Document:

Employment Agreement

 Exhibit 10.4 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”) is made and entered into this             day of January, 2011, by and between Inergy GP, LLC, a Delaware limited liability company (the
“Company”), and Laura L. Ozenberger, an individual (“Employee”). 
 The Company and Employee
hereby agree as follows: 
 1. Employment. Employee is currently employed by the Company as the Company’s Senior
Vice President – General Counsel upon and subject to the terms and conditions of this Agreement. During the term of her employment under this Agreement, Employee shall report to the Company’s President or Chief Executive Officer. Employee
shall continue to serve as part of the Company’s senior management team which sets the strategic direction of the Company. . 
 2. Duties. During the term of her employment under this Agreement, Employee will perform her duties hereunder at such time or times as the Company may reasonably request. Employee’s duties may
be varied by the Company from time to time without violating the terms of this Agreement, provided such duties are generally consistent with those of a general counsel, and shall include: (i) devoting her best efforts and her entire business
time to further properly the interests of the Company to the satisfaction of the Company, (ii) being subject to the Company’s direction and control at all times with respect to her activities on behalf of the Company, (iii) complying
with all rules, orders, regulations, policies, practices and decisions of the Company, (iv) truthfully and accurately maintaining and preserving all records and making all reports as the Company may require, and (v) fully accounting for
all monies and other property of the Company of which she may from time to time have custody and delivering the same to the Company whenever and however directed to do so. 
 3. Compensation. Commencing as of December 1, 2010, for all services rendered by Employee to the Company, the Company shall pay Employee a salary (the “Salary”) at the annual
rate of Two Hundred Thousand Dollars ($250,000), payable in arrears in accordance with the Company’s general payroll practices. All payments and benefits provided pursuant to this Agreement are subject to income tax withholding and other
applicable tax and withholding requirements. The Salary will be reviewed from time to time by the Company but no less often than annually and may be increased, but not decreased, by the Company in its discretion. 

4. Expenses. The Company shall reimburse Employee for all ordinary and necessary out-of-pocket expenses incurred and paid by
Employee in the course of the performance of Employee’s duties pursuant to this Agreement and consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, and subject
to the Company’s requirements with respect to the manner of approval and reporting of such expenses. 

 5. Additional Benefits. 

(a) Employee shall be eligible for such fringe benefits, if any, by way of insurance, hospitalization and vacations
normally provided to other members of the executive management of the Company generally and such additional benefits as may be from time to time agreed upon in writing between Employee and the Company. 

(b) For each fiscal year during the term of this Agreement, the Company agrees to pay Employee a performance bonus based
on subjective and objective criteria established by the Company from time to time. If, and to the extent, the Company determines that Employee has met such subjective and objective criteria, Employee will receive a cash bonus in an amount up to
$250,000, to be paid within 90 days after the end of the relevant fiscal year. Notwithstanding the foregoing, in order to receive a bonus pursuant to this Section 5(b), Employee must have been continuously employed by the Company from
December 1, 2010 until the end of the relevant fiscal year. 
 6. Covenant Not to Disclose Confidential Information.
Employee acknowledges that during the course of her employment with the Company Employee has or will have access to and knowledge of certain information and data that the Company or any subsidiary, parent or affiliate of the Company considers
confidential and that the release of such information or data to unauthorized persons or entities would be extremely detrimental to the Company. As a consequence, Employee hereby agrees and acknowledges that she owes a duty to the Company not to
disclose, and agrees that, during or after the term of her employment, without the prior written consent of the Company, she will not communicate, publish or disclose, to any person or entity anywhere or use (for her own benefit or the benefit of
others) any Confidential Information (as hereinafter defined) for any purpose other than carrying out her duties as contemplated by this Agreement. Employee will use her best efforts at all times to hold in confidence and to safeguard any
Confidential Information to ensure that any unauthorized persons or entities do not gain possession of any Confidential Information and, in particular, will not permit any Confidential Information to be read, duplicated or copied. Employee will
return to the Company all originals and copies of documents and other materials, whether in printed or electronic format or otherwise, containing or derived from Confidential Information in Employee’s possession or under Employee’s control
when the duties of Employee no longer require Employee’s possession thereof, or whenever the Company shall so request, and in any event will return all such Confidential Information within ten (10) days if the employment relationship with
the Company is terminated for any or no reason and will not retain any copies thereof. Employee acknowledges that Employee is obligated to protect the Confidential Information from disclosure or use even after termination of such employment
relationship. For purposes hereof, the term “Confidential Information” shall mean any information or data used by or belonging or relating to the Company or any subsidiary, parent or affiliate of the Company, or any party to whom
the Company owes a duty of confidentiality that is not known generally to the industry in which the Company or any subsidiary, parent or affiliate of the Company, or any party to whom the Company owes a duty of confidentiality is or may be engaged,
including, but not limited to, any and all trade secrets, proprietary data and information relating to the Company’s or any subsidiary, parent or affiliate of the Company’s, or any party to whom the Company owes a duty of confidentiality
past, present or future business and products, price lists, customer lists, processes, procedures or standards, know-how, manuals, hardware, software, 

  
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source code, business strategies, records, marketing plans, drawings, technical information, specifications, designs, patent information, financial information, whether or not reduced to writing,
or information or data that the Company or any subsidiary, parent or affiliate of the Company or any party to whom the Company owes a duty of confidentiality advises Employee should be treated as confidential information. Confidential Information
does not include any information that: (i) is rightfully known to Employee prior to Employee’s employment, and independent of any disclosure or access to the information via the Company as evidenced by Employee’s written records; or
(ii) is or later becomes part of the public domain and known within the relevant industry through no fault of Employee. 

7. Disclosure and Assignment of Intellectual Property. 

(a) Employee agrees that the Company shall become the owner of all inventions, discoveries, developments, ideas, writings,
and expressions, including, but not limited to, any and all concepts, improvements, techniques, know-how, innovations, systems, processes, machines, current or proposed products, works, information, reports, papers, logos, computer programs,
designs, marketing materials, and methods of manufacture, distribution, management or other methods (whether or not reduced to writing and whether or not patentable or protectable by copyright), that Employee conceives, develops, creates, makes,
perfects or reduces to practice in whole or in part while employed by the Company or within one (1) year after termination of Employee’s employment for any or no reason, and that: (i) directly or indirectly relate to or arise out of
Employee’s job responsibilities for the Company or the performance of the duties of Employee’s employment by the Company; (ii) result from research, development, or other activities of the Company; or (iii) relate or pertain in
any way to the existing or reasonably anticipated scope, business or products of the Company or any subsidiary, parent or affiliate of the Company (hereinafter the “Intellectual Property”). All of the right, title and interest in
and to the Intellectual Property shall become exclusively owned by the Company or its nominee regardless of whether or not the conception, development, creation, making, perfection or reduction to practice of such Intellectual Property involved the
use of the Company’s time, facilities or materials and regardless of where such Intellectual Property may be conceived, made or perfected. 
 (b) Employee agrees to promptly and fully disclose in writing to the Company all inventions, discoveries, developments, ideas, writings, and expressions conceived, developed, created, made, perfected or
reduced to practice, in whole or in part, while employed by the Company or within one (1) year after termination of Employee’s employment for any or no reason, regardless of whether Employee believes the invention, discovery, development,
writing, expression or idea should be considered Intellectual Property of the Company under any provision of this Agreement, in order to enable the Company to make a determination as to its rights with respect to the same. 

(c) Any and all information relating to Intellectual Property shall be considered Confidential Information and shall not
be disclosed by Employee to any person or entity outside of the Company. 

