Document:

EX-4.2

 Exhibit 4.2 
  

 
  

RALPH LAUREN CORPORATION, 
 as
Issuer and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Trustee 
  

 
 FOURTH
SUPPLEMENTAL INDENTURE 
 Dated as of June 3, 2020 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
	 SECTION 1.1.
	 	 Provisions of the Base Indenture
	  	 	1	 
	 SECTION 1.2.
	 	 Definitions
	  	 	2	 
	 SECTION 1.3.
	 	 Other Definitions
	  	 	5	 
	 ARTICLE II THE NOTES
	  	 	5	 
	 SECTION 2.1.
	 	 Designation and Principal Amount
	  	 	5	 
	 SECTION 2.2.
	 	 Stated Maturity
	  	 	6	 
	 SECTION 2.3.
	 	 Interest
	  	 	6	 
	 SECTION 2.4.
	 	 Form, Dating, Title and Terms
	  	 	6	 
	 ARTICLE III REDEMPTION
	  	 	7	 
	 SECTION 3.1.
	 	 Redemption by the Company
	  	 	7	 
	 ARTICLE IV OTHER MODIFICATIONS OF THE BASE INDENTURE
	  	 	8	 
	 SECTION 4.1.
	 	 Obligations with Respect to Transfers and Exchanges of Notes
	  	 	8	 
	 SECTION 4.2.
	 	 Limitations on Liens
	  	 	9	 
	 SECTION 4.3.
	 	 Limitation on Sale Leaseback Transactions
	  	 	11	 
	 SECTION 4.4.
	 	 Compliance Certificate
	  	 	12	 
	 SECTION 4.5.
	 	 Repayment to the Company
	  	 	13	 
	 SECTION 4.6.
	 	 Amendments
	  	 	13	 
	 ARTICLE V REPURCHASE
	  	 	14	 
	 SECTION 5.1.
	 	 Change of Control Repurchase Event
	  	 	14	 
	 ARTICLE VI DEFEASANCE
	  	 	15	 
	 SECTION 6.1.
	 	 Defeasance by the Company
	  	 	15	 
	 ARTICLE VII MISCELLANEOUS
	  	 	15	 
	 SECTION 7.1.
	 	 Trust Indenture Act Controls
	  	 	15	 
	 SECTION 7.2.
	 	 Priority of Fourth Supplemental Indenture
	  	 	15	 
	 SECTION 7.3.
	 	 Governing Law
	  	 	15	 
	 SECTION 7.4.
	 	 Successors
	  	 	15	 
	 SECTION 7.5.
	 	 Multiple Originals
	  	 	15	 
	 SECTION 7.6.
	 	 Variable Provisions
	  	 	15	 
	 SECTION 7.7.
	 	 Table of Contents; Headings
	  	 	15	 
	 SECTION 7.8.
	 	 Waiver of Jury Trial
	  	 	16	 
	 SECTION 7.9.
	 	Force Majeure	  	 	16	 
	 SECTION 7.10.
	 	U.S.A. Patriot Act	  	 	16	 

 Exhibits 

Exhibit A – Form of 2022 Note 
 Exhibit B – Form of 2030
Note 

 FOURTH SUPPLEMENTAL INDENTURE, dated as of June 3, 2020 (this “Fourth
Supplemental Indenture”), between RALPH LAUREN CORPORATION, a Delaware corporation (the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Trustee (the “Trustee”).

 RECITALS OF THE COMPANY 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture, dated as of September 26, 2013 (the “Base
Indenture”), between the Company and the Trustee, providing for the issuance from time to time of the Company’s unsecured senior debt securities in one or more series (the “Securities”) and providing the terms and
conditions upon which the Securities are to be authenticated, issued and delivered; 
 WHEREAS, Section 2.1 of the Base Indenture
provides for the Company and the Trustee to enter into an indenture supplemental to the Base Indenture to establish the form or terms of Securities of any series as permitted therein; 

WHEREAS, pursuant to Section 2.1 of the Base Indenture, as supplemented by this Fourth Supplemental Indenture, the Company desires to
provide for the issuance of two new series of Securities to be known as its 1.700% Senior Notes due 2022 (the “2022 Notes”) and its 2.950% Senior Notes due 2030 (the “2030 Notes” and, together with the 2022 Notes,
the “Notes”), which are to be initially limited in aggregate principal amount as specified in this Fourth Supplemental Indenture and the terms, conditions and provisions of which are to be as specified in this Fourth Supplemental
Indenture; 
 WHEREAS, the Company has duly authorized the execution and delivery of this Fourth Supplemental Indenture to establish the
Notes as a series of Securities under the Base Indenture and to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered; and 

WHEREAS, all things necessary to make the Notes, when executed by the Company and authenticated and delivered hereunder and duly issued by the
Company, the valid obligations of the Company, and to make this Fourth Supplemental Indenture a valid agreement of the Company, in accordance with its terms, have been done. 

NOW, THEREFORE, THIS FOURTH SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and
proportionate benefit of all Holders of the Notes, as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.1. Provisions of the Base Indenture. Except as otherwise expressly provided herein, all the definitions, provisions, terms
and conditions of the Base Indenture shall 

  
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 remain in full force and effect with respect to the Notes. The Base Indenture, as amended and supplemented
by this Fourth Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture and this Fourth Supplemental Indenture shall be read, taken and considered as one and the same instrument for all purposes. 

Notwithstanding any other provision of this Fourth Supplemental Indenture, all provisions of this Fourth Supplemental Indenture are expressly
and solely for the benefit of the holders of the Notes, and any such provisions shall not be deemed to apply to any other Securities issued under the Base Indenture and shall not be deemed to amend, modify or supplement the Base Indenture for any
purpose other than with respect to the Notes. 
 SECTION 1.2. Definitions. For purposes of this Fourth Supplemental Indenture,
except as otherwise expressly provided herein or unless the context otherwise requires: 

(1)    Capitalized terms used in this Fourth Supplemental Indenture and not defined in this Fourth
Supplemental Indenture have the meanings ascribed thereto in the Base Indenture; 
 (2)    the term
“Notes” as defined in the Base Indenture and as used in any definition therein shall be deemed to include or refer to, as applicable, the Notes; 

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

 (4)    “including” means including without limitation; 

(5)    words in the singular include the plural and words in the plural include the singular; 

(6)    all references to Notes shall refer also to any Additional Notes issued in the form of Notes
pursuant to Section 2.14 of the Base Indenture; 
 (7)    all references to the date the Notes were
originally issued shall refer to the Issue Date or the date any Additional Notes were originally issued, as the case may be; 

(8)    all references herein to particular Sections or Articles shall refer to this Fourth Supplemental
Indenture unless otherwise so indicated; and 
 (9)    the following terms have the meanings given to
them in this Section 1.2: 
 “Change of Control” means: (1) any “person” or “group” of
related Persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, becomes the beneficial owner (as defined in Rules 13d 3 and 13d 5 under the Exchange Act, except that such
Person or group shall be deemed to have “beneficial ownership” of all shares that any such Person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly,
of more than 50% of the total voting power of the Voting Stock of the Company or any of its direct or indirect parent entities (or their successors by merger, consolidation or purchase of all or substantially all

  
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of their assets); or (2) the merger or consolidation of the Company with or into another Person or the merger of another Person with or into the Company or the merger of any Person with or
into a Subsidiary of the Company, unless the holders of a majority of the aggregate voting power of the Voting Stock of the Company, immediately prior to such transaction, hold securities of the surviving or transferee Person that represent,
immediately after such transaction, at least a majority of the aggregate voting power of the Voting Stock of the surviving or transferee Person; or (3) the first day on which a majority of the members of the Board of Directors of the Company
are not Continuing Directors; or (4) the sale, assignment, conveyance, transfer, lease or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of
the Company and its Subsidiaries taken as a whole to any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) other than to the Company or its Subsidiaries; or (5) the adoption by the stockholders of
the Company of a plan or proposal for the liquidation or dissolution of the Company. 
 “Comparable Treasury Issue” means
the U.S. Treasury security selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term (assuming, for such purpose, that the 2022 Notes mature on the stated maturity date and the 2030 Notes mature on the 2030
Notes Par Call Date) of such Notes. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the
arithmetic average of the Reference Treasury Dealer Quotations for such Redemption Date after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four Reference Treasury Dealer
Quotations, the arithmetic average of all Reference Treasury Dealer Quotations for such Redemption Date. 
 “Consolidated Net
Assets” means, as of the date of determination thereof, the excess of (1) the aggregate consolidated net book value of the assets of the Company and its Subsidiaries after all appropriate adjustments in accordance with GAAP (including,
without limitation, reserves for doubtful receivables, obsolescence, depreciation and amortization) over (2) all of the aggregate liabilities of the Company and its Subsidiaries, including all items which, in accordance with GAAP, would be
included on the liability side of the balance sheet (other than Equity Interests, treasury stock, capital surplus and retained earnings), in each case determined on a consolidated basis (after eliminating all inter-company items) in accordance with
GAAP; provided, however, that the calculation of Consolidated Net Assets shall not give effect to the treatment of operating leases as liabilities on the balance sheet in accordance with GAAP under Accounting Standards Update No. 2016-02, “Leases.” 
 “GAAP” means generally accepted accounting
principles in the United States of America in effect on the date of the Fourth Supplemental Indenture. 
 “Global Credit
Facility” means the Credit Agreement, dated as of August 12, 2019 and amended by the First Amendment, dated as of May 26, 2020, among the Company, RL Finance B.V., Ralph Lauren Europe Sàrl and Ralph Lauren Asia Pacific
Limited, as the borrowers, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, as the same 

  
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may be amended, supplemented or otherwise modified from time to time, and any successor credit agreement thereto (whether by renewal, replacement, refinancing or otherwise) that the Company in
good faith designates to be its principal credit agreement (taking into account the maximum principal amount of the credit facility provided thereunder, the recourse nature of the agreement and such other factors as the Company deems reasonable in
light of the circumstances), such designation (or the designation that at a given time there is no principal credit agreement) to be made by an Officers’ Certificate delivered to the trustee. 

“Holder” means the Person in whose name a Note is registered on the security register books of the Registrar. 

“Independent Investment Banker” means one of the Reference Treasury Dealers as may be appointed by the Company from time to
time. 
 “Issue Date” means the date on which the Notes are originally issued under this Fourth Supplemental Indenture.

 “Primary Treasury Dealer” means a primary U.S. Government securities dealer in New York City. 

“Reference Treasury Dealer” means BofA Securities, Inc., J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and two
other Primary Treasury Dealers selected by the Company, and each of their respective successors as may be appointed from time to time by the Company; provided, however, that if any of the foregoing ceases to be a Primary Treasury
Dealer, the Company will substitute another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with
respect to each Reference Treasury Dealer and any Redemption Date, the arithmetic average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Company by such Reference Treasury Dealer as of 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

“Remaining Scheduled Payments” means, with respect to any Note to be redeemed, the remaining scheduled payments of the
principal of and premium, if any, and interest on such Note that would be due after the related Redemption Date but for such redemption until the stated maturity date in the case of the 2022 Notes, or the 2030 Notes Par Call Date in the case of the
2030 Notes; provided, however, that, if such Redemption Date is not an Interest Payment Date with respect to such Note, the amount of the next scheduled interest payment thereon will be reduced by the amount of interest accrued thereon
to such Redemption Date. 
 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the
semiannual equivalent yield to maturity (computed as of the third Business Day immediately preceding that Redemption Date) of the Comparable Treasury Issue. In determining this rate, the Company will assume a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

  
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 SECTION 1.3. Other Definitions. 

