, at the office or agency of the Trustee referred to below.

 

As provided for in the Indenture,
the Company promises to pay interest on the outstanding principal amount hereof, from ______________, semi-annually in arrears on ___________
and ____________ of each year (each such date, an “Interest Payment Date”), commencing ____________ at a rate equal
to [●]% per annum, subject to the paragraph below, and will initially accrue from the date of issuance and thereafter from the last
Interest Payment Date to which interest has been paid. Interest payable, and punctually paid or duly provided for, on this Security on
any Interest Payment Date will, as provided in the Indenture, be paid in immediately available funds to the Person in whose name this
Security (or one or more predecessor Securities) is registered at the close of business on September 13 or September 13 immediately preceding
such interest payment.

 

    

     

    

 

From and including September
16, 2027 (the “Industrial Water Withdrawal Intensity Interest Rate Step Up Date”), the interest rate payable on the
Notes shall be increased by 25.0 basis points either to (a) 2.750% per annum or to (b) 3.000% per annum if the Women in Leadership Positions
Subsequent Rate of Interest is applicable (the “Industrial Water Withdrawal Intensity Subsequent Rate of Interest”)
unless the Issuer has notified (the “Industrial Water Withdrawal Intensity Satisfaction Notification”) the Trustee
in accordance with Section 1.05 of the Base Indenture in writing at least 30 days prior to the Industrial Water Withdrawal Intensity Interest
Rate Step Up Date (the “Industrial Water Withdrawal Intensity Notification Date”) that in respect of the year ended
December 31, 2026: (i) the Industrial Water Withdrawal Intensity Sustainability Performance Target has been satisfied and (ii) the satisfaction
of the Industrial Water Withdrawal Intensity Sustainability Performance Target has been confirmed by the External Verifier in accordance
with its customary procedures. If as of the Industrial Water Withdrawal Intensity Notification Date (x) the Issuer fails, or is unable,
to provide the Industrial Water Withdrawal Intensity Satisfaction Notification, (y) the Industrial Water Withdrawal Intensity Sustainability
Performance Target has not been satisfied or (z) the External Verifier has not confirmed satisfaction of the Industrial Water Withdrawal
Intensity Sustainability Performance Target, the Industrial Water Withdrawal Intensity Subsequent Rate of Interest will apply for each
interest period from and including the Industrial Water Withdrawal Intensity Interest Rate Step Up Date up to, and including, the Maturity
Date.

 

From and including September
16, 2026 (the “Women in Leadership Positions Interest Rate Step Up Date”), the interest rate payable on the Notes shall
be increased by 25.0 basis points to 2.750% per annum (the “Women in Leadership Positions Subsequent Rate of Interest”)
unless the Issuer has notified (the “Women in Leadership Positions Satisfaction Notification”) the Trustee in accordance
with Section 1.05 of the Base Indenture in writing at least 30 days prior to the Women in Leadership Positions Interest Rate Step Up Date
(the “Women in Leadership Positions Notification Date”) that in respect of the year ended December 31, 2025: (i) the
Women in Leadership Positions Sustainability Performance Target has been satisfied and (ii) the satisfaction of the Women in Leadership
Positions Sustainability Performance Target has been confirmed by the External Verifier in accordance with its customary procedures. If
as of the Women in Leadership Positions Notification Date (x) the Issuer fails, or is unable, to provide the Women in Leadership Positions
Satisfaction Notification, (y) the Women in Leadership Positions Sustainability Performance Target has not been satisfied or (z) the External
Verifier has not confirmed satisfaction of the Women in Leadership Positions Sustainability Performance Target, the Women in Leadership
Positions Subsequent Rate of Interest will apply for each interest period from and including the Women in Leadership Positions Interest
Rate Step Up Date up to, and including, the Maturity Date.

 

Payment of the principal
of and interest on this Security will be payable by wire transfer to a _______ account maintained by the Holder of this Security as
reflected in the Security Register of the Trustee. In the event the date for any payment of the principal of or interest on any
Security is not a Business Day, then payment will be made on the next Business Day with the same force and effect as if made on the
nominal date of any such date for such payment and no additional interest will accrue on such payment as a result of such payment
being made on the next succeeding Business Day. Interest shall accrue on the Securities at the rate of 2.500% per annum until all
required amounts due in respect of the Securities have been paid. Interest accrued with respect to this Security shall be calculated
based on 360-day year consisting of 12 months of 30 days each.

 

    

     

    

 

The Securities are subject
to redemption by the Issuer on the terms and conditions specified in the Indenture.

 

This Security does not purport
to summarize the Indenture, and reference is made to the Indenture for information with respect to the respective rights, limitations
of interests, benefits, obligations and duties thereunder of the Company, the Trustee and the Holders. If an Event of Default shall occur
and be continuing, the outstanding principal amount of all the Securities may become or may be declared due and payable in the manner
and with the effect provided in the Indenture.

 

Modifications of the Indenture
may be made by the Company and the Trustee only to the extent and in the circumstances permitted by the Indenture.

 

The Securities shall be issued
only in fully registered form, without coupons. Securities shall be issued in the form of beneficial interests in one or more global securities
in denominations of U.S.$1,000 and any integral multiples thereof.

 

Prior to and at the time of
due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue,
and neither the Company, the Trustee nor any agent thereof shall be affected by notice to the contrary.

 

    

     

    

 

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

 

	 	Suzano Austria GmbH
	 	 
	 	By:	 
			Name:
	 	 	Title:
	 	 	 
	 	By:	 
			Name:
	 	 	Title:

 

Dated: [●], 2021

 

     

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

Deutsche Bank Trust Company Americas

 

as Trustee, certifies that this is one of the
Securities referred to in the Indenture.

 

	 	By:	        	 
	 	Authorized Signatory	 

  

Dated: _____, 2021

 

     

     

    

 

Reverse of Global Security

 

This Security is one of a duly
authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more
series under an Indenture, dated as of January 24, 2020, as supplemented with respect to the Securities (herein called the “Indenture”
which term shall have the meaning assigned to it in such instrument), between the Company, the Guarantor and Deutsche Bank Trust Company
Americas, as Trustee (herein called the “Trustee,” which term includes any other successor trustee under the Indenture),
and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered. This Security is one of the series designated on the face hereof.

 

Prior to July 15, 2028 (the
“Par Call Date”), the Company may redeem the Securities in whole at any time, or in part from time to time, at a redemption
price based on a “make-whole” premium, plus accrued and unpaid interest, if any, to the redemption date. At any time on or
after the Par Call Date, we may redeem the Securities, in whole or in part at a redemption price equal to 100% of the principal amount
of the Securities being redeemed plus accrued and unpaid interest on the principal amount of the Securities being redeemed to such redemption
date. For purposes of optional redemption, interest will be calculated after the Interest Rate Step Up Date at the Subsequent Rate of
Interest, unless the Sustainability Performance Target has been satisfied and the Issuer has provided Satisfaction Notification to the
Trustee in writing on the Notification Date.

 

The Company may redeem the Securities,
in whole but not in part, at 100% of its principal amount plus accrued and unpaid interest and Additional Amounts (as defined below),
if any, at any time upon the occurrence of specified events relating to Brazilian, Austrian or other relevant jurisdictions’ tax
laws.

 

Notice of redemption will be
given by mail to Holders of Securities of this series, not less than 15 days nor more than 60 days prior to the date fixed for redemption,
all as provided in the Indenture.  Such notice may at the Company’s option be subject to the satisfaction of one or more
conditions precedent, and it may be rescinded or the applicable redemption date delayed in the event that any or all such conditions shall
not have been satisfied by the applicable redemption date.  Any conditions precedent shall be described in such notice.

 

In the event of redemption of
this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued
in the name of the Holder hereof upon the cancellation hereof.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness on this Security or certain restrictive covenants and Events of Default with respect
to this Security, in each case, upon compliance with certain conditions set forth in the Indenture.)

 

If an Event of Default with
respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture.

 

     

     

    

 

If any deduction or withholding
for any present or future taxes, assessments or other governmental charges of Brazil or Austria (or any political subdivision or taxing
authority thereof or therein) shall at any time be required by Brazil or Austria (or any such political subdivision or taxing authority)
in respect of any amounts to be paid by the Company under the Securities, the Company will pay to the Holder of this Security such additional
amounts as may be necessary in order that the net amounts paid to such Holder of such Security who, with respect to any such tax, assessment
or other governmental charge, is not resident in Brazil or Austria, after such deduction or withholding, shall be not less than the amounts
specified in such Security to which such Holder is entitled (“Additional Amounts”); provided, however, that the Company
shall not be required to make any payment of Additional Amounts for or on account of:

 

(a)              
any tax, assessment or other governmental charge which would not have been imposed but for (i) the existence of any present
or former connection between such Holder or the beneficial owner of the Security of such series (or between a fiduciary, settler, beneficiary,
member or shareholder of, or possessor of a power over, such Holder or beneficial owner, if such Holder or beneficial owner is an estate,
trust, partnership or corporation) and Brazil or Austria or any political subdivision or territory or possession thereof or area subject
to its jurisdiction other than the mere holding of a Security or receipt of payment in respect thereto, including, without limitation,
such Holder or beneficial owner (or such fiduciary, settler, beneficiary, member, shareholder or possessor) being or having been a citizen
or resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment
therein or (ii) the presentation of a Security of such series (where presentation is required) for payment on a date more than 30 days
after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs
later;

 

(b)              
any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge;

 

(c)              
any amount required to be deducted or withheld by any Paying Agent from a payment on or in respect of the Security, if such
payment can be made without such deduction or withholding by any other Paying Agent and we duly provide for such other Paying Agent to
make such payment;

 

(d)              
withholding for any taxes, duties, assessments or other governmental charges that are payable otherwise than by deduction or
withholding from payments on the Security;

 

(e)              
any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure to comply by the Holder
or the beneficial owner of the Security of such series with a request of the Company addressed to the Holder (i) to provide information
concerning the nationality, residence or identity of the Holder or such beneficial owner or (ii) to make any declaration or other similar
claim or satisfy any information or reporting requirements, which, in the case of (i) or (ii), is required or imposed by a statute, treaty,
regulation or administrative practice of Brazil or Austria as a precondition to exemption from all or part of such tax, assessment or
other governmental charge;

 

     

     

    

 

(f)                
where the Holder would have been able to avoid the tax, levy, deduction or other governmental charge by taking reasonable measures
available to such Holder; or

 

(g)              
any combination of items (a), (b), (c), (d), (e) and (f) above;

 

nor shall Additional Amounts be paid with respect
to any payment in respect of any Security to any Holder or beneficial owner who is a fiduciary or partnership or other than the sole beneficial
owner of such payment to the extent such payment would be required by the laws of Brazil or Austria (or any political subdivision or taxing
authority thereof or therein) to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary
or a member of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts had it been the Holder
or beneficial owner, as the case may be, of such Security.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the
rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected.
The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series
at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon
the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made
upon this Security.

 

As set forth in, and subject
to, the provisions of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect
to the Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of
the Outstanding Securities of this series shall have made written request, and offered indemnity or security satisfactory to the Trustee
to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal of the Outstanding
Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding within 60 days;
provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the
principal (and premium, if any), interest or any Additional Amount on this Security on or after the respective due dates expressed herein.

 

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

 

The Securities of this series
are issuable only in registered form without coupons in denominations of U.S.$1,000 and any integral multiple thereof. As provided in
the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal
amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable
in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place
where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

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

 

Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company or the Trustee nor any such agent shall be affected by notice to the contrary.

 

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

 

All terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

  

SCHEDULE A

 

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount
of this Security shall be U.S.$ _____________. The following decreases/increases in the principal amount of this Security have been
made:

 

	Date of 

    Decrease/Increase	 	Decrease in 

    Principal 

    Amount	 	Increase in 

    Principal

    Amount	 	Total Principal 

    Amount 

    Following Such 

    Decrease/Increase	 	Notation Made 

    by or on Behalf

    of TrusteeExhibit 4.2

 

BALL CORPORATION

 

and the

 

GUARANTORS

 

Parties Hereto

 

$850,000,000

 

3.125% SENIOR NOTES DUE 2031

 

FOURTEENTH SUPPLEMENTAL INDENTURE

 

Dated as of September 14, 2021

 

To

 

INDENTURE

 

Dated as of November 27, 2015

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee, Registrar and
Paying Agent 

 

     

     

    

 

CROSS-REFERENCE TABLE*

 

	Trust Indenture	 
	Act Section	Supplemental
	Indenture Section	 
	310(a)(1)	7.10
	(a)(2)	7.10
	(a)(3)	N.A.
	(a)(4)	N.A.
	(a)(5)	7.10
	(b)	7.10
	(c)	N.A.
	311(a)	7.11
	(b)	7.11
	(c)	N.A.
	312(a)	2.05
	(b)	12.03
	(c)	12.03
	313(a)	7.06
	(b)(2)	7.06; 7.07
	(c)	7.06; 12.02
	(d)	7.06
	314(a)	4.03; 12.05
	(b)	N.A.
	(c)(1)	N.A.
	(c)(2)	N.A.
	(c)(3)	N.A.
	(e)	12.05
	(f)	N.A.
	315(a)	N.A.
	(b)	7.05, 12.02
	(c)	N.A.
	(d)	N.A.
	(e)	N.A.
	316(a) (last sentence)	2.09
	(a)(1)(A)	6.05
	(a)(1)(B)	6.04
	(a)(2)	N.A.
	(b)	6.07
	(c)	2.12
	317(a)(1)	N.A.
	(a)(2)	N.A.
	(b)	N.A.
	318(a)	N.A.
	(b)	N.A.
	(c)	12.01

 

N.A. means not applicable.

*This Cross-Reference Table is not part of this Supplemental Indenture.

 

     

     

    

 

TABLE OF CONTENTS

 

ARTICLE 1.

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

	Section
    1.01	Definitions	 	 	1	 
	Section 1.02	Other Definitions	 	 	12	 
	Section 1.03	Incorporation
    by Reference of Trust Indenture Act	 	 	12	 
	Section 1.04	Rules of Construction	 	 	12	 
	Section 1.05	Relationship
    with Base Indenture	 	 	13	 

 

ARTICLE 2.

THE NOTES

 

	Section 2.01	Form and Dating	 	 	13	 
	Section 2.02	Execution and Authentication	 	 	14	 
	Section 2.03	Registrar and Paying Agent	 	 	14	 
	Section 2.04	Paying Agent to Hold Money in Trust	 	 	14	 
	Section 2.05	Holder Lists	 	 	15	 
	Section 2.06	Transfer and Exchange	 	 	15	 
	Section 2.07	Replacement Notes	 	 	18	 
	Section 2.08	Outstanding Notes	 	 	18	 
	Section 2.09	Treasury Notes	 	 	19	 
	Section 2.10	Temporary Notes	 	 	19	 
	Section 2.11	Cancellation	 	 	19	 
	Section 2.12	Defaulted Interest	 	 	19	 
	Section 2.13	CUSIP Number	 	 	19	 
	Section 2.14	Issuance of Additional Notes	 	 	20	 
	Section 2.15	FATCA	 	 	20	 

 

ARTICLE 3.

REDEMPTION AND PREPAYMENT

 

	Section 3.01	 	Notice
    to Trustee	 	 	20	 
	Section 3.02	 	Selection
    of Notes to Be Redeemed	 	 	21	 
	Section 3.03	 	Notice of Redemption	 	 	21	 
	Section 3.04	 	Effect of Notice of Redemption	 	 	21	 
	Section 3.05	 	Deposit of Redemption Price	 	 	22	 
	Section 3.06	 	Notes Redeemed
    in Part	 	 	22	 
	Section 3.07	 	Optional
    Redemption	 	 	22	 
	Section 3.08	 	Mandatory
    Redemption	 	 	23	 

 

ARTICLE 4.

COVENANTS

 

	Section 4.01	 	Payment of Notes	 	 	23	 
	Section 4.02	 	Maintenance of Office or Agency	 	 	24	 
	Section 4.03	 	Reports	 	 	24	 
	Section 4.04	 	Compliance Certificate	 	 	25	 
	Section 4.05	 	Taxes	 	 	25	 
	Section 4.06	 	Stay, Extension and Usury Laws	 	 	25	 
	Section 4.07	 	Limitation on Liens	 	 	25	 
	Section 4.08	 	Corporate Existence	 	 	26	 
	Section 4.09	 	Offer to Purchase Upon Change of Control	 	 	26	 
	Section 4.10	 	Additional Guarantees	 	 	27	 
	Section 4.11	 	Sale and Leaseback Transactions	 	 	27	 

 

    i 

     

    

 

 

ARTICLE 5.

SUCCESSORS

 

	Section 5.01	 	Merger, Consolidation or Sale of Assets	 	 	28	 
	Section 5.02	 	Successor Corporation Substituted	 	 	28	 

 

ARTICLE 6.

DEFAULTS AND REMEDIES

 

	Section 6.01	 	Events of Default	 	 	29	 
	Section 6.02	 	Acceleration	 	 	30	 
	Section 6.03	 	Other Remedies	 	 	30	 
	Section 6.04	 	Waiver of Past Defaults	 	 	30	 
	Section 6.05	 	Control by Majority	 	 	31	 
	Section 6.06	 	Limitation on Suits	 	 	31	 
	Section 6.07	 	Rights of Holders of Notes to Receive Payment	 	 	31	 
	Section 6.08	 	Collection Suit by Trustee	 	 	31	 
	Section 6.09	 	Trustee May File Proofs of Claim	 	 	32	 
	Section 6.10	 	Priorities	 	 	32	 
	Section 6.11	 	Undertaking for Costs	 	 	32	 

 

ARTICLE 7.

TRUSTEE

 

	Section 7.01	 	Duties of Trustee	 	 	33	 
	Section 7.02	 	Rights of Trustee	 	 	33	 
	Section 7.03	 	Individual Rights of Trustee	 	 	34	 
	Section 7.04	 	Trustee’s Disclaimer	 	 	35	 
	Section 7.05	 	Notice of Defaults	 	 	35	 
	Section 7.06	 	Reports by Trustee to Holders of the Notes	 	 	35	 
	Section 7.07	 	Compensation and Indemnity	 	 	35	 
	Section 7.08	 	Replacement of Trustee	 	 	36	 
	Section 7.09	 	Successor Trustee by Merger, Etc.	 	 	37	 
	Section 7.10	 	Eligibility; Disqualification	 	 	37	 
	Section 7.11	 	Preferential Collection of Claims Against Company	 	 	37	 

 

ARTICLE 8.

