Document:

Third Supplemental Indenture

 Exhibit 4.2 
 NEWFIELD EXPLORATION COMPANY, 
 as Issuer 

and 

U.S. BANK NATIONAL ASSOCIATION, 
 as Trustee 
 THIRD SUPPLEMENTAL INDENTURE 

dated as of June 26, 2012 
 to Senior Indenture dated as of February 28, 2001 
 Providing for
Issuance of 

5 5/8% Senior Notes due 2024 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	SECTION 1.	 	 Capitalized Terms
	  	 	2	  
			
	SECTION 2.	 	 Creation of the Notes
	  	 	2	  
			
	SECTION 3.	 	 Optional Redemption
	  	 	3	  
			
	SECTION 4.	 	 No Mandatory Redemption or Sinking Fund
	  	 	4	  
			
	SECTION 5.	 	 Change of Control
	  	 	4	  
			
	SECTION 6.	 	 Events of Default
	  	 	8	  
			
	SECTION 7.	 	 Limitations on Liens
	  	 	9	  
			
	SECTION 8.	 	 Limitations on Sale/Leaseback Transactions
	  	 	14	  
			
	SECTION 9.	 	 Subsidiary Guarantors
	  	 	15	  
			
	SECTION 10.	 	 Defeasance
	  	 	15	  
			
	SECTION 11.	 	 Satisfaction and Discharge
	  	 	15	  
			
	SECTION 12.	 	 No Personal Liability
	  	 	16	  
			
	SECTION 13.	 	 Governing Law
	  	 	16	  
			
	SECTION 14.	 	 Counterparts
	  	 	16	  
			
	SECTION 15.	 	 Supplemental Indenture Controls
	  	 	16	  
			
	SECTION 16.	 	 Effect of Supplemental Indenture
	  	 	16	  
			
	EXHIBIT A	 	 Form of
5 5/8% Senior Note due 2024
	  	 	A-1	  

  

  
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 THIS THIRD SUPPLEMENTAL INDENTURE, dated as of June 26, 2012 (this
“Third Supplemental Indenture”), supplements and amends the Senior Indenture dated as of February 28, 2001 (the “Original Indenture”) between NEWFIELD EXPLORATION COMPANY, a Delaware corporation, as
issuer (the “Company”), and U.S. BANK NATIONAL ASSOCIATION (as successor trustee to Wachovia Bank, National Association (formerly First Union National Bank)), a national banking association, as trustee (the
“Trustee”). 
 RECITATIONS OF THE COMPANY 

WHEREAS, the Company and the predecessor to the Trustee have heretofore executed and delivered the Original Indenture to provide for the
issuance of the Company’s senior debt securities to be issued in one or more series; 
 WHEREAS, Section 901 of the
Original Indenture provides, among other things, that the Company and the Trustee may without the consent of Holders enter into Indentures supplemental to the Original Indenture to, among other things, (a) add to, change or eliminate any of the
provisions of the Original Indenture in respect of one or more series of Securities; provided, however, that any such addition, change or elimination shall (i) neither (A) apply to any Security of any series created prior to the execution
of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Holder of any such previously issued Security with respect to such provision or (ii) shall become effective only when there is no
such Security Outstanding and (b) establish the form or terms of Securities of any series as permitted by Sections 201 and 301; 
 WHEREAS, the Company desires to provide for the issuance of a new series of Securities to be designated as the
“5 5/8% Senior Notes due 2024” (the
“Notes”), and to set forth the terms that will be applicable thereto; 
 WHEREAS, all action on the part
of the Company necessary to authorize the issuance of the Notes under the Original Indenture as supplemented and amended by this Third Supplemental Indenture (the Original Indenture as so supplemented and amended being hereinafter referred to as the
“Indenture”) has been duly taken; and 
 WHEREAS, all acts and things necessary to make the Notes, when
executed by the Company and authenticated and delivered by the Trustee as provided in the Original Indenture, the legal, valid and binding obligations of the Company, and to constitute these presents a valid and binding supplemental indenture
according to its terms binding on the Company, have been done and performed, and the execution of this Third Supplemental Indenture and the creation and issuance under the Indenture of the Notes have in all respects been duly authorized, and the
Company in the exercise of the legal right and power vested in it, executes this Third Supplemental Indenture and proposes to create, execute, issue and deliver the Notes. 
 NOW, THEREFORE, THIS THIRD SUPPLEMENTAL INDENTURE WITNESSETH: 
 That, in
order to establish the designation, form, terms and provisions of, and to authorize the authentication and delivery of the Notes, and in consideration of the acceptance of the Notes by the Holders thereof and of other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

 SECTION 1. Capitalized Terms. Capitalized terms used herein and not
otherwise defined shall have the respective meanings assigned thereto in the Original Indenture. 
 SECTION 2.
Creation of the Notes. 
 (a) Pursuant to Sections 201 and 301 of the Original Indenture, the
Notes are hereby created as a new series of Securities designated as the “5 5/8% Senior Notes due 2024.” The Trustee shall authenticate Notes for original issue on the Issue Date in the aggregate principal amount of $1,000,000,000 (the “Original Notes”) upon a
Company Order for the authentication and delivery of Notes, without any further action by the Company. The Notes shall be issued initially in the form of one or more Global Securities substantially in the form set forth on Exhibit A to this Third
Supplemental Indenture, shall have the terms set forth therein and shall be entitled to the benefits of the other provisions of the Original Indenture as modified by this Third Supplemental Indenture and specified herein. The terms of the Notes set
forth on Exhibit A hereto are incorporated by reference herein as if set forth herein in their entirety. The Notes shall be defeasible pursuant to both Sections 1302 and 1303 of the Original Indenture. The initial Depositary for the Notes shall be
The Depository Trust Company. 
 (b) The Company may issue Notes after the Issue Date (such Notes, except for Notes
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 304, 305, 306, 906 or 1107, the “Additional Notes”). Prior to any issuance of Additional Notes,
there shall be established in or pursuant to a resolution of the Board of Directors of the Company: 
 (i) that
such Additional Notes shall be issued as part of the same or a different series as the Original Notes; 
 (ii)
the aggregate principal amount of such Additional Notes which may be authenticated and delivered under the Indenture, which may be in an unlimited aggregate principal amount or which may be in a limited principal amount (except for Additional Notes
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 304, 305, 306, 906 or 1107 and except for Additional Notes which, pursuant to Section 303, are deemed never to
have been authenticated and delivered hereunder); 
 (iii) the issue price and issuance date of such Additional
Notes, including the date from which interest on such Additional Notes shall accrue and the initial interest payment date; 
 (iv) if applicable, that such Additional Notes shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the respective Depositaries for such Global Securities,
the form of any legend or legends that shall be borne by any such Global Security in addition to or in lieu of that set forth in Exhibit A and any circumstances in addition to or in lieu of those set forth in the Indenture in which any such Global
Security may be exchanged in whole or in part for Notes registered, and any transfer of such Global Security in whole or in part may be registered, in the name or names of Persons other than the Depositary for such Global Security or a nominee
thereof; and 

  
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 (v) if applicable, that such Additional Notes shall not be registered under
the Securities Act, but shall be issued pursuant to an exemption from registration under the Securities Act, shall bear additional appropriate legends and shall have the benefit of registration rights. 

Except as set forth above, such Additional Notes shall have the same terms as the Original Notes, and such Additional Notes shall be
treated as a single class for all purposes under the Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase. 
 SECTION 3. Optional Redemption. The Notes are redeemable, at the option of the Company, at any time in whole or from time to time in part, on any date prior to maturity at a
Redemption Price equal to the greater of (a) 100% of the principal amount of the Notes to be redeemed or (b) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive
of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Yield plus 50 basis points, in each case plus accrued and
unpaid interest thereon to the Redemption Date. Notice of intention to redeem the Notes in whole or in part shall be given in accordance with Section 1104 of the Original Indenture, except that in lieu of stating the Redemption Price in
accordance with clause (2) of Section 1104 of the Original Indenture, the Company may set forth the method by which it will be calculated. 
 For purposes of the Notes: 
 “Comparable Treasury Issue” means the
United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term 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 for the Notes, (i) the average of the
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the
average of all such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received, such quotation. 

“Independent Investment Banker” means Wells Fargo Securities, LLC, and its successor, as selected by the Company, 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 Trustee and reasonably acceptable to the Company. 

  
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 “Reference Treasury Dealer” means (i) a Primary Treasury Dealer (as
defined herein), and its successor, selected by Wells Fargo Securities, LLC, unless such entity ceases to be a primary U.S. government securities dealer in New York City (a “Primary Treasury Dealer”), in which case the Company will
substitute therefor another Primary Treasury Dealer, and (ii) any other Primary Treasury Dealer 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 Trustee, 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 Trustee by the Reference
Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 “Treasury
Yield” means, with respect to any Redemption Date for 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. 