 

					
	 Term
	  	Defined in Section	 
	 “Additional 2022 Notes”
	  	 	Section 2.1	 
	 “Additional 2030 Notes”
	  	 	Section 2.1	 
	 “Base Indenture”
	  	 	Recitals	 
	 “Company”
	  	 	Preamble	 
	 “Global Notes”
	  	 	Section 2.4	 
	 “Indenture”
	  	 	Recitals	 
	 “Interest Payment Date”
	  	 	Recitals	 
	 “Notes”
	  	 	Recitals	 
	 “Fourth Supplemental Indenture”
	  	 	Preamble	 
	 “Trustee”
	  	 	Preamble	 

 ARTICLE II 

THE NOTES 
 SECTION 2.1.
Designation and Principal Amount. The Notes are hereby authorized and are designated (a) the “1.700% Senior Notes due 2022”, in an initial aggregate principal amount of $500,000,000, which amount shall be specified in an
Authentication Order for the authentication and delivery of Notes pursuant to Article II of the Base Indenture and (b) the “2.950% Senior Notes due 2030”, in an initial aggregate principal amount of $750,000,000, which amount shall be
specified in an Authentication Order for the authentication and delivery of Notes pursuant to Article II of the Base Indenture. 
 In
addition, the Company shall be entitled to issue, from time to time, without the consent of the Holders, additional 2022 Notes (“Additional 2022 Notes”), which shall have identical terms as the 2022 Notes issued on the Issue Date,
and additional 2030 Notes (“Additional 2030 Notes” and, together with the Additional 2022 Notes, “Additional Notes”), which shall have identical terms as the 2030 Notes issued on the Issue Date (in each case, other
than with respect to the date of issuance, issue price and amount of interest payable on the first payment date applicable thereto), as the case may be, in an unlimited aggregate principal amount, which Additional 2022 Notes shall be consolidated
and form a single series with the 2022 Notes previously issued and Additional 2030 Notes shall be consolidated and form a single series with the 2030 Notes previously issued; provided that if any Additional 2022 Notes are not fungible with
the 2022 Notes issued on the Issue Date, or any Additional 2030 Notes are not fungible with the 2030 Notes issued on the Issue Date, in each case, for U.S. federal income tax purposes, such Additional Notes will have a separate CUSIP number. At any
time and from time to time, the Trustee shall, upon receipt of an Authentication Order, Officers’ Certificate and Opinion of Counsel, authenticate and deliver any Additional Notes in an aggregate principal amount specified in such
Authentication Order for such Additional Notes issued hereunder. 
 All 2022 Notes issued on the Issue Date and Additional 2022 Notes, if
any, will be treated as a single class for all purposes of this Indenture, including waivers, amendments, redemptions and offers to purchase. All 2030 Notes issued on the Issue Date and Additional 2030 Notes, if any, will be treated as a single
class for all purposes of this Indenture, including waivers, amendments, redemptions and offers to purchase 

  
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 SECTION 2.2. Stated Maturity. The Stated Maturity of the 2022 Notes shall be
June 15, 2022 and the Stated Maturity of the 2030 Notes shall be June 15, 2030. 
 SECTION 2.3. Interest. (a) The 2022
Notes shall bear interest at the rate of 1.700% per annum from June 3, 2020, or from the most recent Interest Payment Date to which interest has been paid on the Notes. Interest shall be payable semiannually on June 15 and December 15
of each year (each such date, an “Interest Payment Date”), commencing on December 15, 2020 to the Holders in whose names the 2022 Notes are registered at the close of business on the regular record date, as listed on the 2022
Notes, immediately preceding the related Interest Payment Date. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

(b)    The 2030 Notes shall bear interest at the rate of 2.950% per annum from June 3, 2020 or from the most recent
Interest Payment Date to which interest has been paid on the Notes. Interest shall be payable semiannually on June 15 and December 15 of each year (each such date, an “Interest Payment Date”), commencing on December 15,
2020, to the Holders in whose names the 2030 Notes are registered at the close of business on the regular record date, as listed on the 2030 Notes, immediately preceding the related Interest Payment Date. Interest shall be computed on the basis of a
360-day year comprised of twelve 30-day months. 
 SECTION
2.4. Form, Dating, Title and Terms. (a) The 2022 Notes shall be substantially in the form attached as Exhibit A and the 2030 Notes shall be substantially in the form attached as Exhibit B, in each case with such appropriate provisions as
are required or permitted by this Fourth Supplemental Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable laws or the rules of
any securities exchange or DTC or as may, consistently herewith, be determined by the Officers executing such Notes, as evidenced by their execution thereof. 

The Trustee’s certificate of authentication shall be substantially in the form set forth in Article II of the Base Indenture. 

The definitive Notes shall be printed, lithographed or engraved on a steel engraved border or on steel engraved borders or produced by any
combination of these methods, if required by any securities exchange on which the Notes may be listed, or may be produced in any other manner permitted by the rules of any securities exchange on which the Notes may be listed, all as determined by
the Officers executing such Notes, as evidenced by their execution of such Notes. 
 The 2022 Notes and the 2030 Notes shall each be issued
on the Issue Date in the form of a permanent global Note (each, a “Global Note” and, collectively, the “Global Notes”), deposited with the Trustee, as custodian for DTC, duly executed by the Company, authenticated
by the Trustee as provided in Article II of the Base Indenture and dated the date of their authentication. Each Global Note may be represented by more than one certificate, if so required by DTC’s rules regarding the maximum principal amount to
be represented by a single certificate. The aggregate principal amount of the Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC or its nominee, as hereinafter
provided. 

  
 6 

 The principal of and interest on the Notes shall be payable at the office or agency of the
Company maintained for such purpose in Minneapolis, Minnesota, or at such other office or agency of the Company as may be maintained for such purpose pursuant to Section 2.3 of the Base Indenture; provided, however, that at the
option of the Company, each installment of interest may be paid by (i) check mailed to addresses of the Persons entitled thereto as such addresses shall appear on the Note Register or (ii) upon request of any Holder of at least $1,000,000
principal amount of Notes, wire transfer to an account located in the United States maintained by the payee. Payments in respect of Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by wire
transfer of immediately available funds to the accounts specified by DTC. 
 (b)    Denominations. The Notes
shall be issuable only in fully registered form, without coupons, and only in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 

(c)    Legend for Global Notes. The Global Notes shall bear the legend set forth in Section 2.1(c) of the Base
Indenture on the face thereof. 
 (d)    Registrar and Paying Agent; Transfer and Exchange. The Notes shall be
subject to the provisions set forth in Sections 2.3 and 2.6 of the Base Indenture governing (i) payment of principal, premium, if any, and interest on the Notes, (ii) registration of transfer or exchange and (iii) maintenance of an
office or agency where Notes may be presented for payment. 
 ARTICLE III 

REDEMPTION 
 SECTION
3.1.    Redemption by the Company. (a) The 2022 Notes and the 2030 Notes may be redeemed at the option of the Company on the terms and conditions set forth in Section 3.1(b), Article III of the Base Indenture (as
modified and supplemented by Sections 3.1(b) through 3.1(f) below and the form of 2022 Notes included as Exhibit A or the form of 2030 Notes included as Exhibit B hereto, as applicable) and Section 6 and Section 7 of the form of 2022 Notes
included as Exhibit A or the form of 2030 Notes included as Exhibit B hereto, as applicable. 
 (b)    The 2022 Notes
shall be redeemable, in whole or in part, at any time and from time to time, at the option of the Company, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2022 Notes to be redeemed and (2) the sum of the
present values of the Remaining Scheduled Payments of principal and interest thereon (exclusive of interest accrued to, but not including, the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year comprised of twelve 30-day months) at the Treasury Rate plus 0.25% (25 basis points), plus, in each case, accrued and unpaid interest thereon to, but not
including, the Redemption Date. 
 (c)    The 2030 Notes shall be redeemable, in whole or in part, at any time and from
time to time, at the option of the Company, at a redemption price equal to the greater of (1) 

  
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100% of the principal amount of the 2030 Notes to be redeemed and (2) the sum of the present values of the Remaining Scheduled Payments of principal and interest thereon (exclusive of
interest accrued to, but not including, the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year comprised of twelve 30-day
months) at the Treasury Rate plus 0.40% (40 basis points), plus, in each case, accrued and unpaid interest thereon to, but not including, the Redemption Date; provided, however if the Company redeems any 2030 Notes on or after
March 15, 2030 (three months prior to the stated maturity date of the 2030 Notes, the “2030 Notes Par Call Date”), the redemption price for those 2030 Notes will equal 100% of the principal amount of the 2030
Notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption Date. 
 (d)    For
purposes of the Notes, the third paragraph of Section 3.2 of the Base Indenture is hereby amended and restated in its entirety to read as follows: 

“If fewer than all the Notes of a series then outstanding are to be redeemed, the Trustee shall select the Notes of such series to be
redeemed pro rata or by lot or by any other method that complies with applicable legal and securities exchange requirements, if any, and that the Trustee considers, in its discretion, to be fair and appropriate in accordance with methods generally
used at the time of selection by trustees in similar circumstances; provided, however, that Notes held in book entry form shall be selected in accordance with the applicable procedures of DTC, and the Trustee shall have no duty to
monitor or oversee such selection procedures.” 
 (e)    For purposes of the Notes, the first sentence of
Section 3.3 of the Base Indenture is hereby modified by replacing “30 days” with “10 days.” 

(f)    For purposes of the Notes, the first paragraph of Section 3.3 of the Base Indenture is hereby modified by
adding the following at the end thereof: 
 “The Company may provide in such notice that payment of the redemption price and
performance of the Company’s obligations with respect to such redemption may be performed by another Person.” 
 ARTICLE IV 

OTHER MODIFICATIONS OF THE BASE INDENTURE 

SECTION 4.1. Obligations with Respect to Transfers and Exchanges of Notes. For the purposes of the Notes, the text of
Section 2.6(c) of the Base Indenture is replaced in its entirety by the following: 
 SECTION 2.6(c). Obligations with
Respect to Transfers and Exchanges of Notes. 
 (1) To permit registrations of transfers and exchanges, the Company shall,
subject to the other terms and conditions of this Article II, execute and the Trustee shall authenticate Definitive Notes and Global Notes at the Registrar’s or co-registrar’s request. 

  
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 (2) No service charge shall be made to a Holder for any registration of
transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar
governmental charges payable upon exchange or transfer pursuant to Sections 3.6 or 9.5). 
 (3) The Registrar or co-registrar shall not be required to register the transfer of or exchange of any Note for a period beginning (1) 10 days before the mailing of a notice of an offer to repurchase or redeem Notes of any series and
ending at the close of business on the day of such mailing or (2) 15 days before an Interest Payment Date and ending on such Interest Payment Date. 

(4) Prior to the due presentation for registration of transfer of any Note, the Company, the Trustee, the Paying Agent, the
Registrar or any co-registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note
and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Company, the Trustee, the Paying Agent, the Registrar or any co-registrar shall be affected by notice to the
contrary. 
 (5) All Notes of any series issued upon any transfer or exchange pursuant to the terms of this Indenture shall
be the valid and legally binding obligation of the Company, shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes of such series surrendered upon such transfer or exchange. 

(6) Any Definitive Note delivered in exchange for an interest in a Global Note pursuant to Section 2.1(d) shall bear the
legend set forth in Section 2.1(c). 
 (7) The Company shall also provide or cause to be provided to the Trustee all
information reasonably necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may
conclusively rely on the information provided to it and shall have no responsibility or liability to verify or ensure the accuracy of such information. 

