Document:

Amended and Restated Management and Construction Supervision Agreement

 Exhibit 10.4 
 EXECUTION COPY 
 AMENDED AND RESTATED 

MANAGEMENT AND CONSTRUCTION SUPERVISION AGREEMENT 
 This AMENDED AND RESTATED MANAGEMENT AND CONSTRUCTION SUPERVISION AGREEMENT (this “Agreement”) is made as of May 14, 2010, by and among CROWLEY TECHNICAL MANAGEMENT, INC., a
Delaware corporation (the “Manager”), AMERICAN PETROLEUM TANKERS LLC, a Delaware limited liability company (“APT”), AMERICAN PETROLEUM TANKERS PARENT LLC, a Delaware limited liability
company (“APT Parent”) and AMERICAN PETROLEUM TANKERS HOLDING LLC, a Delaware limited liability company (“APT Holding”). Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to such terms in Annex A to the APT Holding LLC Agreement (as such term is defined below) and this Agreement shall be construed in accordance with the rules of construction set forth in
Section 1.02 of such Annex A. 
 RECITALS 

 

	A.	The Manager and APT are party to the Management and Construction Supervision Agreement dated as of July 28, 2009, as amended by that certain Addendum No. 1
dated as of September 20, 2009 (the “Original MCSA”), pursuant to which, among other things, the Manager agreed to (i) provide certain management services for purposes of supervising the construction of the
Vessels, (ii) cause Intrepid Ship Management, Inc. to enter into ship management agreements with the Subsidiaries with respect to the Vessels and (iii) perform such other services as more fully described therein. 

 

	B.	Two Vessels remain undelivered under the Construction Contract. 

  

	C.	APT intends to restructure the ownership of the Subsidiaries, such that each of APT itself and the Subsidiaries will be wholly-owned, directly or indirectly, by APT
Parent, which will in turn be directly wholly-owned by APT Holding, and APT, as a “Shipowning Subsidiary” of APT Holding, will become the registered owner of both of the remaining undelivered Vessels under the Construction Contract.

  

	D.	APT remains a party to the Construction Contract. 

  

	E.	The restructuring will require that Management Services currently conducted by the Manager shall be conducted for APT, APT Parent and APT Holding, as applicable.

  

	F.	The Manager acknowledges that concurrently herewith the Performance Guarantor will issue an amended and restated Performance Guarantee in favor of APT, APT Parent and
APT Holding with respect to the obligations of the Manager hereunder. 

 Each of the Manager, APT, APT Parent and
APT Holding desires to amend and restate the Original MCSA to add APT Parent and APT Holding as parties and to reflect the changes required by the restructuring of APT, in each case on the terms set forth herein. 

 NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants
and agreements set forth herein, the parties hereto amend and restate the Original MCSA and agree as follows: 
  

	1.	Definitions. For the purpose of this Agreement, the following terms shall have the following meanings: 

“Administrative Management Services” means the Management Services set out in Clauses 2(a)(i) through (v) as
well as all Management Services conducted after the Delivery Date for the final Vessel under the Construction Contract; 

“APT Holding LLC Agreement” means the Limited Liability Company Agreement of APT Holding dated as of
April 23, 2010, as the same may be amended, restated or modified from time to time in compliance with the terms thereof; 

“APT LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of APT dated as of
May 14, 2010, as the same may be amended, restated or modified from time to time in compliance with the terms thereof; 

“APT Parent LLC Agreement” means the Limited Liability Company Agreement of APT Parent dated as of April 23,
2010, as the same may be amended, restated or modified from time to time in compliance with the terms thereof; 

“Business” has the meaning assigned to such term in Clause 5(a)(i); 

“Business Day” any day which is neither a Saturday or Sunday nor a legal holiday on which banks are authorized or
required to be closed in New York; 
 “COF’s” has the meaning assigned to such term in
Clause 2(a)(viii); 
 “Confidential Information” has the meaning assigned to such term in Clause
5(a)(ii); 
 “Construction Contract” means the Amended and Restated Contract for Construction between APT
(as assignee of USS Product Carriers LLC) and the Contractor effective March 14, 2006 (including all modifications), as amended, restated, supplemented or otherwise modified from time to time; 

“Construction Management Services” means the Management Services set out in Clauses 2(a)(vi) through (xix);

 “Contractor” means National Steel and Shipbuilding Company, a Nevada corporation; 

“Credit Agreement” means the Revolving Notes Facility Agreement dated as of August 7, 2006 the by and among
American Petroleum Tankers LLC (formerly known as USS Products Investor LLC), JV Tanker Charterer LLC, the other Subsidiaries identified therein, APT Intermediate Holdco LLC, American Petroleum Tankers Parent LLC, the various financial institutions
as are or may become parties thereto as Lenders, Blackstone Corporate Debt Administration L.L.C., as administrative agent, The Bank of New York Mellon (as successor in interest to JP Morgan Chase Bank, N.A.), as security agent, and Lehman Brothers
Inc., as sole lead arranger and sole bookrunner, as amended by an Amendment No. 1 to Revolving Note Facility Agreement, dated as of August 5, 2009, a Waiver and Amendment No. 2 to Revolving Note Facility Agreement, dated as of
August 17, 

 
2009, a Waiver and Amendment No. 3 to Revolving Note Facility Agreement, dated as of October 30, 2009, an Amendment No. 4 to Revolving Notes Facility Agreement, dated as of
April 23, 2010, an Amendment No. 5 to Facility Agreement, dated as of May 5, 2010, as the same may be further amended, restated or modified from time to time in compliance with the terms thereof; 

“Delivery Date” means, with respect to any Vessel, the date on which a Vessel is tendered for delivery by the
Contractor to APT or any other applicable Shipowning Subsidiary; 
 “Design Products” has the meaning
assigned to such term in Clause 2(a)(xii); 
 “Expiration Date” means the 5th anniversary
of the date of the Original MCSA; 
 “Future Expiration Date” has the meaning assigned to such term in
Clause 8(a); 
 “Golden State Management Agreement” means the Standard Ship Management Agreement, dated
July 28, 2009, between JV Tanker Charterer LLC, as owner, and Intrepid Ship Management, Inc., as manager, as amended, restated, supplemented or otherwise modified from time to time, regarding GOLDEN STATE; 

“Golden State Guarantee” means the Guaranty, dated as of July 28, 2009, made by the Performance Guarantor in
favor of JV Tanker Charterer LLC, as amended, restated, supplemented or otherwise modified from time to time, regarding the Golden State Management Agreement; 
 “Guarantees” means the Performance Guarantee, the Golden State Guarantee, the Pelican State Guarantee, the Sunshine State Guarantee and any other guarantee made by the Performance
Guarantor to any other Shipowning Subsidiary, and in the singular means any of them; 
 “LLC Agreements”
means the APT LLC Agreement, the APT Parent LLC Agreement and the APT Holding LLC Agreement, and in the singular means any of them; 
 “Management Services” has the meaning assigned to such term in Clause 2(a); 
 “Management Services Standard” means, with respect to the services set out herein, that such services will be performed by the Manager with reasonable care and diligence consistent
with customary United States commercial practice as would be used by a prudent Person during the construction of a vessel to be registered under the United States flag and used in the coastwise trade of the United States, but in all cases at not
less than the level of care and diligence the Manager and its affiliates use in managing the construction of vessels similar to the Vessels for themselves and third parties. Management Services Standard shall also mean, with respect to the
incurrence by the Manager of Reimbursable Expenses, that the Manager will incur such expenses using the same standard that it would apply with respect to the construction of Vessels to be owned and operated by it where such expenses are not
reimbursable from another party; 

 “Management Fees” has the meaning assigned to such term in Clause
4(a); 
 “Other Credit Agreement” means any credit agreement, loan agreement or other financing facility,
as amended, restated, supplemented or otherwise modified from time to time, to which APT, APT Parent, APT Holding or any of the Subsidiaries or their respective subsidiaries is a party, or in relation to which APT, APT Parent, APT Holding or any of
the Subsidiaries or their respective subsidiaries is a guarantor, provider of security or otherwise obligated; 

“Pelican State Management Agreement” means the Standard Ship Management Agreement, dated July 28, 2009,
between PI 2 Pelican State LLC, as owner, and Intrepid Ship Management, Inc., as manager, as amended, restated, supplemented or otherwise modified from time to time, regarding PELICAN STATE; 

“Pelican State Guarantee” means the Guaranty, dated as of July 28, 2009, made by the Performance Guarantor in
favor of PI 2 Pelican State LLC, as amended, restated, supplemented or otherwise modified from time to time, regarding the Pelican State Management Agreement; 
 “Performance Guarantee” means the guarantee dated as of the date of the Original MCSA by the Performance Guarantor in favor of APT as amended and restated as of the date hereof by
the Performance Guarantor in favor of APT, APT Parent and APT Holding; as amended, restated, supplemented or otherwise modified from time to time; 
 “Performance Guarantor” means Crowley Holdings, Inc.; 

“Person” means an individual, a partnership, a corporation, a company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization, a governmental entity (or any department, agency, or political subdivision thereof) or any other entity; 
 “Progress Payment Worksheet” has the meaning assigned to such term in Clause 2(a)(vii); 
 “Reimbursable Expenses” means the following out-of-pocket expenses incurred by the Manager in relation to the provision of the services set out herein: 

 

	 	(a)	all reasonable out-of-pocket travel, subsistence, and accommodation expenses of the Manager’s employees and/or agents directly and solely incurred in connection
with the performance of the services set out herein and supported by invoices; 

  

	 	(b)	all reasonable fees and expenses of third party experts, including but not limited to engineering and naval architect firms, engaged by the Manager to attend to any
Vessel while under construction provided such third party experts have been engaged by the Manager with the prior written consent of APT, APT Parent or APT Holding; 

  

	 	(c)	any emergency non-budgeted expenses in relation to construction of any Vessel, provided the Manager has furnished to APT, APT Parent or APT Holding or its designee
information in reasonable detail supporting the need for such non-budgeted expenditures and the fairness of the amount so expended; 

  

	 	(d)	all reasonable fees and expenses of external counsel engaged by the Manager on behalf of APT, APT Parent or APT Holding; 

 

	 	(e)	other out-of-pocket expenses incurred by the Manager directly related to the provision of the services set out herein not in excess of $500,000 per annum;

  

	 	(f)	fees, costs and expenses of an external auditor or accounting firm to audit the financials of APT, APT Parent, APT Holding and the Subsidiaries as required by the
provisions of the Credit Agreement, any Other Credit Agreement or any LLC Agreement, and external tax firms required to prepare and advise on tax returns of APT, APT Parent, APT Holding and the Subsidiaries as required by the provisions of the
Credit Agreement, any Other Credit Agreement or any LLC Agreement; 

  

	 	(g)	the cost of insurance premiums for insurances required under Clause 2(a)(xix); and 

 

	 	(h)	in the event that the employee of U.S. Shipping who, as of the date of the Original MCSA, served as owner’s representative at the Shipyard, or his successor, at
the request of APT, APT Parent or APT Holding, has become or will become an employee or subcontractor of the Manager, the salary, benefits and out-of-pocket expenses of such individual, provided that any such amounts referenced in this
sub-clause (h) shall not be “Reimbursable Expenses” to the extent they relate to any period after the earlier of (i) the 45th calendar day following the Delivery Date for the final Vessel delivered under the Construction Contract
or (ii) the 45th calendar day following the date that any of APT, APT Parent or APT Holding requests of the Manager that such person’s services in respect of this Agreement be terminated. 

Reimbursable Expenses shall not include any of the following: 

 

	 	(i)	overhead of any kind or nature whatsoever, 

  

	 	(ii)	any amounts paid to any Person to whom the Manager subcontracts the services to be performed hereunder (except for the items referred to in sub-sections (a) - (d) and
(f)); and 

  

	 	(iii)	any expenses incurred in connection with any violation by the Manager of any provision of this Agreement; 

“Ship Management Agreement” means the Golden State Management Agreement, the Pelican State Management Agreement,
the Sunshine State Management Agreement and any other technical and commercial ship management agreement, including but not 

 
limited to the two management agreements intended to be entered into between APT or other Shipowning Subsidiaries, as owner, and Intrepid Ship Management, as manager, in substantially the form of
the modified Shipman 98, including the Inserts and Supplemental Clauses thereto, attached hereto as Exhibit I, each as may be amended, restated, supplemented or otherwise modified from time to time; 

“Shipyard” means the Contractor’s shipbuilding facility located in San Diego, California;

 “Shipowning Subsidiary” means each direct and indirect subsidiary of APT Holding that owns, or will
become the owner of, one or more Vessels; 
 “Subsidiary” means each direct and indirect
subsidiary of APT Holding; 
 “Subsidiary LLC Agreement” means the limited liability company agreement
and other constituent documents of each Subsidiary, as the same may be amended, restated or modified from time to time in compliance with the terms thereof; 
 “Sunshine State Management Agreement” means the Standard Ship Management Agreement, dated December 3, 2009, between APT Sunshine State LLC, as owner, and Intrepid Ship
Management, Inc., as manager, as amended, restated, supplemented or otherwise modified from time to time, regarding SUNSHINE STATE; 
 “Sunshine State Guarantee” means the Guaranty, dated as of December 3, 2009, made by the Performance Guarantor in favor of APT Sunshine State LLC, as amended, restated,
supplemented or otherwise modified from time to time, regarding the Sunshine State Management Agreement; 

“Termination Event” has the meaning assigned to such term in Clause 8(b); 

“Transition Period” has the meaning assigned to such term in Clause 8(c); and 

“Vessel” means any of the approximately 49,000 deadweight tonnage product/chemical tanker vessels constructed,
being constructed or to be constructed pursuant to the Construction Contract (including, the initial five vessels to be delivered under the Construction Contract and, from and after the date any additional vessel is assigned pursuant to the
Construction Contract Assignment, each such additional vessel). 
  

	2.	Appointment and Services. 

  

	 	(a)	The Manager agrees for the benefit of APT, APT Parent and APT Holding to perform the following services during the term of this Agreement on the terms and subject to
the limitations and conditions set forth in this Agreement, always subject to the control and direction of APT Holding (collectively the “Management Services”): 

 

	 	(i)	 managing the tax and accounting functions of the business of APT Holding, APT Parent and APT and supervising the construction and

	 	 
arranging for the delivery of each Vessel in accordance with the Construction Contract and the other Operative Documents (as such term is defined in the Credit Agreement and any Other Credit
Agreement); 

  

	 	(ii)	assisting the Managing Member (as such term is defined in the APT Holding LLC Agreement) in, and performing all obligations of the Managing Member under the APT Holding
LLC Agreement, in relation to: 

  

	 	1.	preparing annual budgets, including any amendments or updates, as applicable, for APT Holding and any Subsidiaries thereof; 

 

	 	2.	providing the statements, reports, notices and information and making the filings specified in Sections 6.1(b)(xi), 8.2 and 8.3(b) and (c) of the APT Holding LLC
Agreement; and 

  

	 	3.	preparing, and submitting in a timely manner, all financial information, reports, notices, etc., required to be furnished under Section 7.1.1 of the Credit
Agreement and any comparable provision of any Other Credit Agreement; 

  

	 	(iii)	performing all of the obligations of each of APT, APT Parent and APT Holding under Sections 7.1.8 and 7.2.3 of the Credit Agreement and any comparable provision of any
Other Credit Agreement, with respect to liens, penalties and claims involving third parties, and promptly taking all reasonable steps necessary to remove any such lien, penalty or claim unless such lien, penalty or claim is a Permitted Lien (as such
term is defined in the Credit Agreement and any Other Credit Agreement); provided, however, that the Manager shall have no obligation to apply or advance its own funds to cause the removal of any such lien, penalty or claim
except to the extent such lien, penalty or claim arises due to the gross negligence or willful misconduct of the Manager; 

  

	 	(iv)	maintaining the books and records required under Section 7.1.6 of the Credit Agreement and any comparable provision of any Other Credit Agreement;

  

	 	(v)	taking the actions relating to protection of security interests specified in Section 7.1.8 of the Credit Agreement and any comparable provision of any Other Credit
Agreement; 

  

	 	(vi)	serving as APT’s “representative” pursuant to Article 14(e) of the Construction Contract; 

 

	 	(vii)	 reviewing the monthly invoices to be submitted to APT under Article 4(c) of the Construction Contract and verifying to APT, APT Parent and APT Holding
that such monthly invoices are in fact reasonably accurate statements of the percentage of completion of work within the meaning of 

	 	 
such Article 4(c), including by being present at the Shipyard (as such term is defined in the Construction Contract) to evaluate the progress of construction of each Vessel, reviewing the
Contractor’s completed “Worksheet for Calculating Percent Complete and Progress Payments” (each, a “Progress Payment Worksheet”), and providing a copy of each Progress Payment Worksheet, along
with the Manager’s comments thereon and an opinion as to whether or not such Progress Worksheet is accurate and specifically identifying any information that the Manager believes is inaccurate, to APT, APT Parent and APT Holding within five
Business Days of the Manager’s receipt thereof; 

  

	 	(viii)	reviewing all Change Order Forms and COF’s (as such terms are used or defined in the Construction Contract, collectively
“COF’s”) submitted by Contractor under Article 6 of the Construction Contract after the date of the Original MCSA and forwarding those reasonably considered material to APT, APT Parent and APT Holding
within three Business Days of the Manager’s receipt thereof, and further providing to APT, APT Parent and APT Holding within five Business Days the Manager’s written recommendation regarding such COF; 

 

	 	(ix)	proposing to APT, APT Parent and APT Holding any Essential Change or Non-Essential Change to the Contract Work (as such terms are defined in the Construction Contract)
that the Manager shall believe to be necessary or desirable and, if approved by APT, submitting such Essential Change or Non-Essential Change to the Contractor on a COF; 

 

	 	(x)	promptly notifying APT, APT Parent and APT Holding of any potential or actual Force Majeure event, and the cessation of such event, of which the Manager becomes aware,
whether or not such event impacts or has the potential to impact the Manager’s performance of this Agreement or the Contractor’s performance of the Construction Contract; 

 

	 	(xi)	promptly notifying APT, APT Parent and APT Holding of any other event of which the Manager becomes aware that could reasonably be expected to affect, in any material
respect, the Contract Delivery Date (as such term is defined in the Construction Contract, and including either late or early delivery of any Vessel, whether or not notice of such change to the Contract Delivery Date is provided by the Contractor),
the Contract Base Price (as such term is defined in the Construction Contract), or the construction of any Vessel covered by the Construction Contract and this Agreement; 

 

	 	(xii)	pursuant to Article 12 of the Construction Contract, reviewing and verifying, to the extent reasonably possible, that all Design Products (as such term is defined in
the Construction Contract, “Design Products”) meet the requirements of Specifications and providing APT, or such other Person as directed by APT, with comments on any Design Products reasonably considered material that do not
so conform within seven days of the Manager’s receipt thereof; 

  

	 	(xiii)	conducting inspections of equipment, machinery, material, equipment and workmanship in accordance with Articles 14(a) through (c), inclusive, of the Construction
Contract as and when reasonably requested by APT and promptly reporting any material information obtained as the result of any such inspection as directed by APT; 

 

	 	(xiv)	attending all material inspections and witnessing all tests and trials scheduled by the Contractor, and promptly reporting any material information obtained as the
result of any such inspection, test or trial to APT, APT Parent and APT Holding; 

  

	 	(xv)	supplying the computers, copying and similar operating office equipment as required by Article 14(d) of the Construction Contract and making use of the support
facilities provided by the Contractor pursuant to such Article 14(d); 

  

	 	(xvi)	pursuant to Article 14(f) of the Construction Contract, promptly contesting all workmanship, material and equipment that shall be considered by the Manager not to
conform to the Construction Contract and informing APT, APT Parent and APT Holding promptly if such workmanship, material or equipment is not conformed to the Manager’s satisfaction; 

 

	 	(xvii)	pursuant to Article 15(b) of the Construction Contract, inspecting sites and work of Subcontractors (as such term is defined in the Construction Contract) to the extent
reasonably necessary or appropriate or as and when reasonably requested by APT, and promptly reporting any material information obtained as the result of any such inspection to APT, APT Parent and APT Holding; 

 

	 	(xviii)	pursuant to Article 20 of the Construction Contract, reviewing and approving material additions to the Maker’s List (as such term is defined in Article 20(b)(1) of
the Construction Contract) proposed by the Contractor after the date of the Original MCSA and reviewing and approving each selection by DSEC (as such term is defined in the Construction Contract) or advising the Contractor of the Manager’s
preferred maker pursuant to Article 20(b)(4) of the Construction Contract; provided that, notwithstanding the foregoing, if the Manager shall prefer a maker other than the maker selected by the Contractor, the Manager shall recommend
such other maker to APT, APT Parent and APT Holding within thirty days of the Manager’s receipt of the Contractor’s notice of the selection of a maker and, prior to notifying the Contractor that such other maker is preferred, obtain
written approval for such other maker from APT; and 

  

	 	(xix)	obtain and maintain the insurance policies required by Article 22 of the Construction Contract and cause APT to be named thereon as an additional assured, without
recourse; and provide Certificates of Insurance evidencing compliance with such Article, and the Manager shall name APT as an “alternate employer” under the Manager’s Workers Compensation policy and shall waive rights of subrogation
against APT, APT Parent APT Holding and the Contractor in such policy; 

 provided,
however, that in performing the Management Services, the Manager shall be acting in a limited agency capacity and, as such, except as otherwise provided herein, shall have authority to take such steps as the Manager may from
time to time in its reasonable discretion consider to be necessary to enable the Manager to perform this Agreement; and provided, further, however, that the Manager’s authority to act as APT’s agent during the construction of
the Vessels shall be limited to the performance of this Agreement and the Manager shall have no general authority to act for APT, APT Parent or APT Holding in any capacity except as expressly set forth in this Agreement; and provided, further,
however, that APT may with 5 Business Days prior written notice to the Manager designate such additional agents, representatives or employees to observe any aspect of vessel construction covered by the Construction Contract, or inspect the
shipyard at which any Vessel is being built, provided each such agent, representative or employee shall (w) perform such observation and inspection in a manner consistent with not interfering with the construction of the Vessels
and the operations of the shipyard and the performance by the Manager of its duties hereunder, (x) be retained at the cost of APT and (y) not function as a manager except as may be further agreed by the Manager and APT. Nothing contained
in this Clause 2(a) or in any other provision of this Agreement is intended to, or shall be deemed to, obligate or provide for the Manager to provide any technical or operational services to or for any Vessel after the delivery of such Vessel under
the Construction Contract. 
  