  
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 (d) Any Intellectual Property that is the subject of copyright shall be
considered a “work made for hire” within the meaning of the Copyright Act of 1976, as amended, and shall be the sole property of the Company or its nominee. To the extent that the Company does not automatically own any such Intellectual
Property as a work made for hire, Employee shall assign all right, title and interest in and to such Intellectual Property to the Company. All right, title and interest in and to any other Intellectual Property, including, but not limited to,
patent, industrial design, trademark, trade dress and trade secret rights shall be assigned and is hereby assigned exclusively to the Company or its nominee. Employee further agrees to execute and deliver all documents and do all acts that the
Company shall deem necessary or desirable to secure to the Company or its nominee the entire right, title and interest in and to the Intellectual Property, including, but not limited to, executing applications for any United States and/or foreign
patents or copyright registrations, disclosing relevant prior art, reviewing office actions and providing technical input to assist the Company in overcoming any rejections. Any document prepared and filed pursuant to this Section 7(d)
shall be prepared and filed at the Company’s expense. Employee further agrees to cooperate with the Company as reasonably necessary to maintain or enforce the Company’s rights in the Intellectual Property. Employee hereby irrevocably
appoints the President of the Company as Employee’s attorney-in-fact with authority to execute for Employee and on Employee’s behalf any and all assignments, patent or copyright applications, or other instruments and documents required to
be executed by Employee pursuant to this Section 7(d), if Employee is unwilling or unable to execute same. 
 (e) The Company shall have no obligation to use, attempt to protect by patent or copyright, or promote any of the Intellectual Property; provided, however, that the Company, in its sole discretion, may
reward Employee for any especially meritorious contributions in any manner it deems appropriate or may provide Employee with full or partial releases as to any subject matter contributed by Employee in which the Company is not interested.

 8. Legal Proceedings to Compel Disclosure. In the event that Employee is requested pursuant to, or required by,
applicable law, regulation, or legal process, to disclose any Confidential Information or Intellectual Property, Employee shall notify the Company of such request within five (5) days of such request being made and shall enable the Company or
any subsidiary, parent or affiliate of the Company to seek an appropriate protective order. In the event that such a protective order or other protective remedy is not obtained, Employee shall furnish only that portion of the Confidential
Information or Intellectual Property that, in the opinion of Employee’s counsel, is legally required and will exercise Employee’s best efforts to obtain reliable assurances that confidential treatment will be accorded the Confidential
Information or Intellectual Property. 
 9. Covenant Not to Compete. Employee acknowledges that during her employment
with the Company she, at the expense of the Company, has been and will continue to be specially trained in the business of the Company, has established and will continue to establish favorable relations with the customers, clients and accounts of
the Company or any subsidiary, parent or affiliate of the Company and has had and will continue to have access to the Intellectual Property, trade secrets and Confidential Information of the Company or any

  
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subsidiary, parent or affiliate of the Company. Therefore, in consideration of such training and relations, and in consideration of her continued employment with the Company and the increase in
compensation and additional benefits provided in this Agreement, the issuance of restricted units pursuant to a separate Restricted Unit Award Agreement dated the date hereof (the “Restricted Unit Agreement”) and to further protect
the Intellectual Property, trade secrets and Confidential Information of the Company or any subsidiary, parent or affiliate of the Company, Employee agrees that during the term of her employment by the Company and for a period of one year from and
after the voluntary or involuntary termination of such employment for any or no reason (including, without limitation, a termination of employment by the Company due to the fulfillment of the then-current term of this Agreement pursuant to
Section 12(a)); provided, however, that the Company shall have the option to extend such period of time by an additional one year period by electing to continue to pay Employee’s annual salary at the time of termination, she will
not, directly or indirectly, without the express written consent of the Company, except when and as requested to do in and about the performing of her duties under this Agreement: 

(a) own, manage, operate, control or participate in the ownership, management, operation or control of, or have any
interest, financial or otherwise, in or act as an officer, director, partner, manager, member, principal, employee, agent, representative, consultant or independent contractor of, or in any way assist, any individual or entity in the conduct of any
business that trades, markets, sells or distributes propane gas (at retail, wholesale or otherwise), gathers, processes, stores, transports, trades, markets or distributes natural gas or liquefied by-products of natural gas or petroleum (at retail,
wholesale or otherwise) or sells, services and installs parts, appliances or supplies related thereto; 
 (b)
divert or attempt to divert clients or customers (whether or not such persons have done business with the Company or any subsidiary, parent or affiliate of the Company once or more than once) or accounts of the Company or any subsidiary, parent or
affiliate of the Company; or 
 (c) entice or induce or in any manner influence any person who is or becomes in
the employ or service of the Company or any subsidiary, parent or affiliate of the Company to leave such employ or service for the purpose of engaging in a business that may be in competition with any business now or at any time during the period
hereof engaged in by the Company or any subsidiary, parent or affiliate of the Company. 
 Notwithstanding the foregoing
provisions, Employee may (i) take action for, on behalf of, and at the direction of the Company pursuant to a written agreement with the Company or otherwise, and (ii) own up to 5% of the outstanding equity securities in any corporation or
entity (including units in a master limited partnership) that is listed upon a national stock exchange or actively traded in the over-the-counter market. 
 10. Specific Performance. Recognizing that irreparable damage will result to the Company in the event of the breach or threatened breach of any of the foregoing covenants and assurances by Employee
contained in Sections 6, 7, 8 or 9 hereof, and that the Company’s remedies at law for any such breach or threatened breach will be inadequate, the Company and 

  
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its successors and assigns, in addition to such other remedies which may be available to them, shall be entitled to an injunction, including a mandatory injunction, to be issued by any court of
competent jurisdiction ordering compliance with this Agreement or enjoining and restraining Employee, and each and every person, firm or company acting in concert or participation with him, from the continuation of such breach and, in addition
thereto, she shall pay to the Company all ascertainable damages, including, but not limited to, costs and reasonable attorneys’ fees sustained by the Company by reason of the breach or threatened breach of such covenants and assurances. The
covenants and obligations of Employee set forth in Sections 6, 7, 8 and 9 hereof are in addition to and not in lieu of or exclusive of any other obligations and duties of Employee to the Company, whether express or implied in fact or in law.

 11. Company Policies. Employee agrees to affirmatively support the Company’s policies and practices as they may
from time to time be adopted by the Company, including, but not limited to, policies against discrimination and harassment in the workplace. 
 12. Term and Termination. 
 (a) Subject to earlier
termination as provided in Sections 12(b) and 12(c), the term of Employee’s employment under this Agreement will five (5) years from the date of this Agreement and will be automatically extended for consecutive one year
periods thereafter unless the Company elects to terminate Employee’s employment under this Agreement and notifies Employee of such election at least 30 days prior to the end of the then-current term. 

(b) Notwithstanding Section 12(a) above, Employee’s employment with the Company shall terminate
immediately upon the death, disability or adjudication of legal incompetence of Employee, or upon the Company’s ceasing to carry on its business without assigning this Agreement pursuant to Section 18 or becoming bankrupt. For
purposes of this Agreement, Employee shall be deemed to be disabled when Employee has become unable, by reason of physical or mental disability, to satisfactorily perform the essential functions of her job and there is no reasonable accommodation
that can be provided to enable him to perform satisfactorily those essential functions. Such matters shall be determined by, or to the reasonable satisfaction of, the Company. 

(c) Notwithstanding Section 12(a) above, the Company may terminate Employee’s employment at any time for
Cause or without Cause. “Cause” means: (i) Employee has failed to perform her duties as an employee of the Company, to perform any obligation under this Agreement or to observe and abide by the Company’s policies and
decisions, provided that the Company has given Employee at least thirty (30) days notice prior to such termination specifying that failure in reasonable detail and Employee is unsuccessful in correcting that failure or in preventing its
reoccurrence; (ii) Employee has refused to comply with specific directions of her supervisor or other superior, provided that such directions are consistent with Employee’s position of employment; (iii) Employee has engaged in
misconduct that is injurious to the Company; (iv) Employee has been convicted of, or has entered a plea of nolo contendere to, any crime involving the theft or willful destruction of money or other property, any crime involving moral turpitude
or fraud, or any crime constituting a felony; (v) Employee has engaged in 

  
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acts or omissions against the Company constituting dishonesty, breach of fiduciary obligation, or intentional wrongdoing or misfeasance; (vi) Employee has engaged in the use of alcohol or
drugs on the job, or has engaged in excessive absenteeism from the performance of her duties as the Company’s employee, other than for reasons of illness; or (vii) Employee is no longer able to practice law in the State of Missouri.