SECTION 4.2. Limitations on Liens. For the purposes of the Notes, the text of Section 4.2 of the Base Indenture is replaced in its
entirety by the following: 
 SECTION 4.2. Limitations on Liens. (a) So long as any Notes remain outstanding, the
Company may not directly or indirectly, incur, and will not permit any of its Subsidiaries to, directly or indirectly, incur any Indebtedness secured by a Lien upon (i) any properties or assets (including Capital Stock) of the Company or any of
its Subsidiaries or (ii) upon any shares of stock or Indebtedness of any of its Subsidiaries (whether such property, assets, shares of stock or Indebtedness are now existing or owned or hereafter created or acquired), in any such case unless,
prior to or concurrently with the incurrence of any such secured Indebtedness, or the grant of a Lien with respect to any 

  
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such Indebtedness to be so secured, the Notes (together with, at the option of the Company, any other Indebtedness of the Company or any of its Subsidiaries ranking equally in right of payment
with the Notes) shall be secured equally and ratably with (or, at the Company’s option, prior to) such Indebtedness to be so secured; provided, however, that the foregoing restrictions shall not apply to: 

(1)    Liens on property, shares of stock or Indebtedness existing with respect to any Person at the time
such Person becomes a Subsidiary of the Company or any of its Subsidiaries, provided that such Lien was not incurred in anticipation of such Person becoming a Subsidiary; 

(2)    Liens on property, shares of stock or Indebtedness existing at the time of acquisition thereof by
the Company or a Subsidiary of the Company or any of its Subsidiaries of such property, shares of stock or Indebtedness (which may include property previously leased by the Company or any of its Subsidiaries and leasehold interests on such property,
provided that the lease terminates prior to or upon the acquisition) or Liens on property, shares of stock or Indebtedness to secure the payment of all or any part of the purchase price of such property, shares of stock or Indebtedness, or
Liens on property, shares of stock or Indebtedness to secure any Indebtedness for borrowed money incurred prior to, at the time of, or within 18 months after, the latest of the acquisition of such property, shares of stock or Indebtedness, or, in
the case of property, the completion of construction, the completion of improvements or the commencement of substantial commercial operation of such property for the purpose of financing all or any part of the purchase price of the property, such
construction or the making of the improvements; 
 (3)    Liens securing Indebtedness of the Company or
any of the Company’s Subsidiaries owing to the Company or any of its Subsidiaries; 
 (4)    Liens
existing on the Issue Date for the Notes; 
 (5)    Liens on property or assets of a Person existing at
the time such Person is merged into or consolidated with the Company or any of its Subsidiaries, at the time such Person becomes a Subsidiary of the Company or at the time of a sale, lease or other disposition of all or substantially all of the
properties or assets of a Person to the Company or any of its Subsidiaries; provided that such Lien was not incurred in anticipation of such merger, consolidation, or sale, lease or other disposition or other transaction; 

(6)    Liens created in connection with a project financed with, and created to secure, a Non-recourse Obligation; 
 (7)    Liens securing the Notes (including
any Additional Notes) and any Liens that secure letters of credit issued under the Global Credit Facility; 

(8)    Liens imposed by law, such as carriers’, warehousemen’s and mechanic’s Liens and
other similar Liens, in each case for sums not yet 

  
 10 

 
overdue by more than 30 calendar days or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such
Person shall then be proceeding with an appeal or other proceedings for review and Liens arising solely by virtue of any statutory or common law provision relating to banker’s Liens, rights of set-off or
similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution; 

(9)    Liens for taxes, assessments or other governmental charges not yet due or payable or subject to
penalties for non-payment or that are being contested in good faith by appropriate proceedings; 

(10)    Liens to secure the performance of bids, trade contracts, leases, statutory obligations, surety and
appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 

(11)    Liens relating to accounts receivable of the Company or any of the Company’s Subsidiaries
which have been sold, assigned or otherwise transferred to another Person in a transaction classified as a sale of accounts receivable in accordance with generally accepted accounting principles, to the extent the sale by the Company or the
applicable Subsidiary is deemed to give rise to a Lien in favor of the purchaser thereof in such accounts receivable or the proceeds thereof; or 

(12)    any extension, renewal or replacement (or successive extensions, renewals or replacements), in
whole or in part, of any Lien referred to in the foregoing clauses (1) through (11) without increase of the principal of the Indebtedness secured by such Lien; provided, however, that any Liens permitted by any of the foregoing
clauses (1) through (11) shall not extend to or cover any property of the Company or any of its Subsidiaries, as the case may be, other than the property specified in such clauses and improvements to such property. 

(b) Notwithstanding the foregoing provisions of this Section 4.2, the Company and its Subsidiaries may (i) incur
Indebtedness secured by Liens that would otherwise be subject to the foregoing restrictions without equally and ratably securing the Notes; provided that after giving effect to such Indebtedness, the aggregate amount of all Indebtedness so
secured by Liens (not including Liens permitted under clauses (1) through (12) above), together with all Attributable Debt outstanding pursuant to Section 4.3(b) does not exceed 15% of the Consolidated Net Assets of the Company calculated
as of the date of the creation or incurrence of the Lien. The Company and its Subsidiaries also may, without equally and ratably securing the Notes, create or incur Liens that extend, renew, substitute or replace (including successive extensions,
renewals, substitutions or replacements), in whole or in part, any Lien permitted pursuant to the preceding sentence. 

  
 11 

 SECTION 4.3. Limitation on Sale Leaseback Transactions. For the purposes of the
Notes, the text of Section 4.3 of the Base Indenture is replaced in its entirety by the following: 
 SECTION 4.3. Limitation on
Sale and Leaseback Transactions. 
  

	 	(a)	 The Company shall not directly or indirectly, and shall not permit any of its Subsidiaries directly or
indirectly to, enter into any sale and leaseback transaction for the sale and leasing back of any property, whether now owned or hereafter acquired, unless: 

(1)    such transaction was entered into prior to the Issue Date; 

(2)    such transaction was for the sale and leasing back to the Company or any of its Subsidiaries of any
property by the Company or one of its Subsidiaries; 
 (3)    such transaction involves a lease for not
more than three years (or that may be terminated by the Company or such Subsidiary within a period of not more than three years); 

(4)    the Company or such Subsidiary would be entitled to incur Indebtedness secured by a Lien with
respect to such sale and leaseback transaction without equally and ratably securing the Notes pursuant to clauses (1) through (11) of Section 4.2(a); or 

(5)    the Company or any Subsidiary of the Company applies an amount equal to the net proceeds from the
sale of such property to the purchase of other property or assets used or useful in the business of the Company or of any of its Subsidiaries or to the retirement of long-term Indebtedness within 270 days before or after the effective date of any
such sale and leaseback transaction; provided that, in lieu of applying such amount to the retirement of long-term Indebtedness, the Company may deliver Notes to the Trustee for cancellation, such Notes to be credited at the cost thereof to
the Company. 
  

	 	(b)	 Notwithstanding the restrictions set forth in Section 4.3(a), the Company and its Subsidiaries may enter
into any sale and leaseback transaction that would otherwise be subject to the foregoing restrictions, if after giving effect thereto the aggregate amount of all Attributable Debt outstanding with respect to such transactions, together with all
Indebtedness outstanding pursuant to Section 4.2(b), does not exceed 15% of the Consolidated Net Assets of the Company calculated as of the closing date of the sale and leaseback transaction. 

SECTION 4.4. Compliance Certificate. For the purposes of the Notes, the text of Section 4.5 of the Base Indenture is replaced in
its entirety by the following: 
 SECTION 4.5. Compliance Certificate. The Company will deliver to the Trustee, within
120 days after the end of each fiscal year of the Company ending after the date of the Fourth Supplemental Indenture, an Officers’ Certificate signed by its principal executive officer, principal financial officer or principal accounting
officer which shall 

  
 12 

 
comply with the provisions of Section 314 of the Trust Indenture Act, stating whether or not to the knowledge of the signers thereof any Default in the performance and observance of any of
the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) occurred during the previous fiscal year, specifying all such Defaults and the nature and status thereof of
which they may have knowledge. 
 SECTION 4.5. Repayment to the Company. For the purposes of the Notes, the text of Section 8.4
of the Base Indenture is replaced in its entirety by the following: 
 SECTION 8.4. Repayment to the Company. The Trustee and the
Paying Agent shall promptly turn over to the Company upon request any excess money or securities held by them at any time. 
 Subject to any
applicable abandoned property and escheatment laws, 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 after the date of
payment of such principal and interest, and, thereafter, Noteholders entitled to the money must look to the Company for payment as general creditors. 

Any unclaimed funds held by the Trustee pursuant to this Section 8.4 shall be held uninvested and without any liability for interest. 

SECTION 4.6. Amendments. For the purposes of the Notes, the text of Section 9.2 of the Base Indenture is replaced in its entirety
by the following: 
 SECTION 9.2. With Consent of Holders. The Company and the Trustee may amend this Indenture or
the Notes of a series without notice to any Noteholder but with the written consent of the Holders of at least a majority in principal amount of the Notes then outstanding of such series (including consents obtained in connection with a tender offer
or exchange for Notes). However, without the consent of each Noteholder affected, an amendment may not: 

(1)    change the Stated Maturity of the principal of, or installment of interest on, any Note; 

(2)    reduce the principal amount of, or the rate of interest on, any Notes; 

(3)    reduce any premium, if any, payable on the redemption or required repurchase of any Note or change
the date on which any Note may be redeemed or required to be repurchased; 
 (4)    change the coin or
currency in which the principal of, premium, if any, or interest on any Note is payable; 
 (5)    impair
the right of any Holder to institute suit for the enforcement of any payment on or after the Stated Maturity of any Note; 

  
 13 

 (6)    reduce the percentage in principal amount of the
outstanding Notes of a series, the consent of whose Holders is required in order to take certain actions; 

(7)    reduce the percentage of Holders of Notes of a series whose consent is needed to modify or amend
this Indenture or such Notes; 
 (8)    after the time an offer to repurchase the Notes of a series in
the Change of Control Repurchase Event is required to have been made, waive such requirement or reduce the purchase amount or purchase price, or extend the latest expiration date or purchase date thereunder; 

(9)    modify any of the provisions of this Indenture regarding the waiver of past defaults and the waiver
of certain covenants by Holders of Notes of a series except to increase any percentage vote required or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the holder of each Note affected
thereby; or 
 (10)    modify any of the above provisions of this Section 9.2. 

It shall not be necessary for the consent of the Holders under this Section 9.2 to approve the particular form of any
proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment under
this Section 9.2 becomes effective, the Company shall mail to Noteholders a notice briefly describing such amendment. The failure to give such notice to all Noteholders, or any defect therein, shall not impair or affect the validity of an
amendment under this Section 9.2. 
 ARTICLE V 

REPURCHASE 
 SECTION 5.1.
Change of Control Repurchase Event. (a) Upon the occurrence of a Change of Control Repurchase Event with respect to the Notes of a series, the Company shall be required to make a Change of Control Offer with respect to such Notes in
accordance with the terms and conditions of Section 4.4 of the Base Indenture (as modified and supplemented by Section 5.1(b) below and the form of Notes included as Exhibit A hereto or the form of Notes included as Exhibit B hereto, as
applicable) and Section 5 of the form of Notes included as Exhibit A hereto or Section 5 the form of Notes included as Exhibit B hereto, as applicable. 

(b)    For purposes of the Notes, the first paragraph of Section 4.4 of the Base Indenture is hereby modified by
adding the following at the end thereof: 
 “Neither the Trustee nor any Paying Agent (whether or not the Trustee acts in the capacity
of a Paying Agent) shall be responsible for monitoring the Company’s ratings, making any request upon any Rating Agency, or determining whether any Ratings Event, or Change of Control Repurchase Event has occurred.” 

  
 14 

 ARTICLE VI 

DEFEASANCE 
 SECTION 6.1.
Defeasance by the Company. The Notes shall be subject to defeasance at the option of the Company in accordance with the terms and conditions set forth in Article VIII of the Base Indenture. 

ARTICLE VII 
 MISCELLANEOUS

 SECTION 7.1. Trust Indenture Act Controls. If any provision of the Indenture limits, qualifies or conflicts with the duties
imposed by, or with another provision included or that is required to be included in the Indenture by the Trust Indenture Act, the duty or provision required by the Trust Indenture Act shall control. 

SECTION 7.2. Priority of Fourth Supplemental Indenture. If any conflict arises between the terms of the Base Indenture and the terms of
this Fourth Supplemental Indenture, the terms of this Fourth Supplemental Indenture shall be controlling and supersede such conflicting terms of the Base Indenture. 

SECTION 7.3. Governing Law. The Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the
State of New York. 
 SECTION 7.4. Successors. All agreements of the Company in the Indenture and the Notes shall bind its
successors and assigns. All agreements of the Trustee in the Indenture shall bind its successors. 
 SECTION 7.5. Multiple Originals.
The parties may sign any number of copies of this Fourth Supplemental Indenture. Each signed copy shall be deemed an original, but all of them together represent the same agreement. One signed copy is enough to prove this Fourth Supplemental
Indenture. The exchange of copies of this Fourth Supplemental Indenture and of signature pages by facsimile or PDF transmission, shall constitute effective execution and delivery of this Fourth Supplemental Indenture as to the parties hereto and may
be used in lieu of the original Fourth Supplemental Indenture for all purposes. Signatures of the parties hereto (including with respect to the Notes for the Company) transmitted by facsimile or PDF shall be deemed to be their original
signatures for all purposes. 
 SECTION 7.6. Variable Provisions. The Company initially appoints the Trustee as Paying Agent and
Registrar and custodian with respect to any Global Notes. 
 SECTION 7.7. Table of Contents; Headings. The table of contents, cross-
reference sheet and headings of the Articles and Sections of this Fourth Supplemental Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms
or provisions hereof. 