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

	Section 8.01	 	Option to Effect Legal Defeasance or Covenant Defeasance	 	 	37	 
	Section 8.02	 	Legal Defeasance and Discharge	 	 	37	 
	Section 8.03	 	Covenant Defeasance	 	 	38	 
	Section 8.04	 	Conditions to Legal or Covenant Defeasance	 	 	38	 
	Section 8.05	 	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	 	 	39	 
	Section 8.06	 	Repayment to Company	 	 	39	 
	Section 8.07	 	Reinstatement	 	 	39	 

 

ARTICLE 9.

AMENDMENT, SUPPLEMENT AND WAIVER

 

	Section 9.01	 	Without Consent of Holders of Notes	 	 	40	 
	Section 9.02	 	With Consent of Holders of Notes	 	 	41	 
	Section 9.03	 	Compliance With Trust Indenture Act	 	 	42	 
	Section 9.04	 	Revocation and Effect of Consents	 	 	42	 
	Section 9.05	 	Notation on or Exchange of Notes	 	 	42	 
	Section 9.06	 	Trustee to Sign Amendments, Etc.	 	 	42	 

 

    ii 

     

    

 

ARTICLE 10.

NOTE GUARANTEES

 

	Section 10.01	 	Guarantee	 	 	42	 
	Section 10.02	 	Limitation on Guarantor Liability	 	 	43	 
	Section 10.03	 	[Reserved.]	 	 	43	 
	Section 10.04	 	Guarantors May Consolidate, etc. on Certain Terms	 	 	43	 
	Section 10.05	 	Releases Following Sale of Assets, Etc.	 	 	44	 

 

ARTICLE 11.

SATISFACTION AND DISCHARGE

 

	Section 11.01	 	Satisfaction and Discharge	 	 	45	 

 

ARTICLE 12.

MISCELLANEOUS

 

	Section 12.01	 	Trust Indenture Act Controls	 	 	45	 
	Section 12.02	 	Notices	 	 	45	 
	Section 12.03	 	Communication by Holders of Notes with Other Holders of Notes	 	 	46	 
	Section 12.04	 	Certificate and Opinion as to Conditions Precedent	 	 	47	 
	Section 12.05	 	Statements Required in Certificate and Opinion	 	 	47	 
	Section 12.06	 	Rules by Trustee and Agents	 	 	47	 
	Section 12.07	 	Calculation of Foreign Currency Amounts	 	 	47	 
	Section 12.08	 	No Personal Liability of Directors, Officers, Employees and Stockholders	 	 	47	 
	Section 12.09	 	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	 	 	48	 
	Section 12.10	 	Force Majeure	 	 	48	 
	Section 12.11	 	No Adverse Interpretation of Other Agreements	 	 	48	 
	Section 12.12	 	Successors	 	 	48	 
	Section 12.13	 	Severability	 	 	48	 
	Section 12.14	 	Counterpart Originals	 	 	49	 
	Section 12.15	 	Table of Contents, Headings, Etc.	 	 	49	 
	Section 12.16	 	Patriot Act.	 	 	49	 

 

EXHIBITS

 

	Exhibit A	 	FORM OF NOTE
	Exhibit B	 	FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

    iii 

     

    

 

FOURTEENTH SUPPLEMENTAL INDENTURE, dated as of
September 14, 2021, by and among Ball Corporation, an Indiana corporation (the “Company”), the Guarantors (as defined
below) and Deutsche Bank Trust Company Americas, as trustee, registrar and paying agent (the “Trustee”).

 

The Company has heretofore executed and delivered
to the Trustee an indenture, dated as of November 27, 2015 (the “Base Indenture”), providing for the issuance from
time to time of one or more series of the Company’s securities.

 

The Company and the Guarantors desire and have
requested the Trustee pursuant to Section 9.01 of the Base Indenture to join with them in the execution and delivery of this Supplemental
Indenture in order to supplement the Base Indenture to the extent set forth herein to provide for the issuance and the terms of the Notes
(as defined below).

 

Section 9.01(6) of the Base Indenture provides
that the Company and the Trustee, without the consent of any holders of the Company’s Securities, may provide for the issuance of
and establish the form and terms and conditions of Notes of any series as permitted by Sections 2.01 and 2.02 thereof. The provisions
contained in this Fourteenth Supplemental Indenture shall govern only the 3.125% Senior Notes due 2031 issued hereunder.

 

The execution and delivery of this Supplemental
Indenture has been duly authorized by a board resolution of the Company and each of the Guarantors.

 

All conditions and requirements necessary to make
this Supplemental Indenture a valid, binding and legal instrument in accordance with its terms have been performed and fulfilled by the
Company and the Guarantors and the execution and delivery thereof have been in all respects duly authorized by the Company and the Guarantors.

 

The Company, the Guarantors and the Trustee agree
as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined herein) of the 3.125% Senior
Notes due 2031 (the “Notes”):

 

ARTICLE
1.

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

		Section	1.01    Definitions. 

 

“Additional Notes” means any
Notes (other than the Initial Notes) issued under this Supplemental Indenture in accordance with Section 2.14 hereof, as part of the same
series as the Initial Notes.

 

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

 

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

 

“Attributable Debt” means, with
respect to any Sale and Leaseback Transaction, at the time of determination, the lesser of (1) the sale price of the property so leased
multiplied by a fraction the numerator of which is the remaining portion of the base term of the lease included in such transaction and
the denominator of which is the base term of such lease, and (2) the total obligation (discounted to the present value at the implicit
interest factor, determined in accordance with GAAP, included in the rental payments) of the lessee for rental payments (other than amounts
required to be paid on account of property taxes as well as maintenance, repairs, insurance, water rates and other items which do not
constitute payments for property rights) during the remaining portion of the base term of the lease included in such transaction. Notwithstanding
the foregoing, if such Sale and Leaseback Transaction results in a Finance Lease Obligation, the amount of Indebtedness represented thereby
will be determined in accordance with the definition of “Finance Lease Obligation.”

 

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

 

    1 

     

    

 

“Base Indenture” means the base
indenture referred to in the preamble to this Supplemental Indenture, as amended, supplemented or otherwise modified from time to time
in accordance with the terms thereof.

 

“Beneficial Owner” has the meaning
assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any
particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed
to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other
securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The terms
 “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning.

 

Notwithstanding the preceding or any provision
of Rule 13d-3 or 13d-5 of the Exchange Act, a person or group shall not be deemed to beneficially own Voting Stock subject to a stock
or asset purchase agreement, merger agreement, option agreement, warrant agreement or similar agreement (or voting, support, option or
similar agreement related thereto) until the consummation of the acquisition of the Voting Stock in connection with the transactions contemplated
by such agreement.

 

“Board of Directors” means:

 

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

 

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

 

(3)           with respect to a limited liability company, the managing member or members or any controlling committee of managing members or
managers thereof; and

 

(4)           with
respect to any other Person, the board or committee of such Person serving a similar function.

 

“Business Day” means any day
other than a Legal Holiday.

 

“Capital Stock” means:

 

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

 

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

 

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

 

(4)           any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether
or not such debt securities include any right of participation with Capital Stock.

 

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

 

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

 

(2)           the adoption of a plan relating to the liquidation or dissolution of the Company; or

 

    2 

     

    

 

(3)           the
consummation of any transaction, including, without limitation, any merger or consolidation, the result of which is that any “person,”
as defined above, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the Company, measured
by voting power rather than number of shares.

 

Notwithstanding the foregoing, a transaction will
not be deemed to involve a Change of Control if (a) the Company becomes a direct or indirect wholly-owned Subsidiary of a holding company
and (b)(1) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially
the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (2) immediately following that transaction
no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly,
of more than 50% of the Voting Stock of such holding company.

 

“Change of Control Repurchase Event”
means the occurrence of both a Change of Control and a Ratings Event.

 

“Company” means Ball Corporation,
and any and all successors thereto.

 

“Consolidated Cash Flow” means,
with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication:

 

(1)           provision
for taxes based on income or profits of such Person and its Subsidiaries for such period, to the extent that such provision for taxes
was deducted in computing such Consolidated Net Income; plus

 

(2)           consolidated
interest expense of such Person and its Subsidiaries for such period, whether paid or accrued and whether or not capitalized, including,
without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component
of any deferred payment obligations, the interest component of all payments associated with Finance Lease Obligations, imputed interest
with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’
acceptance financings and receivables financings, and net payments, if any, pursuant to Hedging Obligations, to the extent that any such
expense was deducted in computing such Consolidated Net Income; plus

 

(3)           depreciation,
amortization, including amortization of goodwill and other intangibles but excluding amortization of prepaid cash expenses that were
paid in a prior period, and other non-cash expenses, excluding any such non-cash expense to the extent that it represents an accrual
of or reserve for cash expenses in any future period, of such Person and its Subsidiaries for such period to the extent that such depreciation,
amortization and other non-cash expenses were deducted in computing such Consolidated Net Income; minus

 

(4)           non-cash items increasing such Consolidated Net Income for such period, other than items that were accrued in the ordinary course
of business;

 

in each case, on a consolidated basis and determined
in accordance with GAAP.

 

“Consolidated Net Income” means,
with respect to any specified Person for any period, the aggregate of the Net Income of such Person and its Subsidiaries for such period,
on a consolidated basis, determined in accordance with GAAP; provided, that the following items shall be excluded in computing
Consolidated Net Income (without duplication):

 

(1)           the Net Income (but not loss) of any Person (other than the Company) that is not a Subsidiary or that is accounted for by the
equity method of accounting except to the extent of the amount of dividends or distributions paid in cash to the specified Person or
a Subsidiary of the Person;

 

    3 

     

    

 

(2)           the
Net Income of any Subsidiary to the extent that the declaration or payment of dividends or similar distributions by that Subsidiary of
that Net Income is not at the date of determination permitted without any prior governmental approval, that has not been obtained or,
directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule
or governmental regulation applicable to that Subsidiary or its stockholders;

 

(3)           the Net Income of any Person acquired in a pooling of interests transaction for any period prior to the date of such acquisition;

 

(4)           the
cumulative effect of a change in accounting principles;

 

(5)           any
gains or losses (on an after-tax basis) attributable to asset dispositions;

 

(6)           all extraordinary, unusual, or non-recurring gains, charges, expenses or losses;

 

(7)           any
non-cash compensation expenses recorded from grants of stock options, restricted stock and other equity equivalents to officers, directors
and employees;

 

(8)           any impairment charge or asset write off;

 

(9)           net
charges associated with or related to any restructurings;

 

(10)         all
financial advisory fees, accounting fees, legal fees and similar advisory and consulting fees and related costs and expenses of the Company
and its Subsidiaries incurred as a result of asset acquisitions, investments, asset sales and the issuance of Capital Stock or Indebtedness
(whether or not successful), all determined in accordance with GAAP and in each case eliminating any increase or decrease in income resulting
from non-cash accounting adjustments made in connection with the related asset acquisition, investment or asset sale;

 

(11)         expenses
incurred by the Company or any Subsidiary to the extent reimbursed in cash by a third party;

 

(12)         all other non-cash charges, including unrealized gains or losses on agreements with respect to Hedging Obligations and all non-cash
charges associated with announced restructurings, whether announced previously or in the future; and

 

(13)         income or loss attributable to discontinued operations (including, without limitation, operations disposed of during such period
whether or not such operations were classified as discontinued).

 

“Consolidated Net Tangible Assets”
means, with respect to any specified Person as of any date, the total assets of such Person and its Subsidiaries as of the most recent
fiscal quarter end for which a consolidated balance sheet of such Person and its Subsidiaries is internally available as of that date,
minus (a) all current liabilities of such Person and its Subsidiaries reflected on such balance sheet (excluding any current liabilities
for borrowed money having a maturity of less than 12 months but by its terms being renewable or extendible beyond 12 months from such
date at the option of the borrower) and (b) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and
other like intangible assets of such Person and its Subsidiaries reflected on such balance sheet, as determined on a consolidated basis
in accordance with GAAP.

 

“Consolidated Secured Indebtedness”
means, with respect to any specified Person as of any date, (a) the total amount of Indebtedness of such Person and its Subsidiaries
as of the most recent consolidated balance sheet of such Person and its Subsidiaries that is available as of that date that is secured
by a Lien on the assets or property of such specified Person or upon shares of Capital Stock or Indebtedness of any of its Subsidiaries,
as determined on a consolidated basis in accordance with GAAP, plus (b) the total amount of Finance Lease Obligations of such Person
and its Subsidiaries as of the most recent consolidated balance sheet of such Person and its Subsidiaries that is available as of that
date, as determined on a consolidated basis in accordance with GAAP, plus (c) the total amount of Attributable Debt in respect of Sale
and Leaseback Transactions of such Person and its Subsidiaries as of such date.

 

    4 

     

    

 

“Consolidated Secured Leverage Ratio”
means, with respect to any specified Person as of any date, the ratio of (a) the Consolidated Secured Indebtedness of such Person as of
such date to (b) the Consolidated Cash Flow of such Person for the four most recent full fiscal quarters ending immediately prior to such
date for which internal financial statements are available. In the event that the specified Person or any of its Subsidiaries incurs,
assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness that is secured by a Lien on Principal
Property of such Person or upon shares of stock or Indebtedness of any of its Subsidiaries (other than ordinary working capital borrowings)
subsequent to the commencement of the period for which such Consolidated Cash Flow is being calculated and on or prior to the date on
which the event for which the calculation of the Consolidated Secured Leverage Ratio is made (the “Calculation Date”),
then the Consolidated Secured Leverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, Guarantee, repayment,
repurchase, redemption, defeasance or other discharge of Indebtedness, and the use of the proceeds therefrom, as if the same had occurred
at the beginning of the applicable four-quarter reference period.

 

In addition, for purposes of calculating the Consolidated
Secured Leverage Ratio:

 

(1)           acquisitions
and dispositions that have been made by the specified Person or any of its Subsidiaries, including through mergers or consolidations,
or any Person or any of its Subsidiaries acquired by the specified Person or any of its Subsidiaries, and including any related financing
transactions and giving effect to the application of proceeds from any dispositions, during the four-quarter reference period or subsequent
to such reference period and on or prior to the Calculation Date will be deemed to have occurred on the first day of the four-quarter
reference period and Consolidated Cash Flow for such reference period will be calculated without giving effect to clause (3) of the proviso
set forth in the definition of Consolidated Net Income; and

 

(2)           the
Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed
of prior to the Calculation Date, will be excluded,

 

provided that to the extent that clause (1) or (2) of this paragraph
requires that pro forma effect be given to an acquisition, disposition or discontinued operations, as applicable, such pro forma calculation
shall be made in good faith by a responsible financial or accounting officer of the Company (and may include, for the avoidance of doubt
and without duplication, cost savings, synergies and operating expense resulting from such acquisition whether or not such cost savings,
synergies or operating expense reductions would be allowed under Regulation S-X promulgated by the SEC or any other regulation or policy
of the SEC).

 

“Corporate Trust Office of the Trustee”
will be (i) for purposes of surrender, transfer or exchange of any Note, Deutsche Bank Trust Company Americas, c/o DB Services Americas,
Inc., 5022 Gate Parkway, Suite 200 Jacksonville, FL 32256, Attn: Transfer Department and for all other purposes, Deutsche Bank Trust Company
Americas, Trust and Agency Services, 60 Wall Street, 24th Floor, Mail Stop: NYC60-2405, New York, NY 10005, Attn: Corporates Team, Ball
Corp., or (ii) any such other address as to which the Trustee may give notice to the Company.

 

“Custodian” means the Trustee,
as custodian with respect to the Notes in global form, or any successor entity thereto.

 

“Definitive Note” means a certificated
Note registered in the name of the Holder thereof and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit
A hereto except that such Note will not bear the Global Note Legend.

 

“Default” means any event that
is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 

    5 

     

    

 

“Depositary” means, with respect
to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary with
respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable
provision of this Supplemental Indenture.

 

“Description of Notes” means
the description of notes section of the Company’s prospectus supplement, dated September 9, 2021, relating to the offering of the
Initial Notes.

 

“Domestic Subsidiary” means
any Subsidiary of the Company other than a Foreign Subsidiary.

 

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

 

“Excluded Subsidiary” means
such Subsidiaries of the Company as may from time to time be designated by the Company as “Excluded Subsidiaries” pursuant
to an Officers’ Certificate delivered to the Trustee; provided, that each such Subsidiary shall be an Excluded Subsidiary
only if and only for so long as:

 

(1)           the
aggregate of the net sales of all such Subsidiaries shall not exceed $60 million in any twelve-month period; and

 

(2)           the
aggregate of the assets, including capitalization, of all such Subsidiaries as of any date shall not exceed $60 million.

 

“Finance Lease Obligation” means,
at the time any determination is to be made, the amount of the liability in respect of a finance lease that would have been required to
be capitalized on a balance sheet prepared in accordance with GAAP.

 

“Fitch” means Fitch Ratings,
Inc., also known as Fitch Ratings, and its successors.

 

“Foreign Subsidiary” means any
Subsidiary of the Company that is organized under the laws of a jurisdiction other than the United States of America or any state thereof
or the District of Columbia.

 

“GAAP” means generally accepted
accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified
Public Accountants and statements and pronouncements of the Financial Accounting Standards Board and such other statements by such other
entity as have been approved by a significant segment of the accounting profession, which are applicable as of the date of this Supplemental
Indenture.

 

“Global Note Legend” means the
legend set forth in Section 2.06(f), which is required to be placed on all Global Notes issued under this Supplemental Indenture.

 

“Global Notes” means, individually
and collectively, each of the Global Notes, in the form of Exhibit A hereto issued in accordance with Section 2.01 hereof.

 

“Government Securities” means
direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States pledges
its full faith and credit.