 (d) In the event Employee’s employment with the Company is terminated (i) as a result of the death,
disability, adjudication of legal incompetence of Employee, (ii) as a result of the Company becoming bankrupt, (iii) by the Company for Cause, or (iv) by Employee for any or no reason, the Company shall pay or provide to Employee:

 (i) such Salary as Employee shall have earned and not yet received through the date of such employment
termination, determined on a pro rata basis based on the number of work days in the month of termination; 
 (ii)
such earned but unpaid performance bonuses, if any, pursuant to Sections 5(b); and 
 (iii) such other
fringe benefits (other than any bonus, severance pay benefit or participation in the Company’s 401(k) employee benefit plan) normally provided to employees of the Company as Employee shall have earned and not yet received through the date of
such employment termination, determined on a pro rata basis based on the number of work days in the month of termination. 
 (e) In the event the Company terminates Employee’s employment with the Company (i) without Cause, (ii) as a result of the Company ceasing to carry on its business without assigning this
Agreement pursuant to Section 18, or (iii) as a result of the fulfillment of the then-current term of this Agreement pursuant to Section 12(a),the Company shall pay or provide to Employee: 

(i) such Salary as Employee shall have earned and not yet received through the date of such employment termination,
determined on a pro rata basis based on the number of work days in the month of termination; 
 (ii) an amount
equal to greater of (A) one years Salary ($250,000), or (B) the unpaid amount of Employee’s Salary for the remainder of the then-current term of this Agreement, in either case, payable in equal installments over one year in accordance
with the Company’s general payroll practices, commencing with the pay period immediately following the month in which such employment is terminated; 
 (iii) such earned but unpaid performance bonuses, if any, pursuant to Sections 5(b); and 
 (iv) such other fringe benefits (other than any bonus, severance pay benefit or participation in the Company’s 401(k) employee benefit plan) normally provided to employees of the Company as Employee
shall have earned and not yet received through the date of such employment termination, determined on a pro rata basis based on the number of work days in the month of termination. 

  
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 13. Survival of Obligations. All obligations of Employee that by their nature
involve performance, in any particular, after the expiration or termination of Employee’s employment with the Company, or that cannot be ascertained to have been fully performed until after the expiration or termination of Employee’s
employment with the Company, shall survive the expiration or termination of this Agreement. Except as otherwise specifically provided in this Agreement, all of the Company’s obligations under this Agreement will terminate at the time this
Agreement or Employee’s employment with the Company is terminated for any reason. 
 14. Notice. Any notice,
request, consent or communication under this Agreement shall be effective only if it is in writing and personally delivered or sent by certified mail, return receipt requested, postage prepaid, or by a nationally recognized overnight delivery
service, with delivery confirmed, addressed as follows: 
 If to the Company: 

Name: 

Inergy GP, LLC 

2 Brush Creek Blvd. Suite 200 
 Kansas City, Missouri 64112 
 Attn: John J. Sherman 

If to Employee: 

Name: 

Laura Ozenberger 

5704 N. Woodland Pt. 
 Parkville, MO 64152 
 or such other persons and/or addresses as shall be furnished in writing by
any party to the other party, and shall be deemed to have been given only upon its delivery in accordance with this Section 14. 
 15. No Conflicts. Employee represents and warrants to the Company that neither the execution nor delivery of this Agreement, nor the performance of Employee’s obligations hereunder will
conflict with, or result in a breach of, any term, condition, or provision of, or constitute a default under, any obligation, contract, agreement, covenant or instrument to which Employee is a party or under which Employee is bound, including, but
not limited to, the breach by Employee of a fiduciary duty to any former employers. 
 16. Entire Agreement; Amendment;
Termination of Previous Agreement. This Agreement cancels and supersedes all previous agreements relating to the subject matter of this Agreement, written or oral, between the parties hereto and contains the entire understanding of the parties
hereto with respect to the subject matter hereof and shall not be amended, modified or supplemented in any manner whatsoever except as otherwise provided herein or in writing signed by each of the parties hereto. 

  
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 17. Potential Unenforceability of Any Provision. If a final judicial determination
is made that any provision of this Agreement is an unenforceable restriction against Employee, the provisions hereof shall be rendered void only to the extent that such judicial determination finds such provisions unenforceable, and such
unenforceable provisions shall automatically be reconstituted and become a part of this Agreement, effective as of the date first written above, to the maximum extent in favor of the Company that is lawfully enforceable. A judicial determination
that any provision of this Agreement is unenforceable shall in no instance render the entire Agreement unenforceable, but rather the Agreement will continue in full force and effect absent any unenforceable provision to the maximum extent permitted
by law. 
 18. Assignment. This Agreement is personal and not assignable by Employee but it may be assigned by the
Company without notice to or consent of Employee to, and shall thereafter be binding upon and enforceable by, any affiliate of the Company and any person or entity who shall acquire or succeed to substantially all of the business or assets of the
Company or substantially all of the business or assets of the operating unit to which Employee is assigned (and such person shall be deemed included in the definition of the “Company” for all purposes of this Agreement) but is not
otherwise assignable by the Company. 
 19. Waiver of Breach. Failure of the Company to demand strict compliance with any
of the terms, covenants or conditions hereof shall not be deemed a waiver of the term, covenant or condition, nor shall any waiver or relinquishment by the Company of any right or power hereunder at any one time or more times be deemed a waiver or
relinquishment of the right or power at any other time or times. 
 20. Expenses. If any action at law or in equity is
necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

 21. Headings. The headings of the sections of this Agreement have been inserted for convenience of reference only and
shall in no way restrict or otherwise modify any of the terms or provisions hereof. 
 22. Governing Law. This Agreement
and all rights and obligations of the parties hereunder shall be governed by, and construed and interpreted in accordance with, the laws of the State of Missouri applicable to agreements made and to be performed entirely within the State, including,
but not limited to, all matters of enforcement, validity and performance. 
 23. Counterparts. This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an original and all of which shall constitute one agreement that is binding upon both of the parties hereto, notwithstanding that both parties are not signatories to the
same counterpart. 

  
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 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed, and Employee
has hereunto set her hand, on the day and year first above written. 
  

			
	INERGY GP, LLC
		
	By:	 	/s/ John J. Sherman
		 	John J. Sherman, President
	
	/s/ Laura L. Ozenberger
	LAURA L. OZENBERGER

  
 10Supplemental Indenture

 Exhibit 4.1 
 EXECUTION COPY 
 4.75% NOTES DUE 2022 

6.00% NOTES DUE 2041 
 SUPPLEMENTAL INDENTURE 
 between 

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

(AS SUCCESSOR TO THE BANK OF NEW YORK MELLON 
 (FORMERLY KNOWN AS THE BANK OF NEW YORK)) 
 Dated as of November 16, 2011

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	
	ARTICLE 1	  
	DEFINITIONS	  
			
	Section 1.01.	 	 Definition of Terms
	  	 	1	  
	
	ARTICLE 2	  
	TERMS AND CONDITIONS OF THE NOTES	  
			
	Section 2.01.	 	 Designation and Principal Amount
	  	 	3	  
	Section 2.02.	 	 Maturity
	  	 	3	  
	Section 2.03.	 	 Depository
	  	 	4	  
	Section 2.04.	 	 Form; Denomination
	  	 	4	  
	Section 2.05.	 	 Legend
	  	 	4	  
	Section 2.06.	 	 Special Transfer Provisions
	  	 	4	  
	Section 2.07.	 	 Interest
	  	 	5	  
	Section 2.08.	 	 Consolidation, Merger and Sale of Assets
	  	 	6	  
	Section 2.09.	 	 Place of Payment
	  	 	6	  
	Section 2.10.	 	 Defeasance; Discharge
	  	 	6	  
	