Except as provided above, redemptions of Notes shall be done in accordance with Article Eleven of the Original Indenture.

 SECTION 4. No Mandatory Redemption or Sinking Fund. The Company shall have no obligation to redeem, purchase or
repay the Notes pursuant to any mandatory redemption, sinking fund or analogous provisions or at the option of a Holder thereof (except as provided in Section 5). 
 SECTION 5. Change of Control. 
 (a) Upon the occurrence of a
Change of Control Triggering Event for the Notes, then, unless the Company shall have exercised its right to redeem all the Notes, each Holder shall have the right to require that the Company repurchase such Holder’s Notes at a purchase price
in cash equal to 101% of the principal amount thereof on the date of the purchase plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the
relevant Interest Payment Date), in accordance with the terms contemplated below. 
 (b) Unless the Company has exercised its
right to redeem all the Notes and shall have delivered an irrevocable notice of redemption to the Trustee, then within 30 days following any Change of Control Triggering Event, the Company shall mail a notice to each Holder with a copy to the
Trustee (the “Change of Control Offer”) stating: 
 (i) that a Change of Control Triggering
Event has occurred and that such Holder has the right to require the Company to purchase such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase, plus accrued and unpaid interest, if
any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest on the relevant Interest Payment Date); 

  
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 (ii) the circumstances and relevant facts regarding such Change of Control
Triggering Event (including information with respect to pro forma historical income, cash flow and capitalization, in each case after giving effect to such Change of Control Triggering Event); 

(iii) the purchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is
mailed); and 
 (iv) the instructions, as determined by the Company, consistent with this Section 5, that a
Holder must follow in order to have its Notes purchased. 
 (c) Holders electing to have a Note purchased will be required to
surrender the Note, with the “Option of Holder to Elect Purchase” on the reverse form duly completed, to the Company at the address specified in the Change of Control Offer notice at least three Business Days prior to the purchase date.
Holders will be entitled to withdraw their election if the Trustee or the Company receives, not later than one Business Day prior to the purchase date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of
the Note which was delivered for purchase by the Holder and a statement that such Holder is withdrawing its election to have such Note purchased. 
 (d) On the purchase date, all Notes purchased by the Company under this Section shall be delivered by the Company to the Trustee for cancellation, and the Company shall pay the purchase price plus accrued
and unpaid interest, if any, to the Holders entitled thereto. 
 (e) Notwithstanding the foregoing provisions of this Section,
the Company shall not be required to make a Change of Control Offer following a Change of Control Triggering Event if 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 Section 5 and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 

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

(g) Notwithstanding anything to the contrary in Section 902 of the Original Indenture, this Section 5 may be amended or waived
with consent of Holders of a majority in principal amount of the Notes in accordance with Section 902 of the Original Indenture. 
 For purposes of the Notes: 
 “Capital Stock” of any Person means
any and all shares, units of beneficial interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt
securities or other Indebtedness convertible into such equity. 

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

 (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause (i) such person shall be deemed to have “beneficial ownership” of all shares that any such
person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company (provided that a
transaction described in clause (iv) below (without regard to the exceptions therein) shall be governed by clause (iv) below and not this clause (i)); 
 (ii) during any period of two consecutive years, individuals who, at the beginning of such period, constituted the Board of Directors (together with any new directors whose election by such Board of
Directors or whose nomination for election by the shareholders of the Company was approved by a vote of the majority of the directors of the Company then still in office who were either directors at the beginning of such period or whose election or
nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of Directors then in office; 
 (iii) the adoption of a plan relating to the liquidation or dissolution of the Company; or 
 (iv) the merger or consolidation of the Company with or into another Person or the merger of another Person with or into the Company, or the sale of all or substantially all the assets of the Company
(determined on a consolidated basis) to another Person, other than a transaction following which (A) in the case of a merger or consolidation transaction, holders of securities that represented 100% of the Voting Stock of the Company
immediately prior to such transaction (or other securities into which such securities are converted as part of such merger or consolidation transaction) own directly or indirectly at least a majority of the voting power of the Voting Stock of the
surviving Person (or any parent thereof) in such merger or consolidation transaction immediately after such transaction and (B) in the case of a sale of assets transaction, each transferee becomes an obligor in respect of the Notes and a
Subsidiary of the transferor of such assets. 
 “Change of Control Triggering Event” means the occurrence of
either of the following: 
 (i) if the Notes are not rated Investment Grade by both of the Rating Agencies on the
first day of the Trigger Period, the Notes are downgraded by both of the Rating Agencies on any date during the Trigger Period by at least one rating category (e.g., from BB+ to BB or Ba1 to Ba2) from the applicable rating of the Notes on the first
day of the Trigger Period, or 

  
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 (ii) if the Notes are rated Investment Grade by both of the Rating Agencies
on the first day of the Trigger Period, the Notes cease to be rated Investment Grade by both of the Rating Agencies on any date during the Trigger Period; 
 provided, however, that for so long as any of the Company’s Existing Senior Subordinated Notes are outstanding, if the Company is required to offer to purchase any such Existing Senior Subordinated
Notes as a result of the occurrence of a Change of Control (as defined in such Existing Senior Subordinated Notes), then the occurrence of such Change of Control shall constitute a Change of Control Triggering Event for purposes of the Notes.

 If a Rating Agency is not providing a rating for the Notes at the commencement of any Trigger Period, the Notes will be
deemed to have been downgraded by at least one rating category or have ceased to be rated Investment Grade, as applicable, by such Rating Agency during that Trigger Period. Notwithstanding the foregoing, no Change of Control Triggering Event will be
deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually occurred. 
 “Existing Senior Subordinated Notes” means the Company’s
6 5/8% Senior Subordinated Notes due 2016, 7 1/8% Senior Subordinated Notes due 2018 and
6 7/8% Senior Subordinated Notes due 2020, in each
case outstanding on the Issue Date. 
 “Investment Grade” means a rating of Baa3 or better
by Moody’s (or its equivalent under any successor rating category of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P), or their equivalents by a substitute Rating Agency
appointed by the Company pursuant to clause (ii) of the definition of “Rating Agency.” 

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

 “Preferred Stock,” as applied to the Capital Stock of any Person, means Capital Stock of any class or
classes (however designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any
other class of such Person. 
 “Rating Agency” means (i) each of Moody’s and S&P and (ii) if
either Moody’s or S&P ceases to rate the Notes or provide rating services to issuers or investors, the Company may appoint a replacement for such Rating Agency. 
 “S&P” means Standard & Poor’s Financial Services, LLC, a division of The McGraw-Hill Companies, Inc., and its successors. 

“Trigger Period” means the period commencing on the day of the first public announcement by the Company of any Change of
Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as either of the Rating Agencies has publicly
announced that it is considering a possible ratings change). 

  
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 “Voting Stock” of a Person means all classes of Capital Stock of such
Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 
 SECTION 6. Events of Default. With respect to the Notes, clauses (5), (6) and (7) of Section 501 of the Original Indenture are hereby amended and restated to read in
their entirety as follows: 
 “(5) the entry by a court having jurisdiction in the premises of (A) a
decree or order for relief in respect of the Company, any Significant Subsidiary or any group of Subsidiaries that together would constitute a Significant Subsidiary in an involuntary case or proceeding under any applicable Federal or State
bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company, any Significant Subsidiary or any group of Subsidiaries that together would constitute a Significant Subsidiary bankrupt or insolvent,
or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company, any Significant Subsidiary or any group of Subsidiaries that together would constitute a Significant Subsidiary
under any applicable Federal or State law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company, any Significant Subsidiary or any group of Subsidiaries that together would
constitute a Significant Subsidiary or of any substantial part of its or their property, or ordering the winding up or liquidation of its or their affairs, and the continuance of any such decree or order for relief or any such other decree or order
unstayed and in effect for a period of 60 consecutive days; or 
 (6) the commencement by the Company, any
Significant Subsidiary or any group of Subsidiaries that together would constitute a Significant Subsidiary of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any
other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it or them to the entry of a decree or order for relief in respect of the Company, any Significant Subsidiary or any group of Subsidiaries that together would
constitute a Significant Subsidiary in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding
against it or them, or the filing by it or them of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it or them to the filing of such petition or to the appointment of or
taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company, any Significant Subsidiary or any group of Subsidiaries that together would constitute a Significant Subsidiary or of
any substantial part of its or their property, or the making by it or them of an assignment for the benefit of creditors, or the admission by it or them in writing of its or their inability to pay its or their debts generally as they become due, or
the taking of corporate action by the Company, any Significant Subsidiary or any group of Subsidiaries that together would constitute a Significant Subsidiary in furtherance of any such action; or 