	 	(b)	The Manager agrees for the benefit of, APT Parent to cause Intrepid Ship Management, Inc. to enter into a Ship Management Agreement as to each Vessel with each
Subsidiary that owns or becomes an owner of one or more Vessels forty-five (45) days prior to the estimated Delivery Date of such Vessel, and APT Parent agrees for the benefit of the Manager to cause such Subsidiary to enter into the Ship
Management Agreement with the Manager or its affiliate, provided, however, that each ship management agreement shall provide for the Manager to be the commercial and technical manager of the Vessel for a
period equal to five years from the Delivery Date for such Vessel, always subject to the terms of such Ship Management Agreement. 

  

	 	(c)	 Without limiting the obligations of the Manager to APT, APT Parent or APT Holding under this Agreement, in connection with the Manager’s providing
of the services set out herein, the Manager may subcontract with or otherwise retain the services of other Persons including, but not limited to, affiliates of the Manager; provided that such subcontractor agrees to perform such subcontracted
services 

	 	 
using a standard of care that is at least equal to the Management Services Standard. For purposes of this Agreement, any services performed by such Persons shall be deemed to have been performed
by the Manager; provided, that no failure by any Person so selected to perform any services required to be performed hereunder shall relieve the Manager of any of its duties, obligations or liabilities hereunder.

  

	 	(d)	The Manager shall act as an independent contractor and each Person (as such definition relates to an individual) performing the Management Services shall always be an
employee of the Manager or its affiliates or its contractors or subcontractors and not an employee of APT, APT Parent or APT Holding for any purpose whatsoever. 

 

	 	(e)	Notwithstanding any provision in this Agreement to the contrary, the Manager shall not have authority to: 

 

	 	(i)	take any of the actions specified in Section 6.4(e) of the APT Holding LLC Agreement without the approval of the Required Directors (as such term is defined in the
APT Holding LLC Agreement); or 

  

	 	(ii)	take any other action which the Managing Member (as defined in the APT Holding LLC Agreement) or the Sole Member (as defined in the APT LLC Agreement) is expressly
prohibited from taking under any LLC Agreement. 

  

	 	(f)	The Manager shall promptly notify the Board of Directors (as such term is defined in the APT Holding LLC Agreement) if it has actual knowledge of any event or
circumstance that, with the giving of any notice, the lapse of time or both would constitute a default of APT, APT Parent, APT Holding or any Subsidiary under the Credit Agreement or any Other Credit Agreement. 

 

	 	(g)	The duties and obligations of the Manager under this Agreement (including its performance of this Agreement) are guaranteed by the Performance Guarantor pursuant to the
Performance Guarantee. 

  

	3.	Standard of Care; Representations and Warranties; Liability to APT, APT Parent and APT Holding and Indemnity: 

 

	 	(a)	The Manager shall perform all services to be performed under this Agreement in compliance with: 

 

	 	(i)	the Management Services Standard; 

  

	 	(ii)	all requirements of applicable laws and regulations; and 

  

	 	(iii)	the applicable provisions of the LLC Agreements and each Subsidiary LLC Agreement. 

 In addition, without limiting the foregoing, the Manager shall perform the services to be
performed under this Agreement in good faith to promote the goals of minimizing any regulatory burden on APT, APT Parent and APT Holding and maintaining long-term reliability of APT, APT Parent and APT Holding. 

 

	 	(b)	The Manager shall affirmatively seek to avoid conflicts of interest with respect to APT, APT Parent and APT Holding. Notwithstanding the foregoing, if a potential
conflict of interest exists or arises between the Manager or any of its affiliates, on the one hand, and APT, APT Parent and APT Holding or any of their respective affiliates, on the other, the Manager shall promptly notify APT, APT Parent and APT
Holding of such conflict of interest. 

  

	 	(c)	Each of the Manager, APT, APT Parent and APT Holding represents and warrants as to itself that: 

 

	 	(i)	it is duly organized and validly existing under the laws of the jurisdiction of its organization and has all requisite power and authority to execute, deliver and
perform this Agreement and to consummate the transactions herein contemplated; 

  

	 	(ii)	the execution, delivery and performance of this Agreement, and the consummation by it of such transactions contemplated hereby have been duly authorized by it and this
Agreement constitutes its legal, valid and binding obligation; and 

  

	 	(iii)	except as would not reasonably be expected to have a material adverse effect, the execution, delivery and performance of this Agreement and the consummation of such
transactions do not and will not conflict with the provisions of its governing instruments and will not violate any provisions of applicable law or regulation or any order of any court or regulatory body and will not result in the breach of, or
constitute a default, or require any consent, under any agreement, instrument or document to which it is a party or by which it or any of its property may be bound or affected. 

 

	 	(d)	 While each of APT, APT Parent and APT Holding acknowledges and agrees that the Manager is not assuming a fiduciary duty to APT, APT Parent APT Holding
or their respective members or to the creditors of APT, APT Parent or APT Holding under the Credit Agreement or any Other Credit Agreement, the Manager acknowledges and agrees that its obligations under this Agreement include, but are not limited
to, maintaining accounting procedures for APT, APT Parent, APT Holding and the Subsidiaries, and the Manager will perform all Management Services in accordance with the Management Services Standard and will make representations to APT, APT Parent,
APT Holding, the Subsidiaries and their auditors as applicable concerning the financial statements of APT, APT Parent, APT Holding and the Subsidiaries, including that such statements have been prepared in accordance with Generally Accepted
Accounting Principles (GAAP) in the United States of America, as may be determined by the Financial 

	 	 
Accounting Standards Board, and fairly and accurately represent the financial condition of APT, APT Parent, APT Holding and the Subsidiaries (or any of them) in all material respects.

  

	 	(e)	The Manager shall be under no liability whatsoever to APT, APT Parent or APT Holding for any loss, damages, delay or expense of whatsoever nature and howsoever arising
in the course of performance of this Agreement unless same is proved to have resulted from: 

  

	 	(i)	with respect to the preparation of financial statements, the failure of the Manager to prepare the financial statements according to the standards set forth in
subclause (d) hereinabove or misconduct of the Managers, and with respect to all other Administrative Management Services, the failure of the Manager to exercise due professional care with respect to the provision of such Administrative
Management Services or misconduct of the Manager or its employees; and 

  

	 	(ii)	with respect to the Construction Management Services, the gross negligence or willful misconduct of the Manager; 

provided however that in no case shall the Manager be liable for consequential, indirect or special damages or loss of
profits or revenue. 
  

	 	(f)	Except to the extent arising from matters described in Clause 3(e)(i) or 3(e)(ii) hereof, each of APT and APT Parent hereby jointly and severally undertakes to keep the
Manager and its employees, agents and sub-contractors indemnified, defended and held harmless against all actions, proceedings, claims, demands or liabilities whatsoever or howsoever arising that may be brought against them or incurred or suffered
by them arising out of or in connection with the performance of this Agreement, and against and in respect of all costs, losses, damages and expenses (including legal costs and expenses on a full indemnity basis) that the Manager may suffer or incur
in the course of the performance of this Agreement, provided however that in no case shall any of APT, APT Parent and APT Holding be liable for consequential, indirect or special damages or loss of profits or revenue.

  

	4.	Compensation for Management Services. 

  

	 	(a)	In consideration of the provision by the Manager to APT, APT Parent and APT Holding of the services set out herein, APT Parent shall be obligated to pay to the Manager
the fees set out in Exhibit II hereto (collectively, “Management Fees”) on such terms and at such times as set out therein. For the avoidance of doubt, no Management Fee shall be payable for any period following a
Termination Event. 

  

	 	(b)	 In addition to the payment of the Management Fees payable in accordance with Clause 4(a), above, APT Parent shall be obligated to advance funds to the
Manager on a monthly basis in advance at the beginning of each month for Reimbursable Expenses which are known and budgeted based on a budget 

	 	 
submitted by the Manager and updated from time to time to include Reimbursable Expenses which are able to be estimated, provided, that the Manager shall document in writing
all reconciliations between actual and budgeted Reimbursable Expenses on a monthly basis, and shall provide APT Parent with a copy thereof together with reasonable documentation therefore, and provided further that with respect to
Reimbursable Expenses that are not budgeted and for which no advance funds are available, the Manager shall provide APT Parent with a written request for amounts it is seeking to have repaid or reimbursed under this Clause 4(b) and such request
shall include reasonable documentation of the amounts so advanced, incurred, or reimbursed and provided further that the Manager shall make such requests no more frequently than once in any calendar month. Any amounts to be reimbursed
under this Clause 4(b) shall be payable promptly, but in any event within ten (10) Business Days of request by the Manager. The Manager shall provide accounting for all funds reimbursed, whether through advances or requests for reimbursement,
hereunder on a monthly basis in arrears. 

  

	 	(c)	The Manager shall at all times maintain and keep true and correct records of all costs and expenditures incurred hereunder as well as all other data necessary or proper
for the settlement of accounts between the parties hereto in accordance with this Agreement, which records shall be open for inspection by authorized representatives of APT, APT Parent and APT Holding during normal business hours and upon reasonable
prior notice. Payment by APT Parent of any statements, invoices or requests for cash submitted hereunder shall not prejudice the right of APT Parent to later protest or question the correctness thereof within 60 days of the date such payment is
made. APT Parent shall have the right, during normal business hours and upon reasonable prior written or electronic notice and at the cost of APT Parent to audit the Manager’s accounts and records relating to the accounting hereunder for any
calendar year (or portion thereof). 

  

	 	(d)	If at any time it is likely that the Manager (or APT Parent) has or may have any claim against any third party for the recoupment or reimbursement of any costs or
expenses constituting Reimbursable Expenses for which APT Parent has reimbursed the Manager in accordance with Clause 4(b) above, the Manager shall take such commercially reasonable action as may be necessary to collect such amounts from such third
party, and upon any such collection, shall promptly pay over the amount collected to APT Parent. 

  

	5.	Acknowledgment and Non-Disclosure. 

  

	 	(a)	Acknowledgement: The Manager acknowledges that: 

  

	 	(i)	the business of APT, APT Parent APT Holding and the Subsidiaries (the “Business”) consists of arranging for the construction of, owning and
chartering United States flag vessels to be engaged in the United States coastwise trade; 

  

	 	(ii)	as Manager under this Agreement, it will occupy a position of trust and confidence and will become familiar with the following, any and all of which constitute
confidential information of APT, APT Parent and APT Holding (collectively, the “Confidential Information”): 

  

	 	1.	any and all trade secrets, data, know-how, designs, ideas, past, current and planned research and development, market studies and business plans, however documented, of
APT, APT Parent and APT Holding directly or indirectly useful in any aspect of the Business, and any other confidential information or secret aspect of the Business; 

 

	 	2.	any and all information concerning the Business and affairs of APT, APT Parent and APT Holding; and 

 

	 	3.	any and all notes, analysis, compilations, studies, summaries, and other material prepared by or for APT, APT Parent and APT Holding containing or based, in whole or in
part, on any information included in the foregoing; 

  

	 	(iii)	all Confidential Information known or obtained by the Manager, whether before or after the date hereof, is the property of APT, APT Parent or APT Holding, as the case
may be; 

  

	 	(iv)	APT, APT Parent and APT Holding compete with other businesses that are located throughout the United States; 

 

	 	(v)	the covenants set forth in sub-sections (a) and (b) of this Clause 5 are reasonable with respect to duration, geographical area, and scope, and necessary to
protect and preserve the Business; and 

  

	 	(vi)	the breach by the Manager of the covenants set forth in sub-section (b) of this Clause 5 will cause irreparable harm to APT, APT Parent and APT Holding, and APT,
APT Parent and APT Holding will not have an adequate remedy at law. 

  

	 	(b)	Non-Disclosure: The Manager agrees: 

  

	 	(i)	that it will not, at any time, disclose to any unauthorized Persons or use for his own account or for the benefit of any third party any Confidential Information,
without APT Holding’s prior written consent, unless and to the extent that: 

  

	 	1.	the Confidential Information is or becomes generally known to and available for use by the public other than as a result of the Manager’s fault or the fault of any
other Person bound by a duty of confidentiality to APT, APT Parent or APT Holding; or 

  

	 	2.	disclosure is required pursuant to any statutory or regulatory requirement or any mandatory court order, subpoena or other legal process; provided,
however, that the Manager shall promptly notify APT, APT Parent and APT Holding in writing of the receipt of any such mandatory court order, subpoena or other legal process and will, at APT Parent’s request and expense,
cooperate with it in permitting APT, APT Parent or APT Holding, in its own name or in the name of the Manager, to intervene to challenge such order, subpoena or process; and 

 

	 	(ii)	to deliver to APT, APT Parent and APT Holding at any time APT, APT Parent or APT Holding may request, all documents, memoranda, notes, plans, records, reports, and
other documentation, models, components, devices, or computer software, whether embodied in a disk or in other form (and all copies of all of the foregoing), relating to the Business. 

 

	6.	Severability. If any provision of this Agreement is invalid or unenforceable, the balance of this Agreement shall remain in effect. 

 

	7.	Notices. All notices and other communications under this Agreement shall be in writing and shall be deemed given when delivered personally or mailed by certified
mail, return receipt requested, to the parties at the following addresses (or to such other address as a party may have specified by notice given to the other party pursuant to this provision): 

 

			
	 If to APT Holding:
	  	 American Petroleum Tankers Holding LLC
 c/o Blackstone Capital Partners V USS, L.P.
 345 Park Avenue, 29th Floor

New York, NY 10154
 Attention: David Foley/Sean
Klimczak
 Facsimile: 212-583-5703

		
	 If to APT Parent:
	  	 American Petroleum Tankers Parent LLC
 c/o Blackstone Capital Partners V USS, L.P.
 345 Park Avenue, 29th Floor

New York, NY 10154
 Attention: David Foley/Sean
Klimczak
 Facsimile: 212-583-5703

		
	 If to APT:
	  	 American Petroleum Tankers LLC
 c/o Blackstone Capital Partner V USS, L.P
 345 Park Avenue, 29th Floor

New York, NY 10154
 Attention: David Foley/Sean
Klimczak
 Facsimile: 212 583 5703

			
	 If to the Manager:
	  	 Crowley Technical Management, Inc.
 9487 Regency Square Blvd.
 Jacksonville, FL 32225-8125

Attention: Todd Busch
 Facsimile: 904 722
5278

  

	8.	Termination. 

  

	 	(a)	Subject always to the provisions set out in sub-section (b) of this Clause 8, this Agreement shall continue in full force and effect from the date hereof through
the Expiration Date; provided, however, that the term of this Agreement shall automatically extend for a one-year period thereafter unless at least ninety (90) days prior to the Expiration Date or the
end of any extension period (a “Future Expiration Date”), as the case may be, APT Holding, APT Parent and APT, on the one hand, or the Manager, on the other hand, give notice as set out in Clause 7 hereof to the
other parties hereto of their intent to terminate this Agreement on the Expiration Date or such Future Expiration Date. 

  

	 	(b)	This Agreement shall terminate on the occurrence of the earliest of the following events (each a “Termination Event”): 

 

	 	(i)	at APT’s, APT Parent’s and APT Holding’s sole option, the ninetieth (90th) day after the date any of APT, APT Parent or APT Holding gives notice as
set out in Clause 7 hereof to the Manager of their intent to terminate this Agreement; 

  

	 	(ii)	in the event either (a) the Manager or any of its affiliates or (b) APT, APT Parent, APT Holding or any of their respective Subsidiaries shall breach or fail
to observe any of their respective obligations, covenants or undertakings under this Agreement or any Ship Management Agreement, and 

  

	 	1.	such breach is capable of being cured within thirty (30) days after notice thereof, but has not been cured within such thirty (30) day period, on the
thirtieth (30th) day after the date APT, APT Parent and APT Holding, on the one hand, or the Manager, on the other hand, give notice as set out in Clause 7 hereof to all of the other parties hereto of their intent to terminate this Agreement as
a result thereof; 

  

	 	2.	such breach cannot reasonably be cured within thirty (30) days after notice thereof, on the date that APT, APT Parent and APT Holding, on the one hand, or the
Manager, on the other hand, give notice as set out in Clause 7 hereof to all of the other parties hereto of their intent to terminate this Agreement as a result thereof; or 

 

	 	3.	with respect to non-payment by APT Parent of its payment obligations under this Agreement to the Manager of Management Fees and undisputed Reimbursable Expenses, such
payment obligation has not been cured by APT Parent within five (5) Business Days after the Manager gives notice thereof as set out in Clause 7 hereof to APT Parent. 

  

	 	(iii)	in the event that APT, APT Parent and APT Holding determine, in their sole discretion, that an adverse change has occurred in the financial condition, business or
operation of the Manager, the Performance Guarantor or Intrepid Ship Management, Inc., including but not limited to: 

  

	 	1.	a default by the Manager, the Performance Guarantor or Intrepid Ship Management, Inc. under any agreement or instrument relating to its debt for borrowed money which
default exists beyond any applicable grace period therefor; or 

  

	 	2.	the Manager, the Performance Guarantor or Intrepid Ship Management, Inc. becomes subject to a proceeding seeking to adjudicate it as bankrupt or insolvent, or seeking
dissolution, liquidation or reorganization under any applicable law; 

 on the date that APT, APT Parent and APT
Holding gives notice as set out in Clause 7 hereof to the Manager of its intent to terminate this Agreement as a result of such Termination Event; and 
  

	 	(iv)	with respect to any particular Vessel under construction only, without termination of this Agreement as a whole, in the event APT Parent enters into an agreement with a
party not a Subsidiary of APT Parent to sell any Vessel under construction, this Agreement shall terminate with respect to such Vessel on the date no earlier than the thirtieth (30th) day after APT Parent gives notice as set out in Clause 7
hereof to the Manager of such agreement to sell. 

  

	 	(c)	Notwithstanding any termination of this Agreement for any reason, including but not limited to termination by notice hereunder, upon the written joint request of APT,
APT Parent and APT Holding, this Agreement shall remain in full force and effect for a reasonable period of time (not to exceed ninety (90) days from the date that this Agreement would otherwise have terminated) to allow APT, APT Parent or APT
Holding to arrange for alternate management and construction supervision services (such time period, the “Transition Period”), provided that the Manager shall be paid the Management Fees by APT Parent during the
Transition Period. The Manager agrees that during any Transition Period and for a period of up to ninety (90) days after any termination of this Agreement, whether or not a Transition Period is applicable, it shall undertake to provide any new
manager with all information, documentation, books and any other data (electronic or otherwise) required or requested by APT, APT Parent or APT Holding or any new manager to assist in the transition or the Management Services.