	ARTICLE 3	  
	REDEMPTION OF THE NOTES	  
			
	Section 3.01.	 	 Optional Redemption by Company
	  	 	6	  
	Section 3.02.	 	 Special Mandatory Redemption
	  	 	8	  
	Section 3.03.	 	 Change of Control Triggering Event
	  	 	9	  
	Section 3.04.	 	 No Sinking Fund
	  	 	11	  
	
	ARTICLE 4	  
	MODIFICATION	  
			
	Section 4.01.	 	 Modification of Indenture and Supplemental Indenture
	  	 	11	  
	
	ARTICLE 5	  
	FORMS OF NOTES	  
			
	Section 5.01.	 	 Forms of Notes
	  	 	11	  
	
	ARTICLE 6	  
	ORIGINAL ISSUE OF NOTES	  
			
	Section 6.01.	 	 Original Issue of Notes; Further Issuances
	  	 	12	  
	
	ARTICLE 7	  
	MISCELLANEOUS	  
			
	Section 7.01.	 	 Ratification of Indenture
	  	 	12	  
	Section 7.02.	 	 Trustee Not Responsible for Recitals
	  	 	12	  
	Section 7.03.	 	 Governing Law
	  	 	12	  
	 Section 7.04.
	 	 Separability
	  	 	12	  

  
 -i-

							
	Section 7.05.	 	 Counterparts
	  	 	12	  

  
 -ii-

 SUPPLEMENTAL INDENTURE, dated as of November 16, 2011 (the “Supplemental
Indenture”), between International Paper Company, a New York corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A. (as successor to The Bank of New York Mellon (formerly known as The Bank of New
York)), as trustee (the “Trustee”) under the Indenture, dated as of April 12, 1999, between the Company and the Trustee (the “Indenture”). 

WHEREAS, the Company executed and delivered the Indenture to the Trustee to provide, among other things, for the future issuance of the
Company’s unsecured Securities to be issued from time to time in one or more series as might be determined by the Company under the Indenture, in an unlimited aggregate principal amount which may be authenticated and delivered as provided in
the Indenture; 
 WHEREAS, Section 9.1 of the Indenture provides for various matters with respect to any series of
Securities issued under the Indenture to be established in an indenture supplemental to the Indenture; 
 WHEREAS,
Section 9.1(7) of the Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Indenture to establish the form or terms of Securities of any series as provided by Sections 2.1 and 3.1 of the Indenture;

 WHEREAS, the Board of Directors of the Company has duly adopted resolutions authorizing the Company to execute and deliver
this Supplemental Indenture; 
 WHEREAS, pursuant to the terms of the Indenture, the Company desires to provide for the
establishment of two new series of its Securities to be known as its 4.75% Notes due 2022 (the “2022 Notes”) and its 6.00% Notes due 2041 (the “2041 Notes”; and together with the 2022 Notes, the
“Notes”), the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Indenture and this Supplemental Indenture; 

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture and all requirements necessary to
make (i) this Supplemental Indenture a valid instrument in accordance with its terms, and (ii) the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been
performed, and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects; 
 NOW
THEREFORE, in consideration of the purchase and acceptance of the Notes by the Holders thereof, and for the purpose of setting forth, as provided in the Indenture, the form and substance of the Notes and the terms, provisions and conditions thereof,
the Company covenants and agrees with the Trustee as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Definition of Terms. Unless the context otherwise requires: 

(a) a term defined in the Indenture has the same meaning when used in this Supplemental Indenture unless the definition of
such term is amended and supplemented pursuant to this Supplemental Indenture; 
 (b) a term defined anywhere in
this Supplemental Indenture has the same meaning throughout; 
 (c) the singular includes the plural and vice
versa; 

 (d) a reference to a Section or Article is to a Section or Article in this
Supplemental Indenture; 
 (e) headings are for convenience of reference only and do not affect interpretation;

 (f) the following terms have the meanings given to them in this Section 1.01(f): 

“2022 Notes” shall have the meaning set forth in the recitals above. 

“2022 Interest Payment Date” shall have the meaning set forth in Section 2.07(a). 

“2041 Interest Payment Date” shall have the meaning set forth in Section 2.07(b). 

“2041 Notes” shall have the meaning set forth in the recitals above. 

“Business Day” shall have the meaning set forth in Section 3.01(c). 

“Change of Control” shall have the meaning set forth in Section 3.03(e). 

“Change of Control Offer” shall have the meaning set forth in Section 3.03(a). 

“Change of Control Payment” shall have the meaning set forth in Section 3.03(a). 

“Change of Control Payment Date” shall have the meaning set forth in Section 3.03(b). 

“Change of Control Triggering Event” shall have the meaning set forth in Section 3.03(e). 

“Comparable Treasury Issue” shall have the meaning set forth in Section 3.01(c). 

“Comparable Treasury Price” shall have the meaning set forth in Section 3.01(c). 

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

“Global Note” shall have the meaning set forth in Section 2.04(a). 

“Independent Investment Banker” shall have the meaning set forth in Section 3.01(c). 

“Interest Payment Date” means a 2022 Interest Payment Date or a 2041 Interest Payment Date, as applicable. 

“Investment Grade” shall have the meaning set forth in Section 3.03(e). 

“Issue Date” means November 16, 2011, the date of initial issuance of the Notes. 

“Merger Agreement” shall have the meaning set forth in Section 3.02(b). 

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

 “Notes” shall have the meaning set forth in the recitals above. 

  
 -2-

 “Optional Redemption Price” shall have the meaning set forth in
Section 3.01(a). 
 “Person” means any individual, corporation, partnership, limited liability company,
business trust, association, joint-stock company, joint venture, trust, incorporated or unincorporated organization or government or any agency or political subdivision thereof. 

“Rating Agency” shall have the meaning set forth in Section 3.03(e). 

“Reference Treasury Dealers” shall have the meaning set forth in Section 3.01(c). 

“Reference Treasury Dealer Quotations” shall have the meaning set forth in Section 3.01(c). 

“Remaining Life” shall have the meaning set forth in Section 3.01(c). 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its
successors. 
 “Special Mandatory Redemption Date” shall have the meaning set forth in Section 3.02(b).

 “Special Mandatory Redemption Price” shall have the meaning set forth in Section 3.02(b). 

“Supplemental Indenture” shall have the meaning set forth in the recitals above. 

“Treasury Rate” shall have the meaning set forth in Section 3.01(c). 

“Voting Stock” shall have the meaning set forth in Section 3.03(e). 

ARTICLE 2 
 TERMS
AND CONDITIONS OF THE NOTES 
 Section 2.01. Designation and Principal Amount. 

(a) 4.75% Notes due 2022 
 There is hereby authorized a series of Securities designated the “4.75% Notes due 2022” initially issued in the aggregate principal amount of $900,000,000, which amount shall be as set
forth in a Company Order for the authentication and delivery of such Notes pursuant to Section 3.3 of the Indenture. 
 (b)
6.00% Notes due 2041 
 There is hereby authorized a series of Securities designated the “6.00% Notes due 2041”
initially issued in the aggregate principal amount of $600,000,000, which amount shall be as set forth in a Company Order for the authentication and delivery of such Notes pursuant to Section 3.3 of the Indenture. 

Section 2.02. Maturity. The 2022 Notes will mature on February 15, 2022 and the 2041 Notes will mature on
November 15, 2041. 

  
 -3-

 Section 2.03. Depository. The Depository Trust Company shall be the initial
Depository for the Notes until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depository” shall mean or include such successor. 

Section 2.04. Form; Denomination. 
 (a) The 2022 Notes and the 2041 Notes shall each be issued initially in the form of one or more permanent Global Notes in registered form, without coupons, substantially in the form herein below recited
(each, a “Global Note” and collectively, the “Global Notes”), deposited with the Trustee, as custodian for the Depository, duly executed by the Company and authenticated by the Trustee as herein provided.