 

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

 

    6 

     

    

 

“Guarantors” means:

 

(1)           each Domestic Subsidiary of the Company as of the date of this Supplemental Indenture that Guarantees any other Indebtedness of
the Company (other than the Excluded Subsidiaries); and

 

(2)           any other Subsidiary of the Company that executes a supplemental indenture in the form of Exhibit B and becomes a Guarantor
in accordance with the provisions of this Supplemental Indenture;

 

(3)           and, in each case, their respective successors and assigns.

 

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

 

(1)           interest rate swap agreements (including from fixed to floating or from floating to fixed), interest rate cap agreements and interest
rate collar agreements; and

 

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

 

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

 

“Indebtedness” means, with respect
to any specified Person, any indebtedness of such Person, in respect of borrowed money, whether evidenced by credit agreements, bonds,
notes, debentures or similar instruments or letters of credit, or reimbursement agreements in respect thereof. In addition, the term “Indebtedness”
includes all Indebtedness of others secured by a Lien on any Principal Property of the specified Person or upon the shares of Capital
Stock or Indebtedness of any Subsidiary of the specified Person, whether or not such Indebtedness is assumed by the specified Person,
and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person or any liability
of any person, whether or not contingent and whether or not it appears on the balance sheet of such Person.

 

The amount of any Indebtedness outstanding as of
any date will be:

 

(1)           the accreted value of the Indebtedness, in the case of any Indebtedness that does not require the current payment of interest;

 

(2)           the principal amount of the Indebtedness in the case of any other Indebtedness; and

 

(3)           in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:

 

(a)              the fair market value (as determined in good faith by the Company) of such assets at the date of determination; and

 

(b)             the
amount of the Indebtedness of the other Person.

 

For the avoidance of doubt, a letter of credit or analogous instrument
will not constitute Indebtedness until it has been drawn upon.

 

“Indenture” means the Base Indenture,
as supplemented by this Supplemental Indenture, governing the Notes, in each case, as amended, supplemented or restated from time to time.

 

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

 

“Initial Notes” means the first
$850,000,000 aggregate principal amount of Notes issued under this Supplemental Indenture on the date hereof.

 

“Investment Grade” means (i)
a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s), (ii) a rating
of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P), (iii) a rating of BBB- or better by
Fitch (or its equivalent under any successor rating categories of Fitch) and the equivalent Investment Grade credit rating from any additional
Rating Agency or Rating Agencies selected by the Company.

 

    7

     

    

 

“Legal Holiday” means a Saturday,
a Sunday or a day on which banking institutions in the City of New York, the city in which the principal office of the Trustee is located
or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at
a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest will accrue
on such payment for the intervening period.

 

“Lien” means, with respect to
any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed,
recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement or any lease in
the nature thereof; provided that in no event will an operating lease be deemed to constitute a Lien.

 

“Moody’s” means Moody’s
Investors Services, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Net Income” means, with respect
to any specified Person, the net income or loss of such Person, determined in accordance with GAAP and before any reduction in respect
of preferred stock dividends, excluding, however:

 

(1)           any
gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with the disposition of any
securities by such Person or any of its Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Subsidiaries;

 

(2)           any extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or loss; and

 

(3)           any one-time noncash charges (including legal, accounting, debt issuance and debt retirement costs) resulting from the offering
of the Initial Notes, the application of the net proceeds therefrom and the payment of related fees and expenses.

 

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

 

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

 

“Officers’ Certificate”
means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be a vice-president, the principal
financial officer or the principal accounting officer of the Company, that meets the requirements of Sections 12.04 and 12.05 hereof.

 

“Opinion of Counsel” means an
opinion from legal counsel, that meets the requirements of Sections 12.04 and 12.05 hereof. The counsel may be an employee of or counsel
to the Company, or any Subsidiary of the Company.

 

“Participant” means, with respect
to the Depositary, a Person who has an account with the Depositary.

 

“Permitted Liens” means:

 

(1)           Liens securing Indebtedness on any Principal Property existing at the time of its acquisition and Liens on any Principal Property
created contemporaneously with or within 270 days after (or created pursuant to firm commitment financing arrangements obtained within
that period) the later of (a) the acquisition or completion of construction or completion of the reconstruction, renovation, remodeling,
expansion or improvement (each, a “substantial improvement”) of such Principal Property or (b) the placing in operation
of such Principal Property after the acquisition or completion of any such construction or substantial improvement;

 

    8

     

    

 

(2)           Liens
on property or assets or shares of Capital Stock or Indebtedness of a Person existing at the time it is merged, combined or amalgamated
with or into or consolidated with, or its assets or Capital Stock are acquired by, the Company or any of its Subsidiaries or it otherwise
becomes a Subsidiary of the Company; provided, however, that in each case (a) the Indebtedness secured by such Lien was not incurred
in contemplation of such merger, combination, amalgamation, consolidation, acquisition or transaction in which such Person becomes a
Subsidiary of the Company and (b) such Lien extends only to the Capital Stock and assets of such Person (and Subsidiaries of such
Person) and/or to property other than Principal Property or the Capital Stock or Indebtedness of any Subsidiary of the Company;

 

(3)           Liens securing Indebtedness in favor of the Company and/or one or more of its Subsidiaries;

 

(4)           Liens in favor of or required by a governmental unit in any relevant jurisdiction, including any departments or instrumentality
thereof, to secure payments under any contract or statute, or to secure debts incurred in financing the acquisition or construction of
or improvements or alterations to property subject thereto;

 

(5)           Liens in favor of any customer arising in respect of and not exceeding the amount of performance deposits and partial, progress,
advance or other payments by that customer for goods produced or services rendered to that customer in the ordinary course of business
and consignment arrangements (whether as consignor or as consignee) or similar arrangements for the sale or purchase of goods in the ordinary
course of business;

 

(6)           Liens existing on the date of this Supplemental Indenture;

 

(7)           Liens
to secure any extension, renewal, refinancing, refunding or replacement (or successive extensions, renewals, refinancings, refundings
or replacements), in whole or in part, of any Indebtedness secured by Liens referred to in the foregoing clauses (1) through (6) or the
following clauses (10) or (11) or Liens created in connection with any amendment, consent or waiver relating to such Indebtedness, so
long as (a) such Lien is limited to (i) all or part of substantially the same property which secured the Lien extended, renewed,
refinanced, refunded or replaced and/or (ii) property other than Principal Property or the Capital Stock or Indebtedness of any
Subsidiary of the Company and (b) the amount of Indebtedness secured is not increased (other than by the amount equal to any costs,
expenses, premiums, fees or prepayment penalties incurred in connection with any extension, renewal, refinancing, refunding or replacement);

 

(8)           Liens in respect of cash in connection with the operation of cash management programs and Liens associated with the discounting
or sale of letters of credit and customary rights of set off, banker’s Lien, revocation, refund or chargeback or similar rights
under deposit disbursement, concentration account agreements or under the Uniform Commercial Code or arising by operation of law;

 

(9)           Liens resulting from the deposit of funds or evidences of Indebtedness in trust for the purpose of defeasing or discharging Indebtedness
of the Company or any of its Restricted Subsidiaries, and legal or equitable encumbrances deemed to exist by reason of negative pledges;

 

(10)         Liens securing Indebtedness in an aggregate principal amount not to exceed, as of the date such Indebtedness is incurred, the
amount that would cause the Consolidated Secured Leverage Ratio of the Company to be greater than 3.00 to 1.00 as of such date of incurrence;
or

 

    9

     

    

 

(11)         other Liens, in addition to those permitted in the foregoing clauses (1) through (10), securing Indebtedness having an aggregate
principal amount (including all outstanding Indebtedness incurred pursuant to the foregoing clause (7) to renew, refund, refinance, replace,
defease or discharge any Indebtedness incurred pursuant to this clause (11)), measured as of the date of the incurrence of any such Indebtedness
(after giving pro forma effect to the application of the proceeds therefrom), taken together with the amount of all Attributable Debt
of the Company and its Restricted Subsidiaries at that time outstanding relating to Sale and Leaseback Transactions permitted under Section
4.11 not to exceed 15% of the Consolidated Net Tangible Assets of the Company measured as of the date any such Indebtedness is incurred
(after giving pro forma effect to the application of the proceeds therefrom and any transaction in connection with which such Indebtedness
is being incurred).

 

For purposes of the foregoing clauses (10) and
(11), (a) with respect to any revolving credit facility secured by a Lien, the full amount of Indebtedness that may be borrowed thereunder
may, at the Company’s election, be deemed to be incurred at the time any revolving credit commitment thereunder is first extended
or increased and will not be deemed to be incurred when such revolving credit facility is drawn upon and (b) if a Lien by the Company
or any of its Restricted Subsidiaries is granted to secure Indebtedness that was previously unsecured, such Indebtedness will be deemed
to be incurred as of the date such Indebtedness is secured.

 

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

 

“Principal Property” means any
manufacturing plant or manufacturing facility owned by the Company or any of its Subsidiaries located within the continental United States
that has a net book value in excess of 1.5% of the Consolidated Net Tangible Assets of the Company. For purposes of this definition, net
book value will be measured at the time the relevant Lien is being created, at the time the relevant secured Indebtedness is incurred
or at the time the relevant Sale and Leaseback Transaction is entered into, as applicable.

 

“Rating Agency” means (1) each
of Moody’s, S&P and Fitch and (2) if any of Moody’s, S&P or Fitch ceases to rate the Notes or fails to make a rating
of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating
organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Company as a replacement agency
for Moody’s, S&P, or Fitch or each of them, as the case may be.

 

“Rating Date” means the date
that is 60 days prior to the earlier of (a) a Change of Control or (b) public notice of the occurrence of a Change of Control or the intention
by the Company to affect a Change of Control.

 

“Ratings Event” means the occurrence
of the events described in (1) or (2) of this definition on, or within 60 days after the earlier of, (i) the occurrence of a Change of
Control or (ii) public notice of the occurrence of a Change of Control or the intention by the Company to effect a Change of Control (which
period shall be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any
of the Rating Agencies, provided that no such extension shall occur if on such 60th day the Notes are rated Investment Grade by
at least one of the Rating Agencies and the rating is not under publicly announced consideration for a possible downgrade by such Rating
Agency):

 

(1)           if the Notes are rated by any of the Rating Agencies on the Rating Date as Investment Grade, the rating of the Notes shall be reduced
so that the Notes are rated below Investment Grade by each of the Rating Agencies and each Rating Agency making the reduction publicly
confirms or informs the Company in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance
comprised of or arising as a result of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred);
or

 

(2)           if the Notes are rated below Investment Grade by each Rating Agency on the Rating Date, the rating of the Notes shall remain rated
below Investment Grade by each Rating Agency.

 

    10

     

    

 

“Responsible Officer” when used
with respect to the Trustee, means any officer within the corporate trust department of the Trustee, including any vice president, assistant
vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions
similar to those performed by the persons who at the time will be such officers, respectively, or to whom any corporate trust matter is
referred because of such person’s knowledge of and familiarity with the particular subject and who will have direct responsibility
for the administration of this Supplemental Indenture.

 

“Restricted Subsidiary” means
any Domestic Subsidiary (other than any receivables securitization entity).

 

“S&P” means S&P Global
Ratings Inc., a division of S&P Global Inc., and its successors.

 

“SEC” means the Securities and
Exchange Commission.

 

“Securities Act” means the Securities
Act of 1933, as amended.

 

“Significant Subsidiary” means
any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated
pursuant to the Securities Act, as such Regulation is in effect on the date of this Supplemental Indenture.

 

“Stated Maturity” means, with
respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest or principal
was scheduled to be paid in the original documentation governing such Indebtedness, and will not include any contingent obligations to
repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.

 

“Subsidiary” means, with respect
to any specified Person:

 

(1)           any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock
entitled, without regard to the occurrence of any contingency, to vote in the election of directors, managers or trustees thereof is at
the time owned or controlled, directly or indirectly, by such Person; and

 

(2)           any partnership (a) the sole general partner or the managing general partner of which is such Person or an entity described
in clause (1) and related to such Person or (b) the only general partners of which are such Person or one or more entities described
in clause (1) and related to such Person, or any combination thereof.

 

For the avoidance of doubt, Rocky Mountain Metal Container LLC will
not be deemed to be a Subsidiary of the Company for so long as the Company’s ownership percentage of the Voting Stock (measured
by voting power) of the applicable entity as of the date of the Supplemental Indenture does not materially increase.

 

“Supplemental Indenture” means
this Fourteenth Supplemental Indenture, dated as of the date hereof, by and among the Company, the Guarantors and the Trustee, governing
the Notes, as amended, supplemented or otherwise modified from time to time in accordance with the Base Indenture and the terms hereof.

 

“TIA” means the Trust Indenture
Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date on which this Supplemental Indenture is qualified under the TIA.

 

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

 

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   Section
1.02      Other Definitions.

 

	Term	Defined in

Section
	 	 
	“Applicable Law”	2.15
	“Authentication Order”	2.02
	“Calculation Date”	1.01
	“Change of Control Offer”	4.09
	“Change of Control Payment”	4.09
	“Change of Control Payment Date”	4.09
	“Comparable Treasury Issue”	3.07
	“Comparable Treasury Price”	3.07
	“Covenant Defeasance”	8.03
	“DTC”	2.03
	“Executed Documentation”	12.14
	“Event of Default”	6.01
	“Independent Investment Banker”	3.07
	“Legal Defeasance”	8.02
	“Paying Agent”	2.03
	“Payment Default”	6.01
	“Reference Treasury Dealer”	3.07
	“Reference Treasury Dealer Quotations”	3.07
	“Registrar”	2.03
	“Sale and Leaseback Transaction”	4.11
	“Treasury Rate”	3.07

 

	 	   Section 1.03       	Incorporation by Reference of Trust Indenture Act.

 

Whenever this Supplemental Indenture refers to
a provision of the TIA, the provision is incorporated by reference in and made a part of this Supplemental Indenture.

 

The following TIA terms used in this Supplemental
Indenture have the following meanings:

 

“indenture securities” means
the Notes;

 

“indenture security holder”
means a Holder of a Note;

 

“indenture to be qualified”
means this Supplemental Indenture;

 

“indenture trustee” or “institutional
trustee” means the Trustee; and

 

“obligor” on the Notes and the
Guarantees means the Company and the Guarantors, respectively, and any successor obligor upon the Notes and the Guarantees, respectively.

 

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

 

	 	   Section 1.04       	Rules of Construction.

 

Unless the context otherwise requires:

 

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

 

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

 

(3)           “or” is not exclusive;

 

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

 

(5)           provisions apply to successive events and transactions;

 

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

 

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

 

(8)          references to sections of the Indenture refer to sections of this Supplemental Indenture.

 

		   Section
                             1.05	       Relationship with Base Indenture.

 

The terms and provisions contained in the Base
Indenture will constitute, and are hereby expressly made, a part of this Supplemental Indenture and the Company, the Guarantors and the
Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound
thereby. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this Supplemental Indenture,
the provisions of this Supplemental Indenture will govern and be controlling.

 

The Trustee accepts the amendment of the Base Indenture
effected by this Supplemental Indenture and agrees to execute the trust created by the Base Indenture as hereby amended, but only upon
the terms and conditions set forth in this Supplemental Indenture, including the terms and provisions defining and limiting the liabilities
and responsibilities of the Trustee in the performance of the trust created by the Base Indenture, and without limiting the generality
of the foregoing, the Trustee will not be responsible in any manner whatsoever for or with respect to any of the recitals or statements
contained herein, all of which recitals or statements are made solely by the Company and the Guarantors, or for or with respect to (1) the
validity or sufficiency of this Supplemental Indenture or any of the terms or provisions hereof, (2) the proper authorization hereof
by the Company and the Guarantors, (3) the due execution hereof by the Company and the Guarantors or (4) the consequences (direct
or indirect and whether deliberate or inadvertent) of any amendment herein provided for, and the Trustee makes no representation with
respect to any such matters.

 

ARTICLE
2.

THE NOTES

 

		   Section
                              2.01	       Form
                                            and Dating.

 

(a)          General.
The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto. The Notes
may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication.
The Notes will be in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

The terms and provisions contained in the Notes
will constitute, and are hereby expressly made, a part of this Supplemental Indenture and the Company, the Guarantors and the Trustee,
by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby.
However, to the extent any provision of any Note conflicts with the express provisions of the Base Indenture, the provisions of the Note
will govern and be controlling, and to the extent any provision of the Note conflicts with the express provisions of this Supplemental
Indenture, the provisions of this Supplemental Indenture will govern and be controlling.

 

(b)          Global
Notes. Notes issued in global form will be substantially in the form of Exhibit A attached hereto (including the Global Note
Legend thereon). Notes issued in definitive form will be substantially in the form of Exhibit A attached hereto (but without the
Global Note Legend thereon). Each Global Note will represent such of the outstanding Notes as will be specified therein and each will
provide that it will represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate
principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges
and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount
of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance
with instructions given by the Holder thereof as  required by Section 2.06 hereof.

 

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		   Section
                             2.02	       Execution
                                            and Authentication.

 

One Officer will sign the Notes for the Company
and the Guarantees for the Guarantors by manual or facsimile signature or a signature by the means of an electronic transmission (including
a pdf). If an Officer whose signature is on a Note and/or a Guarantee no longer holds that office at the time such Note and/or Guarantee
is authenticated, such Note and/or Guarantee will nevertheless be valid.

 

A Note and/or a Guarantee will not be valid until
authenticated by the electronic or manual signature of the Trustee. The signature will be conclusive evidence that the Note or Guarantee,
as applicable, has been authenticated under this Supplemental Indenture.

 

The Trustee will, upon a written order of the Company
signed by one Officer (an “Authentication Order”), authenticate Notes and Guarantees for original issue in accordance
with this Supplemental Indenture, including any Additional Notes issued pursuant to Section 2.14 hereof.

 

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

 

		   Section
                             2.03	       Registrar and Paying Agent.

 

The Company will maintain an office or agency
where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency
where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of
their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term
 “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The
Company may change any Paying Agent or Registrar without notice to any Holder. The Company will notify the Trustee in writing of the
name and address of any Agent not a party to this Supplemental Indenture. If the Company fails to appoint or maintain another entity
as Registrar or Paying Agent, the Trustee will act as such. The Company or any of its Subsidiaries may act as Paying Agent or
Registrar.