  

	9.	Submission to Jurisdiction; Consent to Service of Process. 

  

	 	(a)	Each of the parties hereto hereby irrevocably submits to the non-exclusive jurisdiction of any federal or state court located within the County of New York in the State
of New York over any dispute arising out of or relating to this Agreement, and agrees that all claims in respect of such dispute may be heard and determined in such courts. Each of the parties hereby irrevocably waives, to the fullest extent
permitted by applicable law, any objection which it or he may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto
agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

  

	 	(b)	Each of the parties hereto hereby consents to process being served by any party to this Agreement in any suit, action or proceeding by the mailing of a copy thereof in
accordance with the provisions of Clause 7 of this Agreement. 

  

	 	(c)	EACH OF PARTIES HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING
OUT OF OR RELATING TO THIS AGREEMENT. 

  

	10.	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 

 

	11.	Entire Agreement; Amendments and Waivers. This Agreement constitutes the entire understanding and agreement between the parties hereto with respect to the
subject matter hereof and can be amended, supplemented or changed, and any provision hereof can be waived, only by written instrument. No failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All remedies hereunder are
cumulative and are not exclusive of any other remedies provided by law. 

  

	12.	Counterparts. This Agreement may be executed in counterparts and any number of counterparts signed in the aggregate by the parties hereto shall consummate a
single original instrument. Delivery of an executed signature page of this Agreement by facsimile transmission or electronic mail shall be effective as delivery of a manually executed counterpart hereof, and the party delivering such signature page
by facsimile transmission or electronic mail shall promptly thereafter deliver to the other party hereto an original, duly executed counterpart of such signature page. 

 

	13.	No Third-Party Beneficiaries. Nothing herein, whether express or implied, is intended to or shall confer upon any person or entity other than the parties hereto,
any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

 Exhibit 10.4 
 EXECUTION COPY 
 IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date first written above. 
  

			
	 AMERICAN PETROLEUM TANKERS LLC

		
	 By:
	 	American Petroleum Tankers Parent LLC, its Sole Member
		
	 By:
	 	American Petroleum Tankers Holding LLC, its Sole Member
		
	 By:
	 	Blackstone Capital Partners V USS, L.P., its Managing Member
		
	 By:
	 	Blackstone Management Associates V USS L.L.C., its General Partner
		
	 By:
	 	BMA V USS L.L.C., its Sole Member
		
	 By:
	 	       /s/ Sean
Klimczak

			
	 Name:
	 	 Sean Klimczak

	 Title:
	 	 Attorney-in-Fact

			
	
	AMERICAN PETROLEUM TANKERS PARENT LLC
		
	 By:
	 	American Petroleum Tankers Holding LLC, its Sole Member
		
	 By:
	 	Blackstone Capital Partners V USS, L.P., its Managing Member
		
	 By:
	 	Blackstone Management Associates V USS L.L.C., its General Partner
		
	 By:
	 	 BMA V USS L.L.C., its Sole Member

		
	 By:
	 	       /s/ Sean
Klimczak

			
	 Name:
	 	 Sean Klimczak

	 Title:
	 	 Attorney-in-Fact

			
	
	AMERICAN PETROLEUM TANKERS HOLDING LLC
		
	 By:
	 	Blackstone Capital Partners V USS, L.P., its Managing Member

  

			
	 By:
	 	Blackstone Management Associates V USS L.L.C., its General Partner
		
	 By:
	 	 BMA V USS L.L.C., its Sole Member

		
	 By:
	 	       /s/ Sean
Klimczak

			
	 Name:
	 	 Sean Klimczak

	 Title:
	 	 Attorney-in-Fact

			
	
	CROWLEY TECHNICAL MANAGEMENT, INC.
		
	 By:
	 	       /s/ Todd
Busch

			
	 Name:
	 	 Todd Busch

	 Title:
	 	 Sr. Vice President & GM

 CONSENT OF PERFORMANCE GUARANTOR 
 Crowley Holding Inc., as Performance Guarantor, hereby
(i) consents to the foregoing amendment and restatement of the Original MCSA (the “Amended and Restated MCSA”); (ii) confirms that each of the Guarantees (as defined in the “Amended and Restated MCSA”) remain in full
force and effect after this amendment and restatement of the Original MCSA; and (iii) confirms that all references in any Guarantee to the Original MCSA means the Amended and Restated MCSA, as it may be further amended, restated or modified
from time to time. 
  

			
	CROWLEY HOLDINGS, INC.
		
	 By:
	 	       /s/ Daniel L.
Warner

			
	 Name:
	 	 Daniel L. Warner

	 Title:
	 	 SVP and Treasurer

 EXHIBIT I 
 FORM OF SHIPMAN 98 

  

							
	1. Date of Agreement	 	  
 THE BALTIC AND INTERNATIONAL MARITIME COUNCIL
(BIMCO)
 STANDARD SHIP MANAGEMENT AGREEMENT
 CODE NAME: “SHIPMAN 98”
  
 Part I

		
	2. Owners (name, place of registered office and law of registry) (Cl. 1)	 	3. Managers (name, place of registered office and law of registry) (Cl. 1)
		 	  
	 		 	  

		 	Name	 		 	Name
		 	  
	 		 	  

		 	Place of registered office	 		 	Place of registered office
		 	  
	 		 	  

		 	 Law of registry
  
	 		 	 Law of registry
  

			
	4. Day and year of commencement of Agreement (Cl. 2)	 		 	
		
	5. Crew Management (state “yes” or “no” as agreed) (Cl. 3.1)	 	6. Technical Management (state “yes” or “no” as agreed) (Cl. 3.2)
		
	7. Commercial Management (state “yes” or “no” as agreed) (Cl. 3.3)	 	8. Insurance Arrangements (state “yes” or “no” as agreed) (Cl. 3.4)
		
	9. Accounting Services (state “yes” or “no” as agreed) (Cl. 3.5)	 	10. Sale or purchase of the Vessel (state “yes” or ‘no” as agreed) (Cl. 3.6)
		
	11. Provisions (state “yes:” or “no” as agreed) (Cl. 3.7)	 	12. Bunkering (state “yes” or “no” as agreed) (Cl. 3.8)
		
	13. Chartering Services Period (only to be filled in if “yes” stated in Box 7) (CI. 3.3(i))	 	14. Owners’ Insurance (state alternative (i), (ii) or (ili) of Cl. 6.3)
		
	15. Annual Management Fee (state annual amount) (Cl. 8.1)	 	16. Severance Costs (state maximum amount) (Cl. 8.4(ii))
		
	17. Day and year of termination of Agreement (CI. 17)	 	18. Law and Arbitration (state alternative 19.1, 19.2 or 19.3; if 19.3 place of arbitration must be stated) (Cl. 19)
		
	19. Notices (state postal and cable address, telex and telefax number for serving notice and communication to the Owners) (Cl. 20)	 	20. Notices (state postal and cable address, telex and telefax number for serving notice and communication to the Managers) (Cl. 20)
	
	It is mutually agreed between the party stated in Box 2 and the party stated in Box 3 that this Agreement consisting of PART I and PART II as well as Annexes
“A” (Details of Vessel), “B” (Details of Crew), “C” (Budget) and °D” (Associated vessels) attached hereto, shall be performed subject to the conditions contained herein. In the event of a conflict of
conditions, the provisions of PART I and Annexes “A”, “B”, “C” and “D” shall prevail other those of PART II to the extent such conflict but no further.
			
	Signatures (Owners)	 		 	Signatures (Managers)

 PART II 
 “Shipman 98” Standard Ship Management Agreement 

 

	1.	Definitions 

 In this
Agreement save where the context otherwise requires, the following words and expressions shall have the meanings hereby assigned to them. 
 “Owners” means the party identified in Box 2. 

“Managers” means the party identified in Box 3. 

“Vessel” means the vessel or vessels details of which are set out in Annex “A” attached hereto. 

“Crew” means the Master, officers and ratings of the numbers, rank and nationality specified in Annex “B”
attached hereto. 
 “Crew Support Costs” means all expenses of a general nature which are not particularly
referable to any individual vessel for the time being managed by the Managers and which are incurred by the Managers for the purpose of providing an efficient and economic management service and, without prejudice to the generality of the foregoing,
shall include the cost of crew standby pay, training schemes for officers and ratings, cadet training schemes, sick pay, study pay, recruitment and interviews. 
 “Severance Costs” means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for service
on the Vessel. 
 “Crew Insurances” means insurances against crew risks which shall include but not be limited
to death, sickness, repatriation, injury, shipwreck unemployment indemnity and loss of personal effects. 
 “Management
Services” means the services specified in sub-clauses 3.1 to 3.8 as indicated affirmatively in Boxes 5 to 12. 

“ISM Code” means the International Management Code for the Safe Operation of Ships and for Pollution Prevention as
adopted by the International Maritime Organization (IMO) by resolution A.741(18) or any subsequent amendment thereto. 

“STCW 95” means the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers,
1978, as amended in 1995 or any subsequent amendment thereto. 
  

	2.	Appointment of Managers 

With effect from the day and year stated in Box 4 and continuing unless and until terminated as provided herein, the Owners hereby
appoint the Managers and the Managers hereby agree to act as the Managers of the Vessel. 
  

	3.	Basis of Agreement 

Subject to the terms and conditions herein provided, during the period of this Agreement, the Managers shall carry out Management
Services in respect of the Vessel as agents for and on behalf of the Owners. The Managers shall have authority to take such actions as they may from time to time in their absolute discretion consider to be necessary to enable them to perform this
Agreement in accordance with sound ship management practice. 
 3.1 Crew Management 

(only applicable if agreed according to Box 5) 
 The Managers shall provide suitably qualified Crew for the Vessel as required by the Owners in accordance with the STCW 95 requirements, provision of which includes but is not limited to the following
functions: 
  

	 	(i)	selecting and engaging the Vessel’s Crew, including payroll arrangements, pension administration, and insurances for the Crew other than those mentioned in Clause
6; 

  

	 	(ii)	ensuring that the applicable requirements of the law of the flag of the Vessel are satisfied in respect of manning levels, rank, qualification and certification of the
Crew and employment regulations including Crew’s tax, social insurance, discipline and other requirements; 

 

  

	 	(iii)	ensuring that all members of the Crew have passed a medical examination with a qualified doctor certifying that they are fit for the duties for which they are engaged
and are in possession of valid medical certificates issued in accordance with appropriate flag State requirements. In the absence of applicable flag State requirements the medical certificate shall be dated not more than three months prior to the
respective Crew members leaving their country of domicile and maintained for the duration of their service on board the Vessel; 

  

	 	(iv)	ensuring that the Crew shall have a command of the English language of a sufficient standard to enable them to perform their duties safely; 

 

	 	(v)	arranging transportation of the Crew, including repatriation; 

  

	 	(vi)	training of the Crew and supervising their efficiency; 

  

	 	(vii)	conducting union negotiations; 

  

	 	(viiii)	operating the Managers’ drug and alcohol policy unless otherwise agreed. 

 3.2 Technical Management 
 (only applicable if agreed according to Box
6) 
 The Managers shall provide technical management which includes, but is not limited to, the following functions:

  

	 	(i)	provision of competent personnel to supervise the maintenance and general efficiency of the Vessel; 

 

	 	(ii)	arrangement and supervision of dry dockings, repairs, alterations and the upkeep of the Vessel to the standards required by the Owners provided that the Managers
shall be entitled to incur the necessary expenditure to ensure that the Vessel will comply with the law of the flag of the Vessel and of the places where she trades, and all requirements and recommendations of the classification society;

  

	 	(iii)	arrangement of the supply of necessary stores, spares and lubricating oil; 

 

	 	(iv)	appointment of surveyors and technical consultants as the Managers may consider from time to time to be necessary; 

 

	 	(v)	development, implementation and maintenance of a Safety Management System (SMS) in accordance with the ISM Code (see sub-clauses 4.2 and 5.3).

 3.3 Commercial Management 
 (only applicable if agreed according to Box 7) 
 The Managers shall
provide the commercial operation of the Vessel, as required by the Owners, which includes, but is not limited to, the following functions: 
  

	 	(i)	providing chartering services in accordance with the Owners’ instructions which include, but are not limited to. seeking and negotiating employment for the
Vessel and the conclusion (including the execution thereof) of charter parties or other contracts relating to the employment of the Vessel. If such a contract exceeds the period stated in Box 13, consent thereto in writing shall first be obtained
from the Owners. 

  

	 	(ii)	arranging of the proper payment to Owners or their nominees of all hire and/or freight revenues or other moneys of whatsoever nature to which Owners may be
entitled arising out of the employment of or otherwise in connection with the Vessel, 

  

	 	(iii)	providing voyage estimates and accounts and calculating of hire, freights, demurrage and/or despatch moneys due from or due to the charterers of the Vessel;

  

	 	(iv)	issuing of voyage instructions; 

  

	 	(v)	appointing agents; 

  

	 	(vi)	appointing stevedores; 

  

	 	(vii)	arranging surveys associated with the commercial operation of the Vessel.

 PART II 
 “Shipman 98” Standard Ship Management Agreement 
  

 3.4 Insurance Arrangements 

(only applicable if agreed according to Box 8) 
 The Managers shall arrange insurances in accordance with Clause 6, on such terms and conditions as the Owners shall have instructed or agreed, in particular regarding conditions, insured values,
deductibles and franchises. 
 3.5 Accounting Services 

(only applicable if agreed according to Box 9) 
 The Managers shall: 
  

	 	(i)	establish an accounting system which meets the requirements of the Owners and provide regular accounting services, supply regular reports and records,

  

	 	(ii)	maintain the records of all costs and expenditure incurred as well as data necessary or proper for the settlement of accounts between the parties.

 3.6 Sale or Purchase of the Vessel 

(only applicable if agreed according to Box 10) 
 The Managers shall, in accordance with the Owners’ instructions, supervise the sale or purchase of the Vessel, including the performance of any sale or purchase agreement, but not negotiation of the
same. 
 3.7 Provisions (only applicable if agreed according to Box 11) The Managers shall arrange for the supply
of provisions. 
 3.8 Bunkering (only applicable if agreed according to Box 12) The Managers shall arrange for
the provision of bunker fuel of the quality specified by the Owners as required for the Vessel’s trade. 
  

	4.	Managers’ Obligations 

 4.1 The Managers undertake to use their best endeavours to provide the agreed Management Services as agents for and on behalf of the Owners in accordance with sound ship management practice and to
protect and promote the interests of the Owners in all matters relating to the provision of services hereunder. Provided, however, that the Managers in the performance of their management responsibilities under this Agreement shall be entitled to
have regard to their overall responsibility in relation to all vessels as may from time to time be entrusted to their management and in particular, but without prejudice to the generality of the foregoing, the Managers shall be entitled to allocate
available supplies, manpower and services in such manner as in the prevailing circumstances the Managers in their absolute discretion consider to be fair and reasonable. 
 4.2 Where the Managers are providing Technical Management in accordance with sub-clause 3.2, they shall procure that the requirements of the law of the flag of the Vessel are satisfied and they
shall in particular be deemed to be the “Company” as defined by the ISM Code, assuming the responsibility for the operation of the Vessel and taking over the duties and responsibilities imposed by the ISM Code when applicable. 

 

	5.	Owners’ Obligations 

5.1 The Owners shall pay all sums due to the Managers punctually in accordance with the terms of this Agreement. 

5.2 Where the Managers are providing Technical Management in accordance with sub-clause 3.2, the Owners shall: 

 

	 	(i)	procure that all officers and ratings supplied by them or on their behalf comply with the requirements of STCW 95; 

 

	 	(ii)	instruct such officers and ratings to obey all reasonable orders of the Managers in connection with the operation of the Managers’ safety management system.

 5.3 Where the Managers are not providing Technical Management in accordance with sub-clause 3.2, the
Owners shall procure that the requirements of the law of the flag of the Vessel are satisfied and that they, or such other entity as may be appointed by them

 
and identified to the Managers, shall be deemed to be the “Company” as defined by the ISM Code assuming the responsibility for the operation of the Vessel and taking over the duties and
responsibilities imposed by the ISM Code when applicable. 
  

	6.	Insurance Policies 

 The
Owners shall procure, whether by instructing the Managers under sub-clause 3.4 or otherwise, that throughout the period of this Agreement: 
 6.1 at the Owners’ expense, the Vessel is insured for not less than her sound market value or entered for her full gross tonnage, as the case may be for: 

 

	 	(i)	usual hull and machinery marine risks (including crew negligence) and excess liabilities; 

 

	 	(ii)	protection and indemnity risks (including pollution risks and Crew Insurances); and 

 

	 	(iii)	war risks (including protection and indemnity and crew risks) in accordance with the best practice of prudent owners of vessels of a similar type to the Vessel,
with first class insurance companies, underwriters or associations (“the Owners’ Insurances”); 

6.2 all premiums and calls on the Owners’ insurances are paid promptly by their due date, 

6.3 the Owners’ Insurances name the Managers and, subject to underwriters’ agreement, any third party designated by the
Managers as a joint assured, with full cover, with the Owners obtaining cover in respect of each of the insurances specified in sub-clause 6.1: 
  

	 	(i)	on terms whereby the Managers and any such third party are liable in respect of premiums or calls arising in connection with the Owners’ Insurances; or

  

	 	(ii)	if reasonably obtainable, on terms such that neither the Managers nor any such third party shall be under any liability in respect of premiums or calls arising
in connection with the Owners’ Insurances; or 

  

	 	(iii)	on such other terms as may be agreed in writing. 

 Indicate alternative (i), (ii) or (iii) in Box 14. if Box 14 is left blank then (i) applies. 
 6.4 written evidence is provided, to the reasonable satisfaction of the Managers, of their compliance with their obligations under Clause 6 within a reasonable time of the commencement of the
Agreement, and of each renewal date and, if specifically requested, of each payment date of the Owners’ Insurances. 
  

	7.	Income Collected and Expenses Paid on Behalf of Owners 

 7.1 All moneys collected by the Managers under the terms of this Agreement (other than moneys payable by the Owners to the Managers) and any interest thereon shall be held to the credit of the
Owners in a separate bank account. 
 7.2 All expenses incurred by the Managers under the terms of this Agreement on
behalf of the Owners (including expenses as provided in Clause 8) may be debited against the Owners in the account referred to under sub-clause 7.1 but shall in any event remain payable by the Owners to the Managers on demand. 

 

	8.	Management Fee 

8.1 The Owners shall pay to the Managers for their services as Managers under this Agreement an annual management fee as stated
in Box 15 which shall be payable by equal monthly instalments in advance, the first instalment being payable on the commencement of this Agreement (see Clause 2 and Box 4) and subsequent instalments being payable every month. 

8.2 The management fee shall be subject to an annual review on the anniversary date of the Agreement and the proposed fee shall
be presented in the annual budget referred to in sub-clause 9.1. 

 PART II 
 “Shipman 98” Standard Ship Management Agreement 
  

 8.3 The Managers shall, at no extra cost to the Owners, provide their own office
accommodation, office staff, facilities and stationery. Without limiting the generality of Clause 7 the Owners shall reimburse the Managers for postage and communication expenses, travelling expenses, and other out of pocket expenses properly
incurred by the Managers in pursuance of the Management Services. 
 8.4 In the event of the appointment of the Managers
being terminated by the Owners or the Managers in accordance with the provisions of Clauses 17 and 18 other than by reason of default by the Managers, or if the Vessel is lost, sold or otherwise disposed of, the “management fee” payable to
the Managers according to the provisions of sub-clause 8.1, shall continue to be payable for a further period of three calendar months as from the termination date. In addition, provided that the Managers provide Crew for the Vessel in accordance
with sub-clause 3.1: 
  

	 	(i)	the Owners shall continue to pay Crew Support Costs during the said further period of three calendar months and 

 

	 	(ii)	the Owners shall pay an equitable proportion of any Severance Costs which may materialize, not exceeding the amount stated in Box 16. 

8.5 If the Owners decide to lay-up the Vessel whilst this Agreement remains in force and such lay-up lasts for more than three
months, an appropriate reduction of the management fee for the period exceeding three months until one month before the Vessel is again put into service shall be mutually agreed between the parties. 

8.6 Unless otherwise agreed in writing all discounts and commissions obtained by the Managers in the course of the management of
the Vessel shall be credited to the Owners. 
  

	9.	Budgets and Management of Funds 

 9.1 The Managers shall present to the Owners annually a budget for the following twelve months in such form as the Owners require. The budget for the first year hereof is set out in Annex
“C” hereto. Subsequent annual budgets shall be prepared by the Managers and submitted to the Owners not less than three months before the anniversary date of the commencement of this Agreement (see Clause 2 and Box 4). 

