Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (“Agreement”) is entered into by and between Target Logistics Management, LLC, a Massachusetts limited liability company (the “Employer”), and Jason Vlacich, an individual (the “Executive”).

 

WHEREAS, the Executive is currently employed as Chief Accounting Officer;

 

WHEREAS, the Employer and the Executive previously entered into an offer letter agreement setting forth certain terms and conditions of the Executive’s employment with the Employer, dated September 7, 2018 (the “Offer Letter”), and the Executive commenced employment with the Employer pursuant thereto effective as of October 15, 2018 (the “Effective Date”); and

 

WHEREAS, the Employer and the Executive desire to enter into this Agreement to replace the Offer Letter and set out the full terms and conditions for the continued employment relationship of the Executive with the Employer.

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto agree as follows:

 

1.                                      Employment Agreement. On the terms and conditions set forth in this Agreement, the Employer agrees to continue to employ the Executive and the Executive agrees to continue to be employed by the Employer for the Employment Period set forth in Section 2 and in the positions and with the duties set forth in Section 3. Terms used herein with initial capitalization not otherwise defined are defined in Section 25.

 

2.                                      Term. The initial term of employment under this Agreement shall commence on the Effective Date and extend for 36 months (the “Initial Term”).  The term of employment shall be automatically extended for an additional consecutive 12-month period (the “Extended Term”) on the last day of the Initial Term and each subsequent anniversary thereof, unless and until the Employer or Executive provides written notice to the other party in accordance with Section 11 hereof not less than 120 days before such anniversary date that such party is electing not to extend the term of employment under this Agreement (“Non-Renewal”), in which case the term of employment hereunder shall end as of the end of such Initial Term or Extended Term, as the case may be, unless sooner terminated as hereinafter set forth. Such Initial Term and all such Extended Terms are collectively referred to herein as the “Employment Period”. Anything herein to the contrary notwithstanding, if on the date of a Change in Control the remaining term of the Employment Period is less than 12 months, the Employment Period shall be automatically extended to the end of the 12-month period following such Change in Control.

 

3.                                      Position and Duties. During the Employment Period, the Executive shall serve as the Chief Accounting Officer for the Employer. In such capacities, the Executive shall report exclusively to the Chief Financial Officer of the Employer and shall have the duties, responsibilities and authorities customarily associated with such position(s) in a company the size and nature of the Employer. The Executive shall devote the Executive’s reasonable best efforts and full business time to the performance of the Executive’s duties hereunder and the advancement of the business and affairs of the Employer; provided that, the Executive may serve on civic, charitable, educational, religious, public interest or public service boards, and manage the Executive’s personal and family investments, in each case, to the

 

 

extent such activities do not materially interfere with the performance of the Executive’s duties and responsibilities hereunder.

 

4.                                      Place of Performance. During the Employment Period, except for reasonable travel on the Employer’s business consistent with the Executive’s position, the Executive shall be based primarily at the Employer’s executive headquarters, currently located in The Woodlands, Houston, Texas, provided that the Executive may be required to travel on business during the Employment Period, including on an extended and frequent basis.

 

5.                                      Compensation and Benefits; Options.

 

(a)                                 Base Salary. During the Employment Period, the Employer shall pay to the Executive a base salary (the “Base Salary”) at the rate of no less than $275,000 per calendar year, less applicable deductions, and prorated for any partial year. Beginning with the first quarter of 2020, the Base Salary shall be reviewed for increase by the Employer no less frequently than annually, and shall be increased in the discretion of the Employer and any such adjusted Base Salary shall constitute the “Base Salary” for purposes of this Agreement. The Base Salary shall be paid in substantially equal installments in accordance with the Employer’s regular payroll procedures. The Executive’s Base Salary may not be decreased during the Employment Period.

 

(b)                                 Election to Receive RSUs. Capitalized terms used in this Section 3(b) but not defined in this Agreement shall have the meaning ascribed to them under the Incentive Plan. Notwithstanding any provision of this Agreement to the contrary, no later than thirty (30) days prior to the commencement of each calendar year during the Employment Period, the Executive may elect in writing to receive 100% of the Base Salary in the form of restricted stock units (“RSUs”) in respect of Common Shares under the Incentive Plan, provided, however, that, such an election may not be made with respect to the first year of the Employment Period, which has already commenced, but may be made with respect to the second year of the Employment Period at any time on or prior to its commencement; the amount of RSUs that Executive shall be entitled to receive pursuant to any such election shall be determined by dividing the applicable annual Base Salary by the then Fair Market Value per Common Share. Any such election by the Executive shall continue in effect for each subsequent calendar year during the Employment Period unless and until notice revoking such election is provided by the Executive or the Employer no later than thirty (30) days prior to the commencement of the applicable calendar year; provided that any such election may be canceled at any time, with no liability to the Employer, and the Base Salary may be paid in cash in accordance with Section 5(a), if the Compensation Committee of the Board (the “Committee”) does not approve the grant of RSUs to the Executive in accordance with the terms of the Incentive Plan. The RSUs shall vest ratably each month during the calendar year any such election is in effect; provided that in the event of a termination of the Executive’s employment for any reason, the vesting of the RSUs shall cease and any unvested RSUs shall be forfeited as of the Date of Termination. The Restricted Period applicable to any RSUs issued hereunder shall lapse at the end of the calendar year in respect of which any such RSUs were issued, whereupon the Executive shall be entitled to one Common Share for each RSU that is no longer subject to the applicable Restricted Period.  Except as otherwise provided herein, any RSUs granted pursuant to this Section 5(b) shall be subject to the terms and conditions of the Incentive Plan and applicable Award agreement, neither of which shall conflict with the terms hereof.

 

(c)                                  Annual Bonus. For each fiscal year of the Employer ending during the Employment Period, the Executive shall be eligible to earn an annual cash performance bonus (an “Annual Bonus”) based on performance against performance criteria determined by the Committee. The Executive’s annual target bonus opportunity for a fiscal year shall equal 65% of the Executive’s Base Salary at the beginning of such year (the “Target Bonus”). The Executive’s Annual Bonus for a fiscal

 

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year shall be determined by the Committee after the end of the applicable bonus period and shall be paid to the Executive when annual bonuses for that year are paid to other senior executives of the Employer generally, but in no event later than March 15 of the year following the year to which such Annual Bonus relates.

 

(d)                                 Long Term Incentive Equity.

 

(i)                                     Annual Award. With respect to each fiscal year of the Employer ending during the Employment Period, the Executive shall be eligible to receive annual equity awards under the Incentive Plan (“Annual Award”). The level of the Executive’s participation in any such plan, if any, shall be determined in the discretion of the Committee from time to time. The target grant value of the Annual Award is $150,000, but the actual value of any grant may be higher or lower based on Committee discretion. Terms and conditions of such awards shall be governed by the terms and conditions of the applicable plan and the applicable award agreements.

 

(ii)                                  Initial Annual Award. For the Employer’s 2019 fiscal year, the Executive shall receive an equity award under the Incentive Plan having a grant date fair value (as determined by the Committee) of $200,000, 50% of which will be in the form of options and 50% of which will be in the form of RSUs, in each case, consistent with the terms set forth in Annex A.

 

(e)                                  Vacation. During the Employment Period, the Executive shall be entitled to accrue up to 6.15 hours of vacation time per pay period, up to a maximum of four (4) weeks’ vacation annually, to be used in accordance with the Employer’s applicable vacation policy.

 

(f)                                   Automobile Allowance. During the Employment Period, the Executive shall be entitled to an automobile allowance of $6,000 per year, payable bi-weekly, in accordance with the Employer’s applicable automobile allowance policy.

 

(g)                                  Benefits. During the Employment Period, the Employer shall provide to the Executive employee benefits and perquisites on a basis that is comparable in all material respects to that provided to other similarly situated executives of the Employer. The Employer shall have the right to change insurance carriers and to adopt, amend, terminate or modify employee benefit plans and arrangements at any time and without the consent of the Executive.

 

(h)                                 Additional Benefits.  During the Employment Period, to the extent permitted under applicable law including without limitation the Patient Protection and Affordable Care Act and Section 105(h) of the Code, the Employer shall reimburse the Executive for the Executive’s portion of the premium costs under the Employer’s group health, dental, vision, life and AD&D, STD and LTD insurance.

 

6.                                      Expenses. The Executive is expected and is authorized to incur reasonable expenses in the performance of his duties hereunder. The Employer shall reimburse the Executive for all such expenses authorized and pre-approved by the Employer that have been reasonably and actually incurred in accordance with policies which may be adopted from time to time by the Employer promptly upon periodic presentation by the Executive of an itemized account, including reasonable substantiation, of such expenses.

 

7.                                      Confidentiality, Non-Disclosure and Non-Competition Agreement. The Employer and the Executive acknowledge and agree that during the Executive’s employment with the Employer, the Executive will have access to and may assist in developing Employer Confidential Information and will occupy a position of trust and confidence with respect to the Employer’s affairs and business and the

 

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affairs and business of the Employer Affiliates. The Executive agrees that the following obligations are necessary to preserve the confidential and proprietary nature of Employer Confidential Information and to protect the Employer and the Employer Affiliates against harmful solicitation of employees and customers, harmful competition and other actions by the Executive that would result in serious adverse consequences for the Employer and the Employer Affiliates:

 

(a)                                 Non-Disclosure. During and after the Executive’s employment with the Employer, the Executive will not knowingly use, disclose or transfer any Employer Confidential Information other than as authorized in writing by the Employer or within the scope of the Executive’s duties with the Employer as determined reasonably and in good faith by the Executive. Anything herein to the contrary notwithstanding, the provisions of this Section 7(a) shall not apply when disclosure is required by law or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with actual or apparent jurisdiction to order the Executive to disclose or make accessible any information or as to information that becomes generally known to the public or within the relevant trade or industry other than due to the Executive’s violation of this Section 7(a).

 

(b)                                 Materials. The Executive will not remove any Employer Confidential Information or any other property of the Employer or any Employer Affiliate from the Employer’s premises or make copies of such materials except for normal and customary use in the Employer’s business as determined reasonably and in good faith by the Executive. The Executive will return to the Employer all Employer Confidential Information and copies thereof and all other property of the Employer or any Employer Affiliate at any time upon the request of the Employer and in any event promptly after termination of Executive’s employment. The Executive agrees to attempt in good faith to identify and return to the Employer any copies of any Employer Confidential Information after the Executive ceases to be employed by the Employer. Anything to the contrary notwithstanding, nothing in this Section 7 shall prevent the Executive from retaining a home computer, papers and other materials of a personal nature that do not contain Employer Confidential Information.

 

(c)                                  No Solicitation or Hiring of Employees. During the Non-Compete Period, the Executive shall not solicit, entice, persuade or induce any individual who is employed by the Employer or any Employer Affiliate (or who was so employed within 180 days prior to the Executive’s action) to terminate or refrain from continuing such employment or to become employed by or enter into contractual relations with any other individual or entity, and the Executive shall not hire, directly or indirectly, as an employee, consultant or otherwise, any such person.

 

(d)                                 Non-Competition.