 

The Company initially appoints The Depository Trust
Company (“DTC”) to act as Depositary with respect to the Global Notes.

 

The Company initially appoints the Trustee to act
as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.

 

		   Section
                              2.04	         Paying
                                            Agent to Hold Money in Trust.

 

The Company will require each Paying Agent other
than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held
by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee, in writing,
of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to
pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee.
Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) will have no further liability for the
money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the
Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee will
serve as Paying Agent for the Notes.

 

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		   Section
                              2.05	       Holder Lists.

 

The Trustee will preserve in as current a form
as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and will otherwise comply
with TIA Section 312(a). If the Trustee is not the Registrar, the Company will furnish to the Trustee at least seven Business Days before
each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of the Holders of Notes and the Company will otherwise comply with TIA Section
312(a).

 

		   Section
                              2.06	       Transfer and Exchange.

 

(a)          Transfer
and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary,
by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to
a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Company for Definitive Notes
if:

 

(1)           the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary
or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed
by the Company within 120 days after the date of such notice from the Depositary; or

 

(2)           the Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive
Notes and delivers a written notice to such effect to the Trustee.

 

Upon the occurrence of either of the
preceding events in (1) or (2) above, Definitive Notes will be issued in such names and in any approved denominations as the
Depositary will instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections
2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof,
pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, will be authenticated and delivered in the form of, and will be, a
Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial
interests in a Global Note may be transferred and exchanged as provided in Sections 2.06(b), (c) or (g) hereof.

 

(b)          Transfer
and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes will
be effected through the Depositary, in accordance with the provisions of this Supplemental Indenture and the Applicable Procedures. Transfers
of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as
well as one or more of the other following subparagraphs, as applicable:

 

(1)           Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred to Persons who take delivery
thereof in the form of a beneficial interest in a Global Note. No written orders or instructions will be required to be delivered to
the Registrar to effect the transfers described in this Section 2.06(b)(1).

 

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

 

(A)            (i) a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing
the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest
to be transferred or exchanged; and (ii) instructions given in accordance with the Applicable Procedures containing information
regarding the Participant account to be credited with such increase.

 

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Upon satisfaction of all of the requirements for
transfer or exchange of beneficial interests in Global Notes contained in this Supplemental Indenture and the Notes or otherwise applicable
under the Securities Act, the Trustee will adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(g) hereof.

 

(c)           Transfer or Exchange of Beneficial Interests for Definitive Notes. If any holder of a beneficial interest in a Global Note
proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee
will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof,
and the Company will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note
in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)
will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest
requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee
will deliver such Definitive Notes to the Persons in whose names such Notes are so registered.

 

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

 

If any such exchange or transfer from a Definitive
Note to a beneficial interest is effected pursuant to the previous paragraph at a time when a Global Note has not yet been issued, the
Company will issue and, upon receipt of the Company’s order, the Trustee will authenticate one or more Global Notes in an aggregate
principal amount equal to the principal amount of Definitive Notes so transferred.

 

A Holder of Definitive Notes may transfer such
Notes to a Person who takes delivery thereof in the form of a Definitive Note.

 

(e)          Transfer
and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance
with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such
registration of transfer or exchange, the requesting Holder will present or surrender to the Registrar the Definitive Notes duly endorsed
or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by his attorney,
duly authorized in writing. In addition, the requesting Holder will provide any additional certifications, documents and information,
as applicable, reasonably requested by the Registrar or the Company.

 

(f)           Legends.
The following legends will appear on the face of all Global Notes issued under this Supplemental Indenture unless specifically stated
otherwise in the applicable provisions of this Supplemental Indenture.

 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN
THE Fourteenth SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR
THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE
MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE Fourteenth
SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE Fourteenth
SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE FOURTEENTH
SUPPLEMENTAL INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE
BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”)
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 

    16

     

    

 

(g)          Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive
Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be
returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof.  At any time prior to such cancellation,
if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of
a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will
be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the
Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an endorsement
will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

 

(h)          General Provisions Relating to Transfers and Exchanges.

 

(1)           To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and
Definitive Notes upon the Company’s order or at the Registrar’s request.

 

(2)           No
service charge will be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge
payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer
pursuant to Sections 2.10, 3.06, 4.09 and 9.05 hereof).

 

(3)           The Registrar will not be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except
the unredeemed portion of any Note being redeemed in part.

 

(4)           All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the
valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Supplemental Indenture, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

    17

     

    

 

 

(5)               
The Company will not be required:

 

(A)              
to issue, to register the transfer of or to exchange any Notes during a period of 15 days before the day of any selection of Notes
for redemption under Section 3.02 hereof and ending at the close of business on the day of selection;

 

(B)              
to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion
of any Note being redeemed in part; or

 

(C)              
to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.

 

(6)               
Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat
the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of
and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company will be affected by notice to
the contrary.

 

(7)               
The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof.

 

(8)               
All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06
to effect a registration of transfer or exchange may be submitted by facsimile or electronic transmission (including a pdf).

 

(9)               
The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer
imposed under this Supplemental Indenture or under applicable law with respect to any transfer of any interest in any Note other than
to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by the terms of, this Supplemental Indenture, and to examine the same to determine substantial compliance as to form with the
express requirements hereof.

 

(10)            
Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary.

 

		Section	2.07       
                                            Replacement
                                            Notes.

 

If any mutilated Note is surrendered to the Trustee
or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company will issue
and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note.  An indemnity bond must be supplied
by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any
authenticating agent from any loss that any of them may suffer if a Note is replaced.  The Company and the Trustee may charge for
its expenses in replacing a Note.

 

Every replacement Note is an additional obligation
of the Company and will be entitled to all of the benefits of this Supplemental Indenture equally and proportionately with all other Notes
duly issued hereunder.

 

		Section	2.08       
                                            Outstanding Notes.

 

The Notes outstanding at any time are all the Notes
authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest
in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section as not outstanding. 
Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company
holds the Note.

 

If a Note is replaced pursuant to Section 2.07
hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide
purchaser.

 

If the principal amount of any Note is considered
paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

    18 

     

    

 

If the Paying Agent (other than the Company, a
Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that
date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest.

 

		Section	2.09       
                                            Treasury Notes.

 

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

 

		Section	2.10       
                                            Temporary Notes.

 

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

 

Holders of temporary Notes will be entitled to
all of the benefits of this Supplemental Indenture.

 

		Section	2.11       
                                            Cancellation.

 

The Company at any time may deliver Notes to the
Trustee for cancellation.  The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration
of transfer, exchange or payment.  The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange,
payment, replacement or cancellation in accordance with its customary procedures and will return such canceled Notes to the Company at
the Company’s written request.  The Company may not issue new Notes to replace Notes that it has paid or that have been delivered
to the Trustee for cancellation.

 

		Section	2.12       
                                            Defaulted Interest.

 

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

 

		Section	2.13       
                                            CUSIP Number.

 

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

 

    19 

     

    

 

		Section	2.14       
                                            Issuance of Additional Notes.

 

The Company will be entitled, upon delivery of
an Officer’s Certificate and an Opinion of Counsel, to issue Additional Notes under this Supplemental Indenture which will have
identical terms as the Initial Notes issued on the date hereof, other than with respect to the date of issuance and issue price. 
The Initial Notes issued on the date hereof and any Additional Notes issued will be treated as a single class for all purposes under this
Supplemental Indenture.

 

With respect to any Additional Notes, the Company
will set forth in a resolution of its Board of Directors and an Officer’s Certificate, a copy of each which will be delivered to
the Trustee, the following information:

 

(a)                
the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Supplemental Indenture;
and

 

(b)               
 the issue price, the issue date and the CUSIP number of such Additional Notes.

 

		Section	2.15       
                                            FATCA.

 

In order to comply with applicable tax laws, rules
and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to
time (“Applicable Law”) a foreign financial institution, issuer, trustee, paying agent, holder or other institution that is
or has agreed to be subject to the Supplemental Indenture, and the Company agrees (i) to the extent available to such Person, to provide
to the Trustee sufficient information about holders or other applicable parties and/or transactions (including any modification to the
terms of such transactions) so the Trustee can determine whether it has tax related obligations under Applicable Law, (ii) that the Trustee
shall be entitled to make any withholding or deduction from payments under the Supplemental Indenture to the extent necessary to comply
with Applicable Law for which the Trustee shall not have any liability. The terms of this section shall survive the termination of this
Supplemental Indenture.

 

ARTICLE
3.

REDEMPTION AND PREPAYMENT

 

		Section	3.01       
                                            Notice to Trustee.

 

If the Company elects to redeem Notes pursuant
to the redemption provisions of Section 3.07 hereof, it will furnish to the Trustee, at least 15 days but not more than 60 days before
a redemption date, an Officers’ Certificate setting forth:

 

(i)                 
the provision of this Supplemental Indenture pursuant to which the redemption will occur;

 

(ii)               
the redemption date;

 

(iii)             
the principal amount of Notes to be redeemed;

 

(iv)              
the redemption price; and

 

(v)               
the CUSIP numbers of the Notes to be redeemed.

 

    20 

     

    

 

		Section	3.02       
                                            Selection of Notes to Be Redeemed.

 

If less than all of the Notes are to be redeemed
at any time, Depositary will select the Notes to be redeemed among the Holders of the Notes (a) in compliance with the requirements
of the principal national securities exchange, if any, on which the Notes are listed or, (b) if the Notes are not so listed, on a
pro rata basis (unless otherwise required by law or applicable stock exchange or depositary requirements).  In the event of
partial redemption by lot, the particular Notes to be redeemed will be selected, unless otherwise provided herein, (a) in the case of
Global Notes, in accordance with the Depositary’s Applicable Procedures or (b) in the case of Definitive Notes, not less than 30
nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called for redemption.

 

The Trustee will promptly notify the Company in
writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof
to be redeemed.  Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000 in excess thereof;
except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not
a multiple of $1,000, will be redeemed.  Except as provided in the preceding sentence, provisions of this Supplemental Indenture
that apply to Notes called for redemption also apply to portions of Notes called for redemption.

 

		Section	3.03       
                                            Notice
                                            of Redemption.

  

At least 15 days but not more than 60 days before
a redemption date, the Company will deliver or cause to be delivered a notice of redemption to each Holder whose Notes are to be redeemed.

 

The notice will identify the Notes to be redeemed,
including the CUSIP numbers, and will state:

 

(1)               
the redemption date;

 

(2)               
the redemption price;

 

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

 

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

 

(5)               
that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(6)               
that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on
and after the redemption date;

 

(7)               
the paragraph of the Notes and/or Section of this Supplemental Indenture pursuant to which the Notes called for redemption are
being redeemed; and

 

(8)               
that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed
on the Notes.

 

At the Company’s written request, the Trustee
will give the notice of redemption in the Company’s name and at its expense; provided, however, that the Company will have
delivered to the Trustee, at least 30 days prior to the redemption date (or such shorter period as the Trustee in its sole discretion
may allow), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated
in such notice as provided in the preceding paragraph.

 

		Section	3.04       
                                            Effect of Notice of Redemption.

 

Once notice of redemption is delivered in accordance
with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price;
provided, that any redemption of Notes pursuant to this Supplemental Indenture may, at the Company’s discretion, be
subject to one or more conditions precedent, including, but not limited to, completion of a sale of common stock or other corporate transaction.
In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that,
in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied
(or waived by the Company in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that
any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed and such redemption
provisions may be adjusted to comply with the requirements of the Depositary.

 

    21 

     

    

 

		Section	3.05       
                                            Deposit
                                            of Redemption Price.

  

One Business Day prior to the redemption date,
the Company will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption price of and accrued interest
on all Notes to be redeemed on that date.  The Trustee or the Paying Agent will promptly return to the Company any money deposited
with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued interest
on, all Notes to be redeemed.

 

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

 

		Section	3.06       
                                            Notes Redeemed in Part.

 

Upon surrender of a Note that is redeemed in part,
the Company will issue and, upon the Company’s written request, the Trustee will authenticate for the Holder at the expense of the
Company a new Note equal in principal amount to the unredeemed portion of the Note surrendered.

 

No Notes of $2,000 or less can be redeemed in part.

 

		Section	3.07       
                                            Optional Redemption.

 

The Company may redeem the Notes at any time in
whole, or from time to time in part, prior to June 15, 2031 (three months prior to the maturity date of the Notes) (the “Par
Call Date”), at its option, at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes
to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes that
would be due if such Notes matured on the Par Call Date discounted to the date of redemption (excluding interest accrued to the date of
redemption), on a semiannual basis, at a rate equal to the sum of the Treasury Rate plus 50 basis points, plus in each case, any accrued
and unpaid interest on the Notes to but excluding the date of redemption. The redemption prices will be calculated assuming a 360-day
year consisting of twelve 30-day months.

 

At any time on or after the Par Call Date, the
Company may redeem all or any of the Notes at any time in whole, or from time to time in part, at its option, at a redemption price equal
to 100% of the principal amount thereof, plus any accrued and unpaid interest on the Notes to, but excluding, the date of redemption.

 

Notwithstanding the foregoing, installments of
interest on the Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the
interest payment date to the registered holders as of the close of business on the relevant record date according to the Notes and this
Supplemental Indenture.

 

For purposes of the foregoing, the following
definitions apply:

 

“Comparable Treasury Issue”
means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining
term (as measured from the date of redemption and assuming for this purpose that the Notes matured on the Par Call
Date) of the Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term of the Notes.

 

    22 

     

    

 

“Comparable Treasury Price”
means, with respect to any redemption date, (i) the average of the Reference Treasury Dealer Quotations obtained by the Company for that
redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, (ii) the Company is unable to obtain
at least four such Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations obtained by the Company,
or (iii) if only one Reference Treasury Dealer Quotation is received, such quotation.

 

“Independent Investment Banker”
means Deutsche Bank Securities Inc., or, if such firm is unwilling or unable to select the applicable Comparable Treasury Issue, an independent
investment banking institution of national standing appointed by the Company.

 

“Reference Treasury Dealer”
means (i) Deutsche Bank Securities Inc. (or its affiliates that are Primary Treasury Dealers) and their respective successors; provided,
however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in New York City (a “Primary
Treasury Dealer”), the Company may substitute another institution to act as a Primary Treasury Dealer, and (ii) at least two other
Primary Treasury Dealers selected by the Company.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date for the Notes, an average, as determined by the Company,
of the bid and asked prices for the Comparable Treasury Issue for the Notes, expressed in each case as a percentage of its principal amount,
quoted in writing to the Company by the Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding
the redemption date.

 

“Treasury Rate” means, with
respect to any redemption date applicable to the Notes, the rate per annum equal to the semi-annual equivalent yield to maturity, computed
as of the third Business Day immediately preceding the redemption date, of the Comparable Treasury Issue, assuming a price for the Comparable
Treasury Issue, expressed as a percentage of its principal amount, equal to the applicable Comparable Treasury Price for the redemption
date.

 

		Section	3.08       
                                            Mandatory Redemption.

 

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

 

ARTICLE
4.

COVENANTS

 

		Section	4.01       
                                            Payment of Notes.

 

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

 

The Company or a Guarantor will pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then
applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest at the same rate to the extent lawful.

 

    23 

     

    

 

		Section	4.02       
                                            Maintenance of Office or Agency.

 

The Company will maintain an office or agency (which
may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration
of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Supplemental Indenture
may be served.  The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such
office or agency.  If at any time the Company fails to maintain any such required office or agency or fails to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the
Trustee.

 

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

 

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

 

		Section	4.03       
Reports.

 

(a)                
Whether or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Company will furnish
to the Trustee and the Holders of Notes or cause the Trustee to furnish to the Holders of Notes (or file with the SEC for public availability)
within the time periods specified in the SEC’s rules and regulations (giving effect to applicable grace periods):

 

(1)               
all quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and
10-K if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the
Company’s independent registered public accountants; and

 

(2)               
all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports.

 

In addition, whether or not required by the rules
and regulations of the SEC, the Company will file a copy of all such information and reports referred to in clauses (1) and (2) above
with the SEC for public availability within the time periods specified in the SEC’s rules and regulations (giving effect to applicable
grace periods), unless the SEC will not accept such a filing, and make such information available to securities analysts and prospective
investors upon request.  The Company will at all times comply with TIA Section 314(a).  Delivery of such reports, information
and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such will not constitute constructive
notice of any information contained therein or determinable from information contained therein, including the Company’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

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

 

(c)       If
the Company is no longer subject to the periodic reporting requirements of the Exchange Act for any reason, the Company will
nevertheless continue filing the reports specified in the preceding paragraphs of this Section 4.03 with the SEC within the time
periods specified above that are applicable to a non-accelerated filer unless the SEC will not accept such a filing. The Company
agrees that it will not take any action for the purpose of causing the SEC not to accept any such filings. If, notwithstanding the
foregoing, the SEC will not accept the Company’s filings for any reason, the Company will post the reports referred to in the
preceding paragraphs on its website within the time periods that would apply if it was required to file those reports with the
SEC.

 

    24 

     

    

 

		Section	4.04       
                                            Compliance Certificate.

 

(a)                
The Company and each Guarantor (to the extent that such Guarantor is so required under the TIA) will deliver to the Trustee, within
90 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the activities of the Company and its
Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether
the Company has kept, observed, performed and fulfilled its obligations under this Supplemental Indenture, and further stating, as to
each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled
each and every covenant contained in this Supplemental Indenture and is not in default in the performance or observance of any of the
terms, provisions and conditions of this Supplemental Indenture (or, if a Default or Event of Default will have occurred, describing all
such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with
respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments
on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event
and what action the Company is taking or proposes to take with respect thereto.

 

(b)               
So long as not contrary to the then current recommendations of the American Institute of Certified Public Accountants, the year-end
financial statements delivered pursuant to Section 4.03(a) above will be accompanied by a written statement of the Company’s independent
registered public accountants (who will be a firm of established national reputation) that in making the examination necessary for certification
of such financial statements, nothing has come to their attention that would lead them to believe that the Company has violated any provisions
of Article 4 or Article 5 hereof or, if any such violation has occurred, specifying the nature and period of existence thereof, it being
understood that such accountants will not be liable directly or indirectly to any Person for any failure to obtain knowledge of any such
violation.