  
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 (7) any default shall occur that results in the acceleration of the maturity
of any Indebtedness for borrowed money of the Company or any Restricted Subsidiary (other than the Notes) (provided that such acceleration is not rescinded within a period of 30 days from the occurrence of such acceleration) having an outstanding
principal amount of $100 million or more individually or, taken together with all other such Indebtedness that has been so accelerated, in the aggregate; or any default shall occur in the payment of any principal or interest in respect of any
Indebtedness for borrowed money of the Company or any Restricted Subsidiary (other than the Notes) having an outstanding principal amount of $100 million or more individually or, taken together with all other such Indebtedness with respect to which
any such payment has not been made, in the aggregate and such default shall be continuing for a period of 30 days without the Company or such Restricted Subsidiary, as the case may be, effecting a cure of such default; or 

(8) failure by the Company or any Restricted Subsidiary to pay final, non-appealable judgments aggregating in excess of
$100 million, which judgments are not paid, discharged or stayed for a period of 60 days.” 
 For purposes of the Notes:

 “Significant Subsidiary” means, at any date of determination, any Subsidiary that represents 10% or more of
the Company’s total assets at the end of the most recent fiscal quarter for which financial information is available or 10% or more of the Company’s consolidated net revenues or consolidated operating income for the most recent four
quarters for which financial information is available. 
 SECTION 7. Limitations on Liens. No provision of
the Indenture or the Notes shall in any way restrict or prevent the Company or any Subsidiary from issuing, assuming, guaranteeing or otherwise incurring any Indebtedness; provided, however, that the Company shall not, and shall not permit any
Restricted Subsidiary to, issue, assume or guarantee any Indebtedness for borrowed money secured by any Lien on any property or asset now owned or hereafter acquired by the Company or such Restricted Subsidiary without making effective provision
whereby any and all Notes then or thereafter outstanding will be secured by a Lien equally and ratably with any and all other obligations thereby secured for so long as any such obligations shall be so secured. 

Notwithstanding the foregoing, the Company or any Restricted Subsidiary may, without so securing the Notes, issue, assume or guarantee
Indebtedness secured by the following Liens: 
 (a) Liens existing on the Issue Date or provided for under the terms of
agreements existing on the Issue Date; 
 (b) Liens on property or properties (including any properties or assets, real or
personal, or improvements used or to be used in connection with such property) securing (i) all or any portion of the cost of exploration, drilling or development of such property or properties, (ii) all or any portion of the cost of
acquiring, constructing, altering, improving or repairing any property or assets, real or personal, or improvements used or to be used in connection with such property or properties or (iii) Indebtedness incurred by the Company or any
Restricted Subsidiary to provide funds for the activities set forth in clauses (i) and (ii) above with respect to such property or properties; 

  
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 (c) Liens securing Indebtedness owed by a Restricted Subsidiary to the Company or to any
other Restricted Subsidiary; 
 (d) Liens on property existing at the time of acquisition of such property by the Company or a
Subsidiary or Liens on the property of any Person existing at the time such Person becomes a Restricted Subsidiary of the Company or is merged with the Company in compliance with the provisions of the Indenture and in either case not incurred in
connection with the acquisition of such property or such Person becoming a Restricted Subsidiary of the Company or being merged with the Company, provided that such Liens do not extend to or cover any property or assets of the Company or any of its
Restricted Subsidiaries other than the property so acquired (or improvements, accessions, proceeds or distributions with respect thereto); 
 (e) Liens on any property securing (i) Indebtedness incurred in connection with the construction, installation or financing of pollution control or abatement facilities or other forms of industrial
revenue bond financing or (ii) Indebtedness issued or guaranteed by the United States or any State thereof or any department, agency or instrumentality of either; 
 (f) any Lien extending, renewing or replacing (or successive extensions, renewals or replacements of) any Lien of any type permitted under clauses (a) through (e) above, provided that such Lien
extends to or covers only the property that is subject to the Lien being extended, renewed or replaced (or improvements, accessions, proceeds or distributions with respect thereto); 

(g) any Ordinary Course Lien arising, but only so long as continuing, in the ordinary course of business of the Company and the
Restricted Subsidiaries; 
 (h) any Lien resulting from the deposit of moneys or evidences of Indebtedness in trust for the
purpose of defeasing Indebtedness of the Company or any Restricted Subsidiary; or 
 (i) Liens (exclusive of any Lien of any
type otherwise permitted under this Section 7) securing Indebtedness of the Company or any Restricted Subsidiary in an aggregate principal amount which, together with the aggregate amount of Attributable Indebtedness deemed to be outstanding in
respect of all Sale/Leaseback Transactions entered into pursuant to clause (a) of Section 8 below (exclusive of any such Sale/Leaseback Transactions otherwise permitted under clauses (a) through (h) above), does not at the time
such Indebtedness is incurred exceed 15% of the Consolidated Net Tangible Assets of the Company (as shown in the most recent published quarterly or year-end consolidated balance sheet of the Company and its Subsidiaries). 

Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to prohibit or otherwise limit the following types of
transactions: 

  
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 (i) the sale, granting of Liens with respect to, or other transfer of, crude
oil, natural gas or other petroleum hydrocarbons in place for a period of time until, or in an amount such that, the transferee will realize therefrom a specified amount (however determined) of money or of such crude oil, natural gas or other
petroleum hydrocarbons; 
 (ii) the sale or other transfer of any other interest in property of the character
commonly referred to as a production payment, overriding royalty, forward sale or similar interest; 
 (iii) the
entering into of Currency Hedge Obligations, Interest Rate Hedging Agreements or Oil and Gas Hedging Contracts although Liens securing any Indebtedness for borrowed money that is the subject of any such obligations shall not be permitted hereby
unless otherwise permitted under clauses (a) through (i) above; and 
 (iv) the granting of Liens
required by any contract or statute in order to permit the Company or any Restricted Subsidiary to perform any contract or subcontract made by it with or at the request of the United States or any State thereof or any department, agency or
instrumentality of either, or to secure partial, progress, advance or other payments to the Company or any Restricted Subsidiary by such governmental unit pursuant to the provisions of any contract or statute. 

For purposes of the Notes: 
 “Attributable Indebtedness”, when used with respect to any Sale/Leaseback Transaction, means, as at the time of determination, the present value (discounted at a rate equivalent to the
Company’s then-current weighted average cost of funds for borrowed money as at the time of determination, compounded on a semi-annual basis) of the total obligations of the lessee for rental payments during the remaining term of the lease
included in such Sale/Leaseback Transaction (including any period for which such lease can be extended). 

“Consolidated Net Tangible Assets” means, for the Company and its Restricted Subsidiaries on a consolidated basis
determined in accordance with GAAP, the aggregate amounts of assets (less depreciation and valuation reserves and other reserves and items deductible from gross book value of specific asset accounts under GAAP) that would be included on a balance
sheet after deducting therefrom (a) all liability items except deferred income taxes, Funded Indebtedness, other long-term liabilities and shareholders’ equity and (b) all goodwill, trade names, trademarks, patents, unamortized debt
discount and expense and other like intangibles. 
 “Currency Hedge Obligations” means, at any time as to any
Person, the obligations of such Person at such time that were incurred in the ordinary course of business pursuant to any foreign currency exchange agreement, option or futures contract or other similar agreement or arrangement designed to protect
against or manage such Person’s or any of its Subsidiaries’ exposure to fluctuations in foreign currency exchange rates. 
 “Funded Indebtedness” means all Indebtedness (including Indebtedness incurred under any revolving credit, letter of credit or working capital facility) that matures by its terms, or that
is renewable at the option of any obligor thereon to a date, more than one year after the date on which such Indebtedness is originally incurred. 

  
 11 

 “Indebtedness” of any Person at any date means, without duplication,
(a) all indebtedness of such Person for borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof), (b) all obligations of such Person evidenced by bonds,
debentures, notes or other similar instruments, (c) all obligations of such Person in respect of letters of credit or other similar instruments (or reimbursement obligations with respect thereto), other than standby letters of credit incurred
by such Person in the ordinary course of business, (d) all obligations of such Person to pay the deferred and unpaid purchase price of property or services, except trade payables and accrued expenses incurred in the ordinary course of business,
(e) all Indebtedness of others secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person and (f) all Indebtedness of others guaranteed by such Person to the extent of such guarantee.

 “Interest Rate Hedging Agreements” means, with respect to any Person, the obligations of such Person under
(a) interest rate swap agreements, interest rate cap agreements and interest rate collar agreements and (b) other agreements or arrangements designed to protect such Person or any of its Subsidiaries against fluctuations in interest rates.