 

(i)                                     During the Non-Compete Period, the Executive shall not, directly or indirectly, (A) solicit or encourage any client or customer of the Employer or any direct or indirect subsidiary of the Employer, or any person or entity who was such a client or customer within 180 days prior to Executive’s action to terminate, reduce or alter in a manner adverse to the Employer or any direct or indirect subsidiary of the Employer, any existing business arrangements with the Employer or any direct or indirect subsidiary of the Employer or to transfer existing business from the Employer or any direct or indirect subsidiary of the Employer to any other person or entity, (B) provide services in any capacity to any entity in any geographic area in which the Employer or any direct or indirect subsidiary of the Employer conducts that business, or is actively planning to conduct that business, as of the date of such termination (the “Non-Competition Area”) if (i) the entity competes with the Employer or any direct or indirect subsidiary of the Employer by engaging in any business engaged in by the Employer or any direct or indirect subsidiary of the Employer, or (ii) the services to be provided by the Executive are competitive with the Employer or any direct or indirect subsidiary of the Employer and substantially similar to those previously provided by the Executive to the Employer, or (C) own an interest in any

 

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entity, including those described in Section 7(d)(i)(B)(i) immediately above. The Executive agrees that, before providing services, whether as an employee or consultant, to any entity during the Non-Compete Period, the Executive will provide a copy of this Agreement to such entity, and such entity shall acknowledge to the Employer in writing that it has read this Agreement. The Executive acknowledges that this covenant has a unique, very substantial and immeasurable value to the Employer, that the Executive has sufficient assets and skills to provide a livelihood for the Executive while such covenant remains in force and that, as a result of the foregoing, in the event that the Executive breaches such covenant, monetary damages would be an insufficient remedy for the Employer and equitable enforcement of the covenant would be proper.

 

(ii)                                  If the restrictions contained in Section 7(d)(i) shall be determined by any court of competent jurisdiction to be unenforceable by reason of their extending for too great a period of time or over too great a geographical area or by reason of their being too extensive in any other respect, Section 7(d)(i) shall be modified to be effective for the maximum period of time for which it may be enforceable and over the maximum geographical area as to which it may be enforceable and to the maximum extent in all other respects as to which it may be enforceable.

 

(e)                                  Enforcement. The Executive acknowledges that in the event of any breach of this Section 7, the business interests of the Employer and the Employer Affiliates will be irreparably injured, the full extent of the damages to the Employer and the Employer Affiliates will be impossible to ascertain, monetary damages will not be an adequate remedy for the Employer and the Employer Affiliates, and the Employer will be entitled to enforce this Agreement by a temporary, preliminary and/or permanent injunction or other equitable relief, without the necessity of posting bond or security, which the Executive expressly waives. The Executive understands that the Employer may waive some of the requirements expressed in this Agreement, but that such a waiver to be effective must be made in writing and should not in any way be deemed a waiver of the Employer’s right to enforce any other requirements or provisions of this Agreement. The Executive agrees that each of the Executive’s obligations specified in this Agreement is a separate and independent covenant and that the unenforceability of any of them shall not preclude the enforcement of any other covenants in this Agreement. In signing this Agreement, the Executive gives the Employer assurance that the Executive has carefully read and considered all of the terms and conditions of this Agreement. The Executive agrees that these restraints are necessary for the reasonable and proper protection of the Employer and the Employer Affiliates and their Confidential Information and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area, and that these restraints, individually or in the aggregate, will not prevent the Executive from obtaining other suitable employment during the period in which the Executive is bound by the restraints. The Executive agrees that, before providing services, whether as an employee or consultant, to any entity during the period of time that the Executive is subject to the constraints in this Agreement, the Executive will provide a copy of this Agreement to such entity, and such entity shall acknowledge to the Employer in writing that it has read this Agreement. The Executive acknowledges that each of these covenants has a unique, very substantial and immeasurable value to the Employer and the Employer Affiliates and that the Executive has sufficient assets and skills to provide a livelihood while such covenants remain in force. The Executive further covenants that he will not challenge the reasonableness or enforceability of any of the covenants set forth in this Agreement, and that the Executive will reimburse the Employer and the Employer Affiliates for all costs (including, without limitation, reasonable attorneys’ fees) incurred in connection with any action to enforce any of the provisions of this Agreement if the Executive challenges the reasonableness or enforceability of any of the provisions of this Agreement. It is also agreed that each of the Employer Affiliates will have the right to enforce all of the Executive’s obligations to that affiliate under this Agreement.

 

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8.                                      Termination of Employment.

 

(a)                                 Permitted Terminations. The Executive’s employment hereunder may be terminated during the Employment Period under the following circumstances:

 

(i)                                     Death. The Executive’s employment hereunder shall terminate automatically upon the Executive’s death;

 

(ii)                                  By the Employer. The Employer may terminate the Executive’s employment:

 

(A)                               Disability. If the Executive shall have been substantially unable to perform the Executive’s material duties hereunder by reason of illness, physical or mental disability or other similar incapacity, which inability shall continue for 180 consecutive days or 270 days in any 24-month period (a “Disability”) (provided, that until such termination, the Executive shall continue to receive the Executive’s compensation and benefits hereunder, reduced by any benefits payable to the Executive under any applicable disability insurance policy or plan); or

 

(B)                               Cause. For Cause or without Cause;

 

(iii)                               By the Executive. The Executive may terminate the Executive’s employment for any reason (including Good Reason) or for no reason.

 

(b)                                 Termination. Any termination of the Executive’s employment by the Employer or the Executive (other than because of the Executive’s death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 11 hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon, if any, and set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated. Termination of the Executive’s employment shall take effect on the Date of Termination. The Executive agrees, in the event of any dispute under Section 8(a)(ii)(A) as to whether a Disability exists, and if requested by the Employer, to submit to a physical examination by a licensed physician selected by mutual consent of the Employer and the Executive, the cost of such examination to be paid by the Employer. The written medical opinion of such physician shall be conclusive and binding upon each of the parties hereto as to whether a Disability exists and the date when such Disability arose. This Section shall be interpreted and applied so as to comply with the provisions of the Americans with Disabilities Act and any applicable state or local laws.

 

9.                                      Compensation Upon Termination.

 

(a)                                 Disability. If the Employer terminates the Executive’s employment during the Employment Period because of the Executive’s Disability pursuant to Section 8(a)(ii)(A), the Employer shall pay to the Executive (i) the Accrued Benefits; and (ii) a pro rata portion (based on the number of days during the applicable fiscal period prior to the Date of Termination) of the Annual Bonus the Executive would have earned absent such termination, with such payment to be made based on actual performance and at the time bonus payments are made to executives of the Employer generally. In addition, any outstanding equity awards granted pursuant to Section 5(d)(i)-(ii) that are subject solely to time-based vesting conditions shall immediately vest. The vesting, if any, upon termination as a result of the Executive’s Disability, of any outstanding equity awards that are subject to performance-based vesting conditions shall be determined based on actual performance in the applicable fiscal period in which termination occurs, and the Executive will vest in any such awards to the extent performance metrics are ultimately achieved. Except as set forth herein, the Employer shall have no further obligation to the Executive under this Agreement.

 

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(b)                                 Death. If the Executive’s employment is terminated during the Employment Period as a result of the Executive’s death, the Employer shall pay to the Executive’s legal representative or estate, and the Executive’s legal representative or estate shall be entitled to, as applicable, (i) the amounts set forth in Section 9(a); and (ii) one times the Executive’s Base Salary at the time of termination less amounts payable, if any, under any Company provided life insurance policy, payable in a lump sum. Except as set forth herein, the Employer shall have no further obligation to the Executive under this Agreement.

 

(c)                                  Termination by the Employer for Cause or by the Executive without Good Reason. If, during the Employment Period, the Employer terminates the Executive’s employment for Cause pursuant to Section 8(a)(ii)(B) or the Executive terminates his employment without Good Reason, the Employer shall pay to the Executive the Accrued Benefits. Except as set forth herein, the Employer shall have no further obligations to the Executive under this Agreement.

 

(d)                                 Termination by the Employer without Cause or by the Executive with Good Reason. Subject to Section 9(e), if the Employer terminates the Executive’s employment during the Employment Period for a reason other than for Cause or due to the Executive’s Disability pursuant to Section 8(a)(ii)(A) or if the Executive terminates his employment hereunder with Good Reason, subject to the Executive’s compliance with Section 7, (i) the Employer shall pay the Executive (A) the Accrued Benefits, (B) a pro rata portion (based on the number of days during the applicable fiscal period prior to the Date of Termination) of the Annual Bonus the Executive would have earned absent such termination, with such payment to be made based on actual performance and at the time bonus payments are made to executives of the Employer generally, and (C) continued Base Salary for 12 months following the Date of Termination (the “Severance Period”) payable in equal installments in accordance with the Employer’s normal payroll practices (the “Cash Severance Payment”); (ii) any unvested awards granted to the Executive under the Incentive Plan shall continue to vest during the Severance Period to the extent that such awards would have become vested had he remained employed through the end of the Severance Period; and (iii) the Executive shall be entitled to additional payments, payable in equal installments in accordance with the Employer’s normal payroll practices, equal to the total costs that would be incurred by the Executive to obtain and pay for continued coverage under the Employer’s health insurance plans during the Severance Period (the “Continued Coverage Payment”). For the purposes of this Agreement, a voluntary termination by the Executive upon the expiration of the Employment Period due to delivery of a non-renewal notice by the Employer pursuant to Section 2 shall be treated as a termination by the Employer without Cause.

 

(e)                                  Change in Control.

 

(i)                                     Section 9(e)(ii) shall apply if there is (A) a termination of the Executive’s employment by the Employer for a reason other than for Cause or due to the Executive’s Disability or by the Executive for Good Reason, in either case, during the 12-month period after a Change in Control; or (B) a termination of the Executive’s employment by the Employer for a reason other than for Cause or due to the Executive’s Disability prior to a Change in Control, if the termination was at the request of a third party or otherwise arose in anticipation of a Change in Control (a termination described in either clause (A) or clause (B), a “CIC Termination”).

 

(ii)                                  If any such termination occurs, (A) the Executive shall receive benefits set forth in Section 9(d), except that the Cash Severance Payment shall be equal to the sum of lx the Executive’s Base Salary at the time of termination and the Executive Target Bonus for the year of termination and, if such Change in Control is a “change in control event” under Section 409A of the Code (a “Qualifying CIC”), shall be paid in a lump sum, and (B) the Continued Coverage Payment shall be paid in a lump sum. In addition, any outstanding equity awards granted pursuant to Section 5(d)(i)-(ii)

 

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that are subject solely to time-based vesting conditions shall immediately vest upon a CIC Termination. For the avoidance of doubt, the acceleration, if any, upon a CIC Termination of any outstanding equity awards that are subject to performance-based vesting conditions shall be governed by the terms and conditions of the applicable plan and the applicable award agreements. To the extent the Executive’s CIC Termination is described in Section 9(e)(i)(B) and the Change in Control is a Qualifying CIC, the incremental Cash Severance Payment and any unpaid Cash Severance Payment shall be paid in a lump sum.