 The aggregate principal amount of each Global Note may from time to time be increased or decreased by adjustments made on the
records of the Trustee, as custodian for the Depository or its nominee, as provided in Section 2.3 of the Indenture. 
 (b)
The Notes shall be issuable only in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Notes shall be numbered, lettered, or otherwise distinguished in such manner or in accordance
with such plans as the officers of the Company executing the same may determine with the approval of the Trustee. 

Section 2.05. Legend. Each Global Note shall bear the following legend on the face thereof: 

UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF
THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 Section 2.06. Special
Transfer Provisions. 
 (a) A Global Note may be transferred, in whole but not in part, only to the Depository, to a nominee
of the Depository, or to a successor Depository selected or approved by the Company or to a nominee of such successor Depository. 

  
 -4-

 (b) If at any time the Depository for a series of Notes notifies the Company that it is
unwilling or unable to continue as Depository or if at any time the Depository for such series shall no longer be registered or in good standing under the Exchange Act or other applicable statute or regulation, and a successor Depository for such
series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, the Company will execute, and, subject to Article 3 of the Indenture, the Trustee, upon written
notice from the Company, will authenticate and make available for delivery the Notes of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the
Global Note for such series in exchange for the Global Note for such series. In addition, the Company may (subject to the procedures of the Depository) at any time determine that the Notes of such series shall no longer be represented by a Global
Note. In such event the Company will execute, and subject to Section 3.5 of the Indenture, the Trustee, upon receipt of an Officer’s Certificate evidencing such determination by the Company, will authenticate and deliver the Notes of such
series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Note for such series in exchange for the Global Note for such series. Upon the
exchange of the Global Note for the Notes of such series in definitive registered form without coupons, in authorized denominations, the Global Note for such series shall be cancelled by the Trustee. Such Notes in definitive registered form issued
in exchange for the Global Note for such series shall be registered in such names and in such authorized denominations as the Depository, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The
Trustee shall deliver such Notes to the Depository for delivery to the Persons in whose names such Notes are so registered. Notes of either series represented by Global Notes will be exchangeable for Notes in definitive registered form if an Event
of Default with respect to the Notes of such Series shall have occurred and be continuing. 
 Section 2.07.
Interest. 
 (a) 4.75% Notes due 2022 
 The 2022 Notes will bear interest at the rate of 4.75% per annum, from the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no interest has been paid,
from the Issue Date until the principal thereof becomes due and payable, payable semi-annually in arrears on February 15 and August 15 of each year (each, a “2022 Interest Payment Date”), commencing on February 15,
2012, to the Person in whose name such Note or any Predecessor Security is registered, at the close of business on the Regular Record Date for such interest installment, which shall be the close of business on February 1 or August 1
(whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date, and at the foregoing rate on overdue principal. 
 (b) 6.00% Notes due 2041 
 The 2041 Notes will bear interest at the rate of
6.00% per annum, from the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no interest has been paid, from the Issue Date until the principal thereof becomes due and payable, payable semi-annually in
arrears on May 15 and November 15 of each year (each, a “2041 Interest Payment Date”), commencing on May 15, 2012, to the Person in whose name such Note or any Predecessor Security is registered, at the close of
business on the Regular Record Date for such interest installment, which shall be the close of business on May 1 or November 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date, and at
the foregoing rate on overdue principal. 

  
 -5-

 (c) The amount of interest payable for any period less than a full interest period will be
computed on the basis of a 360-day year of twelve 30-day months and the actual days elapsed in a partial month in such period. In the event that any date on which interest is payable on the Notes is not a Business Day, then payment of the interest
payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) with the same force and effect as if made on the date such payment was originally payable.

 Section 2.08. Consolidation, Merger and Sale of Assets. For purposes of the Notes of each series,
Section 8.1 of the Indenture is amended to add “limited liability company,” immediately after “corporation,” and immediately before “partnership or trust” in clause (1) thereof. 

Section 2.09. Place of Payment. The Place of Payment where Notes may be presented or surrendered for payment, where Notes may
be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Notes and the Indenture may be served initially is the Corporate Trust Office of the Trustee. 

Section 2.10. Defeasance; Discharge. The provisions of Section 4.3 and Section 10.11 of the Indenture will apply to
the Notes of each series. 
 ARTICLE 3 
 REDEMPTION OF THE NOTES 
 Section 3.01. Optional Redemption by
Company. 
 (a) Subject to Article XI of the Indenture, the Company shall have the right to redeem the Notes, in whole or in
part, at any time or from time to time, at a redemption price (the “Optional Redemption Price”) equal to: 
 (i) in the case of 2022 Notes redeemed prior to November 15, 2021, the greater of (x) 100% of the principal amount of such Notes being redeemed, plus accrued and unpaid interest to the
Redemption Date, and (y) the sum of the present values of the remaining scheduled payments of principal and interest in respect of the 2022 Notes being redeemed (exclusive of interest accrued to the Redemption Date of the 2022 Notes) discounted
to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 40 basis points, plus accrued and unpaid interest on the principal amount of such Notes being redeemed to the
Redemption Date; or 
 (ii) in the case of 2022 Notes redeemed on or after November 15, 2021, 100% of the
principal amount of such Notes, plus accrued and unpaid interest to the Redemption Date; or 
 (iii) in the case
of 2041 Notes redeemed prior to May 15, 2041, the greater of (x) 100% of the principal amount of such Notes being redeemed, plus accrued and unpaid interest to the Redemption Date, and (y) the sum of the present values of the
remaining scheduled payments of principal and interest in respect of the 2041 Notes being redeemed (exclusive of interest accrued to the Redemption Date of the 2041 Notes) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate plus 45 basis points, plus accrued and unpaid 

  
 -6-

 
interest on the principal amount of such Notes being redeemed to the Redemption Date; or 
 (iv) in the case of 2041 Notes redeemed on or after May 15, 2041, 100% of the principal amount of such Notes, plus accrued and unpaid interest to the Redemption Date. 

The Company shall calculate the applicable Optional Redemption Price and promptly notify the Trustee thereof. Any redemption pursuant to
the preceding paragraph will be made upon not less than 30 nor more than 60 days’ prior notice before the Redemption Date of the Notes to be redeemed to each Holder of the Notes of the series to be redeemed, at the Optional Redemption Price. If
Notes are only partially redeemed pursuant to this Section 3.01(a), the Notes of the series to be redeemed will be selected by the Trustee in accordance with Section 11.3 of the Indenture; provided that if at the time of redemption
the Notes of the series to be redeemed are registered as a Global Note, the Depository shall determine, in accordance with its procedures, the principal amount of the Notes of the series to be redeemed held by each Holder of such Notes to be
redeemed. The Optional Redemption Price shall be paid prior to 12:00 noon, New York time, on the date of such redemption or at such earlier time as the Company determines, provided that the Company shall deposit with the Trustee an amount
sufficient to pay the Optional Redemption Price by 10:00 a.m., New York time, on the date such Optional Redemption Price is to be paid. 
 (b) Notice of any redemption pursuant to this Section 3.01 shall be given as provided in Section 11.4 of the Indenture except that any notice of such redemption pursuant to Sections 3.01(a)(i)
or (iii) shall not specify the related Optional Redemption Price but only the manner of calculation thereof. The Trustee shall not be responsible for the calculation of such Optional Redemption Price. 