9.2 The Owners shall indicate to the Managers their acceptance and approval of the annual budget within one month of presentation
and in the absence of any such indication the Managers shall be entitled to assume that the Owners have accepted the proposed budget. 
 9.3 Following the agreement of the budget, the Managers shall prepare and present to the Owners their estimate of the working capital requirement of the Vessel and the Managers shall each month
up-date this estimate. Based thereon, the Managers shall each month request the Owners in writing for the funds required to run the Vessel for the ensuing month, including the payment of any occasional or extraordinary item of expenditure, such as
emergency repair costs, additional insurance premiums, bunkers or provisions. Such funds shall be received by the Managers within ten running days after the receipt by the Owners of the Managers’ written request and shall be held to the credit
of the Owners in a separate bank account. 
 9.4 The Managers shall produce a comparison between budgeted and actual
income and expenditure of the Vessel in such form as required by the Owners monthly or at such other intervals as mutually agreed. 
 9.5 Notwithstanding anything contained herein to the contrary, the Managers shall in no circumstances be required to use or commit their own funds to finance the provision of the Management
Services. 

 

  

	10.	Managers’ Right to Sub-Contract 

 The Managers shall not have the right to sub-contract any of their obligations hereunder, including those mentioned in sub-clause 3.1, without the prior written consent of the Owners which shall not be
unreasonably withheld. In the event of such a sub-contract the Managers shall remain fully liable for the due performance of their obligations under this Agreement. 
  

	11.	Responsibilities 

11.1 Force Majeure - Neither the Owners nor the Managers shall be under any liability for any failure to perform
any of their obligations hereunder by reason of any cause whatsoever of any nature or kind beyond their reasonable control. 

11.2 Liability to Owners - (i) Without prejudice to sub-clause 11.1, the Managers shall be under no liability
whatsoever to the Owners for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising out of or in connection with detention of or delay to the Vessel) and howsoever
arising in the course of performance of the Management Services UNLESS same is proved to have resulted solely from the negligence, gross negligence or wilful default of the Managers or their employees, or agents or sub-contractors employed by
them in connection with the Vessel, in which case (save where loss, damage, delay or expense has resulted from the Managers’ personal act or omission committed with the intent to cause same or recklessly and with knowledge that such loss,
damage, delay or expense would probably result) the Managers’ liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of ten times the annual management fee payable hereunder. 

(ii) Notwithstanding anything that may appear to the contrary in this Agreement, the Managers shall not be liable for any of the
actions of the Crew, even if such actions are negligent, grossly negligent or wilful, except only to the extent that they are shown to have resulted from a failure by the Managers to discharge their obligations under sub-clause 3.1, in which case
their liability shall be limited in accordance with the terms of this Clause 11. 
 11.3 Indemnity -
Except to the extent and solely for the amount therein set out that the Managers would be liable under sub-clause 11.2, the Owners hereby undertake to keep the Managers and their employees, agents and sub-contractors indemnified and to hold them
harmless against all actions, proceedings, claims, demands or liabilities whatsoever or howsoever arising which may be brought against them or incurred or suffered by them arising out of or in connection with the performance of the Agreement, and
against and in respect of all costs, losses, damages and expenses (including legal costs and expenses on a full indemnity basis) which the Managers may suffer or incur (either directly or indirectly) in the course of the performance of this
Agreement. 
 11.4 “Himalaya” - It is hereby expressly agreed that no employee or agent of the
Managers (including every sub-contractor from time to time employed by the Managers) shall in any circumstances whatsoever be under any liability whatsoever to the Owners for any loss, damage or delay of whatsoever kind arising or resulting directly
or indirectly from any act, neglect or default on his part while acting in the course of or in connection with his employment and, without prejudice to the generality of the foregoing provisions in this Clause 11, every exemption, limitation,
condition and liberty herein contained and every right, exemption from liability, defence and immunity of whatsoever nature applicable to the Managers or to which the Managers are entitled hereunder shall also be available and shall extend to
protect every such employee or agent of the Managers acting as aforesaid and for the purpose of all the foregoing provisions of this Clause 11 the Managers are or shall be deemed to be

 PART II 
 “Shipman 98” Standard Ship Management Agreement 
  

 
acting as agent or trustee on behalf of and for the benefit of all persons who are or might be their servants or agents from time to time (including sub-contractors as aforesaid) and all such
persons shall to this extent be or be deemed to be parties to this Agreement. 
  

	12.	Documentation 

 Where
the Managers are providing Technical Management in accordance with sub-clause 3.2 and/or Crew Management in accordance with sub-clause 3.1, they shall make available, upon Owners’ request, all documentation and records related to the Safety
Management System (SMS) and/or the Crew which the Owners need in order to demonstrate compliance with the ISM Code and STCW 95 or to defend a claim against a third party. 

 

	13.	General Administration 

13.1 The Managers shall handle and settle all claims arising out of the Management Services hereunder and keep the Owners
informed regarding any incident of which the Managers become aware which gives or may give rise to claims or disputes involving third parties. 
 13.2 The Managers shall, as instructed by the Owners, bring or defend actions, suits or proceedings in connection with matters entrusted to the Managers according to this Agreement. 

13.3 The Managers shall also have power to obtain legal or technical or other outside expert advice in relation to the handling
and settlement of claims and disputes or all other matters affecting the interests of the Owners in respect of the Vessel. 

13.4 The Owners shall arrange for the provision of any necessary guarantee bond or other security. 

13.5 Any costs reasonably incurred by the Managers in carrying out their obligations according to Clause 13 shall be reimbursed
by the Owners. 
  

	14.	Auditing 

 The Managers
shall at all times maintain and keep true and correct accounts and shall make the same available for inspection and auditing by the Owners at such times as may be mutually agreed. On the termination, for whatever reasons, of this Agreement, the
Managers shall release to the Owners, if so requested, the originals where possible, or otherwise certified copies, of all such accounts and all documents specifically relating to the Vessel and her operation. 

 

	15.	Inspection of Vessel 

The Owners shall have the right at any time after giving reasonable notice to the Managers to inspect the Vessel for any reason they
consider necessary. 
  

	16.	Compliance with Laws and Regulations 

 The Managers will not do or permit to be done anything which might cause any breach or infringement of the laws and regulations of the Vessel’s flag, or of the places where she trades. 

 

	17.	Duration of the Agreement 

 This Agreement shall come into effect on the day and year stated in Box 4 and shall continue until the date stated in Box 17. Thereafter it shall continue until terminated by either party giving to the
other notice in writing, in which event the Agreement shall terminate upon the expiration of a period of two months from the date upon which such notice was given. 
  

	18.	Termination 

18.1 Owners’ default 
  

	 	(i)	The Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing if any moneys

	 	 
payable by the Owners under this Agreement and/or the owners of any associated vessel, details of which are listed in Annex “D”, shall not have been received in the Managers’
nominated account within ten running days of receipt by the Owners of the Managers written request or if the Vessel is repossessed by the Mortgagees. 

  

	 	(ii)	If the Owners: 

  

	 	(a)	fail to meet their obligations under sub-clauses 5.2 and 5.3 of this Agreement for any reason within their control, or 

 

	 	(b)	proceed with the employment of or continue to employ the Vessel in the carriage of contraband, blockade running, or in an unlawful trade, or on a voyage which in
the reasonable opinion of the Managers is unduly hazardous or improper, 

 the Managers may give notice of the
default to the Owners, requiring them to remedy it as soon as practically possible. In the event that the Owners fail to remedy it within a reasonable time to the satisfaction of the Managers, the Managers shall be entitled to terminate the
Agreement with immediate effect by notice in writing. 
 18.2 Managers’ Default 

If the Managers fail to meet their obligations under Clauses 3 and 4 of this Agreement for any reason within the control of the
Managers, the Owners may give notice to the Managers of the default, requiring them to remedy it as soon as practically possible. In the event that the Managers fail to remedy it within a reasonable time to the satisfaction of the Owners, the Owners
shall be entitled to terminate the Agreement with immediate effect by notice in writing. 
 18.3 Extraordinary
Termination 
 This Agreement shall be deemed to be terminated in the case of the sale of the Vessel or if the
Vessel becomes a total loss or is declared as a constructive or compromised or arranged total loss or is requisitioned. 

18.4 For the purpose of sub-clause 18.3 hereof 

 

	 	(i)	the date upon which the Vessel is to be treated as having been sold or otherwise disposed of shall be the date on which the Owners cease to be registered as
Owners of the Vessel; 

  

	 	(ii)	the Vessel shall not be deemed to be lost unless either she has become an actual total loss or agreement has been reached with her underwriters in respect of her
constructive, compromised or arranged total loss or if such agreement with her underwriters is not reached it is adjudged by a competent tribunal that a constructive loss of the Vessel has occurred. 

18.5 This Agreement shall terminate forthwith in the event of an order being made or resolution passed for the winding up,
dissolution, liquidation or bankruptcy of either party (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver is appointed, or if it suspends payment, ceases to carry on business or makes any special arrangement or
composition with its creditors. 
 18.6 The termination of this Agreement shall be without prejudice to all rights
accrued due between the parties prior to the date of termination. 
  

	19.	Law and Arbitration 

19.1 This Agreement shall be governed by and construed in accordance with English law and any dispute arising out of or in
connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause.

 The arbitration shall be conducted in accordance with the

 PART II 
 “Shipman 98” Standard Ship Management Agreement 
  

 
London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration proceedings are commenced. 
 The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other party requiring the
other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14
days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any further prior notice to the
other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he had been appointed by agreement. 

Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole
arbitrator. 
 In cases where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum as the
parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced. 
 19.2 This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the Maritime Law of the United States and any dispute arising out of or in connection
with this Agreement shall be referred to three persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen; their decision or that of any two of them shall be final, and for the purposes of enforcing
any award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc. 

In cases where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum as the parties may agree) the
arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings are commenced. 

19.3 This Agreement shall be governed by and construed in accordance with the laws of the place mutually agreed by the parties
and any dispute arising out of or in connection with this Agreement shall be referred to arbitration at a mutually agreed place, subject to the procedures applicable there. 
 19.4 If Box 18 in Part I is not appropriately filled in, sub-clause 19.1 of this Clause shall apply. 
 Note: 19.1, 19.2 and 19.3 are alternatives; indicate alternative agreed in Box 18. 
  

	20.	Notices 

 20.1
Any notice to be given by either party to the other party shall be in writing and may be sent by fax, telex, registered or recorded mail or by personal service. 
 20.2 The address of the Parties for service of such communication shall be as stated in Boxes 19 and 20, respectively.

 ANNEX “A” (DETAILS OF VESSEL OR VESSELS) TO 

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)  
 STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98” 

 
 Date of Agreement: 

Name of Vessel(s): 
 Particulars of Vessel(s):

 ANNEX “B” (DETAILS OF CREW) TO 

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)  
 STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98” 

 
 Date of Agreement: 

Details of Crew: 

Numbers                        
                                    Rank     
                                         
               Nationality 

 ANNEX “C” (BUDGET) TO 

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)  
 STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98” 

 
 Date of Agreement: 

Managers’ Budget for the first year with effect from the Commencement Date of this Agreement: 

 ANNEX “D” (ASSOCIATED VESSELS) TO 

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) 
 STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98” 

 
 NOTE: PARTIES SHOULD BE AWARE THAT BY
COMPLETING THIS ANNEX “D” 
 THEY WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAUSE 18.1(i) OF THIS
AGREEMENT. 
 Date of Agreement: 

Details of Associated Vessels: 

 EXHIBIT II 
 MANAGEMENT FEES 
 1. Administrative Fee: Commencing on the date of the
Original MCSA, an administrative fee of $500,000 per annum, and pro rata for any portion of a year (the “Administrative Fee”), shall be payable by APT Parent to the Manager on a monthly basis, in arrears until
the Expiration Date. 
 The Administrative Fee is based on APT’s, APT Parent’s, APT Holding’s and the Subsidiaries’ status
as non-public, non-SEC reporting companies. In the event that APT, APT Parent or APT Holding becomes a public company, or is merged into or acquired by a public company, or, if as a result of a high yield bond offering, it becomes a SEC reporting
company, the parties agree that the Administrative Fee shall be revised to take into account reasonable additional accounting and reporting requirements. In the event that a revised Administrative Fee is not agreed by the parties acting in good
faith within sixty (60) days of APT, APT Parent or APT Holding becoming a public, SEC reporting company, this Agreement may be terminated by the Manager upon thirty (30) days written notice to APT, APT Parent and APT Holding. Clause
8(b)(i) herein notwithstanding, termination by the Manager under this provision shall not be deemed a default giving rise to an Owner’s termination right under Supplemental Clauses to Standard Ship Management Agreement, Clause 18.2 of the Ship
Management Agreements. 
 Under this Agreement, APT, APT Parent or APT Holding will be a public, SEC reporting company when subject to the
statutory requirement that public companies submit quarterly and annual reports, as well as other periodic reports, to the U.S. Securities and Exchange Commission (the “SEC”). 

2. Construction Oversight Fee: In addition to the Administrative Fee, during the period commencing on the date of the Original MCSA and
ending on the Delivery Date for the final Vessel delivered under the Construction Contract, a construction oversight fee of $250,000 per annum, and pro rata for any portion of a year shall be payable by APT or on behalf of APT by APT Parent to the
Manager on a monthly basis, in arrears.Form of Indenture

 Exhibit 4.7 

 
  

 
 CALLAWAY GOLF COMPANY

 Debt Securities 
 Indenture 
 Dated as of
[                    ] 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 
 as Trustee 
  
  

 

 CROSS-REFERENCE TABLE 

This Cross-Reference Table is not a part of the Indenture. 

 

			
	 TIA
 Section
	  	 Indenture
 Section

	 310(a)(1)
	  	7.10
	 (a)(2)
	  	7.10
	 (a)(3)
	  	N.A.
	 (a)(4)
	  	N.A.
	 (b)
	  	7.08; 7.10; 12.02
		
	 311(a)
	  	7.11
	 (b)
	  	7.11
	 (c)
	  	N.A.
		
	 312(a)
	  	2.05
	 (b)
	  	12.03
	 (c)
	  	12.03
		
	 313(a)
	  	7.06
	 (b)
	  	7.06
	 (c)
	  	12.02
	 (d)
	  	7.06
		
	 314(a)
	  	4.03; 12.02
	 (b)
	  	N.A.
	 (c)(1)
	  	12.04
	 (c)(2)
	  	12.04
	 (c)(3)
	  	N.A.
	 (d)
	  	N.A.
	 (e)
	  	12.05
		
	 315(a)
	  	7.01(b)
	 (b)
	  	7.05; 12.02
	 (c)
	  	7.01(a)
	 (d)
	  	7.01(c)
	 (e)
	  	6.11
		
	 316(a)(last sentence)
	  	2.12
	 (a)(1)(A)
	  	6.05
	 (a)(1)(B)
	  	6.04
	 (a)(2)
	  	N.A.
	 (b)
	  	6.07
		
	 317(a)(1)
	  	6.08
	 (a)(2)
	  	6.09
	 (b)
	  	2.04
		
	 318(a)
	  	12.01
		
	 N.A. means Not Applicable.
	  	

 TABLE OF CONTENTS 

This Table of Contents is not a part of the Indenture. 

 

							
	 	  	 	  	Page	 
	ARTICLE ONE	  			
		
	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
			
	 Section 1.01.
	  	 Definitions
	  	 	1	  
	 Section 1.02.
	  	 Other Definitions
	  	 	4	  
	 Section 1.03.
	  	 Incorporation by Reference of Trust Indenture Act
	  	 	4	  
	 Section 1.04.
	  	 Rules of Construction
	  	 	5	  
		
	ARTICLE TWO	  			
		
	THE SECURITIES	  			
	 Section 2.01.
	  	 Form and Dating
	  	 	5	  
	 Section 2.02.
	  	 Execution and Authentication
	  	 	7	  
	 Section 2.03.
	  	 Registrar and Paying Agent
	  	 	8	  
	 Section 2.04.
	  	 Paying Agent to Hold Money in Trust
	  	 	8	  
	 Section 2.05.
	  	 Securityholder Lists
	  	 	8	  
	 Section 2.06.
	  	 Transfer and Exchange
	  	 	8	  
	 Section 2.07.
	  	 Replacement Securities
	  	 	9	  
	 Section 2.08.
	  	 Outstanding Securities
	  	 	9	  
	 Section 2.09.
	  	 Temporary Securities
	  	 	10	  
	 Section 2.10.
	  	 Cancellation
	  	 	10	  
	 Section 2.11.
	  	 Defaulted Interest
	  	 	10	  
	 Section 2.12.
	  	 Treasury Securities
	  	 	10	  
	 Section 2.13.
	  	 CUSIP/ISIN Numbers
	  	 	10	  
	 Section 2.14.
	  	 Deposit of Moneys
	  	 	11	  
	 Section 2.15.
	  	 Book-Entry Provisions for Global Security
	  	 	11	  
	  
 ARTICLE THREE

 
 REDEMPTION
	  			
	 Section 3.01.
	  	 Notices to Trustee
	  	 	12	  
	 Section 3.02.
	  	 Selection of Securities to be Redeemed
	  	 	13	  
	 Section 3.03.
	  	 Notice of Redemption
	  	 	13	  
	 Section 3.04.
	  	 Effect of Notice of Redemption
	  	 	14	  
	 Section 3.05.
	  	 Deposit of Redemption Price
	  	 	14	  
	 Section 3.06.
	  	 Securities Redeemed in Part
	  	 	14	  
	  
 ARTICLE FOUR

 
	  			
	 COVENANTS

 
	  			
	 Section 4.01.
	  	 Payment of Securities
	  	 	14	  
	 Section 4.02.
	  	 Maintenance of Office or Agency
	  	 	14	  
	 Section 4.03.
	  	 Reports; Compliance Certificate
	  	 	15	  
	 Section 4.04.
	  	 Appointment to Fill Vacancy in Office of Trustee
	  	 	15	  

  
 - i -

  

							
	ARTICLE FIVE	  			
	  
 SUCCESSOR CORPORATION

 
	  			
	 Section 5.01.
	  	 When Company May Merge, etc.
	  	 	15	  
	  
 ARTICLE SIX

 
 DEFAULTS AND REMEDIES

 
	  			
	 Section 6.01.
	  	 Events of Default
	  	 	16	  
	 Section 6.02.
	  	 Acceleration
	  	 	17	  
	 Section 6.03.
	  	 Other Remedies
	  	 	17	  
	 Section 6.04.
	  	 Waiver of Existing Defaults
	  	 	18	  
	 Section 6.05.
	  	 Control by Majority
	  	 	18	  
	 Section 6.06.
	  	 Limitation on Suits
	  	 	18	  
	 Section 6.07.
	  	 Rights of Holders to Receive Payment
	  	 	18	  
	 Section 6.08.
	  	 Collection Suit by Trustee
	  	 	19	  
	 Section 6.09.
	  	 Trustee May File Proofs of Claim
	  	 	19	  
	 Section 6.10.
	  	 Priorities
	  	 	19	  
	 Section 6.11.
	  	 Undertaking for Costs
	  	 	19	  
	 Section 6.12.
	  	 Waiver of Stay, Extension or Usury Laws
	  	 	19	  
	  
 ARTICLE SEVEN

 
 TRUSTEE

 
	  			
	 Section 7.01.
	  	 Duties of Trustee
	  	 	20	  
	 Section 7.02.
	  	 Rights of Trustee
	  	 	21	  
	 Section 7.03.
	  	 Individual Rights of Trustee
	  	 	22	  
	 Section 7.04.
	  	 Trustee’s Disclaimer
	  	 	22	  
	 Section 7.05.
	  	 Notice of Defaults
	  	 	22	  
	 Section 7.06.
	  	 Reports by Trustee to Holders
	  	 	22	  
	 Section 7.07.
	  	 Compensation and Indemnity
	  	 	22	  
	 Section 7.08.
	  	 Replacement of Trustee
	  	 	23	  
	 Section 7.09.
	  	 Successor Trustee by Merger, etc.
	  	 	24	  
	 Section 7.10.
	  	 Eligibility; Disqualification
	  	 	24	  
	 Section 7.11.
	  	 Preferential Collection of Claims Against Company
	  	 	24	  
	  
 ARTICLE EIGHT

 
 DISCHARGE OF INDENTURE

 
	  			
	 Section 8.01.
	  	 Defeasance or Satisfaction upon Deposit of Moneys or Government Obligations
	  	 	24	  
	 Section 8.02.
	  	 Survival of the Company’s Obligations
	  	 	26	  
	 Section 8.03.
	  	 Application of Trust Money
	  	 	26	  
	 Section 8.04.
	  	 Repayment to the Company
	  	 	27	  
	 Section 8.05.
	  	 Reinstatement
	  	 	27	  
	  
 ARTICLE NINE AMENDMENTS, SUPPLEMENTS
AND WAIVERS
  
	  			
	 Section 9.01.
	  	 Without Consent of Holders
	  	 	27	  
	 Section 9.02.
	  	 With Consent of Holders
	  	 	28	  
	 Section 9.03.
	  	 Compliance with Trust Indenture Act
	  	 	29	  
	 Section 9.04.
	  	 Evidence of Action Taken, Revocation and Effect of Consents
	  	 	29	  
	 Section 9.05.
	  	 Notation on or Exchange of Securities
	  	 	30	  
	 Section 9.06.
	  	 Trustee to Sign Amendments, etc.
	  	 	30	  

  
 - ii -

  

							
	ARTICLE TEN	  			
	  
 SECURITIES IN FOREIGN
CURRENCIES
  
	  			
	 Section 10.01.
	  	 Applicability of Article
	  	 	30	  
	  
 ARTICLE ELEVEN

 
 MISCELLANEOUS

 
	  			
	 Section 11.01.
	  	 Trust Indenture Act Controls
	  	 	30	  
	 Section 11.02.
	  	 Notices
	  	 	30	  
	 Section 11.03.
	  	 Communications by Holders with Other Holders
	  	 	31	  
	 Section 11.04.
	  	 Certificate and Opinion as to Conditions Precedent
	  	 	31	  
	 Section 11.05.
	  	 Statements Required in Certificate or Opinion
	  	 	32	  
	 Section 11.06.
	  	 Rules by Trustee and Agents
	  	 	32	  
	 Section 11.07.
	  	 Legal Holidays
	  	 	32	  
	 Section 11.08.
	  	 Governing Law
	  	 	32	  
	 Section 11.09.
	  	 No Adverse Interpretation of Other Agreements
	  	 	32	  
	 Section 11.10.
	  	 No Recourse Against Others
	  	 	32	  
	 Section 11.11.
	  	 Successors and Assigns
	  	 	33	  
	 Section 11.12.
	  	 Duplicate Originals
	  	 	33	  
	 Section 11.13.
	  	 Severability
	  	 	33	  
	 Section 11.14.
	  	 Table of Contents, Headings, Etc.
	  	 	33	  
	 Section 11.15.
	  	 Waiver of Jury Trial
	  	 	33	  
	 Section 11.16.
	  	 Patriot Act
	  	 	33	  
		
	 SIGNATURES
	  			
		
	 EXHIBIT A – Form of Security
	  			

  
 - iii -

 INDENTURE dated as of
[                    ], (the “Base Indenture”), by and between CALLAWAY GOLF COMPANY, a Delaware corporation (the
“Company”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (the “Trustee”). 
 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Company’s debt securities issued under this Base Indenture: 

ARTICLE ONE 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01. Definitions.