 

(f)                                   Liquidated Damages. The parties acknowledge and agree that damages which will result to the Executive for termination by the Employer of the Executive’s employment without Cause or by the Executive for Good Reason shall be extremely difficult or impossible to establish or prove, and agree that the amounts, excluding the Accrued Benefits, payable to the Executive under Section 9(d) or Section 9(e) (the “Severance Benefits”) shall constitute liquidated damages for any such termination. The Executive agrees that, except for such other payments and benefits to which the Executive may be entitled as expressly provided by the terms of this Agreement or any other applicable benefit plan, such liquidated damages shall be in lieu of all other claims that the Executive may make by reason of any such termination of his employment and that, as a condition to receiving the Severance Benefits, the Executive must execute a release of claims in a form to be provided by the Employer (the “Release”). To be eligible for Severance Benefits, the Executive must execute and deliver the Release, and such Release must become irrevocable, within 60 days of the Date of Termination. The Cash Severance Payment shall be made, and the continuing health insurance coverage shall commence, promptly after the Release becomes irrevocable; provided that to the extent the 60-day period spans two calendar years and to the extent required to comply with Code Section 409A, such payments shall be made or commence, as applicable, on the 60th day following the Date of Termination.

 

(g)                                  No Offset. In the event of termination of his employment, the Executive shall be under no obligation to seek other employment and there shall be no offset against amounts due to him on account of any remuneration or benefits provided by any subsequent employment he may obtain. The Employer’s obligation to make any payment pursuant to, and otherwise to perform its obligations under, this Agreement shall not be affected by any offset, counterclaim or other right that the Employer or any Employer Affiliate may have against him for any reason.

 

10.                               Section 280G.

 

(a)                                 Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any of the payments or benefits provided or to be provided by the Company or its affiliates to the Executive or for the Executive’s benefit pursuant to the terms of this Agreement or otherwise (“Covered Payments”) constitute “parachute payments”  within the meaning of Section 280G of the Code and would, but for this Section 10 be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then prior to making the Covered Payments, a calculation shall be made comparing (i) the Net Benefit (as defined below) to the Executive of the Covered Payments after payment of the Excise Tax to (ii) the Net Benefit to the Executive if the Covered Payments are limited to the extent necessary to avoid being subject to the Excise Tax. Only if the amount calculated under (i) above is less than the amount under (ii) above will the Covered Payments be reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax. “Net Benefit” shall mean the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

 

(b)                                 The Covered Payments shall be reduced in a manner that maximizes the Executive’s economic position. In applying this principle, the reduction shall be made in a manner

 

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consistent with the requirements of Section 409A of the Code, and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero.

 

(c)                                  Any determination required under this Section 10 shall be made in writing in good faith by an independent accounting firm selected by the Company that is reasonably acceptable to the Executive (the “Accountants”). The Company and the Executive shall provide the Accountants with such information and documents as the Accountants may reasonably request in order to make a determination under this Section 10. For purposes of making the calculations and determinations required by this Section 10, the Accountants may rely on reasonable, good faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code. The Accountants’ determinations shall be final and binding on the Company and the Executive. The Executive shall be responsible for all fees and expenses incurred by the Accountants in connection with the calculations required by this Section 10.

 

11.                               Notices. All notices, demands, requests, or other communications which may be or are required to be given or made by any party to any other party pursuant to this Agreement shall be in writing and shall be hand delivered, mailed by first-class registered or certified mail, return receipt requested, postage prepaid, delivered by overnight air courier, or transmitted by facsimile transmission addressed as follows:

 

(i)                                     If to the Employer:

 

General Counsel

Target Logistics Management, LLC

2170 Buckthorne Place, Suite 440

The Woodlands, TX 77380-1775

 

(ii)                                  If to the Executive:

 

Jason Vlacich

 

Each party may designate by notice in writing a new address to which any notice, demand, request or communication may thereafter be so given, served or sent. Each notice, demand, request, or communication that shall be given or made in the manner described above shall be deemed sufficiently given or made for all purposes at such time as it is delivered to the addressee (with the return receipt, the delivery receipt, confirmation of facsimile transmission or the affidavit of messenger being deemed conclusive but not exclusive evidence of such delivery) or at such time as delivery is refused by the addressee upon presentation.

 

12.                               Severability. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of the other provisions of this Agreement, which shall remain in full force and effect.

 

13.                               Effect on Other Agreements. The provisions of this Agreement shall supersede the terms of any plan, policy, agreement, award or other arrangement (whether entered into before or after the date hereof) regarding the subject matter hereof, including the Offer Letter.

 

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14.                               Survival. It is the express intention and agreement of the parties hereto that the provisions of Sections 7, 9, 10, 11, 15, 16, 18, 19, 21 and 22 hereof and this Section 14 shall survive the termination of employment of the Executive. In addition, all obligations of the Employer to make payments hereunder shall survive any termination of this Agreement on the terms and conditions set forth herein.

 

15.                               Assignment. The rights and obligations of the parties to this Agreement shall not be assignable or delegable, except that (i) in the event of the Executive’s death, the personal representative or legatees or distributees of the Executive’s estate, as the case may be, shall have the right to receive any amount owing and unpaid to the Executive hereunder and (ii) the rights and obligations of the Employer hereunder shall be assignable and delegable in connection with any subsequent merger, consolidation, sale of all or substantially all of the assets or equity interests of the Employer or similar transaction involving the Employer or a successor corporation. The Employer shall require any successor to the Employer to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Employer would be required to perform it if no such succession had taken place.

 

16.                               Binding Effect. Subject to any provisions hereof restricting assignment, this Agreement shall be binding upon the parties hereto and shall inure to the benefit of the parties and their respective heirs, devisees, executors, administrators, legal representatives, successors and assigns.

 

17.                               Amendment; Waiver. This Agreement shall not be amended, altered or modified except by an instrument in writing duly executed by the party against whom enforcement is sought. Neither the waiver by either of the parties hereto of a breach of or a default under any of the provisions of this Agreement, nor the failure of either of the parties, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder, shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature, or as a waiver of any such provisions, rights or privileges hereunder.

 

18.                               Headings. Section and subsection headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof.

 

19.                               Governing Law. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of Texas (but not including any choice of law rule thereof that would cause the laws of another jurisdiction to apply).

 

20.                               Entire Agreement. This Agreement constitutes the entire agreement between the parties respecting the employment of the Executive, there being no representations, warranties or commitments except as set forth herein.

 

21.                               Counterparts. This Agreement may be executed in two counterparts, each of which shall be an original and all of which shall be deemed to constitute one and the same instrument.

 

22.                               Withholding. The Employer may withhold from any benefit payment under this Agreement all federal, state, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling; provided that any withholding obligation arising in connection with the exercise of a stock option or the transfer of stock or other property shall be satisfied through withholding an appropriate number of shares of stock or appropriate amount of such other property.

 

23.                               Section 409A. The intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the Code (“Code Section 409A”) and, accordingly, to the

 

10

 

maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If the Executive notifies the Employer (with specificity as to the reason therefor) that the Executive believes that any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause the Executive to incur any additional tax or interest under Code Section 409A and the Employer concurs with such belief or the Employer (without any obligation whatsoever to do so) independently makes such determination, the Employer shall, after consulting with the Executive, reform such provision to attempt to comply with Code Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with Code Section 409A. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Executive and the Employer of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Employer be liable for any additional tax, interest or penalty that may be imposed on the Executive by Code Section 409A or damages for failing to comply with Code Section 409A. With respect to any payment or benefit considered to be nonqualified deferred compensation under Section 409A, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service” Notwithstanding anything to the contrary in this Agreement, if the Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered nonqualified deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation from service” of the Executive, and (B) the date of the Executive’s death, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this Section 23 (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. To the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation” for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. For purposes of Code Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Employer. Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

 

24.                               Indemnification. Employer hereby agrees to indemnify the Executive and provide directors and officers’ liability insurance coverage to the Executive, in each case, on terms and conditions no less favorable than those provided to members of the Board.

 

11

 

25.                               Definitions.

 

“Accrued Benefits” means (i) Base Salary through the Date of Termination; (ii) accrued and unused vacation pay; (iii) any earned but unpaid Annual Bonus; (iv) any amounts owing to the Executive for reimbursement of expenses properly incurred by the Executive prior to the Date of Termination and which are reimbursable in accordance with Section 6; and (v) any other benefits or amounts due and owing to the Executive under the terms of any plan, program or arrangement of the Employer. Amounts payable pursuant to the clauses (i) - (iii) shall be paid promptly after the Date of Termination and all other amounts will be paid in accordance with the terms of the applicable plan, program or arrangement (as modified by this Agreement).

 

“Board” means the Board of Directors of the Employer.

 

“Cause” shall be limited to the following events (i) the Executive’s conviction of, or plea of nolo contendere to, a felony (other than in connection with a traffic violation) under any state or federal law; (ii) the Executive’s failure to substantially perform his essential job functions hereunder after receipt of written notice from the Employer requesting such performance; (iii) a material act of fraud or material misconduct with respect, in each case, to the Employer, by the Executive; (iv) any material misconduct by the Executive that could be reasonably expected to damage the reputation or business of the Employer or any Employer Affiliate; or (v) the Executive’s material violation of a material policy of the Employer. Any determination of whether Cause exists shall be made by the Committee in its sole discretion. Anything herein to the contrary notwithstanding, the Executive shall not be terminated for Cause hereunder unless (A) written notice stating the basis for the termination is provided to the Executive, (B) as to clauses (ii), (iii), (iv) or (v) of this paragraph, the Executive is given 15 days to cure the neglect or conduct that is the basis of such claim (it being understood that any errors in expense reimbursement may be cured by repayment), and (C) if the Executive fails to cure such neglect or conduct, there is a vote of a majority of the members of the Board to terminate the Executive for Cause.

 

“Change in Control” shall have the meaning set forth in the Incentive Plan.

 

“Code” means the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder.

 

“Date of Termination” means (i) if the Executive’s employment is terminated by the Executive’s death, the date of the Executive’s death; (ii) if the Executive’s employment is terminated because of the Executive’s Disability, 30 days after Notice of Termination, provided that the Executive shall not have returned to the performance of the Executive’s duties on a full- time basis during such 30-day period; or (iii) if the Executive’s employment is terminated by the Employer pursuant to Section 8(a)(ii)(B) or by the Executive pursuant to Section 8(a)(iii), the date specified in the Notice of Termination, which may not be less than 60 days after the Notice of Termination in the event the Employer is terminating the Executive without Cause or the Executive is terminating employment without Good Reason.

 

“Employer Affiliate” means any entity controlled by, in control of, or under common control with, the Employer.

 

“Employer Confidential Information” means information known to the Executive to constitute trade secrets or proprietary information belonging to the Employer or other confidential financial information, operating budgets, strategic plans or research methods, personnel data, projects or plans, or non-public information regarding the terms of any existing or pending lending transaction between Employer and an existing or pending client or customer (as the phrase “client or customer” is

 

12

 

defined in Section 7(d)(i) hereof), in each case, received by the Executive in the course of his employment by the Employer or in connection with his duties with the Employer. Notwithstanding anything to the contrary contained herein, the general skills, knowledge and experience gained during the Executive’s employment with the Employer, information publicly available or generally known within the industry or trade in which the Employer competes and information or knowledge possessed by the Executive prior to his employment by the Employer, shall not be considered Employer Confidential Information.