 

(c)                
The Company will, so long as any of the Notes are outstanding, deliver to the Trustee, as soon as possible, but in no event later
than five days after any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default
or Event of Default and what action the Company is taking or proposes to take with respect thereto.

 

		Section	4.05       
Taxes.

 

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

 

		Section	4.06       
                                            Stay, Extension and Usury Laws.

 

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

 

		Section	4.07       
                                            Limitation on Liens.

 

The Company will not, nor will it permit any of
its Restricted Subsidiaries to, create, incur or assume any Lien (other than Permitted Liens) upon any Principal Property or upon the
Capital Stock or Indebtedness of any of its Subsidiaries, in each case to secure Indebtedness of the Company, any Subsidiary of the Company
or any other Person, without securing the Notes (together with, at the option of the Company, any other Indebtedness of the Company or
any Subsidiary ranking equally in right of payment with the Notes) equally and ratably with or, at the option of the Company, prior to,
such other Indebtedness for so long as such other Indebtedness is so secured. Any Lien that is granted to secure the Notes under this
Section 4.07 shall be automatically released and discharged at the same time as the release of the Lien that gave rise to the obligation
to secure the Notes under this Section 4.07.

 

    25 

     

    

 

		Section	4.08       
                                            Corporate Existence.

 

Subject to Articles 5 and 10 hereof, the Company
will do or cause to be done all things necessary to preserve and keep in full force and effect (i) its corporate existence, and the
corporate, partnership or other existence of each of its Subsidiaries with $20.0 million of net sales in the most recent twelve month
period or assets of $20.0 million, in accordance with the respective organizational documents (as the same may be amended from time to
time) and (ii) the rights (charter and statutory), licenses and franchises of the Company, its Subsidiaries with $20.0 million of
net sales in the most recent twelve month period or assets of $20.0 million; provided, however, that the Company will not be required
to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries, if the
Board of Directors will determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and
its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes.

 

		Section	4.09       
                                            Offer to Purchase Upon Change of Control Repurchase Event.

 

(a)                
If a Change of Control Repurchase Event occurs, unless the Company has exercised its right to redeem the Notes as described in
Section 3.07 hereof within 60 days after the Change of Control, the Company will make an offer (a “Change of Control Offer”)
to each Holder of Notes to repurchase all or any part, equal to $2,000 or an integral multiple of $1,000 in excess thereof, of that Holder’s
Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased, plus any accrued and unpaid
interest on the Notes repurchased to but excluding the date of repurchase (the “Change of Control Payment”). 
Within 30 days following any Change of Control Repurchase Event, or, at the Company’s option, prior to the consummation of the Change
of Control transaction but after the public announcement thereof, the Company will send a notice to each Holder describing the transaction
or transactions that constitutes the Change of Control and offering to repurchase Notes on the date specified in such notice (the “Change
of Control Payment Date”), which date will be no earlier than 15 days and no later than 60 days from the date such notice is
sent, pursuant to the procedures required by this Supplemental Indenture and described in such notice. If sent prior to the date of consummation
of the Change of Control transaction, the notice will state that the Change of Control Offer is conditioned on a Change of Control Repurchase
Event occurring prior to the Change of Control Payment Date. The Company will comply with the requirements of Rule 14e-1 under the Exchange
Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with
the repurchase of the Notes as a result of a Change of Control Repurchase Event.  To the extent that the provisions of any securities
laws or regulations conflict with the Change of Control Repurchase Event provisions of this Supplemental Indenture, the Company will comply
with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control
Repurchase Event provisions of this Supplemental Indenture by virtue of such compliance.

 

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

 

(1)               
accept for payment all Notes or portions of the Notes (equal to $2,000 or an integral multiple of $1,000 in excess thereof) properly
tendered pursuant to a Change of Control Offer;

 

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

 

(3)               
deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating
the aggregate principal amount of Notes or portions of the Notes being repurchased by the Company.

 

The Paying Agent will promptly deliver to each
Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail, or
cause to be transferred by book entry, to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered,
if any; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

 

    26 

     

    

 

Except as described above with respect to a Change
of Control, this Supplemental Indenture does not contain provisions that permit the Holders of the Notes to require that the Company repurchase
or redeem the Notes in the event of a takeover, recapitalization or similar transaction.

 

(c)                
Notwithstanding anything to the contrary in this Section 4.09, the Company will not be required to make a Change of Control Offer
upon a Change of Control Repurchase Event if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise
in compliance with the requirements set forth in this Supplemental Indenture applicable to a Change of Control Offer made by the Company
and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, or (2) notice of redemption has been
given pursuant to Section 3.07, unless and until there is a default in payment of the applicable redemption price.

 

(d)               
 If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such
Notes in a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as described
above, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Company or such third party will have the right,
upon not less than 10 days nor more than 60 days’ prior notice, provided that such notice is given not more than 30 days following
such purchase pursuant to the Change of Control Offer described above, to redeem all Notes that remain outstanding following such purchase
on a date (the “Second Change of Control Payment Date”) at a price in cash equal to 101% of the aggregate principal
amount of such Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but excluding, the Second Change of
Control Payment Date.

 

		Section	4.10       
                                            Additional Guarantees.

 

If the Company or any of its Subsidiaries acquires
or creates another Domestic Subsidiary that is a Restricted Subsidiary after the date of this Supplemental Indenture and such newly acquired
or created Domestic Subsidiary Guarantees (or is a guarantor of) any other Indebtedness of the Company, then that newly acquired or created
Domestic Subsidiary will become a Guarantor and execute and deliver a supplemental indenture in the form of Exhibit B within 20
Business Days of the date on which it was acquired or created or such later date on which it guarantees (or is a guarantor of) such other
Indebtedness of the Company; provided, that this Section 4.10 does not apply to any Excluded Subsidiary for so long as it continues
to constitute an Excluded Subsidiary.

 

		Section	4.11       
                                            Sale and Leaseback Transactions.

 

(a)                
 The Company will not, nor will it permit any of its Restricted Subsidiaries to, enter into any arrangement with any other Person
pursuant to which the Company or any of its Restricted Subsidiaries leases any Principal Property that has been or is to be sold or transferred
by the Company or the Restricted Subsidiary to such other Person (a “Sale and Leaseback Transaction”), except that
a Sale and Leaseback Transaction is permitted if the Company or such Restricted Subsidiary would be entitled to incur Indebtedness secured
by a Lien on the Principal Property to be leased, without equally and ratably securing the Notes, in an aggregate principal amount equal
to the Attributable Debt with respect to such Sale and Leaseback Transaction.

 

(b)               
In addition, the following Sale and Leaseback Transactions are not subject to the limitations of Section 4.11(a) and Section 4.07:

 

(1)               
temporary leases for a term, including renewals at the option of the lessee, of not more than three years;

 

(2)               
leases between only the Company and a Subsidiary of the Company or only between Subsidiaries of the Company;

 

    27 

     

    

 

(3)               
leases where the proceeds from the sale of the subject property are at least equal to the fair market value (as determined in good
faith by the Company) of the subject property and the Company applies an amount equal to the net proceeds of the sale to the retirement
of long term Indebtedness or the purchase, construction, development, expansion or improvement of other property or equipment used or
useful in its business, within 270 days of the effective date of such sale; provided that in lieu of applying such amount to the retirement
of long-term Indebtedness, the Company may deliver Notes or other debt securities to the Trustee for cancellation; and

 

(4)               
leases of property executed by the time of, or within 270 days after the latest of, the acquisition, the completion of construction,
development, expansion or improvement, or the commencement of commercial operation, of the subject property.

 

ARTICLE
5.

SUCCESSORS

 

		Section	5.01       
                                            Merger, Consolidation or Sale of Assets.

 

The Company will not, directly or indirectly: (1) consolidate
or merge with or into another Person, or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the
properties or assets of the Company and its Subsidiaries, taken as a whole, in one or more related transactions, to another Person unless:

 

(i)                 
either: (a) the Company is the surviving corporation; or (b) the Person formed by or surviving any such consolidation
or merger, if other than the Company, or to which such sale, assignment, transfer, conveyance or other disposition has been made is either
a corporation organized or existing under the laws of the United States, any state of the United States or the District of Columbia or,
if such Person is not a corporation, a co-obligor of the Notes that is a corporation organized or existing under any such laws is added;

 

(ii)               
the Person formed by or surviving any such consolidation or merger, if other than the Company, or the Person to which such sale,
assignment, transfer, conveyance or other disposition will have been made assumes all the obligations of the Company under the Notes and
this Supplemental Indenture pursuant to agreements reasonably satisfactory to the Trustee; and

 

(iii)             
immediately after such transaction no Default or Event of Default exists.

 

The provisions of this Section 5.01 will not apply to a merger, consolidation,
sale, assignment, transfer, conveyance or other disposition of assets between or among the Company and its Subsidiaries.

  

		Section	5.02       
                                            Successor Corporation Substituted.

 

Upon any consolidation or merger, or any sale,
assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with
Section 5.01 hereof, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such
sale, assignment, transfer, lease, conveyance or other disposition is made will succeed to, and be substituted for (so that from and after
the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Supplemental Indenture referring
to the “Company” will refer instead to the successor corporation and not to the Company), and may exercise every right and
power of the Company under this Supplemental Indenture with the same effect as if such successor Person had been named as the Company
herein; provided, however, that the predecessor Company will not be relieved from the obligation to pay the principal of and interest
on the Notes except in the case of a sale of all of the Company’s assets that meets the requirements of Section 5.01 hereof.

 

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ARTICLE
6.

DEFAULTS AND REMEDIES

 

		Section	6.01    Events
                                            of Default.

 

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

 

(a)           default for 30 days in the payment when due of interest on the Notes;

 

(b)           default
in the payment when due of the principal of or premium, if any, on the Notes;

 

(c)           the
Company fails for 30 days after notice specifying the default from the Trustee or the Holders of at least 25% of the aggregate principal
amount of the Notes then outstanding to comply with the provisions of Section 4.09 hereof;

 

(d)           the Company or any of its Subsidiaries fails for 60 days after notice specifying the default from the Trustee or the Holders of
at least 25% of the aggregate principal amount of the Notes then outstanding to comply with any of the other agreements in this Supplemental
Indenture or the Notes;

 

(e)           the
Company or any of its Subsidiaries (other than a receivables securitization entity) defaults under any Indebtedness for money borrowed
by the Company or any of its Subsidiaries (other than a receivables securitization entity) (or the payment of which is guaranteed by
the Company or any of its Subsidiaries (other than a receivables securitization entity)) whether such Indebtedness or guarantee now exists,
or is created after the date of this Supplemental Indenture, if that default:

 

(1)           is
caused by a failure to pay principal on such Indebtedness at its final stated maturity (or on or before the expiration of any grace period
provided in such Indebtedness on the date of such default) (a “Payment Default”); or

 

(2)           results in the acceleration of such Indebtedness prior to its express maturity;

 

and in each case, (i) the principal amount of any such Indebtedness,
together with the principal amount of any other such Indebtedness under which there is a Payment Default or the maturity of which has
been so accelerated, aggregates $75.0 million or more or its foreign currency equivalent and (ii) the Company has received notice specifying
the default from the Trustee or Holders of at least 25% of the aggregate principal amount of Notes then outstanding and thereafter does
not cure the default within 30 days;

 

(f)            the
Company or any of its Subsidiaries fails to pay final judgments aggregating in excess of $75.0 million or its foreign currency equivalent,
excluding amounts covered by insurance, which judgments are not paid, discharged or stayed for a period of 60 days;

 

(g)           any
Guarantee of a Significant Subsidiary is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be
in full force and effect, or any Guarantor that is a Significant Subsidiary, or any Person acting on behalf of any Guarantor that is
a Significant Subsidiary, denies or disaffirms its obligations under its Guarantee, in each case except as permitted by this Supplemental
Indenture.

 

(h)           the
Company or any of its Subsidiaries that is a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law:

 

(i)            commences a voluntary case,

 

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

 

(iii)          consents to the appointment of a custodian of it or for all or substantially all of its property,

 

    29 

     

    

 

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

 

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

 

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

 

(i)            is for relief against the Company or any of its Significant Subsidiaries in an involuntary case;

 

(ii)           appoints
a custodian of the Company or any of its Significant Subsidiaries for all or substantially all of the property of the Company or any
of its Significant Subsidiaries; or

 

(iii)          orders the liquidation of the Company or any of its Significant Subsidiaries; and

 

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

 

		Section	6.02    Acceleration.

 

If any Event of Default (other than an Event of
Default specified in clause (h) or (i) of Section 6.01 hereof) with respect to the Company or any Significant Subsidiary occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to
be due and payable immediately.  Upon any such declaration, the Notes will become due and payable immediately.  Notwithstanding
the foregoing, if an Event of Default specified in clause (h) or (i) of Section 6.01 hereof occurs with respect to the Company or any
of its Significant Subsidiaries, all outstanding Notes will be due and payable without further action or notice.  Holders of the
Notes may not enforce this Supplemental Indenture or the Notes except as provided in this Supplemental Indenture.

 

In the case of any Event of Default occurring
by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding payment
of the premium that the Company would have had to pay if the Company then had elected to redeem the Notes pursuant to the optional redemption
provisions of this Supplemental Indenture, an equivalent premium will also become and be immediately due and payable to the extent permitted
by law upon the acceleration of the Notes.

 

The Company is required to deliver to the Trustee
annually a statement regarding compliance with this Supplemental Indenture, and the Company is required upon becoming aware of any Default
or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default.

 

		Section	6.03    Other
                                            Remedies.

 

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

 

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

 

		Section	6.04    Waiver
                                            of Past Defaults.

 

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

 

    30 

     

    

 

		Section	6.05    Control
                                            by Majority.

 

Holders of a majority in aggregate principal amount
of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to
the Trustee or exercising any trust or power conferred on it.  However, the Trustee may refuse to follow any direction that conflicts
with law or this Supplemental Indenture that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes
or that may involve the Trustee in personal liability.

 

		Section	6.06    Limitation
                                            on Suits.

 

A Holder of a Note may pursue a remedy with respect
to this Supplemental Indenture or the Notes only if:

 

(a)           the
Holder of a Note gives to the Trustee written notice of a continuing Event of Default;

 

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

 

(c)           such Holder of a Note or Holders of Notes offer and, if requested, provide to the Trustee security or indemnity satisfactory to
the Trustee against any loss, liability or expense;

 

(d)           the
Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision of
such security or indemnity; and

 

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

 

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

 

		Section	6.07    Rights
                                            of Holders of Notes to Receive Payment.

 

Notwithstanding any other provision of this Supplemental
Indenture, the right of any Holder of a Note to receive payment of principal, premium and interest on the Note, on or after the respective
due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such
payment on or after such respective dates, will not be impaired or affected without the consent of such Holder.

 

		Section	6.08    Collection
                                            Suit by Trustee.

 

If an Event of Default specified in Section 6.01(a)
or (b) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as Trustee of an express trust against
the Company for the whole amount of principal of, premium, if any, and interest remaining unpaid on the Notes and interest on overdue
principal and, to the extent lawful, interest and such further amount as will be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

    31 

     

    

 

		Section	6.09    Trustee
                                            May File Proofs of Claim.

 

The Trustee is authorized to file such proofs
of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim
for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the
Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property
and will be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such
claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and
in the event that the Trustee will consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due
to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts
due the Trustee under Section 7.07 hereof.  To the extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in
any such proceeding, will be denied for any reason, payment of the same will be secured by a Lien on, and will be paid out of, any and
all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether
in liquidation or under any plan of reorganization or arrangement or otherwise.  Nothing herein contained will be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment
or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder
in any such proceeding.

 

		Section	6.10    Priorities.

 

If the Trustee collects any money pursuant to this
Article, it will pay out the money in the following order:

 

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

 

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

 

Third:  to the Company.

 

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

 

		Section	6.11    Undertaking
                                            for Costs.

 

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

 

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ARTICLE
7.

TRUSTEE

 

		Section	7.01    Duties
                                            of Trustee.

 

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

 

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

 

(i)           the
duties of the Trustee will be determined solely by the express provisions of this Supplemental Indenture and the Trustee need perform
only those duties that are specifically set forth in this Supplemental Indenture and no others, and no implied covenants or obligations
will be read into this Supplemental Indenture against the Trustee; and

 

(ii)          in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this
Supplemental Indenture, but in the case of any such certificates of opinions which by any provision hereof are specifically required
to be furnished to the Trustee, the Trustee will be under a duty to examine the same to determine whether or not they conform to the
requirements of this Supplemental Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other
facts stated therein).

 

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

 

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

 

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

 

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

 

(d)           Whether
or not therein expressly so provided, every provision of this Supplemental Indenture that in any way relates to the Trustee is subject
to paragraphs (a), (b), (c), (e) and (f) of this Section and Section 7.02.

 

(e)           No
provision of this Supplemental Indenture will require the Trustee to expend or risk its own funds or incur any liability.  The Trustee
will be under no obligation to exercise any of its rights and powers under this Supplemental Indenture at the request of any Holders,
unless such Holders will have offered to the Trustee security and indemnity satisfactory to it against any loss, liability, cost or expense
that might be incurred by it in compliance with such request or direction.

 

(f)            The
Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. 
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

		Section	7.02    Rights
                                            of Trustee.

 

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

 

    33 

     

    

 

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

 

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

 

(d)           The
Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights
or powers conferred upon it by this Supplemental Indenture.

 

(e)           Unless otherwise specifically provided in this Supplemental Indenture, any demand, request, direction or notice from the Company
or any Guarantor will be sufficient if signed by an Officer of the Company or Guarantor issuing such demand, request or notice.

 

(f)            Whenever in the administration of this Supplemental Indenture, the Trustee will deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may,
in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate.

 

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

 

(h)           The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see
fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records
and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional
liability of any kind by reason of such inquiry or investigation.