  
 15 

 SECTION 7.8. 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 TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

SECTION 7.9. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, pandemics, epidemics, recognized public emergencies, quarantine restrictions, accidents,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the
Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

SECTION 7.10. U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. 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 Fourth Supplemental 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 U.S.A. Patriot Act.

 [Signature Pages Follow] 

  
 16 

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

			
	RALPH LAUREN CORPORATION
		
	By:	 	 /s/ Jane Hamilton Nielson 

		 	Name: Jane Hamilton Nielson
		 	Title: Chief Operating Officer and
          Chief Financial Officer

 [Signature Page to Fourth Supplemental Indenture] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee
		
	By:	 	 /s/ Gregory S. Clarke 

		 	Name: Gregory S. Clarke
		 	Title: Vice President

  
 [Signature Page to Fourth
Supplemental Indenture] 

 Exhibit A 

[FORM OF FACE OF NOTE] 
 RALPH
LAUREN CORPORATION 
 1.700% SENIOR NOTES DUE 2022 
  

									
	No.     	  		  		  	 Principal Amount $        

[(subject to adjustment as reflected in the Schedule of Increases and Decreases in Global Note attached hereto)]1

				
		  		  		  	 CUSIP NO.   731572 AA1

				
		  		  		  	   ISIN NO.     US731572AA14

 Ralph Lauren Corporation, a Delaware corporation, for value received, promises to pay to
                    , or registered assigns, the principal sum of
                     Dollars (subject to adjustment as reflected in the Schedule of Increases and Decreases in Global Note attached hereto) on
June 15, 2022. 
 Interest Payment Dates: June 15 and December 15 of each year, commencing on [December 15, 2020] [first
interest payment date relating to any Additional Notes]. 
 Record Dates: June 1 and December 1 of each year (whether or not a
Business Day). 
 Additional provisions of this Note are set forth on the other side of this Note. 

 
  

	1 	 To be inserted if a Global Note. 

 IN WITNESS WHEREOF, RALPH LAUREN CORPORATION has caused this Note to be duly executed. 

Dated:              ,          

 

			
	RALPH LAUREN CORPORATION
		
	By	 	
                    

		 	Name:
		 	Title:

  

			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

	
	This is one of the Notes referred to in the within-mentioned Indenture.
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

    as Trustee

		
	By	 	
                    

		 	Authorized Signatory

 Dated:              ,
         

 [FORM OF REVERSE SIDE OF NOTE] 

[Reverse Side of Note] 
 1.700%
Senior Notes due 2022 
  

	1.	 Interest 

Ralph Lauren Corporation, a Delaware corporation (together with its successors and assigns under the Indenture hereinafter referred to, being
herein called the “Company”), promises to pay interest on the principal amount of this Note at the rate of 1.700% per annum. 

The Company shall pay interest semiannually on June 15 and December 15 of each year (each such date, an “Interest Payment
Date”), commencing on [December 15, 2020][first interest payment date relating to any Additional Notes]. Interest on the Notes shall accrue from [June 3, 2020][date of issuance of any Notes], or from the most recent date to which interest
has been paid on the Notes. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

 

	2.	 Method of Payment 

By no later than 11:00 a.m. (New York City time) on the date on which any principal of or interest on any Note is due and payable, the Company
shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal and/or interest. The Company shall pay interest (except defaulted interest) to the Persons who are registered Holders of Notes at the close of
business on the June 1 and December 1 immediately preceding the Interest Payment Date even if Notes are cancelled, repurchased or redeemed after the record date and on or before the Interest Payment Date. Holders must surrender Notes to a
Paying Agent to collect principal payments. The Company shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. Payments in respect of Notes represented by a
Global Note (including principal, premium, if any, and interest) shall be made by the transfer of immediately available funds to the accounts specified by The Depository Trust Company. The Company may make all payments in respect of a Definitive
Note (including principal, premium, if any, and interest) by mailing a check to the registered address of each Holder thereof or by wire transfer to an account located in the United States maintained by the payee. 

 

	3.	 Paying Agent and Registrar 

Wells Fargo Bank, National Association, a national banking association (the “Trustee”), shall initially act as Paying Agent
and Registrar. The Company may appoint and change any Paying Agent or Registrar without notice to any Noteholder. The Company or any of its domestically organized wholly-owned Subsidiaries may act as Paying Agent. 

  
 1 

	4.	 Indenture 

The Company issued the Notes under an Indenture, dated as of September 26, 2013 (as it may be amended or supplemented from time to time in
accordance with the terms thereof, the “Base Indenture”), as supplemented by the Fourth Supplemental Indenture, dated as of June 3, 2020 (as it may be amended or supplemented from time to time in accordance with the terms
thereof, the “Fourth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between the Company and the Trustee. The terms of the Notes include those stated in the Indenture and those made
part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Trust Indenture Act”). Terms used herein and not defined herein
have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Noteholders are referred to the Indenture and the Trust Indenture Act for a statement of those terms. To the extent any provision of this Note
conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 
 The Notes are
senior unsecured obligations of the Company. The Note is one of the Notes referred to in the Fourth Supplemental Indenture. The Notes of this series include the Notes of this series issued on the Issue Date and any Additional Notes of this series
issued in accordance with Section 2.14 of the Base Indenture. The Notes of this series and any Additional Notes of this series are treated as a single class of securities under the Indenture. The Indenture imposes certain limitations on the
ability of the Company and its Subsidiaries to create liens, enter into sale and leaseback transactions and enter into mergers and consolidations. 
  

	5.	 Change of Control Repurchase Event 

Upon the occurrence of a Change of Control Repurchase Event, the Company will be required to make an offer to each Holder to repurchase all or
any part (in excess of $2,000 and in integral multiples of $1,000) of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase plus accrued and unpaid interest to, but not including,
the date of purchase, in accordance with the terms contemplated in Section 4.4 of the Base Indenture (as modified and supplemented by Section 5.1(b) of the Fourth Supplemental Indenture) and this Section 5. Neither the Trustee nor any
Paying Agent (whether or not the Trustee acts in the capacity of a Paying Agent) shall be responsible for monitoring the Company’s ratings, making any request upon any Rating Agency, or determining whether any Ratings Event, or Change of
Control Repurchase Event has occurred. 
  

	6.	 Redemption 

The Notes shall be redeemable, in whole or in part, at any time and from time to time, at the option of the Company, at a redemption price
equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the Remaining Scheduled Payments of principal and interest thereon (exclusive of interest accrued to, but not
including, the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year comprised of twelve 30-day months) at the Treasury Rate
plus 0.25% (25 basis points), plus, in each case, accrued and unpaid interest thereon to, but not including, the Redemption Date. 

  
 2 

 “Comparable Treasury Issue” means the U.S. Treasury security selected by an
Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of comparable maturity to the remaining term (assuming, for such purpose, that the Notes mature on the stated maturity date) of such Notes. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the arithmetic average of the Reference
Treasury Dealer Quotations for such Redemption Date after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four Reference Treasury Dealer Quotations, the arithmetic average of all
Reference Treasury Dealer Quotations for such Redemption Date. 
 “Independent Investment Banker” means one of the
Reference Treasury Dealers as may be appointed by the Company from time to time. 
 “Primary Treasury Dealer” means a
primary U.S. Government securities dealer in New York City. 
 “Reference Treasury Dealer” means BofA Securities, Inc.,
J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and two other Primary Treasury Dealers selected by the Company, and each of their respective successors and any other Primary Treasury Dealers selected by the Company; provided,
however, that if any of the foregoing ceases to be a Primary Treasury Dealer, the Company will substitute another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
arithmetic average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer as of
3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 “Remaining Scheduled Payments”
means, with respect to any Note to be redeemed, the remaining scheduled payments of the principal of and premium, if any, and interest on such Note that would be due after the related Redemption Date but for such redemption until its stated
maturity; provided, however, that, if such Redemption Date is not an Interest Payment Date with respect to such Note, the amount of the next scheduled interest payment thereon will be reduced by the amount of interest accrued thereon
to such Redemption Date. 
 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the
semiannual equivalent yield to maturity (computed as of the third Business Day immediately preceding that Redemption Date) of the Comparable Treasury Issue. In determining this rate, the Company will assume a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

  
 3 

	7.	 Notice of Redemption 

At least 10 days but not more than 60 days before a date for redemption of Notes by the Company pursuant to Article III of the Fourth
Supplemental Indenture, Article III of the Base Indenture (as modified and supplemented by Sections 3.1(b), 3.1(c), 3.1(d) and 3.1(e) of the Fourth Supplemental Indenture) and Sections 6 and 7 hereof, the Company shall mail (or, at the
Company’s option in the case of Notes held in book-entry form, send by electronic transmission) a notice of redemption by first-class mail to each Holder of Notes to be redeemed at its registered address. Notes in denominations of principal
amount larger than $2,000 may be redeemed in part but only in integral multiples of $1,000 in excess thereof. If money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes (or portions thereof, if applicable) to be
redeemed on the date of redemption is deposited with the Paying Agent on or before 11:00 a.m. (New York City time) on such redemption date (or, if the Company or any of its Subsidiaries is the Paying Agent, such money is segregated and held in
trust) and certain other conditions are satisfied, on and after such date interest shall cease to accrue on such Notes (or such portions thereof) called for redemption. 
  

	8.	 Denominations; Transfer; Exchange 

The Notes are in fully registered form without coupons in denominations of principal amount of $2,000 and integral multiples of $1,000 in
excess thereof. A Holder may register, transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) for a
period beginning 15 days before the mailing of a notice of redemption of Notes to be redeemed and ending on the date of such mailing. 
  

	9.	 Persons Deemed Owners 

The registered holder of this Note shall be treated as the owner of it for all purposes. 

 

	10.	 Unclaimed Money 

Subject to any applicable abandoned property and escheatment laws, if money for the payment of principal or interest remains unclaimed for two
years after the date of payment of principal and interest, the Trustee or Paying Agent shall pay the money back to the Company at its request. After any such payment, Holders entitled to the money must look only to the Company and not to the Trustee
for payment. 
  

	11.	 Defeasance 

Subject to certain conditions set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the Notes
of this series and the Indenture as it relates to the Notes of this series if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal of and interest on the Notes to redemption or maturity, as the case
may be. 

  
 4 

	12.	 Amendment, Waiver 

Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended with the written consent of the
Holders of at least a majority in principal amount of the outstanding Notes and (ii) any default or noncompliance with any provision of the Indenture or the Notes may be waived with the written consent of the Holders of a majority in principal
amount of the outstanding Notes (including consents obtained in connection with a tender offer or exchange for Notes). However, the Indenture requires the consent of each Noteholder that would be affected for certain specified amendments or
modifications of the Indenture and the Notes. Subject to certain exceptions set forth in the Indenture, without the consent of any Noteholder, the Company and the Trustee may amend the Indenture or the Notes, among other things, to cure any
ambiguity, omission, defect or inconsistency, or to evidence the succession of another Person to the Company and the assumption by any such Person of the obligations of the Company in accordance with Article V of the Indenture, or to add any
additional Events of Default, or to add to the covenants of the Company for the benefit of the Holders of the Notes or surrender rights and powers conferred on the Company, or to add one or more guarantees for the benefit of the Holders of the
Notes, or to add collateral security with respect to the Notes, or to add or appoint a successor or separate trustee or other agent, or to provide for the issuance of Additional Notes, or to comply with any requirements in connection with qualifying
the Indenture under the Trust Indenture Act, or to comply with the rules of any applicable securities depository, or to provide for uncertificated Notes in addition to or in place of certificated Notes, or to change any other provision if the
change does not adversely affect in any material respect the interests of any Noteholder. 
  