 

“Good Reason” means, unless otherwise agreed to in writing by the Executive, (i) any material diminution or adverse change in the Executive’s titles; (ii) reduction in the Executive’s Base Salary or Target Bonus; (iii) a failure to grant the Executive, in any consecutive 12 month period, long term incentive equity awards having a grant date fair value (as determined by the Committee in good faith) of at least $150,000; (iv) a requirement that the Executive report to someone other than the Employer’s Chief Financial Officer or Chief Executive Officer; (v) a material diminution in the Executive’s authority, responsibilities or duties or material interference with the Executive’s carrying out his duties; (vi) the assignment of duties inconsistent with the Executive’s position or status with the Employer as of the Effective Date; or (vii) a relocation of the Executive’s primary place of employment to a location more than 50 miles from the Employer’s executive headquarters. In order to invoke a termination for Good Reason, (A) the Executive must give written notice of the occurrence of an event of Good Reason within 60 days of its occurrence, (B) the Employer must fail to cure such event within 30 days of such notice, and (C) the Executive must terminate employment within 10 days of the expiration of such cure period.

 

“Incentive Plan” means the Target Hospitality Corp. 2019 Incentive Award Plan.

 

“Non-Compete Period” means the period commencing on the Effective Date and ending twelve months after the earlier of the expiration of the Employment Period or the Executive’s Date of Termination.

 

13

 

IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Agreement, or have caused this Agreement to be duly executed and delivered on their behalf.

 

	
 
    	
TARGET LOGISTICS MANAGEMENT, LLC
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ James B. Archer
    
	
 
    	
Date: 
    	
8/12/2019
    
	
 
    	
 
    
	
 
    	
Name: James B. Archer
    
	
 
    	
Title: President & Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
 EXECUTIVE
    
	
 
    	
 
    
	
 
    	
/s/ Jason Vlacich
    
	
 
    	
Jason Vlacich
    

 

 

ANNEX A

 

Terms of Long Term Incentive Equity

 

	
Initial Annual Award:
    	
50% time-vested stock options and 50% RSUs vesting ratably over 4   years valued at $200,000 at grant. A minimum of 25% of the Initial Annual   Award will vest if termination by the Employer without Cause or by the   Executive with Good Reason occurs within the first year of grant.EX-4.1

 Exhibit 4.1 
  

 
  

CROWN CASTLE INTERNATIONAL CORP., 

ISSUER 
 $550,000,000 AGGREGATE
PRINCIPAL AMOUNT 
 OF 
 3.100%
SENIOR NOTES DUE 2029 
 $350,000,000 AGGREGATE PRINCIPAL AMOUNT 

OF 
 4.000% SENIOR NOTES DUE 2049

  
  

SECOND 
 SUPPLEMENTAL 

INDENTURE 
 DATED AS OF
AUGUST 15, 2019 
 TO THE INDENTURE 

DATED AS OF FEBRUARY 11, 2019 

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

TRUSTEE 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE 1	  

	
	APPLICATION OF SUPPLEMENTAL INDENTURE AND DEFINITIONS	  

			
	 SECTION 1.1.
	 	Application of this Supplemental Indenture	  	 	1	 
	 SECTION 1.2.
	 	Definition of Terms; Interpretation	  	 	2	 
	 SECTION 1.3.
	 	Additional Definitions	  	 	2	 
	 SECTION 1.4.
	 	Other Definitions	  	 	10	 
	
	ARTICLE 2	  

	
	THE NOTES	  

			
	 SECTION 2.1.
	 	Terms of Securities	  	 	11	 
	
	ARTICLE 3	  

	
	REDEMPTION AND PREPAYMENT	  

	 SECTION 3.1.
	 	Optional Redemption	  	 	12	 
	
	ARTICLE 4	  

	
	ADDITIONAL COVENANTS	  

	 SECTION 4.1.
	 	Liens	  	 	13	 
	 SECTION 4.2.
	 	Offer to Repurchase Upon Change of Control Triggering Event	  	 	13	 
	
	ARTICLE 5	  

	
	MISCELLANEOUS	  

			
	 SECTION 5.1.
	 	Ratification of Base Indenture; No Adverse Interpretation of Other	  			
		 	Agreements	  	 	14	 
	 SECTION 5.2.
	 	Trust Indenture Act Controls	  	 	15	 
	 SECTION 5.3.
	 	Governing Law	  	 	15	 
	 SECTION 5.4.
	 	Successors	  	 	15	 
	 SECTION 5.5.
	 	Severability	  	 	15	 
	 SECTION 5.6.
	 	Counterpart Originals	  	 	15	 
	 SECTION 5.7.
	 	Table of Contents, Headings, etc	  	 	15	 
	 SECTION 5.8.
	 	Waiver of Jury Trial	  	 	15	 

  
 ii 

 SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of August 15,
2019, to the Indenture dated as of February 11, 2019 (the “Base Indenture,” and, together with this Supplemental Indenture, the “Indenture”) between Crown Castle International Corp., a Delaware corporation, and
The Bank of New York Mellon Trust Company, N.A., as Trustee. 
 WHEREAS, the Company has executed and delivered to the Trustee the Base
Indenture providing for the issuance from time to time of one or more Series of Securities; 
 WHEREAS, Section 9.01 of the Base
Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Base Indenture without the consent of any Holders (as defined in the Base Indenture) to establish the forms or terms of Securities of a Series as
permitted by Section 2.02 and Section 2.03 of the Base Indenture; 
 WHEREAS, pursuant to Section 2.02 of the Base Indenture,
the Company wishes to provide for the issuance of two separate Series of Securities, the 3.100% Senior Notes due 2029 (the “3.100% Notes”) and the 4.000% Senior Notes due 2049 (the “4.000% Notes” and,
together with the 3.100% Notes, the “Notes”), the forms and terms of such Notes and the terms, provisions and conditions thereof to be set forth as provided in this Supplemental Indenture; and 

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture, and all requirements necessary to make
this Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid, binding and enforceable obligations
of the Company, have been done and performed, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects; 

NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1 

APPLICATION OF SUPPLEMENTAL INDENTURE AND DEFINITIONS 

SECTION 1.1.    Application of this Supplemental Indenture. Notwithstanding any other provision of this
Supplemental Indenture, the provisions of this Supplemental Indenture and any amendments or modifications to the terms of the Base Indenture made herein are expressly and solely for the benefit of the Holders of the applicable Series (and not for
the benefit of any other Series of Securities (as defined in the Base Indenture)). The 3.100% Notes and the 4.000% Notes each constitute a separate Series of Securities as provided in Section 2.01 of the Base Indenture. Unless otherwise
expressly specified, references in this Supplemental Indenture to specific Article numbers or Section numbers refer to Articles and Sections contained in this Supplemental Indenture, and not the Base Indenture or any other document. To the extent
that the provisions (including the definitions set forth in Sections 1.3 and 1.4) of this Supplemental Indenture conflict with any provision of the Base Indenture, the provisions of this Supplemental Indenture shall govern and be controlling,
with respect to the applicable Notes 

  
 1 

 
(and only with respect to such Notes). All of the Notes of a Series issued under this Supplemental Indenture shall be treated as a single class for all purposes of the Indenture, including
waivers, amendments, redemptions and offers to purchase with respect to such Series. 
 SECTION 1.2.    Definition of
Terms; Interpretation. Unless the context otherwise requires: 
 (a)     capitalized terms used but
not otherwise defined herein have the meanings set forth in the Base Indenture; and 
 (b)    The
provisions of general application in Sections 1.03 and 1.04 of the Base Indenture shall apply herein as if set forth herein. 
 SECTION
1.3.    Additional Definitions. For purposes of this Supplemental Indenture and each Series of Notes, the following terms shall have the following meanings: 

“Adjusted EBITDA” means, for the 12-month period immediately preceding the
calculation date, for the Company and its Subsidiaries on a consolidated basis, determined in accordance with GAAP, the sum of (a) Consolidated Net Income for such period, plus (b) to the extent deducted in determining Consolidated
Net Income, the sum, without duplication, of (i) interest expense, whether or not accrued and whether or not capitalized (including amortization of debt issuance costs and original issue discount, the interest component of any deferred payment
obligations, the interest component of all payments associated with Capital Lease Obligations, and commissions, discounts and other fees and charges incurred in respect of letters of credit or bankers’ acceptance financings), and amortization
of non-cash interest expense, (ii) income tax expense and consolidated gross receipts tax expense, including taxes based on income, profits or capital, including state, franchise and similar taxes and
foreign withholding taxes, (iii) depreciation, amortization and accretion (including amortization of intangible assets and accretion of asset retirement obligations), (iv) extraordinary losses and
non-recurring non-cash charges and expenses, (v) all other non-cash charges, expenses and interest (including any non-cash losses in respect of Hedging Obligations, non-cash impairment charges, stock-based compensation charges and non-cash
amortization of prepaid lease purchase price adjustments), (vi) non-recurring integration and transaction costs and expenses, including as a result of business combinations, operational changes and
improvements (including transaction costs, expenses and fees incurred in connection with any merger or acquisition, severance and retention costs and business optimization expenses), (vii) non-recurring
charges and expenses, restructuring charges and losses on the retirement or extinguishment of Indebtedness and (viii) other non-operating expenses in an aggregate amount not exceeding $15 million in
any fiscal year, in each case for such period, less extraordinary gains, other non-operating income in an aggregate amount not exceeding $15 million in any fiscal year and cash payments (not
otherwise deducted in determining Consolidated Net Income) made during such period with respect to non-cash charges that were added back in a prior period; provided, however, (I) with
respect to any Person that became a Subsidiary of the Company, or was merged with or consolidated into the Company or any of its Subsidiaries, during such period, or any acquisition by the Company or any of its Subsidiaries of the assets of any
Person during such period, “Adjusted EBITDA” shall, at the Company’s option in respect of any or all of the foregoing, also include the Adjusted EBITDA of such Person or attributable to such assets, as applicable, during such period
as if 

  
 2 

 
such acquisition, merger or consolidation, including any concurrent transaction entered into by such Person or with respect to such assets as part of such acquisition, merger or consolidation,
had occurred on the first day of such period and (II) with respect to any Person that has ceased to be a Subsidiary of the Company during such period, or any material assets of the Company or any of its Subsidiaries sold or otherwise disposed
of by the Company or any of its Subsidiaries during such period, “Adjusted EBITDA” shall exclude the Adjusted EBITDA of such Person or attributable to such assets, as applicable, during such period as if such sale or disposition of such
Subsidiary or such assets had occurred on the first day of such period. 
 “Base Indenture” has the meaning assigned to it
in the preamble to this Supplemental Indenture, as amended or supplemented from time to time. 
 “Beneficial Owner”
has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular
“person” (as such term is used in Section 13(d)(3) of the Exchange Act), such “person” shall be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or
exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The term “Beneficially Own” has a correlative meaning. 

“Capital Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in
respect of a capital lease that would at such time be required to be capitalized on a balance sheet in accordance with GAAP. 