(c) The following terms have the meanings given to them in this Section 3.01(c): 

“Business Day” means any calendar day that is not a Saturday, Sunday or legal holiday in New York, New
York and on which commercial banks are open for business in New York, New York. 
 “Comparable Treasury
Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the Notes of the applicable series to be redeemed
that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes of such series. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer
Quotations, the average of all such Quotations. 
 “Independent Investment Banker” means an
independent investment banking institution of national standing appointed by the Company. 
 “Reference
Treasury Dealers” means (i) UBS Securities LLC and Deutsche Bank Securities Inc. and their respective successors, provided, however, that if any of the foregoing 

  
 -7-

 
shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury
Dealer and (ii) one or more other Primary Treasury Dealers selected by the Company. 
 “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the applicable Comparable Treasury
Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, (i) the yield, under the heading which
represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal
Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the applicable Comparable
Treasury Issue (if no maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the applicable Comparable Treasury Issue shall be determined and the Treasury Rate shall
be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain
such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the applicable Comparable Treasury Issue, calculated using a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the applicable Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding such Redemption Date. 
 Section 3.02. Special Mandatory Redemption. 
 (a) If, for any reason,
(i) the Company’s proposed acquisition of Temple-Inland Inc. is not completed on or prior to June 30, 2012, or (ii) the Merger Agreement is terminated on or prior to June 30, 2012, the Company shall redeem all of the Notes
on the Special Mandatory Redemption Date at the Special Mandatory Redemption Price. Notice of such redemption shall be mailed, with a copy to the Trustee, promptly after the occurrence of the event triggering such redemption to each Holder of Notes
in accordance with Section 11.4 of the Indenture; provided that notice to the Holders of the Notes of such redemption may be given less than 30 days prior to the Redemption Date. If funds sufficient to pay the Special Mandatory Redemption Price
(including any accrued and unpaid interest) of all of the Notes to be redeemed on the Special Mandatory Redemption Date are deposited with the Paying Agent on or before the Special Mandatory Redemption Date, on and after the Special Mandatory
Redemption Date the Notes shall cease to bear interest and, other than the right to receive the Special Mandatory Redemption Price, all rights under the Notes of each series shall terminate. 

(b) The following terms have the meanings given to them in this Section 3.02(b): 

“Merger Agreement” means the agreement and plan of merger dated as of September 6, 2011, between
Temple-Inland Inc., Metal Acquisition Inc. and the Company, as amended. 

  
 -8-

 “Special Mandatory Redemption Date” means the earlier to
occur of (1) July 30, 2012, if the proposed acquisition of Temple-Inland Inc. has not been consummated on or prior to June 30, 2012, or (2) the 30th day (or if such day is not a Business Day, the first Business Day thereafter)
following the termination of the Merger Agreement. 
 “Special Mandatory Redemption Price” means
101% of the aggregate principal amount of the Notes together with accrued and unpaid interest from the Issue Date (or the most recent Interest Payment Date on which interest was paid) to but excluding the Special Mandatory Redemption Date.

 Section 3.03. Change of Control Triggering Event. 

(a) Upon the occurrence of a Change of Control Triggering Event with respect to the Notes of a series, unless (i) the Company has
exercised the right to redeem the Notes of such series pursuant to Section 3.01 by giving irrevocable notice to the Trustee in accordance with the Indenture or (ii) the Company has mailed notice of a special mandatory redemption pursuant
to Section 3.02, each Holder of Notes of such series will have the right to require the Company to purchase all or a portion of such Holder’s Notes of such series pursuant to the offer described below (the “Change of Control
Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control Payment”), subject to the rights of Holders of the Notes
of such series on the relevant record date to receive interest due on the relevant Interest Payment Date. 
 (b) Within 30 days
following the date upon which the Change of Control Triggering Event occurred with respect to the Notes of a series, or at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control,
the Company shall send, by first class mail, a notice to each Holder of Notes of such series, with a copy to the Trustee, which notice will govern the terms of the Change of Control Offer. Such notice shall state, among other things, the purchase
date, which must be no earlier than 30 days nor later than 60 days from the date such notice is mailed, other than as may be required by law (the “Change of Control Payment Date”). The notice, if mailed prior to the date of
consummation of the Change of Control, shall state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. 

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

(i) accept or cause a third party to accept for payment all Notes or portions of Notes properly tendered pursuant to the
Change of Control Offer; 
 (ii) deposit or cause a third party to 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 
 (iii)
deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased and that all conditions precedent in this
Section 3.03 to the Change of Control Offer and to the repurchase by the Company of Notes pursuant to the Change of Control Offer have been complied with. 

  
 -9-

 The Company will not be required to make a Change of Control Offer with respect to the Notes
of a series if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all the Notes of such series properly tendered and
not withdrawn under its offer. 
 (d) The Company shall comply in all material respects with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes of such series as a result of a Change of Control Triggering
Event. To the extent that the provisions of any such securities laws or regulations conflict with this Section 3.03, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations
under this Section 3.03 by virtue of any such conflict. 
 (e) The following terms have the meanings given to them in this
Section 3.03(e): 
 “Change of Control” means the occurrence of any of the following after the Issue Date:
(1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its
Subsidiaries taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) other than to the Company or one of its Subsidiaries; (2) the consummation of any transaction
(including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section13(d)(3) of the Exchange Act, it being agreed that an employee of the Company or
any of its Subsidiaries for whom shares are held under an employee stock ownership, employee retirement, employee savings or similar plan and whose shares are voted in accordance with the instructions of such employee shall not be a member of a
“group”(as that term is used in Section 13(d)(3) of the Exchange Act) solely because such employee’s shares are held by a trustee under said plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5
under the Exchange Act), directly or indirectly, of the Company’s Voting Stock representing more than 50% of the voting power of the Company’s outstanding Voting Stock; (3) the Company consolidates with, or merges with or into, any
Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or Voting Stock of such other Person is converted into or exchanged
for cash, securities or other property, other than any such transaction where the Company’s Voting Stock outstanding immediately prior to such transaction constitutes, or is converted into or exchanged for, Voting Stock representing more than
50% of the voting power of the Voting Stock of the surviving Person immediately after giving effect to such transaction; (4) during any period of 24 consecutive calendar months, the majority of the members of the board of directors of the
Company shall no longer be composed of individuals (a) who were members of the board of directors of the Company on the first day of such period or (b) whose election or nomination to the board of directors of the Company was approved by
individuals referred to in clause (a) above constituting, at the time of such election or nomination, at least a majority of the board of directors of the Company; or (5) the adoption of a plan relating to the liquidation or dissolution of
the Company. 
 “Change of Control Triggering Event” means, with respect to the Notes of a series, the Notes of
such series cease to be rated Investment Grade by each of the Rating Agencies on any date during the period (the “Trigger Period”) commencing 60 days prior to the first public announcement by the Company of any Change of Control (or
pending Change of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as any of the Rating Agencies has publicly announced that
it is considering a possible ratings change). If a Rating Agency is not providing a rating for the Notes 

  
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of a series at the commencement of any Trigger Period, the Notes of such series will be deemed to have ceased to be rated Investment Grade by such Rating Agency during that Trigger Period.
Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated. 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating
category of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P), and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected
by the Company under the circumstances permitting it to select a replacement agency and in the manner for selecting a replacement agency, in each case as set forth in the definition of “Rating Agency.” 

“Rating Agency” means each of Moody’s and S&P; provided that if any of Moody’s or S&P ceases to
provide rating services to issuers or investors, the Company may appoint another “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act as a replacement for such Rating
Agency; provided that the Company shall give notice of such appointment to the Trustee. 
 “Voting
Stock” of any specified Person as of any date means the capital stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person. 

Section 3.04. No Sinking Fund. The Notes are not entitled to the benefit of any sinking fund. 

ARTICLE 4 

MODIFICATION 

Section 4.01. Modification of Indenture and Supplemental Indenture. Section 9.2 of the Indenture, as it relates to each
of the 2022 Notes and the 2041 Notes, is hereby modified so that the reference to “not less than 66-2/3%” shall read “not less than a majority”, except that in the case of increasing (or reopening) the principal amount, no
consent of Holders will be required. 
 ARTICLE 5 
 FORMS OF NOTES 
 Section 5.01. Forms of Notes. 

(a) The 2022 Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the form of
Exhibit A hereto. 
 (b) The 2041 Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to
be substantially in the form of Exhibit B hereto. 