	13.	 Defaults and Remedies 

Under the Indenture, Events of Default include (i) default in payment of interest on the Notes of this series that continues for 30 days;
(ii) default in payment of principal of or premium on the Notes of this series at its stated maturity, upon optional redemption or otherwise; (iii) failure by the Company to repurchase Notes of this series tendered for repurchase following
a Change of Control Repurchase Event, (iv) failure by the Company to comply with any covenant or agreement in the Indenture or the Notes, which continues for 90 days after written notice to the Company by the Trustee or to the Company and the
Trustee by the Holders of not less than 25% in principal amount of outstanding notes; (v) failure to make any payment at maturity, including any applicable grace period, in respect of Indebtedness of the Company or the Company’s
Subsidiaries (other than Indebtedness of the Company or of any of its Subsidiaries owing to the Company or any of its Subsidiaries) with an aggregate principal amount then outstanding in excess of $100,000,000, subject to certain conditions;
(vi) default in respect of other Indebtedness of the Company or the Company’s Subsidiaries (other than Indebtedness of the Company or of any of its Subsidiaries owing to the Company or any of its Subsidiaries) in an amount in excess of
$100,000,000, which results in the acceleration of such Indebtedness, subject to certain conditions; and (vii) certain events of bankruptcy or insolvency involving the Company. 

  
 5 

 If an Event of Default occurs and is continuing with respect to Notes of this series, the
Trustee or the Holders of at least 25% in aggregate principal amount of the Notes of this series may declare all the Notes of this series to be due and payable immediately. Certain events of bankruptcy or insolvency involving the Company are Events
of Default which will result in the Notes of this series being due and payable immediately upon the occurrence of such Events of Default. 

Noteholders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or
the Notes unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Notes of this series may direct the Trustee in its exercise of any trust or power. The Trustee
may withhold from Noteholders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal or interest) if it in good faith determines that withholding notice is not opposed to their interest.

  

	14.	 Trustee Dealings with the Company 

Subject to certain limitations set forth in the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become
the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company and may otherwise deal with the Company with the same rights it would have if it were not Trustee. 

 

	15.	 No Recourse Against Others 

A director, officer, employee or stockholder (other than the Company), as such, of the Company shall not have any liability for any obligations
of the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Noteholder waives and releases all such liability. The waiver and release are part
of the consideration for the issue of the Notes. 
  

	16.	 Authentication 

This Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent acting on its behalf) manually signs the
certificate of authentication on the other side of this Note. 
  

	17.	 Abbreviations 

Customary abbreviations may be used in the name of a Noteholder or an assignee, such as TEN COM (tenants in common), TEN ENT (tenants by the
entirety), JT TEN (joint tenants with rights of survivorship and not as tenants in common), CUST (custodian) and U/G/M/A (Uniform Gift to Minors Act). 
  

	18.	 CUSIP and ISIN Numbers 

The Company has caused CUSIP and ISIN numbers and/or other similar numbers to be printed on the Notes and has directed the Trustee to use CUSIP
and ISIN numbers and/or other similar numbers in notices of redemption as a convenience to Noteholders. No 

  
 6 

 
representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification
numbers placed thereon. 
  

	19.	 Governing Law 

This Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
 7 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 

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

(Insert assignee’s Social Security or Tax I.D. No.) 

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

 
  

			
	
	Date:                     
                                    Your Signature:
                                        

		
	Signature Guarantee:
                                         
           	  	
	(Signature must be guaranteed by a participant in a recognized Signature	  	
	Guarantee Medallion Program or other signature guarantor program reasonably acceptable to the Trustee)	  	

  
  

Sign exactly as your name appears on the other side of this Note. 

  
 8 

 [TO BE ATTACHED IF A GLOBAL NOTE] 

SCHEDULE OF INCREASES AND DECREASES IN GLOBAL NOTE 

The following increases and decreases in this Global Note have been made: 

 

																	
	 Date of
Decrease or
Increase
	  	Amount of decrease in Principal
Amount of this Global Note	 	  	Amount of increase in Principal
Amount of this Global Note	 	  	Principal Amount of this Global
Note following such decrease or
increase	 	  	Signature of authorized
signatory of Trustee or
Securities Custodian	 
		  				  				  				  			

  
 9 

 Exhibit B 

[FORM OF FACE OF NOTE] 
 RALPH
LAUREN CORPORATION 
 2.950% SENIOR NOTES DUE 2030 
  

									
	No.     	  		  		  	 Principal Amount $        

[(subject to adjustment as reflected in the Schedule of Increases and Decreases in Global Note attached hereto)]2

				
		  		  		  	 CUSIP NO.       731572 AB9

				
		  		  		  	   ISIN NO.         US731572AB96

 Ralph Lauren Corporation, a Delaware corporation, for value received, promises to pay to
                    , or registered assigns, the principal sum of
                     Dollars (subject to adjustment as reflected in the Schedule of Increases and Decreases in Global Note attached hereto) on
June 15, 2030. 
 Interest Payment Dates: June 15 and December 15 of each year, commencing on [December 15, 2020] [first
interest payment date relating to any Additional Notes]. 
 Record Dates: June 1 and December 1 of each year (whether or not a
Business Day). 
 Additional provisions of this Note are set forth on the other side of this Note. 

 
  

	2 	 To be inserted if a Global Note. 

 IN WITNESS WHEREOF, RALPH LAUREN CORPORATION has caused this Note to be duly executed. 

Dated:                  ,      

 

			
	RALPH LAUREN CORPORATION
		
	By	 	             

		 	Name:
		 	Title:

  

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	This is one of the Notes referred
	to in the within-mentioned Indenture.
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    as Trustee
		
	By	 	          

		 	Authorized Signatory

 Dated:              ,      

 [FORM OF REVERSE SIDE OF NOTE] 

[Reverse of Note] 
 2.950% Senior
Notes due 2030 
  

	1.	 Interest 

Ralph Lauren Corporation, a Delaware corporation (together with its successors and assigns under the Indenture hereinafter referred to, being
herein called the “Company”), promises to pay interest on the principal amount of this Note at the rate of 2.950% per annum. 

The Company shall pay interest semiannually on June 15 and December 15 of each year (each such date, an “Interest Payment
Date”), commencing on [December 15, 2020] [first interest payment date relating to any Additional Notes]. Interest on the Notes shall accrue from [June 3, 2020][date of issuance of any Notes], or from the most recent date to which interest
has been paid on the Notes. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

 

	2.	 Method of Payment 

By no later than 11:00 a.m. (New York City time) on the date on which any principal of or interest on any Note is due and payable, the Company
shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal and/or interest. The Company shall pay interest (except defaulted interest) to the Persons who are registered Holders of Notes at the close of
business on the June 1 and December 1 immediately preceding the Interest Payment Date even if Notes are cancelled, repurchased or redeemed after the record date and on or before the Interest Payment Date. Holders must surrender Notes to a
Paying Agent to collect principal payments. The Company shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. Payments in respect of Notes represented by a
Global Note (including principal, premium, if any, and interest) shall be made by the transfer of immediately available funds to the accounts specified by The Depository Trust Company. The Company may make all payments in respect of a Definitive
Note (including principal, premium, if any, and interest) by mailing a check to the registered address of each Holder thereof or by wire transfer to an account located in the United States maintained by the payee. 

 

	3.	 Paying Agent and Registrar 

Wells Fargo Bank, National Association, a national banking association (the “Trustee”), shall initially act as Paying Agent
and Registrar. The Company may appoint and change any Paying Agent or Registrar without notice to any Noteholder. The Company or any of its domestically organized wholly-owned Subsidiaries may act as Paying Agent. 

  
 12 

	4.	 Indenture 

The Company issued the Notes under an Indenture. dated as of September 26, 2013 (as it may be amended or supplemented from time to time in
accordance with the terms thereof, the “Base Indenture”), as supplemented by the Fourth Supplemental Indenture, dated as of June 3, 2020 (as it may be amended or supplemented from time to time in accordance with the terms
thereof, the “Fourth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between the Company and the Trustee. The terms of the Notes include those stated in the Indenture and those made
part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Trust Indenture Act”). Terms used herein and not defined herein
have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Noteholders are referred to the Indenture and the Trust Indenture Act for a statement of those terms. To the extent any provision of this Note
conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 
 The Notes are
senior unsecured obligations of the Company. The Note is one of the Notes referred to in the Fourth Supplemental Indenture. The Notes of this series include the Notes of this series issued on the Issue Date and any Additional Notes of this series
issued in accordance with Section 2.14 of the Base Indenture. The Notes of this series and any Additional Notes of this series are treated as a single class of securities under the Indenture. The Indenture imposes certain limitations on the
ability of the Company and its Subsidiaries to create liens, enter into sale and leaseback transactions and enter into mergers and consolidations. 
  

	5.	 Change of Control Repurchase Event 

Upon the occurrence of a Change of Control Repurchase Event, the Company will be required to make an offer to each Holder to repurchase all or
any part (in excess of $2,000 and in integral multiples of $1,000) of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase plus accrued and unpaid interest to, but not including,
the date of purchase, in accordance with the terms contemplated in Section 4.4 of the Base Indenture (as modified and supplemented by Section 5.1(b) of the Fourth Supplemental Indenture) and this Section 5. Neither the Trustee nor any
Paying Agent (whether or not the Trustee acts in the capacity of a Paying Agent) shall be responsible for monitoring the Company’s ratings, making any request upon any Rating Agency, or determining whether any Ratings Event, or Change of
Control Repurchase Event has occurred. 
  

	6.	 Redemption 

The Notes shall be redeemable, in whole or in part, at any time and from time to time, at the option of the Company, at a redemption price
equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the Remaining Scheduled Payments of principal and interest thereon (exclusive of interest accrued to, but not
including, the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year comprised of twelve 30-day months) at the Treasury Rate
plus 0.40% (40 basis points), plus, in each case, accrued and unpaid interest thereon to, but not including, the Redemption Date; provided that if the Company redeems any Notes on or after 

  
 13 

 
March 15, 2030 (three months prior to the stated maturity date of the Notes, the “Notes Par Call Date”), the redemption price for those Notes will equal 100% of the
principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption Date. 

“Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having an actual
or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term (assuming, for such purpose, that the Notes mature on the Notes Par Call Date) of such Notes. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the arithmetic average of the Reference
Treasury Dealer Quotations for such Redemption Date after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four Reference Treasury Dealer Quotations, the arithmetic average of all
Reference Treasury Dealer Quotations for such Redemption Date. 
 “Independent Investment Banker” means one of the
Reference Treasury Dealers as may be appointed by the Company from time to time. 
 “Reference Treasury Dealer” means BofA
Securities, Inc., J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and two other Primary Treasury Dealers selected by the Company, and each of their respective successors and any other Primary Treasury Dealers selected by the Company;
provided, however, that if any of the foregoing ceases to be a Primary Treasury Dealer, the Company will substitute another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
arithmetic average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer as of
3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 “Remaining Scheduled Payments”
means, with respect to any Note to be redeemed, the remaining scheduled payments of the principal of and premium, if any, and interest on such Note that would be due after the related Redemption Date but for such redemption until the Notes Par Call
Date; provided, however, that, if such Redemption Date is not an Interest Payment Date with respect to such Note, the amount of the next scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to
such Redemption Date. 
 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the
semiannual equivalent yield to maturity (computed as of the third Business Day immediately preceding that Redemption Date) of the Comparable Treasury Issue. In determining this rate, the Company will assume a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

  
 14 

	7.	 Notice of Redemption 

At least 10 days but not more than 60 days before a date for redemption of Notes by the Company pursuant to Article III of the Fourth
Supplemental Indenture, Article III of the Base Indenture (as modified and supplemented by Sections 3.1(b), 3.1(c), 3.1(d) and 3.1(e) of the Fourth Supplemental Indenture) and Sections 6 and 7 hereof, the Company shall mail (or, at the
Company’s option in the case of Notes held in book-entry form, send by electronic transmission) a notice of redemption by first-class mail to each Holder of Notes to be redeemed at its registered address. Notes in denominations of principal
amount larger than $2,000 may be redeemed in part but only in integral multiples of $1,000 in excess thereof. If money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes (or portions thereof, if applicable) to be
redeemed on the date of redemption is deposited with the Paying Agent on or before 11:00 a.m. (New York City time) on such redemption date (or, if the Company or any of its Subsidiaries is the Paying Agent, such money is segregated and held in
trust) and certain other conditions are satisfied, on and after such date interest shall cease to accrue on such Notes (or such portions thereof) called for redemption. 
  