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

 

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

 

	 	(2)	 any “person” (as such term is used in Section 13(d)(3) of the Exchange Act) becomes the
Beneficial Owner, directly or indirectly, of more than 50% of the voting power of the Voting Stock of the Company; provided that a transaction in which the Company becomes a Subsidiary of another Person shall not constitute a Change of Control if
(a) the Company’s stockholders immediately prior to such transaction Beneficially Own, directly or indirectly through one or more intermediaries, 50% or more of the voting power of the outstanding Voting Stock of such other Person of whom
the Company is a Subsidiary immediately following such transaction and (b) immediately following such transaction, no person (as defined in this clause (2)) other than such other Person, Beneficially Owns, directly or indirectly, more than 50%
of the voting power of the Voting Stock of the Company; or 

  

	 	(3)	 the first day on which a majority of the members of the Board of Directors are not Continuing Directors.

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

  
 3 

 “Comparable Treasury Issue” means the United States Treasury security
selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Series of Notes to be redeemed (assuming for such purpose that the 3.100% Notes matured on August 15, 2029 and the
4.000% Notes matured on May 15, 2049) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such
Notes. 
 “Comparable Treasury Price” means (1) the arithmetic average of the Reference Treasury Dealer Quotations for
the redemption date after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Company is given fewer than four Reference Treasury Dealer Quotations, the arithmetic average of all Reference Treasury Dealer
Quotations for such redemption date. 
 “Consolidated Net Income” means, with respect to any Person for any period, the
aggregate of the Net Income of such Person and its Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: 
  

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

 

	 	(2)	 the Net Income of any Person acquired in a pooling of interests transaction for any period prior to the date of
such acquisition shall be excluded; and 

  

	 	(3)	 the cumulative effect of a change in accounting principles shall be excluded. 

“Continuing Director” means, as of any date of determination, any member of the Board of Directors who: 

 

	 	(1)	 was a member of the Board of Directors on the date hereof; or 

 

	 	(2)	 was nominated for election or elected to the Board of Directors with the approval of a majority of the
Continuing Directors who were members of the Board of Directors at the time of such nomination or election. 

“Fitch” means Fitch Ratings, Inc. or any successor to the rating agency business thereof. 

“GS V Notes” means, at any time, the 3.849% Senior Secured Notes due 2023 then outstanding under the Indenture dated as of
December 24, 2012, among CC Holdings GS V LLC, as issuer, Crown Castle GS III Corp., as co-issuer, and The Bank of New York Mellon Trust Company, N.A., as Trustee. 

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

 

	 	(1)	 interest rate swap agreements, interest rate cap agreements and interest rate collar agreements; and

  
 4 

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

 “Holder” means a Person in whose name a Note is registered on the
Registrar’s books. 
 “Indebtedness” means, with respect to any Person, any indebtedness of such Person in respect of
borrowed money or evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof) or banker’s acceptances or representing Capital Lease Obligations or the balance deferred and
unpaid of the purchase price of any property or representing any Hedging Obligations (to the extent of any payment that has become due and payable), except any such balance that constitutes an accrued expense or trade payable, if and to the extent
any of the foregoing indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP, as well as all Indebtedness of others secured by a Lien on any
asset of such Person whether or not such Indebtedness is assumed by such Person (the amount of such Indebtedness as of any date being deemed to be the lesser of the value of such property or assets as of such date or the principal amount of such
Indebtedness of such other Person so secured) and, to the extent not otherwise included, the Guarantee by such Person of any Indebtedness of any other Person. Notwithstanding the foregoing, the term “Indebtedness” shall not include
post-closing purchase price adjustments or earnouts except to the extent that the amount payable pursuant to such purchase price adjustment or earnout is or becomes due and payable and is not thereafter promptly paid. The amount of any Indebtedness
outstanding as of any date shall be the outstanding balance at such date of all unconditional obligations described above; provided that, in the case of any Indebtedness issued with original issue discount, the amount of such Indebtedness
shall be the accreted value thereof. For the avoidance of doubt, Indebtedness of any Person shall not include any obligations or guarantees of obligations of such Person relating to leases which would not have been accounted for as a liability on a
balance sheet of such Person in accordance with GAAP, even if those obligations or guarantees of obligations would be included as liabilities on the balance sheet of such Person at the time of determination. 

“Independent Investment Banker” means the Reference Treasury Dealer as may be appointed from time to time by the Company.

 “Investment Grade Rating” means a rating equal to or greater than BBB- by
S&P and Fitch and Baa3 by Moody’s or the equivalent thereof under any new ratings system if the ratings system of any such agency shall be modified after the date hereof, or the equivalent rating of any other Ratings Agency selected by the
Company as provided in the definition of “Ratings Agencies.” 
 “Licenses” means, collectively, any telephone,
microwave, radio transmissions, personal communications or other license, authorization, certificate of compliance, franchise, approval or permit, whether for the construction, ownership or operation of any communications tower facilities, granted
or issued by the Federal Communications Commission (or other similar or successor agency of the federal government administering the Communications Act of 1934, as amended, or any similar or successor federal statute) and held by the Company or any
of its Subsidiaries. 

  
 5 

 “Lien” means, with respect to any asset, any mortgage, lien, pledge,
charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature
thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction). 

“Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 

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

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

 

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

 “Newly Created Subsidiary” means a newly created direct or indirect subsidiary of the Company
that is formed after the date hereof; provided that neither the Company nor any of its Subsidiaries shall have transferred, or may in the future transfer, any assets (other than cash or cash equivalents or used, obsolete, condemned, worn out
or surplus assets or assets that are left on property of the Company or any of its Subsidiaries by customers or tenants) to such Newly Created Subsidiary for so long as such Newly Created Subsidiary remains designated as an Unrestricted Subsidiary.

 “Notes” has the meaning assigned to it in the preamble to this Supplemental Indenture. The Notes of a Series issued
under the Indenture include the Initial Securities of such Series and Additional Securities of such Series, if any, unless the context otherwise requires. 

“Permitted Amount” means, as of any date of determination, an amount equal to the product of (1) 3.5 and (2) Adjusted
EBITDA as of the most recent fiscal quarter for which internal financial statements are available. 
 “Permitted Liens”
means: 
  

	 	(1)	 Liens existing on the date hereof (other than those securing the GS V Notes); 

 

	 	(2)	 Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being
contested in good faith by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor;

  
 6 

	 	(3)	 Liens securing Indebtedness incurred by the Company or any of its Subsidiaries since the date hereof,
represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or
equipment used in the business of the Company or any of its Subsidiaries (including any Indebtedness incurred for such purpose within 270 days of such purchase, construction or improvement) in an aggregate principal amount, including all
Indebtedness incurred to extend, refund, refinance, renew, defease or replace any other Indebtedness secured under this clause (3), not to exceed $500 million at any one time outstanding; provided that, for the avoidance of doubt,
individual financings of property, plant or equipment provided by the same lender or financing source that are permitted to be secured under this clause (3) may be cross-collateralized to other financings of property, plant or equipment
provided by such lender or financing source that are permitted to be secured under this clause (3) or otherwise under the Indenture; 

  

	 	(4)	 Liens in favor of the Company or its Subsidiaries; 

 

	 	(5)	 easements, rights-of-way,
zoning restrictions, licenses or restrictions on use and other similar encumbrances on the use of real property that: 

  

	 	(a)	 are not incurred in connection with the borrowing of money or the obtaining of advances or credit (other than
trade credit in the ordinary course of business); and 

  

	 	(b)	 do not in the aggregate materially detract from the value of the property or materially impair the use thereof
in the operation of business by the Company or its Subsidiaries; 

  

	 	(6)	 Liens on property at the time the Company or any of its Subsidiaries acquires such property, including any
acquisition by means of a merger or consolidation with or into the Company or any Subsidiary; provided, however, that such Liens are not created, incurred or assumed in connection with or in contemplation of such acquisition; provided
further, however, that such Liens do not extend to any other property of the Company or any of its Subsidiaries (plus after-acquired property required by the terms of the Indebtedness secured by such Lien or improvements, accessions, proceeds or
dividends or distributions in respect thereof); 

  

	 	(7)	 Liens of carriers, warehousemen, mechanics, vendors (solely to the extent arising by operation of law),
laborers and materialmen incurred in the ordinary course of business for sums not yet due or being diligently contested in good faith, if reserves or appropriate provisions shall have been made therefor; 

 

	 	(8)	 Liens to secure any amendments, supplements, modifications, extensions, renewals, restatements, replacements or
refundings (or successive amendments, supplements, modifications, extensions, renewals, restatements, replacements or refundings), in whole or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (1), (3) and
(6) of this definition; provided, however, that (A) such new Lien 

  
 7 

	 	
shall be limited to all or part of the same property that secured the original Lien (plus after-acquired property required by the terms of the Indebtedness secured by such Lien or improvements,
accessions, proceeds or dividends or distributions in respect thereof); and (B) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of: (i) the outstanding principal amount, or, if issued
with original issue discount, the aggregate accreted value of, or, if greater, the committed amount of the Indebtedness secured by Liens described under clauses (1), (3) or (6) of this definition at the time such original Lien became a
Permitted Lien under the Indenture; and (ii) an amount no greater than accrued and unpaid interest with respect to such Indebtedness and any fees, underwriting discounts and other costs and expenses, including premiums, related to such
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings; 

  

	 	(9)	 restrictions on the transfer of Licenses or assets of the Company or any of its Subsidiaries imposed by any of
the Licenses as in effect on the date hereof or imposed by the Communications Act of 1934, as amended, any similar or successor federal statute or the rules and regulations of the Federal Communications Commission (or other similar or successor
agency of the federal government administering such Act or successor statute) thereunder, all as the same may be in effect from time to time; 

  

	 	(10)	 leases and subleases of real property in the ordinary course of business (for the avoidance of doubt, excluding
sale and leaseback transactions) that do not materially interfere with the ordinary conduct of the business of the Company or any of its Subsidiaries; 

  

	 	(11)	 Liens incurred in the ordinary course of business in connection with workers’ compensation and
unemployment insurance, social security obligations, assessments or government charges which are not overdue for more than 60 days; 

  

	 	(12)	 Liens arising by operation of law in favor of purchasers in connection with the sale of an asset;
provided, however, that such Lien only encumbers the property being sold; 

  

	 	(13)	 Liens to secure performance of statutory obligations, surety or appeal bonds, performance bonds, bids or
tenders; 

  

	 	(14)	 judgment Liens; 

  

	 	(15)	 Liens securing obligations under Hedging Obligations not for speculative purposes; 

 

	 	(16)	 Liens in connection with escrow or security deposits made in connection with any acquisition of assets; and

  

	 	(17)	 banker’s Liens, rights of set-off or similar rights and remedies
as to deposit accounts or other funds maintained with a depositary institution; provided that: 

  
 8 

	 	(a)	 such deposit account is not a dedicated cash collateral account and is not subject to restrictions against
access in excess of those set forth by regulations promulgated by the Federal Reserve Board or other applicable law; and 

  

	 	(b)	 such deposit account is not intended to provide collateral to the depositary institution.