  
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 ARTICLE 6 
 ORIGINAL ISSUE OF NOTES 
 Section 6.01. Original Issue of Notes; Further
Issuances. 
 (a) 2022 Notes having an aggregate principal amount of $900,000,000 and 2041 Notes having an aggregate
principal amount of $600,000,000 may, upon execution of this Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Notes to or upon a Company
Order, signed by its Chairman, its Vice Chairman, its President, or any Vice President and by its Treasurer, an Assistant Treasurer, its Secretary or any Assistant Secretary, without any further action by the Company, except as otherwise required by
the Indenture. 
 (b) The Company may, without notice to or the consent of the Holders of the 2022 Notes or the 2041 Notes,
issue additional 4.75% Notes and/or 6.00% Notes having identical terms and conditions as the Notes of such series issued on the Issue Date (except for issue date, issue price and first Interest Payment Date) in an unlimited aggregate principal
amount. Any such additional 4.75% Notes or 6.00% Notes will be part of the same series as the 2022 Notes or 2041 Notes, respectively, issued on the Issue Date and will be treated as one class with such respective series of Notes, including, without
limitation, for purposes of voting and redemptions. 
 ARTICLE 7 

MISCELLANEOUS 

Section 7.01. Ratification of Indenture. The 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. 
 Section 7.02. Trustee Not Responsible for Recitals. The recitals herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness
thereof. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 

Section 7.03. Governing Law. This Supplemental Indenture and the Notes shall be governed by and construed in accordance with
the laws of the State of New York without regard to conflicts of laws. 
 Section 7.04. Separability. In case any
one or more of the provisions contained in this Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other
provisions of this Supplemental Indenture or of the Notes, but this Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

Section 7.05. Counterparts. This Supplemental Indenture may be executed in any number of counterparts each of which shall be
an original; but such counterparts shall together constitute but one and the same instrument. 

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

					
	INTERNATIONAL PAPER COMPANY
		
	By:	 	 /s/ Errol A. Harris

		 	Name:	 	Errol A. Harris
		 	Title:	 	Vice President and Treasurer

  

					
	Attest:
		
	By:	 	 /s/ M.J.A. “Jekka” Pinckney

		 	Name:	 	M.J.A. “Jekka” Pinckney
		 	Title:	 	Assistant Secretary

  

					
	THE BANK OF NEW YORK MELLON
	TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Van K. Brown

		 	Name:	 	Van K. Brown
		 	Title:	 	Vice President

  
 -13-

 Exhibit A 
 (FORM OF FACE OF NOTE) 
 [UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF
THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]a 
  

			
	No. [    ]	  	CUSIP No. [            ]

 INTERNATIONAL PAPER COMPANY 
 4.75% NOTE DUE 2022 
 INTERNATIONAL PAPER COMPANY, a New York corporation (the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to [X] or registered assigns, the principal sum of [X] ($[X]) [or such other sum as is
set forth in the Schedule of Increases or Decreases of Global Note attached hereto]b on February 15, 2022, and to pay interest on said principal sum semi-annually in arrears on February 15 and August 15 of each year (each such date, an “Interest Payment
Date”) commencing February 15, 2012, at the rate of 4.75% per annum from the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no interest has been paid, from the Issue Date until the
principal hereof shall have become due and payable, and at such rate on any overdue principal. The amount of interest payable for any period less than a full interest period will be computed on the basis of a 360-day year of twelve 30-day months and
the actual days elapsed in a partial month in such period. In the event that any date on which interest is payable on the Notes of this series is not a Business Day, then payment of the interest payable on such date will be made on the next
succeeding day which is a Business Day (and without any interest or other 
  

	a 	Insert in Global Notes only 

	b 	 in Global Notes only 

  
 A-1

 
payment in respect of any such delay) with the same force and effect as if made on the date such payment was originally payable. 

The interest installment 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 (or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of business on the Regular Record Date for such interest installment, which shall be the close
of business on the February 1 or August 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest installment not punctually paid or duly provided for shall forthwith cease
to be payable to the registered Holders on such Regular Record Date and may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a special record date to be fixed by the
Trustee for the payment of such defaulted interest, notice whereof shall be given to the registered Holders of the Notes of this series not less than 10 days prior to such special record date, or may be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. The principal of (and premium,
if any) and the interest on this Note shall be payable at the office or agency of the Trustee maintained for that purpose in any coin or currency of the United States of America that at the time of payment is legal tender for payment of public and
private debts. 
 This Note shall not be entitled to any benefit under the Indenture hereinafter referred to or be valid or
become obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee. 
 The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect as though fully set forth at this place. 

  
 A-2

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed on this
     day of             ,         . 

 

			
	INTERNATIONAL PAPER COMPANY
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Attest:
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-3

 (FORM OF CERTIFICATE OF AUTHENTICATION) 

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

			
	Dated:	 	  

  

			
	The Bank of New York Mellon
	  Trust Company, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-4

 (FORM OF REVERSE OF NOTE) 

This Note is one of a duly authorized series of Notes of the Company (herein sometimes referred to as the “Notes”),
specified in the Indenture, all issued or to be issued in one or more series under and pursuant to an Indenture, dated as of April 12, 1999, duly executed and delivered between the Company and The Bank of New York Mellon Trust Company, N.A. (as
successor to The Bank of New York Mellon (formerly known as The Bank of New York)), as Trustee (the “Trustee”), as supplemented by the 4.75% Notes due 2022 and 6.00% Notes due 2041 Supplemental Indenture dated as of
November 16, 2011 (the “Supplemental Indenture”), between the Company and the Trustee (the Indenture, as so supplemented, the “Indenture”), to which Indenture and all Indentures supplemental thereto reference
is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. The Notes of this series shall have the designation and are initially
issued in aggregate principal amount as specified in said Supplemental Indenture. 
 This Note shall be subject to redemption as
provided in Section 3.01 and Section 3.02 of the Supplemental Indenture and Article XI of the Indenture. 
 Upon the
occurrence of a Change of Control Triggering Event with respect to the Notes of this series, the Company shall be required to make an offer to repurchase the Notes of this series on the terms set forth in Section 3.03 of the Supplemental
Indenture. 
 In case an Event of Default, as defined in the Indenture, with respect to the Notes of this series shall have
occurred and be continuing, the principal of all of the Notes of this series may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture.

 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a
majority in principal amount of the Notes of each series affected at the time outstanding, as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of the indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Notes, subject to Section 9.2 of the Indenture. The Indenture also contains provisions permitting the Holders of not
less than a majority in principal amount of the Notes of any series at the time outstanding, on behalf of all of the Holders of the Notes of such series, to waive any past default under the Indenture or Supplemental Indenture and its consequences,
subject to Section 5.13 and Article IX of the Indenture. Any such consent or waiver by the registered Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders
and owners of this Note and of any Note issued in exchange therefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Note. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Note at the time and place and at the rate and in the money herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered Holder
hereof on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Trustee in The City and State of New 

  
 A-5

 
York accompanied by a written instrument or instruments of transfer in form satisfactory to the Company or the Trustee duly executed by the registered Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal amount and series will be issued to the designated transferee or transferees. No service charge will be made for any such
transfer, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto. 
 Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, any Paying Agent and the Security Registrar may deem and treat the registered Holder hereof as the absolute
owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and
premium, if any, and (subject to Sections 3.5 and 3.7 of the Indenture) interest due hereon and for all other purposes, and neither the Company nor the Trustee nor any Paying Agent nor any Security Registrar shall be affected by any notice to the
contrary. 
 No recourse shall be had for the payment of the principal of, premium, if any, or the interest on this Note, or for
any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director, past, present or future, as such, of the Company or of any predecessor or successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof,
expressly waived and released. 
 The Notes of this series are issuable only in registered form, without
coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. [This Global Note is exchangeable for Notes in definitive form only under certain limited circumstances set forth in the Indenture.]a As provided in the Indenture and subject to certain limitations
herein and therein set forth, Notes of this series so issued are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the Holder surrendering the same. 