 “Affiliate” means, when used with reference to a specified person, any Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Person specified. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and
policies of such Person, directly or indirectly, whether through ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agent” means any Registrar, Paying Agent or co-Registrar or agent for service of notices and demands. 

“Authorizing Resolution” means a resolution adopted by the Board of Directors or by an Officer or committee of Officers
pursuant to Board delegation authorizing a Series of Securities. 
 “Bankruptcy Law” means Title 11 of the
United States Code, as amended, or any similar federal or state law for the relief of debtors. 
 “Board of
Directors” means the Board of Directors of the Company or any duly authorized committee thereof. 
 “Business
Day”, with respect to any series of Securities, means any day other than Saturday, Sunday or a day on which Federal or State banking institutions in the Borough of Manhattan, The City of New York, or in the city where the office or agency
for payment on the Securities is maintained pursuant to Section 4.02, are authorized or obligated by law, executive order or regulation to close. 
 “Capital Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated) of or in such Person’s capital stock or
other equity interests. 
 “Company” means the party named as such in this Indenture until a successor replaces
it pursuant to the Indenture and thereafter means the successor. 
 “Corporate Trust Office” means the office
of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof is located at 700 South Flower St., Suite 500, Los Angeles, California 90017, Attention: Corporate Trust
Administration, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may
designate from time to time by notice to the Holders and the Company). 
 “Custodian” means any receiver,
trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 “Default”, with
respect to Securities of a particular Series, means any event, act or condition that is, or after notice or the passage of time or both would be, an Event of Default. 

  
 - 1 -

 “Definitive Security” means a certificated Security registered in the name
of the Securityholder thereof. 
 “Depositary” means, with respect to Securities of any Series which the
Company shall determine will be issued in whole or in part as a Global Security, DTC, another clearing agency, or any successor registered as a clearing agency under the Exchange Act, and any other applicable U.S. or foreign statute or regulation,
which, in each case, shall be designated by the Company pursuant to Section 2.01. 
 “Dollars” and
“$” mean United States Dollars. 
 “DTC” means The Depository Trust Company, New York, New
York. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Event of Default”, with respect to Securities of a particular Series, means any event specified as an Event of Default
in Section 6.01 or in an Authorizing Resolution or a supplemental indenture that establishes the terms of the Series, continued for the period of time, if any, therein designated. 

“Foreign Currency” means any currency, currency unit or composite currency, including, without limitation, the euro,
issued by the government of one or more countries other than the United States of America or by any recognized confederation or association of such governments. 
 “GAAP” means generally accepted accounting principles set forth in the accounting standards codification of the Financial Accounting Standards Board or in such other statements by such or
any other entity as may be approved by a significant segment of the accounting profession of the United States, as in effect on the date of this Base Indenture. 
 “Global Security” means, with respect to any Series of Securities, a Security executed by the Company and delivered by the Trustee to the Depositary or pursuant to the Depositary’s
instruction, all in accordance with the Indenture, which shall be registered in the name of the Depositary or its nominee. 

“Government Obligations” means securities which are (i) direct obligations of the United States or the other
government or governments in the confederation which issued the Foreign Currency in which the principal of or any interest on the Security of the applicable Series shall be payable, in each case for the payment of which its full faith and credit is
pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States or such other government or governments, in each case the payment of which is unconditionally guaranteed as a
full faith and credit obligation by the United States or such other government or governments, which, in either case are not callable or redeemable at the option of the issuer or issuers thereof, and shall also include a depositary receipt issued by
a bank or trust company as custodian with respect to any such Government Obligations or a specific payment of interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depositary receipt;
provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Government
Obligation or the specific payment of interest on or principal of the Government Obligation evidenced by such depositary receipt. 
 “Holder” or “Securityholder” means the Person in whose name a Security is registered on the Registrar’s books. 

“Indenture” means this Base Indenture as amended or supplemented from time to time, including pursuant to any
Authorizing Resolution or supplemental indenture pertaining to any Series, and including, for all purposes of this instrument and any such Authorizing Resolution or supplemental indenture, the provisions of the TIA that are deemed to be a part of
and govern this Base Indenture and any such Authorizing Resolution or supplemental indenture, respectively. 
 “Issue
Date” means, with respect to any Series of Securities, the date on which the Securities of such Series are originally issued under this Indenture. 

  
 - 2 -

 “NYUCC” means the New York Uniform Commercial Code, as in effect from time
to time. 
 “Officer” means the Chairman of the Board, the Chief Executive Officer, the President, the Chief
Financial Officer, any Vice President, the Treasurer, the Controller or the Corporate Secretary of the Company. 

“Officers’ Certificate” means a certificate signed by two Officers or by an Officer and an Assistant Treasurer or
an Assistant Corporate Secretary of the Company. 
 “Opinion of Counsel” means a written opinion from legal
counsel. The counsel may be an employee of or counsel to the Company. Each such opinion shall include the statements provided for in Section 11.05 if and to the extent required by the provisions thereof. 

“Original Issue Discount Security” means a Security that provides for an amount less than the principal amount thereof
to be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 6.02. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, incorporated or
unincorporated association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “principal” of a debt security means the principal of the security plus, if applicable, the premium, if any, on the security. 

“Property” of any Person means all types of real, personal, tangible, intangible or mixed property owned by such Person,
whether or not included in the most recent consolidated balance sheet of such Person and its Subsidiaries under GAAP. 

“Restricted Subsidiary” means any Subsidiary of the Company which is not an Unrestricted Subsidiary. 

“SEC” means the Securities and Exchange Commission or any successor agency performing the duties now assigned to it
under the TIA. 
 “Securities” means any Securities that are issued under this Indenture. 

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

“Series” means a series of Securities established under this Indenture. 

“Significant Subsidiary” means any Subsidiary of the Company which would constitute a “significant subsidiary”
as defined in Rule 1-02 of Regulation S-X under the Securities Act and the Exchange Act. 
 “Subsidiary”, with
respect to any Person, means any other Person of which at least a majority of the outstanding Voting Stock at the time is owned or controlled directly or indirectly by such Person or by one or more Subsidiaries of such Person or by such Person and
one or more Subsidiaries of such Person. 
 “TIA” means the Trust Indenture Act of 1939, as in effect from time
to time, except as otherwise provided herein. 
 “Trustee” means the party named as such in this Indenture
until a successor replaces it pursuant to this Indenture and thereafter means the successor serving hereunder; provided, however, that if at any time there is more than one such Person, “Trustee” as used with respect to the
Securities of any Series shall mean only the Trustee with respect to Securities of that Series. 

  
 - 3 -

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

“Unrestricted Subsidiary” means, with respect to any Series, any Subsidiary of the Company (1) so designated by a
resolution adopted by the Board of Directors of the Company as provided in an Authorizing Resolution or a supplemental indenture that establishes the terms of the Series and (2) any Subsidiary of an Unrestricted Subsidiary, subject, in each
case, to such conditions as may be specified in the Authorizing Resolution or stated in the supplemental indenture with respect to such Series. 
 “Voting Stock” of a Person means Capital Stock of such Person of the class or classes pursuant to which the holders thereof have the general voting power under ordinary circumstances to
elect at least a majority of the board of directors, managers or trustees of such Person, irrespective of whether or not at the time Capital Stock of any other class or classes shall have or might have voting power by reason of the happening of any
contingency. 
 Section 1.02. Other Definitions. 

 

					
	 Term
	  	Defined in Section	 
	 Agent Members
	  	 	2.15	  
	 Base Indenture
	  	 	Preamble	  
	 Covenant Defeasance
	  	 	8.01	  
	 Legal Defeasance
	  	 	8.01	  
	 Paying Agent
	  	 	2.03	  
	 Registrar
	  	 	2.03	  
	 Security Register
	  	 	2.03	  
	 Successor Company
	  	 	5.01	  

 Section 1.03.
Incorporation by Reference of Trust Indenture Act. 
 Whenever this Indenture refers to a provision of the TIA, the
provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “Commission” means the SEC. 
 “indenture securities” means the
Securities of a particular Series. 
 “indenture security holder” means a Securityholder. 

“indenture to be qualified” means this Indenture. 
 “indenture trustee” or “institutional trustee” means the Trustee. 
 “obligor” on the indenture securities means the Company or any other obligor on the Securities of a Series. 
 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule have the meanings so assigned to them. 

  
 - 4 -

 Section 1.04. Rules of Construction. 

Unless the context otherwise requires: 
  

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

  

	 	(2)	an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP and all accounting determinations shall be made in accordance with GAAP;

  

	 	(3)	“or” is not exclusive and “including” means “including without limitation”; 

 

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

 

	 	(5)	“herein,” “hereof” and “hereunder,” and other words of similar import, refer to this Indenture as a whole (including any Authorizing
Resolution or supplemental indenture relating to the relevant Series) and not to any particular Article, Section or other subdivision; 

  

	 	(6)	all exhibits are incorporated by reference herein and expressly made a part of this Indenture; and 

 

	 	(7)	any transaction or event shall be considered “permitted by” or made “in accordance with” or “in compliance with” this Indenture or any
particular provision thereof if such transaction or event is not expressly prohibited by this Indenture or such provision, as the case may be. 

 ARTICLE TWO 
 THE SECURITIES 

Section 2.01. Form and Dating. 
 The aggregate principal amount of Securities that may be issued under this Indenture is unlimited. The Securities may be issued from time to time in one or more Series. Each Series shall be created by an
Authorizing Resolution or a supplemental indenture that establishes the terms of the Series, which may include the following: 
  

	 	(1)	the title of the Series; 

  

	 	(2)	the aggregate principal amount (or any limit on the aggregate principal amount) of the Series and, if any Securities of a Series are to be issued at a discount from
their face amount, the method of computing the accretion of such discount; 

  

	 	(3)	the interest rate, which may be fixed or variable, or method of calculation of the interest rate, including any procedures to vary or reset such rates, and, if the
amount of any principal, premium or interest on Securities of a series may be determined by reference to an index or pursuant to a formula, the manner in which such amounts will be determined; 

 

	 	(4)	the date from which interest will accrue; 

  

	 	(5)	the record dates for interest payable on Securities of the Series; 

  

	 	(6)	the dates when, places where and manner in which principal and interest are payable, including the right, if any, to extend or defer the payment of principal or
interest and the duration of such extension or deferral; 

  

	 	(7)	the Registrar, Paying Agent and any trustees, if different from those set forth in this Indenture; 

 

	 	(8)	the terms of any mandatory (including any sinking fund requirements) or optional redemption by the Company of Securities of such Series, the terms of any obligations of
the Company to purchase or repay Securities of the Series and the terms of any repurchase or remarketing rights; 

  

	 	(9)	the terms of any redemption or purchase of the Securities of the Series at the option of Holders; 

  
 - 5 -

  

	 	(10)	the permissible denominations in which Securities of such Series are issuable, if different from $2,000 and multiples of $1,000 in excess thereof;

  

	 	(11)	whether Securities of such Series will be issued in registered or bearer form and the terms of any such forms of Securities; 

 

	 	(12)	whether the Securities of the Series shall be issued in whole or in part in the form of a Global Security or Securities, the terms and conditions, if different from
those contained in this Indenture, upon which such Global Security or Securities may be exchanged in whole or in part for Definitive Securities; the Depositary for such Global Security or Securities; the form of any legend or legends, if any, to be
borne by any such Global Security or Securities in addition to or in lieu of the legends referred to in Section 2.15; 

  

	 	(13)	the currency or currencies (including any composite currency) in which principal or interest or both may be paid; 

 

	 	(14)	if payments of principal or interest may be made in a currency other than that in which Securities of such Series are denominated, the manner for determining such
payments, including the time and manner of determining the exchange rate between the currency in which such Securities are denominated and the currency in which such Securities or any of them may be paid, and any deletions from or modifications of
or additions to the terms of this Indenture to provide for or to facilitate the issuance of Securities denominated or payable, at the election of the Company or a Holder thereof or otherwise, in a Foreign Currency; 

 

	 	(15)	provisions for electronic issuance of Securities or issuance of Securities of such Series in uncertificated form; 

 

	 	(16)	any Events of Default, covenants and/or defined terms in addition to or in lieu of those set forth in this Base Indenture; 

 

	 	(17)	whether and upon what terms Securities of such Series may be defeased or discharged if different from the provisions set forth in this Base Indenture;

  

	 	(18)	the form of the Securities of such Series, which, unless the Authorizing Resolution or supplemental indenture otherwise provides, shall be in the form of Exhibit
A; 

  

	 	(19)	any terms that may be required by or advisable under applicable law; 

  

	 	(20)	the percentage of the principal amount of the Securities of such Series which is payable if the maturity of the Securities of such Series is accelerated, or if the
Securities of such Series are required to be redeemed, repurchased or repaid prior to stated maturity, in the case of Securities issued at a discount from their face amount; 

 

	 	(21)	whether the Securities of such Series are senior or subordinated debt securities, and if subordinated debt securities, the terms of such subordination;

  

	 	(22)	whether the Securities of the Series will be convertible into or exchangeable for common stock or other securities, cash or other property of the Company or another
obligor and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, including the initial conversion or exchange price or rate or the method of calculation, how and when the conversion price or exchange
ratio may be adjusted, whether conversion or exchange is mandatory, at the option of the holder or at the Company’s option, the conversion or exchange period, any provisions granting special rights to holders when a specified event occurs, and
any other provision in relation thereto; 

  
 - 6 -

  

	 	(23)	whether the Securities of such Series will or will not have the benefit of any collateral and, if applicable, the terms and conditions of such security;

  

	 	(24)	any other terms in addition to or different from those contained in this Base Indenture applicable to such Series. 

All Securities of one Series need not be issued at the same time and, unless otherwise provided, a Series may be reopened for issuances
of additional Securities of such Series pursuant to an Authorizing Resolution, an Officers’ Certificate or in any indenture supplemental hereto. 
 The creation and issuance of a Series and the authentication and delivery thereof are not subject to any conditions precedent; provided, however, that if any of the terms of a Series are
established pursuant to an Authorizing Resolution, a copy of an appropriate record of such action shall be certified by the Corporate Secretary or an Assistant Corporate Secretary of the Company and delivered to the Trustee at or prior to the
initial issuance of Securities of such Series. The terms of the Securities of any Series may provide that such Securities shall be authenticated and delivered by the Trustee upon original issuance from time to time upon written order of persons
designated in such Authorizing Resolution or supplemental indenture and that such persons are authorized to determine, consistent with such Authorizing Resolution or supplemental indenture, such terms and conditions of the Securities of such series.

 Section 2.02. Execution and Authentication. 
 One Officer shall sign the Securities for the Company by manual or facsimile signature. 
 If an Officer whose signature is on a Security no longer holds that office at the time the Trustee authenticates the Security, the Security shall nevertheless be valid. 

A Security shall not be valid until the Trustee manually signs the certificate of authentication on the Security. The signature shall be
conclusive evidence that the Security has been authenticated under this Indenture. 
 The Trustee shall authenticate Securities
for original issue upon receipt of an Officers’ Certificate of the Company. Each Security shall be dated the date of its authentication. 
 In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall receive, and, subject to Section 7.01, shall be
fully protected in relying upon: 
 (a) A copy of the Authorizing Resolution in or pursuant to which the terms
and form of the Securities were established, certified by the Corporate Secretary or an Assistant Corporate Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect as of the date of such
certificate, and if the terms and form of such Securities are established by an Officers’ Certificate pursuant to general authorization of the Board of Directors, such Officers’ Certificate; 

(b) an executed supplemental indenture, if any; 

(c) an Officers’ Certificate delivered in accordance with Section 11.05; and 

(d) an Opinion of Counsel (i) delivered in accordance with Section 11.05 and (ii) also stating to the
effect that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the
Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general equity principles.

  
 - 7 -

 The Trustee shall have the right to decline to authenticate and deliver any Securities under
this Section if the Trustee, being advised by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to existing Holders.

 Section 2.03. Registrar and Paying Agent. 
 The Company shall maintain an office or agency where Securities may be presented for registration of transfer or where Securities of a Series that are convertible or exchangeable may be surrendered for
conversion or exchange (“Registrar”), an office or agency where Securities may be presented for payment (“Paying Agent”) and an office or agency where notices and demands to or upon the Company in respect of the
Securities and this Indenture may be served. The Registrar shall keep a register of the Securities and of their transfer and exchange (the “Security Register”). The Company may have one or more co-Registrars and one or more
additional paying agents. The term “Paying Agent” includes any additional paying agent. 
 The Company shall enter
into an appropriate agency agreement with any Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall promptly notify the Trustee in writing of the name and
address of any such Agent and the Trustee shall have the right to inspect the Securities Register at all reasonable times to obtain copies thereof, and the Trustee shall have the right to rely upon such register as to the names and addresses of the
Holders and the principal amounts and certificate numbers thereof. If the Company fails to maintain a Registrar or Paying Agent or fails to give the foregoing notice, the Trustee shall act as such. 