 “Ratings Agencies” means (1) S&P, Moody’s and Fitch and (2) if any of S&P,
Moody’s or Fitch ceases to rate the Notes or ceases to make a rating on the Notes publicly available, an entity registered as a “nationally recognized statistical rating organization” (registered as such pursuant to Rule 17g-1 of the Exchange Act) then making a rating on the Notes publicly available and selected by the Company (as certified by an Officers’ Certificate), which shall be substituted for S&P, Moody’s or
Fitch, as the case may be. 
 “Ratings Decline” means, with respect to a Series of Notes, the occurrence of the following
on, or within 90 days after, the date of the public notice of the occurrence of a Change of Control or of the intention by the Company or any third party to effect a Change of Control (which period shall be extended for so long as the rating of the
Notes is under publicly announced consideration for possible downgrade by any of the Ratings Agencies if such period exceeds 90 days): (1) in the event that the Notes have an Investment Grade Rating by all three Ratings Agencies, the Notes cease to
have an Investment Grade Rating by two of the three Ratings Agencies, (2) in the event that the Notes have an Investment Grade Rating by two Ratings Agencies, the Notes cease to have an Investment Grade Rating by both such Ratings Agencies,
(3) in the event that the Notes have an Investment Grade Rating by one Ratings Agency, the Notes cease to have an Investment Grade Rating by such Ratings Agency and there is a reduction in the rating of the Notes by one of the other Ratings
Agencies, or (4) in the event that the Notes do not have an Investment Grade Rating, there is a reduction in the rating of the Notes by two of the three Ratings Agencies or, if there are fewer than three Ratings Agencies rating the Notes, the
rating of each Ratings Agency (for the avoidance of doubt, changes in outlook shall not be a reduction in rating). 
 “Reference
Treasury Dealer” means Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets, LLC, a primary U.S. securities dealer selected by SunTrust Robinson Humphrey, Inc. and a primary U.S. securities dealer selected by
Credit Agricole Securities (USA) Inc. and each of their respective successors, and any other primary U.S. Government securities dealers in New York City selected by the Company. 

“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 by
3:30 p.m., New York City time, on the third Business Day preceding such redemption date. 
 “Remaining Scheduled Payments”
means, with respect to the applicable Series of Notes to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption if such Notes

  
 9 

 
matured on August 15, 2029, in the case of the 3.100% Notes, or May 15, 2049, in the case of the 4.000% 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 shall be reduced by the amount of interest accrued thereon to such redemption date. 

“S&P” means Standard & Poor’s Ratings Services, or any successor to the rating agency business thereof.

 “Supplemental Indenture” means this Supplemental Indenture, as amended or supplemented from time to time. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual 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 assumes 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. 
 “Unrestricted Subsidiary” means (1)
(a) each of Crown Castle Investment Corp. and Crown Castle Investment II Corp. and (b) any Newly Created Subsidiary of the Company that is designated by the Board of Directors as an Unrestricted Subsidiary, in each case until such time as the
Board of Directors may designate Crown Castle Investment Corp., Crown Castle Investment II Corp. or such Newly Created Subsidiary, as applicable, to be a Subsidiary, provided that no Default or Event of Default would occur or be existing
following such designation, and (2) any subsidiary of an Unrestricted Subsidiary. Any such designation by the Board of Directors shall be evidenced to the Trustee by filing with the Trustee a certified copy of the board resolution giving effect
to such designation. At the time of designation of an Unrestricted Subsidiary as a Subsidiary, such Subsidiary shall be deemed to incur outstanding Indebtedness and grant any existing Liens. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is normally entitled to vote in the
election of the board of directors, managers or trustees of such Person. 
 SECTION 1.4.    Other Definitions.
 
  

					
	 Term
	  	Defined in Section	 	 
	 “Change of Control Offer”
	  	4.2(a)	 	
	 “Change of Control Payment”
	  	4.2(a)	 	
	 “Change of Control Payment Date”
	  	4.2(a)	 	                                

  
 10 

 ARTICLE 2 

THE NOTES 
 SECTION
2.1.    Terms of Securities. Pursuant to Section 2.02 of the Base Indenture, the following terms relating to each Series of Notes are hereby established:

(a)    The 3.100% Notes shall constitute a Series of Securities having the title “3.100% Senior Notes
due 2029” and the 4.000% Notes shall constitute a Series of Securities having the title “4.000% Senior Notes due 2049”. 

(b)    The initial aggregate principal amount of the 3.100% Notes is $550,000,000 and the initial aggregate
principal amount of the 4.000% Notes is $350,000,000. There is no limit upon the aggregate principal amount of Notes of each Series that may be authenticated and delivered under the Indenture, subject to the terms of the Base Indenture, including
Section 2.16. 
 (c)    The entire outstanding principal of the 3.100% Notes shall be payable as set
forth in the 3.100% Notes and the entire outstanding principal of the 4.000% Notes shall be payable as set forth in the 4.000% Notes. 

(d)    The rate at which the 3.100% Notes shall bear interest shall be as set forth in the 3.100% Notes and
the rate at which the 4.000% Notes shall bear interest shall be as set forth in the 4.000% Notes. 

(e)    The 3.100% Notes shall be substantially in the form of Exhibit
A-1 and the 4.000% Notes shall be substantially in the form of Exhibit A-2, each of which is hereby incorporated in and expressly made part of the Indenture. 

(f)    not applicable 

(g)    The provisions of Section 3.1 shall be applicable to each Series of Notes. 

(h)    The provisions of Section 4.2 shall be applicable to each Series of Notes. 

(i)    not applicable 

(j)    not applicable 

(k)    not applicable 

(l)    For each Series of Notes, the covenants contained in Sections 4.1 and 4.2 shall be eligible for
Covenant Defeasance under Section 8.03 of the Base Indenture, in addition to the covenants listed therein. 

(m)    not applicable 

(n)    not applicable 

(o)    not applicable 

(p)    not applicable 

(q)    not applicable 

  
 11 

 (r)    The additional covenants contained in Sections
4.1 and 4.2 shall be applicable to each Series of Notes. 
 (s)    not applicable 

(t)    not applicable 

(u)    not applicable 

(v)    not applicable 

(w)    not applicable 

(x)    The additional definitions contained in Sections 1.3 and 1.4 shall be applicable to each Series
of Notes. 
 ARTICLE 3 

REDEMPTION AND PREPAYMENT 

SECTION 3.1.    Optional Redemption.  

(a)    At the Company’s option, the Company may redeem the Notes of a Series at any time in whole or in part. If the
Company elects to redeem the 3.100% Notes prior to August 15, 2029, or the 4.000% Notes prior to May 15, 2049, the Company will pay a redemption price in respect of the applicable Notes of the Series to be redeemed equal to the greater of
the following amounts, plus, in each case, accrued and unpaid interest thereon to but excluding the redemption date: (1) 100% of the aggregate principal amount of the Notes of such Series to be redeemed or (2) the sum of the present values of
the applicable Remaining Scheduled Payments of the Notes being redeemed. In determining the present values of the Remaining Scheduled Payments of the Notes being redeemed, the Company will discount such payments to the redemption date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 20 basis points with respect to the
3.100% Senior Notes, and 25 basis points with respect to the 4.000% Notes. 
 (b)    If the Company elects to redeem the
3.100% Notes on or after August 15, 2029, or the 4.000% Notes on or after May 15, 2049, the Company will pay a redemption price equal to 100% of the aggregate principal amount of the applicable Notes to be redeemed plus accrued and unpaid
interest thereon to but excluding the redemption date. 
 (c)    Any redemption pursuant to this Section 3.1 shall
be made pursuant to the provisions of Section 3.01 through 3.06 of the Base Indenture. 

  
 12 

 ARTICLE 4 

ADDITIONAL COVENANTS 
 SECTION
4.1.    Liens. (a) The Company shall not, and shall not permit any of its Subsidiaries to, create, incur or assume any Lien (other than Permitted Liens) on any of its or its Subsidiaries’ property or assets
(which includes Capital Stock) securing Indebtedness without providing that the Notes shall be secured equally and ratably with (or prior to) the obligations so secured for so long as such obligations are so secured. 

(b)    Notwithstanding the foregoing, the Company may, and may permit any of its Subsidiaries to, create, incur or assume
Liens securing Indebtedness without equally and ratably securing the Notes if, after giving effect to the creation, incurrence or assumption of such Liens and related transactions, the aggregate amount (without duplication) of the Indebtedness
secured by Liens (other than Permitted Liens) on the property or assets (which includes Capital Stock) of the Company and its Subsidiaries shall not exceed the Permitted Amount at the time of the creation, incurrence or assumption of such Liens (it
being understood that any outstanding Liens securing the GS V Notes shall be deemed to be incurred pursuant to this Section 4.1(b)). 

SECTION 4.2.    Offer to Repurchase Upon Change of Control Triggering Event. (a) If a Change of Control
Triggering Event occurs with respect to a Series of the Notes, each Holder of such Series of Notes shall have the right to require the Company to repurchase all or any part, equal to $2,000 or an integral multiple of $1,000 thereafter, of such
Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”). The offer price in any Change of Control Offer shall be payable in cash and shall be 101% of the aggregate principal amount of any Notes
repurchased plus accrued and unpaid interest on such Notes, if any (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), to the date of purchase (the “Change of
Control Payment”). Within 30 days following any Change of Control Triggering Event and subject to certain limitations described below, the Company shall send a notice to each Holder describing the transaction or transactions that constitute
the Change of Control Triggering Event and offering to repurchase Notes of such Series on the date specified in the notice (the “Change of Control Payment Date”). The Change of Control Payment Date shall be no earlier than 30 days
and no later than 60 days from the date the notice is sent, pursuant to the procedures required by the Indenture and described in such notice. 

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

(i)    accept for payment all Notes or portions of the Notes properly tendered and not withdrawn pursuant
to the Change of Control Offer; 
 (ii)    deposit with the Paying Agent an amount equal to the Change of
Control Payment in respect of all Notes or portions of Notes properly tendered and not withdrawn; and 

  
 13 

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

(c)    The Paying Agent shall promptly send to each Holder of Notes properly tendered and not withdrawn the Change of
Control Payment for such Notes, and the Trustee shall promptly authenticate and mail, or cause to be transferred by book entry, to each Holder a new Note of the applicable Series equal in principal amount to any unpurchased portion of the Notes
surrendered, if any; provided that the new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 thereafter. Any Note so accepted for payment shall cease to accrue interest on and after the Change of Control Payment
Date. 
 (d)    The Change of Control provisions described in this Section 4.2 shall be applicable whether or not
any other provisions of the Indenture are applicable. The Company shall comply with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations to the extent those laws and regulations are applicable to
any Change of Control Offer. If the provisions of any of the applicable securities laws or securities regulations conflict with the provisions of this Section 4.2, the Company shall comply with the applicable securities laws and regulations and
shall not be deemed to have breached its obligations under this Section 4.2 by virtue of the compliance. 