	8.	 Denominations; Transfer; Exchange 

The Notes are in fully registered form without coupons in denominations of principal amount of $2,000 and integral multiples of $1,000 in
excess thereof. A Holder may register, transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) for a
period beginning 15 days before the mailing of a notice of redemption of Notes to be redeemed and ending on the date of such mailing. 
  

	9.	 Persons Deemed Owners 

The registered holder of this Note shall be treated as the owner of it for all purposes. 

 

	10.	 Unclaimed Money 

Subject to any applicable abandoned property and escheatment laws, if money for the payment of principal or interest remains unclaimed for two
years after the date of payment of principal and interest, the Trustee or Paying Agent shall pay the money back to the Company at its request. After any such payment, Holders entitled to the money must look only to the Company and not to the Trustee
for payment. 
  

	11.	 Defeasance 

Subject to certain conditions set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the Notes
of this series and the Indenture as it relates to the Notes of this series if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal of and interest on the Notes to redemption or maturity, as the case
may be. 

  
 15 

	12.	 Amendment, Waiver 

Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended with the written consent of the
Holders of at least a majority in principal amount of the outstanding Notes and (ii) any default or noncompliance with any provision of the Indenture or the Notes may be waived with the written consent of the Holders of a majority in principal
amount of the outstanding Notes (including consents obtained in connection with a tender offer or exchange for Notes). However, the Indenture requires the consent of each Noteholder that would be affected for certain specified amendments or
modifications of the Indenture and the Notes. Subject to certain exceptions set forth in the Indenture, without the consent of any Noteholder, the Company and the Trustee may amend the Indenture or the Notes, among other things, to cure any
ambiguity, omission, defect or inconsistency, or to evidence the succession of another Person to the Company and the assumption by any such Person of the obligations of the Company in accordance with Article V of the Indenture, or to add any
additional Events of Default, or to add to the covenants of the Company for the benefit of the Holders of the Notes or surrender rights and powers conferred on the Company, or to add one or more guarantees for the benefit of the Holders of the
Notes, or to add collateral security with respect to the Notes, or to add or appoint a successor or separate trustee or other agent, or to provide for the issuance of Additional Notes, or to comply with any requirements in connection with qualifying
the Indenture under the Trust Indenture Act, or to comply with the rules of any applicable securities depository, or to provide for uncertificated Notes in addition to or in place of certificated Notes, or to change any other provision if the
change does not adversely affect in any material respect the interests of any Noteholder. 
  

	13.	 Defaults and Remedies 

Under the Indenture, Events of Default include (i) default in payment of interest on the Notes of this series that continues for 30 days;
(ii) default in payment of principal of or premium on the Notes of this series at its stated maturity, upon optional redemption or otherwise; (iii) failure by the Company to repurchase Notes of this series tendered for repurchase following
a Change of Control Repurchase Event, (iv) failure by the Company to comply with any covenant or agreement in the Indenture or the Notes, which continues for 90 days after written notice to the Company by the Trustee or to the Company and the
Trustee by the Holders of not less than 25% in principal amount of outstanding notes; (v) failure to make any payment at maturity, including any applicable grace period, in respect of Indebtedness of the Company or the Company’s
Subsidiaries (other than Indebtedness of the Company or of any of its Subsidiaries owing to the Company or any of its Subsidiaries) with an aggregate principal amount then outstanding in excess of $100,000,000, subject to certain conditions;
(vi) default in respect of other Indebtedness of the Company or the Company’s Subsidiaries (other than Indebtedness of the Company or of any of its Subsidiaries owing to the Company or any of its Subsidiaries) in an amount in excess of
$100,000,000, which results in the acceleration of such Indebtedness, subject to certain conditions; and (vii) certain events of bankruptcy or insolvency involving the Company. 

  
 16 

 If an Event of Default occurs and is continuing with respect to Notes of this series, the
Trustee or the Holders of at least 25% in aggregate principal amount of the Notes of this series may declare all the Notes of this series to be due and payable immediately. Certain events of bankruptcy or insolvency involving the Company are Events
of Default which will result in the Notes of this series being due and payable immediately upon the occurrence of such Events of Default. 

Noteholders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or
the Notes unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Notes of this series may direct the Trustee in its exercise of any trust or power. The Trustee
may withhold from Noteholders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal or interest) if it in good faith determines that withholding notice is not opposed to their interest.

  

	14.	 Trustee Dealings with the Company 

Subject to certain limitations set forth in the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become
the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company and may otherwise deal with the Company with the same rights it would have if it were not Trustee. 

 

	15.	 No Recourse Against Others 

A director, officer, employee or stockholder (other than the Company), as such, of the Company shall not have any liability for any obligations
of the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Noteholder waives and releases all such liability. The waiver and release are part
of the consideration for the issue of the Notes. 
  

	16.	 Authentication 

This Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent acting on its behalf) manually signs the
certificate of authentication on the other side of this Note. 
  

	17.	 Abbreviations 

Customary abbreviations may be used in the name of a Noteholder or an assignee, such as TEN COM (tenants in common), TEN ENT (tenants by the
entirety), JT TEN (joint tenants with rights of survivorship and not as tenants in common), CUST (custodian) and U/G/M/A (Uniform Gift to Minors Act). 
  

	18.	 CUSIP and ISIN Numbers 

The Company has caused CUSIP and ISIN numbers and/or other similar numbers to be printed on the Notes and has directed the Trustee to use CUSIP
and ISIN numbers and/or other similar numbers in notices of redemption as a convenience to Noteholders. No 

  
 17 

 
representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification
numbers placed thereon. 
  

	19.	 Governing Law 

This Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
 18 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 

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

(Insert assignee’s Social Security or Tax I.D. No.) 

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

 
  

			
	
	Date:                     
                                    Your Signature:
                                        

 Signature Guarantee:
                                         
            
 (Signature must be guaranteed by a participant in a recognized Signature 

Guarantee Medallion Program or other signature guarantor program reasonably 

acceptable to the Trustee) 
  

 
 Sign exactly as your name appears on the other side of
this Note. 
  

  
 19 

 [TO BE ATTACHED IF A GLOBAL NOTE] 

SCHEDULE OF INCREASES AND DECREASES IN GLOBAL NOTE 

The following increases and decreases in this Global Note have been made: 

 

																	
	 Date of
Decrease or
Increase
	  	Amount of decrease in Principal
Amount of this Global Note	 	  	Amount of increase in Principal
Amount of this Global Note	 	  	Principal Amount of this Global
Note following such decrease or
increase	 	  	Signature of authorized
signatory of Trustee or
Securities Custodian	 
		  				  				  				  			
		  				  				  				  			

  
 20NINTH AMENDMENT TO CREDIT AGREEMENT

 

THIS NINTH AMENDMENT TO CREDIT AGREEMENT (this 
“Amendment”)

is made as of the 29th day of May, 2020 (the “Ninth
Amendment Effective Date”), by and among THE CATO CORPORATION, a Delaware
corporation (the “Borrower”), CATOWEST, LLC, a Nevada limited liability
company, CATO SOUTHWEST, INC., a Delaware corporation, CATOSOUTH, LLC, a North
Carolina limited liability company, CHW, LLC, a  Delaware limited liability
company, CaDeL, LLC, a Delaware limited liability company, CATO OF TEXAS, L.P.,
a Texas limited partnership, catocorp.com, LLC, a Delaware limited liability
company, and CATO WO LLC, a Delaware limited liability company (each of the
foregoing, other than the Borrower, a “Guarantor” and, collectively, the
“Guarantors”), and TRUIST BANK (formerly known as Branch Banking and Trust
Company), as Agent, Issuing Bank and a Bank (the “Agent”).

 

R E C I T A L S:

 

The Borrower,
the Guarantors, the Agent and the Banks entered into a certain Credit Agreement
dated as of August 22, 2003, as amended by (i) the First Amendment to Credit
Agreement dated August 22, 2005, (ii) the Second Amendment to Credit Agreement
dated October 29, 2007, (iii) the Waiver Agreement dated July 30, 2008, (iv)
the Third Amendment to Credit Agreement dated October 31, 2010, (v) the Fourth
Amendment to Credit Agreement dated March 12, 2013, (vi) the Fifth Amendment to
Credit Agreement dated May 1, 2015, (vii) the Sixth Amendment to Credit
Agreement dated May 1, 2017, (viii) the Seventh Amendment to Credit Agreement
dated July 28, 2017, (ix) the waiver and amendment letter dated March 27, 2019,
and (x) the Eighth Amendment to Credit Agreement dated May 24, 2019 (as so
amended, modified or supplemented, the “Credit Agreement”). Capitalized terms
used in this Amendment which are not otherwise defined in this Amendment shall
have the respective meanings assigned to them in the Credit Agreement.

 

The Borrower
and the Guarantors have requested that the Agent and the Banks modify certain
provisions of the Credit Agreement as more fully set forth herein. The Agent
and the Banks have agreed to so modify the Credit Agreement, all upon the terms
and conditions hereinafter set forth.

 

NOW, THEREFORE,
in consideration of the Recitals and the mutual promises contained herein and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Borrower, the Guarantors, the Agent and the Banks,
intending to be legally bound hereby, agree as follows:

 

SECTION 1.  Recitals; Definitions. 

 

(a)               
 The
Recitals are incorporated herein by reference and shall be deemed to be a part
of this Amendment. 

 

 

 

1

 

 

WBD (US) 49317959v5

 

2

 

(b)              
 As
used in this Amendment, the following capitalized terms shall have the meanings
set forth below: 

 

“Governmental Authority”
means the government of the United States of America or any other nation, or of
any political subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other
entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government (including
any supra-national bodies such as the European Union or the European Central Bank). 

 

“Operating
Documents” means with respect to any corporation, limited liability company,
partnership, limited partnership, limited liability partnership or other
legally authorized incorporated or unincorporated entity, the bylaws, operating
agreement, partnership agreement, limited partnership agreement, shareholder
agreement or other applicable documents relating to the operation, governance
or management of such entity.

 

“Organizational
Documents” means with respect to any corporation, limited liability company,
partnership, limited partnership, limited liability partnership or other
legally authorized incorporated or unincorporated entity, the articles of
incorporation, certificate of incorporation, articles of organization,
certificate of limited partnership or other applicable organizational or
charter documents relating to the creation of such entity.

 

SECTION 2.  Amendments to Credit Agreement. 

 

(a)               
 Section
1.01 of the Credit Agreement is hereby amended by adding the following
definitions in appropriate alphabetical order: 

 

“Benchmark Replacement”
means the sum of: (a) the alternate benchmark rate (which may include Term
SOFR) that has been selected by the Agent giving due consideration to (i) any
selection or recommendation of a replacement rate or the mechanism for
determining such a rate by the Relevant Governmental Body or 

(ii) any evolving or
then-prevailing market convention for determining a rate of interest as a
replacement to the London Interbank Offered Rate for U.S. dollar- denominated
syndicated or bilateral credit facilities and (b) the Benchmark Replacement Adjustment;
provided that, if the Benchmark Replacement as so determined would be less than
zero, the Benchmark Replacement will be deemed to be zero for the purposes of
this Agreement.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the London
Interbank Offered Rate with an Unadjusted Benchmark Replacement, the spread
adjustment, or method for calculating or determining such spread adjustment
(which may be a positive or negative value or zero) that has been selected by
the Agent giving due consideration to (i) any selection or recommendation of a
spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of the London Interbank Offered  Rate  with 
the  applicable  Unadjusted  Benchmark  

3

 

Replacement  by the 

 

4

 

Relevant
Governmental Body or (ii) any evolving or then-prevailing market convention for
determining a spread adjustment, or method for calculating or determining such
spread adjustment, for the replacement of the London Interbank Offered Rate
with the applicable Unadjusted Benchmark Replacement for U.S.
dollar-denominated syndicated or bilateral credit facilities at such time.