 “Issue Date” means June 26, 2012, the date on which the Notes are originally issued under the
Indenture. 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or
encumbrance of any kind in respect of such asset (including, without limitation, any production payment, advance payment or similar arrangement with respect to minerals in place), whether or not filed, recorded or otherwise perfected under
applicable law. 
 “Oil and Gas Hedging Contracts” means any oil and gas purchase or hedging agreement, and
other agreement or arrangement, in each case, that is designed to provide protection against oil and gas price fluctuations. 

“Ordinary Course Lien” means: 
 (a) Liens for taxes, assessments or governmental charges or levies on the property of the Company or any Restricted Subsidiary if the same shall not at the time be delinquent or thereafter can be paid
without penalty, or are being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been recorded on the books of the Company; 

(b) Liens imposed by law, such as carriers’, warehousemen’s, landlords’ and mechanics’ liens and other similar liens
arising in the ordinary course of business that secure obligations not more than 60 days past due or that are being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been recorded
on the books of the Company; 

  
 12 

 (c) Liens arising out of pledges or deposits under worker’s compensation laws,
unemployment insurance, old age pensions, or other social security or retirement benefits, or similar legislation; 
 (d)
Easements, restrictions and such other encumbrances or charges against real property as are of a nature generally existing with respect to properties of a similar character and that do not in any material way interfere with the use thereof in the
ordinary course of business of the Company and the Restricted Subsidiaries; 
 (e) Liens arising under operating agreements or
similar agreements in respect of obligations that are not yet due or that are being contested in good faith by appropriate proceedings; 
 (f) Liens reserved in oil, gas and/or mineral leases, production sharing contracts and petroleum concession agreements and licenses for bonus or rental payments and for compliance with the terms of such
leases, contracts, agreements and licenses; 
 (g) Liens pursuant to partnership agreements, oil, gas and/or mineral leases,
production sharing contracts, petroleum concession agreements and licenses, farm-out agreements, division orders, contracts for the sale, purchase, exchange, processing or transportation of oil, gas and/or other hydrocarbons, unitization and pooling
declarations and agreements, operating agreements, development agreements, area of mutual interest agreements, and other agreements that are customary in the oil, gas and other mineral exploration, development and production business and in the
business of processing of gas and gas condensate production for the extraction of products therefrom; and 
 (h) Liens imposed
by law or order as a result of any proceeding before any court or regulatory body that is being contested in good faith, and Liens that secure a judgment or other court-ordered award or settlement as to which the Company has not exhausted its
appellate rights. 
 “Sale/Leaseback Transaction” means any arrangement with any Person providing for the
leasing by the Company or any Restricted Subsidiary, for a period of more than three years, of any real or tangible personal property, which property has been or is to be sold or transferred by the Company or such Restricted Subsidiary to such
Person in contemplation of such leasing. 
 “Subsidiary” means, with respect to any Person, any corporation,
association, partnership or other business entity of which more than 50% of the total voting power of shares of Voting Stock is at the time owned or controlled, directly or indirectly, by: 

(1) such Person; 

(2) such Person and one or more Subsidiaries of such Person; or 
 (3) one or more Subsidiaries of such Person. 
 Unless otherwise specified,
“Subsidiary” means a Subsidiary of the Company. 

  
 13 

 SECTION 8. Limitations on Sale/Leaseback Transactions. The Company will
not, and will not permit any Restricted Subsidiary to, enter into any Sale/Leaseback Transaction with any Person (other than the Company or a Restricted Subsidiary) unless: 
 (a) the Company or such Restricted Subsidiary would be entitled to incur Indebtedness, in a principal amount equal to the Attributable Indebtedness with respect to such Sale/Leaseback Transaction, secured
by a Lien on the property subject to such Sale/Leaseback Transaction pursuant to Section 7 above without equally and ratably securing the Notes pursuant to such Section; 
 (b) after the Issue Date and within a period commencing six months prior to the consummation of such Sale/Leaseback Transaction and ending six months after the consummation thereof, the Company or such
Restricted Subsidiary shall have expended for property used or to be used in the ordinary course of business of the Company and the Restricted Subsidiaries (including amounts expended for the exploration, drilling or development thereof, and for
additions, alterations, repairs and improvements thereto) an amount equal to all or a portion of the Net Proceeds of such Sale/Leaseback Transaction and the Company shall have elected to designate such amount pursuant to this clause (b) with
respect to such Sale/Leaseback Transaction (with any such amount not being so designated and not permitted under clause (a) to be applied as set forth in clause (c) below); or 

(c) the Company, during the 12-month period after the effective date of such Sale/Leaseback Transaction, shall have applied to the
voluntary defeasance or retirement of Notes or any Pari Passu Indebtedness an amount equal to the greater of the Net Proceeds of the sale or transfer of the property leased in such Sale/Leaseback Transaction and the fair value, as determined by the
Board of Directors, of such property at the time of entering into such Sale/Leaseback Transaction (in either case adjusted to reflect the remaining term of the lease and any amount designated by the Company as set forth in clause (b) above),
less an amount equal to the principal amount of Notes and Pari Passu Indebtedness voluntarily defeased or retired by the Company within such 12-month period and not designated with respect to any other Sale/Leaseback Transaction entered into by the
Company or any Restricted Subsidiary during such period. 
 For purposes of the Notes: 

“Net Proceeds” means, with respect to any Sale/Leaseback Transaction entered into by the Company or any Restricted
Subsidiary, the aggregate net proceeds received by the Company or such Restricted Subsidiary from such Sale/Leaseback Transaction after payment of expenses, taxes, commissions and similar amounts incurred in connection therewith, whether such
proceeds are in cash or in property (valued at the fair market value thereof at the time of receipt, as determined by the Board of Directors). 
 “Pari Passu Indebtedness” means any Indebtedness of the Company, whether outstanding on the Issue Date or thereafter created, incurred or assumed, unless, in the case of any particular
Indebtedness, the instrument creating or evidencing the same or pursuant to which the same is outstanding expressly provides that such Indebtedness shall be subordinated in right of payment to the Notes. 

  
 14 

 SECTION 9. Subsidiary Guarantors. If any Subsidiary of the Company
guarantees any Funded Indebtedness of the Company at any time subsequent to the Issue Date, then the Company shall (a) cause the Notes to be equally and ratably guaranteed by such Subsidiary, but only to the extent that the Notes are not
already guaranteed by such Subsidiary, on reasonably comparable terms and for so long as such guarantee is in effect and (b) cause such Subsidiary to execute and deliver a supplemental indenture to the Indenture evidencing its provision of such
guarantee. 
 SECTION 10. Defeasance. The Notes, in whole or any specified part, shall be defeasible
pursuant to Sections 1302 and 1303 of the Original Indenture. 
 SECTION 11. Satisfaction and Discharge.
With respect to the Notes, Section 401 of the Original Indenture is amended and restated to read in its entirety as follows: 
 Section 401. Satisfaction and Discharge of Indenture. The Indenture will be discharged and will cease to be of further effect (except as to surviving rights of registration of transfer or
exchange of debt securities and certain rights of the Trustee, as expressly provided for in the Indenture) as to the Notes when: 

(1) either (A) all of the Notes theretofore authenticated and delivered under the Indenture (except lost, stolen or destroyed Notes
that have been replaced or paid and Notes for the payment of which money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust) have been delivered
to the Trustee for cancellation or (B) all such Notes not theretofore delivered to the Trustee for cancellation have become due and payable, will become due and payable at their Stated Maturity within one year, or are to be called for
redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company has irrevocably deposited or caused to be deposited with
the Trustee funds, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal of and premium, if any, and interest on the Notes to the date of deposit
(in the case of debt securities that have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be, together with instructions from the Company irrevocably directing the Trustee to apply such funds to the payment
thereof at maturity or redemption, as the case may be; 
 (2) the Company has paid all other sums then due and payable under
such Indenture by it; and 
 (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, which, taken together, state that all conditions precedent under such Indenture relating to the satisfaction and discharge of such Indenture with respect to the Notes have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607,
the obligations of the Trustee to any Authenticating Agent under Section 614 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under
Section 402 and the last paragraph of Section 1003 shall survive. 