(e)    The Company shall not be required to make a Change of Control Offer with respect to a Series of Notes upon a Change
of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the Indenture applicable to a Change of Control Offer made by the Company and
purchases all Notes of such Series properly tendered and not withdrawn under such Change of Control Offer. In addition, notwithstanding the occurrence of a Change of Control Triggering Event, the Company shall not be obligated to make a Change of
Control Offer with respect to a Series of Notes in the event it has delivered a notice of redemption (which is or has become unconditional) with respect to all of the outstanding Notes of such Series as provided under Section 3.1. A Change of
Control Offer may be made in advance of a Change of Control Triggering Event and conditioned upon such Change of Control Triggering Event if a definitive agreement is in place for the Change of Control Triggering Event at the time of making the
Change of Control Offer. The provisions under the Indenture relating to the Company’s obligation to make an offer to repurchase the Notes of a particular Series as a result of a Change of Control Triggering Event may be waived or modified with
the written consent of the Holders of a majority in principal amount of the Notes of such Series then outstanding. 
 ARTICLE 5 

MISCELLANEOUS 
 SECTION
5.1.    Ratification of Base Indenture; No Adverse Interpretation of Other Agreements. The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental
Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. The Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret the Indenture. 

  
 14 

 SECTION 5.2.    Trust Indenture Act Controls. If any provision of
the Indenture limits, qualifies or conflicts with the duties imposed by TIA Section 318(c), the imposed duties shall control. 

SECTION 5.3.    Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE
THIS SUPPLEMENTAL INDENTURE AND THE NOTES. 
 SECTION 5.4.    Successors. All agreements of the Company in
this Supplemental Indenture and the Notes shall bind its successors. All agreements of the Trustee in this Supplemental Indenture shall bind its successors. 

SECTION 5.5.    Severability. In case any provision in this Supplemental Indenture or in the Notes shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 5.6.    Counterpart Originals. The parties may sign any number of copies of this Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement. 
 SECTION
5.7.    Table of Contents, Headings, etc. The Table of Contents and Headings of the Articles and Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part
of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
 SECTION
5.8.    Waiver of Jury Trial. EACH OF THE COMPANY, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 [Signature page follows]

  
 15 

 IN WITNESS WHEREOF, the parties have caused this Second Supplemental Indenture to be duly
executed as of August 15, 2019. 
  

			
	CROWN CASTLE INTERNATIONAL CORP.
		
	By:	 	 /s/ Jay A. Brown

	Name:	 	Jay A. Brown
	Title:	 	President and Chief Executive Officer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Lawrence M. Kusch

	Name:	 	Lawrence M. Kusch
	Title:	 	Vice President

 [Supplemental Indenture] 

 EXHIBIT A-1 

FORM OF 3.100% NOTE 
 [FORM OF
FACE OF 3.100% NOTE] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]1 

CROWN CASTLE INTERNATIONAL CORP. 

3.100% Senior Notes due 2029 

$                       
      

No                       
 . 
 CUSIP No. 22822V AN1 
 CROWN
CASTLE INTERNATIONAL CORP., a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter defined), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $ (                Dollars)[(as such sum may be increased or
decreased as set forth on the Schedule of Exchanges of Notes 
  

	1 	 These paragraphs should be included only if the Note is a Global Security.

  
 A-1-1 

 
attached hereto)]2 on November 15, 2029, and to pay interest thereon from August 15, 2019 or from the most recent Interest Payment
Date (as defined below) to which interest has been paid or duly provided for, semi-annually on May 15 and November 15 (each, an “Interest Payment Date”) in each year, commencing November 15, 2019, at the rate of
3.100% per annum, until the principal hereof is paid or made available for payment. 
 The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business on the regular record date for such interest, which shall be May 1 or November 1, as the
case may be, next preceding such Interest Payment Date or, if such record date is not a Business Day, at the close of business of the immediately succeeding Business Day. A “Business Day” shall mean any day other than a Saturday,
Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is not a Business Day at a place of payment, payment may be made
at that place on the next succeeding day that is a Business Day, and no interest shall accrue on such payment for the intervening period. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder
on such regular record date and shall be paid to the Person in whose name this Note is registered at the close of business on a subsequent special record date, which date shall be the fifteenth day next preceding the date fixed by the Company for
the payment of defaulted interest or the next succeeding Business Day if such date is not a Business Day. At least 30 days before the special record date, the Company shall send or cause to be sent to each Holder, with a copy to the Trustee, a
notice that states the special record date, the payment date and the amount of defaulted interest and the amount of interest payable on such defaulted interest, if any, to be paid. 

If a Holder has given wire transfer instructions to the Company, the Company will make all payments of principal, premium and interest, if any, on that
Holder’s Notes in accordance with those instructions. All other payments on the Notes will be made at the office or agency of the Paying Agent and Registrar for the Notes within the City and State of New York unless, with respect to such other
payments, the Company elects to make interest payments by check mailed to the Holders at their address set forth in the register of Holders. Interest will be computed on the basis of a 360-day year composed of
twelve 30-day months. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof or an authenticating agent appointed by the Company, by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose. 
 [Signature page follows] 

 

	2 	 Use this language only if the Note is a Global Security. 

  
 A-1-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed and
delivered. 
 Dated: 
  

			
	CROWN CASTLE INTERNATIONAL CORP.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-1-3 

 This is one of the Notes designated therein referred to in the within-mentioned Supplemental
Indenture. 
 Dated: 
  

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

		 	Authorized Signatory

  
 A-1-4 

 [FORM OF REVERSE OF 3.100% NOTE] 

 

	1.	 Notes. 

This Note is one of a duly authorized issue of senior notes of the Company, issued and to be issued in one or more Series under the Second Supplemental
Indenture, dated as of August 15, 2019 (the “Supplemental Indenture”), to the Indenture dated as of February 11, 2019 (the “Base Indenture” and, together with the Supplemental Indenture, the
“Indenture”) between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders and of the terms upon which the Notes (as defined below) are, and are to be,
authenticated and delivered. To the extent the provisions of this Note are inconsistent with the provisions of the Indenture, the Indenture shall control. This Note is one of the Series designated on the face hereof as “3.100% Senior Notes due
2029” (herein called the “Notes”), issued in an initial aggregate principal amount of $550,000,000. The Notes constitute a Series of Securities under the Indenture. All terms used in this Note which are defined in the Indenture
shall have the meanings assigned to them in the Indenture. 
  

	2.	 No Sinking Fund. 

No sinking fund is provided for the Notes. 
  

	3.	 Optional Redemption. 

(a)    At the Company’s option, the Company may redeem the Notes at any time in whole or in part. If the Company
elects to redeem the Notes prior to August 15, 2029, the Company will pay a redemption price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest thereon to but excluding the redemption date: (1) 100%
of the aggregate principal amount of the Notes to be redeemed or (2) the sum of the present values of the applicable Remaining Scheduled Payments of the Notes being redeemed. In determining the present values of the Remaining Scheduled Payments
of the Notes being redeemed, the Company will discount such payments to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) using a discount rate equal to the Treasury Rate plus 20 basis points. 
 (b)    If the Company elects to
redeem the Notes on or after August 15, 2029, the Company will pay a redemption price equal to 100% of the aggregate principal amount of the applicable Notes to be redeemed plus accrued and unpaid interest thereon to but excluding the
redemption date. 
  

	4.	 Selection and Notice of Redemption. 

(a)    If less than all the Notes are to be redeemed at any time, such Notes to be redeemed will be selected in accordance
with the procedures of the Depositary. 

  
 A-1-5 

 (b)    No Notes of $2,000 of principal amount or less will be redeemed
in part. Notice of redemption will be sent by first class mail at least 15 but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at its registered address. Notice of redemption may be conditional and, at the
Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied. 
  

	5.	 Repurchase at Option of Holder. 

(a)    If a Change of Control Triggering Event occurs with respect to the Notes, each Holder of Notes shall have the right
to require the Company to repurchase all or any part, equal to $2,000 or an integral multiple of $1,000 thereafter, of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”). The offer price
in any Change of Control Offer shall be payable in cash and will be 101% of the aggregate principal amount of any Notes repurchased plus accrued and unpaid interest on the Notes, if any (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date), to the date of purchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event and subject to certain
limitations described below, the Company shall send a notice to each Holder describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase Notes on the date specified in the notice (the
“Change of Control Payment Date”). The Change of Control Payment Date shall be no earlier than 30 days and no later than 60 days from the date the notice is sent, pursuant to the procedures required by the Indenture and described in
such notice. 
  

	6.	 Acceleration Upon Event of Default. 

The Events of Default relating to the Notes are set forth in Section 6.01 of the Indenture. If any Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of the then-outstanding Notes may declare all such Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default with respect to
the Notes arising from Section 6.01(a)(vii) or Section 6.01(a)(viii) of the Indenture, with respect to the Company, all outstanding Notes shall become due and payable without further action or notice. Holders may not enforce the Indenture
or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. 

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

  
 A-1-6 

	7.	 Amendment and Modification. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and
the rights of the Holders with respect to the Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of at least a majority in principal amount of the Notes then-outstanding, voting as a single class.
The Indenture also contains provisions permitting the Holders of at least a majority in principal amount of the Notes then-outstanding, on behalf of the Holders of all the Notes, to waive compliance by the Company with certain provisions of the
Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued in
exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note or such other Note. 
  

	8.	 Transfer and Exchange. 

As provided in the Indenture and subject to certain limitations set forth therein, the Notes shall be transferable only upon the surrender of a Note for
registration of transfer. When a Note is presented to the Registrar with a request to register a transfer, the Registrar will register the transfer as requested if the requirements of the Indenture are satisfied. When Notes are presented to the
Registrar with a request to exchange them for an equal principal amount of Notes of other denominations, the Registrar shall make the exchange as requested if the requirements of the Indenture are met. To permit registration of transfers and
exchanges, the Company will execute and the Trustee will authenticate Notes at the Registrar’s request. 
  

	9.	 No Service Charge. 

No service charge shall be made for any such registration of transfer or exchange, but the Company or the Registrar may require payment by the Holder of a sum
sufficient to pay all taxes, assessments or other governmental charges in connection therewith. 
  

	10.	 Treatment as Owner. 

Prior to the due presentation of this Note for registration of transfer, the Company, the Trustee, the Paying Agent or the Registrar may deem and treat the
Person in whose name this Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and (subject to the provisions with respect to record dates) 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 or the Registrar shall be affected by notice to the contrary. 
  

	11.	 No Liability. 

No past, present or future director, officer, employee, incorporator or stockholder of the Company, as such, shall 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. Each Holder by accepting a Note waives and releases all such liability. Such waiver and release are part of
the consideration for the issuance of the Notes. 

  
 A-1-7 

	12.	 Governing Law. 

THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THE NOTES. 

  
 A-1-8 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to
applicable laws or regulations: 
  

			
		
	TEN COM	  	- as tenants in common
		
	TEN ENT	  	- as tenants by the entireties (Cust)
		
	JT TEN	  	- as joint tenants with right of survivorship and not as tenants in common
		
	UNIF GIFT MIN ACT	  	- Uniform Gifts to Minors Act

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

  
 A-1-9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.2 of the Supplemental Indenture, check the appropriate box below:

  
 ☐ 

Section 4.2 
 If you want to elect to have
only part of the Note purchased by the Company pursuant to Section 4.2 of the Supplemental Indenture, state the amount you elect to have purchased: 

$                      

Date:               

Your Signature:
                             

(Sign exactly as your name appears on the face of this Note) 

Tax Identification No.:
                                         
                    
 Signature Guarantee*:
                                         
                     
  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-1-10 

 FORM OF ASSIGNMENT 

For value received                hereby sell(s), assign(s) and transfer(s)
unto [also insert social security or other identifying number of assignee] the within Note, and hereby irrevocably constitutes and appoints                as attorney to
transfer the said Note on the books of the Company, with full power of substitution in the premises. 
  