The Company initially appoints the Trustee as Registrar and Paying Agent. 
 Section 2.04. Paying Agent to Hold Money in Trust. 
 Each Paying
Agent shall hold in trust for the benefit of Securityholders and the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Securities, and shall notify the Trustee of any default by the Company in making any
such payment. If the Company or a Subsidiary acts as Paying Agent, it shall segregate the money and hold it as a separate trust fund. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon doing so the
Paying Agent shall have no further liability for the money. 
 Section 2.05. Securityholder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and
addresses of Securityholders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least semiannually and not more than five (5) Business Days before each interest payment date and at such other times as the Trustee
may request in writing a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Securityholders. 
 Section 2.06. Transfer and Exchange. 
 Where a Security is
presented to the Registrar or a co-Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if the requirements of Section 8-401(a) of the NYUCC are met and the other provisions of this
Section 2.06 are satisfied. Where Securities are presented to the Registrar or a co-Registrar with a request to exchange them for an equal principal amount of Securities of other denominations, the Registrar shall make the exchange as
requested if the same requirements are met. To permit transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. The Registrar need not transfer or exchange any Security selected for redemption or repurchase,
except the unredeemed or repurchased part thereof if the Security is redeemed or repurchased in part, or transfer or exchange any Securities for a period of 15 days before a selection of Securities to be redeemed or repurchased. Any exchange or
transfer shall be without charge, except that the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto except in the case of exchanges pursuant to 2.09,
3.06, or 9.05 not involving any transfer. 

  
 - 8 -

 Any Holder of a Global Security shall, by acceptance of such Global Security, agree that
transfers of beneficial interests in such Global Security may be effected only through a book entry system maintained by the Holder of such Global Security (or its agent), and that ownership of a beneficial interest in the Security shall be required
to be reflected in a book entry. 
 The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security other than to require delivery of such certificates and other documentation or evidence as
are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

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

Section 2.07. Replacement Securities. 
 If the Holder of a Security claims that the Security has been lost, destroyed, mutilated or wrongfully taken, the Company shall issue and execute a replacement security and upon written request of any
Officer of the Company, the Trustee shall authenticate such replacement Security, provided, in the case of a lost, destroyed or wrongfully taken Security, that the requirements of Section 8-405 of the NYUCC are met. If any such lost,
destroyed, mutilated or wrongfully taken Security shall have matured or shall be about to mature, the Company may, instead of issuing a substitute Security therefor, pay such Security without requiring (except in the case of a mutilated Security)
the surrender thereof. An indemnity bond must be sufficient in the judgment of the Company and the Trustee to protect the Company, the Trustee and any Agent from any loss which any of them may suffer if a Security is replaced, including the
acquisition of such Security by a bona fide purchaser. The Company and the Trustee may charge for its expenses in replacing a Security. 

Section 2.08. Outstanding Securities. 
 Securities outstanding at any time are all Securities authenticated by the Trustee except: 
 (a) Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 
 (b) Securities, or portions thereof, for the payment or redemption of which funds in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent other than the
Company, or, if the Company shall act as its own paying agent, shall have been set aside, segregated and held in trust by the Company for the Holders of such Securities, provided that if such Securities, or portions thereof, are to be redeemed prior
to the maturity thereof, notice of such redemption shall have been given as herein provided, or provision satisfactory to the Trustee shall have been made for giving such notice; and 

(c) Securities in substitution for which other Securities shall have been authenticated and delivered, or which shall have
been paid, pursuant to the terms of Section 2.07, except with respect to any such Security as to which proof satisfactory to the Trustee is presented that such Security is held by a person in whose hands such Security is a legal, valid and
binding obligation of the Company. 
 In determining whether the holders of the requisite principal amount of outstanding
Securities of any series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be outstanding for such purposes shall be the
amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the maturity thereof pursuant to Section 6.02. 

Subject to Section 2.12, a Security does not cease to be outstanding because the Company or one of its Affiliates holds the
Security. 

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

Section 2.09. Temporary Securities. 
 Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of definitive
Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and, upon surrender for cancellation of the temporary Security, the Company shall execute and
the Trustee shall authenticate definitive Securities in exchange for temporary Securities. Until so exchanged, the temporary Securities shall in all respects be entitled to the same benefits under this Indenture as definitive Securities
authenticated and delivered hereunder. 
 Section 2.10. Cancellation. 

The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the
Trustee any Securities surrendered to them for registration of transfer, exchange, redemption, purchase or payment. The Trustee shall cancel and destroy, or retain in accordance with its standard retention policy, all Securities surrendered for
registration of transfer, exchange, redemption, purchase, payment or cancellation. Unless the Authorizing Resolution or supplemental indenture so provides, the Company may not issue new Securities to replace Securities that it has previously paid or
delivered to the Trustee for cancellation. 
 Section 2.11. Defaulted Interest. 

If the Company defaults in a payment of interest on the Securities of any Series, it shall pay the defaulted interest plus any
interest payable on the defaulted interest to the persons who are Securityholders of such Series on a subsequent special record date. The Company shall fix such special record date and a payment date which shall be reasonably satisfactory to the
Trustee. At least 15 days before such special record date, the Company shall mail to each Securityholder of the relevant Series a notice that states the record date, the payment date and the amount of defaulted interest to be paid. On or before the
date such notice is mailed, the Company shall deposit with the Paying Agent money sufficient to pay the amount of defaulted interest to be so paid. The Company may pay defaulted interest in any other lawful manner if, after notice given by the
Company to the Trustee of the proposed payment, such manner of payment shall be deemed practicable by the Trustee. 
 Section 2.12.
Treasury Securities. 
 In determining whether the Holders of the required principal amount of Securities of a Series
have concurred in any direction, waiver, consent or notice, Securities owned by the Company or any of its Affiliates shall be considered as though they are not outstanding, except that for the purposes of determining whether the Trustee shall be
protected in relying on any such direction, waiver or consent, only Securities which the Trustee actually knows are so owned shall be so considered. 
 Section 2.13. CUSIP/ISIN Numbers. 
 The Company in issuing the
Securities of any Series may use a “CUSIP” and/or “ISIN” or other similar number, and if so, the Trustee shall use the CUSIP and/or ISIN or other similar number in notices of redemption or exchange as a convenience to Holders of
such Securities; provided that no representation is hereby deemed to be made by the Trustee as to the correctness or accuracy of any such CUSIP and/or ISIN or other similar number printed in the notice or on such Securities, and that reliance
may be placed only on the other identification numbers printed on such Securities. The Company shall promptly notify the Trustee of any change in any CUSIP and/or ISIN or other similar number. 

  
 - 10 -

 Section 2.14. Deposit of Moneys. 

Prior to 11:00 a.m. New York City time on each interest payment date and maturity date with respect to each Series of Securities, the
Company shall have deposited with the Paying Agent immediately available funds in the applicable currency sufficient to make cash payments due on such interest payment date or maturity date, as the case may be. 

Section 2.15. Book-Entry Provisions for Global Security. 
 (a) Any Global Security of a Series initially shall (i) be registered in the name of the Depositary or the nominee of such Depositary, (ii) be delivered to the Trustee as custodian for such
Depositary and (iii) bear any required legends. 
 Members of, or participants in, the Depositary (“Agent
Members”) shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary, or the Trustee as its custodian, or under the Global Security, and the Depositary may be treated by the Company,
the Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the
Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights
of a Holder of any Security. 
 (b) Transfers of any Global Security shall be limited to transfers in whole, but not in part, to
the Depositary, its successors or their respective nominees. Interests of beneficial owners in the Global Security may be transferred or exchanged for Definitive Securities in accordance with the rules and procedures of the Depositary. In addition,
Definitive Securities shall be transferred to all beneficial owners in exchange for their beneficial interests in a Global Security if (i) the Depositary is unwilling or unable to continue as Depositary for the Global Security or if at any time
the Depositary for such series shall no longer be registered or in good standing under the Exchange Act or other applicable statute or regulation, and a successor depository is not appointed by the Company within 90 days after the Company receives
notice or becomes aware of such condition, or (ii) an Event of Default has occurred and is continuing and the Registrar has received a request from the Depositary to issue Definitive Securities. In addition, the Company may at any time
determine that the Securities of any series shall no longer be represented by Global Securities and, in such case, shall issue Definitive Securities in exchange for the relevant Global Securities. 

(c) In connection with any transfer or exchange of a portion of the beneficial interest in any Global Security to beneficial owners
pursuant to paragraph (b), the Registrar shall (if one or more Definitive Securities are to be issued) reflect on its books and records the date and a decrease in the principal amount of the Global Security in an amount equal to the principal
amount of the beneficial interest in the Global Security to be transferred, and the Company shall execute, and the Trustee shall authenticate and deliver, one or more Definitive Securities of like Series and amount. 

(d) In connection with the transfer of an entire Global Security to beneficial owners pursuant to paragraph (b), the Global
Security shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by the Depositary in exchange for its beneficial interest
in the Global Security, an equal aggregate principal amount of Definitive Securities of the same Series in authorized denominations. 
 (e) The Holder of any Global Security may grant proxies and otherwise authorize any person, including Agent Members and persons that may hold interests through Agent Members, to take any action which a
Holder is entitled to take under this Indenture or the Securities of such Series. 

  
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 (f) Unless otherwise provided in the Authorizing Resolution or supplemental indenture for a
particular Series of Securities, each Global Security of such Series shall bear legends in substantially the following forms: 
 “THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE HOLDERS OF BENEFICIAL INTERESTS HEREIN, AND IS
NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE ANY SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO
SECTION 2.06 OF THE INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE
COMPANY.” 
 “UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM,
THIS 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 TO ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF ANY ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO SUCH ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF HAS AN INTEREST HEREIN.” 
 ARTICLE THREE 
 REDEMPTION 

Section 3.01. Notices to Trustee. 
 Securities of a Series that are redeemable prior to maturity shall be redeemable in accordance with their terms and, unless the Authorizing Resolution or supplemental indenture provides otherwise, in
accordance with this Article Three. 
 If the Securities of a Series are redeemable at the option of the Company and the
Company desires to exercise such right to redeem all or, as the case may be, a portion of such Securities, it shall notify the Trustee in writing of the redemption date and the principal amount of Securities to be redeemed. Any such notice may be
cancelled at any time prior to notice of such redemption being mailed to Holders. Any such cancelled notice shall be void and of no effect. 
 If the Securities of a Series are subject to mandatory redemption, repurchase or repayment and the Company wants to credit any Securities previously redeemed, acquired or retired against any such
requirement, it shall notify the Trustee of the amount of the credit and it shall deliver any Securities not previously delivered to the Trustee for cancellation with such notice. 

The Company shall give each notice provided for in this Section 3.01 at least 15 days before the notice of any such
redemption is to be mailed to Holders (unless a shorter notice shall be satisfactory to the Trustee). 

  
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 Section 3.02. Selection of Securities to be Redeemed. 

If fewer than all of the Securities of a Series are to be redeemed, the Trustee shall select the Securities to be redeemed by a method the
Trustee considers fair and appropriate and in a manner that complies with applicable requirements of the Depositary. The Trustee shall make the selection from Securities outstanding not previously called for redemption and shall promptly notify the
Company of the serial numbers or other identifying attributes of the Securities so selected. The Trustee may select for redemption portions of the principal of Securities that have denominations larger than the minimum denomination for the Series.
Securities and portions of them it selects shall be in amounts equal to a permissible denomination for the Series. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for
redemption. 
 Unless otherwise provided in the Authorizing Resolution or supplemental indenture relating to a Series, if any
Security selected for partial redemption is converted into or exchanged for common stock or other securities, cash or other property in part before termination of the conversion or exchange right with respect to the portion of the Security so
selected, the converted or exchanged portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities which have been converted or exchanged during a selection of Securities to be redeemed shall be
treated by the Trustee as outstanding for the purpose of such selection. 
 Section 3.03. Notice of Redemption. 

At least 30 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail,
postage prepaid, to each Holder of Securities to be redeemed, at its last address as it shall appear in the Security Register. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or
not the registered Holder receives the notice. In any case, failure duly to give such notice to the holder of any Security of any Series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the
proceedings for the redemption of any other Securities of such Series or any other Series. 
 The notice shall identify the
Securities to be redeemed and shall state: 
  

	 	(1)	the redemption date; 

  

	 	(2)	the redemption price or the formula pursuant to which such price will be calculated; 

 

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

 

	 	(4)	in the case of Securities of a Series that are convertible or exchangeable into shares of the Company’s common stock or other securities, cash or other property,
the conversion or exchange price or rate, the date or dates on which the right to convert or exchange the principal of the Securities of such Series to be redeemed will commence or terminate and the place or places where such Securities may be
surrendered for conversion or exchange; 

  

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

  

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

 

	 	(7)	that interest on Securities or portions of Securities called for redemption ceases to accrue on and after the redemption date; 

 

	 	(8)	that the Securities are being redeemed pursuant to the mandatory redemption or the optional redemption provisions, as applicable; 

 

	 	(9)	the CUSIP; and 

  
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	 	(10)	a statement that no representation is hereby deemed to be made as to the correctness or accuracy of any such CUSIP or ISIN and that reliance may be made only on the
other identification numbers printed on such Securities. 

 At the Company’s request, the Trustee shall give
the notice of redemption in the Company’s name and at its expense; provided, however, that the Company shall deliver to the Trustee at least 15 days prior to the date on which notice of redemption is to be mailed or such shorter
period as may be satisfactory to the Trustee, an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

Section 3.04. Effect of Notice of Redemption. 
 Once notice of redemption is mailed, Securities or portions of Securities called for redemption become due and payable on the redemption date and at the redemption price as set forth in the notice of
redemption. Upon surrender to the Paying Agent, such Securities or portions of Securities shall be paid at the redemption price, plus accrued and unpaid interest to the redemption date on the Securities or portions of Securities redeemed (but
if the date fixed for redemption is an interest payment date, the interest installment payable on such date shall be payable to the registered holder at the close of business on the applicable record date). Interest on such Securities or portions of
Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to any such Security or portion thereof. 

Section 3.05. Deposit of Redemption Price. 
 Prior to 11:00 a.m. New York City time on the redemption date, the Company shall have deposited with the Paying Agent immediately available funds in the applicable currency sufficient to pay the
redemption price of and accrued interest on all Securities to be redeemed on that date. 
 Section 3.06. Securities Redeemed in
Part. 
 Upon surrender of a Security that is redeemed in part, the Company shall execute and the Trustee shall
authenticate for each Holder a new Security of the same Series equal in principal amount to the unredeemed portion of the Security surrendered. 
 ARTICLE FOUR 
 COVENANTS 

Section 4.01. Payment of Securities. 
 The Company shall pay the principal of and interest on a Series on the dates, in the currency and in the manner provided in the Securities of the Series. An installment of principal or interest shall be
considered paid on the date it is due if the Paying Agent holds on that date money in the applicable currency designated for and sufficient to pay the installment. 
 The Company shall pay interest on overdue principal at the rate borne by the Series; it shall pay interest on overdue installments of interest at the same rate. 

Section 4.02. Maintenance of Office or Agency. 
 The Company shall maintain the office or agency required under Section 2.03. The Company shall give prior written notice to the Trustee of the location, and any change in the location, of such
office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the
address of the Trustee. 

  
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 Section 4.03. Reports; Compliance Certificate. 

(a) So long as any Securities are outstanding, the Company shall deliver to the Trustee, within 15 days after the Company files with the
SEC, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and regulations prescribe) that the Company may be required to file
with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. The Company shall be deemed to have complied with the previous sentence to the extent that such information, documents and reports are filed with the
Commission via EDGAR (or any successor electronic delivery procedure). If the Company is entitled under the Exchange Act not to file such information with the SEC, the Company shall nevertheless continue to deliver information that would be required
to be filed by the Company by Section 13 or 15(d) of the Exchange Act (excluding exhibits) to the Trustee as if it were subject to such reporting requirements. The Company shall also comply with the provisions of Section 314(a) of the TIA.

 Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officer’s Certificates). 
 (b) The Company shall deliver to the Trustee within 120 days
after the end of each fiscal year of the Company an Officers’ Certificate stating whether or not the signers know of any continuing Default by the Company in performing any of its obligations under this Indenture. If they do know of such a
Default, the certificate shall describe the Default. The Company shall also deliver to the Trustee, within 30 days after the occurrence thereof, written notice of any Event of Default with respect to the Securities of any series. 

(c) The Company shall deliver to the Trustee, as soon as possible and in any event within five days after the Company becomes aware of
the occurrence of any Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’ Certificate setting forth the details of such Event of Default or default and the action
which the Company proposes to take with respect thereto. 
 Section 4.04. Appointment to Fill Vacancy in Office of Trustee.

 The Company, whenever necessary to avoid or to fill a vacancy in the office of Trustee, will appoint, in the manner
provided in Section 7.08, a Trustee, so that there shall be at all times a Trustee hereunder. 
 ARTICLE FIVE

 SUCCESSOR CORPORATION 
 Section 5.01. When Company May Merge, etc. 
 (a) The Company
will not consolidate or merge with or into, or sell, lease, convey or otherwise dispose of all or substantially all of its and its Subsidiaries assets taken as a whole (including by way of liquidation or dissolution) to, any Person (in each case
other than in a transaction in which the Company is the survivor of a consolidation or merger, or the transferee in a sale, lease, conveyance or other disposition) unless: 

(1) the Person formed by or surviving such consolidation or merger (if other than the Company), or to which such sale,
lease, conveyance or other disposition will be made (collectively, the “Successor Company”), is a corporation or other legal entity organized and existing under the laws of the United States or any state thereof or the District of
Columbia, and the Successor assumes by supplemental indenture in a form reasonably satisfactory to the Trustee all of the obligations of the Company under the Securities and the Indenture, and 

  
 - 15 -

 (2) immediately after giving effect to such transaction, no Default or Event
of Default has occurred and is continuing. 
 Upon any such consolidation, merger, sale, lease, conveyance or other disposition,
the Successor Company will be substituted for the Company under the Indenture. The Successor Company may then exercise every power and right of the Company under this Indenture, and except in the case of a lease, the Company will be released from
all of its liabilities and obligations in respect of the Securities and the Indenture. If the Company leases all or substantially all of its assets, the Company will not be released from its obligations to pay the principal of and interest, if any,
on the Securities. 
 (b) The foregoing provisions shall not apply to a transaction the purpose of which is to change the state
of incorporation of the Company. 
 (c) To the extent that an Authorizing Resolution or supplemental indenture pertaining to any
Series provides for different provisions relating to the subject matter of this Article Five, the provisions in such Authorizing Resolution or supplemental indenture shall govern for purposes of such Series. 

ARTICLE SIX 
 DEFAULTS AND REMEDIES 
 Section 6.01. Events of Default. 

An Event of Default on a Series occurs if, voluntarily or involuntarily, whether by operation of law or otherwise, any of the following
occurs (except with respect to any Series of Securities for which the Authorizing Resolution or supplemental indenture under which such Series of Securities is issued or the form of Security for such Series expressly provides that any such Event of
Default shall not apply to such Series of Securities): 
  

	 	(1)	the failure by the Company to pay interest on any Security of such Series when the same becomes due and payable and the continuance of any such failure for a period of
30 days; 

  

	 	(2)	the failure by the Company to pay the principal of any Security of such Series when the same becomes due and payable at maturity, upon acceleration, redemption or
otherwise; 

  

	 	(3)	the failure by the Company to comply with any of its agreements or covenants in, or provisions of, the Securities of such Series or this Indenture (as they relate
thereto) and such failure continues for the period and after the notice specified below (except in the case of a default with respect to Article Five (or any other provision specified in the applicable Authorizing Resolution or supplemental
indenture), which will constitute Events of Default with notice but without passage of time); 

  

	 	(4)	the Company or any Restricted Subsidiary that is a Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 

 

	 	(a)	commences a voluntary case, 

  

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

 

	 	(c)	consents to the appointment of a Custodian of it or for all or substantially all of its Property, or 

 

	 	(d)	makes a general assignment for the benefit of its creditors; 

  
 - 16 -

  

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

 

	 	(a)	is for relief against the Company or any Restricted Subsidiary that is a Significant Subsidiary as debtor in an involuntary case, 

 

	 	(b)	appoints a Custodian of the Company or any Restricted Subsidiary that is a Significant Subsidiary or a Custodian for all or substantially all of the Property of the
Company, or 

  

	 	(c)	orders the liquidation of the Company or any Restricted Subsidiary that is a Significant Subsidiary, 

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

 

	 	(6)	any other Event of Default provided in the Authorizing Resolution or supplemental indenture under which such Series of Securities is issued or in the form of Security
for such Series. 

 A Default as described in subclause (3) above will not be deemed an Event of
Default until the Trustee notifies the Company, or the Holders of at least 25 percent in principal amount of the then outstanding Securities of the applicable Series notify the Company and the Trustee, of the Default and (except in the case of a
default with respect to Article Five (or any other provision specified in the applicable Authorizing Resolution or supplemental indenture)) the Company does not cure the Default within 60 days after receipt of the notice. The notice must
specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” If such a Default is cured within such time period, it ceases to exist, without any action by the Trustee or any other Person. 