  
 15 

 SECTION 12. No Personal Liability. No director, manager, officer,
employee, incorporator, stockholder of the Company or any Subsidiary guarantor, as such, shall have any liability for any of the obligations of the Company or any Subsidiary guarantor under the Notes, the Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each holder of Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

SECTION 13. Governing Law. This Third Supplemental Indenture and the Notes shall be governed by and construed in
accordance with the laws of the State of New York. 
 SECTION 14. Counterparts. This Third Supplemental
Indenture may be executed in any number of counterparts, each of which shall be an original but such counterparts shall together constitute but one and the same instrument. 
 SECTION 15. Supplemental Indenture Controls. In the event there is any conflict or inconsistency between the Original Indenture and this Third Supplemental Indenture, the provisions
of this Third Supplemental Indenture shall control. 
 SECTION 16. Effect of Supplemental Indenture. The
Original Indenture, as amended with respect to the Notes by this Third Supplemental Indenture, is ratified and confirmed and all terms thereof shall remain in full force and effect. This Third Supplemental Indenture shall not be deemed to modify any
provisions of the Original Indenture or any supplement thereto with respect to any Security other than the Notes. 
 With
respect to the Notes, Sections 7, 8 and 9 above shall be considered additions to the covenants set forth in Article Ten of the Indenture and any modification thereto or waivers thereof shall be governed by Section 1008 of the Original
Indenture. 
 [Signature page follows.] 

  
 16 

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

			
	NEWFIELD EXPLORATION COMPANY
		
	By:	 	/s/ Terry W. Rathert
	Name:	 	Terry W. Rathert
	Title:	 	Executive Vice President and Chief Financial Officer
	
	U.S. BANK NATIONAL ASSOCIATION,
	 as Trustee

		
	By:	 	/s/ Steven A. Finklea
	Name:	 	Steven A. Finklea
	Title:	 	Vice President

 [Signature Page to Third Supplemental Indenture] 

 EXHIBIT A 

[FORM OF THE FACE OF
5 5/8% SENIOR NOTE DUE 2024] 

[Unless this certificate 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 certificate issued is registered in the name of Cede & Co. or 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
since the registered owner hereof, Cede & Co., has an interest herein. 
 THIS SECURITY IS A GLOBAL SECURITY AS
REFERRED TO IN THE INDENTURE HEREINAFTER REFERENCED. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE 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.]* 

NEWFIELD EXPLORATION COMPANY 
 5 
5/8% Senior Notes due 2024 
  

			
	REGISTERED	  	CUSIP No. 651290 AQ1
	No.            	  	$            

 Newfield Exploration Company, a Delaware corporation (the “Company”,
which term includes any successor under the Indenture hereinafter referred to), for value received, promises to pay to             , or its registered assigns, the principal sum of
            United States Dollars ($            )[or such lesser principal sum as is shown on the attached Schedule of
Decreases in Global Security]* on July 1,
2024. 
 Interest Payment Dates:         January 1 and July 1, commencing
January 1, 2013. 
 Regular Record Dates:           December 15 and
June 15. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this place. 
  

 

	*	Include in Global Security 

  
 A-1

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile
by its duly authorized officers. 
  

			
	NEWFIELD EXPLORATION COMPANY
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	Attest:	 	 
		
	Name:	 	 
		
	Title:	 	 

 Trustee’s Certificate of Authentication 

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

 

			
	U.S. BANK NATIONAL ASSOCIATION,
	                as Trustee
		
	By:	 	 
		 	Authorized Signatory

 Date: June 26, 2012 

  
 A-2

 [FORM OF THE REVERSE OF 5 5/8% SENIOR NOTE DUE 2024] 

NEWFIELD EXPLORATION COMPANY 
 5 
5/8% Senior Notes due 2024 
 1. Indenture; Limitations. The Company issued the Notes as a series of Securities under the Senior Indenture dated as of February 28, 2001 (the “Original Indenture”), as
supplemented and amended by the Third Supplemental Indenture thereto dated as of June 26, 2012 (the “Supplemental Indenture”) (the Original Indenture as so supplemented and amended being hereinafter referred to as the
“Indenture”), between the Company and U.S. Bank National Association (as successor trustee to Wachovia Bank, National Association (formerly First Union National Bank)), as trustee (the “Trustee”). Capitalized terms
herein are used as defined in the Indenture unless otherwise indicated. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act. The Notes are subject to all such
terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the
Indenture, the terms of the Indenture shall control. 
 The Notes are senior obligations of the Company and the aggregate
principal amount of the Notes which may be issued, executed, authenticated, delivered and outstanding is unlimited. The Company may issue Additional Notes under the Indenture in either a limited or an unlimited aggregate principal amount. This Note
is one of the Original Notes referred to in the Indenture issued in an aggregate principal amount of $1,000,000,000. Except as provided in the Indenture, any Additional Notes shall be treated for all purposes as a single class of Securities under
the Indenture. 
 2. Principal and Interest. The Company will pay the principal of this Note on July 1, 2024.

 The Company promises to pay interest on the principal amount of this Note on each January 1 and July 1 (each an
“Interest Payment Date”), as set forth below, at the rate per annum shown above. 
 Interest will be payable
semiannually (to the holders of record of the Notes at the close of business on the December 15 or June 15 immediately preceding the relevant Interest Payment Date) on each Interest Payment Date, commencing January 1, 2013.

 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 June 26, 2012. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 3. Method of
Payment. The Company will pay interest on the principal amount of the Notes as provided above on each Interest Payment Date to the persons who are Holders (as reflected in the Security Register at the close of business on the December 15 or
June 15 immediately preceding the relevant Interest Payment Date), in each case, even if the Note is canceled on registration of transfer, registration of exchange, redemption or repurchase after such record date and on or before the Interest
Payment Date, provided that, with respect to the payment of principal, the Company will make payment to the Holder that surrenders this Note to a Paying Agent on or after its Maturity. 

  
 A-3

 The Company will pay principal, premium, if any, and as provided above, interest in money of
the United States that at the time of payment is legal tender for payment of public and private debts. The Company will make such payments (i) by wire transfer of immediately available funds to any account maintained in the United States with
respect to Global Securities or Notes held in certificated form with an aggregate principal amount in excess of $1,000,000 whose Holder has requested such method of payment and provided wire transfer instructions to the Paying Agent or (ii) by
check payable in such money mailed to a Holder’s registered address with respect to any certificated Notes. If a payment date is a date other than a Business Day at a Place of Payment, payment may be made at that place on the next succeeding
day that is a Business Day and no interest shall accrue for the intervening period. 
 4. Paying Agent and Security
Registrar. Initially, the Trustee will act as Paying Agent and Security Registrar in relation to the Notes. The Company may change any authenticating agent, Paying Agent or Security Registrar without notice. 

5. Optional Redemption. The Notes are subject to optional redemption, either as a whole or in part, at the times, under the
circumstances, upon the giving of prior notices to Holders and at the Redemption Price described in Section 3 of the Supplemental Indenture. 
 6. Repurchase upon a Change of Control Triggering Event. Upon the occurrence of a Change of Control Triggering Event, each Holder of Notes shall have the right to require the Company to repurchase
all or any part (equal to $2,000 in principal amount or an integral multiple of $1,000 in excess of $2,000) of such Holder’s Notes pursuant to the Change of Control Offer as provided in, and subject to the terms of, the Indenture at a purchase
price in cash equal to 101% of the principal amount of the Notes repurchased, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the
relevant Interest Payment Date). 
 7. Denominations; Transfer; Exchange. The Notes are in registered form without
coupons in denominations of $2,000 of principal amount and multiples of $1,000 in excess of $2,000. A Holder may register the transfer of or exchange Notes in accordance with the Indenture. The Security Registrar may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and to pay any taxes or other governmental charges imposed on the transaction. The Security Registrar need not register the transfer of or exchange any Notes selected or called for
redemption (except, in the case of a Note redeemed in part, the portion of the Note not to be redeemed). Also, it need not register the transfer or exchange of any Notes for a period of 15 days before the day of the mailing of a notice of redemption
of Notes selected for redemption. 
 8. Persons Deemed Owners. A Holder shall be treated as the owner of a Note for all
purposes. 

  
 A-4

 9. Unclaimed Money. If money for the payment of principal, premium, if any, or
interest remains unclaimed for two years, the Trustee and the Paying Agent will pay the money back to the Company at its written request, unless an abandoned property law provides otherwise. After that, Holders entitled to the money must look to the
Company for payment, and all liability of the Trustee and the Paying Agent with respect to such money shall cease. 
 10.
Discharge Prior to Redemption or Maturity. Subject to certain conditions, if the Company deposits with the Trustee money or U.S. Government Obligations sufficient to pay the then outstanding principal of, premium, if any, and accrued interest
on the Notes to redemption or Stated Maturity, as applicable, the Company and the Subsidiary guarantors, if any, may terminate some of or all of their obligations under the Indenture and the Notes, all as provided in Articles Four and Thirteen of
the Indenture. 
 11. Amendment; Supplement; Waiver. Subject to certain exceptions, the Indenture or the Notes may be
amended or supplemented with the consent of the Holders of at least a majority in principal amount of the Notes then Outstanding, and any existing Default or compliance with any provision may be waived with the consent of the Holders of at least a
majority in principal amount of the Notes then Outstanding. Without notice to or the consent of any Holder, the parties thereto may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, defect or inconsistency
and make any other change that does not adversely affect the interests of any Holder in any material respect. 
 12.
Successor Persons. Subject to certain exceptions, when a successor Person assumes all the obligations of its predecessor under the Notes and the Indenture, the predecessor Person will be released from those obligations. 