	
	Dated:
	
	  

	
	  

	
	Signature(s)

 Signature(s) must be guaranteed by an Eligible Guarantor Institution with membership in an approved signature guarantee
program pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934. 

  
 A-1-11 

 SCHEDULE OF EXCHANGES OF NOTES3 

The following exchanges, repurchases or conversions of a part of this Global Security have been made: 

 

									
	Date of Exchange	 	 Principal Amount

of this Global
 Security
Following
 Such Decrease (or

Increase)
	 	 Authorized

Signatory of

Custodian
	 	 Amount of

Decrease in
 Principal
Amount
 of this Global

Security
	 	 Amount of Increase

in Principal
 Amount of
this
 Global Security

		 		 	            	 		 	

  

	3	 This schedule should be included only if the Note is a Global Security. 

  
 A-1-12 

 EXHIBIT A-2 

FORM OF 4.000% NOTE 
 [FORM OF
FACE OF 4.000% NOTE] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]4 

CROWN CASTLE INTERNATIONAL CORP. 

4.000% Senior Notes due 2049 

$                       
      

No                       
 . 
 CUSIP No. 22822V AP6 
 CROWN
CASTLE INTERNATIONAL CORP., a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter defined), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $ (                Dollars)[(as such sum may be increased or
decreased as set forth on the Schedule of Exchanges of Notes 
  
  

	4 	 These paragraphs should be included only if the Note is a Global Security.

  
 A-2-1 

 
attached hereto)]5 on November 15, 2049, and to pay interest thereon from August 15, 2019 or from the most recent Interest Payment
Date (as defined below) to which interest has been paid or duly provided for, semi-annually on May 15 and November 15 (each, an “Interest Payment Date”) in each year, commencing November 15, 2019, at the rate of
4.000% per annum, until the principal hereof is paid or made available for payment. 
 The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business on the regular record date for such interest, which shall be May 1 or November 1, as the
case may be, next preceding such Interest Payment Date or, if such record date is not a Business Day, at the close of business of the immediately succeeding Business Day. A “Business Day” shall mean any day other than a Saturday,
Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is not a Business Day at a place of payment, payment may be made
at that place on the next succeeding day that is a Business Day, and no interest shall accrue on such payment for the intervening period. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder
on such regular record date and shall be paid to the Person in whose name this Note is registered at the close of business on a subsequent special record date, which date shall be the fifteenth day next preceding the date fixed by the Company for
the payment of defaulted interest or the next succeeding Business Day if such date is not a Business Day. At least 30 days before the special record date, the Company shall send or cause to be sent to each Holder, with a copy to the Trustee, a
notice that states the special record date, the payment date and the amount of defaulted interest and the amount of interest payable on such defaulted interest, if any, to be paid. 

If a Holder has given wire transfer instructions to the Company, the Company will make all payments of principal, premium and interest, if any, on that
Holder’s Notes in accordance with those instructions. All other payments on the Notes will be made at the office or agency of the Paying Agent and Registrar for the Notes within the City and State of New York unless, with respect to such other
payments, the Company elects to make interest payments by check mailed to the Holders at their address set forth in the register of Holders. Interest will be computed on the basis of a 360-day year composed of
twelve 30-day months. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof or an authenticating agent appointed by the Company, by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose. 
 [Signature page follows] 
  

 

	5 	 Use this language only if the Note is a Global Security. 

  
 A-2-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed and
delivered. 
 Dated: 
  

			
	CROWN CASTLE INTERNATIONAL CORP.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-2-3 

 This is one of the Notes designated therein referred to in the within-mentioned Supplemental
Indenture. 
 Dated: 
  

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

		 	Authorized Signatory

  
 A-2-4 

 [FORM OF REVERSE OF 4.000% NOTE] 

 

	1.	 Notes. 

This Note is one of a duly authorized issue of senior notes of the Company, issued and to be issued in one or more Series under the Second Supplemental
Indenture, dated as of August 15, 2019 (the “Supplemental Indenture”), to the Indenture dated as of February 11, 2019 (the “Base Indenture” and, together with the Supplemental Indenture, the
“Indenture”) between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders and of the terms upon which the Notes (as defined below) are, and are to be,
authenticated and delivered. To the extent the provisions of this Note are inconsistent with the provisions of the Indenture, the Indenture shall control. This Note is one of the Series designated on the face hereof as “4.000% Senior Notes due
2049” (herein called the “Notes”), issued in an initial aggregate principal amount of $350,000,000. The Notes constitute a Series of Securities under the Indenture. All terms used in this Note which are defined in the Indenture
shall have the meanings assigned to them in the Indenture. 
  

	2.	 No Sinking Fund. 

No sinking fund is provided for the Notes. 
  

	3.	 Optional Redemption. 

(a)    At the Company’s option, the Company may redeem the Notes at any time in whole or in part. If the Company
elects to redeem the Notes prior to May 15, 2049, the Company will pay a redemption price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest thereon to but excluding the redemption date: (1) 100% of
the aggregate principal amount of the Notes to be redeemed or (2) the sum of the present values of the applicable Remaining Scheduled Payments of the Notes being redeemed. In determining the present values of the Remaining Scheduled Payments of
the Notes being redeemed, the Company will discount such payments to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) using a discount rate equal to the Treasury Rate plus 25 basis points. 
 (b)    If the Company elects to
redeem the Notes on or after May 15, 2049, the Company will pay a redemption price equal to 100% of the aggregate principal amount of the applicable Notes to be redeemed plus accrued and unpaid interest thereon to but excluding the redemption
date. 
  

	4.	 Selection and Notice of Redemption. 

(a)    If less than all the Notes are to be redeemed at any time, such Notes to be redeemed will be selected in accordance
with the procedures of the Depositary. 

  
 A-2-5 

 (b)    No Notes of $2,000 of principal amount or less will be redeemed
in part. Notice of redemption will be sent by first class mail at least 15 but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at its registered address. Notice of redemption may be conditional and, at the
Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied. 
  

	5.	 Repurchase at Option of Holder. 

(a)    If a Change of Control Triggering Event occurs with respect to the Notes, each Holder of Notes shall have the right
to require the Company to repurchase all or any part, equal to $2,000 or an integral multiple of $1,000 thereafter, of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”). The offer price
in any Change of Control Offer shall be payable in cash and will be 101% of the aggregate principal amount of any Notes repurchased plus accrued and unpaid interest on the Notes, if any (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date), to the date of purchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event and subject to certain
limitations described below, the Company shall send a notice to each Holder describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase Notes on the date specified in the notice (the
“Change of Control Payment Date”). The Change of Control Payment Date shall be no earlier than 30 days and no later than 60 days from the date the notice is sent, pursuant to the procedures required by the Indenture and described in
such notice. 
  

	6.	 Acceleration Upon Event of Default. 

The Events of Default relating to the Notes are set forth in Section 6.01 of the Indenture. If any Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of the then-outstanding Notes may declare all such Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default with respect to
the Notes arising from Section 6.01(a)(vii) or Section 6.01(a)(viii) of the Indenture, with respect to the Company, all outstanding Notes shall become due and payable without further action or notice. Holders may not enforce the Indenture
or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. 

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

  
 A-2-6 

	7.	 Amendment and Modification. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and
the rights of the Holders with respect to the Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of at least a majority in principal amount of the Notes then-outstanding, voting as a single class.
The Indenture also contains provisions permitting the Holders of at least a majority in principal amount of the Notes then-outstanding, on behalf of the Holders of all the Notes, to waive compliance by the Company with certain provisions of the
Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued in
exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note or such other Note. 
  

	8.	 Transfer and Exchange. 

As provided in the Indenture and subject to certain limitations set forth therein, the Notes shall be transferable only upon the surrender of a Note for
registration of transfer. When a Note is presented to the Registrar with a request to register a transfer, the Registrar will register the transfer as requested if the requirements of the Indenture are satisfied. When Notes are presented to the
Registrar with a request to exchange them for an equal principal amount of Notes of other denominations, the Registrar shall make the exchange as requested if the requirements of the Indenture are met. To permit registration of transfers and
exchanges, the Company will execute and the Trustee will authenticate Notes at the Registrar’s request. 
  

	9.	 No Service Charge. 

No service charge shall be made for any such registration of transfer or exchange, but the Company or the Registrar may require payment by the Holder of a sum
sufficient to pay all taxes, assessments or other governmental charges in connection therewith. 
  

	10.	 Treatment as Owner. 

Prior to the due presentation of this Note for registration of transfer, the Company, the Trustee, the Paying Agent or the Registrar may deem and treat the
Person in whose name this Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and (subject to the provisions with respect to record dates) 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 or the Registrar shall be affected by notice to the contrary. 
  

	11.	 No Liability. 

No past, present or future director, officer, employee, incorporator or stockholder of the Company, as such, shall 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. Each Holder by accepting a Note waives and releases all such liability. Such waiver and release are part of
the consideration for the issuance of the Notes. 

  
 A-2-7 

	12.	 Governing Law. 

THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THE NOTES. 

  
 A-2-8 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to
applicable laws or regulations: 
  

			
	TEN COM	  	- as tenants in common
		
	TEN ENT	  	- as tenants by the entireties (Cust)
		
	JT TEN	  	- as joint tenants with right of survivorship and not as tenants in common
		
	UNIF GIFT MIN ACT	  	- Uniform Gifts to Minors Act

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

  
 A-2-9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.2 of the Supplemental Indenture, check the appropriate box below:

  
 ☐ 

Section 4.2 
 If you want to elect to have
only part of the Note purchased by the Company pursuant to Section 4.2 of the Supplemental Indenture, state the amount you elect to have purchased: 

$                          

Date:                   

Your Signature:
                          

(Sign exactly as your name appears on the face of this Note) 

Tax Identification No.:
                                         
                    
 Signature Guarantee*:
                                         
                     
  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-2-10 

 FORM OF ASSIGNMENT 

For value received                hereby sell(s), assign(s) and transfer(s)
unto [also insert social security or other identifying number of assignee] the within Note, and hereby irrevocably constitutes and appoints                as attorney to
transfer the said Note on the books of the Company, with full power of substitution in the premises. 
  

	
	Dated:
	
	  

	
	  

	
	Signature(s)

 Signature(s) must be guaranteed by an Eligible Guarantor Institution with membership in an approved signature guarantee
program pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934. 

  
 A-2-11 

 SCHEDULE OF EXCHANGES OF NOTES6 

The following exchanges, repurchases or conversions of a part of this Global Security have been made: 

 

									
	Date of Exchange	 	 Principal Amount

of this Global
 Security
Following
 Such Decrease (or

Increase)
	 	 Authorized

Signatory of

Custodian
	 	 Amount of

Decrease in
 Principal
Amount
 of this Global

Security
	 	 Amount of Increase

in Principal
 Amount of
this
 Global Security

		 		 	            	 		 	

  

	6	 This schedule should be included only if the Note is a Global Security. 

  
 A-2-12

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