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark
Replacement, any technical, administrative or operational changes (including changes to the timing
and frequency of determining rates and making payments of interest and other
administrative matters) that the Agent decides may be appropriate to reflect
the adoption and implementation of such Benchmark Replacement and to permit the
administration thereof by the Agent in a manner substantially consistent with
market practice (or, if the Agent decides that adoption of any portion of such
market practice is not administratively feasible or if the Agent determines
that no market practice for the administration of the Benchmark Replacement
exists, in such other manner of administration as the Agent decides is
reasonably necessary in connection with the administration of this Agreement). 

 

“Benchmark
Replacement Date” means the earlier to occur of the following events with
respect to the London Interbank Offered Rate: (1) in the case of clause (1) or
(2) of the definition of “Benchmark Transition Event,” the later of (a) the
date of the public statement or publication of information referenced therein
and (b) the date on which the administrator of the London Interbank Offered
Rate permanently or indefinitely ceases to provide the London Interbank Offered
Rate; or (2) in the case of clause (3) of the definition of “Benchmark
Transition Event,” the date of the public statement or publication of information
referenced therein.

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the London Interbank
Offered Rate: (1) a public statement or publication of information by or on
behalf of the administrator of the London Interbank Offered Rate announcing
that such administrator has ceased or will cease to provide the London
Interbank Offered Rate, permanently or indefinitely, provided that, at the time
of such statement or publication, there is no successor administrator that will
continue to provide the London Interbank Offered Rate; (2) a public statement
or publication of information by the regulatory supervisor for the
administrator of the London Interbank Offered Rate, the U.S. Federal Reserve
System, an insolvency official with jurisdiction over the administrator for the
London Interbank Offered Rate, a resolution authority with jurisdiction over
the administrator for the London Interbank Offered Rate or a court or an entity
with similar insolvency or resolution authority over the administrator for the
London Interbank Offered Rate, which states that the administrator of  the  London 
Interbank  Offered  Rate  has  ceased 
or  will  cease  to 

 

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provide the
London Interbank Offered Rate permanently or indefinitely, provided that, at
the time of such statement or publication, there is no successor administrator
that will continue to provide the London Interbank Offered Rate;  or

(3) a public statement or
publication of information by the regulatory supervisor for the administrator
of the London Interbank Offered Rate announcing that the London Interbank
Offered Rate is no longer representative.

 

“Benchmark
Transition Start Date” means (a) in the case of a Benchmark Transition Event,
the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such
Benchmark Transition Event is a public statement or publication of information of a prospective event, the
90th day prior to the expected date of such event as of such public statement
or publication of information (or if the expected date of such prospective
event is fewer than 90 days after
such statement or publication, the date of such statement or publication) and
(b) in the case of an Early Opt-in  Election, 
the  date  specified 
by  the  Agent  by  notice 
to  the  Borrower. 

 

“Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred with respect to the London Interbank
Offered Rate and solely to the extent that the London Interbank Offered Rate
has not been replaced with a Benchmark Replacement, the period (x) beginning at
the time that such Benchmark Replacement Date has occurred if, at such time, no
Benchmark Replacement has replaced the London Interbank Offered Rate for all
purposes hereunder in accordance with Section 2.06(i) and (y) ending at the
time that a Benchmark Replacement has replaced the London Interbank Offered
Rate for all purposes hereunder pursuant to Section 2.06(i).

 

“Early Opt-in
Election” means the occurrence of (1) a determination by the Agent that at least five currently outstanding U.S.
dollar-denominated syndicated or bilateral credit facilities at such time
contain (as a result of amendment or as originally executed) as a benchmark
interest rate, in lieu of the London Interbank Offered Rate, a new benchmark
interest rate to replace the London Interbank Offered Rate, and (2) the election
by the Agent to declare that an Early Opt-in Election has occurred and the
provision by the Agent of written notice of such election to the Borrower. 

 

“Federal Reserve
Bank of New York’s Website” means the website of the Federal Reserve Bank of
New York at http://www.newyorkfed.org, or any successor source.

 

“Liquid Assets” has the meaning set forth in Section 5.05.

 

“London Interbank
Offered Rate” has the meaning set forth in Section 2.06(c).

 

6

 

“Ninth Amendment Effective Date” means May 29, 2020.

 

“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve
Bank of New York, or a committee officially endorsed or convened by the Federal
Reserve Board and/or the Federal Reserve Bank of New York or any successor
thereto.

 

“SOFR” with
respect to any day means the secured overnight financing rate published for
such day by the Federal Reserve Bank of New York, as the administrator of the
benchmark (or a successor administrator) on the Federal Reserve Bank of New
York’s Website.

 

“Term SOFR” means
the forward-looking term rate based on SOFR that has been selected or
recommended by the Relevant Governmental Body.

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark
Replacement Adjustment.

 

“Waiver Period”
means the period commencing on the Ninth Amendment Effective Date and
continuing through the earlier to occur of (a) the last day of the third Fiscal
Quarter of Fiscal Year 2021 and (b) the date on which the Borrower elects to
terminate the Waiver Period by providing written notice thereof to the Agent,
along with such evidence as the Agent may reasonably request to demonstrate the
Borrower’s compliance with the covenants set forth in Sections

5.03 and 5.05 as of the last day of the most recently ended
Fiscal Quarter.

 

(b)              
 Section
1.01 of the Credit Agreement is hereby amended by amending and restating the
definition of “Adjusted Cash Flow” in its entirety to read as follows: 

 

“Adjusted Cash
Flow” means, for a specified period, the sum of (a) the net income of the
Borrower and its Subsidiaries on a consolidated basis for such period, before
deduction of income taxes, depreciation expense, interest expense (including,
without limitation, interest expense attributable to Capital Leases) and
amortization of intangible assets (it being understood that, for purposes
hereof, amortization shall exclude the amortization of any right-of-use
assets), plus (b) non-cash impairment charges related to one-time or
non-recurring expenses at Borrower’s stores not to exceed $13,600,000.00, in
the aggregate, for any four quarter period, all as determined in accordance
with GAAP.

 

(c)               
 Article I  of  the  Credit  Agreement 
is  hereby  amended  by  inserting 
a  new  Section 

1.06 at the end thereof to read in its entirety as follows:

 

SECTION 1.06. Divisions. 
For all purposes under the Loan Documents,  in
connection  with  any  division  or  plan  of  division  under  Delaware  law  (or  any 

7

 

 

 

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8

 

comparable
event under a different jurisdiction’s laws): (a) if any asset, right, obligation
or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it
shall be deemed to have been transferred from the original Person to the
subsequent Person, and (b) if any new Person comes into existence, such new
Person shall be deemed to have been organized on the first date of its
existence by the holders of its equity interests at such time. 

 

(d)              
 Section 2.06 of the
Credit Agreement is hereby amended as follows: 

 

(i)   
 The
last sentence of the third paragraph of Section 2.06(c) of the Credit Agreement
is hereby amended and restated in its entirety to read as follows: 

 

Notwithstanding
the foregoing, (i) from the Ninth Amendment Effective Date until the earliest
to occur of (A) the termination of the Waiver Period, (B) the Borrower’s maintaining, possessing,
owning and having access to unencumbered (for the avoidance of doubt, without
considering the aggregate unsecured indebtedness under this Agreement as an
encumbrance) Liquid Assets of not less than $100,000,000 as of the last day of
six consecutive Fiscal Months following the Ninth Amendment Effective Date, and
(C) the occurrence of a Benchmark Transition Event or an Early Opt-In Election,
if the London Interbank Offered Rate as provided above would be less than
0.50%, the London Interbank Offered Rate shall be deemed to be 0.50%; and (ii)
at any other time, if the London Interbank Offered Rate determined as provided
above would be less than zero, the London Interbank Offered Rate shall be
deemed to be zero. 

 

(ii)     A new clause (i) is
hereby inserted at the end of Section 2.06 to read in its entirety as follows: 

 

(i) (A) Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any
other Loan Document, upon the occurrence of a Benchmark Transition Event or an
Early Opt-in Election, as applicable, the Agent may amend this Agreement to
replace the London Interbank Offered Rate with a Benchmark Replacement. Any
such amendment will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Agent has provided such
proposed amendment to the Borrower without any further action or consent of the
Borrower. No replacement of the London Interbank Offered Rate with a Benchmark
Replacement pursuant to this Section 2.06(i) will occur prior to the applicable
Benchmark Transition Start Date.

 

(B)                              
 Benchmark
Replacement Conforming Changes. In connection
with the implementation of a Benchmark Replacement, the Agent will have the
right to make Benchmark Replacement Conforming Changes from time to time and,
notwithstanding anything to the contrary herein or in any other Loan Document,
any amendments implementing such Benchmark Replacement Conforming Changes will
become effective without any further action or consent of the Borrower.

 

9

 

(C)                              
 Notices;
Standards for Decisions and Determinations. The Agent will promptly notify the
Borrower of (1) any occurrence of a Benchmark Transition Event or an Early
Opt-in Election, as applicable, and its related Benchmark Replacement Date and
Benchmark Transition Start Date, (2) the implementation of any Benchmark
Replacement, (3) the effectiveness of any Benchmark Replacement Conforming
Changes and (4) the commencement or conclusion of any Benchmark Unavailability
Period. Any determination, decision or election that may be made by the Agent
pursuant to this Section 2.06(i), including any determination with respect to a
tenor, rate or adjustment or of the occurrence or non-occurrence of an event,
circumstance or date and any decision to take or refrain from taking any
action, will be conclusive and binding absent manifest error and may be made in
the Agent’s sole discretion and  without consent from the Borrower, except, in
each case, as expressly required pursuant to this Section 2.06(i). 

 

(D)                             
 Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a
Benchmark Unavailability Period, the Borrower may revoke any request for a Loan
to be made during such Benchmark Unavailability Period. 

 

(e)               
 Section 2.17 of the
Credit Agreement is hereby amended by inserting a new clause 

(f)    at the end thereof to read in its entirety
as follows: 

 

(f)
Notwithstanding anything to the contrary  contained  in  this Agreement, the
Borrower shall not be permitted to request any Commitment Increase during the
Waiver Period.

 

(f)                                 
 Section
5.03 of the Credit Agreement is hereby amended and restated in its entirety to
read as follows: 

 

SECTION 5.03. Fixed
Charge Coverage Ratio. Commencing as of the earlier to occur of (a) the
last day of the Fiscal Quarter during which the Waiver Period has been
terminated by the Borrower and (b) the last day of the fourth Fiscal Quarter of
Fiscal Year 2021, and in each case continuing on the last day of each Fiscal
Quarter ending thereafter, the Fixed Charge Coverage Ratio shall not be less
than 1.5 to 1.0.

 

(g)                              
 Section
5.04(a) of the Credit Agreement is hereby amended by inserting a new proviso at
the end thereof, to read in its entirety as
follows: 

 

; provided that,
notwithstanding the foregoing, the aggregate Costs of Acquisition incurred by
the Loan Parties and all Subsidiaries of the Loan Parties during the Waiver
Period shall not exceed $5,000,000 in the aggregate.

 

 

 

 

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11

 

(h)                              
 The
first paragraph of Section 5.05 of the Credit Agreement is hereby amended and
restated in its entirety to read as follows: 

 

SECTION 5.05. Liquidity.
The Borrower shall at all times (to be  measured as of (x) the date of any
Revolving Credit Advance, (y) during
the Waiver Period, the last day of each Fiscal Month, and (z) following the end
of the Waiver Period, the last day of each Fiscal Quarter) maintain, possess,
own and have access to unencumbered (for the avoidance of doubt, without
considering the aggregate unsecured indebtedness under this Agreement as an
encumbrance) Liquid Assets, as reflected on the Borrower’s balance sheet, of
not less than (1) for the period commencing on May 2, 2020 and continuing
through October 31, 2020, $65,000,000; (2) for the period commencing on
November 1, 2020 and continuing through May 1, 2021, $85,000,000; and (3)
thereafter, $100,000,000. As used herein, “Liquid Assets” shall be defined as
Cash and short term investments which meet all of the following requirements: 
(1) such assets must  be owned by and in the name of the Borrower free and
clear of any restriction, limitation, earmark, encumbrance, assignment,
hypothecation, pledge, lien, security interest or other third-party interest,
and (2) such assets shall be readily available to the Borrower and shall not be
subject to any restriction, agreement, governmental requirement, or other
restriction which would prevent the  immediate free use of such assets by the Borrower. 