Section 6.02. Acceleration. 
 If an Event of Default (other than an Event of Default with respect to the Company resulting from subclause (4) or (5) above), shall have occurred and be continuing under the
Indenture, the Trustee by notice to the Company, or the Holders of at least 25 percent in principal amount of the Securities of the applicable Series then outstanding by notice to the Company and the Trustee, may declare all Securities of such
Series to be due and payable immediately. Upon such declaration of acceleration, the amounts due and payable on the Securities of such Series will be due and payable immediately. If an Event of Default with respect to the Company specified in
subclauses (4) or (5) above occurs, all amounts due and payable on the Securities of such Series will ipso facto become and be immediately due and payable without any declaration, notice or other act on the part of the
Trustee and the Company or any Holder. 
 At any time after the principal of the Securities of such Series shall have been
declared due and payable, and before any judgment or decree for the payment of the amount due shall have been obtained or entered, the holders of a majority in aggregate principal amount of the then outstanding Securities of such Series, by written
notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has or has caused to be paid or deposited with the Trustee an amount sufficient to pay all matured installments of interest
upon all the Securities of such Series and the principal of any and all Securities of such Series that shall have become due otherwise than by acceleration, with interest upon such principal and, to the extent that such payment is enforceable under
applicable law, upon overdue installments of interest, at the rate expressed in the Securities of such Series to the date of such payment or deposit, and (ii) any and all Events of Default under this Indenture with respect to such Series,
except non-payment of the principal of, or interest on, any of the Securities of such Series as a result of such declaration, shall have been remedied or waived. 
 No such rescission shall extend to or shall affect any subsequent Event of Default, or shall impair any right or power consequent thereon. 
 Section 6.03. Other Remedies. 
 If an Event of Default on a
Series occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of or interest on the Series or to enforce the performance of any provision in the Securities or this
Indenture applicable to the Series. 

  
 - 17 -

 The Trustee may maintain a proceeding even if it does not possess any of the Securities or
does not produce any of them in the proceeding. A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 

Section 6.04. Waiver of Existing Defaults. 
 Subject to Section 9.02, the Holders of a majority in principal amount of the outstanding Securities of a Series on behalf of all the Holders of the Series by notice to the Trustee may waive
an existing Default on such Series and its consequences. When a Default is waived, it is cured and stops continuing, and any Event of Default arising therefrom shall be deemed to have been cured; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereon. 
 Section 6.05. Control by Majority. 

The Holders of a majority in principal amount of the outstanding Securities of a Series may direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on it with respect to such Series. The Trustee, however, may refuse to follow any direction (i) that conflicts with law or this
Indenture, (ii) that, subject to Section 7.01, the Trustee determines is unduly prejudicial to the rights of other Securityholders, (iii) that would involve the Trustee in personal liability, if there shall be reasonable
grounds for believing that adequate indemnity against such liability is not reasonably assured to it, or (iv) if the Trustee shall not have been provided with indemnity satisfactory to it. 

Section 6.06. Limitation on Suits. 
 A Securityholder of a Series may not pursue any remedy with respect to this Indenture or the Series unless: 
  

	 	(1)	the Holder gives to the Trustee written notice of a continuing Event of Default on the Series; 

 

	 	(2)	the Holders of at least 25% in aggregate principal amount of the outstanding Securities of the Series make a written request to the Trustee to pursue the remedy;

  

	 	(3)	such Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; 

 

	 	(4)	the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and 

 

	 	(5)	no written request inconsistent with such written request shall have been given by the Holders of at least a majority in principal amount of the outstanding Securities
of the Series to the Trustee. 

 By accepting a Security hereunder it is expressly understood, intended and
covenanted by the taker and holder of every Security of such Series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such Series shall have any right in any manner whatsoever by virtue or by
availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under
this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such Series. 

Section 6.07. Rights of Holders to Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of and interest on any Security, on or after the respective due dates expressed in the
Security, or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional and shall not be impaired or affected without the consent of the Holder. 

  
 - 18 -

 Section 6.08. Collection Suit by Trustee. 

If an Event of Default in payment of interest or principal specified in Section 6.01(1) or (2) occurs and is
continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal and interest remaining unpaid. 
 Section 6.09. Trustee May File Proofs of Claim. 
 The Trustee
may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements, and advances of the Trustee, its
agents and counsel) and the Securityholders allowed in any judicial proceedings relative to the Company or its creditors or Property, and unless prohibited by applicable law or regulation, may vote on behalf of the Holders in any election of a
Custodian, and shall be entitled and empowered to collect and receive any moneys or other Property payable or deliverable on any such claims and to distribute the same and any Custodian in any such judicial proceeding is hereby authorized by each
Securityholder to make such payments to the Trustee. Nothing herein shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder or to authorize the Trustee to vote in respect of the claim of any Securityholder except as aforesaid for the election of the Custodian. 

Section 6.10. Priorities. 
 If the Trustee collects any money pursuant to this Article Six with respect to Securities of any Series, it shall pay out the money in the following order: 

 

	 	First:	to the Trustee for amounts due under Section 7.07; 

  

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

  

	 	Third:	to the Company as its interest may appear. 

 The Trustee may fix a record date and payment date for any payment to Securityholders pursuant to this Section 6.10. 
 Section 6.11. Undertaking for Costs. 
 In any suit for the
enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay
the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having the due regard to the merits and good faith of the claims or defenses made
by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the Series. 

Section 6.12. Waiver of Stay, Extension or Usury Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or
extension law or any usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on the Securities of any Series as contemplated herein, wherever enacted, now or at any time
hereafter in 

  
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force, or which may affect the covenants or the performance of this Indenture; and (to the extent that it may lawfully do so) the Company expressly waives all benefit or advantage of any such
law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

ARTICLE SEVEN 
 TRUSTEE 
 Section 7.01. Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing with respect to Securities of any Series, the Trustee shall, prior to the
receipt of directions from the Holders of a majority in principal amount of the Securities of the Series, exercise its rights and powers and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs. 
 (b) Except during the continuance of an Event of Default: 

(1) The Trustee need perform only those duties that are specifically set forth in this Indenture and no others and no
implied covenants or obligations shall be read into this Indenture against the Trustee. 
 (2) In the absence of
bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture. The Trustee, however, shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture but need not confirm or investigate the accuracy of mathematical calculations or other facts
or matters stated therein. 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct, except that: 
 (1) This paragraph does not limit the effect of
paragraph (b) of this Section. 
 (2) The Trustee shall not be liable for any error of judgment made
in good faith by a Trust Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts. 
 (3) The Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 or any other
direction of the Holders permitted hereunder. 
 (d) Every provision of this Indenture that in any way relates to the Trustee is
subject to paragraphs (a), (b) and (c) of this Section. 
 (e) The Trustee may refuse to perform
any duty or exercise any right or power unless it receives security or indemnity satisfactory to it against any loss, liability or expense. 
 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree with the Company. Money held in trust by the Trustee need not be segregated from other funds
except to the extent required by law. 
 (g) None of the provisions contained in this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing that the repayment of such funds or
adequate indemnity against such liability is not reasonably assured to it. 

  
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 Section 7.02. Rights of Trustee. 

Subject to Section 7.01: 
 (a) The Trustee may rely and shall be protected in acting or refraining from acting on any document, resolution, certificate, instrument, report, or direction believed by it to be genuine and to have been
signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document, resolution, certificate, instrument, report, or direction, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or
attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both, which shall conform to Sections 11.04 and 11.05 hereof and
containing such other statements as the Trustee reasonably deems necessary to perform its duties hereunder. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate, Opinion
of Counsel or any other direction of the Company permitted hereunder. 
 (c) The Trustee may act through agents and shall not be
responsible for the misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee shall not be liable for
any action taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture. 
 (e) The Trustee may consult with counsel, and the written advice of such counsel or any Opinion of Counsel as to matters of law shall be full and complete authorization and protection in respect of any
action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f) Unless otherwise specifically provided in the Indenture, any demand, request, direction or notice from the Company shall be
sufficient if signed by an Officer of the Company. 
 (g) For all purposes under this Indenture, the Trustee shall not be deemed
to have notice or knowledge of any Event of Default (other than under Section 6.01(1) or 6.01(2)) unless a Trust Officer assigned to and working in the Trustee’s Corporate Trust Office has actual knowledge thereof or unless
written notice of any Event of Default is received by the Trustee at its address specified in Section 11.02 hereof and such notice references the Securities generally, the Company or this Indenture. 

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

(i) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances. 
 (j) The rights, privileges, protections,
immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person
employed to act hereunder. 

  
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 (k) The Trustee may request that the Company deliver a certificate setting forth the names
of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 
 Section 7.03.
Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee
of Securities and may otherwise deal with the Company or its affiliates with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee, however, must comply with Sections 7.10 and
7.11. 
 Section 7.04. Trustee’s Disclaimer. 

The Trustee makes no representation as to the validity or adequacy of this Indenture, the Securities or of any prospectus used to sell the
Securities of any Series; it shall not be accountable for the Company’s use of the proceeds from the Securities; it shall not be accountable for any money paid to the Company, or upon the Company’s direction, if made under and in
accordance with any provision of this Indenture; it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee; and it shall not be responsible for any statement of the Company in this
Indenture or in the Securities other than its certificate of authentication. 
 Section 7.05. Notice of Defaults. 

If a Default on a Series occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to each Securityholder of the
Series notice of the Default (which shall specify any uncured Default known to it) within 90 days after it occurs or becomes actually known to the Trustee. Except in the case of a default in payment of principal of or interest on a Series, the
Trustee may withhold the notice if and so long as the board of directors of the Trustee, the executive or any trust committee of such directors and/or responsible officers of the Trustee in good faith determine(s) that withholding the notice is in
the interests of Holders of the Series. 
 Section 7.06. Reports by Trustee to Holders. 

Within 60 days after each May 15 beginning with the May 15 following the date of this Base Indenture, the Trustee shall mail to
each Securityholder a brief report dated as of such May 15 that complies with TIA § 313(a) (but if no event described in TIA § 313(1) through (8) has occurred within the twelve months preceding the reporting date no report in
relation thereto need be transmitted). The Trustee also shall comply with TIA § 313(b). 
 A copy of each report at the
time of its mailing to Securityholders shall be delivered to the Company and filed by the Trustee with the SEC and each national securities exchange on which the Securities are listed. The Company agrees to notify the Trustee of each national
securities exchange on which the Securities are listed. 
 Section 7.07. Compensation and Indemnity. 

The Company shall pay to the Trustee from time to time reasonable compensation for its services subject to any written agreement between
the Trustee and the Company. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and
counsel. The Company shall indemnify the Trustee, its officers, directors, employees and agents and hold it harmless against any loss, liability or expense incurred or made by or on behalf of it in connection with the administration of this
Indenture or the trust hereunder and its duties hereunder including the costs and expenses of defending itself against or investigating any claim in the premises. The Trustee shall notify the Company promptly of any claim for which it may seek
indemnity. The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee through the Trustee’s, or its officers’, directors’, employees’ or agents’ negligence or bad faith.

 Unless otherwise provided in any supplemental indenture or Authorizing Resolution relating to any Series, to ensure the
Company’s payment obligations in this Section, the Trustee shall have a claim prior to the Securities of all Series on all money or Property held or collected by the Trustee, except that held in trust to pay principal of or

  
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interest on particular Securities. When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01 or in connection with
Article Six hereof, the expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith are to constitute expenses of administration under any Bankruptcy Law. 

The provisions of this Section shall survive the termination of this Indenture. 
 Section 7.08. Replacement of Trustee. 
 The Trustee may resign
with respect to Securities of any or all Series by so notifying the Company. The Holders of a majority in principal amount of the outstanding Securities (or of the relevant Series) may remove the Trustee by so notifying the removed Trustee in
writing and may appoint a successor trustee with the Company’s consent. Such resignation or removal shall not take effect until the appointment by the Securityholders of the relevant Series or the Company as hereinafter provided of a successor
trustee and the acceptance of such appointment by such successor trustee. The Company may remove the Trustee and any Securityholder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
trustee for any or no reason, including if: 
  

	 	(1)	the Trustee fails to comply with Section 7.10 after written request by the Company or any bona fide Securityholder who has been a Securityholder for at
least six months; 

  

	 	(2)	the Trustee is adjudged bankrupt or insolvent; 

  

	 	(3)	a receiver or other public officer takes charge of the Trustee or its Property; or 

 

	 	(4)	the Trustee becomes incapable of acting. 

 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor trustee with respect to the Securities of the relevant
Series. If a successor trustee does not take office within 45 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or any Holder may petition any court of competent jurisdiction for the appointment of a successor
trustee. 
 A successor trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the
Company. Immediately after that, the retiring Trustee shall transfer all Property held by it as Trustee to the successor trustee, the resignation or removal of the retiring Trustee shall become effective, and the successor trustee shall have all the
rights, powers and duties of the Trustee under this Indenture. A successor trustee shall mail notice of its succession to each Securityholder. 
 Any successor trustee appointed pursuant to this Section 7.08 may be appointed with respect to the Securities of one or more Series or all of such Series, and at any time there shall be only
one Trustee with respect to the Securities of any particular Series. 
 In case of the appointment hereunder of a successor
trustee with respect to the Securities of one or more but not all Series, the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more Series shall execute and deliver an indenture supplemental hereto
wherein each successor trustee shall accept such appointment and which: (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and
duties of the retiring Trustee with respect to the Securities of that or those Series to which the appointment of such successor trustee relates; (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those Series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee; and (iii) shall add to or
change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate 

  
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and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible for any act or failure to act on the part of any other Trustee
hereunder. Upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, and such retiring Trustee shall have no further responsibility with
respect to the Securities of that or those Series to which the appointment of such successor trustee relates for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture. Each
such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those Series to which the appointment of such
successor trustee relates. On request of the Company or any successor trustee, such retiring Trustee shall assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and funds held
by such retiring Trustee hereunder with respect to the Securities of that or those Series to which the appointment of such successor trustee relates. 
 Section 7.09. Successor Trustee by Merger, etc. 
 If the Trustee
consolidates with, merges with or into or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor trustee. 

Section 7.10. Eligibility; Disqualification. 
 This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1). The Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most
recent published annual report of condition. The Trustee shall comply with TIA § 310(b). 
 Section 7.11. Preferential
Collection of Claims Against Company. 
 The Trustee shall comply with TIA § 311(a), excluding any creditor
relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 ARTICLE EIGHT 
 DISCHARGE OF INDENTURE 

Section 8.01. Defeasance or Satisfaction upon Deposit of Moneys or Government Obligations. 

(a) The Company may, at its option and at any time, elect to have either paragraph (b) or paragraph (c) below be
applied to the outstanding Securities of any Series upon compliance with the applicable conditions set forth in paragraph (d). 
 (b) Upon the Company’s exercise under paragraph (a) of the option applicable to this paragraph (b) with respect to any Series, the Company shall be deemed to have been
released and discharged from its obligations with respect to the outstanding Securities of the Series on the date the applicable conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such
Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Securities of a Series, which shall thereafter be deemed to be “outstanding” only for the purposes
of the Sections and matters under this Indenture referred to in (i) and (ii) below, and the Company and shall be deemed to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are
concerned, except for the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of outstanding Securities of a Series to receive solely from the trust fund described in paragraph
(d) below and as more fully set forth in such paragraph, payments in respect of the principal of and interest on such Securities when such payments are due and (ii) obligations listed in Section 8.02, subject to compliance
with this Section 8.01. The Company may exercise its option under this paragraph (b) with respect to a Series notwithstanding the prior exercise of its option under paragraph (c) below with respect to the
Securities of the Series. 

  
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 (c) Upon the Company’s exercise under paragraph (a) of the option
applicable to this paragraph (c) with respect to a Series, the Company shall be released and discharged from the obligations under any covenant contained in Article Five and any other covenant contained in or referenced in the
Authorizing Resolution or supplemental indenture relating to such Series (to the extent such release and discharge shall not be prohibited thereby), on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant
Defeasance”), and the Securities of such Series shall thereafter be deemed to be not “outstanding” for the purpose of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in
connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder. For this purpose, such Covenant Defeasance means that, with respect to the outstanding Securities of a Series, the Company may
omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any
reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01(3) or otherwise, but, except as specified above,
the remainder of this Indenture and such Securities shall be unaffected thereby. 
 (d) The following shall be the conditions to
application of either paragraph (b) or paragraph (c) above to the outstanding Securities of the applicable Series: 
 (1) The Company shall have irrevocably deposited in trust with the Trustee (or another qualifying trustee), money in the currency in which the Securities of such Series are payable or Government
Obligations or a combination thereof in such amounts and at such times as are sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of and interest on the outstanding Securities of such
Series to maturity or redemption; provided, however, that the Trustee (or other qualifying trustee) shall have received an irrevocable written order from the Company instructing the Trustee (or other qualifying trustee) to apply such
money or the proceeds of such Government Obligations to said payments with respect to the Securities of such Series to maturity or redemption; 
 (2) No Default or Event of Default (other than a Default or Event of Default resulting from non-compliance with any covenant from which the Company is released upon effectiveness of such Legal Defeasance
or Covenant Defeasance pursuant to paragraph (b) or (c) hereof, as applicable) shall have occurred and be continuing on the date of such deposit or result therefrom; 

(3)(i) In the event the Company elects paragraph (b) hereof, the Company shall deliver to the Trustee an
Opinion of Counsel in the United States, in form and substance reasonably satisfactory to the Trustee, to the effect that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since
the Issue Date pertaining to such Series, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall state that, or (ii) in the event the Company elects
paragraph (c) hereof, the Company shall deliver to the Trustee an Opinion of Counsel in the United States, in form and substance reasonably satisfactory to the Trustee, to the effect that, in the case of clauses (i) and
(ii), and subject to customary assumptions and exclusions, Holders of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and the defeasance contemplated hereby and
will be subject to federal income tax in the same amounts and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; 

(4) Notwithstanding any other provisions of this Section 8.01, such legal defeasance or covenant defeasance
shall be effected in compliance with any additional or substitute terms, conditions or limitations which may be imposed on the Company on any outstanding Securities of an applicable Series pursuant to Section 2.01; and 

(5) The Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent specified herein relating to the defeasance contemplated by this Section 8.01 have been complied with. 

  
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 In the event all or any portion of the Securities of a Series are to be redeemed through
such irrevocable trust, the Company must make arrangements satisfactory to the Trustee, at the time of such deposit, for the giving of the notice of such redemption or redemptions by the Trustee in the name and at the expense of the Company.

 (e) In addition to the Company’s rights above under this Section 8.01, the Company may terminate all of its
obligations under this Indenture with respect to a Series when: 
 (1) All Securities of such Series theretofore
authenticated and delivered (other than Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.07 and Securities for whose payment 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 all such Securities not theretofore delivered to the Trustee for cancellation
(A) have become due and payable, (B) will become due and payable at maturity within one year or (C) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company, and in each such case, the Company has irrevocably deposited or caused to be deposited with the Trustee (or another qualifying trustee) as trust funds in trust solely for that purpose
an amount of money in the currency in which the Securities of such Series are payable or Government Obligations or a combination thereof sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay and
discharge the entire Indebtedness on the Securities of such Series not theretofore delivered to the Trustee for cancellation, for principal of and interest on the Securities of such Series, on the date of such deposit or to the maturity or
redemption date, as the case may be; 
 (2) The Company has paid or caused to be paid all other sums payable
hereunder by the Company; 
 (3) The Company has delivered irrevocable instructions to the Trustee (or such other
qualifying trustee), to apply the deposited money toward the payment of the Securities of such Series at maturity or redemption, as the case may be; and 
 (4) The Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, stating that all conditions precedent specified in this Section 8.01(e) relating to the
satisfaction and discharge of this Indenture have been complied with. 
 Section 8.02. Survival of the Company’s
Obligations. 
 Notwithstanding the satisfaction and discharge of this Indenture under Section 8.01, the
Company’s obligations in Paragraph 8 of the Securities and Sections 2.03 through 2.07, 7.07, 7.08, 8.04 and 8.05 of this Indenture, however, shall survive until the Securities of an applicable
Series are no longer outstanding. Thereafter, the Company’s obligations in Paragraph 8 of the Securities of such Series and Sections 7.07, 8.04 and 8.05 of this Indenture shall survive (as they relate to such
Series). 
 Section 8.03. Application of Trust Money. 

The Trustee shall hold in trust money or Government Obligations deposited with it pursuant to Section 8.01. It shall apply the
deposited money and the money from Government Obligations in accordance with this Indenture to the payment of principal of and interest on the Securities of the defeased Series. 

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the Government
Obligations deposited pursuant to Section 8.01 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of outstanding Securities. 