13. Defaults and Remedies. The Indenture provides that if an Event of Default (other than specified Events of Default relating to
the bankruptcy of the Company) with respect to the Notes at the time Outstanding shall occur and be continuing, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Outstanding Notes by notice as provided in the
Indenture may declare the principal amount of all the Notes, together with accrued and unpaid interest thereon, to be due and payable immediately. If specified Events of Default relating to the bankruptcy of the Company with respect to the Notes at
the time Outstanding shall occur, the principal amount of all the Notes, together with accrued and unpaid interest thereon, will ipso facto, and without any action by the Trustee or any Holder, become immediately due and payable. After any such
acceleration, but before a judgment or decree based on acceleration, the Holders of at least a majority in aggregate principal amount of the Outstanding Notes may, under certain circumstances, rescind and annul such acceleration if all Events of
Default, other than the nonpayment of accelerated principal, have been cured or waived as provided in the Indenture. 
 14.
Trustee Dealings with the Company or the Subsidiary Guarantors. The Trustee under the Indenture, 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. 
 15. No Recourse Against Others. No
incorporator or any past, present or future partner, stockholder, other equity holder, officer, director, employee or controlling Person as such, of the Company or any Subsidiary guarantor shall have any liability for any obligations of the Company
or any Subsidiary guarantor under the Notes or the 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 expressly waives and releases all such liability. The waiver
and release are a condition of, and part of the consideration for the issuance of the Notes. 

  
 A-5

 16. Authentication. This Note shall not be valid until the Trustee or authenticating
agent manually signs the certificate of authentication on the other side of this Note. 
 17. 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). 
 18. Governing Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK. 
 19. 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 has directed the Trustee to 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 Indenture. Requests may be made to Newfield
Exploration Company, 4 Waterway Square Place, Suite 100, The Woodlands, Texas 77380, 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
                    (Print or type assignee’s name, address and zip code)
                    (Insert assignee’s soc. sec. or tax I.D. No.) and irrevocably appoint
                    agent 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 other side of this Note) 
 Signature Guarantee: 
 (Signature must be guaranteed by a financial institution that is a member of the Securities Transfer Agent Medallion Program (“STAMP”), the Stock Exchange Medallion Program
(“SEMP”), the New York Stock Exchange, Inc. Medallion Signature Program (“MSP”) or such other signature guarantee program as may be determined by the Security Registrar in addition to, or in substitution for, STAMP,
SEMP, or MSP, all in accordance with the Securities Exchange Act of 1934, as amended.) 

  
 A-7

 OPTION OF HOLDER TO ELECT PURCHASE 

If you wish to have a portion of this Note purchased by the Company pursuant to Section 5 (Change of Control Triggering Event) of
the Supplemental Indenture, state the amount: 

$                     

Date:                     

Your Signature:
                                         
                    
 (Sign exactly as your
name appears on the other side of this Note) 
 Signature Guarantee: 
 (Signature must be guaranteed by a financial institution that is a member of the Securities Transfer Agent Medallion Program (“STAMP”), the Stock Exchange Medallion Program
(“SEMP”), the New York Stock Exchange, Inc. Medallion Signature Program (“MSP”) or such other signature guarantee program as may be determined by the Security Registrar in addition to, or in substitution for, STAMP,
SEMP, or MSP, all in accordance with the Securities Exchange Act of 1934, as amended.) 

  
 A-8

 SCHEDULE OF DECREASES 

IN GLOBAL SECURITY* 
 The following decreases in this Global Security have been made: 
  

							
	 Date of

Exchange/Redemption/Repurchase
	 	 Amount of Decrease

in Principal Amount
 of this Global
 Security
	 	 Principal Amount of

this Global Security
 following such
 decrease
	  	Signature of
authorized officer 
of
Trustee or Depositary

  

 

	* 	 To be included in Global Security. 

  
 A-9Registration Rights Agreement

 Exhibit 4.1 
 REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT, dated
as of June 26, 2012 (this “Agreement”), is entered into by and between USG CORPORATION, a Delaware corporation (the “Company”), and EVERCORE TRUST COMPANY, N.A., solely in its capacity as duly appointed and
acting investment manager (the “Manager”) of a segregated account held in the USG Corporation Retirement Plan Trust (the “Trust”) created under the USG Corporation Retirement Plan (the “Plan”).

 RECITALS 
 WHEREAS, the Company has agreed to contribute 1,249,219 shares of its common stock, par value $0.10 per share (“Common Stock”), to the Trust on June 26, 2012 (the
“Contribution”) to be held in a single segregated account (the “Segregated Account”) in the Trust (such contributed shares, the “Registrable Shares”); 

WHEREAS, pursuant to the Investment Management Agreement, as amended and restated as of the date hereof, among the Manager, the
Company and the Pension and Investment Committee of the Company (the “Committee”) (the “Investment Management Agreement”), the Manager has been appointed as a “fiduciary” of the Trust, as defined in
Section 3(21) of the Employee Retirement Income Security Act of 1974, as amended, but only to the extent of the assets in the Segregated Account, with the authority to act on behalf of the Trust with respect to all assets held in the Segregated
Account; 
 WHEREAS, the Company has agreed to grant certain registration rights with respect to the Registrable Shares
held in the Segregated Account, on the terms and subject to the conditions set forth in this Agreement; and 
 WHEREAS,
pursuant to the Investment Management Agreement, the Manager has full power and authority to execute and deliver this Agreement for the benefit of the Trust and to take any actions required or permitted to be taken in connection with this Agreement.

 NOW, THEREFORE, in consideration of the premises and mutual promises set forth herein, the parties hereto hereby agree
as follows: 
 (1) Registration; Compliance with the Securities Act. The Company hereby agrees that, to the extent not
prohibited by any applicable law or applicable interpretations of the staff of the Securities and Exchange Commission (the “SEC”), it shall: 
 (a) prepare and file with the SEC, as soon as reasonably practicable after the Contribution, but in no event more than 30 days after the Contribution, a registration statement on Form S-3 for the
purpose of registering for sale under the Securities Act of 1933, as amended (the “Securities Act”), all of the Registrable Shares by the Trust, as the selling stockholder thereunder (such registration statement (including any
replacement or substitute registration statement), including all amendments (including any post-effective amendments) or supplements thereto, the prospectus contained therein or deemed to be a part thereof and any documents incorporated by reference
therein, the “Registration Statement”), to enable the Manager to direct the Trust to offer and sell any or all of the Registrable Shares on a delayed or continuous basis pursuant to Rule 415 under the Securities Act and in the
manner contemplated by the plan of distribution set forth in the Registration Statement; 

 (b) use its commercially reasonable efforts to cause the Registration Statement, if not
effective on the date of the Contribution, to become effective as promptly as reasonably possible after filing and to remain continuously effective until the earliest of (i) the date on which all Registrable Shares have been sold, (ii) the
date on which all Registrable Shares may be sold by the Trust to the public in accordance with Rule 144 under the Securities Act or any successor rule thereto (as such rule may be amended from time to time, “Rule 144”) and when
no conditions of Rule 144 are then applicable to the Trust (other than the holding period requirement in paragraph (d) of Rule 144, so long as such holding period requirement is satisfied at such time of determination) and
(iii) the date that is 90 days after the date on which the number of Registrable Shares held by the Trust is less than one percent of the shares of Common Stock then outstanding (the period from the date of effectiveness until such earliest
date, the “Registration Period”); provided that the Company shall not be required to file the Registration Statement or cause the Registration Statement to become effective during any suspension period pursuant to
Section 2(c) or (d) below; 
 (c) prepare and file with the SEC such amendments (including post-effective amendments)
and supplements to the Registration Statement and the prospectus relating thereto filed with the SEC pursuant to Rule 424(b) under the Securities Act or, if no such filing is required, as included in the Registration Statement (the
“Prospectus”), as may be necessary to keep the Registration Statement effective at all times until the end of the Registration Period; provided that the Company shall not be required to file any such amendment or supplement
during any suspension period pursuant to Section 2(c) or (d) below; 
 (d) furnish the Manager with such reasonable
number of copies of the Prospectus, in conformity with the requirements of the Securities Act, and such other documents as the Manager may reasonably request, in order to facilitate the public sale or other disposition of all or any of the
Registrable Shares by the Trust; 
 (e) use its commercially reasonable efforts to file any documents necessary to register or
qualify the Registrable Shares under the securities or blue sky laws of such jurisdictions as the Manager shall reasonably designate in writing; provided that the Company shall not be required to (i) qualify as a foreign corporation or
other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any such jurisdiction or (iii) subject itself to taxation in
any such jurisdiction if it is not otherwise so subject; 
 (f) use its commercially reasonable efforts to cause the Registrable
Shares to be listed on the New York Stock Exchange (the “NYSE”) as soon as reasonably practicable after the date of the Contribution; and 
 (g) bear all expenses in connection with the actions contemplated by paragraphs (a) through (f) of this Section 1 and the registration for sale of the Registrable Shares pursuant to the
Registration Statement, including reasonable fees and expenses of legal counsel to the Manager incurred in connection with the registration and sale of the Registrable Shares, but excluding underwriting discounts, brokerage fees, commissions and
transfer taxes incurred by the Manager, the Trust or the Plan, if any. 