 

(i)                                  
 The
first paragraph of Section 5.06 of the Credit Agreement is hereby amended and
restated in its entirety to read as follows: 

 

SECTION 5.06. Restrictions
on Dividends, Share Repurchases, etc. No Loan Party nor any Subsidiary of a
Loan Party shall (a) declare or pay any dividends (other than dividends payable
solely in its own Capital Stock) upon any of its Capital Stock (other than
dividends paid to a Loan Party) unless, at such time, (1) no Default or Event
of Default shall exist or would exist immediately after the payment of such
dividend and (2) during the Waiver Period, the  Borrower shall maintain,
possess, own and have access to unencumbered Liquid Assets of not less than
$100,000,000, both immediately prior, and after giving pro forma effect, to the
payment of such dividend. 

 

(j)                                  
 Section
5.09(v) of the Credit Agreement (excluding, for the avoidance of doubt, the
proviso immediately following such clause) is hereby amended and restated in
its entirety to read as follows: 

 

(v) loans or
advances not otherwise permitted under this Section 5.09, which when aggregated
with the total Investments made under Section 5.10(v) do not exceed an
aggregate outstanding amount equal to (A) to the extent made during the Waiver
Period, $5,000,000; or (B) at any time during the term of this Agreement,
$10,000,000;

 

12

 

(k)                              
 Section
5.10(v) of the Credit Agreement is hereby amended and restated in its entirety
to read as follows: 

 

(v) Investments
not otherwise permitted under this Section 5.10, which when aggregated with the
aggregate outstanding loans and advances made under Section 5.09(v) do not
exceed an aggregate outstanding amount equal to (A) to the extent made during the Waiver Period, $5,000,000; or (B) at
any time during the term of this Agreement,
$10,000,000. 

 

(l)                                  
 Section
5.27 of the Credit Agreement is hereby amended by inserting a new sentence at
the end thereof to read in its entirety as follows: 

 

Notwithstanding
the foregoing, during the Waiver Period, the aggregate amount of Debt incurred
pursuant to Sections 5.27(h) and (i) shall not exceed

$2,000,000.

 

(m)                          
 Article V of the
Credit Agreement is hereby amended by inserting a new   Section 

5.32  
 at the end thereof to
read in its entirety as follows: 

 

SECTION 5.23. Capital
Expenditures. During the Waiver Period, Capital Expenditures will not at
any time exceed an aggregate amount of $20,000,000 measured on a trailing
twelve-month basis; provided that after giving effect to the incurrence
of any Capital Expenditures permitted by this Section, no Default shall have
occurred and be continuing.

 

SECTION 3. Conditions to
Effectiveness. The effectiveness of this Amendment and the obligations of
the Agent and the Banks hereunder are subject to the following conditions:

 

(a)   
 receipt
by the Agent from each of the parties hereto of a duly executed counterpart of
this Amendment signed by such party; 

 

(b)   
 receipt
by the Agent of the following, all in form and substance satisfactory to the Agent: 

 

(i)   
 a
closing certificate, substantially in the form of Exhibit G to the Credit
Agreement, appropriately modified to refer to this Amendment, signed by a
principal officer of each Loan Party; 

 

(ii)   
 an
opinion, substantially in the form of Exhibit C to the Credit Agreement,
appropriately modified to refer to this Amendment, signed by the General
Counsel of the Borrower; and 

 

(iii)   
 a
certificate of each Loan Party, signed by the Secretary, an Assistant
Secretary, a member, manager, partner, trustee or other authorized
representative of the respective Loan Party, certifying as to the names, true 

13

 

 

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WBD (US) 49317959v5

 

14

 

signatures
and incumbency of the officer or officers of the respective Loan Party authorized
to execute and deliver the Loan Documents, and certified copies of the
following items: (A) the Loan Party’s Organizational Documents; (B) the Loan
Party’s Operating Documents; (C) if applicable, a certificate of the Secretary
of State of such Loan Party’s State of organization as to the good standing or
existence of such Loan Party;   and

(D) the organizational action, if any, taken by the board of directors of
the Loan Party or the members, managers, trustees, partners or other applicable
Persons authorizing the Loan Party’s execution, delivery and performance of
this Amendment, and any other documents which the Agent or any Bank may
reasonably request relating to the existence of each Loan Party, the authority
for and the validity of this
Amendment.

 

(c)   
 receipt
by the Agent of all other documents that the Agent may reasonably request,
respecting this Amendment and the transactions contemplated hereunder; 

 

(d)   
 the
fact that after giving effect to this Amendment, the representations and
warranties of the Loan Parties contained in Section 5 of this Amendment
shall be true on and as of the date hereof;
and 

 

(e)   
 the
Borrower shall have paid to the Agent all fees and expenses (including, without limitation, an
amendment fee payable to the Agent in the amount of $17,500.00, and reasonable
attorneys’ fees, not to exceed $7,500 for this Amendment, and expenses to the
extent invoiced and presented to the Borrower as of the date hereof) payable to
the Agent arising from or relating to the negotiation, preparation, execution,
delivery performance or administration of this Amendment or which are otherwise
required to be paid by the Borrower on or before the date hereof. 

 

SECTION 4.  Limited Waiver; No Other Amendment. 

 

(a)   
 For
the avoidance of doubt, the Banks party hereto, constituting the Required
Banks, hereby waive any Default or Event of Default that may have occurred
under Section 5.03 of the Agreement for the Fiscal Quarter ended May 2, 2020,
prior to giving effect to this Amendment. Such waiver shall not constitute (i)
any future consent to or waiver of, or affect
or diminish in any way, any of the
Required Banks’ rights under the Credit Agreement; (ii) any amendment,
modification or alteration of the Credit Agreement, except as otherwise
provided herein; or (iii) any custom or course of dealing, or a waiver of the
Required Banks’ rights to withhold their consent for any similar request in the future 

 

(b)   
 Except
for the amendments expressly set forth herein, the text of  the Credit
Agreement shall remain unchanged and in full force and effect. On and after the
Ninth Amendment Effective Date, all references to the Credit Agreement in each
of the Loan Documents shall hereafter mean the Credit Agreement as amended by
this Amendment. This Amendment is not intended to effect, nor shall it be
construed as, a novation. The Credit Agreement and this Amendment shall be
construed together as a single agreement. Nothing herein  contained  shall 
waive,  annul,  vary  or  affect  any  provision,  condition,  covenant     

15

 

or

 

16

 

agreement
contained in the Credit Agreement, except as herein amended, nor affect nor
impair any rights, powers or remedies under the Credit Agreement as hereby
amended. The Agent and Banks do hereby reserve all of their respective rights
and remedies against all parties who may be
or may hereafter become secondarily liable for the repayment of the Notes. The
Loan Parties promise and agree to perform all of the requirements, conditions,
agreements and obligations under the terms of the Credit Agreement, as
heretofore and hereby amended and the other Loan Documents, the Credit
Agreement, as amended, and the other Loan Documents being hereby ratified and
affirmed (including the obligations of the Guarantors with respect to the
Guaranteed Obligations). The Loan Parties hereby expressly agree that the
Credit Agreement, as amended hereby, and the other Loan Documents are in full
force and effect. 

 

SECTION 5. Representations
and Warranties. The Borrower and each Guarantor hereby represent and
warrant to the Agent and Banks as follows:

 

(a)   
 After
giving effect to this Amendment, no Default has occurred and is continuing on
the date hereof. 

 

(b)   
 Each
Loan Party has the power and authority to enter into this Amendment and to do
all acts and things as are required or contemplated hereunder to be done,
observed and performed by it. 

 

(c)   
 This
Amendment has been duly authorized, validly executed and delivered by one or
more authorized officers of each Loan Party and this Amendment, and the Credit
Agreement as amended hereby, constitute the legal, valid and binding
obligations of the Loan Parties enforceable against them in accordance with its
terms, provided that such enforceability is
subject to general principles of equity. 

 

(d)   
 The
execution and delivery of this Amendment and the performance hereunder, and
under the Credit Agreement as amended hereby, by the Loan Parties do not and
will not, as a condition to such execution, delivery and performance, require
the consent or approval of any Governmental Authority having jurisdiction over
any Loan Party, nor be in contravention of or in conflict with the Operating
Documents or Organizational Documents of any Loan Party, or the provision of
any statute, or any judgment, order or indenture, instrument, agreement or
undertaking, to which any Loan Party is party or by which the assets or
properties of any Loan Party are or may become
bound. 

 

SECTION 6. Counterparts.
This Amendment may be executed in multiple counterparts, each of which shall be
deemed to be an original and all of which, taken together, shall constitute one
and the same agreement.

 

SECTION 7. Governing
Law. This Amendment shall be construed in accordance with and governed by
the laws of the State of North Carolina without regard to conflict of laws
principles.

 

 

 

 

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WBD (US) 49317959v5

 

18

 

SECTION 8. Consent by Guarantors. Each Guarantor
consents to the foregoing amendments. Each Guarantor promises and agrees to
perform all of the requirements,  conditions, agreements and obligations under
the terms of the Credit Agreement as hereby amended, said  Credit  Agreement,  as  hereby  amended, 
being  hereby  ratified 
and  affirmed. 

 

SECTION 9. Further
Assurances. Each Loan Party agrees to promptly take such action, upon the
request of the Agent or any Bank, as is necessary to carry out the intent of
this Amendment.

 

SECTION 10. Loan
Document. This Amendment is a Loan Document and is subject to all
provisions of the Credit Agreement applicable to Loan Documents, all of which
are incorporated in this Amendment by reference the same as if set forth in
this Amendment verbatim.

 

SECTION 11. Severability.
Any provision of this Amendment that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective only to the extent
of such prohibition or unenforceability without invalidating the remainder of
such provision or the remaining provisions hereof or thereof or affecting the validity
or enforceability of such provision in any other jurisdiction. 

 

SECTION 12. Entire
Agreement. This Amendment contains the entire and exclusive agreement of
the parties hereto with reference to the matters discussed herein. This
Amendment supersedes all prior drafts and communications with respect hereto.

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

19

 

IN WITNESS
WHEREOF, the parties hereto have executed and delivered, or have caused their
respective duly authorized officers or representatives to execute and deliver,
this Amendment as of the day and year first
above written. 

 

THE CATO CORPORATION (SEAL)

 

By:                                                     (SEAL)

Name:  John R. Howe

Title: Executive Vice President and
Chief Financial Officer

 

 

CaDel, LLC  (SEAL)

By:  CHW, LLC, as Member

 

By:                                                     (SEAL)

Name: John R. Howe Title:
President 

 

 

CHW, LLC  (SEAL)

 

By:                                                     (SEAL)

Name: John R. Howe Title:
President 

 

 

CATO OF TEXAS LP  (SEAL) 

By: Cato Southwest, Inc., as General Partner

 

By:                                                     (SEAL)

Name: John R. Howe Title:
President 

 

 

CATO SOUTHWEST, INC.  (SEAL) 

 

By:                                                     (SEAL)

Name: John R. Howe Title:
President 

 

 

 

 

 

 

 

 

20

 

Signature page to Ninth Amendment to Credit
Agreement

 

21

 

 

CATOWEST, LLC  (SEAL)

 

By:                                                     (SEAL)

Name: John R. Howe Title:
President 

 

 

CATOSOUTH LLC  (SEAL)

By: The Cato Corporation, as Member

 

By:                                                     (SEAL)

Name:  John R. Howe

Title: Executive Vice President and
Chief Financial Officer

 

 

catocorp.com, LLC  (SEAL) 

 

By:                                                      (SEAL)

Name: John R. Howe Title:
President 

 

 

CATO WO LLC  (SEAL) 

 

By:                                                     (SEAL)

Name:  John R. Howe

Title: Executive Vice President and
Chief Financial Officer

 

22

 

 

 

TRUIST BANK (formerly
known as Branch Banking and Trust Company),

as Agent, Issuing Bank and a Bank

 

By:                                                                (SEAL)

Name: Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature page to Ninth Amendment to Credit
Agreement

23

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