  
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 Section 8.04. Repayment to the Company. 

The Trustee and the Paying Agent shall promptly pay to the Company upon request any money or securities held by them at any time which, in
the written opinion of a nationally recognized firm of independent public accountants delivered to the Trustee (which opinion shall only be required to be delivered if Government Obligations have been so deposited), are in excess of the amount
thereof that would then be required to be deposited to effect an equivalent discharge or defeasance in accordance with this Article Eight. 
 The Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal or interest that remains unclaimed for two years. After payment to the Company,
Securityholders entitled to the money must look to the Company for payment as general creditors unless applicable abandoned property law designates another person and all liability of the Trustee or such Paying Agent with respect to such money shall
cease. 
 Section 8.05. Reinstatement. 
 If the Trustee is unable to apply any money or Government Obligations in accordance with Section 8.01 by reason of any legal proceeding or by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities relating to the Series shall be revived and reinstated as though no deposit had occurred
pursuant to Section 8.01 until such time as the Trustee is permitted to apply all such money or Government Obligations in accordance with Section 8.01; provided, however, that (a) if the Company has made
any payment of interest on or principal of any Securities of the Series because of the reinstatement of its obligations hereunder, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money
or Government Obligations held by the Trustee and (b) unless otherwise required by any legal proceeding or any order or judgment of any court or governmental authority, the Trustee shall return all such money or Government Obligations to the
Company promptly after receiving a written request therefor at any time, if such reinstatement of the Company’s obligations has occurred and continues to be in effect. 
 ARTICLE NINE 
 AMENDMENTS, SUPPLEMENTS AND WAIVERS 

Section 9.01. Without Consent of Holders. 
 The Company and the Trustee may amend or supplement this Indenture or the Securities of a Series without notice to or consent of any Securityholder of such Series: 

(1) to cure any ambiguity, omission, defect or inconsistency; 

(2) to comply with Article Five; 

(3) to provide that specific provisions of this Indenture shall not apply to a Series not previously issued or to make a
change to specific provisions of or to add specific provisions to this Indenture that only applies to any Series not previously issued or to additional Securities of a Series not previously issued; 

(4) to create a Series and establish its terms; 

(5) to provide for uncertificated Securities in addition to or in place of certificated Securities; 

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

  
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 (7) to change or eliminate any of the provisions of or to add any provisions
to this Indenture, provided that any such change or elimination shall not become effective with respect to any outstanding Security of any Series created prior to the execution of such supplemental indenture which is entitled to the benefit of such
provision; 
 (8) to secure the Securities of any Series; 

(9) to issue additional Securities of any Series; provided that such additional Securities have the same terms as, and be
deemed part of the same Series as, the applicable Series of Securities issued hereunder as provided by Section 2.01; 
 (10) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration of the trust hereunder by more than one Trustee; 
 (11) to conform this Indenture or the Securities of any Series to the “Description of the Notes” or “Description of the Securities” section of the applicable prospectus, prospectus
supplement or offering memorandum relating to the offering by the Company of such Securities; 
 (12) to add to
the covenants of the Company such further covenants, restrictions, conditions or provisions for the protection of the Holders of Securities of any series, or to surrender any right or power conferred on the Company; and 

(13) to make any other change that does not adversely affect the rights of Securityholders in any material respect.

 After an amendment under this Section 9.01 becomes effective, the Company shall mail notice of such amendment to
the Securityholders. 
 Section 9.02. With Consent of Holders. 

The Company and the Trustee may amend or supplement this Indenture or the Securities of a Series without notice to any Securityholder of
such Series but with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by the amendment (including consents obtained in connection with a purchase of, or tender offer
or exchange offer for, Securities of such Series). Each such Series shall vote as a separate class. The Holders of a majority in principal amount of the outstanding Securities of any Series may waive compliance by the Company with any provision of
the Securities of such Series or of this Indenture relating to such Series without notice to any Securityholder (including any waiver granted in connection with a purchase of, or tender offer or exchange offer for, Securities of such Series).
Without the consent of each Holder of a Security affected thereby, however, an amendment, supplement or waiver, including a waiver pursuant to Section 6.04, may not: 

 

	 	(1)	reduce the amount of Securities of the relevant Series whose Holders must consent to an amendment, supplement or waiver; 

 

	 	(2)	reduce the rate of or extend the time for payment of interest, including defaulted interest, on any Security; 

 

	 	(3)	reduce the principal of or extend the fixed maturity of any Security; 

  

	 	(4)	make any change that adversely affects any right of a Holder to convert or exchange any Security into or for shares of the Company’s common stock or other
securities, cash or other property in accordance with the terms of such Security; 

  
 - 28 -

  

	 	(5)	modify the ranking or priority of the Securities of the relevant Series; 

  

	 	(6)	waive a continuing Default or Event of Default in the payment of the principal of or interest on any Security; or 

 

	 	(7)	make any Security payable at a place or in the currency other than that stated in the Security, or impair the right of any Securityholder to bring suit as permitted by
Section 6.07. 

 An amendment of a provision included solely for the benefit of one or more Series
does not affect the interests of Securityholders of any other Series. 
 It shall not be necessary for the consent of the
Holders under this Section to approve the particular form of any proposed supplement, but it shall be sufficient if such consent approves the substance thereof. 
 Section 9.03. Compliance with Trust Indenture Act. 
 Every
amendment to or supplement of this Indenture or any Securities shall comply with the TIA as then in effect. 
 Section 9.04. Evidence
of Action Taken, Revocation and Effect of Consents. 
 A consent to an amendment, supplement or waiver by a Holder shall
bind the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. Unless otherwise provided in the
consent or the consent solicitation statement or other document describing the terms of the consent, any Holder or subsequent Holder may revoke the consent as to its Security or portion of a Security. Any revocation of a consent by the Holder of a
Security or any such subsequent Holder shall be effective only if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officers’ Certificate from the Company certifying that the requisite number of
consents have been received. 
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining
the Holders of Securities of any Series entitled to consent to any amendment, supplement or waiver. If a record date is fixed, and if Holders otherwise have a right to revoke their consent under the consent or the consent solicitation statement or
other document describing the terms of the consent, then notwithstanding the second to last sentence of the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those
Persons, shall be entitled to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date. 

Any consent to an amendment, supplement or waiver by a Holder may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by the specified percentage of Holders in person or by agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are
delivered to the Trustee. An amendment, supplement or waiver with respect to a Series becomes effective upon the (i) receipt by the Company or the Trustee of the requisite consents, (ii) satisfaction of any conditions to effectiveness as
set forth in this Indenture or any indenture supplemental hereto containing such amendment, supplement or waiver and (iii) execution of such amendment, supplement or waiver (or the related supplemental indenture) by the Company and the Trustee.
After an amendment, supplement or waiver with respect to a Series becomes effective, it shall bind every Holder of such Series, unless it makes a change described in any of clauses (1) through (7) of Section 9.02,
in which case, the amendment, supplement or waiver shall bind a Holder of a Security who is affected thereby only if it has consented to such amendment, supplement or waiver and every subsequent Holder of a Security or portion of a Security that
evidences the same debt as the consenting Holder’s Security; provided that no such waiver shall impair or affect the right of any Holder to receive payment of principal of and interest on a Security, on or after the respective due dates
expressed in such Security, or to bring suit for the enforcement of any such payment on or after such respective dates without the consent of such Holder. 

  
 - 29 -

 Section 9.05. Notation on or Exchange of Securities. 

If an amendment, supplement or waiver changes the terms of a Security, the Company may require the Holder of the Security to deliver it to
the Trustee, at which time the Trustee shall place an appropriate notation on the Security about the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Security
shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. 
 Section 9.06. Trustee to Sign
Amendments, etc. 
 Subject to Section 7.02(b), the Trustee shall sign any amendment, supplement or waiver
authorized pursuant to this Article if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment or
supplemental indenture, the Trustee shall be entitled to receive and shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that such amendment, supplement or waiver is authorized or
permitted by this Indenture, that it is not inconsistent herewith, and that it will be valid and binding upon the Company in accordance with its terms. 
 ARTICLE TEN 
 SECURITIES IN FOREIGN CURRENCIES 

Section 10.01. Applicability of Article. 
 Whenever this Indenture provides for (i) any action by, or the determination of any of the rights of, Holders of Securities of any Series in which not all of such Securities are denominated in the
same currency, or (ii) any distribution to Holders of Securities, in the absence of any provision to the contrary pursuant to this Indenture or the Securities of any particular Series, any amount in respect of any Security denominated in a
Foreign Currency shall be treated for any such action or distribution as that amount of Dollars that could be obtained for such amount on such reasonable basis of exchange and as of the record date with respect to Securities of such Series (if any)
for such action, determination of rights or distribution (or, if there shall be no applicable record date, such other date reasonably proximate to the date of such action, determination of rights or distribution) as the Company may specify in a
written notice to the Trustee or, in the absence of such written notice, as the Trustee may determine. 
 ARTICLE ELEVEN

 MISCELLANEOUS 
 Section 11.01. Trust Indenture Act Controls. 
 If any provision
of this Indenture limits, qualifies or conflicts with a provision which is required to be included in this Indenture by the TIA, such required provision shall control. 
 Section 11.02. Notices. 
 Any order, consent, notice or
communication shall be sufficiently given if in writing and delivered in person or mailed by first class mail, postage prepaid, addressed as follows: 
 if to the Company: 
 Callaway Golf Company 

2180 Rutherford Road 
 Carlsbad, California 92008 

  
 - 30 -

 Attention: Chief Financial Officer 

if to the Trustee: 
 The Bank of New York Mellon Trust Company, N.A. 
 700 South Flower St., Suite 500

 Los Angeles, California 90017 
 Attention: Corporate Trust Administration 
 The Company or the Trustee by notice
to the other may designate additional or different addresses for subsequent notices or communications. 
 Any notice or
communication mailed to a Securityholder shall be mailed to him by first class mail at his address as it appears on the registration books of the Registrar and shall be sufficiently given to him if so mailed within the time prescribed. 

Failure to mail a notice or communication to a Securityholder or any defect in it shall not affect its sufficiency with respect to other
Securityholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it except that notice to the Trustee shall only be effective upon receipt thereof by the Trustee.

 If the Company mails notice or communications to the Securityholders, it shall mail a copy to the Trustee at the same time.

 In addition to the foregoing, the Trustee agrees to accept and act upon notice, instructions or directions pursuant to this
Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods; provided, however, that (a) the party providing such written instructions, subsequent to such transmission of written instructions, shall
provide the originally executed instructions or directions to the Trustee in a timely manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing such instructions
or directions. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such
instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions
conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee,
including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 
 Section 11.03. Communications by Holders with Other Holders. 

Securityholders may communicate pursuant to TIA § 312(b) with other Securityholders with respect to their rights under this Indenture
or the Securities. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

Section 11.04. Certificate and Opinion as to Conditions Precedent. 

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

	 	(1)	an Officers’ Certificate (which shall include the statements set forth in Section 11.05) stating that, in the opinion of the signers, all conditions
precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

  

	 	(2)	an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with, except that in the case of any such request or application as to which the furnishing of such documents is specifically dealt with by any provision of this Indenture relating to such particular request or application,
no additional certificate or opinion need be furnished. 

  
 - 31 -

 Section 11.05. Statements Required in Certificate or Opinion. 

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

  

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

 

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

  

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

  

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

Section 11.06. Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or a meeting of Securityholders. The Registrar or Paying Agent may make reasonable rules for its functions. 

Section 11.07. Legal Holidays. 
 If a payment date is not a Business Day, payment may be made on the next succeeding day that is a Business Day, and no interest shall accrue for the intervening period. If this Indenture provides for a
time period that ends or requires performance of any non-payment obligation by a day that is not a Business Day, then such time period shall instead be deemed to end on, and such obligation shall instead be performed by, the next succeeding Business
Day. 
 Section 11.08. Governing Law. 
 The internal laws of the State of New York shall govern this Indenture and the Securities of each Series. This Indenture is subject to the provisions of the Trust Indenture Act that are required to be
part of this Indenture and shall, to the extent applicable, be governed by such provisions. 
 Section 11.09. No Adverse
Interpretation of Other Agreements. 
 This Indenture may not be used to interpret another indenture, loan or debt
agreement of the Company or a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 11.10. No Recourse Against Others. 
 No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any stockholder,
officer, director, employee, incorporator, partner, member or manager, past, present or future as such, of the Company; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that
no such personal liability whatever shall attach to, or is or shall be incurred by, the stockholders, officers, directors, employees, incorporators, partners, members or managers, as such, of the Company, because of the creation of the indebtedness
hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either at
common law or in equity or by constitution or statute, of, and any and all 

  
 - 32 -

 
such rights and claims against, every such stockholder, officer, director, employee, incorporator, partner, member or manager, as such, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the
execution of this Indenture and the issuance of such Securities. 
 Section 11.11. Successors and Assigns. 

All covenants and agreements of the Company in this Indenture and the Securities shall bind its respective successors and assigns. All
agreements of the Trustee in this Indenture shall bind its successors and assigns. 
 Section 11.12. Duplicate Originals.

 The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. 
 Section 11.13. Severability. 

In case any one or more of the provisions contained in this Indenture or in the Securities of a Series shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities. 
 Section 11.14. Table of Contents, Headings, Etc. 
 The Table of
Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only. 
 Section 11.15. Waiver of Jury Trial. 
 EACH OF THE COMPANY AND
THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 
 Section 11.16. Patriot Act. 
 The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money
laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the
Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA Patriot Act. 

  
 - 33 -

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

 

			
	CALLAWAY GOLF COMPANY
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	[                           
             ], as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT A 

 

			
	No.             	  	CUSIP/ISIN No.:             

[Title of Security] 
 CALLAWAY GOLF COMPANY 
 a Delaware corporation 

promises to pay to
                             or registered assigns the principal sum of
         [Dollars]* on                      

Interest Payment Dates:                     
and                      
 Record
Dates:                      and
                     
  

							
	Authenticated:	 		 	Dated:
			
		 		 	CALLAWAY GOLF COMPANY
				
		 		 	By:	 	  

		 		 		 	Title:

  

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

  

			
	By:	 	  

		 	Authorized Signatory

  

	*	Or other currency. Insert corresponding provisions on reverse side of Security in respect of foreign currency denomination or interest payment requirement.

  
 A-1

 CALLAWAY GOLF COMPANY 

[Title of Security] 
 CALLAWAY GOLF COMPANY, a Delaware corporation (together with its successors and assigns, the “Company”), issued this Security under an Indenture dated as of
                    , (the “Base Indenture”), as supplemented by the Supplemental Indenture dated as of
                     (the “Supplemental Indenture” and together with the Base Indenture, as amended, modified or supplemented
from time to time in accordance therewith, the “Indenture”), by and among the Company and
[                            ], as trustee (in such capacity, the “Trustee”), to
which reference is hereby made for a statement of the respective rights, obligations, duties and immunities thereunder of the Company, the Trustee and the Holders and of the terms upon which the Securities are, and are to be, authorized and
delivered. All terms used in this Security that are defined in the Indenture shall have the meanings assigned to them therein. 
  

	1.	Interest. 

 The
Company promises to pay interest on the principal amount of this Security at the rate per annum shown above. The Company will pay interest semiannually on
                     and
                     of each year, commencing             ,
        , until the principal is paid or made available for payment. Interest on the Securities will accrue from the most recent date to which interest has been paid or duly provided for or, if no
interest has been paid, from             ,         , provided that, if there is no existing default in the payment of interest,
and if this Security is authenticated between a record date referred to on the face hereof and the next succeeding interest payment date, interest shall accrue from such interest payment date. Interest will be computed on the basis of a 360-day year
of twelve 30-day months. 
  

	2.	Method of Payment. 

The Company will pay interest on the Securities (except defaulted interest, if any, which will be paid on such special payment date to
Holders of record on such special record date as may be fixed by the Company) to the persons who are registered Holders of Securities at the close of business on the [Insert record dates] immediately preceding the interest payment date. Holders must
surrender Securities to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of [Insert applicable country or currency] that at the time of payment is legal tender for payment of public and private
debts. 
  

	3.	Paying Agent and Registrar. 

 Initially, the Trustee will act as Paying Agent and Registrar. The Company may change or appoint any Paying Agent, Registrar or co-Registrar without notice. The Company or any of its Subsidiaries or any
of their Affiliates may act as Paying Agent, Registrar or co-Registrar. 
  

	4.	 Optional
Redemption.1 

[Insert provisions relating to redemption at option of the Company, if any] 
 [Insert provisions relating to redemption at option of Holders, if any] 
 Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed at its registered address. Securities in denominations
larger than             2 may be redeemed in part. On and after the redemption date interest ceases to accrue on Securities or portions of them called for redemption, provided that if the Company shall default in the
payment of such Securities at the redemption price together with accrued interest, interest shall continue to accrue at the rate borne by the Securities. 
  

 

	1	 If applicable. 

	2	 Insert applicable denominations and multiples. 

  
 A-2

	5.	 Mandatory
Redemption.3 

[Insert provisions relating to mandatory redemption, if any] 
  

	6.	Denominations, Transfer, Exchange. 

 The Securities are in registered form only without coupons in denominations of             4 and integral multiples of
             in excess thereof.5 A Holder may transfer or exchange Securities by presentation of such Securities to the Registrar or a co-Registrar with a request to register the transfer or to exchange them for an equal principal
amount of Securities of other denominations. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The
Registrar need not transfer or exchange any Security selected for redemption or purchase, except the unredeemed or unpurchased part thereof if the Security is redeemed or purchased in part, or transfer or exchange any Securities for a period of 15
days before a selection of Securities to be redeemed or purchased. 
  

	7.	Persons Deemed Owners. 

 The registered Holder of this Security shall be treated as the owner of it for all purposes. 
  

	8.	Unclaimed Money. 

Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon written request any money
held by them for the payment of principal or interest that remains unclaimed for two years, and thereafter, Holders entitled to the money must look to the Company for payment as general creditors. 

 

	9.	Amendment, Supplement, Waiver. 

 Subject to certain exceptions, the Indenture or the Securities may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the outstanding Securities of
each Series affected by the amendment and any past default or compliance with any provision relating to any Series of the Securities may be waived in a particular instance with the consent of the Holders of a majority in principal amount of the
outstanding Securities of such Series.6 Without the
consent of any Securityholder, the Company and the Trustee may amend or supplement the Indenture or the Securities in certain respects as specified in the Indenture. 
  

	10.	Successor Corporation. 

 When a successor corporation assumes all the obligations of its predecessor under the Securities and the Indenture, the predecessor corporation will be released from those obligations. 

 
  

	3	 If applicable. 

	4	 Insert applicable denominations and multiples. 

	5	 Insert applicable denominations and multiples. 

	6	 If different terms apply, insert a brief summary thereof. 

  
 A-3

	11.	Trustee Dealings With Company. 

 Subject to certain limitations imposed by the TIA, 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 Trustee, including owning or pledging the Securities. 
  

	12.	No Recourse Against Others. 

 No recourse under or upon any obligation, covenant or agreement of the Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, may be had against any stockholder,
officer, director, employee, incorporator, partner, member or manager, past, present or future as such, of the Company. Each Holder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration
for the issue of the Securities. The waiver may not be effective to waive liabilities under the federal securities laws. 
  

	13.	Discharge of Indenture. 

 The Indenture contains certain provisions pertaining to defeasance, satisfaction and discharge, which provisions shall for all purposes have the same effect as if set forth herein. 

 

	14.	Authentication. 

This Security shall not be valid until an authorized signatory of the Trustee signs the certificate of authentication on the other side of
this Security. 
  

	15.	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 Gift to Minors Act). 
  

	16.	GOVERNING LAW. 

THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK. 

 

	17.	CUSIP and ISIN Numbers. 

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

	18.	Copies. 

 The
Company will furnish to any Holder upon written request and without charge a copy of the Indenture and the applicable Authorizing Resolution or supplemental indenture. Requests may be made to: Callaway Golf Company, 2180 Rutherford Road, Carlsbad,
California 92008, Attention: Chief Financial Officer. 

  
 A-4

 ASSIGNMENT FORM 
 If you the Holder want to assign this Security, fill in the form below: 
  

	
	I or we assign and transfer this Security to
	
	  

	(Insert assignee’s social security or tax ID number)
	
	  

	
	  

	
	  

	
	  

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

 and irrevocably appoint
                                         
                                         
                                         
                                         
                                         
                        agent to transfer this Security 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 Security) 
 Signature
Guarantee:                                       
                                         
                                         
                                         
           

  
 A-5

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