 

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

 

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

 

(k)            The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles
of officers authorized at such time to take specified actions pursuant to this Supplemental Indenture, which Officers’ Certificate
may be signed by any person authorized to sign an Officers’ Certificate, including any person as so authorized in any such certificate
previously delivered and not superseded.

 

		Section	7.03    Individual
                                            Rights of Trustee.

 

The Trustee in its individual or any other capacity
may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights
it would have if it were not Trustee.  However, in the event the Trustee acquires any conflicting interest it must eliminate such
conflict within 90 days, apply to the SEC for permission to continue as Trustee (if this Supplemental Indenture has been qualified under
the Trust Indenture Act) or resign.  Any Agent may exercise the same rights, with the same duties, as the Trustee under this Section
7.03.  The Trustee is also subject to Sections 7.10 and 7.11 hereof.

 

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		Section	7.04    Trustee’s
                                            Disclaimer.

 

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

 

		Section	7.05    Notice
                                            of Defaults.

 

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

 

		Section	7.06    Reports
                                            by Trustee to Holders of the Notes.

 

Within 60 days after each January 1 beginning with
the January 1 following the date of this Supplemental Indenture, and for so long as Notes remain outstanding, the Trustee will mail to
the Holders of the Notes a brief report dated as of such reporting date that complies with TIA Section 313(a) (but if no event described
in TIA Section 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted).  The Trustee
also will comply with TIA Section 313(b)(2).  The Trustee will also deliver all reports as required by TIA Section 313(c).

 

A copy of each report at the time of its delivery
to the Holders of Notes will be delivered to the Company and filed with the SEC and each stock exchange on which the Notes are listed
in accordance with TIA Section 313(d).  The Company will promptly notify the Trustee when the Notes are listed on any stock exchange
or delisted therefrom.

 

		Section	7.07    Compensation
                                            and Indemnity.

 

The Company and the Guarantors will pay to the
Trustee from time to time such reasonable compensation as agreed upon in writing for its acceptance of this Supplemental Indenture and
services hereunder.  The Trustee’s compensation will not be limited by any law on compensation of a Trustee of an express trust. 
The Company and the Guarantors will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses
incurred or made by it in addition to the compensation for its services.  Such expenses will include the reasonable compensation,
disbursements and expenses of the Trustee’s agents and counsel.

 

The Company and the Guarantors will, jointly and
severally, indemnify the Trustee against any and all losses, liabilities, claims, damages or expenses (including taxes other than taxes
based upon the income of the Trustee) incurred by it arising out of or in connection with the acceptance or administration of its duties
under this Supplemental Indenture, including the costs and expenses of enforcing this Supplemental Indenture against the Company and the
Guarantors (including this Section 7.07) and defending itself against any claim (whether asserted by the Company and the Guarantors or
any Holder or any other person) or liability in connection with the exercise or performance of any of its powers or duties hereunder,
except to the extent any such loss, liability or expense may be attributable to its negligence or willful misconduct.  The Trustee
will notify the Company promptly of any claim for which it may seek indemnity.  Failure by the Trustee to so notify the Company will
not relieve the Company and the Guarantors of its obligations hereunder.  The Company will defend the claim and the Trustee will
cooperate in the defense.  The Trustee may have separate counsel and the Company will pay the reasonable fees and expenses of such
counsel.  The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld.

 

    35 

     

    

 

The obligations of the Company and the Guarantors
under this Section 7.07 shall be joint and several and will survive the satisfaction and discharge of this Supplemental Indenture.

 

To secure the Company’s and the Guarantors’
payment obligations in this Section, the Trustee will have a Lien prior to the Notes on all money or property held or collected by the
Trustee, except that held in trust to pay principal and interest on particular Notes.  Such Lien will survive the satisfaction and
discharge of this Supplemental Indenture.

 

When the Trustee incurs expenses or renders services
after an Event of Default specified in Section 6.01(g) or (h) hereof occurs, the expenses and the compensation for the services (including
the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.

 

The Trustee will comply with the provisions of
TIA Section 313(b)(2) to the extent applicable.

 

		Section	7.08    Replacement
                                            of Trustee.

 

A resignation or removal of the Trustee and appointment
of a successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.

 

The Trustee may resign in writing at any time and
be discharged from the trust hereby created by so notifying the Company.  The Holders of Notes of a majority in aggregate principal
amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing.  The Company
may remove the Trustee if:

 

(a)           the
Trustee fails to comply with Section 7.10 hereof;

 

(b)           the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;

 

(c)            a custodian or public officer takes charge of the Trustee or its property; or

 

(d)           the Trustee becomes incapable of acting.

 

If the Trustee resigns or is removed or if a vacancy
exists in the office of Trustee for any reason, the Company will promptly appoint a successor Trustee.  Within one year after the
successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor
Trustee to replace the successor Trustee appointed by the Company.

 

If a successor Trustee does not take office within
60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or the Holders of Notes of at least 10% in
principal amount of the then outstanding Notes may petition at the expense of the Company any court of competent jurisdiction for the
appointment of a successor Trustee.

 

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

 

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

 

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		Section	7.09    Successor
                                            Trustee by Merger, Etc.

 

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

 

		Section	7.10    Eligibility;
                                            Disqualification.

 

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

 

This Supplemental Indenture will always have a
Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee is subject to TIA Section 310(b).

 

		Section	7.11    Preferential
                                            Collection of Claims Against Company.

 

The Trustee is subject to TIA Section 311(a), excluding
any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed will be subject to TIA Section 311(a)
to the extent indicated therein.

 

ARTICLE
8.

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

		Section	8.01    Option
                                            to Effect Legal Defeasance or Covenant Defeasance.

 

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

 

		Section	8.02    Legal
                                            Defeasance and Discharge.

 

Upon the Company’s exercise under Section
8.01 hereof of the option applicable to this Section 8.02, the Company and the Guarantors will, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes and to
have each Guarantor’s obligation discharged with respect to its Guarantee on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors will
be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which will thereafter be deemed to
be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Supplemental Indenture referred
to in (a) and (b) below, and to have satisfied all its other obligations under such Notes and this Supplemental Indenture (and the Trustee,
on demand of and at the expense of the Company, will execute proper instruments acknowledging the same), except for the following provisions
which will survive until otherwise terminated or discharged hereunder:  (a) the rights of Holders of outstanding Notes to receive
solely from the trust fund described in Section 8.04 hereof, and as more fully set forth in such Section, payments in respect of the
principal of, interest on such Notes when such payments are due, (b) the Company’s obligations with respect to the Notes under
Article 2 and Section 4.02 hereof, (c) the rights, powers, trusts, duties and immunities of the Trustee, and the Company’s
and the Guarantors’ obligations in connection therewith and (d) this Article 8. Subject to compliance with this Article 8,
the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof.

 

    37 

     

    

 

		Section	8.03    Covenant
                                            Defeasance.

 

Upon the Company’s exercise under Section
8.01 hereof of the option applicable to this Section 8.03, the Company and each Restricted Subsidiary will, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, be released from their obligations under the covenants contained in Sections 4.03,
4.07, 4.09, 4.10 and 4.11 and clause (iii) of Section 5.01 hereof with respect to the outstanding Notes on and after the date the conditions
set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed
not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences
of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder
(it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means
that, with respect to the outstanding Notes, the Company, each Guarantor and each Restricted Subsidiary may omit to comply with and will
have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason
of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein
or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof, but,
except as specified above, the remainder of this Supplemental Indenture and such Notes will be unaffected thereby. In addition, upon the
Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of
the conditions set forth in Section 8.04 hereof, Sections 6.01(c) through 6.01(e) hereof will not constitute Events of Default.

 

		Section	8.04    Conditions
                                            to Legal or Covenant Defeasance.

 

The following will be the conditions to the application
of either Section 8.02 or 8.03 hereof to the outstanding Notes:

 

In order to exercise either Legal Defeasance or
Covenant Defeasance:

 

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

 

(b)           in the case of an election under Section 8.02 hereof, the Company will have delivered to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee confirming that (A) the Company has received from, or there has been published by, the Internal Revenue
Service a ruling or (B) since the date of this Supplemental Indenture, there has been a change in the applicable U.S. federal income
tax law, in either case to the effect that, and based thereon such Opinion of Counsel will confirm that, the Holders of the outstanding
Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject
to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance
had not occurred;

 

(c)           in
the case of an election under Section 8.03 hereof, the Company will have delivered to the Trustee an Opinion of Counsel reasonably acceptable
to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax
purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

(d)           no Default or Event of Default will have occurred and be continuing on the date of such deposit, other than a Default or Event
of Default resulting from the incurrence of Indebtedness all or a portion of the proceeds of which will be used to defease the Notes pursuant
to this Article 8 concurrently with such incurrence, or insofar as Sections 6.01(h) or 6.01(i) hereof is concerned, at any time in the
period ending on the 91st day after the date of deposit (and any similar concurrent deposit relating to other Indebtedness), and the granting
of Liens to secure such borrowings;

 

    38 

     

    

 

(e)           such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Supplemental Indenture and the agreements governing any other Indebtedness being defeased, discharged
or replaced) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound;

 

(f)            the
Company will have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the
intent of preferring the Holders of the Notes over the other creditors of the Company with the intent of defeating, hindering, delaying
or defrauding creditors of the Company or others; and

 

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

 

		Section	8.05    Deposited
                                            Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions.

 

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

 

The Company and the Guarantors will pay and indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited
pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of the outstanding Notes.

 

Anything in this Article 8 to the contrary notwithstanding,
the Trustee will deliver or pay to the Company from time to time upon the request of the Company any money or non-callable Government
Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof),
are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

		Section	8.06    Repayment
                                            to Company.

 

Any money deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining
unclaimed for two years after such principal, and premium, if any, or interest has become due and payable will be paid to the Company
on its written request or (if then held by the Company) will be discharged from such trust; and the Holder of such Note will thereafter
look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Company as trustee thereof, will thereupon cease.

 

		Section	8.07    Reinstatement.

 

If the Trustee or Paying Agent is unable to apply
any United States dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by
reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
then the Company’s obligations under this Supplemental Indenture and the Notes will be revived and reinstated as though no deposit
had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money
in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal
of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Company will be subrogated to the rights
of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent.

 

    39 

     

    

 

ARTICLE
9.

AMENDMENT, SUPPLEMENT AND WAIVER

 

		Section	9.01       
                                            Without Consent of Holders of Notes.

 

Notwithstanding Section 9.02 of this Supplemental
Indenture, the Company, the Guarantors and the Trustee may amend or supplement this Supplemental Indenture, the Guarantees or the Notes
without the consent of any Holder or Holders of a Note:

 

(a)                
to cure any ambiguity, defect or inconsistency;

 

(b)               
to provide for uncertificated Notes in addition to or in place of certificated Notes, provided that such uncertificated notes are
issued in registered form under Section 163(f)(5) of the Internal Revenue Code of 1986, as amended;

 

(c)                
to provide for the assumption of the Company’s or a Guarantor’s obligations to the Holders of the Notes in the case
of merger or consolidation or sale of all or substantially all of the Company’s or such Guarantor’s assets, applicable;

 

(d)               
to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely
affect the legal rights under this Supplemental Indenture of any Holder of the Notes in any material respect;

 

(e)                
to comply with requirements of the SEC in order to effect or maintain the qualification of this Supplemental Indenture under the
TIA;

 

(f)                
to provide for the issuance of Additional Notes in accordance with this Supplemental Indenture;

 

(g)               
to conform the text of this Supplemental Indenture, the Notes or the Guarantees to any provision of the Description of Notes to
the extent that such provision in the Description of Notes was intended to be a verbatim recitation of a provision of this Supplemental
Indenture, the Notes or the Guarantees;

 

(h)               
to allow any Guarantor to execute a supplemental indenture and/or a Guarantee with respect to the Notes;

 

(i)                 
 to evidence and provide for the acceptance of appointment by a successor trustee;

 

(j)                 
to add guarantees with respect to the Notes;

 

(k)                
to secure the Notes; or

 

(l)                 
to release any Lien granted in favor of the Holders of the Notes pursuant to Section 4.07 hereof upon release of the Lien securing
the underlying obligation that gave rise to such Lien.

 

Upon the request of the Company accompanied by
a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon receipt by the
Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company and the Guarantors in the execution
of any amended or supplemental indenture authorized or permitted by the terms of this Supplemental Indenture and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental
indenture that affects its own rights, duties or immunities under this Supplemental Indenture or otherwise.

 

    40

    

    

 

		Section	9.02       
                                            With Consent of Holders of Notes.

 

Except as provided below in this Section 9.02,
the Company, the Guarantors and the Trustee may amend or supplement this Supplemental Indenture (including Sections 3.07 and 4.09 hereof),
the Guarantees and the Notes with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding
voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or
purchase of, the Notes, and, subject to Sections 6.04 and 6.07 hereof) and any existing Default or Event of Default (other than a Default
or Event of Default in the payment of the principal of, premium, if any, or interest on the Notes, except a payment default resulting
from an acceleration that has been rescinded) or compliance with any provision of this Supplemental Indenture, the Guarantees or the Notes
may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without
limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Section 2.08 hereof
will determine which Notes are considered to be “outstanding” for purposes of this Section 9.02.

 

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

 

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

 

After an amendment, supplement or waiver under
this Section becomes effective, the Company will deliver to the Holders of Notes affected thereby a notice briefly describing the amendment,
supplement or waiver. Any failure of the Company to deliver such notice, or any defect therein, will not, however, in any way impair or
affect the validity of any such amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of
a majority in aggregate principal amount of the Notes then outstanding voting as a single class may waive compliance in a particular instance
by the Company with any provision of this Supplemental Indenture or the Notes. However, without the consent of each Holder of Notes affected,
an amendment, supplement or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder):

 

(a)                
 reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;

 

(b)               
reduce the principal of or change the fixed maturity of any Note or alter or waive any of the provisions with respect to the redemption
of the Notes except as provided above with respect to Sections 4.09 hereof;

 

(c)                
reduce the rate of or change the time for payment of interest, including default interest, on any Note;

 

(d)               
waive a Default or Event of Default in the payment of principal of or premium, if any, or interest on the Notes, except a rescission
of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver
of the payment default that resulted from such acceleration:

 

(e)                
make any Note payable in money other than that stated in the Notes;

 

(f)                 
make any change in the provisions of this Supplemental Indenture relating to waivers of past Defaults or the rights of Holders
of the Notes to receive payments of principal of or premium, interest on the Notes;

 

(g)               
make any change in the foregoing amendment and waiver provisions; or

 

(h)               
release any Guarantor that is a Significant Subsidiary from any of its obligations under its Guarantee or this Supplemental Indenture,
except in accordance with the terms of this Supplemental Indenture.

 

    41

    

    

 

		Section	9.03       
                                            Compliance With Trust Indenture Act.

 

Every amendment or supplement to this Supplemental
Indenture or the Notes will be set forth in an amended or supplemental indenture that complies with the TIA as then in effect.

 

		Section	9.04       
                                            Revocation and Effect of Consents.

 

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

 

		Section	9.05       
                                            Notation on or Exchange of Notes.

 

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

 

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

 

		Section	9.06       
                                            Trustee to Sign Amendments, Etc. 

 

The Trustee will sign any amended, restated or
supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties,
liabilities or immunities of the Trustee. The Company may not sign an amendment or supplemental indenture until the Board of Directors
approves it. In executing any amended, restated or supplemental indenture, the Trustee will be entitled to receive and (subject to Section
7.01 hereof) will be fully protected in relying upon, in addition to the documents required by Section 12.04 hereof, an Officers’
Certificate and an Opinion of Counsel stating that the execution of such amended, restated or supplemental indenture is authorized or
permitted by this Supplemental Indenture.

 

ARTICLE
10.

NOTE GUARANTEES

 

		Section	10.01    
                                            Guarantee.

 

Subject to this Article 10, each of the Guarantors
hereby, jointly and severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the
Trustee and its successors and assigns, irrespective of the validity and enforceability of this Supplemental Indenture, the Notes or the
obligations of the Company hereunder or thereunder, that:  (a) the principal of and interest on the Notes will be promptly paid
in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest
on the Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be
promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time
of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when
due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally obligated
to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

    42

    

    

 

The Guarantors hereby agree that their obligations
hereunder will be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Supplemental Indenture,
the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof
or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise
constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment,
filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against
the Company, protest, notice and all demands whatsoever and covenant that this Guarantee will not be discharged except by complete performance
of the obligations contained in the Notes and this Supplemental Indenture.

 

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

 

Each Guarantor agrees that it will not be
entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in
full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the
Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as
provided in Article 6 hereof for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of
acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will forthwith
become due and payable by the Guarantors for the purpose of this Guarantee. The Guarantors will have the right to seek contribution
from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the
Guarantee.

 

		Section	10.02    
                                            Limitation on Guarantor Liability.

 

Each Guarantor, and by its acceptance of Notes,
each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent
transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any
similar federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders
and the Guarantors hereby irrevocably agree that the obligations of such Guarantor under its Guarantee and this Article 10 will be limited
to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor
that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made
by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the obligations
of such Guarantor under its Guarantee not constituting a fraudulent transfer or conveyance.

 

		Section	10.03    
                                            [Reserved.]

 

		Section	10.04    
                                            Guarantors May Consolidate, etc. on Certain Terms.

 

A Guarantor may not sell or otherwise dispose of
all or substantially all of its assets to, or consolidate with or merge with or into, whether or not such Guarantor is the surviving Person,
another Person other than the Company or another Guarantor, unless:

 

(a)                
immediately after giving effect to such transaction, no Default or Event of Default exists; and

 

    43

    

    

 

(b)               
either:

 

(1)               
the Person acquiring the assets in any such sale or disposition or the Person formed by or surviving any such consolidation or
merger, if other than the Guarantor or the Company, assumes all the obligations of such Guarantor under this Supplemental Indenture and
its Guarantee pursuant to a supplemental indenture in the form of Exhibit B hereto; or

 

(2)               
such sale or other disposition does not violate the applicable provisions of this Supplemental Indenture.