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

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
CONFLICTS OF LAWS. 
  

	a 	 Insert in Global Notes only 

  
 A-6

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED the undersigned registered Holder hereby sell(s), assign(s) and transfer(s) unto 

Insert Taxpayer Identification No. 
  

 
 Please print or typewrite name and address
including zip code of assignee 
  
  

the within Note and all rights thereunder, hereby irrevocably constituting and appointing
                     attorney to transfer said Note on the books of the Company with full power of substitution in the premises. 

 

			
	Your Signature:
		
	By:	 	  

		
	Date:	 	  

 Signature Guarantee: 
  

			
	By:	 	  

		 	(Participant in a Recognized Signature Guaranty Medallion Program)
		
	Date:	 	  

  
 A-7

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTEa 

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

 

									
	 Date of

Exchange
	  	 Amount of decrease

in Principal Amount
 of this Global Note
	  	 Amount of increase

in Principal Amount
 of this Global Note
	  	 Principal Amount of this

Global Note following
 such decrease or increase
	  	 Signature of

authorized signatory
 of Trustee or
 Securities Custodian

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	a	 Insert in Global
Notes only 

  
 A-8

 Exhibit B 
 (FORM OF FACE OF NOTE) 
 [UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF
THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]a 
  

			
	No. [    ]	 	CUSIP No. [            ]

 INTERNATIONAL PAPER COMPANY 
 6.00% NOTE DUE 2041 
 INTERNATIONAL PAPER COMPANY, a New York corporation (the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to [X] or registered assigns, the principal sum of [X] ($[X]) [or such other sum as is
set forth in the Schedule of Increases or Decreases of Global Note attached hereto]b on November 15, 2041, and to pay interest on said principal sum semi-annually in arrears on May 15 and November 15 of each year (each such date, an “Interest Payment
Date”) commencing May 15, 2012, at the rate of 6.00% per annum from the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no interest has been paid, from the Issue Date until the
principal hereof shall have become due and payable, and at such rate on any overdue principal. The amount of interest payable for any period less than a full interest period will be computed on the basis of a 360-day year of twelve 30-day months and
the actual days elapsed in a partial month in such period. In the event that any date on which interest is payable on the Notes of this series is not a Business Day, then payment of the interest payable on such date will be made on the next
succeeding day which is a Business Day (and without any interest or other 
  

	a 	Insert in Global Notes only 

	b 	Insert in Global Notes only 

  
 B-1

 
payment in respect of any such delay) with the same force and effect as if made on the date such payment was originally payable. 

The interest installment 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 (or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of business on the Regular Record Date for such interest installment, which shall be the close
of business on the May 1 or November 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest installment not punctually paid or duly provided for shall forthwith cease to
be payable to the registered Holders on such Regular Record Date and may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a special record date to be fixed by the Trustee
for the payment of such defaulted interest, notice whereof shall be given to the registered Holders of the Notes of this series not less than 10 days prior to such special record date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. The principal of (and premium, if
any) and the interest on this Note shall be payable at the office or agency of the Trustee maintained for that purpose in any coin or currency of the United States of America that at the time of payment is legal tender for payment of public and
private debts. 
 This Note shall not be entitled to any benefit under the Indenture hereinafter referred to or be valid or
become obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee. 
 The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect as though fully set forth at this place. 

  
 B-2

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed on this
     day of             ,         . 

 

			
	INTERNATIONAL PAPER COMPANY
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Attest:
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-3

 (FORM OF CERTIFICATE OF AUTHENTICATION) 

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

			
	Dated:	 	  

  

			
	The Bank of New York Mellon
	  Trust Company, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 B-4

 (FORM OF REVERSE OF NOTE) 

This Note is one of a duly authorized series of Notes of the Company (herein sometimes referred to as the “Notes”),
specified in the Indenture, all issued or to be issued in one or more series under and pursuant to an Indenture, dated as of April 12, 1999, duly executed and delivered between the Company and The Bank of New York Mellon Trust Company, N.A. (as
successor to The Bank of New York Mellon (formerly known as The Bank of New York)), as Trustee (the “Trustee”), as supplemented by the 4.75% Notes due 2022 and 6.00% Notes due 2041 Supplemental Indenture dated as of
November 16, 2011 (the “Supplemental Indenture”), between the Company and the Trustee (the Indenture, as so supplemented, the “Indenture”), to which Indenture and all Indentures supplemental thereto reference
is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. The Notes of this series shall have the designation and are initially
issued in aggregate principal amount as specified in said Supplemental Indenture. 
 This Note shall be subject to redemption as
provided in Section 3.01 and Section 3.02 of the Supplemental Indenture and Article XI of the Indenture. 
 Upon
the occurrence of a Change of Control Triggering Event with respect to the Notes of this series, the Company shall be required to make an offer to repurchase the Notes of this series on the terms set forth in Section 3.03 of the Supplemental
Indenture. 
 In case an Event of Default, as defined in the Indenture, with respect to the Notes of this series shall have
occurred and be continuing, the principal of all of the Notes of this series may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture.

 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a
majority in principal amount of the Notes of each series affected at the time outstanding, as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of the indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Notes, subject to Section 9.2 of the Indenture. The Indenture also contains provisions permitting the Holders of not
less than a majority in principal amount of the Notes of any series at the time outstanding, on behalf of all of the Holders of the Notes of such series, to waive any past default under the Indenture or Supplemental Indenture and its consequences,
subject to Section 5.13 and Article IX of the Indenture. Any such consent or waiver by the registered Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders
and owners of this Note and of any Note issued in exchange therefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Note. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Note at the time and place and at the rate and in the money herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered Holder
hereof on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Trustee in The City and State of New 

  
 B-5

 
York accompanied by a written instrument or instruments of transfer in form satisfactory to the Company or the Trustee duly executed by the registered Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal amount and series will be issued to the designated transferee or transferees. No service charge will be made for any such
transfer, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto. 
 Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, any Paying Agent and the Security Registrar may deem and treat the registered Holder hereof as the absolute
owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and
premium, if any, and (subject to Sections 3.5 and 3.7 of the Indenture) interest due hereon and for all other purposes, and neither the Company nor the Trustee nor any Paying Agent nor any Security Registrar shall be affected by any notice to the
contrary. 
 No recourse shall be had for the payment of the principal of, premium, if any, or the interest on this Note, or for
any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director, past, present or future, as such, of the Company or of any predecessor or successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof,
expressly waived and released. 
 The Notes of this series are issuable only in registered form, without
coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. [This Global Note is exchangeable for Notes in definitive form only under certain limited circumstances set forth in the Indenture.]a As provided in the Indenture and subject to certain limitations
herein and therein set forth, Notes of this series so issued are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the Holder surrendering the same. 

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

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
CONFLICTS OF LAWS. 
  

	a 	 Insert in Global Notes only 

  
 B-6

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED the undersigned registered Holder hereby sell(s), assign(s) and transfer(s) unto 

Insert Taxpayer Identification No. 
  

 
  
 Please print or typewrite name and address including zip code of assignee 
  

 
  
 the within Note and all rights thereunder, hereby irrevocably constituting and appointing
                     attorney to transfer said Note on the books of the Company with full power of substitution in the premises. 

Your Signature: 
  

			
	By:	 	  

		
	Date:	 	  

 Signature Guarantee: 
  

			
	By:	 	  

		 	(Participant in a Recognized Signature Guaranty Medallion Program)
		
	Date:	 	  

  
 B-7

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTEa 

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

 

									
	 Date of

Exchange
	  	 Amount of decrease

in Principal Amount

of this Global Note
	  	 Amount of increase

in Principal Amount

of this Global Note
	  	 Principal Amount of this

Global Note following
 such decrease or increase
	  	 Signature of

authorized signatory

of Trustee or

Securities Custodian

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	a 	 Insert in Global Notes only 

  
 B-8

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