  
 2 

 It shall be a condition precedent to the obligations of the Company to take any action pursuant to this
Section 1 that the Manager shall provide such reasonable assistance to the Company and furnish, or cause to be furnished, to the Company in writing such information regarding the Manager, the Registrable Shares to be sold and the intended
method or methods of disposition of the Registrable Shares as shall be necessary to effect the registration of the Registrable Shares and as may be required from time to time under the Securities Act and the rules and regulations thereunder.

 (2) Transfer of Registrable Shares after Registration; Suspension. 

(a) The Manager agrees that (i) it will not (x) offer to sell or make any sale, assignment, pledge, hypothecation or other
transfer with respect to the Registrable Shares that would constitute a sale within the meaning of the Securities Act or (y) direct the Trust to offer to sell or make any sale, assignment, pledge, hypothecation or other transfer with respect to
the Registrable Shares that would constitute a sale within the meaning of the Securities Act, except, in the case of each of clauses (x) and (y), pursuant to either the Registration Statement or Rule 144, and (ii) it will promptly
notify the Company of any changes in the information set forth in the Registration Statement regarding the Manager or the intended plan of distribution of the Registrable Shares. 

(b) The Manager and the Company agree that the Registrable Shares may be sold in one or more privately-negotiated block trades;
provided that no such block trade may exceed 500,000 shares and that no more than one privately-negotiated block trade may be made to a single purchaser or affiliates of such purchaser within a twelve-month period. 

(c) In addition to any suspension rights under Section 2(d) below, the Company may, upon the happening of any event or the existence
of any state of facts that, in the judgment of an executive officer of the Company or the Company’s legal counsel, renders advisable the suspension of the disposition of Registrable Shares covered by the Registration Statement or the use of the
Prospectus or any supplement thereto due to pending transactions or other corporate developments, public filings with the SEC or similar events, suspend the disposition of Registrable Shares covered by the Registration Statement and the use of such
Prospectus or any supplement thereto for a period of not more than 90 days upon written notice (a “Suspension Event Notice”) to the Manager (which Suspension Event Notice will not disclose the content of any material non-public
information and will indicate the dates of the beginning and the end of the intended suspension, if known), in which case the Manager, upon receipt of such Suspension Event Notice, shall discontinue, and shall cause the Trust to discontinue,
disposition of Registrable Shares covered by the Registration Statement and the use of any applicable Prospectus or any supplement thereto (an “Event Suspension”) until copies of a supplemented or amended Prospectus are distributed
to the Manager or until the Manager is advised in writing by the Company that the disposition of Registrable Shares covered by the Registration Statement or the use of the Prospectus or supplement thereto may be resumed; provided that such
right to suspend the disposition of Registrable Shares covered by the Registration Statement or the use of the Prospectus or supplement thereto shall not be exercised by the Company for more than 120 days in any 12-month period. Any Event
Suspension and Suspension Event Notice described in this Section 2(c) shall be held in confidence and not disclosed by the Manager, except as required by law. 

  
 3 

 (d) Subject to Section 2(g) below, in the event of: (i) any request by the
SEC or any other federal or state governmental authority for amendments or supplements to the Registration Statement or related Prospectus or for additional information; (ii) the issuance by the SEC or any other federal or state governmental
authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose, including the receipt by the Company of any notice of objection of the SEC to the use of the Registration
Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act; (iii) the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification
of any of the Registrable Shares for sale in any jurisdiction or the initiation of any proceedings for such purpose; or (iv) any event or circumstance that necessitates the making of any changes in the Registration Statement or the Prospectus,
or any document incorporated or deemed to be incorporated therein by reference, so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading, and that, in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case, during the Registration Period, then the Company shall deliver a certificate in writing to the Manager (a “Suspension
Notice”) to the effect of the foregoing (which Suspension Notice will not disclose the content of any material non-public information and will indicate the dates of the beginning and the end of the intended suspension, if known) and, upon
receipt of such Suspension Notice, the Manager shall refrain, and shall cause the Trust to refrain, from selling any Registrable Shares pursuant to the Registration Statement or using the Prospectus or any supplement thereto (a
“Suspension”) until the Manager has received copies of a supplemented or amended Prospectus prepared and filed by the Company, or until the Manager is advised in writing by the Company that the current Prospectus or supplement
thereto may be used. In the event of any Suspension, the Company will use its commercially reasonable efforts to cause the availability for use of the Registration Statement and the Prospectus to be resumed as soon as reasonably possible after
delivery of a Suspension Notice to the Manager. Any Suspension and Suspension Notice described in this Section 2(d) shall be held in confidence and not disclosed by the Manager, except as required by law. 

(e) In order to enforce the covenants of the Manager set forth in Sections 2(c) and (d) above, the Company may impose stop
transfer instructions with respect to the sale of Registrable Shares by the Trust until the end of the applicable suspension period. 
 (f) If so directed by the Company, the Manager shall deliver to the Company all physical copies of the Prospectus and any supplements thereto in its possession at the time of receipt by the Manager of any
Suspension Event Notice or Suspension Notice. 
 (g) The Manager may sell Registrable Shares under the Registration Statement;
provided that (i) neither a Suspension nor an Event Suspension is then in effect, (ii) the Manager sells in accordance with the plan of distribution in the Prospectus and (iii) the Manager arranges for delivery of a current
Prospectus (as supplemented) to any transferee receiving such Registrable Shares in compliance with the prospectus delivery requirements of the Securities Act. 

  
 4 

 (3) Indemnification. For the purpose of this Section 3, the term
“Registration Statement” shall include any preliminary or final Prospectus, exhibit, supplement or amendment included in or relating to the Registration Statement defined in Section 1(a). 

(a) Indemnification by the Company. The Company agrees to (i) indemnify and hold harmless the Manager (including, for
purposes of this Section 3, the officers, directors, employees and agents of the Manager), and each person, if any, who controls the Manager within the meaning of either Section 20 of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), or Section 15 of the Securities Act (the “Manager Indemnitees”), from and against any and all losses, claims, damages, liabilities or expenses, joint or several (each, a “Loss” and,
collectively, “Losses”), to which any Manager Indemnitee may become subject under the Securities Act, the Exchange Act or any other federal or state law or regulation, or at common law or otherwise (including in settlement of any
litigation, if such settlement is effected with the written consent of the Company, which consent shall not be unreasonably withheld or delayed), only to the extent such Losses (or actions in respect thereof as contemplated below) arise out of or
are based upon (A) any failure on the part of the Company to comply with the covenants and agreements contained in this Agreement or (B) any untrue statement or alleged untrue statement of any material fact contained in the Registration
Statement, the Prospectus or any amendment or supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus or any
supplement thereto, in light of the circumstances under which they were made) not misleading, and (ii) reimburse each Manager Indemnitee for any reasonable legal fees and other reasonable out-of-pocket expenses as such expenses are incurred by
such Manager Indemnitee in connection with investigating, defending, settling, compromising or paying any such Loss or action; provided that the Company will not be liable in any such case to the extent that any such Loss arises out of or is
based upon (1) an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, the Prospectus or any amendment or supplement thereto in reliance upon and in conformity with information
furnished in writing to the Company by the Manager, (2) any untrue statement or omission of a material fact required to make such statement not misleading in the Prospectus that is corrected in an amended or supplemented Prospectus that was
delivered to the Manager before the pertinent sale or sales by the Manager or (3) any untrue statement or alleged untrue statement or omission or alleged omission in the Registration Statement, the Prospectus or any amendment or supplement
thereto, when used or distributed by the Manager during a period in which an Event Suspension or Suspension is properly in effect under Section 2(c) or (d). The Manager hereby agrees that if the Manager or any of its controlling persons is
not entitled to indemnification for any Loss pursuant to this Section 3(a) as a result of clause (1), (2) or (3) above, then none of the Manager Indemnitees shall be entitled to indemnification for such Loss pursuant to the terms
of the indemnification provisions set forth in the Investment Management Agreement or that certain engagement letter effective June 5, 2012, among the Company, the Manager and the Committee. 