 

In case of any such consolidation, merger, sale
or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory
in the form of Exhibit B to the Trustee, of the Guarantee endorsed upon the Notes and the due and punctual performance of all of
the covenants and conditions of this Supplemental Indenture to be performed by the Guarantor, such successor Person will succeed to and
be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may
cause to be signed any or all of the Guarantees to be endorsed upon all of the Notes issuable hereunder. All the Guarantees so issued
will in all respects have the same legal rank and benefit under this Supplemental Indenture as the Guarantees theretofore and thereafter
issued in accordance with the terms of this Supplemental Indenture as though all of such Guarantees had been issued at the date of the
execution hereof.

 

Except as set forth in Article 5 hereof, and
notwithstanding clauses (a) and (b) above, nothing contained in this Supplemental Indenture or in any of the Notes will prevent any
consolidation or merger of a Guarantor with or into the Company or another Guarantor, or will prevent any sale or conveyance of the
property of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor. Upon any such
consolidation or merger of any Guarantor with or into another Guarantor or with or into the Company, the Guarantee of the Guarantor
that does not survive will no longer be of any force or effect.

 

		Section	10.05    
                                            Releases Following Sale of Assets, Etc. 

 

In the event of (a) any sale or other disposition
of all or substantially all of the assets of any Guarantor, including by way of merger, consolidation or otherwise, to a Person that is
not (either before or after giving effect to such transaction) the Company or a Subsidiary of the Company; (b) any sale or other
disposition of all of the Capital Stock of a Guarantor, including by way of dividend of the Capital Stock of such Guarantor to the stockholders
of the Company, to a Person that is not (either before or after giving effect to such transaction) the Company or a Subsidiary of the
Company; (c) Legal Defeasance, Covenant Defeasance or satisfaction and discharge of this Supplemental Indenture as provided in Article
8 and Article 11; or (d) release of such Guarantor’s Guarantee of all other Indebtedness of the Company, then such Guarantor or
the corporation acquiring the property will be released and relieved of any obligations under its Guarantee; provided that in the
case of clause (a) or (b) such sale or other disposition does not violate the applicable provisions of this Supplemental Indenture. Upon
delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other
disposition was made by the Company in accordance with the applicable provisions of this Supplemental Indenture, the Trustee will execute
any documents (in form and substance reasonably acceptable to the Trustee) reasonably required in order to evidence the release of any
Guarantor from its obligations under its Guarantee.

 

Any Guarantor not released from its obligations
under its Guarantee will remain liable for the full amount of principal of and interest on the Notes and for the other obligations of
any Guarantor under this Supplemental Indenture as provided in this Article 10.

 

    44

    

    

 

ARTICLE
11.

SATISFACTION AND DISCHARGE

 

		Section	11.01    
                                            Satisfaction and Discharge.

 

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

 

(1)               
either:

 

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

 

(b)               
all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the delivery of
a notice of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably deposited
or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable
Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in such amounts as will be sufficient
without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on the Notes not delivered to the
Trustee for cancellation for principal, premium and accrued interest to the date of maturity or redemption;

 

(2)                no
Default or Event of Default has occurred and is continuing on the date of such deposit or will occur as a result of such deposit and
such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company
or any Guarantor is a party or by which the Company or any Guarantor is bound (other than that resulting from borrowing funds to be
applied to make such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting
of Liens in connection therewith);

 

(3)               
the Company or any Guarantor has paid or caused to be paid all sums payable by it under this Supplemental Indenture; and

 

(4)               
the Company has delivered irrevocable instructions to the Trustee under this Supplemental Indenture to apply the deposited money
toward the payment of the Notes at maturity or the redemption date, as the case may be.

 

In addition, the Company must deliver an Officers’ Certificate
and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

 

ARTICLE
12.

MISCELLANEOUS

 

		Section	12.01    
                                            Trust Indenture Act Controls.

 

If any provision of this Supplemental Indenture
limits, qualifies or conflicts with the duties imposed by TIA Section 318(c), the imposed duties will control.

 

		Section	12.02    
                                            Notices.

 

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

 

If to the Company and/or any Guarantor:

 

Ball Corporation

9200 W. 108th Circle

Westminster, Colorado 80021-2510

Telecopier No.: (303) 460-2691

Attention: Treasurer

 

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With a copy to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, New York 10001

Attention: Michael J. Zeidel, Esq.

 

If to the Trustee:

 

Deutsche Bank Trust Company Americas

Trust and Agency Services

60 Wall Street, 24th Floor

Mail Stop: NYC60-2405

New York, NY 10005

USA 

Attention: Corporates Team, Ball Corporation

Facsimile: (732) 578-4635

 

The Company, any Guarantor, the Trustee, the Paying
Agent or the Registrar, by notice to the others may designate additional or different addresses for subsequent notices or communications.

 

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

 

Any notice or communication to a Holder will be
mailed by first class mail postage prepaid, certified or registered mail, return receipt requested, or by overnight air courier guaranteeing
next day delivery to its address shown on the register kept by the Registrar or delivered through the applicable procedures of the Depositary.
Any notice or communication will also be so mailed to any Person described in TIA Section 313(c), to the extent required by the TIA. Failure
to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders.

 

If a notice or communication is mailed in the manner
provided above within the time prescribed, it is duly given, whether or not the addressee receives it.

 

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

 

The Trustee agrees to accept and act upon instructions
or directions pursuant to this Supplemental Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic
methods. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and
the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed
controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s
reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written
instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods
to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions,
and the risk or interception and misuse by third parties.

 

		Section	12.03    
                                            Communication by Holders of Notes with Other Holders of Notes.

 

Holders may communicate pursuant to TIA Section
312(b) with other Holders with respect to their rights under this Supplemental Indenture or the Notes. The Company, the Trustee, the Registrar
and anyone else will have the protection of TIA Section 312(c).

 

    46

    

    

 

		Section	12.04    
Certificate and Opinion as to Conditions Precedent.

 

Upon any request or application by the Company
to the Trustee to take any action under this Supplemental Indenture, the Company will furnish to the Trustee:

 

(a)                
an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which will include the statements
set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided
for in this Supplemental Indenture relating to the proposed action have been satisfied; and

 

(b)               
 except with respect to the initial issuance of the Notes, an Opinion of Counsel in form and substance reasonably satisfactory
to the Trustee (which will include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all
such conditions precedent and covenants have been satisfied.

 

		Section	12.05    
                                            Statements Required in Certificate and Opinion.

 

Each certificate or opinion with respect to compliance
with a condition or covenant provided for in this Supplemental Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4))
will comply with the provisions of TIA Section 314(e) and will include:

 

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

 

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

 

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

 

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

 

		Section	12.06    
                                            Rules by Trustee and Agents.

 

The Trustee may make reasonable rules for action
by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions.

 

		Section	12.07    
                                            Calculation of Foreign Currency Amounts.

 

The calculation of the U.S. dollar equivalent amount
for any amount denominated in a foreign currency will be the noon buying rate in the City of New York as certified by the Federal Reserve
Bank of New York on the date on which such determination is required to be made or, if such day is not a day on which such rate is published,
the rate most recently published prior to such day.

 

		Section	12.08    
                                            No Personal Liability of Directors, Officers, Employees and Stockholders.

 

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

 

    47

    

    

 

		Section	12.09    
                                            Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

 

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

 

The parties
irrevocably submit to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, City
of New York, over any suit, action or proceeding arising out of or relating to this SUPPLEMENTAL Indenture. To the fullest extent permitted
by applicable law, the parties irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that
it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of
any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum.

 

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS  SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

		Section	12.10    
                                            Force Majeure.

 

In no event shall the Trustee be responsible or
liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces
beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software
and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices
in the banking industry to resume performance as soon as practicable under the circumstances.

 

		Section	12.11    
                                            No Adverse Interpretation of Other Agreements.

 

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

 

		Section	12.12    
                                            Successors.

 

All agreements of the Company in this Supplemental
Indenture and the Notes will bind its successors. All agreements of the Trustee in this Supplemental Indenture will bind its successors.

 

		Section	12.13    
                                            Severability.

 

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

 

    48

    

    

 

		Section	12.14    
                                            Counterpart
                                            Originals.

 

The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy will be an original, but all of them together represent the same agreement. Facsimile, documents
executed, authenticated, scanned and transmitted electronically and electronic signatures, including those created or transmitted through
a software platform or application, shall be deemed original signatures for purposes of this Supplemental Indenture and all other related
documents and all matters and agreements related thereto, with such facsimile, scanned and electronic signatures having the same legal
effect as original signatures. The parties agree that this Supplemental Indenture or any other related document or any instrument, agreement
or document necessary for the consummation of the transactions contemplated by this Supplemental Indenture or the other related documents
or related hereto or thereto (including, without limitation, addendums, amendments, notices, instructions, communications with respect
to the delivery of securities or the wire transfer of funds or other communications) (the “Executed Documentation”)
may be accepted, executed, authenticated or agreed to through the use of an electronic signature in accordance with applicable laws, rules
and regulations in effect from time to time applicable to the effectiveness and enforceability of electronic signatures. Any Executed
Documentation accepted, executed, authenticated or agreed to in conformity with such laws, rules and regulations will be binding on all
parties hereto to the same extent as if it were physically executed and each party hereby consents to the use of any third party electronic
signature capture service providers as may be reasonably chosen by a signatory hereto or thereto. When the Trustee acts on any Executed
Documentation sent by electronic transmission, the Trustee will not be responsible or liable for any losses, costs or expenses arising
directly or indirectly from its reliance upon and compliance with such Executed Documentation, notwithstanding that such Executed Documentation
(a) may not be an authorized or authentic communication of the party involved or in the form such party sent or intended to send (whether
due to fraud, distortion or otherwise) or (b) may conflict with, or be inconsistent with, a subsequent written instruction or communication;
it being understood and agreed that the Trustee shall conclusively presume that Executed Documentation that purports to have been sent
by an authorized officer of a Person has been sent by an authorized officer of such Person. The party providing Executed Documentation
through electronic transmission or otherwise with electronic signatures agrees to assume all risks arising out of such electronic methods,
including, without limitation, the risk of the Trustee acting on unauthorized instructions and the risk of interception and misuse by
third parties.

 

		Section	12.15    
                                            Table of Contents, Headings, Etc. 

 

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

 

		Section	12.16    
                                            Patriot Act. 

 

In order to comply with the laws, rules, regulations
and executive orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to
the funding of terrorist activities and money laundering, including Section 326 of the USA Patriot Act of the United States (“Applicable
Law”), the Trustee and Agents are required to obtain, verify, record and update certain information relating to individuals and
entities which maintain a business relationship with the Trustee and Agents. Accordingly, each of the parties agree to provide to the
Trustee and Agents, upon their request from time to time, such identifying information and documentation as may be available for such
party in order to enable the Trustee and Agents to comply with Applicable Law.

 

[Signatures on following pages]

 

    49

    

    

 

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

 

	 	BALL CORPORATION
	 	BALL METAL BEVERAGE CONTAINER CORP.
	 	LATAS DE ALUMINIO BALL, INC.
	 	USC MAY VERPACKUNGEN HOLDINGS INC.
	 	BALL ADVANCED ALUMINUM TECHNOLOGIES CORP.
	 	BALL AEROSPACE & TECHNOLOGIES CORP.
	 	BALL TECHNOLOGIES HOLDINGS CORP.
	 	BALL BP HOLDING COMPANY
	 	BALL BEVERAGE CAN AMERICAS INC.

 

	 	By:	/s/ Jeffrey A. Knobel
	 	 	Name: Jeffrey A. Knobel
	 	 	Title: Treasurer

 

	 	BALL CORPORATION, A NEVADA CORPORATION
	 	BALL GLASS CONTAINERS, INC.
	 	BALL CONTAINER LLC
	 	BALL INC.
	 	BALL HOLDINGS LLC

 

	 	By:	/s/ Charles E. Baker
	 	 	Name: Charles E. Baker
	 	 	Title: President and Secretary

 

	 	BALL METAL CONTAINER CORPORATION

 

	 	By:	/s/ Charles E. Baker
	 	 	Name: Charles E. Baker
	 	 	Title: Secretary

 

	 	BALL PAN-EUROPEAN HOLDINGS, LLC

 

	 	By:	/s/ Charles E. Baker
	 	 	Name: Charles E. Baker
	 	 	Title: Assistant Secretary

 

[Signature Page to Fourteenth
Supplemental Indenture]

 

     

     

    

 

	 	BALL ASIA SERVICES LIMITED
	 	BALL PACKAGING LLC
	 	BALL GLOBAL BUSINESS SERVICES CORP.
	 	REXAM BEVERAGE CAN COMPANY

 

	 	By:	/s/ Charles E. Baker
	 	 	Name: Charles E. Baker
	 	 	Title: Vice President and Secretary

 

[Signature Page to Fourteenth Supplemental Indenture]

 

     

     

    

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee

 

	 	By:	/s/ Kathryn Fischer
	 	 	Name: Kathryn Fischer
	 	 	Title: Vice President

 

	 	By:	/s/ Luke Russell
	 	 	Name: Luke Russell
	 	 	Title: Vice President

 

[Signature Page to Fourteenth Supplemental Indenture]

 

     

     

    

 

EXHIBIT A

 

 

 

[FACE OF NOTE]

 

[INSERT THE GLOBAL NOTE
LEGEND, IF APPLICABLE PURSUANT TO THE PROVISIONS OF THE SUPPLEMENTAL

INDENTURE]

 

 

 

3.125% SENIOR NOTES DUE
2031

 

	ISIN No.:	 	No. ____
	CUSIP No.:	 	$ _______________

 

BALL CORPORATION

 

promises to pay ________ or registered assigns, the principal sum of
$____________ on September 15, 2031.

 

Interest Payment Dates: March 15 and September
15

 

Record Dates: March 1 and September 1

 

Dated:

 

	 	BALL CORPORATION

 

	 	By:	
	 	Name:	Jeffrey A. Knobel
	 	Title: 	Vice President and Treasurer

 

Date of Authentication: _______

 

This is one of the Global Notes

referred to in the within-

mentioned Supplemental Indenture:

 

Dated: _______

 

	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee	 

 

	By:		 
	 	Name:	Kathryn Fischer	 
	 	Title:	Vice President	 

 

    A-1

    

    

 

[Back of Note]

 

3.125% Senior Notes due 2031

 

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

 

1.                  
INTEREST . Ball Corporation, an Indiana corporation (the “Company”), promises to pay interest on the
principal amount of this Note at 3.125% per annum from the date hereof until maturity. The Company will pay interest semi-annually on
March 15 and September 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest
Payment Date”) as if it were made on the date the payment was due, and no interest will accrue on the amount so payable for
the period from and after that interest payment date or the maturity date, as the case may be, to the date the payment is made. Interest
on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of
issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a
record date referred to on the face hereof and the next succeeding Interest Payment Date, interest will accrue from such next succeeding
Interest Payment Date; provided, further, that the first Interest Payment Date will be March 15, 2022. The Company will pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable
interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue installments of interest at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year
of twelve 30-day months.

 

2.                  
METHOD OF PAYMENT. The Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered
Holders of Notes at the close of business on the March 1 and September 1 next preceding the Interest Payment Date, even if such Notes
are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Supplemental
Indenture with respect to defaulted interest. Principal, premium, if any, and interest on the Notes will be payable at the office or agency
of the Paying Agent and Registrar or, at the option of the Company, payment of interest may be made by check mailed to the Holders of
the Notes at their respective addresses set forth in the register of Holders of Notes; provided that all payments of principal,
premium and interest with respect to Notes the Holders of which have given wire transfer instructions to the Trustee will be required
to be made by wire transfer of immediately available funds to the accounts specified by the Holders thereof. Such payment will be in
such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

 

3.                  
PAYING AGENT AND REGISTRAR. Initially, Deutsche Bank Trust Company Americas, the Trustee under the Supplemental Indenture,
will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company
or any of its Subsidiaries may act in any such capacity.

 

4.                  
INDENTURE. This Note is one of a duly authenticated series of securities of the Company issued and to be issued in one or
more series under an indenture (the “Base Indenture”), dated as of November 27, 2015, between the Company and the Trustee,
as amended by the Fourteenth Supplemental Indenture (the “Supplemental Indenture” and, together with the Base Indenture,
the “Indenture”), dated as of September 14, 2021, among the Company, the Guarantors and the Trustee. The terms of the
Notes include those stated in the Supplemental Indenture and those made part of the Supplemental Indenture by reference to the Trust Indenture
Act of 1939, as amended (15 U.S. Code Sections 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the
Supplemental Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express
provisions of the Base Indenture, the provisions of this Note will govern and be controlling, and to the extent any provision of this
Note conflicts with the express provisions of the Supplemental Indenture, the provisions of the Supplemental Indenture will govern and
be controlling. The Company will be entitled to issue Additional Notes pursuant to Section 2.14 of the Supplemental Indenture.

 

    A-2

    

    

 

5.                  
 OPTIONAL REDEMPTION. The Company may redeem all or any of the Notes at any time in whole, or from time to time in part,
prior to June 15, 2031 (three months prior to the maturity date of the Notes) (the “Par Call Date”), at the Company’s
option, at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the
sum of the present values of the remaining scheduled payments of principal and interest on the Notes that would be due if such Notes matured
on the Par Call Date, discounted to the date of redemption (excluding interest accrued to the date of redemption), on a semiannual basis,
at a rate equal to the sum of the Treasury Rate plus 50 basis points, plus in each case, any accrued and unpaid interest on the Notes
to but excluding the date of redemption. The redemption prices will be calculated assuming a 360-day year consisting of twelve 30-day
months.

 

At any time on or after the Par Call Date, the
Company may redeem all or any of the Notes at any time in whole, or from time to time in part, at its option, at a redemption price equal
to 100% of the principal amount thereof, plus any accrued and unpaid interest on the Notes to, but excluding, the date of redemption.

 

Notwithstanding the foregoing, installments of
interest on the Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the
interest payment date to the registered Holders as of the close of business on the relevant record date according to the Notes and the
Supplemental Indenture.

 

For purposes of the foregoing, the following definitions
apply:

 

“Comparable Treasury Issue”
means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining
term (as measured from the date of redemption and assuming for this purpose that the Notes matured on the Par Call Date) of the Notes
that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of the Notes.