  
 5 

 (b) Indemnification by the Manager. To the extent permitted by applicable law,
the Manager will (i) indemnify and hold harmless the Company, the Committee, each director of the Company, each member of the Committee, each of the Company’s officers who signed the Registration Statement and each person, if any, who
controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act (the “Company Indemnitees”), from and against any and all Losses to which any Company Indemnitee may
become subject under the Securities Act, the Exchange Act or any other federal or state law or regulation, or at common law or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of the
Manager, which consent shall not be unreasonably withheld or delayed), only to the extent such Losses (or actions in respect thereof as contemplated below) arise out of or are based upon (A) any failure on the part of the Manager to comply with
the covenants and agreements contained in this Agreement with respect to the sale of the Registrable Shares or (B) any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement, the Prospectus or
any amendment or supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus or any supplement thereto, in light of
the circumstances under which they were made) not misleading; provided that the Manager will be liable in any such case only to the extent that any such untrue statement or alleged untrue statement or omission or alleged omission was made in
the Registration Statement, the Prospectus or any amendment or supplement thereto in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of the Manager, and reimburse such Company Indemnitee for any
reasonable legal fees and other reasonable out-of-pocket expenses as such expenses are incurred by such Company Indemnitee in connection with investigating, defending, settling, compromising or paying any such Loss or action. In no event shall the
liability of the Manager under this Section 3 be greater than the aggregate fees received by the Manager pursuant to the Investment Management Agreement. 
 (c) Indemnification Procedure.
 (i) Promptly after receipt
by an indemnified party under this Section 3 of written notice of the threat or commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under this Section 3, promptly
notify the indemnifying party in writing of the claim; provided that the omission so to notify the indemnifying party will not relieve the indemnifying party from any liability which it may have to any indemnified party under the indemnity
agreement contained in this Section 3 or otherwise, to the extent that the indemnifying party is not prejudiced as a result of such failure. 

  
 6 

 (ii) In case any such action is brought against any indemnified party and
such indemnified party notifies an indemnifying party thereof and seeks or intends to seek indemnity from such indemnifying party, such indemnifying party will be entitled to participate in, and to the extent that it may determine, jointly with all
other indemnifying parties similarly notified, to assume, the defense thereof with counsel reasonably satisfactory to such indemnified party; provided that, if the defendants in any such action include both such indemnified party and such
indemnifying party and such indemnified party shall have reasonably concluded that there may be a conflict between its position and the position of such indemnifying party with respect to the conduct of the defense of any such action or that there
may be legal defenses available to it that are different from or additional to those available to such indemnifying party, in each case, such indemnified party shall have the right to select separate counsel to assume such legal defenses and to
otherwise participate in the defense of such action on behalf of such indemnified party. Upon receipt of notice from such indemnifying party of its election so to assume the defense of such action and approval by such indemnified party of such
indemnifying party’s counsel, such indemnifying party will not be liable to such indemnified party under this Section 3 for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense of such
action; provided that the reasonable fees and expenses of counsel of such indemnified party shall be at the expense of such indemnifying party if (A) such indemnified party shall have employed such counsel in connection with the
assumption of legal defenses in accordance with the proviso to the preceding sentence (it being understood that such indemnifying party shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) for all
indemnified parties who are parties to such action) or (B) such indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of
commencement of the action. 
 (d) Contribution. (i) If the indemnification provided for in this Section 3
is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any Loss referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount
paid or payable by such indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of such indemnifying party on the one hand and of such indemnified party on the other hand in connection with the
statements or omissions that resulted in such Loss, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and of such indemnified party shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or by such indemnified party and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the Losses referred to above shall be deemed to include, subject to the limitations set forth in
Section 3(c) hereof, any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. 
 (ii) The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 3(d) were determined by pro rata allocation or by any other method of
allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 3(d), in no event shall the Manager be required to contribute any amount
in excess of the aggregate fees received by the Manager pursuant to the Investment Management Agreement. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

  
 7 

 (e) Non-Exclusive Remedies. The remedies provided for in this Section 3 are not
exclusive and shall not limit any rights or remedies that may otherwise be available to any indemnified person at law or in equity. 
 (f) Surviving Obligations. The obligations of the Company and the Manager under this Section 3 shall survive the termination of this Agreement and the completion of the disposition of the
Registrable Shares. 
 (4) Rule 144 Information. For such period as the Trust or the Plan holds any Registrable Shares
received pursuant to the Contribution, the Company shall use its reasonable best efforts to file all reports required to be filed by it under the Exchange Act and the rules and regulations thereunder and shall use its reasonable best efforts to take
such reasonable further action to the extent required to enable the Manager to sell the Registrable Shares pursuant to Rule 144. 
 (5) Rights of the Trust. All of the rights and benefits conferred on the Manager pursuant to this Agreement (other than the right to indemnification provided in Section 3) are intended to
inure to the benefit of the Trust. 
 (6) Miscellaneous. 

(a) Governing Law. This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of
New York, irrespective of the choice of laws principles of the State of New York, as to all matters, including matters of validity, construction, effect, enforceability, performance and remedies. 

(b) Force Majeure. Neither party will have any liability for damages or delay due to fire, explosion, lightning, pest damage,
power failure or surges, strikes or labor disputes, water or flood, acts of God, the elements, war, civil disturbances, acts of civil or military authorities or the public enemy, acts or omissions of communications or other carriers or any other
cause beyond a party’s reasonable control (other than that which arises from the gross negligence or willful misconduct of such party), whether or not similar to the foregoing, that prevent such party from materially performing its obligations
hereunder. 
 (c) Entire Agreement; Modification; Waivers. This Agreement constitutes the entire agreement between the
parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to the matters discussed herein. This Agreement may not be altered, modified or amended except by a written
instrument signed by both parties. The failure of any party to require the performance or satisfaction of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent subsequent enforcement
of such term or obligation or be deemed a waiver of any subsequent breach. 
 (d) Severability. The provisions of this
Agreement are severable and, in the event that any provision is deemed illegal or unenforceable, the remaining provisions shall remain in full force and effect, unless the deletion of any such illegal or unenforceable provision shall cause this
Agreement to become materially adverse to either party, in which event the parties shall use commercially reasonable efforts to arrive at an accommodation that best preserves for the parties the benefits and obligations of the offending provision.

  
 8 

 (e) Notices. Except as otherwise expressly provided, any notice, request, demand or
other communication permitted or required to be given under this Agreement shall be in writing, shall be sent by one of the following means to the Company or the Manager at the addresses set forth below (or to such other address as shall be
designated hereunder by notice to the other parties and persons receiving copies, effective upon actual receipt), and shall be deemed conclusively to have been given (i) on the first business day following the day timely deposited with Federal
Express (or other equivalent national overnight courier) or United States Express Mail, with the cost of delivery prepaid or for the account of the sender, (ii) on the fifth business day following the day duly sent by certified or registered
United States mail, postage prepaid and return receipt requested, or (iii) when otherwise actually received by the addressee on a business day (or on the next business day if received after the close of normal business hours or on any
non-business day). 
 If to the Manager: 
 Evercore Trust Company, N.A. 
 55 East 52nd Street 

New York, NY 10055 
 Attention: Norman P. Goldberg, Managing Director 
 If to the Company: 

USG Corporation 

550 West Adams Street 
 Chicago, Illinois 60661-3676 
 Attention: Ellis A. Regenbogen 

with a copy to: 

Jones Day 
 77
West Wacker Drive 
 Chicago, Illinois 60601-1692 
 Attention: Timothy J. Melton 
 (f) Title and Headings. Titles and headings
to sections herein are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. 
 (g) Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. 
 (h) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Company
and the Manager and their respective successors and permitted assigns. None of the rights or obligations under this Agreement shall be assigned by the Manager without the prior written consent of the Company and the Trust in their sole discretion.
Any purported assignment in violation of the foregoing sentence shall be null and void. 
 (Signatures follow.)

  
 9 

 IN WITNESS WHEREOF, each of the Company and the Manager has caused this Agreement to be duly
executed on its behalf by its duly authorized officer as of the date first written above. 
  

					
	USG CORPORATION
		
	By:	 	 /s/ Matthew F. Hilzinger

	Name:	 		 	Matthew F. Hilzinger
	Title:	 		 	Executive Vice President and Chief Financial Officer
	
	EVERCORE TRUST COMPANY, N.A.,
	  As Investment Manager of a Segregated Account in the USG Corporation Retirement Plan Trust
		
	By:	 	 /s/ Norman P. Goldberg

	Name:	 		 	Norman P. Goldberg
	Title:	 		 	Managing Director

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