 

“Comparable Treasury Price”
means, with respect to any redemption date, (i) the average of the Reference Treasury Dealer Quotations obtained by the Company for that
redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, (ii) if the Company is unable to
obtain at least four such Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations obtained by the
Company, or (iii) if only one Reference Treasury Dealer Quotation is received, such quotation.

 

“Independent Investment Banker”
means Deutsche Bank Securities Inc., or, if such firm is unwilling or unable to select the applicable Comparable Treasury Issue, an independent
investment banking institution of national standing appointed by the Company.

 

“Reference Treasury Dealer”
means (i) Deutsche Bank Securities Inc. (or its affiliates that are Primary Treasury Dealers) and their respective successors; provided,
however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in New York City (a “Primary
Treasury Dealer”), the Company may substitute another institution to act as a Primary Treasury Dealer, and (ii) at least two other
Primary Treasury Dealers selected by the Company.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date for the Notes, an average, as determined by the Company,
of the bid and asked prices for the Comparable Treasury Issue for the Notes, expressed in each case as a percentage of its principal amount,
quoted in writing to the Company by the Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding
the redemption date.

 

“Treasury Rate” means, with
respect to any redemption date applicable to the Notes, the rate per annum equal to the semi-annual equivalent yield to maturity, computed
as of the third Business Day immediately preceding the redemption date, of the Comparable Treasury Issue, assuming a price for the Comparable
Treasury Issue, expressed as a percentage of its principal amount, equal to the applicable Comparable Treasury Price for the redemption
date.

 

    A-3

    

    

 

 

6.             MANDATORY REDEMPTION. The Company is not required to make mandatory redemption payments with respect to the Notes.

 

7.             REPURCHASE
AT OPTION OF HOLDER UPON A CHANGE OF CONTROL REPURCHASE EVENT . If a Change of Control Repurchase Event occurs, unless the Company
has exercised its right to redeem the Notes as described under clause (5) above within 60 days after the Change of Control, the Company
will make an offer (a “Change of Control Offer”) to each holder of notes to repurchase all or any part, equal to $2,000
or an integral multiple of $1,000 in excess thereof, of each Holder’s Notes at a repurchase price in cash equal to 101% of the
aggregate principal amount of the Notes repurchased plus accrued and unpaid interest on the Notes repurchased to but excluding the date
of repurchase. Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to the consummation
of the Change of Control transaction, but after the public announcement thereof, the Company will send a notice to each Holder setting
forth the procedures governing the Change of Control Offer as required by the Supplemental Indenture. If sent prior to the date of consummation
of the Change of Control transaction, the notice will state that the Change of Control Offer is conditioned on a Change of Control Repurchase
Event occurring prior to the Change of Control Payment Date. If Holders of not
less than 90% in aggregate principal amount of the outstanding notes validly tender and do not withdraw such Notes in a Change of Control
Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company, purchases all of the Notes validly
tendered and not withdrawn by such Holders, the Company or such third party will have the right, upon not less than 10 days nor more
than 60 days’ prior notice, provided that such notice is given not more than 30 days following such purchase pursuant to the Change
of Control Offer described above, to redeem all Notes that remain outstanding following such purchase on a date (the “Second
Change of Control Payment Date”) at a price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus
any accrued and unpaid interest on the Notes repurchases to, but excluding, the Second Change of Control Payment Date.

 

8.             NOTICE
OF REDEMPTION. Notice of redemption will be delivered at least 15 days but not more than 60 days before the redemption date to each
Holder whose Notes are to be redeemed. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples
of $1,000 in excess thereof, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date interest ceases
to accrue on Notes or portions thereof called for redemption.

 

9.             DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. Notes may be transferred or exchanged as provided in the Supplemental Indenture. The Registrar and the Trustee may
require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder
to pay any taxes and fees required by law or permitted by the Supplemental Indenture. The Company need not exchange or transfer any Note
or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company
need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during
the period between a record date and the corresponding Interest Payment Date.

 

10.           PERSONS
DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes.

 

    A-4 

     

    

 

11.           AMENDMENT,
SUPPLEMENT AND WAIVER. The Base Indenture may be amended as provided therein. Subject to certain exceptions, the Supplemental Indenture,
the Guarantees or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal
amount of the Notes then outstanding, including, without limitation, consents obtained in connection with a purchase of, or tender offer
or exchange offer for, Notes, voting as a single class, and any existing default or compliance with any provision of the Supplemental
Indenture, the Guarantees or the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the
then outstanding Notes, including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes, voting as a single class. Without the consent of any Holder of a Note, the Supplemental Indenture, the Guarantees or
the Notes may be amended or supplemented (i) to cure any ambiguity, defect or inconsistency; (ii) to provide for uncertificated
Notes in addition to or in place of certificated Notes, provided that such uncertificated notes are issued in registered form under Section
163(f)(5) of the Internal Revenue Code of 1986, as amended; (iii) to provide for the assumption of the Company’s or a Guarantor’s
obligations to Holders of the Notes in case of a merger or consolidation or sale of all or substantially all of the Company’s or
Guarantor’s assets, as applicable (iv) to make any change that would provide any additional rights or benefits to the Holders
of the Notes or that does not adversely affect the legal rights under the Supplemental Indenture of any such Holder in any material respect;
(v) to comply with the requirements of the SEC in order to effect or maintain the qualification of the Supplemental Indenture under
the Trust Indenture Act; (vi) to provide for the issuance of Additional Notes in accordance with the Supplemental Indenture; (vii) to
conform the text of the Supplemental Indenture, the Notes or the Guarantees to any provision of the Description of Notes to the extent
that such provision in the Description of Notes was intended to be a verbatim recitation of a provision of the Supplemental Indenture,
the Notes or the Guarantees; (viii) to allow any Guarantor to execute a supplemental indenture to the Supplemental Indenture and/or
a Guarantee with respect to the Notes; (ix) to evidence and provide for the acceptance of appointment by a successor trustee; (x) to
add Guarantees with respect to the Notes; (xi) to secure the Notes; or (xii) to release any Lien granted in favor of the Holders
of the Notes pursuant to Section 4.07 of the Supplemental Indenture upon release of the Lien securing the underlying obligation that
gave rise to such Lien.

 

12.           DEFAULTS
AND REMEDIES. Each of the following is an “EVENT OF DEFAULT”:  (i) default for a period of 30 days in
the payment when due of interest on the Notes; (ii) default in the payment when due of the principal of or premium, if any, on the
Notes; (iii) the Company or any of its Subsidiaries fails for 30 days after notice specifying the default from the Trustee or Holders
of at least 25% of the aggregate principal amount of Notes then outstanding to comply with any of the provisions of Section 4.09 of the
Supplemental Indenture; (iv) the Company or any of its Subsidiaries fails for 60 days after notice specifying the default from the
Trustee or Holders of at least 25% of the aggregate principal amount of Notes then outstanding to comply with any of the other agreements
in the Supplemental Indenture or the Notes; (v) the Company or any of its Subsidiaries (other than a receivables securitization
entity) defaults under any Indebtedness for money borrowed by the Company or any of its Subsidiaries (other than a receivables securitization
entity) (or the payment of which is guaranteed by the Company or any of its Subsidiaries (other than a receivables securitization entity))
whether such Indebtedness or guarantee now exists, or is created after the date of the Supplemental Indenture, if that default (a) is
caused by a failure to pay principal on such Indebtedness at its final stated maturity (or on or before the expiration of any grace period
provided in such Indebtedness on the date of such default) (a “Payment Default”) or (b) results in the acceleration
of such Indebtedness prior to its express maturity and, in each case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there is a Payment Default or the maturity of which has been so accelerated,
aggregates $75.0 million or more or its foreign currency equivalent, and in each case the Company has received notice specifying the
default from the Trustee or Holders of at least 25% of the aggregate principal amount of Notes then outstanding and thereafter does not
cure the default within 30 days; (vi) the Company or any of its Subsidiaries fails to pay final judgments aggregating in excess
of $75.0 million or its foreign currency equivalent, excluding amounts covered by insurance, which judgments are not paid, discharged
or stayed for a period of 60 days; (vii) any Guarantee of a Significant Subsidiary is held in any judicial proceeding to be unenforceable
or invalid or ceases for any reason to be in full force and effect or any Guarantor that is a Significant Subsidiary, or any Person acting
on behalf of any Guarantor that is a Significant Subsidiary, denies or disaffirms its obligations under such Guarantor’s Guarantee,
in each case except as permitted by the Supplement Indenture; or (viii) certain events of bankruptcy or insolvency occur with respect
to the Company or any of its Subsidiaries that is a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law.

 

If any Event of Default occurs and is continuing,
the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and
payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, with
respect to the Company or any Subsidiary of the Company that is a Significant Subsidiary pursuant to or within the meaning of Bankruptcy
Law, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Supplemental Indenture
or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal
amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders
of the Notes notice of any continuing Default or Event of Default if it determines that withholding notice is in their interest, except
a Default or Event of Default relating to the payment of principal or interest. The Holders of a majority in aggregate principal amount
of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or
Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment
of interest on, or the principal of, the Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance
with the Supplemental Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the
Trustee a statement specifying such Default or Event of Default.

 

    A-5 

     

    

 

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

 

14.           NO
RECOURSE AGAINST OTHERS. A director, officer, employee, incorporator or stockholder, of the Company or any Guarantor, as such, will
not have any liability for any obligations of the Company or the Guarantors under the Notes, the Guarantees or the Supplemental Indenture
or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note
waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes.

 

15.           AUTHENTICATION. This Note will not be valid until authenticated by the electronic or manual signature of the Trustee or
an authenticating agent.

 

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

 

17.           CUSIP
NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has
caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders.
No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption
and reliance may be placed only on the other identification numbers placed thereon. The Company will furnish to any Holder upon written
request and without charge a copy of the Base Indenture, the Supplemental Indenture and the Guarantees. Requests may be made to:

 

Ball Corporation

9200 W. 108th Circle

Westminster, Colorado 80021-2510

Telecopier No.: (303) 460-2691

Attention: Chief Financial Officer

 

    A-6 

     

    

 

ASSIGNMENT FORM

 

	To assign this Note, fill in the form below:
	 

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

	 	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	 
	 
	 
	 
	(Print or type assignee’s name, address and zip code)

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

	Date:	 	 	 
	 	 	 	 
	 	 	 	Your Signature:	 
	 	 	 	(sign exactly as your name appears on the face of this senior note)
	 	 	 	 
	 	 	 	Tax Identification No:	 
	 	 	 	 
	 	 	 	Signature Guarantee:	 

 

Signatures must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion
Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition
to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    A-7 

     

    

 

Option of Holder to Elect Purchase

 

If you want to elect to have this Note purchased
by the Company pursuant to Section 4.09 of the Supplemental Indenture, check the box below:

 

  ̈
Section 4.09

 

If you want to elect to have only part of the Note
purchased by the Company pursuant to Section 4.09 of the Supplemental Indenture, state the amount you elect to have purchased: $

 

 

	Date:	 	 	 
	 	 
	 	Your Signature:	 
	 	(sign exactly as your name appears on the face of this senior note)
	 	 
	 	 
	 	Tax Identification No:	 
	 	 	 
	 	Signature Guarantee:	 
	 	 	 	 	 

Signatures must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion
Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition
to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    A-8 

     

    

 

EXHIBIT B

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of                     ,
20   , among                         
(the “Guaranteeing Subsidiary”), a subsidiary of Ball Corporation (or its permitted successor), an Indiana corporation
(the “Company”), the Company and Deutsche Bank Trust Company Americas, as trustee under the Fourteenth Supplemental
Indenture referred to below (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Company has heretofore executed and
delivered to the Trustee an indenture (the “Base Indenture “), dated as of November 27, 2015, between the Company and
the Trustee, as amended by a Fourteenth Supplemental Indenture (the “Fourteenth Supplemental Indenture” and, together
with the Base Indenture, the “Indenture”), dated as of September 14, 2021, among the Company, the Guarantors named
therein and the Trustee, providing for the original issuance of an aggregate principal amount of $850,000,000 of 3.125% Senior Notes due
2031 (the “Notes”);

 

WHEREAS, the Fourteenth Supplemental Indenture
provides that under certain circumstances the Guaranteeing Subsidiary will execute and deliver to the Trustee a supplemental indenture
pursuant to which the Guaranteeing Subsidiary will unconditionally guarantee all of the Company’s obligations under the Notes and
the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and

 

WHEREAS, pursuant to Section 9.01 of the Fourteenth
Supplemental Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee
mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

 

1.             Capitalized
Terms. Capitalized terms used herein without definition will have the meanings assigned to them in the Fourteenth Supplemental Indenture.

 

2.             Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees as follows:

 

(a)           Along with all Guarantors named in the Fourteenth Supplemental Indenture, to jointly and severally Guarantee to each Holder of
a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, the Notes or the obligations of the
Company hereunder or thereunder, that:

 

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

 

(ii)          in
case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in
full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.
Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly
and severally obligated to pay the same immediately.

 

    B-1 

     

    

 

(b)           The obligations hereunder will be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the
Fourteenth Supplemental Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with
respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any
other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor.

 

(c)           The
following is hereby waived:  diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency
or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever.

 

(d)           This
Note Guarantee will not be discharged except by complete performance of the obligations contained in the Notes and the Fourteenth Supplemental
Indenture, and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Fourteenth Supplemental Indenture.

 

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

 

(f)            The
Guaranteeing Subsidiary will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed
hereby until payment in full of all obligations guaranteed hereby.

 

(g)           As
between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations
guaranteed hereby may be accelerated as provided in Article 6 of the Fourteenth Supplemental Indenture for the purposes of this Note
Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed
hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 of the Fourteenth Supplemental
Indenture, such obligations (whether or not due and payable) will forthwith become due and payable by the Guarantors for the purpose
of this Note Guarantee.

 

(h)           The
Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair
the rights of the Holders under the Note Guarantee.

 

(i)            Pursuant
to Section 10.02 of the Fourteenth Supplemental Indenture, after giving effect to any maximum amount and all other contingent and fixed
liabilities that are relevant under any applicable Bankruptcy or fraudulent conveyance laws, and after giving effect to any collections
from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such
other Guarantor under Article 10 of the Fourteenth Supplemental Indenture, this new Note Guarantee will be limited to the maximum amount
permissible such that the obligations of such Guarantor under this Note Guarantee will not constitute a fraudulent transfer or conveyance.

 

3.             Execution
and Delivery. Each Guaranteeing Subsidiary agrees that the Note Guarantees will remain in full force and effect notwithstanding any
failure to endorse on each Note a notation of such Note Guarantee.

 

4.             Guaranteeing
Subsidiary may Consolidate, etc. on Certain Terms.

 

(a)           The
Guaranteeing Subsidiary may not sell or otherwise dispose of all substantially all of its assets to, or consolidate with or merge with
or into (whether or not such Guarantor is the surviving Person) another Person, other than the Company or another Guarantor unless:

 

(i)           immediately
after giving effect to such transaction, no Default or Event of Default exists; and

 

(ii)          either (A) subject to Sections 10.04 and 10.05 of the Fourteenth Supplemental Indenture, the Person acquiring the assets
in any such sale or disposition or the Person formed by or surviving any such consolidation or merger unconditionally assumes all the
obligations of that Guarantor, pursuant to a supplemental indenture, under the Notes, the Fourteenth Supplemental Indenture and the Note
Guarantee on the terms set forth herein or therein; or (B) such sale or other disposition (including by merger or consolidation) does
not violate the applicable provisions of the Fourteenth Supplemental Indenture.

 

    B-2 

     

    

 

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

 

(c)            Except
as set forth in Articles 4 and 5 and Section 10.05 of Article 10 of the Fourteenth Supplemental Indenture, and notwithstanding clauses
(a) and (b) above, nothing contained in the Fourteenth Supplemental Indenture or in any of the Notes will prevent any consolidation or
merger of a Guarantor with or into the Company or another Guarantor, or will prevent any sale or conveyance of the property of a Guarantor
as an entirety or substantially as an entirety to the Company or another Guarantor.

 

5.             Releases.

 

(a)            In
the event of any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation
or otherwise, or a sale or other disposition of all of the capital stock of any Guarantor, in each case to a Person that is not (either
before or after giving effect to such transaction) a Subsidiary of the Company, then such Guarantor (in the event of a sale or other
disposition, by way of merger, consolidation or otherwise, of all of the capital stock of such Guarantor) or the corporation acquiring
the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guarantor) will be released
and relieved of any obligations under its Note Guarantee; provided that such sale or other disposition does not violate the applicable
provisions of the Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion
of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of the Fourteenth
Supplemental Indenture, the Trustee will execute any documents (in form and substance reasonably acceptable to the Trustee) reasonably
required in order to evidence the release of any Guarantor from its obligations under its Note Guarantee.

 

(b)           Any
Guarantor not released from its obligations under its Note Guarantee will remain liable for the full amount of principal of and interest
on the Notes and for the other obligations of any Guarantor under the Fourteenth Supplemental Indenture as provided in Article 10 of
the Fourteenth Supplemental Indenture.

 

6.             No
Recourse Against Others. No past, present or future director, officer, employee, incorporator, stockholder or agent of the Guaranteeing
Subsidiary, as such, will have any liability for any obligations of the Company or any Guaranteeing Subsidiary under the Notes, any Note
Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part
of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws
and it is the view of the SEC that such a waiver is against public policy.

 

    B-3 

     

    

 

7.             New York Law to Govern. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL
INDENTURE BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.

 

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

 

9.             Effect of Headings. The Section headings herein are for convenience only and will not affect the construction hereof.

 

10.           The
Trustee. The Trustee will not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary
and the Company.

 

    B-4 

     

    

 

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

 

Dated: ________, 20 ___

 

	 	[GUARANTEEING SUBSIDIARY]

 

		By:	

		Name:	
		Title:	

 

	 	BALL CORPORATION

 

		By:	

		Name:	
		Title:	

 

	 	DEUTSCHE BANK TRUST COMPANY
	 	   AMERICAS, as Trustee

 

		By:	
			Authorized Signatory

 

		By:	
			Authorized Signatory

 

    B-5

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